Winton Land (WIN) AGM 2024 summary

Opening remarks and agenda

• Meeting held virtually with instructions for online participation and Q&A provided.

• Chair and CEO addressed shareholders, outlining the agenda and key business highlights for FY24.

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

• Notice of meeting sent, quorum confirmed, proxies appointed for over 81% of shares.

• 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; profit after tax was NZD 15.7 million, both significantly down from prior year.

• Gross profit was $70.3 million, with a margin of 40.5%.

• Commercial portfolio, including Ayrburn, contributed $11.0 million in revenue.

• Administrative expenses rose by $11.3 million, mainly due to increased headcount and pre-opening costs for Ayrburn.

• One-off non-cash deferred tax liability adjustment of $2.9 million due to legislative changes.

• Land bank yield at 6,000 units, cash holdings NZD 41.7 million, 23 projects across 12 communities.

• Presale book as of August 2024 was NZD 411.7 million.

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

Board and executive committee updates

• Guy Fergusson appointed as an independent director, joining Audit and Financial Risk, and Nomination and Remuneration Committees, bringing 28 years of corporate finance experience.

• Board and management team composition detailed, with new appointments highlighted.