Winton continues momentum into FY24
20 February 2024
Client Market Services
NZX Limited
Copy to:
ASX Market Announcements
Australian Stock Exchange
AUSTRALIA
Dear Sir/Madam
WINTON LAND LIMITED (NZX: WIN, ASX: WTN)
NZX/ASX ANNOUNCEMENT – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
Please find attached the following information relating to Winton Land Limited’s results for the six
months ended 31 December 2023:
(a) the Results Announcement (as required by NZX Listing Rule 3.5.1);
(b) the Investor Presentation; and
(c) the Unaudited Interim Financial Statements and notes.
Yours sincerely
Jean McMahon
CFO
---
MARKET ANNOUNCEMENT
NZX: WIN / ASX: WTN
20 February 2024
WINTON CONTINUES MOMENTUM INTO FY24
Winton (NZX:WIN / ASX:WTN) is pleased to release its interim results for the six months ending 31
December 2023 (H1 FY24) with revenue of $85.6 million
1
, earnings before interest, tax,
depreciation and amortisation (EBITDA) of $14.2 million and $9.7 million profit after tax.
Winton settled 158 units in H1 FY24, delivering $85.6 million in revenue, down 7.7% from $92.8
million in H1 FY23 when we settled 219 units. Settlements in H1 FY24 comprised more dwellings
compared to H1 FY23, increasing the average revenue per unit.
Chris Meehan, Chair and CEO of Winton said: “Off the back of a record year of delivery in FY23,
momentum continued into FY24 across the business. Our long-standing pre-sale strategy has
continued to serve Winton well in the current challenging economic environment and property
market, and along with the 158 units settled, we achieved a number of milestones, each of them
a stepping stone toward Winton’s growth plan to create more diversified and recurrent revenue
streams.”
“We finished the half year in an excellent position with pre-sales of $409.0 million as at 31
December 2023, a landbank yield of 6,268 units
2
, including 902 retirement living units, and cash
holdings of $99.3 million.”
During H1 FY24, 34.8% of product settled were constructed homes and commercial units
compared to 11.9% in H1 FY23, resulting in a 24.7% higher cost of sales to $57.0 million. These are
partially offset by higher average revenue per unit received over the period.
EBITDA of $14.2 million and $9.7 million profit after tax were down 71.5% from $49.8 million and
71.8% from $34.5 million respectively. The decrease reflects higher cost of sales from more built
product this period, a $13.0 million lower gain in revaluation of investment properties and higher
selling and administrative expenses mainly from the launch of Northbrook and Ayrburn.
In December, Winton implemented an $80.0 million debt facility with Massachusetts Mutual Life
Insurance Company, which is ringfenced to the Lakeside development to fund Winton’s wider
growth plans, particularly our luxury later living offering, Northbrook.
Mr Meehan said: “My highlights this year so far included starting construction at Northbrook
Wynyard Quarter, Northbrook Wanaka and Northbrook Arrowtown, the market reaction to our
1
Revenue includes all revenue as per Note 2 in the financial statement on page 17 of the Interim Report
FY24.
2
Units comprise residential land lots, dwellings, townhouses, apartments, retirement living units, and
commercial units. Target units to be developed from 1 January 2024 onwards on existing projects are based
on management estimates and masterplans current as at 31 December 2023. Target total units, target
product mix, and target settlement period may change, including due to planning outcomes and market
demand.
2
luxury later living proposition, future residents securing their homes within Northbrook, opening
Ayrburn in December and new residents moving into Winton neighbourhoods as completed
product settled.”
“While some positive indicators are appearing, including slowing inflation, an increase in net
migration, improving REINZ statistics, and decreasing residential lending rates, we remain
cautious. In the short term, we are prepared for sales to remain slower, inflation to remain
elevated, and continued pressure on borrowers. However, we are focusing on buyer groups that
are the least affected by these headwinds and are generally well-positioned to use current market
conditions to our advantage.
“As Winton communicated in its FY23 results, it is expected that FY24 revenue will be lower
compared to FY23, reflecting a significant year of delivery in FY23, the timing of development
construction and settlements, and a continued subdued property market.”
“While the market and economic landscape is complicated, there is a lot going on at Winton and a
lot to look forward to. A big thank you to everyone involved in bringing each Winton project to life
on time and on budget, including the Winton team, our contractors, and our service suppliers.”
The Board declared a dividend of 0.55 cents per share for the six months ending 31 December
2023. The dividend is in line with our dividend policy, updated in February 2023 to exclude any
unrealised valuation movements in investment properties and within a pay-out ratio of
approximately 20-40% of full-year distributable earnings.
Winton’s Interim Report and all future financial reports will be publicly available on our website
Investor Centre - Winton Land Limited.
Ends.
For investor or analyst queries, please contact:
Jean McMahon, CFO
+64 9 869 2271
investors@winton.nz
For media queries, please contact:
Sonya Fynmore
+64 21 404 206
sonya.fynmore@winton.nz
About Winton
Winton is a residential land developer that specialises in developing integrated and fully
masterplanned neighbourhoods. Across its 14 masterplanned communities, Winton has a
portfolio of 26 projects expected to yield a combined total of circa 6,250 residential lots,
dwellings, apartment units, retirement village units and commercial lots. Winton listed on the
NZX and ASX in 2021. www.winton.nz
---
Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023
Results for announcement to the market
Name of issuer Winton Land Limited (WIN)
Reporting Period 6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$85,621 -8%
Total Revenue $85,621 -8%
Net profit/(loss) from
continuing operations
$9,729 -72%
Total net profit/(loss) $9,729 -72%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.00550000
Imputed amount per Quoted
Equity Security
$0.00213889
Record Date 27 February 2024
Dividend Payment Date 12 March 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.73 $1.63
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The dividend is fully credited with imputation credits to the extent
permitted by the imputation credit rules and to the extent that the
directors of Winton determine were available.
The announcement is extracted from Winton’s unaudited
financial statements as at and for the six months ended 31
December 2023. A copy of these unaudited financial statements
is attached to this announcement.
Authority for this announcement
Name of person
authorised
to make this announcement
Jean McMahon
Contact person for this
announcement
Jean McMahon
Contact phone number +64 9 377 7003
Contact email address
j
ean.mcmahon@winton.nz
Date of release through MAP
20 February 2024
Unaudited financial statements accompany this announcement.
---
Template
Distribution Notice
Updated as at June 2023
Section 1: Issuer information
Name of issuer Winton Land Limited
Financial product name/description Ordinary shares
NZX ticker code WIN
ISIN (If unknown, check on NZX
website)
NZWINE0003S1
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 27 February 2024
Ex-Date (one business day before the
Record Date)
26 February 2024
Payment date (and allotment date for
DRP)
12 March 2024
Total monies associated with the
distribution
1
$1,631,375.55
(296,613,736 shares at $0.0055 per share)
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.00763889
Gross taxable amount
3
$0.00763889
Total cash distribution
4
$0.00550000
Excluded amount (applicable to listed
PIEs)
N/A (not a listed PIE)
Supplementary distribution amount $0.00097059
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputed Fully imputed
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
If fully or partially imputed, please
state imputation rate as % applied
6
28%
Imputation tax credits per financial
product
$0.00213889
Resident Withholding Tax per
financial product
$0.00038194
Section 4: Authority for this announcement
Name of person
authorised to make
this announcement
Jean McMahon
Contact person for this
announcement
Jean McMahon
Contact phone number +64 9 377 7003
Contact email address jean.mcmahon@winton.nz
Date of release through MAP
20 February 2024
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
---
1. Business Update
Investor Presentation
Winton FY24 Interim Results
20 February 2024
NORTHLAKE
WANAKA
Presenting Today
Jean McMahon
Chief Financial Officer
Chris Meehan
Chief Executive Officer
2
APARTMENTS AND COMMERCIAL
NORTHLAKE
3
1.Business Update
2.Financial Overview
3.Market and Outlook
LAKESIDE
TE KAUWHATA
Business Update
BEACHES
MATARANGI
5
H1 FY24 Summary
H1 FY24H1 FY23
MovementNZ$m
Half Year
Ended
Half Year
Ended
31-Dec-2331-Dec-22
Revenue¹
85.692.8(7.2)
EBITDA²
14.249.7(35.5)
Profit after income tax
9.734.5(24.8)
LAUNCH BAY
HOBSONVILLE POINT
Notes: 1. Revenue includes all revenue as per Note 2 in the financial statement on
page 17 of the Interim Report FY24.
