Promisia FY22 PBT swings to NZ$1.9m as acquired aged-care unit annualises

What changed

• Revenue rose to NZ$19.0m from NZ$6.1m (+213.5%), reflecting the first full year of the aged-care acquisition that completed during FY21 rather than organic uplift.
• PBT swung from a NZ$0.3m loss to a NZ$1.9m profit (+862.4%); NPAT of NZ$2.0m versus NZ$0.06m is distorted by a tax benefit at both ends, so PBT is the cleaner read.
• Operating cash flow stepped up to NZ$4.8m from NZ$0.6m, while capex normalised to NZ$0.5m versus NZ$4.9m (the prior-year figure carried the acquired property).
• Gross borrowings eased to NZ$17.2m from NZ$17.8m and cash rose to NZ$2.4m, taking implied net debt to NZ$14.7m from NZ$16.6m. Total liabilities fell 22.8% and equity grew 12.5% to NZ$18.6m.
• A small NZ$0.019m discontinued-operation gain sits inside the NZ$2.0m NPAT.

What matters

• The headline growth is acquisition annualisation, not like-for-like. FY21 included only a partial contribution from the aged-care platform plus a separate discontinued operation; FY22 is the first clean full-year base. Treating +213% revenue growth as organic would overstate the operating run-rate.
• Earnings shape is sharply second-half weighted. HY22 carried a NZ$0.092m loss on NZ$8.8m revenue (46.1% of full-year), implying H2 alone delivered roughly NZ$2.1m of NPAT on around NZ$10.2m revenue. The full-year profit therefore rests entirely on the second half.
• Leverage is moving the right way but remains heavy for the earnings base: NZ$14.7m of net debt against NZ$18.6m equity, with no FY22 EBITDA disclosed to anchor a coverage ratio.

Expectations

No quantified financial targets, EBITDA guidance, or forward-work figures were disclosed in the extracted material. Management commentary is qualitative: broadening revenue mix, ORA sales as new builds settle, dual-purpose beds, and approximately 45 additional beds coming available in FY23. The release supports a capacity-led growth narrative for FY23, but it does not support a quantified margin or earnings glide path. Commentary that ORA demand is "at a slower rate than anticipated" tempers the read on the development pipeline.

Quality of result

The operating improvement is genuine relative to a partial-year prior, but durability is harder to read. Pre-lease free cash flow of NZ$4.3m versus a NZ$4.3m outflow last year is amplified by capex falling from NZ$4.9m (acquisition-related) to NZ$0.5m, which is unlikely to be sustainable if the bed-expansion strategy progresses. Receivable days compressed from about 45 to about 20, flattering operating cash, partly a function of the much larger revenue denominator. The H2-only earnings shape, the absence of a disclosed FY22 EBITDA or EBITDAF reconciliation (despite EBITDAF appearing in FY21 comparatives), and the tax-benefit-aided NPAT all argue for treating PBT and the H2 trajectory, not headline NPAT growth, as the operating signal.

Unresolved

• No FY22 EBITDA or EBITDAF disclosure means leverage and cash conversion cannot be benchmarked against an earnings denominator.
• Whether the H2 run-rate is the new baseline or includes one-off occupancy or pricing tailwinds is not addressed.
• The pace of ORA settlements and villa/care-suite occupancy ramp at Christchurch is flagged as slower than anticipated, but no value or timing has been quantified.
• Customer, payer, and geographic concentration are not disclosed; nor is any segment split between rest home, hospital, dementia, and retirement village revenue.
• This briefing cannot assess valuation, dividend policy, or interest-cover, as NTA per share, dividend declarations, and finance-cost detail were not provided in the extracted data.

Key metrics

Analytical metrics

This analysis was generated using Annolyse, an AI-powered tool that analyses NZX company announcements. The analysis is based on available company filings and standard Annolyse calculations. This is general information only and does not constitute financial advice. The analysis may contain errors. Always read the original company filings and consult a licensed financial adviser before making investment decisions.