Winton Land (WIN) AGM 2024 summary

Opening remarks and agenda

• The meeting was held virtually, with instructions for online participation and question submission, and the Chair and CEO outlined the agenda and key business highlights for FY24.

• Board members, senior management, auditors, legal counsel, and share registrar representatives were introduced.

• A quorum was confirmed, proxies represented over 81% of shares, and the meeting was formally opened.

• The agenda included a presentation, two resolutions, Q&A, and voting by poll.

Financial performance review

• FY24 revenue was NZD 173.6 million, down 21.5% from FY23, with 345 units settled.

• EBITDA was NZD 29.5 million; net profit after tax was NZD 15.7 million, both significantly lower than the prior year.

• Gross profit was NZD 70.3 million, with a margin of 40.5%; commercial portfolio, including Ayrburn, contributed NZD 11.0 million in revenue.

• Land bank yield stood at 6,000 units, with cash holdings of NZD 41.7 million and a presale book of NZD 411.7 million as of August 2024.

• Administrative expenses rose by NZD 11.3 million due to increased headcount and pre-opening costs for new ventures, including Ayrburn; one-off non-cash deferred tax liability adjustment of NZD 2.9 million due to legislative changes.

• Selling expenses decreased by 26.7% due to lower commissions and marketing spend.

Board and executive committee updates

• Guy Fergusson was appointed as an independent director, bringing 28 years of corporate finance and capital markets experience, and will serve on key committees.