2. EBITDA is defined as Earnings less Interest, Tax, Depreciation and
Amortisation.
Appointment of Guy Fergusson to the Board
Business Highlights
Approved and implemented sustainability framework
Land bank of 6,268 units¹
Continued sales across the Northbrook portfolio
New debt facility to fund Northbrook developments
Resource consent granted for all Northbrook sites
Opening of Ayrburn, a new hospitality offering
Strong pre-sale book of $409.0m continues to protect future revenues
Unlocked land value for residential developments with 66.6% rezoned to date
158 units settled to 31 December 2023
6
NORTHBROOK
WYNYARD QUARTER
Notes: 1. Units defined as lots, apartments, townhouses, houses, retirement units,
and commercial units
7
Continued Momentum
Neighbourhood
Units settled
H1 FY24
Units settled
H1 FY23
Movement
Lakeside78111(33)
Beaches1682(66)
North Ridge9-9
Northlake281315
Launch Bay261313
River Terrace1-1
Total158219(61)
H1 FY24 delivers value for Winton.
Residential Lots
Apartments
Commercial
Dwellings
Average revenue
.per unit (000’s)
$523$388$135
H1 FY24 Sales
•In H1 FY24, 34.8% of settlements comprised of constructed product¹ compared with
11.
9% in H1 FY23.
•Average revenue per unit is $135k higher in H1 FY24 as a result of the greater
proportion of constructed product settled.
Settlements by product type
Notes: 1. Constructed product comprises of apartments, townhouses, dwellings and
commercial units
65%
17%
16%
H1 FY24 settlements by product
88%
6%
6%
H1 FY23 settlements by product
2%
247
186
171
76
553
449
565
158
-
100
200
300
400
500
600
PriorFY18AFY19AFY20AFY21AFY22AFY23AH1 FY24AFY25F+
8
Significant landbank pipeline
Pipeline of over 6,000 units remain to be delivered in future years.
LAKESIDE
TE KAUWHATA
6,000+
¹
Notes: 1. Target units to be developed from 1 January 2024 onwards on existing projects
based on management estimates and masterplans current as at 31 December 2023. Target
total units, target product mix and target settlement period may change, including due to
planning outcomes and market demand.
Settlements include completed communities:
•Longreach – 163 units
•Lakes Edge – 55 units
Northlake
•The plan change for the remaining portion of Stage 18 has been approved – th e
ap
peal closed in early February. This increases the yield of this stage by ~30 lots
from previous assumptions, providing a total yield of ~130 lots, and allows Winton
to fully realise the value of the site.
•Civil works continue on Stage 17.
Northbrook Arrowtown
•Resource consent for Northbrook Arrowtown received in November 2023, the
consent is a significant milestone in unlocking value but requires modification.
•A full size show apartment will welcome visitors soon.
•Consent includes an adjacent boutique 16-room hotel, providing accommodation for
visitors to both Ayrburn Precinct and Northbrook.
Northbrook Launch Bay
•Northbrook Launch Bay granted resource consent in September 2023.
North Ridge
•The consenting process is underway for the remaining stages.
Sunfield
•We continue to progress the 56 hectares of the property which is currently zoned
f
uture urban with a more traditional masterplan supported by current regulation,
yielding ~2,000 lots.
•Winton remains firm in its resolve to pursue alternate legislative pathways to rezone
the remaining c.150 hectares.
Work behind the scenes continues to unlock land value through
re-zoning and consents.
9
Unlocking land value
AYRBURN
NORTHBROOK ARROWTOWNNORTHBROOK LAUNCH BAY
H1 FY24
NORTHLAKE
Launch Bay Hobsonville
•Jimmy’s Point has progressed well with construction of the structure largely complete.
•Show suite for Jimmy’s Point is expected to open in April 2024 to showcase the qualit
y
o
f the development to prospective buyers
.
•Re
maining Ovation Apartments and Launch Bay Townhouses continue to be markete
d
for
sale.
Lakeside TeKauwhata
•78 units within stage 3 settled during the period.
•Playground completed and vested to the Waikato District Council in October 2023.
•Lease signed with a Café operator at the Lakeside Commercial hub.
•Earthworks on stages 4 and 5 progressing, while civil works continue on the remaini
ng
s
tage 3 lots.
Beaches Matarangi
•Works continue on stages 14 and 15, with settlements expected to occur in FY24.
•Final works are well progressed, with the Coastal Walkway to Matarangitown centre
co
mpleted, a key walkable link for the community.
•Completed planting on the eastern lake, and remediation of the salt marsh.
•Remaining lots are actively marketed.
Northbrook
•Early works at Northbrook Wynyard Quarter are complete.
•Significant progress continues on site at Northbrook Wanaka and
N
orthbrook Arrowtown.
Ayrburn
•Well received opening of the Woolshed, Manure Room, Burr Bar and The Dell
in December.
•Progressed works on the Barrell room, the Bakery/RM specialty, and fine dini
ng
v
enue Billy’s.
Winton development continues at pace.
10
Significant progress onsite
LAUNCH BAY
BEACHESLAKESIDE
H1 FY24
NORTHBROOK WYNYARD QUARTER
Financial Overview
LAUNCH BAY
HOBSONVILLE POINT
H1 FY24 Financial Performance
Winton’s financial performance - investing for future returns.
12
Statement of Financial Performance
unaudited
H1 FY24
unaudited
H1 FY23
Movement
NZ$m(unless indicated otherwise)Half Year EndedHalf Year Ended
31-Dec-2331-Dec-22
Revenue
85.692.8(7.2)
Cost of sales
(57.0)(45.7)
(11.3)
Gain on sale of PP&E
(0.2)0.3
(0.5)
Fair value gain on investment properties
2.615.6
(13.0)
Expenses
(16.8)(13.3)
(3.5)
EBITDA
14.249.7(35.5)
Depreciation and amortisation
(1.2)(1.1)
(0.1)
Net interest income
0.60.30.3
Net profit before tax
13.648.9(35.3)
Income tax expense
(3.9)(14.4)
10.5
Profit after income tax
9.734.5(24.8)
Financial Performance
•Revenues have decreased by 7.7%, primarily due to net 61 fewer units settled in
the period. This is offset by constructed product comprising 34.8% of settlements,
which commands a price premium over land lots.
•Similarly, cost of sales has increased on the prior period due to a greater
proportion of constructed product, offset by some cost efficiencies achieved
across Launch Bay and Northlake.
•The fair value gain on investment properties in H1 FY24 of $2.6m results from the
revaluation of Northbrook Launch Bay following the receipt of resource consent
in September 2023. This compares to a gain of $15.6m in H1 FY23, with the lower
gain a result of the timing of consents granted, the properties being revalued, and
the original purchase price of the underlying land.
•Expenses are elevated on H1 FY23, primarily driven by administrative expenses
and selling expenses. Administrative expense increases are a result of an increase
in headcount. Selling expenses have increased 29.4%, reflecting additional
marketing spend to support Northbrook sales and the opening of Ayrburn.
•EBITDA decreases, excluding the impact for fair value gains, are primarily a result
of the combination of fewer settlements, a higher cost of sales resulting from the
increase in constructed product over the prior period and higher expenses.
Financial Position
•Winton cash increases result from the timing of settlements and debt proceeds,
relative to cash outflows for development and operational activity.
•Inventory declines in the half year period are a result of the settlement profile
discussed previously, offset by progression of work on site.
•Property plant and equipment increases result primarily from AyrburnPrecinct,
alongside the Northbrook Wanaka and Northbrook Arrowtown show suites.
•Winton has entered into a new debt facility with Massachusetts Mutual Life
Insurance Company, with a facility limit of $80m. The facility is ringfenced to the
Lakeside development and will function as a working capital facility where
drawings will fund the development works at Lakeside. Lakeside settlements will
be utilised to extinguish the loan over a period of four years. The loan has
provided an initial equity release of $63.3m which will be used to fund
Northbrook development.
