Asset Plus Announces Interim Result to 30 September 2018

Asset Plus Announces Interim Result to 30 September 2018
(NZX: APL)

Auckland, 28 November 2018 - Asset Plus is pleased to announce its interim financial
results for the six months ended 30 September 2018.

Asset Plus Chairman, Bruce Cotterill says: “The first six months has been a transition
period and the 33% increase in net profit after tax is a solid result amidst further changes
in the overall Asset Plus portfolio.

“Augusta has been active on portfolio management with a number of key tenants now
secured on new lease terms. Good progress has also been made in respect to the
redevelopment opportunities within the portfolio, which is expected to generate future
upside for shareholders.

“Due diligence was completed on a number of potential growth initiatives during the
period, however the Board is prepared to remain patient to find the right acquisitions at
the right price in this market,” says Cotterill.

Highlights during the period include:

• Net profit after tax of $3.2 million, an increase of 33% against the prior
corresponding period (pcp)
• Adjusted funds from operations
1
were 10% lower than the pcp at $2.78 million,
representing a pay-out ratio of 105% for the period
• Rental income reduced by $1.01 million against the pcp as a result of the sale of
Print Place and the AA Centre
• Portfolio occupancy is now 97.2%
• The sale of the AA Centre settled on 12 July 2018
• Multiple leasing deals completed at Stoddard Rd and Eastgate
• Transition of the management contract to Augusta Funds Management Limited
completed and cost savings generated
• Net tangible assets per share remains at 71 cents
• $34.5 million of debt repaid post the AA Centre sale and interest rate swap
arrangements cancelled

1
Adjusted funds from operations (AFFO) is non-GAAP financial information and is a common
investor metric, calculated based on guidance issued by the Property Council of Australia. Asset Plus
considers that AFFO is a useful measure for shareholders and management because it assists in
assessing the Company’s underlying operating performance. This non-GAAP financial information
does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to
similar financial information prescribed by other entities. A reconciliation of the net profit after tax
to AFFO is included in the interim report on page 7 which has been independently reviewed by Grant
Thornton.

Financial summary

The result for the six months ended 30 September 2018 reflects a net profit after tax of
$3.20 million, an increase from $2.41 million in the prior corresponding period.

Adjusted Funds from Operations (AFFO - a Non-GAAP disclosure which represents the
underlying financial performance) of $2.78 million was down 10% from $3.08 million in
the pcp. The half year’s AFFO performance was impacted by lower rental income due to
the divestment of Print Place and the AA Centre, offset by lower administration and
funding costs.

The divestment of both Print Place and AA Centre has reduced rental income by $1.01
million, but it has provided substantial balance sheet capacity for future investment.

In respect to the remaining three assets – net rental income was down by $0.27 million. A
small amount of rental growth was offset by increased unrecovered operating costs and
property management fees.

Corporate costs reduced by $0.22 million due to the benefits of externalisation and the
impact of divestments within the portfolio.

Net funding costs decreased as debt was repaid on the sale of the AA Centre in July 2018.
Interest rate swaps were also cancelled in August in order to better align interest rate risk
management with future investment strategies. The drawn debt balance is $10 million at
balance date representing a Group gearing level (Interest bearing debt / Investment
Property) of 8.0%. There was $60 million of undrawn debt facility at 30 September 2018
however post balance date the facility limit has reduced to $20 million. Further funding will
be sought as required in conjunction with new acquisition initiatives.

Asset Plus is still to fully complete the legacy stairwell cladding project at the AA Centre. A
further provision of $0.4 million has been recorded as a loss on disposal to reflect forecast
cost escalation up to the completion of the project.

The portfolio WALE increased post the sale of AA Centre to 5.0 years. Occupancy is now
97.2%.

Net tangible asset backing is currently $0.71 per share which is unchanged from 31 March
2018.

Dividend

A second quarter dividend of 0.9 cents per share has been declared, with the record date
set for 12 December 2018 and payment on 19 December 2018. The dividend remains
subject to quarterly review and ongoing assessment taking into account potential future
acquisitions.

Strategic update

Augusta Managing Director, Mark Francis, says: “Future operating priorities include
concluding the legacy stairwell issue at the AA Centre, progression of the value-add
opportunities within the existing portfolio as well as continuing to investigate future
opportunities to transform Asset Plus.

“We are prepared to be patient in pursuit of the right opportunity to take Asset Plus in a
new direction. We have assessed a number of options and will continue to look until we
find the right option(s) to bring to shareholders,” says Francis.



ENDS


For further information please contact:
Bruce Cotterill Simon Woollams
Chairman Chief Financial Officer
021 668 881 Augusta Capital
09 300 6161

---

November 2018
Interim Results Update
For the six months ended 30 September 2018

Highlights for the six months
ended 30 September 2018
Net profit after tax
of $3.20m, a
increase of 33%
against 1H18
Adjusted funds
from operations
(AFFO*) of $2.78m
were 10% lower than
1H18. This represents
a pay-out ratio of
105%
AA Centre
Settled on
12 July
2018
Net Tangible Asset
Value per share
remains at
71 cents
$34.5m of debt
repaid post the AA
Centre sale &
interest rate swap
arrangements
cancelled
Multiple number
of leasing initiatives
completed at both
Stoddard Road &
Eastgate
Portfolio
occupancy is now
97.2%
Transition of the
management to
Augusta Funds
Management Limited
completed &
externalisation cost
savings generated
*AFFO is a non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset Plus considers that AFFO is a useful measure for shareholders and management because it assists in assessing the Company’s underlying
operating performance. This non-GAAP financial information does not have a standardisedmeaning prescribed by GAAP and therefore may not be comparable to similar financial information prescribed by other entities.The calculation of AFFO has been
reviewed by Grant Thornton.

