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Infratil (IFT)FY22Released 19 May 2022
Discontinued-ops gain inflated NPAT; continuing PBT swung to NZ$128.5m
A NZ$1.1b after-tax gain from discontinued operations dominates headline NPAT, so PBT recovering from a NZ$91.8m loss is the cleaner operating read.
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 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 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 briefingNapier Port Holdings (NPH)FY21Released 16 November 2021
Revenue up 9.0% but FCF turned to -NZ$68.9m as 6 Wharf capex doubled
Record reported earnings sit against capex of 94.7% of revenue and a step from net cash to NZ$75.7m net debt, defining the build phase.
Published 22 April 2026
Read briefingInfratil (IFT)HY22Released 12 November 2021
Tilt sale delivered NZ$993.9m gain; continuing PBT up 214.2%
The n/m NPAT jump is a disposal accounting outcome, not an operating result, and FY22 Proportionate EBITDAF guidance was trimmed at the top end.
Published 22 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 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 briefingNapier Port Holdings (NPH)HY21Released 25 May 2021
Capex nearly doubled to NZ$45.8m as PBT fell 30.5% on flat revenue
Pre-lease free cash flow swung to -NZ$31.2m and cash fell 83.5% to NZ$2.7m, funded by NZ$34.7m of new borrowings.
Published 22 April 2026
Read briefingInfratil (IFT)FY21Released 19 May 2021
PBT fell 117.6% into loss as FY20 one-off gains reversed
Revenue's n/m jump reflects portfolio change, while pre-lease free cash flow of -NZ$368.4m signals real cash pressure.
Published 22 April 2026
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