H1 FY24 Financial Position
Winton commits to funding for Northbrook and Lakeside.
13
Statement of Financial Position
unaudited
H1 FY24
audited
FY23
NZ$m(unless indicated otherwise)
As atAs at
Movement
31-Dec-2330-Jun-23
Cash and cash equivalents
99.376.323.0
Inventories
236.2256.7(20.5)
Investment properties
236.0207.528.5
Property, plant and equipment
64.140.523.6
Other assets
12.59.62.9
Total assets
648.1590.657.5
Accounts payable and other liabilities22.330.2(7.9)
Lease liabilities10.411.0(0.6)
Taxation payable21.623.4(1.8)
Deferred tax liabilities16.015.60.4
Borrowings63.3-63.3
Total liabilities133.680.253.4
Net Assets
514.5510.44.1
NTA cents per share
1731712
H1 FY24 Cashflows
Cash generation supports continued growth.
14
Statement of Cashflows
unaudited
H1 FY24
unaudited
H1 FY23
NZ$m(unless indicated otherwise)
Half Year EndedHalf Year Ended
Movement
31-Dec-2331-Dec-22
Cash flows from operating activities
Receipts from customers85.393.6(8.3)
Payment to suppliers, employees, and other(62.4)(85.7)23.3
Development land purchases(5.4)(25.8)20.4
Net cash flows from operating activities17.5(17.9)35.4
Cash flows from investing activities
Investment property purchases(25.8)(85.0)59.2
Acquisition of property, plant and equipment(24.4)(8.1)(16.3)
Other investing activities-(1.6)1.6
Net cash flows from investing activities(50.2)(94.7)44.5
Cash flows from financing activities
Net Proceeds from borrowings63.3-63.3
Payment of principal portion of lease liabilities(1.2)-(1.2)
Payment of dividends(6.4)(3.2)(3.2)
Net cash flows from financing activities55.7(3.2)58.9
Net increase in cash and cash equivalents
23.0(115.8)138.8
Cash and cash equivalents at beginning of the period
76.3204.8(128.5)
Cash and cash equivalents at the end of the period
99.389.010.3
Cashflows
•Receipts from customers are reduced in line with reduced settlements.
•Timing of development activity has driven lower payment to suppliers and land
purchase payments.
•Purchases and development of property plant and equipment primarily result
from Ayrburn.
•Financing activated primarily result from the drawdown of the Massachusetts
Mutual Life Insurance Company facility.
•Dividends are paid following the release of interim and year end results.
H1 FY24 Dividend
•The Board of Directors has declared a 0.5500 cent net dividend per share, and
sits within the target range of 20-40% of distributable earnings for H1 FY24.
•Winton’s dividend policy is to target an increasing distribution per share over
time within a pay-out ratio of approximately 20-40% of full-year NPAT,
excluding any unrealised valuation movement in investment properties.
•We continue to declare and pay dividends twice yearly following the release of
interim and annual results.
•Dividends are declared at the Board’s discretion and depend on our
financial performance.
Winton confirms an interim dividend for H1 FY24.
15
ALTA VILLAS
NORTHLAKE
Market and Outlook
AYRBURN
ARROWTOWN
•Inflation pressures have eased but remain outside RBNZ targets of 1-3%, with annual
inflation at 4.7% at December 2023. This decrease was largely driven by tradeable
inflation of 3.0%, as non-tradeable inflation remained elevated at 5.9%¹.
•Net migration remains elevated, with 126,000 migrants arriving in the year to
December 2023¹, provisionally an annual record for both arrivals and departures. This
is likely to continue to drive demand for housing.
•REINZ data for January 2023 has shown positive signs for the property market.
Nationally the house price index has increased 2.2% and the sales count has increased
4.9%
2
year-on-year.
•Mortgage rates appear to have peaked³.
•Within the context of a challenging economic landscape, Winton is prepared for sales
to remain slower and inflation to remain elevated, however we are well-positioned to
use current market conditions to our advantage.
We remain cautious of the year ahead, despite positive indicators. We are
experienced in navigating challenging market conditions.
Market and Outlook
17
NORTHBROOK
WANAKA
Notes: 1. Data has been sourced from StatsNZ.
2. REINZ Monthly Property Report January 2024.
3. ‘ASB joins ANZ and BNZ in lowering mortgage rates’ – RNZ.
QuestionsQuestions
This disclaimer applies to this document and the accompanying material (“Document”) or any information contained in it. The information included in this Document should be read in conjunction with the audited
consolidated financial statements for the half year ended 31 December 2023.
Past performance information provided in this Document may not be a reliable indication of future performance. This Documentcontains certain forward-looking statements and comments about future events, including
with respect to the financial condition, results, operations and business of Winton Land Limited (“Winton”). Forward lookingstatements can generally be identified by use of words such as ‘project’, ‘foresee’, ‘plan’,
‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward-lookingstatements involve known and unknown risks, significant uncertainties, assumptions, contingencies,
and other factors, many of which are outside the control of Winton, and which may cause the actual results or performance of Winton to be materially different from any results or performance expressed or implied by
such forward-looking statements. Such forward-looking statements speak only as of the date of this Document. There can be no assurance that actual outcomes will not differ materially from the forward-looking
statements. Recipients are cautioned not to place undue reliance on forward-looking statements.
Certain financial data included in this Document are "non-GAAP financial measures", including earnings before interest, tax, depreciation and amortisation (“EBITDA”). These non-GAAP financial measures do not have a
standardised meaning prescribed by New Zealand Equivalents to International Financial Reporting Standards (“NZIFRS") and therefore may not be comparable to similarly titled measures presented by other entities, nor
should they be construed as an alternative to other financial measures determined in accordance with NZIFRS. Although Winton’s management uses these measures in assessing the performance of Winton’s business, and
Winton believes these non-GAAP financial measures provide useful information to other users in measuring the financial performance and condition of the business, recipients are cautioned not to place undue reliance on
any non-GAAP financial measures included in this Document.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated.
Whilst every care has been taken in the preparation of this presentation, Winton makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts.
To the maximum extent permitted by law, none of Winton, its directors, employees, shareholders or any other person shall haveany liability whatsoever to any person for any loss (including, without limitation, arising from
any fault or negligence) arising from this Document.
This Document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any
investment decisions, consider the appropriateness of the information in this Document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs.
DISCLAIMER
Important Notice and Disclaimer
19
Simon Ash
Chief Operating
Officer
Justine Hollows
General Manager,
Corporate Services
Duncan Elley
General Manager,
Project Delivery
•Over 18 years’ experience in real estate, finance and
investment banking.
•Responsible for oversight of Winton’s business operations.
•Previously at Macquarie Group and Brookfield Financial.
•Over 18 years’ experience in law, including property
development, transactional and leasing work.
•Responsible for legal oversight, risk management, compliance,
and human resources.
•Previously at Auckland International Airport, Bell Gully, and
Minter Ellison.
•Over 20 years of experience in land development, real
estate, finance and investment management.
•Responsible for delivery of development projects.
•Previously at ChenavariInvestment Managers and Capmark
Bank Europe plc.
Presenting Today
ManagementTeam
Jean McMahon
Chief Financial Officer
Chris Meehan
Chief Executive Officer
APPENDIX 1
•Founded Winton in 2009.
•Over 30 years’ real estate
experience.
•Strategic and operational
leadership.
•Founded the Belle Property
real estate franchise in
Australia, and grew the
business to 20+ offices across
Australia and New Zealand.
•Over 18 years’ experience in real estate, finance and investment.
•Responsible for finance, tax and accounting functions.
•Previously at Property for Industry, Lloyds Banking Group and
KPMG.