Financial
Performance

➢Net profit after tax of $3.20m a 33% increase
on 1H18
➢AFFO of $2.78m was down 10% from $3.08m
in 1H18. The half year’s AFFO performance was
impacted by lower rental income due to the
divestment of Print Place and the AA Centre,
offset by lower administration and funding costs
➢Although divestment of Print Place and AA
Centre has reduced rental income, it has now
provided balance sheet capacity for future
investment
___
Financial Performance
>
*AFFO is a non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset
Plus considers that AFFO is a useful measure for shareholders and management because it assists in assessing the Company’s
underlying operating performance. This non-GAAP financial information does not have a standardisedmeaning prescribed by
GAAP and therefore may not be comparable to similar financial information prescribed by other entities. The calculation of
AFFO has been reviewed by Grant Thornton.
6 months6 months
Sep-18Sep-17Var
$m$m%
Net Revenue4.836.11(21%)
Corporate Costs(0.88)(1.10)20%
EBIT3.955.01(21%)
Finance Costs(0.80)(1.44)44%
NP Before Tax, Reval & One-Offs3.153.57(12%)
Other Adjustments(0.27)(0.50)46%
Profit Before Tax2.883.07(6%)
Tax0.32(0.66)148%
Profit for the Period3.202.4133%
AFFO*2.783.08(10%)
AFFO CPS1.711.90(10%)

➢Net tangible asset backing per share is $0.71
per share which is unchanged from 31 March
2018
➢The current Group gearing is 8.0%. (Interest
bearing debt / investment property)
➢There was $60m of undrawn debt facility at 30
September 2018
➢Post balance date the facility limit was reduced
from $70m to $20m, leaving $10m undrawn
___
Financial Position
>
6 months12 months
Sep-18Mar-18
$m$m
Cash0.90.5
Investments Properties124.5124.6
Investment Properties Held for Sale - 43.8
Other Assets1.80.7
Total Assets127.2169.6
Bank Debt10.044.5
Other Liabilities2.610.8
Total Liabilities12.655.3
Equity114.6114.3
Net Tangible Assets Per Share ($)0.710.71

___
Net Rental
>
➢Net rental income is $1.28m / 21% lower than 1H18
primarily due to:
•Divestment of the AA Centre and Print Place
reduced net rental by $0.55m and $0.46m
respectively in the half
•Current portfolio net rental was $0.27m lower
primarily due to higher property management
costs associated with Colliers and Augusta at
Eastgate Shopping Centre and unrecovered
opex(impact $0.22m in total)
6 months6 months
Sep-18Sep-17
$m$m
Eastgate Shopping Centre1.701.92
Roskill Centre1.201.20
Heinz Watties Distribution Centre1.051.10
Current Portfolio3.954.23
AA Centre0.881.42
Print Place-0.46
Total Net Rental Income4.836.11

___
Administration Expenses
>
➢Administration expenses of $0.88m are
$0.22m / 20% lower in 1H19, driven by
lower management costs under the
externalised management contract with
Augusta Funds Management Limited
➢Lower administration costs is partly offset by
higher property management costs, primarily
in Eastgate
6 months6 months
Sep-18Sep-17
$m$m
Audit Fees0.070.06
Directors Fees0.150.14
Employee Costs0.030.44
Office Costs0.010.14
Rent0.07(0.01)
Professional Fees0.130.20
Registry and Stock Exchange Fees0.050.08
Shareholder Communications0.020.05
Management Fees0.38-
Other Operating Expenses(0.03)0.01
Total Administration Expenses0.881.11

___
Funding
>
➢Facility limit reduced to $20m post balance
date and $10m remains undrawn
➢Loan term expires in July 2020
➢All swap positions held at 31 March 2018 were
exited in August 2018
➢Holding costs of facility limit and interest rate
swaps outweighed the short term benefit of
holding $70m facility
➢New facilities and interest rate risk
management to be aligned with future
acquisitions

Portfolio
Summary

___
Portfolio Summary as at 30 Sept 2018
>
Fair Value
($m)
Occupancy
(%)
WALE
(Years)
Passing
Rent Yield
(%)
Eastgate58.9944.06.6%
Heinz
WattiesNDC
27.41008.37.6%
Roskill
Centre
38.01003.36.6%
TOTAL124.397.25.0

___
Eastgate Shopping Centre
>
➢Management have been very active with this
property, with a number of new leases agreed or
renewed during the past 6 months
➢A lease extension proposal for a major tenant is
expected to be finalised shortly. Collectively these
renewals represent 28% of the centres gross passing
income, 15 rent reviews have also been completed
during the period
➢A strategic review of the asset has now been
undertaken by management and Colliers International
as Property Managers, and a master planning exercise
for potential development is currently underway.
Management are engaging with potential anchor
tenants in respect to this potential growth.

