Rangatira Annual Report 2025 - Flipbook - Page 9
Annual Report 2025
Overall asset appreciation resulted from:
Increases
• Be Group – modest increase in the holding value
of the villages.
• Northland Waste – has had an exceptional start since
our investment in April 2024. Earnings have been
strong due to higher volumes through the landfill
and improved profitability in collections.
• NZ Pastures – increased value in forestry assets,
including the successful sale of over 2,000 hectares
of planted forests to an offshore group, which is
expected to settle in the second half of this year.
• Polynesian Spa – we have improved performance
as tourist numbers returned and higher than usual
domestic volumes.
• Rainbow’s End – with better cost management and
pricing policies, management have done well to
maintain profitability despite lower patron numbers.
• Kiwifruit – as our orchards are all now near full
production, we are seeing better than expected
fruit volumes and pricing. Kiwifruit as an industry
continues to be an attractive investment leading to
higher valuations. With this we have also seen the
value of our Zespri shares increase.
• Venture Capital – some exits and increased
valuations from our Movac, Pacific Channel and
Airtree fund investments have led to good returns on
the Venture portfolio despite the recent tough market
for venture-backed companies.
Decreases
• APC – continued decline in customer marketing
spend and increasing competition as a result has
resulted in lower earning in this business. Since
the year end, we have completed the sale of this
investment as it remains a relatively small investment
that we feel offers us limited growth in the future.
• NZS Group – the slowdown in the construction
market has continued for longer than we expected.
While we are starting to see this bottom out and
would hope for cyclical improvement in the future,
we have reduced the holding value of this investment
reflecting the lower current earnings.
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