21
CommunitiesLocationTarget units
1
Settled
2
Target units
remaining
1
Pre Sold Units
2
1. NorthlakeWanaka
1,005(662)34372
2. LakesideTe Kauwhata
1,672(808)864852
3. Launch BayHobsonville
350(97)25314
4. SunfieldAuckland
3,957-3,957-
5. Wynyard QuarterAuckland
183-18312
6. Avon LoopChristchurch
210-210-
7. Northbrook ArrowtownQueenstown
212-212-
8. Ayrburn Farm & PrecinctArrowtown
16(2)14-
9. BeachesMatarangi
330(296)3414
10. North RidgeCessnock (AU)
358(168)1902
11. River TerraceCromwell
18(17)1-
12. ParnellAuckland
6-6-
13. BridesdaleFarmQueenstown
138(137)1-
14. Cracker BayAuckland
----
Total
8,455(2,187)6,268966
Winton’s 14 communities, with 13 in New Zealand and 1 in Australia.
Notes: 1. Target units to be developed from 1 January 2024 onwards on existing projects based on management estimates and masterplans current as at 31 December 2023. Target total units,
target product mix and target settlement period may change, including due to planning outcomes and market demand. 2. Settled and Pre-sold units as at 31 December 2023.
Target units remaining by type
ResidentialRetirementCommercial
2081287
852-12
39214-
3,643-314
221547
-210-
-19616
7-7
33-1
190--
1--
5-1
--1
---
5,000902366
Neighbourhood Summary
22
APPENDIX 3
Planning, Design and Zoning/Consent Construction Settlements
A balanced staging of developments mitigates risk and provides continuity of cashflows.
Notes: 1. Target units to be developed from 1 January 2024 onwards on existing projects based on management estimates and masterplans current as at 31 December 2023. Target total units, target
product mix and target settlement period may change, including due to planning outcomes and market demand.
2. FY24-25 Residential and FY26 Campsite.
3. Includes commercial assets
23
Development Staging
Project NameLocation
Target units
remaining
1
FY24FY25FY26FY27FY28FY29FY30FY31FY32+
Northlake³Wanaka215
LakesideTeKauwhata852
Launch BayHobsonville39
Sunfield³Auckland3,957
AyrburnFarmArrowtown7
Beaches³Matarangi34²
North RidgeCessnock (AU)190
River TerraceCromwell1
ParnellAuckland6
BridesdaleFarmQueenstown1
Villard Wynyard
Quarter
Auckland22
Total Development5,324
APPENDIX 4
Planning, Design and Zoning/Consent Construction Settlements Complete, held as investment
Winton holds investment properties to benefit from annuity income.
Notes: 1. Target units to be developed from 1 January 2024 onwards on existing projects based on management estimates and masterplans current as at 31 December 2023. Target total units, target
product mix and target settlement period may change, including due to planning outcomes and market demand.
24
Development Staging (cont.)
Project NameLocation
Target units
remaining
1
FY24FY25FY26FY27FY28FY29FY30FY31FY32+
Northbrook Wynyard
Quarter
Auckland154
Northbrook Avon LoopChristchurch210
Northbrook ArrowtownArrowtown196
Northbrook WanakaWanaka128
Northbrook Launch BayHobsonville214
Total Retirement902
Lakeside CommercialTeKauwhata12
AyrburnPrecinctArrowtown7
Northbrook Wynyard
Quarter Commercial
Auckland7
Northbrook Arrowtown
Commercial
Arrowtown16
Total Commercial42
Total Portfolio6,268
APPENDIX 4
---
INTERIM FINANCIAL STATEMENTS
31 DECEMBER 2023
Winton builds
neighbourhoods
NORTHLAKE WANAKA
Letter from the CEO and Chair 2
Financial Statements 11
Directory 29
Contents
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 20231
CRACKER BAY
AUCKLAND
2
Letter from CEO/Chairman
Chris Meehan
The first half of this financial year has been filled with
significant milestones, each of them a stepping stone toward
Winton’s growth plan to create more diversified and recurrent
revenue streams.
My highlights this year so far included starting construction
at Northbrook Wynyard Quarter, Northbrook Wanaka and
Northbrook Arrowtown, the market reaction to our luxury
later living proposition, future residents securing their homes
within Northbrook, opening Ayrburn in December and new
residents moving into Winton neighbourhoods as completed
product settled.
Off the back of a significant year of delivery in FY23,
momentum continued into FY24 across the business. Our
long-standing pre-sale strategy has continued to serve Winton
well in the current challenging economic environment and
property market. Winton settled 158 units during the six
months ending 31 December 2023 (H1 FY24) delivering $85.6
million revenue, down 7.7% from $92.8 million in H1 FY23 when
we settled 219 units. Settlements in H1 FY24 included the
Northlake Apartments and Commercial in Wanaka, Launch
Bay Townhouses in Hobsonville Point, and properties at
Beaches Matarangi, Lakeside in Te Kauwhata, and North Ridge
in Cessnock and comprised more dwellings compared to H1
FY23, increasing the average revenue per unit.
Cost of sales reflects the mix of products settled during
the period. During H1 FY24, 34.8% of product settled were
constructed homes and commercial units compared to 11.9%
in H1 FY23, resulting in a 24.7% higher cost of sales to $57.0
million. These are partially offset by higher average revenue
per unit received over the period.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) of $14.2 million and $9.7 million profit after tax were
down 71.5% from $49.8 million and 71.8% from $34.5 million
respectively. As I mentioned above, this is due to the higher
cost of sales from more built product this period, a $13.0
million lower gain in revaluation of investment properties and
higher selling and administrative expenses mainly from the
launch of Northbrook and Ayrburn, both of which I go into
more detail on below.
We finished the half year in an excellent position with pre-sales
of $409.0 million as at 31 December 2023, a landbank yield
of 6,268 units¹, including 902 retirement living units, and cash
holdings of $99.3 million. In December, we implemented an
$80.0 million debt facility secured only against our Lakeside
project to fund Winton’s wider growth plans, particularly our
luxury later living offering, Northbrook.
LAKESIDE
TE KAUWHATA
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 20233
158
UNITS SETTLED
$409.0M
PRE SALES
$85.6M
REVENUE
$14.2M
EBITDA
6,268
UNITS1
LANDBANK YIELD
NORTHLAKE
WANAKA
$9.7M
PROFIT
AFTER TAX
1. Units comprise residential land lots, dwellings, townhouses, apartments, retirement living units and commercial units.
Target units to be developed from 1 January 2024 onwards on existing projects are based on management estimates and
masterplans current as at 31 December 2023. Target total units, target product mix and target settlement period may
change, including due to planning outcomes and market demand.
4
We launched our first Northbrook location in June last year at
Wynyard Quarter. Over the six months ending 31 December,
momentum continued, including the launch of Northbrook
Wanaka in August. Interest and sales at both locations are
going well, further validating our position in the premium
target market. Resource consent has been granted for all five
locations, which, in addition to the above, include Northbrook
Launch Bay, Northbrook Arrowtown, and Northbrook Avon
Loop. Construction is underway at Wynyard Quarter, Wanaka
and Arrowtown, with the first residences in Wanaka due for
completion in 2025.
In December we opened Ayrburn, Winton’s hospitality
precinct near Arrowtown. After many years of planning,
designing and constructing, it was exciting to share it with
the public. Since opening, we have had thousands of people
visit Ayrburn, whether it be for a meal at The Woolshed, a
wine tasting at The Manure Room, cocktails in the sun, the
Christmas markets, or gelato by the creek. While we are only
two months into trading, it has been incredible to see the
response and have back-to-back days fully booked over the
summer period. The hospitality precinct is part of the wider
Ayrburn masterplan that also includes additional hospitality
venues, a spectacular Northbrook site, boutique hotel and
a small number of exclusive residential lifestyle lots.
AYRBURN
ARROWTOWN
As we invested in these two new business units, associated
selling expenses and administrative expenses increased. The
29.3% increase to $4.0 million in selling expenses reflects
the additional marketing spend to support the Northbrook
sales pipeline and the launch of Ayrburn. Normalised post-
COVID business activity, alongside headcount increasing to
support the growth of the business and increased business
activity attributable to Northbrook and Ayrburn, resulted in
administrative expenses increasing to $11.3 million.
Outside of the day-to-day, the business goes from strength
to strength. From an ESG perspective, during the first
half of FY24 the management team approved the Winton
sustainability framework, we made good progress toward
the required climate-related disclosures and our ESG
improvements were acknowledged by external commentators.
