Economic environment - persistent inflation and softer asset valuations

Operating cash flows - outflows of $1.15 million requiring tight working capital management

Employee costs - 24% increase in wages and salaries, need for sustainable funding

Investment property revaluation - $0.93 million downward revaluation impacted results

Non-cash valuation movements - softness in asset revaluations across portfolio

Contract funding dependency - significant reliance on government contract and grant funding

Marae development financing - major capital programmes requiring external funding

Environmental compliance - government environmental reforms and resource consent processes

Title management - ongoing work to align asset placement and improve opportunity capture