Building on a new strategy

INTERIM REPORT 2019
FOR THE SIX MONTHS ENDED SEPTEMBER 2019
This Interim Financial Report for Asset Plus Limited (including Subsidiaries)
covers the trading period from 1st April to 30th September 2019.

Contents
Interim Condensed Consolidated Statement 3
of Comprehensive Income
Interim Condensed Consolidated Statement 4
of Changes In Equity
Interim Condensed Consolidated Statement 5
of Financial Position
Interim Condensed Consolidated Statement 6
of Cash Flows
Notes to the Interim Condensed Consolidated 8
Financial Statements
Independent Review Report 14
Directory 16
2

Note
Unaudited
30 Sep 2019
$’000
Unaudited
30 Sep 2018
$’000
Gross Rental Revenue6,8407,189
Direct Property Operating Expenses(1,807)(2,364)
Net Rental Revenue5,0334,825
Administration Expenses4(778)(877)
Net Finance Costs4(696)(798)
Total Operating Expenses(1,474)(1,675)
Total Operating Income3,5593,150
Gain/(Loss) on Sale of Investment Property23(405)
Realised Interest Rate Swap Gain- 132
Transaction Costs5 (827)-
Net Profit Before Taxation2,7552,877
Income Tax6(748)325
Net Profit After Taxation2,0073,202
Other Comprehensive Income- -
Total Comprehensive Income For the Period2,0073,202
Basic and Diluted Earnings Per Share121.241.98
Interim Condensed Consolidated
Statement of Comprehensive Income
For the Six Months Ended 30 September 2019
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
3

Note
Share
Capital
$’000
Accumulated
Loss
$’000
Total
$’000
Opening Balance at 1 April 2019 (audited)134,089(21,775)112,314
Net Profit After Taxation - 2,0072,007
Total Comprehensive Income For the Period-2,0072,007
Dividends13-(2,915)(2,915)
Closing Balance at 30 September 2019 (unaudited)134,089 (22,683)111,406
Note
Share
Capital
$’000
Accumulated
Loss
$’000
Total
$’000
Opening Balance at 1 April 2018 (audited)134,089 (19,750) 114,339
Net Profit After Taxation - 3,2023,202
Total Comprehensive Income For the Period-3,2023,202
Dividends13 - (2,916)(2,916)
Closing Balance at 30 September 2018 (unaudited)134,089 (19,464)114,625
Interim Condensed Consolidated
Statement of Changes In Equity
For the Six Months Ended 30 September 2019
For the Six Months Ended 30 September 2018
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
4

Interim Condensed Consolidated
Statement of Financial Position
Note
Unaudited
As at
30 Sep 2019
$’000
Audited
As at
31 Mar 2019
$’000
Current Assets
Cash at Bank448781
Trade Receivables, Prepayments and Other Receivables1,8201,839
Taxation Receivable74413
Properties Held for Sale929,08328,890
Total Current Assets31,42531,923
Non-Current Assets
Investment Properties8153,22994,077
Property, Plant and Equipment- 66
Total Non-Current Assets153,22994,143
Total Assets184,654126,066
Current Liabilities
Trade Payables, Provisions and Accruals1,2451,384
Other Current Liabilities474-
Total Current Liabilities1,7191,384
Non-Current Liabilities
Borrowings1069,70010,500
Deferred Taxation61,8291,868
Total Non-Current Liabilities71,52912,368
Total Liabilities73,24813,752
Net Assets111,406112,314
Contributed Capital134,089134,089
Accumulated Loss(22,683)(21,775)
Shareholders’ Equity111,406112,314
as at 30 September 2019
The Board of Asset Plus Limited approved the interim condensed consolidated financial statements for issue on
29 November 2019.
Bruce Cotterill
Carol Campbell
Chairman Chair Audit and Risk Committee
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
5

Interim Condensed Consolidated
Statement of Cash Flows
Note
Unaudited
30 Sep 2019
$’000
Unaudited
30 Sep 2018
$’000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue7,4867,624
Operating Expenses(3,233)(4,207)
Interest Income415
Interest Expense(754)(1,085)
Taxation Paid(448)(1,143)
Net Cash Inflow from Operating Activities3,0551,204
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Sale of Investment Property-38,076
Acquisition of Investment Property8(58,580)-
Deposit received from Property Held for Sale250-
Capital Expenditure on Investment Properties(516)(273)
Transaction Costs(827)(505)
Net Cash Inflow/(Outflow) from Investing Activities(59,673)37,298
Cash Flows from Financing Activities
Cash was provided from/(applied to):
(Repayment)/Drawdown of Borrowings59,200(34,500)
Distributions Made to Shareholders13(2,915)(2,916)
Payment to Cancel Interest Rate Swaps-(707)
Net Cash Inflow/(Outflow) from Financing Activities56,285(38,123)
Net Increase/(Decrease) in Cash and Cash Equivalents(333)379
Cash and Cash Equivalents at the Beginning of the Period781472
Cash and Cash Equivalents at the End of the Period448851
For the Six Months Ended 30 September 2019
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
6

