FISO GROUP — Group Financial Dashboard

Consolidated Financial Overview

Monthly P&L summary across all Fiso Group entities, EBITDA trends, and the EBITDA to Free Cash Flow bridge. Actuals are shown in dark blue columns; forecast months in light blue.

Notes & Methodology — Important context for reading this dashboard click to collapse
Important: Silverwood Estates Development Fund is NOT in these numbers

The dashboard tracks Fiso Investment Group's operating businesses only. The separate $11M Westpac Property Finance Wholesale Development Facility for Silverwood Estates Limited (35 residential lots at Te Ara Kapehu, Whitby, Porirua) does not appear in any of the consolidated revenue, EBITDA, FCF or covenant figures shown here. This is intentional and correct.

Why it is excluded:

  • Different borrower. Silverwood Estates Limited (company #7801481) is a separate legal entity. It is not in the Fiso Investment Group cross-guarantee list (which covers Bodyhaven, Corporate Services Property, FIG Speculative Investments, FIG itself, Fiso Starboard, Fiso Truffle, FisoMilne, John Fiso Business Trust, John Fiso Family Trust, Pacific Health Plus, Trust 191 and Whitby Collegiate).
  • Interest is capitalised, not expensed. Per Silverwood loan agreement clause 4.2, interest is added to the loan balance each Interest Payment Date rather than paid in cash. The total cap on capitalised interest plus line fees is $905,000. Repayment comes from net sale proceeds of each section as they settle (clause 5.1), not from Fiso Group cash flow.
  • Ring-fenced project economics. Development profit or loss flows through Silverwood's own books, and is recognised at group level only on consolidation or distribution — not as ongoing operating revenue/expense.

Where Fiso Group does have exposure:

  • $4,607,000 cash equity (clause 1.1(e)) must be utilised in full before Westpac will release the first development advance. If this comes from operating cash, it's a real cash outflow that should be tracked separately from the operating FCF on this dashboard.
  • Westpac line fee on the Silverwood facility is 1.50% per annum on the $11M limit (rising to 1.75% if the Fiso Group offer hasn't been accepted by drawdown date) — capitalised, not cash.
  • Director and trustee guarantees personally back the Silverwood loan (if any are in place).

If you want a dedicated Silverwood tracker showing loan balance progression, capitalised interest accruing up to the $905K cap, line fees, and the $4.607M cash equity drawdown — let me know and I'll add a separate section.

📊 Westpac $11M Operating Facility (Fiso Investment Group) — drawdown plan

Letter of Offer dated 22 April 2026. Total facility limit $11M across four sub-facilities, all 3-year term, replacing existing BNZ borrowings:

  • Wholesale Advance $4.8M — revolving, interest-only, 5.04% effective (BBBR 2.59% + 2.45%) + 0.0416%/mo line fee on full $4.8M limit (drawn or undrawn)
  • Wholesale Term Loan — Sustainable $3.0M — 4.84% effective (incl. 0.20% sustainable discount), principal $16,666/mo reducing. Subject to healthcare-access criteria (90% revenue or asset test).
  • Wholesale Term Loan $1.7M — 5.04% effective, principal $9,444/mo reducing
  • Term Loan $1.5M — 5.29% fixed (3-year), monthly P&I $9,341 (table)

Drawdown plan: currently at $6.62M existing debt → full $11M drawn by October 2026, spread Jun 30% / Jul 20% / Aug 20% / Sep 20% / Oct 10%. Forecast interest expense on the Dashboard and Cash Flow tabs is computed from this monthly debt-balance schedule at the blended 5.04% rate. Adjust any input in the Drawdown Control Panel on the Analysis tab to model alternative scenarios.

Covenant: EBITDA ÷ Interest Expense ≥ 1.50× (formal). Currently tracking at 5.04× — comfortably above. Principal repayments are NOT in the covenant test — only interest is. See the Westpac Debt Covenant section on the Analysis tab for real-time tracking and headroom.

