General Capital announces solid growth despite Covid-19

General Capital Limited
Level 7, 12-26 Swanson Street,
PO Box 1314, Shortland Street,
Auckland, New Zealand. 1140.
Phone +64 9 304 0145
Fax +64 9 358 3858

General Capital announces solid growth despite Covid-19

General Capital, the listed financial services Group, today announced a solid financial result for the six
months to 30 September 2020.

The Chairman, Mr. Rewi Bugo said, “Like most businesses, General Capital faced challenges through
the Covid-19 lockdown period and took a conservative approach to risk during time. The basic way
that financial services entities reduce risk is to move assets to low-risk assets, particularly cash. We
made the decision to increase our cash holdings to 50% of our assets. In hindsight, that was
conservative. At the time no one could accurately predict when the lockdown would finish and what
impact the lockdown would have on asset values. The key is that we all have been surprised at the
strength of assets values. We are pleased with the position the Group is in and the strong trading we
have had over the last two months.”

Mr. Brent King, The Group Managing Director said “We have growth in all areas:

 Revenue up 44%
 Loss down to only $34k
 Total assets up 7.5%
 The research and advisory segment had a NPAT of $95k
 Corporate overheads down $25k (after tax).

We have continued to increase our loan book over the last two months, which has reduced the cost
of holding cash and has increased earnings. We have also had strong deposit growth which has given
us further growth in our loan book and total assets. We are looking forward to a positive second six-
months.”


For further information contact:

Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz

27 November 2020

---

Name of issuer
Reporting Period
Previous Reporting Period
Currency
Revenue from continuing
operations
Total Revenue
Net profit/(loss) from continuing
operations
Total net profit/(loss)
Amount per Quoted Equity
Security
Imputed amount per Quoted
Equity Security
Record Date
Dividend Payment Date
Net tangible assets per Quoted
Equity Security
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Name of person authorised to
make this announcement
Contact person for this
announcement
Contact phone number
Contact email address
Date of release through MAP
Unaudited financial statements accompany this announcement.
Results for announcement to the market
Percentage change
44%
44%
-33% (reduction in loss)
General Capital Limited
New Zealand Dollars ($)
6 months to 30 September 2019
6 months to 30 September 2020
$2,050
Amount (000s)
Interim/Final Dividend
-33% (reduction in loss)($34)
($34)
$2,050
It is not proposed to pay dividends
Refer to Directors' Report
$0.0369
Prior comparable period
27 November 2020
Brent.King@gencap.co.nz
+64 21 632 660
Brent King
Managing Director
Jonathan Clark
Chief Financial Officer
Not applicable
Not applicable
Not applicable
Current period
$0.0393
Authority for this announcement

DIRECTORS' REPORT
BACKGROUND
FINANCIAL PERFORMANCE
6 month 6 month
period ended period ended
30 Sep30 Sep
20202019
Revenue$2,050,461 $1,425,280
Net loss after tax($34,283)($51,128)
Earnings / (loss) per share(0.02) cps(0.03) cps
30 Sep31 Mar 6-monthly
20202020increase
Total assets
$54,987,329 $51,163,5077.5%
Total liabilities
$45,567,218 $41,781,5009.1%
Net assets
$9,420,111 $9,382,0070.4%
30 Sep31 Mar 6-monthly
20202020increase
NTA per share
3
3.93 cps3.86 cps1.8%
NA per share
3
5.83 cps5.80 cps0.5%
SEGMENT PERFORMANCE AND OUTLOOK
Refer to note 2 of the financial statements for segmental results.
Finance - profit after tax of $100,130 (2019: $155,683 profit after tax)
The Directors are pleased to present a strong result for the six months ended 30 September 2020 despite the
challengesfacedintheeconomicenvironmentwhichwasimpactedbytheCovid-19pandemic.GeneralCapital'stotal
assets have grown by a further 7.5% since 31 March 2020 and revenue has grown by 44% compared to the prior 6
month period ended 30 September 2019. As explained to shareholders during the adjourned annual meeting in
September2020,revenue,profitabilityandbalancesheetgrowthwereallimpactedbyCovid-19andtheconservative
responses made by the Group which included holding very high cash reserves. Further commentary on segment
performance and Group outlook is included below.
Criticalinformationtoassistinunderstandingthefinancialstatementsandresultsisdetailedinnote1ofthefinancial
statements.
Movement %
-33% (reduction in loss)
-33% (reduction in loss per share)
44% increase
Following the announcement of the Covid-19 pandemic in March 2020, General Finance Limited (wholly owned
Group subsidiary company / Non-bank Deposit Taker) switched to a conservative policy of holding higher cash
reservesandreducingexposuretohigherrisklending(mortgageswithahigherloantovaluationratio).Thiswasdone
toensurethatGeneralFinancecouldnavigateitswaythroughpotentialnegativeeconomiceventssuchasaliquidity
run or a drop in residential property values.
Between31March2020and31July2020, grossloanreceivablesdroppedby32%from$35.2millionto$24.0million,
with General Finance Limited's cash holdings increasing by 94% from $12.5 million to $24.2 million. This impacted
significantly on the net interest margin and profitability of the finance segment. Between 31 July 2020 and 30
September 2020, grossloan receivablesincreasedby 35%to $32.4million and liquidity reserves(including cashand
listed bonds held) were reduced by 22% to $19.0 million.

