Ann: NZME 2021 Half Year Results, page-2

Pretty muted response to what was a solid result I thought. Looks like people are looking at the statutory NP figure rather than the free cash flow it's generating. Little response also to the capital return put on ice temporarily for now & also the divestment announcement which is material in size. After settlement of the divestment & generated cash flow at end of year & accounting for the half year dividend now, it should be around $15-18mil net cash...a huge turnaround in the balance sheet over 18 months. Solid cash generator for dividends & capital returns going forward.