$14.5m loss and 6.63x leverage trigger dividend suspension
A NZ$24.5m working-capital release lifted operating cash, but FCF pre-lease was still NZ$-20.1m and banking support was needed.
Published 23 April 2026
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A NZ$24.5m working-capital release lifted operating cash, but FCF pre-lease was still NZ$-20.1m and banking support was needed.
Published 23 April 2026
Read briefingEBITDAF rose only 4.2% and NPAT fell 5.0% as wholesale margin gains offset a sharp retail deterioration.
Published 22 April 2026
Read briefingEBITDA loss narrowed 27.7% but a customer write-down deepened the NPAT loss to NZ$7.3m and forced a debt restructure plan.
Published 21 April 2026
Read briefingAn unprecedented 65.4% effective tax rate widened the PBT-NPAT gap, while Metering disposal proceeds cut leverage from 11.7x to 8.5x.
Published 23 April 2026
Read briefingNet operating income contracted despite 4.2% receivables growth, pointing to material net interest margin compression ahead of Challenger integration.
Published 22 April 2026
Read briefingUnderlying profit of NZ$190.3m and 1,103 ORA sales describe a steadier operational result than the headline IFRS NPAT, while net debt rose NZ$332m.
Published 23 April 2026
Read briefingMargin compression and an inventory build above the historical range left pre-lease FCF at NZ$9.1m, well below the NZ$57.3m baseline.
Published 22 April 2026
Read briefingOperating cash held near prior at NZ$47.0m, but a development capex step-up left the dividend no longer covered by free cash flow.
Published 22 April 2026
Read briefingFY23 NPAT fell 56.7% on the absence of one-off land sale gains, but the held 3.5cps dividend now exceeds free cash flow.
Published 22 April 2026
Read briefingFree cash flow rose to $18.2m only because capex collapsed 88.9% to $1.4m, while cash conversion dropped 20 percentage points to 77.6%.
Published 23 April 2026
Read briefingFlat EBITDA masked a sharp deterioration in cash deployment, with debtor days extending 20.7 and free cash flow turning negative.
Published 22 April 2026
Read briefingHeadline PBT growth of 6.7% masks a 45% fall in operating cash, leverage climbing to 3.75x EBITDA, and a dividend set at 175% of NPAT.
Published 23 April 2026
Read briefingA working-capital release flattered cash conversion to 120.5% and funded the increase, masking margin pressure from Cyclone Gabrielle.
Published 22 April 2026
Read briefingOperating profit before tax rose just 3.4% and operating cash inflow fell to $39.8m, undercutting the optical PBT recovery on a weak prior base.
Published 22 April 2026
Read briefingAn above-range portfolio result drove the swing to profit, but running investment income of NZ$0.4m covers only 7.9% of distributions paid.
Published 22 April 2026
Read briefingRevenue rose 18.3% but generation costs crushed margins, leaving the 7.0cps dividend at 194.4% of NPAT and leverage at 6.4x EBITDAF.
Published 22 April 2026
Read briefingPortfolio total return of 8.8% beat the benchmark by 1.1pp, but a lower effective tax rate flattered the 39.3% NPAT print.
Published 22 April 2026
Read briefingRevenue grew 11.2% but earnings normalised from the post-reopening peak as a 2.0cps dividend was declared against negative free cash.
Published 22 April 2026
Read briefingEBITDA margin reached 20.8% but the declared interim payout runs at 147.8% of pre-lease free cash flow, well below Sky's normal range.
Published 22 April 2026
Read briefingReinstated 6.75c dividend implies 83.9% NPAT payout that pre-lease cash flow cannot cover, leaving debt to fund both capex and the distribution.
Published 22 April 2026
Read briefingChina weakness pushed operating cash flow negative, lifted leverage to 14x EBITDA and forced a 60% dividend cut despite a held 60% gross margin.
Published 23 April 2026
Read briefingDemand deferral and inventory carrying costs in a high-rate environment compressed margins while total assets swelled to NZ$625.5m.
Published 23 April 2026
Read briefingEBITDA rose 4.8% but operating cash fell 34.5% on a $140.3m inventory build, leaving the lifted 57.0c dividend uncovered by free cash flow.
Published 22 April 2026
Read briefingAn unprecedented year-on-year operating working-capital expansion overwhelmed a modest EBITDAF dip and lifted leverage to 4.5x net debt/EBITDAF.
Published 25 May 2026
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