Financial Data and Key Metrics Changes - Revenue decreased by 10.5% to $155.4 million in FY '25 from $173.6 million in FY '24 [3][18] - EBITDA for FY '25 was $21.3 million, a decrease of $6.6 million compared to FY '24 [3][18] - Net profit after tax was $10.3 million, a 34.4% decrease from $15.7 million in FY '24 [4][20] - Cash holdings as of June 30 were $20.3 million, with a land bank yield of approximately 5,750 units [4][22] Business Line Data and Key Metrics Changes - Revenue from residential development was $130.3 million, with an EBITDA of $21.9 million, attributed to the settlement of 266 units [4][19] - Commercial revenue increased to $24.7 million in FY '25 from $11 million in FY '24, due to Airborne contributing twelve months of trading [12][19] Market Data and Key Metrics Changes - The property market in New Zealand, particularly in Auckland, remains subdued, with ongoing economic struggles and rising unemployment [2][28] - Net migration is at its lowest level in ten years, and ready-made concrete volumes are below the ten-year average [28] Company Strategy and Development Direction - The company continues to focus on its presale strategy and is cautious in committing further capital until market conditions improve [3][28] - Winton is prioritizing the Sunfield project and South Island operations, where the market remains buoyant [28][29] - The company aims to maximize the value of its master plan for shareholders over the years [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging economic conditions but remains confident in the demand for their products [2][28] - The company is optimistic about the potential approval of the Sunfield project and plans to commence development immediately upon receiving it [7][28] - Management expresses gratitude for the dedication of the team and stakeholders during a tough property cycle [29] Other Important Information - The company has entered into several new borrowing facilities for various projects, including an $18.3 million debt facility for Cracker Bay [21][22] - No settlement defaults were experienced during the period, and the board has paused dividend payments to maintain financial discipline [22][23] Q&A Session Summary Question: What kind of market evidence is needed for the next stage of Northbrook Wind Headquarter developments? - Management is monitoring build costs closely and is confident in the demand for the product [33][34] Question: Will residential sales in the high-end market affect development? - Management notes that many buyers in this demographic do not have the requirement to sell their current place [35] Question: What is the energy need for Cracker Bay? - Management indicates that it is primarily a build cost story [37] Question: How has visitation and spend per visitor at Airborne tracked? - Visitation is in line with expectations and continues to improve, with spend per head also tracking upwards [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 [43]