Financial Data and Key Metrics Changes - Revenue for FY '25 decreased by 10.5% to $155.4 million compared to $173.6 million in FY '24 [3][19] - EBITDA for FY '25 was $21.3 million, a decrease of $6.6 million from FY '24 [3][19] - Net profit after tax was $10.3 million, a 34.4% decrease from $15.7 million in FY '24 [4][21] - Cash holdings as of June 30 were $20.3 million [4][23] Business Line Data and Key Metrics Changes - Settled units decreased to 266 in FY '25 from 345 in FY '24 [3][19] - Revenue from residential development was $130.3 million, with an EBITDA of $21.9 million [4] - Commercial revenue increased significantly to $24.7 million in FY '25 from $11 million in FY '24, attributed to Airborne's full year of trading [13][20] Market Data and Key Metrics Changes - The property market in New Zealand remains subdued, particularly in Auckland, with ongoing economic challenges [2][28] - Unemployment continues to rise, and net migration is at its lowest level in ten years [28] - The Queenstown Lakes District is outperforming the rest of the country in housing sales [28] Company Strategy and Development Direction - The company is focusing on its presale strategy and maintaining financial discipline amid market challenges [3][28] - Winton is prioritizing the Sunfield project and South Island operations, where the market remains buoyant [28][29] - The company is cautious about committing further capital until there is a clearer positive outlook in the market [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the subdued property market and economic struggles but sees some positive signs, such as a declining official cash rate and increased competition among suppliers [2][28] - The company plans to operate with discipline and has appropriately resourced its team to reflect the current project pipeline [28][29] - Management expresses confidence in the team's ability to excel through the tough property cycle [29] Other Important Information - The company has a land bank yield of approximately 5,750 units, including 877 retirement units [4] - Winton's Airborne Screen Hub and Sunfield project have been accepted into the Fast Track process under the Fast Track Approvals Act of 2024 [8][9] - A confidential commercial settlement was reached with Kianga Ora regarding anticompetitive conduct allegations [9] Q&A Session Summary Question: What kind of market evidence is needed for the next stage of Northbrook Wind Headquarters developments to commence? - Management is looking for clear evidence of contraction in build costs and is monitoring this closely [34] Question: Would the company consider residential sales at the high end of the market? - Management notes that many buyers in this demographic do not have the requirement to sell their current place, which is not a significant driver [36] Question: What is the energy need to see progress at Cracker Bay? - Management indicates that it is mainly a build cost story [37] Question: How has visitation and spend per visitor at Airborne tracked? - Visitation numbers are in line with expectations, and spend per visitor continues to improve [38][39] Question: Is there an update on Northbrook, Avon, Loop, and Christchurch? - Management confirms that consents are in place and plans to sell excess land before proceeding with the village development [43]