New Zealand Rural Land Company (NZL)•HY22•Released 22 February 2022NZL deploys cash shell: $61.5m capex funded by $88.5m of new debtHY21 was pre-operational so the headline growth rates are not informative; the real read is a leveraged rural land portfolio at $1.35 NTA per share.Published 28 April 2026Read briefing→
Mercury NZ (MCY)•HY22•Released 22 February 2022EBITDAF fell 17.7% on dry hydrology while reported NPAT tripledA 5.1% effective tax rate and non-operating gains flattered headline profit even as FY22 EBITDAF guidance was cut to $570m.Published 22 April 2026Read briefing→
Heartland Group Holdings (HGH)•HY22•Released 22 February 2022NPAT +7.7% as lending growth lifts borrowings 32.6%Underlying earnings progress is modest and clean, but a NZ$449m step-up in borrowings and deeply negative operating cash define the period.Published 22 April 2026Read briefing→
Property for Industry (PFI)•FY21•Released 21 February 2022Fair value gains of $392.5m drove FY21; FFO rose 14.4%Revaluation lifted NPAT to $452.8m and NTA to 303.4 cents per share, while cash earnings rose modestly and gearing eased to 27.7%.Published 22 April 2026Read briefing→
Millennium & Copthorne Hotels New Zealand (MCK)•FY21•Released 18 February 2022PBT up 26.9% but operating cash flow fell 66.3%A one-off land sale gain lifted hotel PBT and the dividend resumed, but cash conversion fell from 142.5% to 39.9% of EBITDA.Published 22 April 2026Read briefing→
CDL Investments New Zealand (CDI)•FY21•Released 18 February 2022Operating cash inflow fell 93% to NZ$4.1m as NPAT advanced 4.0%Residential development cash generation collapsed from NZ$54.8m prior, leaving FY21 reported earnings well ahead of cash conversion.Published 22 April 2026Read briefing→
The Colonial Motor Company (CMO)•HY22•Released 17 February 2022PBT up 45.6% but operating cash flow swung negative on NZ$39.7m inventory buildUnprecedented revenue and margin strength was offset by working-capital absorption that pushed operating cash flow to -NZ$1.5m.Published 23 April 2026Read briefing→
Fletcher Building (FBU)•HY22•Released 16 February 2022NPAT up 41.3% but NZ$1.5bn working-capital build cut operating cash 63%Inventory rebuild and housing investment drove operating cash from NZ$428m to NZ$157m and stretched FCF dividend cover to 862.2%.Published 22 April 2026Read briefing→
South Port New Zealand (SPN)•HY22•Released 8 February 2022Gross borrowings more than doubled to $25.0m on flat HY22 revenueContainer volumes fell 23% and operating cash flow dropped 11%, while gross borrowings rose $14.0m to fund a 26.1% jump in total assets.Published 23 April 2026Read briefing→
Livestock Improvement Corporation (LIC)•HY22•Released 26 January 2022NPAT up 52.1% on Automation divestment; continuing operations grew just 6.2%A $15.2m discontinued-operations gain drove the headline jump, while underlying cash generation strengthened independently with OCF up 102.6%.Published 29 April 2026Read briefing→
Australian Foundation Investment Company (AFI)•HY22•Released 24 January 2022Investment income up 68.1% restored distribution coverage to 126.2%Post-COVID dividend recovery lifted income to NZ$161.8m and portfolio return of 6.9% beat the 4.6% benchmark by 2.3 percentage points.Published 22 April 2026Read briefing→
AFC Group Holdings (AFC)•HY22•Released 29 November 2021AFC HY22: loss widened 42.3% as revenue fell 61.3% to NZ$111kOperating cash outflow of NZ$71.5k against just NZ$4.6k of cash and NZ$53.4k of borrowings tightens the funding runway materially.Published 28 April 2026Read briefing→
Truscreen Group (TRU)•HY22•Released 29 November 2021Operating cash burn widened to NZ$1.7m as cash fell to NZ$3.7mReported loss narrowed in dollar terms but operating cash outflow grew, drawing cash down 17.8% and total equity 13.4% over the period.Published 23 April 2026Read briefing→
Blackwell Global Holdings (RTO)•HY22•Released 29 November 2021HY22 is a pre-RTO shell with $1.5m assets and negative equityOperations are effectively wound down so HY21 comparatives are non-comparable, leaving shareholder value contingent on reverse takeover execution.Published 23 April 2026Read briefing→
New Talisman Gold Mines (NTL)•HY22•Released 29 November 2021Operating burn widened 40% while cash halved to NZ$0.96mA junior gold explorer's cash dropped 48.9% year-on-year as half-year operating outflow worsened to NZ$0.5m, sharpening runway pressure.Published 23 April 2026Read briefing→
Southern Charter Financial Group (IPR)•HY22•Released 29 November 2021Issuer transition strips SNC to a $2.1m acquisition shellHeadline -100.0% revenue and +99.8% loss narrowing reflect corporate change, not operating performance; NZ$44k cash limits acquisition capacity.Published 23 April 2026Read briefing→
ikeGPS Group (IKE)•FY22•Released 29 November 2021HY22: $5.7m revenue, $6.2m loss, $29.6m cash after equity inflowEquity lifted 85.9% to $39.9m and capex more than doubled to $1.8m, but the supplied prior comparable is FY21 full year, distorting headline changes.Published 23 April 2026Read briefing→
Me Today (MEE)•HY22•Released 29 November 2021Honey pivot absorbed $14.7m of working capital and added $13.2m debtRevenue grew 469.6% on a new honey segment, but inventory days hit 1,658 and operating cash outflow widened to $4.6m.Published 22 April 2026Read briefing→
Being AI (BAI)•HY22•Released 26 November 2021Being AI: shell-stage HY22 with no revenue, no operations, awaiting RTOThe entity is effectively a corporate shell with $8,000 in cash and negative equity, with management flagging an RTO transaction proposal for earlyPublished 23 April 2026Read briefing→
Burger Fuel Group (BFG)•HY22•Released 26 November 2021Revenue up 16% but OCF swings to –NZ$0.2m as inventory builds to a record highStrong system-sales growth failed to translate into cash, with inventory days hitting an unprecedented 13.3 days against a historical mean of 9.7Published 22 April 2026Read briefing→
Templeton Emerging Markets Investment Trust Plc (TEM)•HY22•Released 25 November 2021TEMIT swings to NZD 191.8m half-year loss on -7.5% portfolio returnInvestment income fell 6.3% and emerging-markets capital losses drove the swing, though revenue earnings still cover ~98% of distributions.Published 23 April 2026Read briefing→
ArborGen Holdings (ARB)•HY22•Released 24 November 2021Revenue fell 61% as a discontinued ANZ operation reshaped the resultContinuing-operations revenue lifted but a NZ$0.6m discontinued-operation gain is the only reason headline NPAT stayed positive at NZ$0.1m.Published 23 April 2026Read briefing→
Tower (TWR)•FY21•Released 24 November 2021Combined ratio rose to 91.4% on weaker underwritingUnderwriting profit fell to $28.7m from $36.7m as large-event claims and a higher loss ratio offset modest premium growth.Published 23 April 2026Read briefing→
Argosy Property (ARG)•FY22•Released 23 November 2021Argosy HY22 NPAT fell 47.5% as revaluation tailwind normalisedInterim profit halved against an unusually strong prior comparable, but rental cash flow, gearing and NTA all moved in the right direction.Published 22 April 2026Read briefing→