___
Heinz WattiesNational Distribution Centre
>
➢Management are continuing to work
hard in improving a number of aspects
of this property
➢We remain in discussions with the
existing tenants in relation to leasing
and potential redevelopment
opportunities, whilst ensuring the
asset continues to be managed
efficiently and effectively

___
Roskill Centre, Stoddard Road
>
➢There have been four lease renewals and one
additional tenant added since April 2018,
(reflecting 6.87% of total net rental for the
property)
➢A further four leases renewals or new leases
expected to be finalisedbefore December
2018 (17.43% of net rental)

___
Lease Expiry Summary
>
➢52% of the 2019 lease expiry relates to a
single tenant. Management are confident a
new lease will be finalisedin December 2018
➢The 2020 expiry consists of 19 separate
tenancies across Eastgate and Stoddard Road
2.02
1.26
0.82
0.50
0.24
0.08
1.22
0.40
3.43
201920202021202220232024202520262028
Asset Plus Lease Expiry Analysis
($m)

Outlook

>
The future strategic operating
priorities include:
➢Completing the legacy stairwell issues
at the AA Centre
➢Progression of the value-add
opportunities within the existing
portfolio
➢Continuing to investigate future
opportunities to transform Asset Plus
➢The Board is prepared to be patient. A
number of options have and will
continue to be assessed to find the right
opportunity
___
Outlook
“The immediate focus
remains the progression of
the development at
Eastgate in Christchurch,
which will create net asset
growth as well as increased
earnings. Further leasing
activity across the portfolio
also remains a focus.”

___
Appendix 1 : AFFO
>
➢AFFO* is $0.31m / 10% lower in 1H19
primarily due to lower rental income due to
divestment
➢Partly offset by lower administration and
funding costs
*AFFO is a non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset
Plus considers that AFFO is a useful measure for shareholders and management because it assists in assessing the Company’s
underlying operating performance. This non-GAAP financial information does not have a standardisedmeaning prescribed by
GAAP and therefore may not be comparable to similar financial information prescribed by other entities. The calculation of
AFFO has been reviewed by Grant Thornton.
6 months6 months
Sep-18Sep-17
$m$m
3.202.41
Add Back
0.41-
0.02-
(0.13)0.04
(0.76)0.09
-0.46
Other Movements(0.01)-
Net Operating Income After Tax2.733.00
0.100.13
Funds From Operations (FFO)2.833.13
Maintenance CAPEX(0.05)(0.05)
Adjusted Funds From Operations2.783.08
FV (Gain)/ Loss on the Mark to Market of
Derivatives
Non-FFO Deferred Tax Expenses
Transaction Costs
Amortisation of lease incentives and costs
Total Comprehensive Income Net of Tax
Loss From Sales of Investment Property
Depreciation on Owner Occupied PP&E

Important Notice
Thispresentationcontainsnotonlyareviewofoperations,butmayalsocontainsomeforward
lookingstatements(includingforecastsandprojections)aboutAssetPlusLimited(APL)andthe
environmentinwhichAPLoperates.Becausethesestatementsareforwardlooking,APL’sactual
resultscoulddiffermaterially.Pleasereadthispresentationinthewidercontextofmaterial
previouslypublishedbyAPLandannouncedthroughNZXLimited.
Norepresentation,warrantyorundertaking,expressorimplied,ismadeastothefairness,
accuracy,completenessorcorrectnessoftheinformationcontained,referredtoorreflectedin
thispresentationorsuppliedorcommunicatedorallyorinwritingtoyou(oryouradvisersor
associatedpersons)inconnectionwithit,astowhetheranyforecastsorprojectionswillbemet,
orastowhetheranyforwardlookingstatementswillprovecorrect.Youwillberesponsiblefor
formingyourownopinionsandconclusionsonsuchmatters.
Nopersonisunderanyobligationtoupdatethispresentationatanytimeafteritsreleaseto
you.
Tothemaximumextentpermittedbylaw,noneofAPLnoranyoftheirdirectors,officers,
employeesoragentsoranyotherpersonshallhaveanyliabilitywhatsoevertoanypersonfor
anyloss(including,withoutlimitation,anyliabilityarisingfromanyfaultornegligenceonthe
partofAPL,theirdirectors,officers,employeesoragentsoranyotherperson)arisingfromthis
presentationoranyinformationcontained,referredtoorreflectedinitorsuppliedor
communicatedorallyorinwritingtoyou(oryouradvisersorassociatedpersons)inconnection
withit.
Acceptanceofthispresentationconstitutesacceptanceofthetermssetoutaboveinthis
ImportantNotice.

---

I
NTERIM REPORT
F
OR THE SIX MON
THS ENDED SEPTEMBER 2018
This Interim Financial Report for Augusta Asset Plus (including Subsidiary
)
covers the trading period from 1st April to 30th September 2018.

2

3

Contents
Chairman’s Report 5
The Half Year in Review 6
Interim Condensed Consolidated Sta
tement
of Comprehensive Income
10
Interim Condensed Consolidated Statement
of Changes In Equity
11
Interim Condensed Consolidated Statement
of Financial Position
12
Interim Condensed Consolidated Sta
tement
of Cash Flows
13
Notes to the Interim Condens
ed Consolidated
Financial Statements

