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South Port New Zealand (SPN)•FY21•Released 27 August 2021Record NPAT masks FCF squeeze as dividend tops free cash flowHeadline 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 2026Read briefing→
Auckland International Airport (AIA)•FY21•Released 19 August 2021Revaluations drove NPAT +139%; underlying result swung to a $41.8m lossRevenue 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 2026Read briefing→
Napier Port Holdings (NPH)•HY21•Released 25 May 2021Capex nearly doubled to NZ$45.8m as PBT fell 30.5% on flat revenuePre-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 2026Read briefing→
Infratil (IFT)•FY21•Released 19 May 2021PBT fell 117.6% into loss as FY20 one-off gains reversedRevenue's n/m jump reflects portfolio change, while pre-lease free cash flow of -NZ$368.4m signals real cash pressure.Published 22 April 2026Read briefing→