For the Six Months Ended 30 September 2019
Interim Condensed Consolidated
Statement of Cash Flows (Continued)
Reconciliation of Net Profit to Net Cash Flow from Operating Activities
Note
Unaudited
30 Sep 2019
$’000
Unaudited
30 Sep 2018
$’000
Net Profit after Taxation2,0073,202
Items Classified as Investing or Financing Activities:
Transaction Costs827506
(Gain)/Loss on Sale of Investment Property(23)405
Realised Loss in Fair Value of Interest Rate Swaps-(42)
Finance Costs(52)(80)
Movement in Deferred Taxation(39)(763)
Movements in Working Capital Items:
Trade Receivables, Prepayments and Other Receivables646442
Trade Payables, Provisions and Accruals(650)(1,761)
Taxation Payable339(705)
Net Cash Inflow from Operating Activities3,0551,204
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
7

Notes to the Interim Condensed
Consolidated Financial Statements
For the Six Months Ended 30 September 2019
1. Corporate Information
The interim condensed consolidated financial statements
comprise of Asset Plus Limited (the “Company”) and its
subsidiary (collectively the “Group”).
The Company is a limited liability company incorporated
and domiciled in New Zealand whose shares are listed
on the New Zealand Stock Exchange. The Company is
an FMC Reporting Entity under the Financial Markets
Conduct Act 2013. The registered office is located at
Level 2, Bayley’s House, 30 Gaunt Street, Wynyard
Quarter, Auckland.
The nature of the operations and principal activities of the
Group are investing in industrial, retail and commercial
property in New Zealand.
2. Statement of Compliance and Basis
of Preparation
The interim condensed consolidated financial statements
for the six months ended 30 September 2019 have
been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (“NZ GAAP”), the
requirements of the Financial Markets Conduct Act 2013
and the Main Board listing rules of the New Zealand
Stock Exchange. They also 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 and are
presented in New Zealand dollars with all values rounded
to the nearest thousand dollars ($’000), except where
otherwise indicated.
The interim condensed consolidated financial statements
do not include all the information and disclosures required
in the annual financial statements, and should be read in
conjunction with the Group’s annual consolidated financial
statements as at 31 March 2019.
(a) Basis of Measurement
The interim condensed consolidated financial statements
have been prepared on a historical cost basis, except
for investment properties which have been measured at
fair value.
Changes in accounting policies
The accounting policies adopted are consistent with
those of the most recent annual financial statements for
the year ended 31 March 2019, except where accounting
standards which have been issued and are effective
for the current reporting period, or which are issued
but not yet effective and may be early adopted, have
been adopted for the first time. Certain comparative
information has been reclassified to conform with the
current reporting period’s presentation.
The Group has adopted the accounting standards which
are issued and effective for reporting periods beginning
on or after 1 January 2019. These amendments and
interpretations apply for the reporting period beginning
1 April 2019 as follows:
NZ IFRS 16 Leases
NZ IFRS 16 introduces new or amended requirements
for lease accounting. Significant changes to lessee
accounting have been introduced by removing the
distinction between operating and finance leases and
now requires a lessee to recognise a lease liability
reflecting future lease payments and a ’right-of-
use’ asset for all lease contracts. Lessors reporting
requirements are similar to the previous standard
NZ IAS 17 Leases.
The Directors have assessed all lease contracts and note
that there are no leases entered into by the Group in
the role of a lessee. Substantially all property owned by
the Group is leased to third party tenants. These leases
continue to be classified as operating leases as the Group
retains all significant risks and rewards of ownership.
Therefore, the adoption of this standard has no material
effect on the Group’s interim condensed consolidated
financial statements.
Several other amendments and interpretations apply for
the first time in 2019, but do not have an impact on the
interim condensed consolidated financial statements of
the Group.
3. Significant Accounting Estimates
and Judgements
The preparation of these interim condensed consolidated
financial statements requires the use of certain critical
accounting estimates.
It also requires management to exercise its judgement in
the process of applying the Group’s accounting policies.
Although the Group has internal control systems in
place to ensure that estimates can be reliably measured,
actual amounts may differ from those estimates. The
areas involving a higher degree of judgement or areas
where assumptions are significant to the Group include
the following:
•Determination of Deferred Taxes (Note 6)
•Determination of Fair Value of Investment Property
(Note 8)
8

