Pacific Radiology Group acquisition adds context to Infratil's result

Headline revenue grew n/m to $1.1b, but the comparison is distorted by discontinued-operations classification in both periods — event overlays confirm prior- and current-period reclassifications. The n/m reading is flagged unprecedented in Annolyse's historical baseline against a four-period range of -99.7% to 38.7%, but the move largely reflects which businesses sit in continuing versus discontinued, not underlying growth.

PBT swung from +$523.2m to -$91.8m (-117.6%) and NPAT from +$241.2m to -$49.2m (-120.4%), because the prior year captured $503.6m of Tilt Renewables Australasia result in continuing operations versus $71.6m this year, with discontinued operations now contributing $71.6m after tax.

Pre-lease free cash flow ran at -$368.4m on $459.8m of capex against $91.4m of operating cash flow — below normal range against a three-period mean of -$39.3m.

PBT growth of -117.6% sits at the lower edge of the four-period historical range. Stripping the prior-year Tilt-linked result from continuing operations, the underlying operating read is much narrower than the -$615m PBT swing suggests, which means the headline NPAT loss should not be taken as a clean indicator of operating deterioration.

Cash generation improved at the operating line but deteriorated at the free-cash-flow line. Operating cash flow climbed to $91.4m from effectively zero, yet capex of $459.8m (43.4% of revenue) produced pre-lease FCF of -$368.4m, $329.1m below the historical mean. This matters because it constrains how much of the dividend and growth investment is internally funded.

Segment results show real operational pressure beneath the reclassification noise. Trustpower NZ's result dropped to $30.8m from $97.7m and Wellington Airport's collapsed to $2.4m from $73.2m on COVID-affected aviation volumes. The dominant segment's earnings compression is invisible in the consolidated revenue line.

That undershoot versus the company's own interim guide is the most concrete forward signal in this release and tempers any "trough is behind" reading.

HY21 captured 54.6% of full-year revenue and -56.5% of NPAT, implying second-half revenue of $480.8m and a second-half NPAT loss of $77.0m. The back half got worse on earnings, which matters because it pushes the recovery profile out rather than supporting a clean step-up into FY22.

The cleaner economic reads — Trustpower NZ, Wellington Airport, and pre-lease FCF — all point softer than the headline revenue line.

Operating cash flow of $91.4m is a genuine improvement on the near-zero prior base, but capex absorbs the entirety of it and then some, leaving pre-lease FCF at -$368.4m. Cash on hand of $133.8m and reduced net debt of $876.5m (from $3.2b) reflect announced asset-sale proceeds and capital raising rather than internally funded deleveraging, so the strengthened leverage direction should not be read as recurring operational cash generation.

The 11.5c final dividend is the current-period final component only and is described in release excerpts as a 4.5% increase on the prior final. It should not be compared directly against the 17.25c prior full-year total in the supplied per-share table.

This briefing cannot assess proportionate EBITDAF segment composition or net-debt covenant headroom without the detailed segment and debt-by-tranche disclosures.