F&P Finance flourishing
"The finance company is actually going along pretty well in terms of its bottom line and funding base," says Fisher & Paykel Appliances managing director John Bongard.
"We’ve had in excess of $100 million in terms of debenture finance" since the guarantee was announced on November 21 last year. That has allowed the finance company to reduce its reliance on bank funding facilities. It had more than $275 million in committed undrawn bank facilities at January 31.
Reinvestment rates have also been strong since the guarantee was granted and exceeded 90% in January.
The finance company’s latest accounts for the six months ended September 30 showed it had total assets of $385.1 million, up from $380.4 million six months earlier, and equity of $44.8 million
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