1: Interim Accounts
We have just published our September 2019 Interim Accounts. These are the results for the half-year to the end of September 2019. They are prepared with accounting policies consistent with our annual accounts, which were prepared in accordance with NZ IFRS (Tier 1). The Interim Accounts comply with the New Zealand’s equivalent to the International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting, but unlike the year-end accounts they are not audited.

As well as long term performance of the portfolio, I always say to judge us on our efficiency through the ratio of our net operating costs to our assets. In this 6-month period we had net cash used in operating activities of $750,000 and assets at the quarter-end of $49.3 million, giving a ratio of 1.52%. This was up from $349,000 in net cash used in operating activities in the same period last year, and, with $42.2 million in assets reported, a ratio of 0.8%.
The net operating costs to assets ratio of 1.52% for the 6-month period would annualise to 3.04%, which is the highest result we have experienced. This was due to higher than expected net cash used in operating activities, which increased due to three factors.

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