ITA (Industry Training Auckland) — 50% owned, presentation rules

Fiso Group owns 50% of ITA but does not have access to ITA's bank account. To balance top-line presentation with economic reality, the dashboard treats ITA two different ways depending on the tab:

  • Dashboard, Group Overview, Revenue, Wages, Consolidated P&L tabs: ITA revenue shown at 100% for full top-line presentation. ITA expenses (including wages) are auto-scaled monthly so that EBITDA equals 50% of raw ITA EBITDA — preserving the economic share.
  • Scenario Analysis / Cash Flow tab: ITA is excluded from the base. Stress test base uses the 13 operating entities only (no ITA revenue or expenses). Only the $200,000 quarterly cash contribution from ITA to Fiso Group ($50K each March, June, September, December) appears on the Cash Flow tab as a positive FCF item.
  • $150,000/year ITA management fee intercompany flow is eliminated on the Consolidated P&L only (removed from both revenue and expenses) so the consolidated total isn't double-counted.
🎯 Director-set targets and intercompany flows
  • Group EBITDA target: $3.1M — headline goal. Sized to give comfortable headroom over the 1.5× Westpac covenant. Currently tracking at $1.9M (61%) — surfaces a clear gap to close.
  • Tararua Medical → Head Office management fee: $32,000 per month from February 2026 ($0 in January, $32K each month February through December). Annual $352,000. Per director instruction this is revenue-only — no mirror on Tararua's expense side. Group revenue and EBITDA both increase by $352K/yr as a result.
  • Other intercompany management fees (always-on): Whitby Collegiate $800K, PHP $360K, Fiso Milne $340K, Body Haven $218K, Fiso Starboard $85K → all routed to Head Office revenue.
  • API Fiso committed cash support: $4,551/mo regular, $6,827 in January and July (top-up months). Annual $60,164. Subtracted from FCF bridge as a cash commitment.
📂 Where the numbers come from — data sources
  • Source files: 16 Fathom exports per month (1 consolidated P&L, 13 entity P&L files, 1 ITA standalone, 1 consolidation file with intercompany eliminations).
  • Actuals: January–April 2026 are actual figures from Fathom (which sources Xero).
  • Forecast: May–December 2026 are budget/forecast from the same files (or director-approved override budgets for Pacific Health Plus and Fiso Tararua Medical, located in the April subfolder).
  • Interest forecast: May–December 2026 interest is computed from the Westpac drawdown schedule rather than pulled from Fathom (since Fathom forecast changes between report runs).
  • Override Summary tab: a full catalog of every adjustment the script makes between raw Fathom data and the published dashboard numbers. See the Analysis tab for the complete list.

Monthly EBITDA

Free Cash Flow Waterfall (FY Total)

Consolidated P&L Summary

EBITDA to Free Cash Flow Bridge

Key Metrics

Group Overview

Summary of all entities across the Fiso Group. Click an entity card to see its detailed breakdown below.

Total Group Revenue
$0
Total EBITDA
$0
Free Cash Flow
$0
Active Entities
0

Entity Summary

Consolidated P&L

Full Profit & Loss statement for the Fiso Group consolidation, from Revenue through to Earnings Before Tax. Includes all expense categories from the Fathom Details report.

Consolidated Profit & Loss — Full Detail

Revenue Breakdown by Entity

Revenue for each of the 11 active Fiso Group entities, shown monthly with FY totals. The revenue mix table shows each entity's percentage contribution to total group revenue.

Revenue by Entity (FY Total)

Revenue by Entity

Revenue Mix (%)

Wages & Salaries Breakdown

Wages and salaries by entity across 8 categories. This is the largest operating expense for the group (~$8.1M annually) and the primary cost driver across most entities.