4.Administration Expenses and Net Finance Costs
Unaudited
6 months
30 Sep 2019
$’000
Unaudited
6 months
30 Sep 2018
$’000
Management Fees(396)(382)
Directors Fees(150)(150)
Auditor’s Remuneration(21)(72)
Professional Fees(127)(129)
Other Administration Costs(84)(144)
Total Administration Expenses(778)(877)
Net Finance Costs
Interest and Finance Charges(701)(813)
Interest Income515
Net Finance Costs(696)(798)
Statement of Profit and Loss
Unaudited
6 months
30 Sep 2019
$’000
Unaudited
6 months
30 Sep 2018
$’000
Current Tax
Continuing Operations - Current Income Tax Charge(787)(658)
Interest Rate Swap Contribution-220
Current Tax(787)(438)
Net Deferred Income Tax
Realised Interest Rate Swap Loss-(235)
Investment Property Building Depreciation-1,081
Other39(83)
Net Deferred Income Tax39763
Income Tax Reported in the Interim Condensed
Consolidated Statement of Comprehensive Income
(748)325
5. Transaction Costs
During the six month period ended 30 September 2019, investigative work was undertaken to acquire two separate
businesses. This cost included substantive due diligence, financial investigative and legal costs for the Company
collectively known as transaction costs. During the period, $0.827 million of transaction costs were incurred (for the six
month period ended 30 September 2018: nil).
6. Income Tax
Major components of income tax expense are:
For the Six Months Ended 30 September 2019
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
9

7. Segment Reporting
The principal business activity of the Group is to invest in New Zealand properties. Investment properties have similar
economic characteristics, methods of management and are under leases of various terms. Segment reporting is presented
in a consistent manner with internal reporting provided to the chief operating decision maker, the Board. The Board
receives internal financial information on a property by property basis, assesses property performance and decides
on the resource allocation. The Group operates only in New Zealand. On this basis all of the Group’s properties have
been aggregated into a single reporting segment to most appropriately reflect the nature and financial effects of the
business activities.
8. Investment Properties
The tables below outline the movements in the carrying values for all directly owned investment properties:
Unaudited
As at
30 Sep 2019
$’000
Audited
As at
31 Mar 2019
$’000
Eastgate Shopping Centre54,97154,577
Roskill Centre39,49439,500
35 Graham Street58,764-
Closing Balance153,22994,077
Deferred income tax
Net deferred income tax liability relates to the following:
Unaudited
As at
30 Sep 2019
$’000
Audited
As at
31 Mar 2019
$’000
Deferred Income Tax Liabilities:
Investment Properties Recoverable Depreciation(1,786)(1,786)
Other(43)(82)
Deferred Taxation(1,829)(1,868)
6. Income Tax (Continued)
Unaudited
6 months
30 Sep 2019
$’000
Audited
12 months
31 Mar 2019
$’000
Opening balance94,077124,556
Acquisition
(1)
58,580-
Capex516268
Loss On Revaluation-(1,767)
Transfer to Assets Held For Sale-(29,110)
Lease Amortisation and Other56130
Closing Balance153,22994,077
(1)
The acquisition of 35 Graham Street, Auckland was approved by shareholders at a special meeting held on 17 June 2019. The purchase of this
property settled on 28 June 2019.
All investment properties were valued by independent valuers as at 31 March 2019. The Directors have determined that
there have been no material changes which would effect the fair value of investment properties as at reporting date
therefore no updated independent valuations have been commissioned. The table below outlines the carrying values for
all directly owned investment properties:
For the Six Months Ended 30 September 2019
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
10

For the Six Months Ended 30 September 2019
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
Unaudited
6 months
30 Sep 2019
$’000
Audited
12 months
31 Mar 2019
$’000
Opening Balance28,89043,814
Disposal-(42,899)
Transfer From Investment Properties-29,110
Loss on Sale-(915)
Cost of Sale Of Transaction and Other Movements193(220)
Closing Balance29,08328,890
An unconditional binding sale and purchase agreement has been signed for the Heinz Wattie’s Warehouse in Hastings.
The purchaser will syndicate the property and the Company has agreed to underwrite the $16.25 million of equity that
will be raised for a fee of $0.49 million. Settlement of the sale will take place on 17 December 2019.
9. Properties Held For Sale
The table below outlines the movements in the carrying values for all properties held for sale during the reporting period:
FacilityBankLoan maturity
Unaudited
As at
30 Sep 2019
$’000
Audited
As at
31 Mar 2019
$’000
Investment Property FacilityBNZ28/06/2269,70010,500
Total69,70010,500

Financing facility available
At reporting date, the following financial facility had been negotiated and was available:
Unaudited
As at
30 Sep 2019
$’000
Audited
As at
31 Mar 2019
$’000
Facility Used at Reporting Date - Secured Bank Loan (BNZ)69,70010,500
Facility Unused at Reporting Date - Secured Bank Loan (BNZ)5,3009,500
Total Facility Limit75,00020,000
10. Borrowings
Unaudited
As at
30 Sep 2019
$’000
Audited
As at
31 Mar 2019
$’000
Ordinary Shares
Number of Issued and Fully Paid Shares161,920161,920
Ordinary shares have no par value
Fully paid and ordinary shares carry one vote per share, and share equally in dividends and any surplus on winding up.
11. Equity
Issued capital and reserves
11