15
Directory 22
4

Chairman’s
Report
The six months to 30 September 2018 has been a period of ongoing
transition for the company, not just in respect to the new external
management structure but also the divestment of non-core assets
and active management across the portfolio.
The operating earnings for the half year are reduced as a
result of property sales but the three remaining properties
have performed as expected. The divestments were
necessary to reset the Asset Plus portfolio to one that will
offer shareholders yield plus growth over time. Leasing
activity has been positive over the past six months and
the manager has been very active in this space with all
key tenant expiries renewed during the period.
Future development opportunities have been identified
within the portfolio which will maximise asset value,
increase the portfolio’s average lease term remaining and
deliver income stability in the future. Augusta is focused
on ensuring that the value and quality of the portfolio is
maximised by concluding such initiatives.
The Board remains patient in the current market to find
the right deals to set the future direction of Asset Plus.
There is financial capacity to grow the portfolio over time
as the balance sheet is lowly geared.
The dividend is to be maintained at the current level but
is subject to quarterly review and ongoing assessment
taking into account potential future acquisitions.
The Board is happy with Augusta’s performance
as manager and the progress they have made on
repositioning the existing portfolio. Whilst no
new acquisitions have transacted, a number of
opportunities have been considered to identify if they
fit with the strategy.
Regards
Bruce Cotterill
Chairman
5

The Half Year
in Review
For the Six Months Ended 30 September 2018
Key Activity During the Half
•Ne t profit after tax of $3.20 million,
a increase of 33% against the prior
corresponding period (pcp)
•Adjusted funds from operations were
10% lower than the (pcp) at $2.78
million. This represents a pay-out ratio
of 105% for the period
•AA Ce
ntre settled on 12 July 2018
•
Multiple number of leasing
initiatives completed at both Stoddard
Rd and Eastgate
•Transition of the
management to
Augusta Funds Management Limited
completed and externalisation cost
savings generated
•Ne
t Tangible Asset Value per share
remains at 71 cents
•
$34.
5 million of debt repaid post the
AA Centre sale and interest rate swap
arrangements cancelled
Financial Results
The result for the six months ended 30 September 2018
reflects a net profit after tax of $3.20 million which
reflects a 33% increase on pcp.
Adjusted Funds from Operations (AFFO - a Non-
GAAP disclosure which represents the underlying
financial performance) of $2.78 million was down 10%
from $3.08 million in the pcp. The half year’s AFFO
performance was impacted by lower rental income
due to the divestment of Print Place and the AA Centre,
offset by lower administration and funding costs.
The divestment of Print Place and AA Centre has reduced
rental income, but it has also provided balance sheet
capacity for future investment.
In respect to the remaining 3 assets net rental
performance was down by $0.27 million. A small
amount of rental growth was offset by increased
unrecovered operating costs and property
management fees.
Corporate costs reduced by $0.22 million due to
the benefits of externalisation and the impact of
divestments within the portfolio.
Net funding costs decreased due to a lower debt profile
as debt was repaid on the sale of the AA Centre in July
2018. Interest rate swaps were also cancelled in August
in order to align interest rate risk management with
future investment strategies. The drawn debt balance is
$10 million at balance date and the facility limit has been
subsequently reduced to $20 million post-balance date.
Further funding will be sought in conjunction with new
acquisition initiatives.
Asset Plus is still to fully complete the legacy stairwell
cladding project at the AA Centre. A further provision of
$0.4 million has been recorded as a loss on disposal to
reflect forecast cost escalation up to the completion of
the project.
The deferred tax liability in respect to AA Centre building
depreciation claimed has been released at the point of
sale and no deprecation recovery has been triggered
based on an independent assessment.
The portfolio WALE increased post the sale of AA Centre
to 5.0 years. Occupancy is now 97.2%.
6

Six Months
to Sept 18
GAAP
Six Months
to Sept 17
GAAPKey Movements
Net Rental Income$4.82m$6.10m
Lower due to divestment of AA
Centre and Print Place
Administration Costs ($0.88m)($1.10m)
Lower due the externalisation of
the management
Net Funding Costs($0.79m)($1.44m)Lower due to repayment of debt
Net Profit After Taxation$3.20m$2.41m
Adjusted Funds From Operations*$2.78m$3.08m
Total Assets $127.2m$169.6mAA Centre Divestment
Total Liabilities $12.6m$55.3mBank debt repaid
Shareholders’ Equity $114.6m$114.3m
Interest Bearing Debt to Investment Property 8.0%35.7%
Closing Shares on Issue161.9m161.9m
Net Assets Per Share $0.71$0.71
Adjusted Funds from Operations - Reconciliation to Net Profit After Tax
*AFFO is a non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset
Plus considers that AFFO is a useful measure for shareholders and management because it assists in assessing the Company’s
underlying operating performance. This non-GAAP financial information does not have a standardised meaning prescribed by
GAAP and therefore may not be comparable to similar financial information prescribed by other entities. The calculation of AFFO
has been reviewed by Grant Thornton.
Note: Derivative close out costs (Interest swap break costs) have not been included in the AFFO calculation as they are deemed to be
as a result of a change in capital structure.
Six Months
to Sept 18
$’000
Six Months
to Sept 17
$’000
Statutory Net Profit After Tax3,2022,411
Losses from sales of investment property405-
Depreciation on owner occupied PP&E17-
Deferred Tax Expense(763)85
(Gain) / Loss on the fair value movement of interest rate swaps(132)36
Transaction Costs-460
Amortisation of lease incentives and costs102135
Funds From Operations (FFO)2,8313,127
Maintenance CAPEX(55)(48)
Adjusted Funds From Operations (AFFO)*2,7763,079
CPS1.711.90
For the Period Ended 30 September 2018
The Half Year in Review (Continued)
7

