Results of Annual Meeting

NZX RELEASE
Friday, 17 August 2018

Results of Annual Meeting

Asset Plus Limited is pleased to confirm the results of its annual meeting this afternoon.

At today’s annual meeting held in Auckland, shareholders were asked to vote on two resolutions,
which were all supported by the Board. Voting was conducted by a poll.

All resolutions were passed by shareholders. Details of the total number of votes cast in person
or by a proxy holder are:

Resolution For Against
That Robert Allen Bollard be re-
elected as a director of the
Company
94,367,436 (99.78%) 211,591 (0.22%)
That the Board be authorised to
fix the auditors’ fees and
expenses from time to time
93,630,361 (98.95%) 994,146 (1.05%)

A copy of the presentation provided to shareholders is also attached.

Change of Senior Manager
Following the meeting, Augusta’s previous Chief Operating Officer, Guy French-Wright has ceased
to be a senior manager in respect of Asset Plus. Augusta’s new Chief Operating Officer, Joel
Lindsay, is now considered to be a senior manager in respect of Asset Plus.


-ENDS-



For further information please contact:

Mark Francis
Managing Director, Augusta
T (09) 300 6161
F (09) 300 6162
E mark@augusta.co.nz

---

17 August 2018
2018 / AGM

Annual General Meeting
01 /
Chairman's
Address
02 /
Annual
Results
Briefing
03 /
Managing
Director of
Augusta
Address
04 /
Property
Update
05 /
Asset Plus
Strategy
06 /
Resolutions
2018 /

Chairman’s Address
___
Bruce Cotterill
01 /

FY2018
Annual Results
02 /

___
Financial Performance
Against Prior Year
Highlights
Net profit after
tax of $3.095
millionup from
$3.073 million
Adjusted funds
from operations of
$6.15 million
Net rental
income of $11.7
million, reduced
from $11.9
million
Portfolio
occupancy
is 97.4%,
increased from
96% due to the
sale of Print
Place
The WALE
is 4.4 years,
reduced from
4.6 years in the
prior year
Loan to value
ratio is 26.6%
(33.1% in 2017)
Net tangible
assets of 70.6
cents per share
(cps) reduced
from 72.3 cps
The sale of both
Print Place and the
AA Centre creates
balance sheet
capacity to execute
the new value add
strategy
Externalisation
of management
to Augusta for
$4.5 million

Occupancy
%
WALT as at 31
July (years)
31 March
2018
Valuation
($m)
Passing
Rent
($000s)
Passing
Rent
Yield %
Market
Cap Rate
2018 %
Eastgate Shopping Centre
94.30%4.0 yrs58.00 3,908 6.74%8.00%
Heinz Wattie's Warehouse100.00%8.6 yrs27.30 2,134 7.82%8.13%
Roskill Centre100.00%3.3 yrs38.00 2,499 6.58%6.25%
Total123.30 8,541 6.93%7.49%
___
Portfolio Summary

Managing Director
Of Augusta Address
___
Mark Francis
03 /

Our Strategic Approach
___
We chose Asset Plus
as it lends itself to
simplicity, clarity, is easily
recalled and
easily recognised.
It fulfils its purpose and
starts to tell the ‘bigger’
story by defining its
strategic direction
in the brand name
___
Why A Re-Brand?
___
We agreed with the
Board it was important
to re-position the brand
and re-set the barometer
of the shareholders’
and broader market’s
expectations
___
It’s about redefining
what the company stands
for with an identity that
matches its purpose and
sits consistently with its
new investment direction

Insert video here

Property
Updates
04 /

>13 lease expiries in calendar year 2019
>Early engagement with majority of tenants
>Leases are being extended and stabilising
asset cashflow security
>Centre continues to benefit from geographic
location where there is limited speciality
competition
___
22 Stoddard Road
Auckland
Property Update

>Significant master planning exercise
now complete for the regeneration
of the asset
>Tenant discussions and costing of the
revised centre plan are underway
>Foot traffic increased by 3.16% to 9.1m
>Gross passing income down 0.3% -
Rent increases achieved were offset by
loss of 3 specialty tenants – OPSM,
Finesse Gym and I-Zone Repairs
>WALT (by income) increased
by 0.31 years.
___
Eastgate
Shopping Centre
Christchurch
Property Update

>Asset continues to provide strong
cashflow for Asset Plus
>Remaining WALT – 8.6 years
>Ongoing engagement with Heinz
Watties about further asset
enhancement
___
133 Elwood Road
Hastings
Property Update

