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Briscoe Group (BGP)HY22Released 14 September 2021
NPAT jumped 69.6% on a 22.6% rebound, but $17.4m WC build cut OCF 6.9%
Operating cash flow fell despite earnings nearly doubling, as a NZ$17.4m working-capital absorption dwarfed the NZ$3.5m historical average.
Published 22 April 2026
Read briefingVista Group International (VGL)HY21Released 27 August 2021
Debtor days hit 187.8 as cash conversion fell to 15.6%
PBT improved 95.6% and EBITDA swung to a $6.4m profit, but receivables absorbed $13.3m and operating cash fell 94% to $1.0m.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)FY21Released 27 August 2021
Record NPAT masks FCF squeeze as dividend tops free cash flow
Headline NPAT rose 13.8% but doubled capex cut pre-lease FCF to $4.7m, leaving the 27.0c full-year dividend at 150.7% of free cash.
Published 23 April 2026
Read briefingAoFrio (AOF)HY21Released 25 August 2021
AoFrio swings to $0.6m profit on 49.2% revenue rebound as net cash builds
Operating cash flow tripled to $3.1m on a strong demand recovery, but the comparable was COVID-depressed and capex fell to near zero.
Published 23 April 2026
Read briefingVector (VCT)FY21Released 24 August 2021
Vector adjusted EBITDA +4.8%; NPAT doubling flattered by prior impairment
Capex at 41.4% of revenue keeps free cash flow negative and the 16.75cps dividend uncovered despite 97.2% OCF conversion.
Published 23 April 2026
Read briefingMarlin Global (MLN)FY21Released 24 August 2021
Portfolio return of 46.7% beat benchmark by 8.9pp, NTA up 24.3%
A record $69.2m NPAT reflects $77.3m of net investment gains, but recurring dividend income remains a small slice of total return.
Published 22 April 2026
Read briefingBarramundi (BRM)FY21Released 24 August 2021
Record $52.3m profit as portfolio returned 37.6%, beating benchmark by 9.5pp
Headline NPAT was dominated by $53.9m of portfolio gains while investment income fell 6.5%, leaving distributions only 40.5% covered.
Published 22 April 2026
Read briefingProperty for Industry (PFI)HY21Released 20 August 2021
NPAT up n/m on $248.2m revaluation; underlying FFO up just 12.1%
Headline growth reflects fair value gains and a revenue-base shift; FFO, 22.9% NTA growth, and 30% gearing are the real operating read.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)FY21Released 19 August 2021
Revaluations drove NPAT +139%; underlying result swung to a $41.8m loss
Revenue halved to NZ$281.1m and operating EBITDAFI fell 34.1%, with cash conversion at an unprecedented 8.6% as receivables ballooned.
Published 22 April 2026
Read briefingSpark New Zealand (SPK)FY21Released 18 August 2021
FY21 dividend at 120.8% of NPAT as cash conversion fell to 76.3%
EBITDAI rose 1.0% on cost discipline but a higher 30.6% tax rate and weaker cash conversion left the 25cps payout above reported earnings.
Published 22 April 2026
Read briefingFletcher Building (FBU)FY21Released 18 August 2021
FY21 swings to NZ$305m profit as net debt falls to NZ$173m
Revenue rose 11.1% and operating cash flow more than doubled to NZ$889m, funding a sharp deleveraging and a restored 30cps full-year dividend.
Published 22 April 2026
Read briefingMercury NZ (MCY)FY21Released 17 August 2021
FY21 PBT fell 30.2% as EBITDAF dropped 6.3% on a 15.7% revenue lift
Higher revenue did not translate into earnings, leverage edged up to 2.9x EBITDAF, and the NPAT-based payout ratio reached 164.1%.
Published 22 April 2026
Read briefingThe Colonial Motor Company (CMO)FY21Released 13 August 2021
Gross borrowings rose 45.6% while FY21 figures compare against themselves
The supplied prior period is also FY21, so 0.0% growth is a duplication artifact, not stability, while net debt climbed to NZ$88.4m.
Published 22 April 2026
Read briefingT&G Global Limited and subsidiary companies (TGG)HY21Released 5 August 2021
PBT fell 63% on -2.9% revenue while cash flow was flattered by working-capital
Apples and International Trading margins eroded and inventory days climbed to 53.3, while a NZ$14.5m receivables-led release lifted operating cash
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)HY21Released 2 August 2021
PBT up 57.4% on CDL and property sales while hotels yielded $33k
Pre-lease FCF hit an unprecedented $53.9m and net debt swung to net cash, but hotel operations remain near zero and reported NPAT fell 25.8%.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)FY21Released 26 July 2021
Portfolio returned 31.9% vs 29.1% benchmark, but NPAT fell 2.2%
Capital returns rebounded with the market, but income from holdings stayed subdued, leaving distributions only 106% covered by investment income.
Published 22 April 2026
Read briefingLivestock Improvement Corporation (LIC)FY20Released 22 July 2021
PBT up 58% on continuing ops, but operating cash flow fell 22%
Continuing-operations revenue grew 3.4% after the farm automation exit, while cash conversion weakened as capex more than doubled to $15.5m.
Published 23 April 2026
Read briefingTempleton Emerging Markets Investment Trust Plc (TEM)FY21Released 8 June 2021
NAV up 45.9% on a 54.5% portfolio return; revenue earnings retreated
Capital gains drove a £934.4m profit, but the higher 29p total payout was only 86.7% covered by revenue earnings.
Published 23 April 2026
Read briefingBlackwell Global Holdings (RTO)FY21Released 31 May 2021
Operating cash collapsed 94.3% as equity eroded 61.9% to $0.3m
A narrower $0.4m loss on 21.1% revenue growth is overshadowed by near-total operating cash collapse and a thin equity base following the issuer
Published 23 April 2026
Read briefingNew Talisman Gold Mines (NTL)FY21Released 31 May 2021
FY21 loss narrowed sharply but cash reserves fell to NZ$1.1m
Operating cash burn improved, but the junior gold explorer ends FY21 with materially less liquidity to fund permit-area work.
Published 23 April 2026
Read briefingIperion (IPR)FY21Released 31 May 2021
Iperion remains a NZ$2.1m cash shell with no operations deployed in FY21
An issuer transition from SNC and an unresolved acquisition search leave the read as a pre-deployment cash vehicle, not an operating result.
Published 23 April 2026
Read briefingikeGPS Group (IKE)FY21Released 31 May 2021
Cash burn tripled to NZ$3.3m as losses widened 31% on a 5% revenue decline
Gross margin improved 400bps to 71% on richer recurring mix, but an equity raise — not operations — rebuilt the cash balance.
Published 23 April 2026
Read briefingAFC Group Holdings (AFC)FY21Released 28 May 2021
Cash fell 98.5% to NZ$3K as revenue halved on COVID-19
A narrower headline loss is overshadowed by near-empty cash, operating cash burn tripling, and equity down 36.1%.
Published 23 April 2026
Read briefingSavor (SVR)FY21Released 28 May 2021
Cash conversion collapsed to 0.7% as brewery exit drove FCF to -NZ$1.3m
Continuing-operations PBT improved 23.6% but operating cash fell 99.5% and FCF pre-lease turned negative despite a NZ$3.1m working-capital release.
Published 22 April 2026
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