DIRECTORS' REPORT (CONTINUED)
Research and advisory - profit after tax of $95,391 (2019: ($33,192) loss after tax)
Corporate and other - loss after tax of ($148,856) (2019: ($173,619) loss after tax)
Costsavingsinthecorporateandothersegmentinthe6monthperiodto30September2020comparedtothesame
periodtheprioryearincludedlegalexpenses,sponsorshipexpensesandtravelexpensesbutwerepartiallyoffsetby
higher spending on salaries and recruitment costs.
General Finance Limited secured term deposits grew by 9% from $41.5 million to $45.1 million between 31 March
2020and30September2020showingstrong supportfromexistingandnewtermdepositinvestors.TheSeptember
2020monthlypropertyreportdated13October2020publishedbytheRealEstateInstituteofNewZealand(REINZ)
showed that the median house price had increased by 14.7% nationally year on year with the REINZ House Price
Indexincreasingby11.1%nationallyyearonyear.GeneralFinanceLimitedhadnoloanwriteoffsduringthe6month
period ended 30 September 2020. General Finance Limited has significant liquidity reserves at 30 September 2020
and goodopportunityforlendingandprofitabilitygrowthinthesecond halfoftheMarch2021financialyear.Refer
to further notes in group outlook below.
The research and advisory segment had a strong 6 month period to 30 September 2020 with $195,304 revenue
compared with $14,788 in the comparative 6-month period. A large portion of the advisory revenue ($124,920) and
associated costs in the period ended 30 September 2020 related to loan structuring advice given to a customer who
ultimately borrowed from the Group subsequent to 30 September 2020. The revenue and associated costs are
accordingly accounted for differently from a segment perspective than from a group consolidated perspective. Refer
to Group elimination below for further explanation.
In the 31 March 2020 Annual Report it was noted that Investment Research Group had two investment advisory
mandates in the bioscience sector (including medicinal Cannabis related entities). These projects have not yielded as
much revenue as was forecasted in the six month period ended 30 September 2020 due to the economic uncertainty
in the period (due to Covid-19) and the impact this had on both capital raising efforts and the resources the Group
had available to make progress on the mandates. The projects are still expected to be profitable in the 2021 Financial
Year.
Goodwill Impairment
The 31 March 2020 Annual Report included a qualification from the auditors on the carrying value of intangible assets
(including goodwill and licences) in the Research and Advisory cash generating unit.
The Board has reviewed the assumptions made for the 31 March 2020 Annual Report impairment analysis and have
compared it with the segment performance to date, and any expected changes to forecast cashflows. The Board's
assessment is that the recoverable amount continues to support the existing carrying value of goodwill. Directors
have considered the following in coming to this conclusion:
- Profitability in the segment was 83% favourable to forecast in the 6 month period (net profit after tax of $95,931
compared to forecast of $52,099).
- Cash inflows from the segment was impacted by growth in accounts receivables between 31 March 2020 and 30
September 2020, however there was a significant reduction in receivables in early November 2020.
- The expected profitability and timing of cashflows from existing advisory mandates.
- Expectations for future new mandates, profitability and timing of cashflows.
- The lowest General Capital Limited share price during the 6-month period ended 30 September 2020 was 6.0 cents
per share, compared with the net assets per share (including intangible assets) of 5.8 cents per share. This did not
raise any indications of impairment.