For the Six Months Ended 30 September 2019
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
12. Earnings Per Share
Unaudited
6 months
30 Sep 2019
$’000
Unaudited
6 months
30 Sep 2018
$’000
Total Comprehensive Income for The Period2,0073,202
Weighted Average Number of Ordinary Shares161,920161,920
Earnings Per Share (Cents) - Basic and Fully Diluted1.241.98
13. Dividends Paid To Shareholders
Dividends paid during the period comprised:
For the six months ended
30 September 2019
For the six months ended
30 September 2018
CPS$’000Date PaidCPS$’000Date Paid
Q4 Prior Year Net Dividend 0.900 1,45720/06/190.900 1,458 20/06/18
Q1 Net Dividend0.900 1,4584/09/190.900 1,458 7/09/18
Total Paid During The Period1.800 2,9151.8002,916
14. Related Parties
Augusta Funds Management Limited owns the management contract rights of the Group. The parent of Augusta Funds
Management Limited, Augusta Capital Limited, owns 18.85% of Asset Plus Limited (Sep 2018: 18.85%). 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.

Fees paid and owing to the
manager (values in $’000)
Unaudited
6 months
30 Sep 2019
Fees charged
Unaudited
As at
30 Sep 2019
Fees owed
Unaudited
6 months
30 Sep 2018
Fees charged
Unaudited
As at
30 Sep 2018
Fees owed
Management Fees396228384208
Lease Renewal Fees191191--
Property Management Fees93539440
Acquisition Fee580---
Total1,260472478248
Interim condensed consolidated statement of changes in equity
Unaudited
6 months
30 Sep 2019
$’000
Unaudited
6 months
30 Sep 2018
$’000
Dividend Paid to Augusta Capital Limited550550
12

For the Six Months Ended 30 September 2019
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
15. Commitments and Contingencies
Capital commitments
As part of the unconditional binding sale and purchase agreement to sell the Heinz Wattie’s Warehouse (refer to Note 9),
the purchaser Erskine and Owen will syndicate the property and the Company has agreed to underwrite $16.25 million
of equity that will be raised for the syndicate. Settlement of the sale will take place on 17 December 2019 and the actual
commitment for the underwrite will be known at this date.
As at reporting date, there are no other capital commitments (March 2019: nil).
Guarantees
BNZ has provided a bond to the New Zealand Stock Exchange for the sum of $75,000, being the amount required to
be paid by all Issuers listed on the New Zealand Stock Exchange, and the Company has provided a General Security
Agreement over its assets in favour of BNZ as security for this bond (31 March 2019: $75,000).
Contingent liabilities
At the reporting date the Group had no material contingent liabilities (March 2019: nil).
16. Subsequent Events
On 15 October 2019, the Company declared the purchase of bare land at 6-8 Munroe Lane in Albany unconditional.
The purchase price is $7.25 million with settlement set for 2 December 2019.
There have been no other subsequent events since 30 September 2019.
13

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
3 to 13 which comprise the interim condensed consolidated statement of financial position as at 30 September
2019, and the 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, 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 ccordance
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.
14

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 3 to 13 do not present fairly, in all material respects, the interim
condensed consolidated financial position of Asset Plus Limited as at 30 September 2019, 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
29 November 2019
15

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 1010
Auditor
Grant Thornton New Zealand Audit
Partnership
Level 4
Grant Thornton House
152 Fanshawe Street
Auckland 1010
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

---

29 November 2019






Dear Shareholder

Further to the interim result announced today we are pleased to provide Shareholders with an update
on the transformation of Asset Plus into an active, yield plus growth focused company.

Management have completed the first material step in this transformational strategy with the successful
acquisition of 35 Graham Street during the period.

The adopted value-add investment strategy provides opportunities to secure assets capable of
benchmark outperformance, whilst endeavouring to close the gap between net tangible assets and the
share price. Augusta, as both external manager and the largest shareholder in Asset Plus, remains focused
on implementation of this strategy to improve returns for shareholders, with a natural alignment of
interest. This value-add strategy suits the current low yield, low interest rate environment where active
management, repositioning and development opportunities can be secured utilising the expertise of the
manager and providing a unique strategic mandate in the listed property sector.

Existing portfolio

Management has placed a strong focus on reviewing the existing portfolio in light of this newly considered
approach; to identify opportunities to restore faith, and add value, to the current asset valuations. This
review has resulted in the sale of the Hastings Heinz Watties asset, which is no longer considered core,
creating balance sheet capability for other transactions.

We have also identified a number of longer term initiatives at Eastgate mall in Christchurch, which we are
currently progressing. An updated comprehensive demographics report was obtained to support the
leasing strategy. Countdown, an existing anchor tenant, has renewed for 8 years providing long-term
certainty for the Centre.

The occupancy at Stoddard Road, Mt Roskill, remains at 100%.