To appropriately resource Winton’s growing business, we
continued to hire high-quality people to join the Winton team;
we invested in systems and implemented policies, putting us in
good stead for the next Winton phase.
Letter from CEO/Chairman continued
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 20235
BEACHES
MATARANGI
6
LAKESIDE
TE KAUWHATA
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 20237
Letter from CEO/Chairman continued
Board Changes
In November, David Liptak notified his intention to retire as
a Director from the Winton board following the completion
of the transaction to sell 14,830,687 shares to Akarua (a real
estate vehicle managed by Macquarie Asset Management).
On 10 February, that transaction was completed, and David
retired from the Board on 12 February 2024.
David’s investment in Winton in 2017 enabled the acceleration
of Winton’s growth plans. His support and contribution as a
board member over the years have been invaluable. Myself,
the Board of Directors and the management team sincerely
thank him for his time and support since joining the Winton
Board and becoming a shareholder. David remains a
significant shareholder.
In November we appointed Guy Fergusson as a director of
the Winton Board. We are delighted Guy has joined the board,
bringing with him his vast corporate finance and capital
markets experience.
Dividend
The Board declared a dividend of 0.55 cents per share for the
six months ending 31 December 2023.
The dividend is in line with our dividend policy, updated in
February 2023 to exclude any unrealised valuation movements
in investment properties and within a pay-out ratio of
approximately 20-40% of full-year distributable earnings.
Market and Outlook
While some positive indicators are appearing, including
slowing inflation, an increase in net migration, improving
REINZ statistics, and decreasing residential lending rates, we
remain cautious. In the short term, we are prepared for sales
to remain slower, inflation to remain elevated, and continued
pressure on borrowers. However, we are focusing on buyer
groups that are the least affected by these headwinds, and
are generally well-positioned to use current market conditions
to our advantage.
While the market and economic landscape is complicated,
there is a lot going on at Winton and a lot to look forward to.
A big thank you to everyone involved in bringing each Winton
project to life, on time and on budget, including the Winton
team, our contractors, and our service suppliers.
Sincerely,
Chris Meehan
CEO/Chairman
8
In the 6 months to 31 December 2023, a total of 158 units
settled, with 34.8% of settlements constructed compared to
11.9% in H1 FY23. Winton has delivered revenues of $85.6 million
in H1 FY24, 7.7% down from $92.8 million in H1 FY23.
Cost of sales has increased from $45.7 million in H1 FY23 to
$57.0 million in H1 FY24. This is largely a result of the 22.9%
increase in built product settled by volume in H1 FY24.
In H1 FY24, Winton opened Ayrburn and continued to generate
annuity income from Lakeside Commercial and Cracker Bay.
Revaluation of investment properties gain of $2.6 million
results from the revaluation of Northbrook Launch Bay
following the receipt of resource consent in September
2023. This compares to a gain of $15.6m in H1 FY23, with the
lower gain as a result of the timing of consents granted, the
properties being revalued, and the original purchase price of
the underlying land.
Administrative expenses have increased in H1 FY24 by $2.4
million. $1.8 million of this is a result of increased employee
benefits, with an increased headcount in H1 FY24 to support
Winton’s growth and new operating businesses. The remainder
of the increase is due to growth of Winton’s operations and
a reflection of some inflationary pressures.
Selling expenses were higher in H1 FY24 by 29.3%. The increase
relates to marketing spend to support the Northbrook sales
pipeline, and publicity ahead of the recent opening of Ayrburn.
The resultant net profit after tax in H1 FY24 of $9.7 million is
reduced from $34.5 million, presenting a $24.7 million decrease.
An increase in property, plant and equipment of $23.6 million
since FY23 represents a significant investment in Ayrburn,
while an increase of $28.5 million in investment properties
represents progress at Northbrook Wanaka and Wynyard
Quarter, as well as the redevelopment of Cracker Bay.
Winton has entered into an $80 million debt facility to support
Winton’s growth plans. The facility with Massachusetts Mutual
Life Insurance Company is fully ringfenced to the Lakeside
development and provides an initial equity release to fund
the development of Northbrook villages. The additional limit
will be used to fund Lakeside, while the proceeds of Lakeside
settlements will fully extinguish the loan. We enter the second
half of FY24 with $99.3 million in cash reserves.
Financial Commentary
AYRBURN
ARROWTOWN
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 20239
NORTHBROOK
WYNYARD QUARTER
10
LAUNCH BAY
TOWNHOUSES
HOBSONVILLE POINT
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 202311
Consolidated
Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
12
Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2023
All VALUES IN $000'SNOTE
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2022
Revenue2 85,621 92,766
Cost of sales (57,003) (45,726)
(Loss) / gain on sale of property, plant and equipment (200) 297
Fair value gain on investment properties 2,591 15,569
Selling expenses (4,020) (3,108)
Property expenses (837) (576)
Administrative expenses10.1 (11,319) (8,936)
Share-based payment expense (655) (540)
Earnings before interest, taxation, depreciation and
amortisation (EBITDA)
14,178
49,746
Amortisation (283)(236)
Depreciation (902) (909)
Earnings before interest and taxation (EBIT) 12,993 48,601
Interest income 2,300 1,267
Interest expense and bank fees (1,735) (971)
Profit before income tax 13,558 48,897
Income tax expense
Current taxation10.2 (3,447) (7,887)
Deferred taxation10.2 (382) (6,539)
Total income tax expense (3,829) (14,426)
Profit after income tax 9,729 34,471
Items that may be reclassified to profit or loss:
Movement in currency translation reserve (17) (457)
Total comprehensive income after income tax attributable
to the shareholders of the Company
9,712
34,014
Basic earnings per share (cents)9.13.28 11.62
Diluted earnings per share (cents)9.23.16 11.21
The accompanying notes form part of these interim financial statements.
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 202313
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2023
ALL VALUES IN $000'S NOTE
SHARE
CAPITAL
RETAINED
EARNINGS
SHARE
BASED
PAYMENTS
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVE
TOTAL
EQUITY
Balance as at 30 June 2022 (audited) 386,595 66,348 829 318 454,090
Total comprehensive income - 34,471 - (457) 34,014
Dividends to shareholders10.3- (3,174) - - (3,174)
Share-based payment expense - - 754 - 754
Balance as at 31 December 2022 (unaudited) 386,595 97,645 1,583 (139) 485,684
Balance as at 30 June 2023 (audited) 386,595 121,702 2,338 (221) 510,414
Total comprehensive income - 9,729 - (17) 9,712
Dividends to shareholders10.3 - (6,407) - - (6,407)
Share-based payment expense - - 758 - 758
Balance as at 31 December 2023 (unaudited) 386,595 125,024 3,096 (238) 514,477
The accompanying notes form part of these interim financial statements.
14
All VALUES IN $000'SNOTE
UNAUDITED
31 DECEMBER 2023
AUDITED
30 JUNE 2023
CURRENT ASSETS
Cash and cash equivalents 99,292 76,310
Accounts receivable, prepayments and other receivables10.4 10,185 6,873
Inventories4 79,887 91,128
Total current assets 189,364 174,311
NON-CURRENT ASSETS
Inventories4 156,273 165,567
Investment properties5 235,997 207,517
Property, plant and equipment6 64,081 40,459
Right-of-use asset 140 281
Intangible assets7 2,196 2,479
Total non-current assets 458,687 416,303
Total assets 648,051 590,614
CURRENT LIABILITIES
Accounts payable, accruals and other payables10.5 22,227 30,140
Current lease liabilities10.6 1,220 1,281
Taxation payable 21,609 23,395
Total current liabilities 45,056 54,816
NON-CURRENT LIABILITIES
Borrowings8 63,315 -
Non-current lease liabilities10.6 9,177 9,740
Deferred tax liabilities10.2 16,026 15,644
Total non-current liabilities 88,518 25,384
Total liabilities 133,574 80,200
Net assets 514,477 510,414
EQUITY
Share capital10.3 386,595 386,595
Foreign currency translation reserve (238) (221)
Share-based payment reserve 3,096 2,338
Retained earnings 125,024 121,702
Total equity 514,477 510,414
These interim financial statements are signed on behalf of Winton Land Limited and were authorised for issue on 20 February 2024.