DIRECTORS' REPORT (CONTINUED)
Group elimination
Group Outlook for Financial Year ending 31 March 2021
SUMMARY
Rewi Bugo Brent King
ChairmanManaging Director
The Directors would like to thank General Capital's shareholders and General Finance's secured term deposit
investorstheirsupportoftheGroupandstafffortheircontinuedefforts.WeareworkingtobuildaprofitableGroup
to reward investors for their continued support.
ThesixmonthperiodtoSeptember2020wasimpactedbytheCovid-19pandemicandresultedinlowerprofitability
in the finance segment due to high cash reserves held. The research and advisory segment wasalso constrained by
thepandemicbutstilloutperformedforecastduetoasignificantloanstructuringadvisoryengagementcompletedin
September 2020.
The remainder of the financial year is expected to be profitable, with continued balance sheet growth and net
interest margin in the finance segment, and further advisory revenue expected in the research and advisory segment.
Asnotedabove,aportionoftheadvisoryrevenue($124,920)andassociatedcostsintheperiodended30September
2020relatedtoloanstructuringadvicegiventoacustomerthatultimatelyborrowedfromtheGroup subsequentto
30September2020.Intheresearchandadvisorysegment,therevenueandassociatedcostshavebeenrecognisedin
the period ended 30 September 2020 as the performance obligations in the contract have been completed in
accordance with NZ IFRS 15 Revenue from contracts with customers.
From a Group perspectivehowever, asthe advicegiven relatesto aloan ofthe Group(in thefinance segment),the
revenueand associatedcostsarerecognisedastransactioncostsinaccordancewithNZIFRS9Financial Instruments.
Thismeansthattherevenueandcostsareessentiallyrecognisedovertheexpectedlifeoftheloanusingtheeffective
interest method. The impact of the group consolidation adjustment is a reduction in Group net profit after tax and
net assets by $80,948.
In the finance segment, General Finance Limited's secured term deposits have grown by a further 14% to $52.6
million and loan receivables have grown by a further 27% to $44.3 million between 30 September 2020 and 20
November2020.Grouptotalassetsarecurrentlyexpectedtoexceed$65millionattheendNovember2020.Growth
inthebalancesheetisexpectedtocontinuefortherestofthe31March2021financialyear,withnetinterestmargin
and profitability improvement expected from holding a lower proportion of assets in cash.
The research and advisory segment is also expected to generate a profit in the second half of the 31 March 2021
financial year, with further advisory revenue expected from existing mandates.
TheGroupisprojectingaprofitable6monthsto31March2021.TheBoardhighlightsthattherearestilluncertainties
in the economy resulting from the ongoing Covid-19 pandemic and the difficulty that this creates in accurately
forecasting results.

UnauditedUnaudited
SepSep
20202019
$$
Interest income
1,566,896 1,181,872
Interest expense
(1,050,878) (552,272)
Net interest income
516,018 629,600
Fee and commission income
420,113 221,432
Fee and commission expense
(81,292) (57,742)
Net fee and commission income
338,821 163,690
Revenue from contracts with customers
19,791 16,137
Cost of sales
(917) -
Gross profit from contracts with customers
18,874 16,137
Other income
43,661 5,839
Net revenue
917,374 815,266
Release / (increase) in allowance for expected credit losses
8,623 (20,072)
Personnel expenses
(354,749) (308,909)
Occupancy expenses
(51,418) (58,012)
Depreciation
(2,706) (1,824)
Amortisation of intangible assets
(11,715) (11,206)
Other expenses
(551,230) (483,409)
(963,195) (883,432)
Loss before income tax expense
(45,821) (68,166)
Income tax (expense) / benefit
11,538 17,038
Net loss after income tax expense
(34,283) (51,128)
Other comprehensive income
Items that may be reclassified to profit or loss
91,158 -
Income tax relating to these items
(25,524) -
Items that will not be reclassified to profit or loss
6,753 -
Other comprehensive income for the period (net of tax)
72,387 -
Total comprehensive income
38,104 (51,128)
Earnings per share (cents per share)
(0.02) (0.03)
Diluted earnings per share (cents per share)
(0.02) (0.03)
The accompanying notes are an integral part of these financial statements.
GENERAL CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2020
Changes in the fair value of equity investments at fair value through
other comprehensive income
Changes in the fair value of debt investments at fair value through other
comprehensive income
1