Eastgate Shopping Centre
Occupancy (30 Sept 2018)94%
WALT (30 Sept 2018)4.0 years
Carrying Value (30 Sept 2018)$58.9m
Passing Rent (30 Sept 2018)$3.90m
Passing Rent Yield (30 Sept 2018)6.6%
Management have been very active with this property, with a number of new leases agreed or renewed during the
past 6 months.
A lease extension proposal for a major tenant is expected to be finalised shortly. Collectively these renewals represent
28% of the centres gross passing income, 15 rent reviews have also been completed during the period.
A strategic review of the asset has now been undertaken by management and Colliers International as Property
Managers, and a master planning exercise for potential development is currently underway. Management are
engaging with potential anchor tenants in respect to this potential growth.
Occupancy (30 Sept 2018)100%
WALT (30 Sept 2018)3.3 years
Carrying Value (30 Sept 2018)$38.0m
Passing Rent (30 Sept 2018)$2.50m
Passing Rent Yield (30 Sept 2018)6.6%
There have been four lease renewals and one additional tenant added since April 2018, (reflecting 6.87% of total net
rental for the property).
A further four leases expected to be finalised before December 2018 (17.43% of net rental).
Heinz Wattie’s National Distribution Centre
Occupancy (30 Sept 2018)100%
WALT (30 Sept 2018)8.3 years
Carrying Value (30 Sept 2018)$27.4m
Passing Rent (30 Sept 2018)$2.10m
Passing Rent Yield (30 Sept 2018)7.6%
Management are continuing to work hard in improving a number of aspects of this property.
We remain in discussions with the existing tenants in relation to leasing and potential redevelopment opportunities,
whilst ensuring the asset continues to be managed efficiently
and effectively.
Roskill Centre
Investment Property Performance
For the Period Ended 30 September 2018
The Half Year in Review (Continued)
8

Capital Management
Net Tangible Asset backing per share is currently $0.71
per share which is unchanged from 31 March 2018.
The current Group gearing level (Interest bearing debt
/ Investment Property is 8.0%. There was $60 million
of undrawn debt facility at 30 September 2018. Post
balance date the facility limit was reduced from $70
million to $20 million.
For the Period Ended 30 September 2018
The Half Year in Review (Continued)
Outlook / Strategic Plan Update
The future strategic operating priorities include
completing the legacy stairwell issues at the AA
Centre,
progression of the value-add opportunities within the
existing portfolio as well as continuing to investigate
future opportunities to transform Asset Plus.
The immediate focus rem
ains the progression of
development opportunities which will create net asset
growth as well as increased earnings. Further leasing
activity across the portfolio also remains a
primary focus.
The Board is prepared to be patient in pursuit of the
right opportunity to take Asset Plus in a new direction.
A number of options have been assessed and the
Board and Management will continue to look until
they find the right opportunity.
9

Note
Unaudited
6 Months
30 Sep 2018
$’000
Unaudited
6 Months
30 Sep 2017
$’000
Gross Rental Income7,1898,647
Direct Property Operating Expenses(2,364)(2,542)
Net Rental Income4,825 6,105
Other Income-4
Total Income4,825 6,109
Administration Expenses4
(877)
(1,105)
Net Finance Costs(798) (1,442)
Profit Before Fair Value Movements, Transactions Costs and Taxation3,1503,562
Unrealised Gain / (Loss) Fair Value of Interest Rate Swaps
132 (36)
Net (Loss) on Sale of Investment Property(405) -
Transaction Costs - (460)
Profit Before Income Tax2,8773,066
Income Tax Benefit / (Expense)
5325(655)
Net Profit After Taxation3,2022,411
Earnings Per ShareCents per Share
Basic and Diluted Earnings Per Share91.98 1.49
Interim Condensed Consolidated
Statement of Comprehensive Income
For the Six Months Ended 30 September 2018
10

Note
Share
Capital
$’000
Retained
Earnings
$’000
Total
Equity
$’000
Opening Balance at 1 April 2017 (audited)134,089 (17,016) 117,073
Net Profit after Taxation
- 2,411 2,411
Distributions Paid and Payable to Shareholders
10 - (2,916) (2,916)
Closing Balance at 30 Sept 2017134,089 (17,521)116,568
Note
Share
Capital
$’000
Retained
Earnings
$’000
Total
Equity
$’000
Opening Balance at 1 April 2018 (audited)134,089 (19,750) 114,339
Net Profit after Taxation
- 3,2023,202
Distributions Paid and Payable to Shareholders
10 - (2,916)(2,916)
Closing Balance at 30 Sept 2018134,089 (19,464)114,625
Interim Condensed Consolidated
Statement of Changes In Equity
For the Six Months Ended 30 September 2018
11

Interim Condensed Consolidated
Statement of Financial Position
Note
Unaudited
6 Months
30 Sep 2018
$’000
Audited
12 Months
31 March 2018
$’000
Current Assets
Cash and Cash Equivalents851 472
Trade and Other Receivables1,455 339
Prepayments343 340
Investment Property Held for Sale - 43,814
Total Current Assets2,64944,965
Non-Current Assets
Investment Properties6124,479 124,556
Plant & Equipment6 4 8 0
Total Non-Current Assets124,543 124,636
Total Assets127,192 169,601
Current Liabilities
Trade and Other Payables1,0402,227
Deposit Received on Property Held for Sale - 4,700
Tax Payable(243)462
Total Current Liabilities7977,389
Non-Current Liabilities
Bank and Other Loans710,000 44,500
Deferred Tax Liability51,770 2,533
Interest Rate Swaps - 840
Total Non-Current Liabilities11,770 47,873
Shareholders' Equity
Share Capital8134,089 134,089
Retained Earnings(19,464)(19,750)
Total Shareholders' Equity114,625114,339
Total Shareholders’ Equity and Liabilities127,192169,601
as at 30 September 2018
The Board of Asset Plus Limited approved the interim condensed consolidated financial statements for issue on
28 November 2018
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
12