35 Graham Street Acquisition

The successful acquisition of 35 Graham Street in June was the first major acquisition by Asset Plus under
the new investment mandate. The purchase provides a strong initial yield of 6.85%, with Auckland Council
as tenant for a 2 year lease back. The property has considerable opportunity for repositioning at the end
of the lease term, with a range of options being considered by the Board. The development feasibility,
and scope of works is well advanced. A resource consent will be sought for the proposed redevelopment
in conjunction with the production of marketing collateral. Colliers International have been appointed as
leasing agent to pursue pre-leasing opportunities, which will commence in early 2020.

Focus on future acquisitions and growth

The Manager, and the Board remain patient and disciplined in relation to potential acquisitions. The first
half of this year has seen material due diligence conducted on two transactions that would have brought
significant scale and value-add opportunities to the Asset Plus portfolio in accordance with the yield plus
growth strategy. Considerable time has been invested by the Manager and the associated scale and
complexity has required specialist third party due diligence advice which has had an impact on the half
year result. Unfortunately, these two transactions will now not proceed in their proposed form as terms
could not be agreed with the respective vendors.

A range of funding options to support the growth of Asset Plus are currently being considered by the
Board, with the funding strategy to be finalised as transactions are confirmed. The 35 Graham Street
transaction coupled with the sale of the Hastings property has provided a springboard for further
expansion by Asset Plus.

Our ongoing focus remains on securing investment opportunities in accordance with the value-add
mandate to:

• Increase the scale of the portfolio (and subsequently reduce the management expense ratio);
• Reduce the share price to NTA gap;
• Set a strong platform for sustainable growth moving forward; and
• Provide an appropriate yield reflective of the value-add, and total return approach adopted.

We look forward to progressing these opportunities within the existing portfolio and continuing to build
on the momentum gathered to date.

Finally, I wish you and your family a safe and happy holiday season.


Best wishes





Bruce Cotterill
Chairman

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)



Results for announcement to the market
Name of issuer Asset Plus Limited (APL)
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 6,840 (4.85%)
Total Revenue $ 6,840 (4.85%)
Net profit/(loss) from continuing
operations
$ 2,007 (37.32%)
Total net profit/(loss) $ 2,007 (37.32%)
Interim/Final Dividend
Amount per Quoted Equity Security $0.01023517
Imputed amount per Quoted Equity
Security
$0.00123517
Record Date 11/12/2019
Dividend Payment Date 18/12/2019
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.69 $0.69
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
This announcement is extracted from APL’s unaudited interim financial
statements as at and for the six months ended 30 September 2019. A copy of
these unaudited interim financial statements is attached to this announcement.
Authority for this announcement
Name of person authorised to make
this announcement
Simon Woollams
Contact person for this
announcement
Simon Woollams
Contact phone number 09 300 6161
Contact email address simon@augusta.co.nz
Date of release through MAP 29/11/2019

Unaudited financial statements accompany this announcement.

---

Distribution Notice



Section 1: Issuer information
Name of issuer Asset Plus Limited (APL)
Financial product name/description Ordinary shares
NZX ticker code APL
ISIN (If unknown, check on NZX website) NZ NAPE 0007S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 11/12/2019
Ex-Date (one business day before the Record
Date)
10/12/2019
Payment date (and allotment date for DRP) 18/12/2019
Total monies associated with the distribution $1,457,284
Source of distribution (for example, retained
earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.01023517
Total cash distribution $0.00900000
Excluded amount (applicable to listed PIEs) $0.00582384
Supplementary distribution amount $0.00056050
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partial imputation
If fully or partially imputed, please state
imputation rate as % applied
12.1% (being the imputation credits per financial product divided by
the gross distribution amount).
Imputation tax credits per financial product $0.00123517
Resident Withholding Tax per financial
product
N/A
Section 4: Authority for this announcement
Name of person authorised to make this
announcement
Simon Woollams
Contact person for this announcement Simon Woollams
Contact phone number 09 300 6161
Contact email address simon@augusta.co.nz
Date of release through MAP 29/11/2019

---

NZX release
Building on a new strategy
29 November 2019


Asset Plus Limited today announced its interim financial results for the six month period ended 30
September 2019, reporting profit and total comprehensive income after tax of $2.01 million, down from
$3.20 million in the prior corresponding period (pcp).

Adjusted funds from operations
1
reduced by $0.76 million to $2.02 million as a result of due diligence
costs incurred. Operating performance over the period was steady on a like for like basis for the three
existing assets. The partial impact of the Graham Street acquisition offset the AA Centre divestment in
the pcp which resulted in an increase in total operating income to $3.56 million from $3.15 million.

Asset Plus Chairman, Bruce Cotterill said “The last six months has been a period of active due diligence
with a focus to secure acquisitions with future value-add potential. The 35 Graham St acquisition was
the first step, but other opportunities continue to be sought.”