GENERAL CAPITAL LIMITED
UnauditedAudited
SepMar
20202020
$$
Equity
Share capital
10,176,204 10,176,204
Accumulated losses
(710,700) (676,417)
Other reserves
(45,393) (117,780)
Total equity
9,420,111 9,382,007

Assets
Cash and cash equivalents
11,238,080 12,562,241
Accounts receivables
167,185 10,859
Related party receivables
104,309 79,823
Income tax receivable
3,189 -
Bank deposits
3,000,000 -
Other current assets
189,434 266,523
Loan receivables
32,074,789 34,855,849
Listed bonds
4,814,346 -
Deferred tax asset
113,795 96,004
Property, plant and equipment
7,674 8,008
319,142 237,389
Intangible assets and goodwill
2,955,386 3,046,811
Total assets
54,987,329 51,163,507
Liabilities
Accounts payable and other payables
395,229 319,381
Unearned income
129,126 -
Related party payables
2,226 2,925
Income tax payable
- 8,697
Term deposits
45,015,113 41,450,497
Deferred tax liability
25,524 -
Total liabilities
45,567,218 41,781,500
Net assets
9,420,111 9,382,007
3.93 3.86
5.83 5.80
The accompanying notes are an integral part of these financial statements.
AS AT 30 SEPTEMBER 2020
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Net tangible assets (NTA) per share (cents
per share)
Net assets (NA) per share (cents per share)
Investments
2

GENERAL CAPITAL LIMITED
Note$$$$
9,573,495 (14,862) (805,973) 8,752,660
- - (51,128) (51,128)
- 6,753 (51,128) (44,375)
548,988 - - 548,988
548,988 - - 548,988
10,122,483 (8,109) (857,101) 9,257,273
10,176,204 (117,780) (676,417) 9,382,007
- - (34,283) (34,283)
- 72,387 - 72,387
- 72,387 (34,283) 38,104
- - - -
10,176,204 (45,393) (710,700) 9,420,111
The accompanying notes are an integral part of these financial statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2020
Retained
earnings
Share capital ReservesTotal equity
Total equity as at 1 April 2020
Total comprehensive income for
the period
Transactions with owners in their
capacity as owners:
Total equity as at 1 April 2019
Loss for the period
Contributions of equity - exercise of
warrants - 30/09/19
Total transactions with owners in
their capacity as owners
Balance at 30 September 2019
(Unaudited)
Loss for the period
Other comprehensive income for
the year
Total comprehensive income for
the period
Transactions with owners in their
capacity as owners:
Total transactions with owners in
their capacity as owners
Balance at 30 September 2020
(Unaudited)
3

GENERAL CAPITAL LIMITED
UnauditedUnaudited
SepSep
20202019
$$
Cash flow from operating activities
Interest received
1,552,848 1,089,718
Receipts from customers
592,877 155,837
Other income
4,180 5,839
Payments to suppliers and employees
(939,621) (1,084,132)
Interest paid
(1,004,519) (491,191)
Income tax paid
(18,139) (20,000)
Finance receivables (net advances)
2,700,963 (6,178,622)
Net cash provided by / (used in) operating activities
2,888,589 (6,522,551)
Cash flow from investing activities
Investments in bank deposits
(3,000,000) -
Investments in listed bonds
(4,718,617) -
Purchase of property, plant and equipment
(2,372) (3,588)
Purchase of software
- (2,531)
Net cash used in investing activities
(7,720,989) (6,119)
Cash flow from financing activities
Issue of ordinary shares
- 548,988
Term deposits (net receipts)
3,508,239 10,686,454
Net cash provided by financing activities
3,508,239 11,235,442
Reconciliation of cash and cash equivalents
12,562,241 2,949,317
(1,324,161) 4,706,772
11,238,080 7,656,089