Interim Condensed Consolidated
Statement of Cash Flows
Note
Unaudited
6 Months
Sep 2018
$’000
Unaudited
6 Months
Sep 2017
$’000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Income
7,624
9,213
Other Income - 138
Operating Expenses
(3,532)
(4,839)
Interest Income1 5 2 2
Interest Expense(1,085) (1,430)
Taxation Paid(1,143) (676)
Net Cash Inflow (Outflow) from Operating Activities
1,879
2,428
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Sale of Investment Property
38,076
-
Plant and Equipment - (144)
Capital Expenditure on Investment Properties(273) (2,837)
Transaction Costs(505) -
Sale of Management Rights(675) -
Net Cash (Outflow) from Investing Activities
36,623
(2,981)
Cash Flows from Financing Activities
Cash was provided from/(applied to):
Net movement of borrowings(34,500)2,500
Distributions made to Shareholders10(2,916) (2,916)
Payment to Cancel Interest Rate Swaps(707) -
Net Cash (Outflow) / Inflow from Financing Activities(38,123) (416)
Net Increase/(Decrease) in Cash and Cash Equivalents379 (969)
Cash and Cash Equivalents at the Beginning of the Year472 2,030
Cash and Cash Equivalents at the End of the Year851 1,061
For the Period Ended 30 September 2018
13

For the Period Ended 30 September 2018
Interim Condensed Consolidated
Statement of Cash Flows (Continued)
Unaudited
6 Months
Sep 2018
$’000
Unaudited
6 Months
Sep 2017
$’000
Net Profit after Taxation3,2022,411
Items Classified as Investing or Financing Activities:
Transaction Costs506 460
Loss on Disposal of Investment Property405 -
Unrealised Loss in Fair Value of Interest Rate Swaps(42) 3 6
Finance Costs(80) -
Movement in Deferred Taxation (763) 3 2
Movements in Working Capital Items:
Accounts Receivable and Prepayments
442
574
Trade and Other Payables
(1,086)
(1,117)
Taxation Payable(705) (53)
Per Cash Flow1,8792,428
14

Notes to the Interim Condensed
Consolidated Financial Statements
For the Six Months Ended 30 September 2018
1. Reporting Entity
The reporting entity is the consolidated group comprising
Asset Plus Limited (“the Company”) and its New Zealand
subsidiary together referred to as “the Group”. Asset Plus
Limited is a limited liability company incorporated and
domiciled in New Zealand. Asset Plus Limited is registered
under the Companies Act 1993, is listed on the New
Zealand Stock Exchange (NZX) and is an FMC reporting
entity under the Financial Markets Conduct Act 2013.
Asset Plus Limited was formerly known as NPT Limited.
The principal activity of the Company is investing
in property in New Zealand.
2. Statement of Compliance and Basis
of Preparation
These interim condensed consolidated financial statements
have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (‘NZ GAAP’) and the
requirements of the Financial Markets Conduct Act 2013.
For the purpose of complying with NZ GAAP, the Company
and its subsidiary are for-profit entities. The interim
condensed consolidated financial statements comply with
the New Zealand Equivalent to International Accounting
Standard NZ IAS 34 “Interim Financial Reporting”.
The Interim Condensed Consolidated Financial
Statements have been prepared under the assumption
that the Group operates on a going concern basis.
Basis of Measurement
The interim condensed consolidated financial
statements have been prepared on the basis of
historical cost, except for the revaluation of investment
properties and certain financial instruments. The
accounting policies have been applied consistently
to all the periods presented in the interim condensed
consolidated financial statements.
Cost is based on the fair value of the consideration
given in exchange for assets.
Functional and Presentation Currency
The interim condensed consolidated financial
statements are presented in New Zealand Dollars
(NZD), which is the Group’s functional currency,
rounded to the nearest thousand dollars (000’s) except
in certain notes where disclosure may be to the dollar.
Critical Judgments in Applying
Accounting Policies and Key Sources
of Estimation Uncertainty
In the application of NZ IFRS, management are required
to make judgements, estimates and assumptions about
carrying values of assets and liabilities that are not
readily apparent from other sources. The estimates
and associated assumptions are based on historical
experience and various other factors that are believed
to be reasonable under the circumstances, the results
of which form the basis of making the judgements.
Actual results may differ from these estimates. The
estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is
revised if the revision affects only that period or in the
period of the revision and future periods if the revision
affects both current and future periods.
In particular, information about significant areas of
estimation, uncertainty and critical judgements in applying
accounting policies that have the most significant effect
on the amount recognised in these interim condensed
consolidated financial statements are described in the
following notes:
Recognition of Deferred Tax (Note 5)
Valuation of Investment Properties (Note 6)
3. Standards And Interpretations on
Issue Not Yet Adopted
The Group has adopted the accounting standards
which are issued and effective for reporting periods
beginning on or after 01 January 2018. The Group
applies, for the first time, IFRS 15 Revenue from
Contracts with Customers and IFRS 9
Financial Instruments.
These amendments and interpretations apply for the
first time for the reporting period beginning 01 April
2018. The Group has implemented these standards
and there is no requirement to restate prior period
comparatives as part of the transition process as the
effect on the interim condensed consolidated financial
statements is nil.
The Group has not early adopted any other standard,
interpretation or amendment that has been issued but
is not yet effective.
15