Other key points from the period are:
• An interim net dividend of 0.9 cents per share has been declared
• Portfolio occupancy is 98.0% which increased from 96.7% over the six months due to the
Graham Street acquisition
• The WALE
2
is 4.2 years which is decreased from 5.5 years at 31 March 2019 due to the
acquisition of 35 Graham Street
3
.
• Loan to value ratio is 38.2% (8.5% at 31 March 2019).
• Net tangible assets (NTA) of 69 cents per share was maintained over the period.
• $59.2 million of debt was drawn to fund the 35 Graham Street acquisition.

Strategic update

The Board is committed to growing the portfolio in a disciplined manner, with a primary focus to close
the gap between the share price and NTA.

The 35 Graham Street acquisition fits within the Asset Plus “value-add” investment strategy as not only
does the purchase price represent a strong initial yield of 6.85% in the near term, the property has
considerable potential for a re-positioning at the end of the two-year lease term. The future
development feasibility and scope of works is well underway, and a leasing agent has been appointed to
pursue pre-leasing opportunities.

The divestment of the Heinz warehouse in Hastings settles on 17 December 2019 and will provide debt
headroom to facilitate further acquisitions. This asset was identified as non-core as it no longer fits the
company strategy.

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 results presentation on slide 14 which has not been independently reviewed by the auditors.
2
Weighted average lease expiry
3
On the divestment of the Heinz Watties distribution warehouse in December 2019 WALE will reduce to ~3.5 years

During the period management undertook significant due diligence on material opportunities.

Bruce Cotterill says “Value-add opportunities require significant due diligence. The size and complexity
of these transactions require a thorough and robust programme of diligence. To date no transaction has
been secured but the management team remain focused on potential opportunities.”


Portfolio update

Steady progress has been made at Eastgate in Christchurch and Stoddard Road in Mt Roskill. Both
assets provide a running yield in the near to medium term. Occupancy has been maintained at 100% at
Stoddard Rd.

The search for a further anchor tenant at Eastgate remains a focus and in recent times there have been
some promising leads in attracting prospective tenants.

Financial result

Profit and total comprehensive income after tax for the period ended 30 September is $2.01 million
($3.21 million in the prior corresponding period (pcp)).

Adjusted funds from operations of $2.02 million were recorded ($2.78 million in the pcp). The current
period was impacted by $0.83 million of due diligence and transaction related costs.

Net rental revenue from the property portfolio was up $0.21 million to $5.03 million. Higher net rental
income was due primarily to the acquisition of 35 Graham Street in June 2019, was offset by the sale of
the AA Centre in June 2018.

The reported tax expense is $1.08 million higher as in the pcp there was a release of the deferred tax
liability of $1.0 million relating to AA Centre.


Balance Sheet

$69.7 million of debt is currently drawn which represents an LVR of 38% (March 2019 8.5%).

NTA is 69 cents per share which is unchanged during the period.

No independent revaluations were completed during the period as the Directors determined there was
no material movement over the 6 months.

Dividend

A quarterly dividend of 0.9 cents per share has been declared, with the record date set for 11
December 2019 and payment on 18 December 2019.

The dividend is maintained at the current level but is subject to quarterly review and ongoing
assessment considering potential future transactions.

While this equates to a pay-out ratio of 144% of AFFO, the dividend level was retained as the Board
considers the due diligence costs incurred to be part of the Company’s growth ambitions. The pay-out
ratio is reduced to 102% if these costs were not incurred during the period.

The dividend is expected to be maintained at the current level but is subject to quarterly review and
ongoing assessment considering potential future acquisitions.

Outlook

Mark Francis, Managing Director of Augusta commented “Augusta is now focused on the 35 Graham
Street redevelopment opportunity. Pre-leasing is a critical element to this process.”

“The search for new opportunities continues and Augusta is confident in being able to secure these in
the near term as the Company requires scale to set a stronger platform for growth.”

The Board is pleased with Augusta’s performance as manager and the progress they have made on
formulating and executing a new strategy for the Company which it hopes to provide for sustainable
growth over the longer term.


ENDS


For further information please contact:

Bruce Cotterill
Chairman, Asset Plus Limited
021 668 881

Mark Francis
Managing Director
Augusta Funds Management Limited, manager of Asset Plus Limited
(09) 300 6161

Simon Woollams
Chief Financial Officer
Augusta Funds Management Limited, manager of Asset Plus Limited
(09) 300 6161

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Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
INTERIM RESULTS PRESENTATION 2019
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
01
04
Key Activity
02
05
03
06
Overview
Strategic
Objectives
Key Metrics
Portfolio
Update
FinancialsOutlook
2

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
Strategic Objectives
01
02
03
04
Increase the scale of the portfolio
Reduce the share price to NTA gap
Set a strong platform for sustainable
growth moving forward
Provide an appropriate yield reflective of the
value-add, and total return approach adopted
•35 Graham Street acquired for $58.0m with potential
future redevelopment
•Continuing search for new opportunities
•Share price of $0.64 v NTA of $0.69 (30 Sept 19)
•Share price increased 7.6% during the period
•Heinz Watties distribution centre to be
divested for $29.1m (identified as non-core)
•Repositioning and development feasibility
work at 35 Graham Street underway
KEY PROGRESS
3

