Rangatira Annual Report 2023 - Flipbook - Page 7
Ra n g a t i ra An n u a l Re p ort 2023
We felt the biggest impact on Rangatira’s portfolio was likely
FY25 we do not expect significant asset appreciation as
to arise from rising inflation, employee and material shortages
we have in recent years, with shareholder returns expected
and high cost of debt. To a degree, these economic parameters
to be generally more reliant on the operating earnings of
still exist, and we are still managing these issues within all our
our businesses, although we do see some of our portfolio
investments.
businesses bucking this trend and continuing to deliver asset
appreciation due to underlying business performance and/or
However, the biggest current challenge to Rangatira’s medium-
industry tailwinds.
term prospects are the domestic settings and how quickly New
Zealand emerges from this recessionary environment relative
Irrespective, with this in mind we have been very focused on
to the rest of the world. While we believe that we should operate
increasing the operating earnings capacity of our existing
commercial businesses regardless of the political environment,
businesses. To that end, our share of the operating earnings
currently we are particularly mindful of the potential impact and
from our investments is expected to increase in the FY24 year.
interference from Government and to minimise this risk as far
as possible.
In summary, this has been a good year for Rangatira, both in
terms of returns we have delivered, progress made within
Overall, our direction has not changed, and we will continue to
the portfolio, completing the capital raise and the new staff
invest our time and resources in building strong and sustainable
that have joined to build a more resilient and quality team at
businesses. The focus in the coming twelve months will be
Rangatira.
maintain operating earnings through this period of high interest
rates and inflation. Further, we will continue to look for quality
As always in our game, along with successful progress, there are
investments with aligned and long-term partners that offer
examples of the investments that got away and the occasional
good return for the risk.
surprise that appears in a new investment made. While there
are always setbacks and lessons to be learnt, the team has done
Historically our returns have been largely equally split between
well and delivered good results and we remain positive about
growth in operating earnings and capital value. In FY24 and
how we are positioned for the coming year and beyond.
FY23 Results
FY23
FY22
FY21
Net Profit after Tax
$20.4m
$9.3m
$9.9m
Total Comprehensive Income
$29.7m
$34.0m
$34.5m
Net Asset Value - Financial statements
$318m
$250m
$227m
Net Asset Value - Director's valuation
$378m
$288m
$263m
Share value - Director's valuation
$18.05
$16.27
$14.87
Share Price - A Shares
$14.15
$14.75
$12.25
Share Price - B Shares
$14.00
$14.75
$12.25
Dividend per share
$0.67
$0.60
$0.60
Total Shareholder return ($)
$2.45
$2.00
$2.64
Total Shareholder return p.a.
15.1%
13.4%
21.1%
Rangatira Benchmark return p.a.
8.2%
7.1%
16.0%
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