4. Administration Expenses
Unaudited
6 months
30 Sep 2018
$’000
Unaudited
6 months
30 Sep 2017
$’000
Audit Fees(72) (60)
Directors Fees(150) (137)
Employee Costs(29) (441)
Office Costs(9) (139)
Rent
-
11
Professional Fees(129) (198)
Registry and Stock Exchange Fees(50) (77)
Shareholder Communications(20) (50)
Management Fees(382) -
Other Operating Expenses(36)(14)
Total Administration Expenses(877) (1,105)
For the Six Months Ended 30 September 2018
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
5. Income Tax
The Income Tax Expense is represented by:
Unaudited
6 months
30 Sep 2018
$’000
Unaudited
6 months
30 Sep 2017
$’000
Current Tax
Current Year Tax Provision(658)(624)
Interest Rate Swap Cancellation
220 -
Total Current Tax Movement (438) (624)
Deferred Tax
Unrealised Interest Rate Swaps (Gain) / Loss
(235)(10)
Depreciation on Investment Properties
1,081-
Other(83)(21)
Total Deferred Tax Movement763(31)
Total Tax Expense325(655)
Deferred Tax Asset/(Liability)
Unaudited
6 months
30 Sep 2018
$’000
Audited
12 months
31 Mar 2018
$’000
Investment Properties Depreciation Recovery(1,920)(2,868)
Interest Rate Swaps - 235
Other150 100
Balance at the End of the Period(1,770)(2,533)
16

For the Six Months Ended 30 September 2018
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
7. Bank and Other Loans
9. Earnings Per Share
Earnings per share is calculated by dividing the profit/(loss) attributable to shareholders (excluding distributions) of
the Group by the weighted average number of ordinary shares on issue during the period.
8. Contributed Capital
6. Investment Properties
Unaudited
6 Months
30 Sep 2018
$’000
Audited
12 months
31 Mar 2018
$’000
Bank of New Zealand (Secured)10,000 44,500
Total Bank Loans - Non-Current10,000 44,500
Agreed Bank Facility70,000 70,000
Reconciliation of Carrying Amount
Unaudited
6 months
30 Sep 2018
$’000
Audited
12 months
31 Mar 2018
$’000
Balance at the Beginning of the Period124,556175,956
Disposal of Investment Property-(11,008)
Work in Progress62119
Building Improvements-15
Reclassifications from Work in Progress-5,726
Reclassifications from Plant and Equipment-977
Capitalised Lease Incentives and Commissions(139)(470)
Revaluation of Investment Properties-(2,945)
Investment Property Held for Sale Reclassified as current asset-(43,814)
Balance at the End of the Period124,479124,556
6 Months6 Months12 months12 months
30 Sep 201831 Mar 2018
No of shares$’000No of shares$’000
Fully Paid Shares on Issue161,920,433134,089161,920,433 134,089
Movement in Shares on Issue
Balance at the Beginning of the Period161,920,433134,089161,920,433 134,089
Balance at the End of the Period161,920,433134,089161,920,433 134,089
Unaudited
6 Months
30 Sep 2018
$’000
Unaudited
6 Months
30 Sep 2017
$’000
Profit/(Loss) attributable to Shareholders of the Group
3,2022,411
Number of Shares on Issue161,920 161,920
Basic and Diluted Earnings per Share (cents)1.981.49
17

For the Six Months Ended 30 September 2018
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
11. Segment Information
Segment values for the 6 months ended 30 September 2018 were as follows:
Investment Property
$’000
Unallocated
$’000
Total
$’000
Segment Revenue7,189 - 7,189
Net Segment Revenue4,825 - 4,825
Net Profit/(Loss) before Taxation
4,494 (1,617) 2,877
Segment values for the 6 months ended 30 September 2017 were as follows:
Investment Property
$’000
Unallocated
$’000
Total
$’000
Segment Revenue8,647 - 8,647
Net Segment Revenue6,105 - 6,105
Net Profit/(Loss) before Taxation6,105(3,039)3,066
10. Distributions Paid and Payable
Unaudited
6 Months
30 Sep 2018
$’000
Unaudited
6 Months
30 Sep 2017
$’000
The following distribution was declared and paid in
respect of the previous year:
June 2018 0.900 cents
(June 2017: 0.900 cents)
1,458
1,458
The following distributions were declared and paid
during the period:
Sept 2018 0.900 cents
(Sept 2017: 0.900 cents)
1,458
1,458
Total Distributions Paid
2,916
2,916
12. Related Parties
Asset Plus Limited is managed by Augusta Funds Management Limited. The Parent of Augusta Funds Management
Limited, Augusta Capital Limited, owns 18.85% of Asset Plus Limited.
Transactions with Augusta Funds Management Limited are deemed to be related parties because the Company is managed by
Augusta Funds Management under the terms of the signed management contract.
The below table sets out the transactions between Augusta Funds Management and the Company:
Unaudited
6 Months
30 Sep 2018
$’000
Unaudited
6 Months
30 Sep 2017
$’000
Management Fees384-
Property Management Fees138-
Total Fees522-
Amounts owed to Related Parties236-
18