>Settlement occurred in July 2018
>Retentions held by Purchaser
for Vendor works
>Finalisation of Vendor works is priority
for Asset Plus management team
___
AA Centre
99 Albert Street
Auckland
Property Update

Asset Plus
Strategy
05 /

Close the NTA gap by
resolving existing asset
issues and restoring faith in
Asset Plus asset valuations
through active management
Create sustainable
shareholder growth through
disciplined acquisition
___
Overarching Strategic
Objective
> Target assets for their ability to contribute
to a yield plus growth orientation
> Wide ranging diversified, value-add
strategy that is sector agnostic
> Geographical capability to invest in major
regions with a focus North of Taupo
> Seek assets capable of benchmark
outperformance through active
management and development
> Poised to take advantage of inevitable
changing economic conditions
___
Investment Mandate

Resolutions
06 /

That Robert Allen
Bollard be re-elected as
a director of the
Company.
___
Re-election of
Allen Bollard
01 /
Resolution

___
Remuneration
of the Auditors
02 /
Resolution
That the Board be
authorised to fix the
auditors’ fees &
expenses from time
to time.

Important Notice
Thispresentationcontainsnotonlya reviewofoperations,butmayalsocontainsomeforwardlooking
statements(includingforecastsandprojections)aboutAssetPlusLimited(APL)andtheenvironmentin
whichAPLoperates. Becausethesestatementsareforwardlooking,APL’sactualresultscoulddiffer
materially. PleasereadthispresentationinthewidercontextofmaterialpreviouslypublishedbyAPL
andannouncedthroughNZXLimited.
Norepresentation,warrantyorundertaking,expressorimplied,ismadeastothefairness,accuracy,
completenessorcorrectnessoftheinformationcontained,referredtoorreflectedin thispresentationor
suppliedorcommunicatedorallyorinwritingtoyou(oryouradvisersorassociatedpersons)in
connectionwithit,astowhetheranyforecastsorprojectionswillbemet,orastowhetheranyforward
lookingstatementswillprovecorrect. Yo uwillberesponsibleforformingyourownopinionsand
conclusionsonsuchmatters.
Nopersonis underanyobligationtoupdatethispresentationat anytimeafteritsreleaseto you.
Tothemaximumextentpermittedbylaw,noneofAPL,AugustaCapitalLimitednoranyoftheir
directors,officers,employeesoragentsoranyotherpersonshallhaveanyliabilitywhatsoevertoany
personforanyloss(including,withoutlimitation,anyliabilityarisingfromanyfaultornegligenceonthe
partofAPL,AugustaCapitalLimited, theirdirectors,officers,employeesoragentsoranyotherperson)
arisingfromthispresentationoranyinformationcontained,referredtoorreflectedinit orsuppliedor
communicatedorallyorin writingtoyou(oryouradvisersorassociatedpersons)in connectionwithit.
AcceptanceofthispresentationconstitutesacceptanceofthetermssetoutaboveinthisImportant
Notice.
___
Disclaimer

___
Financial Performance
20182017ChangeChange
$m$m$m%
Net Rental Income
11.7 11.9 (0.2) (1.7%)
Administration Expenses(3.0) (2.6) (0.4)
EBIT8.7 9.3 (0.6) (6.5%)
Net Finance Costs(2.8) (2.7) (0.1)
Net Profit before tax, reval's and one-offs5.9 6.6 (0.7) (10.6%)
Sale of Management Rights4.5 -4.5
Transaction Costs(0.7) (1.3) 0.6
Unrealised Change in Fair Value of Interest Rate Swaps0.1 0.7 (0.6)
Net Loss on Sale of Plant and Equipment-(0.1) 0.1
Unrealised Change in Fair Value of Property(2.9) (1.6) (1.3)
Net (Loss) on Sale of Investment Property(3.0) -(3.0)
Net Profit before taxation3.9 4.3 (0.4) (9.3%)
Income Tax Expense(0.8) (1.2) 0.4
Net Profit after taxation3.1 3.1 -0.0 %

___
Financial Position
20172018
July 2018
Pro-forma
Description
$000$000$000
C omme nt s
Current assets3,108 1,151 2,623
Invst. Pty Held for Sale- 43,814 - AA Centre - now sold
Investment Property 179,241 124,636 126,934 3 remaining assets
Total Assets182,349 169,601
129,557
Current liabilities2,885 7,389 1,413 Included $4.7m deposit on AA Centre
Debt58,500 44,500 10,500 $34.0m of debt repaid. $59.5m undrawn
Deferred tax liability2,972 2,533 2,533
Fair value of swaps919 840 -
Total Liabilities
65,276 55,262 14,446
Equity117,073 114,339 115,111