Wages & Salaries by Entity

Cash Flow with Analysis

Cash flow forecasting with sensitivity / stress testing. Model "what-if" scenarios by adjusting revenue and wages per entity, toggling entities on/off, and overriding FCF bridge items. Also includes scheduled BDO tax payments and Westpac principal repayments. All scenario changes are temporary and do not affect the base data. Use Back to Actual to reset to source-of-truth figures at any time.

Presets:

Interest & Debt Settings

Current Loan Balance
$0
Base Interest Rate (implied)
0%
Annual Interest Expense (base)
$0
Interest Rate Adjustment
%
Use arrow keys or type to adjust
Stressed Interest Rate
0%
Stressed Annual Interest
$0

Other FCF Bridge Adjustments

Revenue Adjustments by Entity

Wages Adjustments by Entity

Stressed EBITDA

$0

Stressed Free Cash Flow

$0

Break-Even Point

Revenue drop at which FCF = 0

Stressed vs Base EBITDA

Stressed P&L Detail

Stressed Free Cash Flow

Scenario Comparison

Capital Projects (discrete CapEx commitments)

Specific capital expenditure projects with known cost and timing. Each month's amount flows into the FCF bridge CapEx line above as a cash outflow. Add new projects to CAPITAL_PROJECTS in generate_report.py as they're approved.

Westpac Principal Repayments (scaled by drawdown progress)

Monthly principal repayments on the Westpac operating $11M facility's 3 amortising sub-facilities (Sustainable, Wholesale Term Loan, Term Loan). Scaled by the Drawdown Control Panel schedule on the Debt & Banking tab — principal grows as Westpac portions are drawn down through Jun–Oct 2026. At full draw, monthly principal = $29,110 (~$349K/yr). Each month's amount flows into the FCF bridge Loan Repayments line above. Wholesale Advance is interest-only (no principal). Silverwood Estates dev facility is capitalised — tracked separately on the Debt & Banking tab.

Scheduled Tax Payments (BDO Auckland notices)

Provisional tax instalments per BDO Auckland notices stored in the /Tax Payments/ project folder. Each payment lands on the FCF bridge above as a Cash Tax outflow in the month it falls due. Add new notices to TAX_PAYMENTS_SCHEDULE in generate_report.py when BDO sends them.

Analysis & Recommendations

Each entity benchmarked against industry standards. Wage discipline, cash, and operational efficiency are weighted heaviest in the recommendations. Click any flagged metric to see the entity detail. Banking, debt covenants and methodology are now on their own tabs.

Time view:

EBITDA Targets vs Actual (Base + Best-in-Industry Stretch)

Two targets per entity so we have something we can meet now and something to aim for:

Status grading vs BASE target: ✗ Red below 90% of base  |  ⚠ Amber 90-100% of base  |  ✓ Green at/above base  |  ★ Gold at/above stretch (best-in-industry).
Hover over any Stretch Target value to see the industry benchmark rationale.

Key Operational Metrics (industry-specific)

Revenue per real-world unit (student, doctor) so you can compare productivity across periods or entities, not just dollars.

Recommendations (sorted by priority)

KPI Scorecard

Within benchmark Drift — watch Action needed No data

Benchmarks the entities are graded against are listed on the Methodology tab.

EBITDA Improvement Opportunities

What each metric means
MetricWhat it tells youGoodBad
Revenue growth (Q1→Q3) % change in revenue between Jan–Mar (Q1) and Jul–Sep (Q3). Positive = growing; negative = declining. ↑ Higher ↓ Lower
Cost growth (Q1→Q3) % change in total expenses over the same period. Tracks whether the cost base is expanding or shrinking. ↓ Lower or stable ↑ Rising
Margin trajectory Compares the two growth rates. "Healthy" = revenue growing at least as fast as costs. "Costs growing faster" = margin under pressure even if EBITDA still looks fine in $ terms. Early-warning signal. ✓ Healthy ⚠ Costs growing faster
EBITDA / Revenue Profitability ratio — what % of every dollar of revenue ends up as EBITDA. The single best measure of operational efficiency. Higher (industry-dependent) Negative or near zero
EBITDA ($) Earnings Before Interest, Tax, Depreciation & Amortisation — dollar profit from operations before financing/tax/non-cash items. Positive and growing Negative (operating loss)
Top 5 Expense Lines The five biggest cost categories from each entity's Fathom P&L file, sorted by dollar value. Shows where the money goes — these are the highest-impact lines if you want to find savings. Manageable share of revenue One line dominating with no good reason
Q1→Q3 comparison was chosen over month-to-month so that seasonal businesses (Whitby's school terms, Truffle's holiday traffic) don't trigger false alarms from normal seasonality. For entities with extreme seasonal swings the margin trajectory flag is automatically suppressed.