The accompanying notes are an integral part of these financial statements.
Cash and cash equivalents at end of the reporting period
Net (decrease) / increase in cash and cash equivalents held
during the reporting period
Cash and cash equivalents at beginning of the reporting
period
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2020
4

NOTE 1: ABOUT THESE CONSOLIDATED FINANCIAL STATEMENTS
GENERAL CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2020
1.1 Listed bonds
Duringthesixmonthsended 30September 2020, the Grouppurchased listedcorporate andlocal governmentbonds totaling$4,718,617.
The Group had no listed bonds in the comparative financial periods.
Thelistedbondsmeetthefollowingconditionsandarethereforemeasuredsubsequentlyatfairvaluethroughothercomprehensiveincome
(FVTOCI):
- thelistedbondsareheldwithintheGroup’sbusinessmodelortreasuryfunctionwhoseobjectiveisachievedbybothcollectingcontractual
cash flows and selling the financial assets depending on the liquidity requirements of the Group; and
- thecontractualtermsofthelistedbondsgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestonthe
principal amount outstanding.
In the previous full year financial statements, the Group had no financial assets that were classified as fair value through other
comprehensive income (FVTOCI).
FinancialassetsatFVTOCIaremeasuredatfairvaluewithunrealisedgainsandlossesrecognisedinothercomprehensiveincomeexceptfor
interest income, impairment charges and foreign exchange gains and losses which are recognised in profit or loss.
On disposal of these financial assets, the cumulative gain or loss that was previously recognised in other comprehensive income is
reclassified from equity to profit or loss as a reclassification adjustment.
Fair value
Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
On initial recognition, the transaction price generally represents the fair value of the financial instrument, unless there is observable
information from an active market that provides a more appropriate fair value.
Thefairvaluesoffinancialassetsandfinancialliabilitiesthataretradedinactivemarketsarebasedonquotedmarketpricesordealerprice
quotations. For all other financial instruments, the Group determines fair value using other valuation techniques.
TheGroupmeasuresfairvaluesusingthefollowingfairvaluehierarchy,whichreflectstheobservabilityoftheinputsusedinmeasuringfair
value:

- Level 1:Quoted prices (unadjusted) in acƟve markets for idenƟcal assets or liabiliƟes.

- Level 2:Input other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

- Level 3:Inputs for the asset or liability that are not based on observable market data.
TheGrouprecognisestransfersbetweenlevelsofthefairvaluehierarchyasattheendofthereportingperiodduringwhichthechangehas
occurred.
The notes to the financial statements include information that is considered relevant and material to assist the reader in understanding
changes in General Capital Limited ('the Company') and its subsidiaries (together "the Group") financial position or performance.
The financial statements have been prepared on the same basis and should be read in conjunction with the consolidated financial
statements for the year ended 31 March 2020.
5

