Rangatira Investments Annual Report 2021 - Report - Page 6
Ran ga tira Annua l R ep or t 2 0 2 1
Chief Executive Officer
CHAIRMAN AND CEO’S REPORT
The 2021 financial year has been one of the most unpredictable in living memory.
The start of the financial year coincided with market turmoil as COVID-19 spread worldwide. Since then, the effects of the pandemic
have been felt unevenly between households, businesses, sectors and countries.
Although New Zealand and Australia have fared relatively well
compared to other countries from a public health standpoint, the
economic impacts have been disparate, and our own portfolio
exemplifies this. Overall, the Group has adapted to the pandemic
better than expected, and this is in large part due to the hard work
of our people, from our customer facing employees through to our
management teams. The fact that most of our businesses entered
the pandemic with little or no debt was also helpful. We remain
focused on supporting our portfolio companies through the everchanging environment.
The result for the year was very pleasing, with total shareholder
return for FY21 of 21 per cent, against our benchmark return of
NAV per share – Audited
16 per cent.
The result is a consequence of several of our investments
NAV per share – Directors’
performing much stronger than we had expected, including
our listed portfolio, where we were favourably exposed to the
recovery in equity markets from April last year. To some extent,
this performance is a reversal of the write downs we had made
last year, but this is not to underplay some very good performance
across the portfolio.