Monthly EBITDA by Entity (select entity to view against targets)

Month-by-month EBITDA for each entity — actuals through the latest reporting month, then forecast / budget. Click an entity button to focus on it and overlay its Base Target — — — and Stretch Target · · · lines. Click All to show all entities at once (no target lines).

Debt & Banking

Everything related to the Fiso Investment Group's Westpac borrowings — the formal $11M operating facility, the covenant tracker, the drawdown scenario panel, and the separate Silverwood Estates property development fund.

Westpac Debt Covenant & Group EBITDA Target

The formal Westpac covenant on the $11M Fiso Investment Group facilities is EBITDA ≥ 1.50× Interest Expense (Interest Cover Ratio, per the new Westpac revision letter). Breaching this triggers a borrowing default. The $3.1M group EBITDA target is the director-set headline goal — sized to give comfortable headroom over both the 1.5× formal covenant and the original 2.0× internal stretch target.

Westpac Drawdown Control Panel (scenario analysis)

Model the impact of drawing down the $11M Westpac facilities on monthly interest expense and the covenant. Default schedule: current $6.62M existing debt → full $11M drawn by Oct 2026, with 30% in Jun, 20% Jul, 20% Aug, 20% Sep, 10% Oct, at the blended Westpac rate of ~5.04%. Adjust any input below and the table, FY interest total and covenant card all recalculate live.

Silverwood Estates Development Fund (separate from Fiso Investment Group operating P&L)

Independent property development facility — see Dashboard tab notes for why this is excluded from the operating dashboard. 35 residential lots at Te Ara Kapehu, Whitby, Porirua. Interest is capitalised (added to the loan balance up to a $905K cap) and ultimately paid from section sale proceeds. The only Fiso Group cash exposure is the $4,607,000 cash equity required before the first Westpac advance. Update the editable inputs as drawdowns and section sales occur — the tracker persists in your browser.

Debt Stress — Full $22M Facility Analysis

Worst-case debt coverage analysis if both the $11M Fiso operating facility and the $11M Silverwood development facility are fully drawn simultaneously. Covers debt service costs, EBITDA coverage ratios, rate sensitivity, Silverwood principal scenarios, and the recommended EBITDA floor to stay comfortably solvent.

Methodology

Reference material for how this dashboard is built. The benchmarks list shows the industry-standard ratios used to grade entities (drives the Analysis tab's KPI Scorecard). The Override Summary catalogues every adjustment the script makes between the raw Fathom export and the published numbers — useful for audit, board discussions, or just understanding where any specific number comes from.

Benchmarks Reference (NZ-realistic)

These are the industry-standard ratios each entity is graded against on the Analysis tab's KPI Scorecard. Green = within target, Amber = drift / watch, Red = action needed. EBITDA Margin uses higher-is-better (green = at or above target).

Override Summary (adjustments applied to raw Fathom data)

Everything the script does between the raw Fathom export and the published dashboard numbers. Director-approved Excel overrides for specific entities, revenue reclassifications, salary reallocations, ITA 50%-share presentation, Truffle 81/11/8% split, line-level expense reductions, interest forecasts, and committed cash flows. Click a section header to expand.