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
Key Activity
35 Graham St, Auckland
purchased in June 2019 for
$58.0m
Heinz Watties Distribution
Centre, Hastings, sold for
$29.1m in July 2019
(settling December 2019)
For the six months ended 30 September 2019
Eastgate, Countdown second
renewal effectiveduring the
period (extending expiry to
December 2026)
A number of renewals have
been secured at Stoddard
Road retaining occupancy at
100%
Commencement of 35
Graham St development
feasibility and scope of
works
Significant due diligence work
undertaken during the half($0.8m in
total) on two material acquisition
opportunities now not proceeding
4

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
$182.3m
Portfolio Value
98%
Occupancy*
4.2 years
WALT*
Location (%)
Investment Property
48
Number of Tenants
30
54
16
Auckland
Christchurch
4
Properties
Key Metrics
For the six month period ending 30 Sept 2019
38.2%
LVR
$0.69
NTA
Other
* On divestment of Heinz Watties in December 2019, WALT will reduce to ~3.5 years. Occupancy remains at 98%.
5

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
Financial Performance
6 months6 months
Sep-19Sep-18VarVar
$m$m$%
Gross Rental Revenue6.847.19(0.35)(5%)
Direct Property Operating Expenses(1.81)(2.36)0.5624%
Net Rental Revenue5.034.830.214%
Administration Expenses(0.78)(0.88)0.1011%
Net Finance Costs(0.69)(0.80)0.1114%
Total Operating Income3.563.150.4213%
Other Adjustments(0.80)(0.27)(0.53)(196%)
Profit Before Taxation2.762.88(0.11)(4%)
Tax(0.75)0.33(1.08)(327%)
Total Comprehensive Income For
the Period
2.013.21(1.19)(37%)
AFFO*2.022.78(0.76)(27%)
AFFO CPS1.251.72(0.47)(27%)
Profit and other comprehensive income net of tax for the period ended
30 September is $2.01m, $1.19m / 37% lower than prior year.
Adjusted funds from operations of $2.02m. ($2.78m in the prior period).
The current period was impacted by $0.83m of due diligence and
transaction related costs.
Net revenues from the property portfolio were up $0.21m. Higher net
rental income was due primarily to the acquisition of 35 Graham Street in
June 2019, which was offset by the sale of the AA Centre in June 2018.
The reported tax expense was $1.11m higher as there was a release of
the deferred tax liability of $1.00m relating to AA Centre in the six month
period ended 30 Sept 2018.
6

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
AFFO
2,019
634
827
231
2,782
734
50
72
72
1H19AA Centre35 Graham
Street
Other Net
Rental
Net Funding
Costs
Corporate
Costs
Transactional
Costs
Other Net
Movements
1H20
AFFO Waterfall (post tax) ($000)
*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. A
reconciliation of the total comprehensive income after tax to AFFO is included at Appendix 1.
Adjusted funds from operations* (AFFO) of $2.02mis
down $0.76m from $2.78m in the prior period.
Lower AFFO primarily driven by higher due diligence
costs (up $0.827m) and lease incentives paid (up
$0.18m) in the period.
During the period net rental ($0.15m), net funding
costs ($0.07m) and corporate costs ($0.07m) all
improved in respect to AFFO.
7

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
Financial Position
Sep-19Mar-19VarVar
$m$m$m%
Cash0.50.8(0.4)(44%)
Investment Properties153.294.159.163%
Properties Held for Sale29.128.90.21%
Other Assets1.92.3(0.4)(18%)
Total Assets184.7126.158.646%
Bank Debt69.710.559.2564%
Other Liabilities3.53.30.26%
Total Liabilities73.213.859.4431%
Equity111.4112.3(0.9)(1%)
Net Tangible Assets Per Share ($)0.690.69
LVR Ratio38.2%8.5%
•$69.7m of debt is currently drawn which
represents an LVR of 38.2% (March 2019 8.5%).
$5.3m of the debt facility remains undrawn.
•NTA is 69 cents per share which is unchanged
during the period.
•No independent revaluations were completed
during the period as the Directors determined
there was no material movement over the 6
months.
8