The accompanying notes form part of these interim financial statements.
Consolidated Statement of Financial Position
As at 31 December 2023
Christopher Meehan
Chairman
STEVEN JOYCE
Chair, Audit and Financial Risk Committee
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 202315
All VALUES IN $000'SNOTE
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 85,264 93,635
Interest received 2,300 1,267
Net GST (received) / paid (11,007) 3,651
Payments to suppliers and employees (47,122) (89,662)
Purchase of development land - (22,186)
Deposits paid on contracts for land (5,400) (3,600)
Interest and other finance costs paid (1,378) (473)
Income tax paid (5,233) (557)
Net cash flows from operating activities 17,424 (17,925)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 10 1,330
Intangible assets acquired - (2,875)
Acquisition of land for investment properties - (63,888)
Payments to suppliers and employees for investment properties (25,773) (21,136)
Acquisition of property, plant and equipment (24,421) (8,142)
Net cash flows from investing activities (50,184) (94,711)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from borrowings 63,315 -
Payment of principal portion of lease liabilities (1,166) -
Payment of dividends10.3 (6,407) (3,174)
Net cash flows from financing activities 55,742 (3,174)
Net increase in cash and cash equivalents 22,982 (115,810)
Cash and cash equivalents at beginning of year 76,310 204,824
Cash and cash equivalents at end of year 99,292 89,014
The accompanying notes form part of these interim financial statements.
Consolidated Statement of Cash Flows
For the six months ended 31 December 2023
16
1. General Information
This section sets out the basis upon which the Group’s Interim Financial Statements are prepared.
1.1. Reporting entity
These unaudited consolidated interim financial statements (the interim financial statements) are for Winton Land
Limited and its subsidiaries (together, the Group). The Company is a limited liability company incorporated in New
Zealand and is registered under the New Zealand Companies Act 1993. The Company is a FMC reporting entity under
Part 7 of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013 and these interim financial
statements have been prepared in accordance with the requirements of these Acts. The Company is listed on the NZX
Main Board (NZX: WIN) and the ASX Main Board (ASX: WTN).
The Group’s principal activity is the development and sale of residential land properties. The Group also develops
retirement villages and commercial properties however these are start-up operations.
1.2. Basis of preparation
The interim financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP). They comply with NZ IAS 34 ‘Interim Financial Reporting’ and IAS 34 ‘Interim Financial
Reporting’. For the purposes of complying with NZ GAAP the Group is a for-profit entity.
These interim financial statements have been prepared on the historical cost basis except where otherwise identified.
All financial information is presented in New Zealand dollars and has been rounded to the nearest thousand.
These interim financial statements should be read in conjunction with the Annual Financial Statements for the year
ended 30 June 2023 which may be downloaded from the Company’s website (https://www.winton.nz).
1.3. Critical judgements, estimates and assumptions
In applying the Group’s accounting policies, the Board and Management continually evaluates judgements, estimates
and assumptions that may have an impact on the Group. The significant judgements, estimates and assumptions
made in the preparation of these financial statements were the same as those applied to the consolidated financial
statements as at and for the year ended 30 June 2023.
1.4. Accounting policies
The accounting policies adopted are the same as those applied by the Group in its consolidated financial statements
as at and for the year ended 30 June 2023.
1.5. Significant events and transactions
The financial position and performance of the Group was affected by the following events and transactions that
occurred during the reporting period:
Borrowings
On 14 December 2023, Lakeside Developments 2017 Limited (a 100% subsidiary company of the Company) entered
into a debt facility with Massachusetts Mutual Life Insurance Company (MMLIC) for $80,000,000. Refer to note 8 for
further details.
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 202317
2. Revenue
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2023
UNAUDITED
31 DECEMBER 2022
Sales revenue 83,487 85,079
Rent 1,764 1,929
Other income 370 5,758
Total revenue 85,621 92,766
3. Segment Reporting
(i) Basis for segmentation
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker has been identified as the Board of Directors. The Group has
established the following reportable segments that are managed separately because of different operating strategies.
The following describes the operation of each of the reportable segments:
Reportable segmentOperations
Residential developmentDesign, develop, market and sell residential properties to external customers. These include land
lots, dwellings, townhouses and apartments with the majority of operations in New Zealand.
Retirement villagesDevelop and operate retirement villages in New Zealand.
Commercial portfolioDevelop and manage a commercial portfolio to produce rental income, operating income and
capital appreciation in New Zealand.
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
18
3. Segment Reporting (Continued)
(ii) Information about reportable segments
The retirement villages and commercial portfolio segments are start-up operations.
The following is an analysis of the Group’s segments:
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2022
Revenue
Residential development 82,922 90,875
Commercial portfolio 2,699 1,891
Group 85,621 92,766
Earnings before interest, taxation, depreciation and
amortisation (EBITDA)
Residential development 17,787 36,111
Retirement villages - 11,874
Commercial portfolio (1,861) 3,308
Unallocated (1,748) (1,547)
Group 14,178 49,746
Earnings before interest and taxation (EBIT)
Residential development 17,362 35,753
Retirement villages (98) 11,874
Commercial portfolio (2,523) 2,521
Unallocated (1,748) (1,547)
Group 12,993 48,601
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 202319
3. Segment Reporting (Continued)
(ii) Information about reportable segments (Continued)
UNAUDITED
31 DECEMBER 2023
All VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Segment assets
and liabilities
Inventories 236,160 - - - 236,160
Investment properties - 182,846 53,151 - 235,997
Property, plant and
equipment
-
2,765
52,001
9,315
64,081
Other assets 10,185 - 2,073 99,555 111,813
Total assets 246,345 185,611 107,225 108,870 648,051
Total liabilities 110,454 4,465 16,740 1,915 133,574
Net assets 135,891 181,146 90,485 106,955 514,477
AUDITED
30 JUNE 2023
All VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Segment assets
and liabilities
Inventories 256,695 - - - 256,695
Investment properties - 161,451 46,066 - 207,517
Property, plant and
equipment
-
-
31,635
8,824
40,459
Other assets 5,590 300 3,072 76,981 85,943
Total assets 262,285 161,751 80,773 85,805 590,614
Total liabilities 61,156 4,036 14,190 818 80,200
Net assets 201,129 157,715 66,583 84,987 510,414
4. Inventories
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2023
AUDITED
30 JUNE 2023
Expected to settle within one year 79,887 91,128
Expected to settle greater than one year 156,273 165,567
Total inventories 236,160 256,695
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
20
5. Investment Properties
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2023
AUDITED
30 JUNE 2023
Opening balance 207,517 80,498
Acquisitions - 71,163
Right-of-use asset acquired - 11,497
Unrealised fair value gain 2,591 6,821
Capital expenditure 25,889 37,538
Total investment properties 235,997 207,517
Less: lease liability (10,231) (10,698)
Total investment properties excluding NZ IFRS 16 lease adjustments 225,766 196,819
The Board considered the carrying value of the investment property portfolio to ensure investment properties
are held at fair value at 31 December 2023. The Board determined that an external valuation was appropriate for
Northbrook Launch Bay land. This has been performed by Bayleys Real Estate Limited. The valuation method applied
was a sales comparison approach with the key assumption being land value per square metre with estimates used of
between $1,950 and $2,050.
One investment property with a total value of $30,079,000 (30 June 2023 $23,298,000) could not be reliably
measured as at 31 December 2023 due to the resource consent changes being in progress and the current stage of
development of the property. Therefore it is held at cost at 31 December 2023.
As the fair value of investment property is determined using inputs that are unobservable, the Group has categorised
investment property as level 3 under the fair value hierarchy in accordance with NZ IFRS 13 ‘Fair Value Measurement’.
The significant unobservable input used in the fair value measurement of the Group’s development land is the value
per m2 assumption. Increases in the value per m2 rate result in corresponding increases in the total valuation.
The significant unobservable input used in the fair value measurement of the Group’s completed land and buildings
is the capitalisation rate applied to earnings. A significant decrease/(increase) in the capitalisation rate would result
in significantly higher/(lower) fair value measurement.