GENERAL CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2020
NOTE 2: SEGMENT REPORTING
$$$$$$
1,566,895 - 1 1,566,896 - 1,566,896
420,113 - - 420,113 - 420,113
- 185,565 - 185,565 (171,158) 14,407
- 5,384 - 5,384 - 5,384
36,216 4,355 3,090 43,661 - 43,661
2,023,224 195,304 3,091 2,221,619 (171,158) 2,050,461
(1,050,878) - - (1,050,878) - (1,050,878)
(91,292) - - (91,292) 10,000 (81,292)
- (13,409) - (13,409) 12,492 (917)
881,054 181,895 3,091 1,066,040 (148,666) 917,374
8,623 - - 8,623 - 8,623
(298,626) (21,434) (34,689) (354,749) - (354,749)
(13,471) - (950) (14,421) - (14,421)
(39,289) (37,255) 56,602 (19,942) 31,480 11,538
100,130 95,391 (148,856) 46,665 (80,948) (34,283)
52,808,972 1,452,237 833,639 55,094,848 (107,519) 54,987,329
45,239,788 209,434 144,567 45,593,789 (26,571) 45,567,218
Acquisition of property, plant and equipment, intangible assets, and other non-current assets*:
$$$$$$
- - 77,372 77,372 - 77,372
*excludes non-current financial instruments
ManagementhasdeterminedtheoperatingsegmentsbasedonthecomponentsoftheGroupthatengageinbusinessactivities,whichhave
discretefinancialinformationavailableandwhoseoperatingresultsareregularlyreviewedbytheGroup'schiefoperatingdecisionmaker.
The chief operating decision maker has been identified as the Board of Directors. The Board of Directors makes decisions about how
resources are allocated to the segments and assesses their performance.
Three reportable segments have been identified as follows:
- Finance
Deposit taking and residential mortgage lending.
- Research and Advisory
Provides investment advisory services and produces and sells investment research and publications.
- Corporate and Other
Corporate function and investment activities .
6 month period ended 30
September 2020Finance
Research and
AdvisoryConsolidated
Revenue - interest income
Eliminations
Revenue - fee income
(finance receivables)
Revenue from contracts with
customers
- Advisory fee revenue
- Yearbook and research sales
Research and
Advisory
Personnel expenses
Depreciation and
amortisation
Eliminations Consolidated
Acquisitions
Cost of sales
Net revenue
Release / (increase) in
allowance for expected credit
Income tax (expense) /
benefit
Net profit / (loss) after tax
Total Assets
Corporate and
Other Total Segments
Total Liabilities
6 month period ended 30
September 2020Finance
Interest expense
Fee and commission expense
(finance receivables)
Corporate and
Other Total Segments
Other income
Total revenue
6

GENERAL CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2020
NOTE 2: SEGMENT REPORTING (CONTINUED)
$$$$$$
1,181,842 - 30 1,181,872 - 1,181,872
221,432 - - 221,432 - 221,432
- 4,655 - 4,655 - 4,655
11,349 133 - 11,482 - 11,482
- 10,000 - 10,000 (10,000) -
5,839 - - 5,839 - 5,839
1,420,462 14,788 30 1,435,280 (10,000) 1,425,280
(552,272) - - (552,272) - (552,272)
(57,742) - - (57,742) - (57,742)
810,448 14,788 30 825,266 (10,000) 815,266
(20,072) - - (20,072) - (20,072)
(242,378) (34,865) (31,666) (308,909) - (308,909)
(12,961) - (69) (13,030) - (13,030)
(61,735) 12,667 66,106 17,038 - 17,038
155,683 (33,192) (173,619) (51,128) - (51,128)
32,913,286 1,249,972 1,090,117 35,253,375 (169,030) 35,084,345
25,795,894 114,594 92,367 26,002,855 (169,030) 25,833,825
Acquisition of property, plant and equipment, intangible assets, and other non-current assets*:
$$$$$$
2,531 - 3,588 6,119 - 6,119
*excludes non-current financial instruments
NOTE 3: EVENTS SUBSEQUENT TO REPORTING DATE
-the operations, in financial years subsequent to reporting date, of the Group, or
-the results of those operations, or
-the state of affairs, in financial years subsequent to reporting date, of the Group.
Consolidated
6 month period ended 30
September 2019Finance
Research and
Advisory
Corporate and
Other Total Segments Eliminations
Net Profit After Tax
Total Assets
Total Liabilities
Acquisitions
There has been no matter or circumstance which has arisen since reporting date that has significantly affected or may significantly affect:
Total Segments Eliminations
Corporate and
Other
6 month period ended 30
September 2019Finance
Research and
AdvisoryConsolidated
Interest expense
- Other fee income
Income tax (expense) /
benefit
Other income
Fee and commission expense
(finance receivables)
Net revenue
Depreciation and
amortisation
Release / (increase) in
allowance for expected credit
Total revenue
Personnel expenses
- Inter-segment revenue
Revenue - fee income
(finance receivables)
Revenue - interest income
Revenue from contracts with
customers
- Yearbook and research sales
7