Description:
*
"Investment
Approach
Rangatira is a long-term investor and its investment decisions are based
upon business trends rather than economic cycles. It holds a diverse range
of investments in order to manage risk and provide sufficient free
cashflow to support a steady stream of dividends to its shareholders.
Rangatira is strictly commercial in its investment approach and benchmarks its performance against the wider investment community.
Characteristics of our investment strategies are:
- We like to invest in businesses that are leaders in their fields.
- We target opportunities with sound prospects for growth in the medium to long term.
- We support strong and experienced individuals to provide stable and effective management of the businesses in which we invest.
- For our private equity investments, we prefer a substantial level of shareholding that will enable us to usefully contribute strategically at board level. Where there are other shareholders, we prefer them to be active in managing the business or able to provide a significant contribution to strategic direction.
- We prefer private equity companies in the “emerging growth” phase of their development - companies that have successfully grown beyond the “start-up” phase.
- We tend to treat our private equity investments as individual rather than integrated entities, recognising that each business is a specialist in its own market sector. As part of this strategy, each of our private equity investments may undertake their own merger and acquisition activity.
- We are attracted to companies that
have core values similar to our own, including:
- long term vision;
- commitment to quality of product and service;
- high standards of integrity;
- respect for the communities in which they operate;
- and commitment to providing a commercial return for their shareholders.
Essentially, Rangatira achieves its overall objectives by “investing in business for growth”."
Website: http://www.rangatira.co.nz
Recent announcements: click
here
Class B Shares:
"A" and
"B" shares rank equally, except that "B" shares carry
restricted voting rights. These are limited to voting on proposals to:–
(I) sell the whole of Rangatira Limited’s undertaking, or
(ii) alter its constitution.
The "B" shareholders are not entitled to participate in future cash issues unless the "A" shareholders agree. These matters are set out in full in Clause 3 of Rangatira Limited’s constitution."
|
Year |
|
2003 |
2004 |
2005 |
2006 |
Average
GR |
Compounding
GR |
|
Gross
growth rates |
|
|
|
|
|||
|
Revenue |
|
|
11% |
-5% |
57% |
63% |
13% |
|
NPAT |
|
|
87% |
-41% |
55% |
102% |
15% |
|
Total
Assets |
|
|
16% |
7% |
33% |
55% |
13% |
|
Net
Assets |
|
|
17% |
8% |
20% |
45% |
11% |
|
Per
Share figures and growth |
|||||||
|
Earnings |
|
$
0.31 |
$
0.59 |
$
0.35 |
$
0.54 |
|
|
|
|
|
|
87% |
-41% |
55% |
102% |
15% |
|
Net
Assets |
|
$
4.64 |
$
5.45 |
$
5.90 |
$
7.05 |
|
|
|
|
|
|
17% |
8% |
20% |
45% |
11% |
|
Dividends |
|
$
0.39 |
$
0.29 |
$
0.31 |
$
0.32 |
|
|
|
|
|
|
-26% |
7% |
3% |
-16% |
-5% |
|
Profitability |
|||||||
|
Return
on Assets |
|
6.06% |
9.79% |
5.47% |
6.38% |
|
|
|
Equity
Multiplier |
|
1.12 |
1.10 |
1.09 |
1.21 |
|
|
|
Return
on Equity (ROE) |
|
7% |
11% |
6% |
8% |
|
|
|
ROE
(avg E) |
|
14% |
12% |
6% |
8% |
|
|
|
Net
Profit Margin |
|
17% |
28% |
18% |
17% |
|
|
|
Dividend
payout ratio |
|
124% |
49% |
89% |
59% |
|
|
|
Liquidity |
|||||||
|
Net
working capital |
|
$8,275,000
|
$8,357,000
|
$8,458,000
|
$24,117,000
|
|
|
|
Current
ratio |
|
2.01 |
2.03 |
2.05 |
3.06 |
|
|
|
Acid
test ratio |
|
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
Other |
|||||||
|
Times
interest earned |
|
16.74 |
20.79 |
18.89 |
18.06 |
|
|
|
Operating
exp/income |
|
80% |
68% |
76% |
78% |
|
|
|
|
|
|
|
|
|
|
|
|
Summary
Financials |
|||||||
|
Income |
|
34361000 |
37420000 |
35148000 |
55030000 |
|
|
|
Expenses |
|
26877000 |
25734000 |
27027000 |
43379000 |
|
|
|
Tax |
|
1914000 |
1259000 |
1918000 |
2041000 |
|
|
|
NPAT |
|
5570000 |
10427000 |
6203000 |
9610000 |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
91932000 |
106481000 |
113452000 |
150648000 |
|
|
|
Liabilities |
|
9735000 |
10017000 |
9037000 |
25773000 |
|
|
|
Net
Assets |
|
82197000 |
96464000 |
104415000 |
124875000 |
|
|
|
Registered Office: |
Mailing address: P O Box 804 Wellington |
|
Directors: |
Secretary: Chris Bradshaw |
| Auditors: Deloitte |
Solicitors: Buddle Findlay |
| Bankers: |
Registrar: Computershare Investor Services Limited |
| Other: |
|
| Other | Last updated:15-11-2007 |
Company balance date: 31 March