6. Property, Plant and Equipment
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2023
AUDITED
30 JUNE 2023
Opening balance 40,459 16,064
Additions 24,423 26,030
Acquisition through business combination - 173
Depreciation (761) (564)
Disposals (40) (1,244)
Total property, plant and equipment 64,081 40,459
As at 31 December 2023, property, plant and equipment includes work in progress of $26,054,000 (31 December 2022:
$18,988,000, 30 June 2023: $31,635,000).
As at 31 December 2023, property, plant and equipment includes buildings of $27,792,000 (31 December 2022:
$994,000, 30 June 2023: $5,078,000).
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 202321
7. Intangible Assets
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2023
AUDITED
30 JUNE 2023
Opening balance 2,479 123
Acquisition through business combination - 2,875
Amortisation (283) (519)
Total intangible assets 2,196 2,479
8. Borrowings
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2023
AUDITED
30 JUNE 2023
MMLIC facility drawn down 64,100 -
Unamortised borrowings establishment costs (785) -
Net borrowings 63,315 -
Weighted average interest rate for drawn debt
(inclusive of margins and line fees)
10.64%
-
Weighted average term to maturity (years) 3.98 -
On 14 December 2023, Lakeside Developments 2017 Limited (LDL, a 100% subsidiary company of the Company)
entered into a debt facility with MMLIC for $80,000,000. The facility expires 14 December 2027. The MMLIC facility is
secured by way of a general security deed provided by LDL and a registered mortgage security across the Lakeside
development property.
9. Investor Returns and Investment Metrics
This section summarises the earnings per share which is a common investment metric.
9.1. Basic earnings per share
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2022
Profit after income tax ($000s) 9,729 34,471
Weighted average number of ordinary shares (shares) 296,613,736 296,613,736
Basic earnings per share (cents) 3.28 11.62
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
22
9. Investor Returns and Investment Metrics (Continued)
9.2. Diluted earnings per share
The calculation of diluted earnings per share has been based on the profit attributable to ordinary shareholders and
weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential
ordinary shares. Weighted average number of shares for the purpose of diluted earnings per share has been adjusted
for 10,830,926 share options (31 December 2022: 10,859,222) issued under the Group’s Share Option Plan as at
31 December less share options forfeited. This adjustment has been calculated using the treasury share method.
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2022
Profit after income tax ($000s) 9,729 34,471
Weighted average number of ordinary shares (shares) 307,444,662 307,472,958
Diluted earnings per share (cents) 3.16 11.21
10. Other
10.1. Administrative expenses
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2022
Auditors remuneration:
Audit of annual financial statements (116) (95)
Directors' fees (217) (233)
Employee benefits expense (6,218) (4,425)
Operating lease and rental payments (145) (147)
Other expenses (4,623) (4,036)
Total administrative expenses (11,319) (8,936)
Ernst & Young (EY) were appointed as Auditors of the Company on 26 October 2022 replacing KPMG.
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 202323
10. Other (Continued)
10.2. Taxation
(i) Current taxation
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2022
Profit before income tax 13,558 48,897
Prima facie income tax calculated at 28% (3,796) (13,691)
Adjusted for:
Prior period adjustment 75 9
Non-tax deductible revenue and expenses (39) (23)
Movement in temporary differences 355 5,818
Difference in tax rates (42)-
Current taxation expense (3,447) (7,887)
(ii) Deferred taxation
All VALUES IN $000'S
AUDITED
30 JUNE 2023
AS AT
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
RECOGNISED IN
PROFIT
UNAUDITED
31 DECEMBER 2023
AS AT
Deferred tax assets
Employee benefits 288 68 356
Accounts payable, accruals and other payables 545 (238) 307
Lease liability 3,086 (175) 2,911
Share-based payment reserve 590 183 773
Gross deferred tax assets 4,509 (162) 4,347
Deferred tax liabilities
Accounts receivable, prepayments and other receivables (108) 139 31
Right-of-use asset 3,298 (39) 3,259
Inventories 11,463 (667) 10,796
Intangible asset 660 (79) 581
Investment properties 4,840 866 5,706
Gross deferred tax liabilities 20,153 220 20,373
Net deferred tax liability (15,644) (382) (16,026)
Deferred taxation expense for the six months ended 31 December 2022 was $6,539,000.
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
24
10. Other (Continued)
10.3. Equity
(i) Capital and Reserves
UNAUDITED
31 DECEMBER 2023
SHARES
‘000S
UNAUDITED
31 DECEMBER 2023
$000’S
AUDITED
30 JUNE 2023
SHARES
‘000S
AUDITED
30 JUNE 2023
$000’S
Total shares issued and outstanding 296,614 386,595 296,614 386,595
All shares on issue are fully paid, carry equal voting rights, share equally in dividends and any surplus on wind up and
have no par value. All shares are recognised at the fair value of the consideration received by the Company.
(ii) Dividends
The following dividends were declared and paid by the Company during the six months ended 31 December:
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2022
1.0700 cents per qualifying ordinary share - 14/09/2022 - (3,174)
2.1600 cents per qualifying ordinary share - 12/09/2023 (6,407) -
Total dividends (6,407) (3,174)
10.4. Accounts receivable, prepayments and other receivables
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2023
AUDITED
30 JUNE 2023
Accounts receivable 270 110
Prepayments and other receivables 9,915 6,763
Total accounts receivable, prepayments and other receivables 10,185 6,873
As at 31 December 2023, prepayments and other receivables includes retention monies held in accordance with the
Construction Contracts Act of $3,630,000 (30 June 2023: $3,831,000).
10.5. Accounts payable, accruals and other payables
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2023
AUDITED
30 JUNE 2023
Accounts payable 16,166 14,693
Accruals and other payables in respect of inventories 4,229 4,517
Accruals and other payables 1,832 10,930
Total accounts payable, accruals and other payables 22,227 30,140
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 202325
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
10. Other (Continued)
10.6. Lease liabilities
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2023
AUDITED
30 JUNE 2023
Opening balance 11,021 622
Additions - 11,497
Lease liability interest expense 542 1,071
Rent paid (1,166) (2,169)
Total lease liabilities 10,397 11,021
10.7. Related party transactions
The transactions with related parties that were entered into during the six months ended 31 December, and the
balances that arose from those transactions are shown below.
Key management personnel remuneration
Key management personnel comprise members of the Board and members of the Senior Management Team.
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2022
Employee benefits expense 2,028 1,602
Share-based payment expense 669 611
Executive Directors' fees 82 80
Key management personnel remuneration 2,779 2,293
An Executive Director was granted 5,145,356 share options on 17 December 2021 with an exercise price of $3.8870
and a vesting date of 17 December 2031.
Senior Management Team were granted 4,244,910 share options on 17 December 2021 with an exercise price of
$3.8870. Of these, 1,414,970 share options have a vesting date of 17 December 2025, 1,414,970 share options have a
vesting date of 17 December 2028 and 1,414,970 share options have a vesting date of 17 December 2031.
26
Notes to the Interim Financial Statements
For the six months ended 31 December 2023
10. Other (Continued)
Transactions with related parties during the six months
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2023
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2022
Key management personnel 1,335 1,050
Employees 1,888 -
Revenue from contracts with related parties 3,223 1,050
As at 31 December, the Group has also entered into agreements for the sale of residential properties with Executive
Directors for $18,852,000 (30 June 2023: $18,852,000), key management personnel for $928,000 (30 June 2023:
$2,263,000) and employees for $3,243,000 (30 June 2023: $4,968,000) to be recognised as revenue in future years.
The Group’s Directors are also Directors of other companies.
Julian Cook, an Executive Director is also a Director of WEL Networks Limited (WEL). During the six months ended
31 December 2023, the Group incurred $102,000 of development costs categorised as inventories (six months ended
31 December 2022: $336,000) from WEL. As at 31 December 2023 there was nil (30 June 2023: nil) owing to WEL
and included in account payables, accruals and other payables. There were no other transactions between the Group
and other companies to be disclosed.