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
Portfolio Summary
Value
($m)
WALT
(years)
Occupancy
(%)
Net Rental
($m)
Eastgate55.05.1933.62
Stoddard Road39.54.11002.60
Graham St58.71.71003.93
Heinz Watties29.17.61002.20
TOTAL182.34.29812.35
Other Activity
Heinz Watties National Distribution Centre unconditionally sold in July 2019
for $29.1m, and will settle in December 2019. The purchaser of the property
has syndicated the property. Asset Plus underwrote $16.25m of the equity
raise for a fee of $0.49m which will be recognised in December 2019.
Auckland Council
33%
The Warehouse
Group
20%
Countdown
9%
Westpac
3%
Unichem
3%
Linwood
Avenue
Medical
Centre
2%
Aviva
2%
ANZ
2%
Snap Fitness
1%
Mad Butcher
1%
Other (36 tenants)
24%
Top 10 Tenants (% of rental income) *
3%
8%
7%
39%
4%
1%
12%
3%
8%
12%
1%
1,019
840
4,808
1,477
1,044
1,473
VacantMar-20Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26Mar-27Mar-28Mar-29
Lease expiry in year ended 31 March
Lease expiry by rental income ($000) *
Assetplusnz.co.nz
* Excludes Heinz Watties
9

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
•Significant work has been undertaken to develop a new
masterplan for the centre, with several leasing opportunities
being actively pursued.
•Countdown second renewal effective during the period
(extending expiry to December 2026) and contribution paid.
•Two further leasing renewals were completed during the
six-month period.
•Seismic capex work has been completed to The Warehouse.
Eastgate, Christchurch
Asset Plus Interim Result | Sept 2019
10

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
22 Stoddard Road
•The property continues to perform well and provide a steady
income stream.
•Two leasing renewals were completed during the period.
•There are no anchor tenant expiries until 2025 .
Image TBA
Asset Plus Interim Result | Sept 2019
11

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
•1.75 year lease remaining to Auckland Council (expiring June 2021).
•Strong initial yield of 6.85%.
•The property provides a material development opportunity to ads
value following the Auckland Council lease expiry.
•Management is progressing the development feasibility and
procurement of consultants in preparation for lodgement of a
resource consent.
•Leasing agent has been appointed, with a number of potential
tenants identified.
35 Graham Street
Acquired in June 2019
Image TBA
12

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
Outlook
Augusta is focused on the 35 Graham Street redevelopment opportunity. A resource consent is
to be lodged which will allow the marketing for pre-leasing to commence in early 2020.
The search for new acquisition and development opportunities continues and the Board is
confident in Augusta’s ability to secure these in the near term.
The Board is pleased with Augusta’s performance as manager and the progress they have
made on formulating and executing a new strategy for the Company which it hopes to provide
for sustainable growth over the longer term.
13

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
Appendix 1 : AFFO reconciliation
6 months6 months
Sep-19Sep-18
$m$m
Comprehensive Income Net of Tax2.013.21
Add Back
Loss/ (Gain) From Sales of Invsmt
Pty
(0.02)0.41
Depn on Owner Occupied PP&E0.060.02
FV Gain on MTM of Derivatives-(0.13)
Non-FFO Deferred Tax Expenses(0.03)(0.76)
Net Operating Income After Tax2.022.75
Amortisation of Lease Incentives0.180.10
Funds From Operations (FFO)2.202.85
Maintenance CAPEX-(0.05)
Incentives and Leasing Costs (0.18)-
Other Movements-(0.02)
Adjusted Funds From Operations2.022.78
AFFO (CPS)1.251.72
Pay out ratio144%105%
*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.
14

Asset Plus Interim Result | September 2019
Assetplusnz.co.nz
Important Notice
Thispresentationcontainsnotonlyareviewofoperations,butmayalsocontainsomeforwardlookingstatements
(includingforecastsandprojections)aboutAssetPlusLimited(APL)andtheenvironmentinwhichAPLoperates.Because
thesestatementsareforwardlooking,APL’sactualresultscoulddiffermaterially.Pleasereadthispresentationinthewider
contextofmaterialpreviouslypublishedbyAPLandannouncedthroughNZXLimited.
Norepresentation,warrantyorundertaking,expressorimplied,ismadeastothefairness,accuracy,completenessor
correctnessoftheinformationcontained,referredtoorreflectedinthispresentationorsuppliedorcommunicatedorallyor
inwritingtoyou(oryouradvisersorassociatedpersons)inconnectionwithit,astowhetheranyforecastsorprojections
willbemet,orastowhetheranyforwardlookingstatementswillprovecorrect.Youwillberesponsibleforformingyour
ownopinionsandconclusionsonsuchmatters.
Nopersonisunderanyobligationtoupdatethispresentationatanytimeafteritsreleasetoyou.
Tothemaximumextentpermittedbylaw,noneofAPL,AugustaFundsManagementLimited(AFM)noranyoftheir
directors,officers,employeesoragentsoranyotherpersonshallhaveanyliabilitywhatsoevertoanypersonforanyloss
(including,withoutlimitation,anyliabilityarisingfromanyfaultornegligenceonthepartofAPL,AFM,theirdirectors,
officers,employeesoragentsoranyotherperson)arisingfromthispresentationoranyinformationcontained,referredto
orreflectedinitorsuppliedorcommunicatedorallyorinwritingtoyou(oryouradvisersorassociatedpersons)in
connectionwithit.
AcceptanceofthispresentationconstitutesacceptanceofthetermssetoutaboveinthisImportantNotice.
15