Rangatira Annual Report 2023 - Flipbook - Page 8
8
R anga tira Annua l Rep or t 2 0 2 3
This year we have recorded a Total Shareholder Return (TSR)
gain on the sale of the Hellers property, higher interest income,
of 15.1 per cent pa (13.4 per cent pa, FY22). This exceeded
with most of the portfolio companies performing to plan except
Rangatira’s benchmark return of 8.2 per cent pa and the NZX50
a few that were hit by inflation, staff sickness and/or weather
index of -1.9 per cent pa.
events.
This takes our three-year return to 16.5 per cent pa versus our
Direct Investments
benchmark of 10.4 per cent pa and the NZX50 of 6.9 per cent
Rainbows End continued its strong recovery after Covid,
pa.
benefiting from high domestic activity. This led them to achieve
The Directors’ Net Asset Value (NAV) per share as of 31 March
record earnings and visitor numbers, despite the poor weather
2023 is assessed at $18.05 compared with $16.27 last year,
over January and February.
taking the portfolio valuation to $378m ($288m, FY22).
The park experience has improved significantly over the last
The increase was a result of operating earnings and asset
three years both in the offering and improved facilities through
appreciation of $58m, the net funds received from capital raise
a consistent reinvestment program. The Board and Leadership
of $45m offset by dividend payments of $13m.
team deserve accolades for how well the park is now positioned.
Asset appreciation resulted from the sale of our Partners Life
Polynesian Spa, too has put Covid behind it, benefiting from the
stake, the continued performance of Magritek, an increased
return of international tourists and continued strong domestic
independent valuation of BeGroup properties and the rebound
demand. Patronage and earnings are well up on the previous
in the performance of Rainbows End and Polynesian Spa. The
year and will quickly return to volumes and earnings levels
rest of the private investments are at similar asset values to
prior to Covid. The management team have done well to quickly
those of a year ago.
increase the capacity and staff numbers to meet the quick
Net Profit after tax for the financial year ending 31 March 2023
return of higher visitor numbers.
is $20.4m, up on $9.3m recorded last year. This includes the
Stuart Drummond
Mrs Higgins
APC
Polynesian Spa
NZ Pastures
Magritek
Bio-Strategy
SCHL
DIRECT
INVESTMENTS
$252m
BeGroup
Boulcott Hospital
Rainbow’s End
Fiordland Lobster
NZ Scaffolding