Steven Joyce, an Independent Director is also a Director of Joyce Advisory Limited (JAS). During the six months
ended 31 December 2023, the Group incurred $8,000 of professional fees categorised as administrative expenses
(six months ended 31 December 2022: $37,000) from JAS. As at 31 December 2023 there was $3,000 (30 June
2023: $2,000) owing to JAS and included in account payables, accruals and other payables. There were no other
transactions between the Group and other companies to be disclosed.
Some of the Directors and key management personnel are shareholders of the Company.
10.8. Capital and land development commitments
As at 31 December 2023, the Group had entered into contractual commitments for development expenditure and
purchase of land. Development expenditure represents amounts contracted and forecast to be incurred in future
years in accordance with the Group’s development programme. Land purchases represent the amounts outstanding
for the purchase of land. Joint venture capital commitment represents the Group’s commitment to the Winton /
MaxCap Medium Density Development Fund.
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2023
AUDITED
30 JUNE 2023
Development expenditure 61,707 53,636
Land purchases 49,716 55,116
Joint venture capital commitment 50,000 50,000
Total capital and land development commitments 161,423 158,752
10.9. Significant events after balance date
On 20 February 2024, the Board of Directors of the Company approved the payment of a net dividend of 0.550000
cents per share to be paid on 12 March 2024. The gross dividend (0.763889 cents per share) carries imputation credits
of 0.213889 cents per share. The payment of this dividend will not have any tax consequences for the Group and no
liability has been recognised in the Consolidated Statement of Financial Position as at 31 December 2023 in respect of
this dividend.
A member firm of Ernst & Young Global Limited
Independent auditor’s review report to the shareholders Winton Land Limited
Conclusion
We have reviewed the interim financial statements of Winton Land Limited (“the Company”) and its
subsidiaries (together “the Group”) on pages 12 to 26 which comprise the consolidated statement of
financial position as at 31 December 2023, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the six
months ended on that date, and a summary of significant accounting policies and other explanatory
information. Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements on pages 12 to 26 of the Group do not
present fairly, in all material respects the consolidated financial position of the Group as at
31 December 2023, and its financial performance and its cash flows for the six months ended on that
date, in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim
Financial Reporting and International Accounting Standard 34: Interim Financial Reporting.
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the Company’s shareholders as a
body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the
Auditor’s responsibilities for the review of the financial statements section of our report. We are
independent of the Group in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements.
Other than in our capacity as auditor we have no relationship with, or interest in, the Company or any
of its subsidiaries. Partners and employees of our firm may deal with the Group on normal terms
within the ordinary course of trading activities of the business of the Group.
Directors’ responsibility for the interim financial statements
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the
interim financial statements in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting and International Accounting Standard 34: Interim Financial
Reporting and for such internal control as the directors determine is necessary to enable the
preparation and fair presentation of the interim financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting and International Accounting Standard 34: Interim Financial
Reporting.
A member firm of Ernst & Young Global Limited
Independent auditor’s review report to the shareholders Winton Land Limited
Conclusion
We have reviewed the interim financial statements of Winton Land Limited (“the Company”) and its
subsidiaries (together “the Group”) on pages 12 to 26 which comprise the consolidated statement of
financial position as at 31 December 2023, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the six
months ended on that date, and a summary of significant accounting policies and other explanatory
information. Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements on pages 12 to 26 of the Group do not
present fairly, in all material respects the consolidated financial position of the Group as at
31 December 2023, and its financial performance and its cash flows for the six months ended on that
date, in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim
Financial Reporting and International Accounting Standard 34: Interim Financial Reporting.
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the Company’s shareholders as a
body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the
Auditor’s responsibilities for the review of the financial statements section of our report. We are
independent of the Group in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements.
Other than in our capacity as auditor we have no relationship with, or interest in, the Company or any
of its subsidiaries. Partners and employees of our firm may deal with the Group on normal terms
within the ordinary course of trading activities of the business of the Group.
Directors’ responsibility for the interim financial statements
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the
interim financial statements in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting and International Accounting Standard 34: Interim Financial
Reporting and for such internal control as the directors determine is necessary to enable the
preparation and fair presentation of the interim financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting and International Accounting Standard 34: Interim Financial
Reporting.
A member firm of Ernst & Young Global Limited
Independent auditor’s review report to the shareholders Winton Land Limited
Conclusion
We have reviewed the interim financial statements of Winton Land Limited (“the Company”) and its
subsidiaries (together “the Group”) on pages 12 to 26 which comprise the consolidated statement of
financial position as at 31 December 2023, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the six
months ended on that date, and a summary of significant accounting policies and other explanatory
information. Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements on pages 12 to 26 of the Group do not
present fairly, in all material respects the consolidated financial position of the Group as at
31 December 2023, and its financial performance and its cash flows for the six months ended on that
date, in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim
Financial Reporting and International Accounting Standard 34: Interim Financial Reporting.
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the Company’s shareholders as a
body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the
Auditor’s responsibilities for the review of the financial statements section of our report. We are
independent of the Group in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements.
Other than in our capacity as auditor we have no relationship with, or interest in, the Company or any
of its subsidiaries. Partners and employees of our firm may deal with the Group on normal terms
within the ordinary course of trading activities of the business of the Group.
Directors’ responsibility for the interim financial statements
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the
interim financial statements in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting and International Accounting Standard 34: Interim Financial
Reporting and for such internal control as the directors determine is necessary to enable the
preparation and fair presentation of the interim financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting and International Accounting Standard 34: Interim Financial
Reporting.
27
A member firm of Ernst & Young Global Limited
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on those interim financial
statements.
The engagement partner on the review resulting in this independent auditor’s review report is
Grant Taylor.
Chartered Accountants
Auckland
20 February 2024
A member firm of Ernst & Young Global Limited
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on those interim financial
statements.
The engagement partner on the review resulting in this independent auditor’s review report is
Grant Taylor.
Chartered Accountants
Auckland
20 February 2024
A member firm of Ernst & Young Global Limited
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on those interim financial
statements.
The engagement partner on the review resulting in this independent auditor’s review report is
Grant Taylor.
Chartered Accountants
Auckland
20 February 2024
28
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 31 DECEMBER 202329
Directory
Company
Winton Land Limited
NZCN 6310507
ARBN 655 601 568
Board of Directors
Chris Meehan, Chairman
Michaela Meehan
Julian Cook
Glen Tupuhi
Guy Fergusson
Steven Joyce
James Kemp
Jelte Bakker (alternate for James Kemp)
Senior Management Team
Chris Meehan, Chief Executive Officer
Simon Ash, Chief Operating Officer
Jean McMahon, Chief Financial Officer
Justine Hollows, General Manager Corporate Services
Duncan Elley, General Manager Project Delivery
Company Secretary
Justine Hollows
Registered Office
New Zealand:
Level 4, 10 Viaduct Harbour Avenue
Auckland 1010
New Zealand
Australia:
c/- Mills Oakley
Level 7, 151 Clarence Street
Sydney, NSW 2000
Australia
Mailing Address and Contact Details
P O Box 105526
Auckland 1143
New Zealand
Telephone: +64 9 377 7003
Website: www.winton.nz
Auditor
Ernst & Young
2 Takutai Square
Auckland 1010
New Zealand
Legal Advisors
New Zealand:
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Australia:
Mills Oakley
Level 7, 151 Clarence Street
Sydney, NSW 2000
Australia
Share Registry
Winton’s share register is maintained by Link Market
Services Limited. Link is your first point of contact for
any queries regarding your investment in Winton. You
can view your investment, indicate your preference for
electronic communications, access and update your
details and view information relating to dividends and
transaction history at any time by visiting the Link
Investor Centre at the addresses noted below.
Registry
New Zealand:
Link Market Services Limited
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Telephone: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Website: www.linkmarketservices.co.nz
Australia:
Link Market Services Limited
Level 12, 680 George Street
Sydney, NSW 2000
Australia
Telephone: +61 1300 554 474
Email: enquiries@linkmarketservices.com.au
Website: www.linkmarketservices.com.au
Investors
investors@winton.nz
WINTON.NZ
ALTA VILLAS
WANAKA
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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