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Marlin Global (MLN)HY22Released 28 February 2022
NTA hit a record NZ$1.26 but the portfolio trailed its benchmark by 2.7pp
Active management delivered a 1.5% return against a 4.2% benchmark while distributions of 5.06 cents ran at 132.4% of NPAT.
Published 22 April 2026
Read briefingBarramundi (BRM)HY22Released 28 February 2022
NTA per share hit record $0.85 on 7.7% portfolio return
The portfolio's 7.7% return beat a weak 3.7% benchmark, but distribution coverage of 35% leaves the payout dependent on capital returns.
Published 22 April 2026
Read briefingT&G Global Limited and subsidiary companies (TGG)FY21Released 28 February 2022
PBT fell 55.5% on a 3.3% revenue decline as trading swung to loss
Apples earnings dropped on COVID labour and supply chain pressures while deleveraging moved T&G into a net cash position.
Published 22 April 2026
Read briefingWellington Drive Technologies (AOF)FY21Released 25 February 2022
NPAT swung to $5.4m on a tax credit; PBT still a $0.6m loss
A large tax benefit produced the headline turnaround on 74.1% revenue growth, but underlying operations remained loss-making at PBT level.
Published 28 April 2026
Read briefingVector (VCT)HY22Released 25 February 2022
EBITDA fell 3.7% but PBT rose 15.7% as below-EBITDA costs eased
Capex of $266.4m absorbed nearly all of $283.6m operating cash flow, leaving FCF at $17.2m as leverage drifted up to 11.7x EBITDA.
Published 23 April 2026
Read briefingRua Bioscience (RUA)HY22Released 25 February 2022
Operating cash burn nearly doubled to $3.7m before first revenue
Headline cash fell from $19.2m to $2.3m as Rua moves to commercialisation, with the loss widening only modestly.
Published 22 April 2026
Read briefingBremworth (BRW)HY22Released 25 February 2022
Operating cash swung NZ$18.9m negative as revenue fell 19.2%
Reported NPAT of $1.0m masks a near $19m operating cash reversal driven by a 45.9% jump in receivables and a higher capex spend.
Published 22 April 2026
Read briefingSky Network Television (SKT)HY22Released 24 February 2022
PBT fell 29.6% as costs outpaced 4.1% revenue growth
Strong cash generation funded near-total debt repayment even as operating profit fell 31.2% against a high HY21 base.
Published 22 April 2026
Read briefingScales Corporation (SCL)FY21Released 24 February 2022
PBT up 37.8% but cash conversion fell from 93.8% to 55.6%
Strong revenue and earnings growth contrasts with operating cash flow down 25.1%, leaving pre-lease FCF below the historical range.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)HY22Released 24 February 2022
NPAT up 287% on $132m non-cash gain as EBITDAFI fell 32%
An investment revaluation drove the reported uplift while underlying earnings weakened and capex ramped into unprecedented 23.5x net debt/EBITDA.
Published 22 April 2026
Read briefingSpark New Zealand (SPK)HY22Released 23 February 2022
PBT rose 20.7% as margins outpaced 5.2% revenue growth
NPAT growth is unverifiable after prior-period data suppression, though cash conversion rose to 85.1% and leverage eased to 2.55x.
Published 22 April 2026
Read briefingThe New Zealand Refining Company (CHI)FY21Released 23 February 2022
Transition impairments drove NPAT to -$552.6m despite 44.5% EBITDA lift
Refinery simplification raised EBITDA to $72.8m and cut net debt, but conversion to a fuels import terminal triggered large non-cash charges.
Published 22 April 2026
Read briefingNew Zealand Rural Land Company (NZL)HY22Released 22 February 2022
NZL deploys cash shell: $61.5m capex funded by $88.5m of new debt
HY21 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 2026
Read briefingMercury NZ (MCY)HY22Released 22 February 2022
Mercury's 228.5% NPAT surge hid a 17.7% EBITDAF slide and rising leverage
A record-low 5.1% tax rate flattered profit while EBITDAF fell 17.7% and net debt reached 6.68x EBITDAF.
Published 22 April 2026
Read briefingHeartland Group Holdings (HGH)HY22Released 22 February 2022
NPAT +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 2026
Read briefingProperty for Industry (PFI)FY21Released 21 February 2022
Fair 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 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)FY21Released 18 February 2022
PBT 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 2026
Read briefingCDL Investments New Zealand (CDI)FY21Released 18 February 2022
Operating 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 2026
Read briefingThe Colonial Motor Company (CMO)HY22Released 17 February 2022
PBT up 45.6% but operating cash flow swung negative on NZ$39.7m inventory build
Unprecedented revenue and margin strength was offset by working-capital absorption that pushed operating cash flow to -NZ$1.5m.
Published 23 April 2026
Read briefingFletcher Building (FBU)HY22Released 16 February 2022
NPAT 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 2026
Read briefingSouth Port New Zealand (SPN)HY22Released 8 February 2022
Gross borrowings more than doubled to $25.0m on flat HY22 revenue
Container 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 2026
Read briefingLivestock Improvement Corporation (LIC)HY22Released 26 January 2022
NPAT 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 2026
Read briefingAustralian Foundation Investment Company (AFI)HY22Released 24 January 2022
Investment 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 2026
Read briefingAFC Group Holdings (AFC)HY22Released 29 November 2021
AFC HY22: loss widened 42.3% as revenue fell 61.3% to NZ$111k
Operating 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 2026
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