1: Annual Report
I am very happy to present the 2020 Annual Report for Punakaiki Fund Limited, compete with the full set of audited IFRS Tier 1 financial accounts.
It was a challenging end to a good year, and while the markets plummeted as at the end of March, we are very happy to report that we absorbed that impact well. This was helped by the diverse portfolio, as well as caps on market-derived revenue multiples that we had applied previously. The caps meant that over the last two years we did not revalue the SaaS part of the portfolio up in alignment with rising sharemarkets, so when the markets corrected we were well buffered.
Top financial highlights include:
• Total year end asset value of $58.0 million, with revaluation gains of $5.0 million
• Net cash used in operating activities of $1.3 million
• Average increase in the value of our investment portfolio since 2014 (IRR) of 21.3% per annum.
• Investor Net Asset Value per share of $23.31.
• Estimated negative COVID-19 valuation impact of $8.7 million, offset by a positive COVID-19 valuation impact of $4.1 million
2: Quarterly Report
We are also publishing our June 2020 Quarterly Report. This shows that total assets rose to just under $60 million, and the Investor Net Asset Value per share was $23.92. The total revenue from all compares over the last twelve months was $149 million, and the weighted (by equity) total revenue for the same period exceeded $25 million for the first time.
Open the report for founder perspectives on COVID-19, stay for the company updates and all the latest numbers.
3: Annual Shareholder Meeting
We have tentatively scheduled our Annual Shareholder Meeting for 21 September, at a venue in Auckland, at 5pm, and over Zoom as normal.
We will send a details and a formal invitation to shareholders before the meeting.