For the Six Months Ended 30 September 2018
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
13. Capital Commitments
At the reporting date the Group had $2.84 million
committed to capital expenditure (March 2018:
$2.76 million).
14. Contingent Liabilities
There were no material contingent assets as at 30
September 2018. (31 March 2018: nil).
15. Subsequent Events
On 1 November 2018, the bank facility limit with BNZ
was reduced from $70 million to $20 million.
19

Independent Review Report
To the Shareholders of Asset Plus Limited
Report on the Interim Condensed Consolidated Financial Statements
We reviewed the accompanying interim condensed consolidated financial statements of Asset Plus Limited
on pages 10 to 19 which comprise the interim condensed consolidated statement of financial position as at
30 September 2018, and the interim condensed consolidated statement of comprehensive income, interim
condensed consolidated statement of changes equity and interim condensed consolidated statement of
cash flows for the period then ended, and notes to the interim condensed consolidated financial statements,
including a summary of significant accounting policies.
Director’s Responsibility for the Interim Condensed Consolidated Financial Statements
The directors are responsible for the preparation and fair presentation of these interim condensed consolidated
financial statements in accordance with New Zealand equivalents to International Financial Reporting
Standards issued in New Zealand by the New Zealand Accounting Standards Board, and for such internal
control as the directors determine is necessary to enable the preparation and fair presentation of the interim
condensed consolidated financial statements that are free from material misstatement, whether due to fraud
or error.
Our Responsibility
Our responsibility is to express a conclusion on the interim condensed consolidated financial statements. We
conducted our review in accordance NZ SRE 2410, Review of Historical Financial Statements Performed by the
Independent Auditor of the Entity. NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the interim condensed consolidated financial statements, taken as a
whole, are not prepared in all material respects in accordance with New Zealand equivalents to International
Financial Reporting Standards issued in New Zealand by the New Zealand Accounting Standards Board. As the
auditor of Asset Plus Limited NZ SRE 2410 requires that we comply with the ethical requirements relevant to the
audit of the annual consolidated financial statements.
A review of interim condensed consolidated financial statements in accordance with NZ SRE 2410 is a limited
assurance engagement. The auditor performs procedures, primarily consisting of making enquiries of
management and others within the entity, as appropriate and applying analytical procedures, and evaluates the
evidence obtained.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these interim condensed consolidated financial statements.
Other than in our capacity as auditor including the provision of other assurance services we have no
relationship with, or interests in, the Entity.
20

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim
condensed consolidated financial statements on pages 10 to 19 do not present fairly, in all material
respects, the interim condensed consolidated financial position of Asset Plus Limited as at 30 September
2018, and its interim condensed consolidated statement of comprehensive income, interim condensed
consolidated statement of changes in equity and interim condensed consolidated statement of cash flows
for the period then ended, in accordance with New Zealand equivalents to International Financial Reporting
Standards issued in New Zealand by the New Zealand Accounting Standards Board.
Restriction on use of our report
This report on the interim condensed consolidated financial statements is made solely to the shareholders,
as a body. Our limited assurance work has been undertaken so that we might state to the shareholders, as
a body those matters which we are required to state to them in an independent review report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Asset Plus Limited and the shareholders, as a body, for our work, for this report or for the
opinion we have formed.
Grant Thornton New Zealand Audit Partnership
Kerry Price
Partner
Auckland, New Zealand
28 November 2018
21

Directory
Company
Asset Plus Limited
PO Box 37953
Parnell 1151
Phone: 09 300 6161
www.assetplusnz.co.nz
Directors
Bruce Cotterill
Allen Bollard
Carol Campbell
Paul Duffy
Bankers
Bank of New Zealand
Level 6
Deloitte Centre
80 Queen Street
Auckland
Auditor
Grant Thornton New Zealand Audit
Partnership
Level 4
Grant Thornton House
152 Fanshawe Street
PO Box 1961
Auckland 1140
Registrar
Link Market Services Limited
Level 11
Deloitte Centre
80 Queen Street
Auckland 1010
PO Box 91976
Auckland 1142
Phone: 09 375 5998
Fax: 09 375 5990
Manager
Augusta Funds Management Limited
Level 2
Bayleys House
30 Gaunt Street
Wynyard Quarter
Auckland 1010
PO Box 37953
Parnell 1151

---

Reporting period
Previous reporting period
Amount ($000s)Percentage change
Revenue from ordinary activitie
s7,189(16.9%)
3,20232.8%
Net profit attributable to shareholders3,20232.8%
Interim/final dividen
dAmount per securityImputed amount per security
Interim dividend$0.00900$0.00247
Record date12 December 2018
Dividend payment dat
e19 December 2018
Comments:
-
1. This announcement is extracted from Asset Plus Limited's
unaudited financial statements for the period ended 30
September 2018. A copy of these unaudited financial
statements is attached to this announcement.
Asset Plus Limite
d
Results for announcement to the market
6 months to 30 September 2018
6 months to 30 September 2017
Profit from ordinary activities after tax attributable
to shareholders

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
x
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
12 December, 201819 December, 2018
$$$0.002470
$
New Zealand Dollars
$1,457,280
Date Payable
$0.002650
Enter N/A if not
applicable
NZ NAPE 0007S3
In dollars and cents
$0.006350
09 300 616109 300 616128112018
Ordinary Shares
EMAIL: announce@nzx.com
Notice of event affecting securities
Asset Plus Limited
Simon WoollamsDirectors Resolution