Annual Financial Result

NZX release
Annual Financial Result
29 May 2023

• Total loss after tax of $13.05 million, down from $2.93 million profit in the previous year
primarily driven by downward valuations.
• Sale of Stoddard Road post balance date at $36.75 million and funds applied as a debt
repayment.
• Completion of other divestments during the financial year including settlement of Eastgate,
bare land at Kamo and committed exit of 35 Graham Street with deferred settlement.
• Munroe Lane development lease commencement with Auckland Council occurred on 17 May
2023. Leasing the balance of vacant space remains the key priority.


Asset Plus Limited (NZX: APL) announces its financial result for the year ended 31 March 2023,
reporting a total loss of $13.05 million, down from a $2.93 million profit in the previous year. The result
was significantly impacted by revaluation losses, as well as lower net rental due to vacancy and
divestment.

Adjusted Funds from Operations (AFFO
1
) represented a loss of $0.28 million, down from a $4.22 million
profit in the previous year due to the 35 Graham Street vacancy, Eastgate divestment and higher
interest costs.

Bruce Cotterill, Chairman, commented “The result for the year ended 31 March 2023 reflects a
portfolio in both divestment and development mode. The Munroe Lane lease to Auckland Council has
now commenced which is a significant achievement and milestone for the company after the
development broke ground in October 2020. Completion of the divestment of Stoddard Road post
balance date is a further milestone accomplished.

The leasing of the Munroe Lane development remains as the key priority as it will improve our income
stream, increase the value of the property and as a result better position the asset for divestment.”

Key points:

• Portfolio occupancy of 37%, down from 58.0% in the previous year due to the sale of Eastgate.
Occupancy increases to 42% post sale of Stoddard Road and completion of Munroe Lane.
• WALE of 1.2 years down from 2.2 years in the previous year. The WALE has increased to 6.5
years post balance date on commencement of the Auckland Council lease.
• A reduction in the fair value of investment property of $12.69 million or a 5.5% decrease.
• The portfolio value now stands at $216.6 million of which $98.0 million of property is held for
sale and is unconditionally sold. Post completion of Munroe Lane and the sale of Stoddard the
portfolio value will be ~$188 million.
• Loan-to -value ratio (LVR) of 31.5% based on current fair values, up from 25.7% in the previous
year. The LVR has reduced to 20% post balance date due to the sale of Stoddard Road. Debt

1
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 Asset Plus' auditor, Grant Thornton Audit Limited. A reconciliation of AFFO to Total
Comprehensive Income Net of Tax is included in the accompanying results presentation.

increased during the year to fund the Munroe Lane development, offset by the Eastgate
divestment.
• Debt was drawn at $71.4 million at balance date ($55.7 million in the prior year). Funding costs
increased accordingly due to the higher drawn investment facility profile across the year and
increased interest rates.
• Net tangible assets (NTA) of 40.4 cents per share (cps), down from 44.0 cps in the previous year.
• Net revenues from the property portfolio decreased by $4.26 million as Auckland Council
vacated 35 Graham Street during the prior year and Eastgate settled in late August 2022.
Munroe Lane lease commencement

Munroe Lane is now effectively complete with the Auckland Council lease commencing on 17 May
2023. Practical Completion is expected to be achieved in mid-June, once commissioning works are
concluded on the back of the Tenant’s fit-out works being completed. The Auckland Council occupy
63% of the completed development.

The as if complete valuation has moved materially with the capitalisation rate moving from 5.45% to
6.05%. This has reduced the value on completion from $139 million to $126 million, which represents a
forecast development loss of $7 million, measured on a committed occupancy basis. The inability to
lease the balance of Munroe Lane has impacted on the valuation in addition to the 60 basis point cap
rate softening reflecting current market conditions and the higher interest rate environment.

35 Graham Street deferred settlement

The 35 Graham Street property has been sold for $65.0 million on a deferred settlement basis. At any
time prior to or on 1 October 2023 the purchaser can give notice extending the settlement date to 1
December 2024. If this notice is given, an additional deposit of $7.1 million is payable immediately and
the purchase price increases by $3 million to $68 million. If no notice is given, the settlement date is 1
December 2023.

Stoddard Road now settled

The sale of Stoddard Road has now settled post balance date on 1 May 2023. The campaign was a
success with three competing bids received in the sales campaign.

Divestment proceeds of $36.35 million have now been applied as a debt reduction with $3 million held
within the facility limit to bolster working capital. The facility limit has reduced from $85 million to $52
million. Drawn debt is $38.8 million as at 29 May 2023.

This divestment is in addition to the Eastgate and Kamo properties which were divested during the
year.

Loan facility extended to 31 March 2025

The loan facility was extended to 31 March 2025 which is beyond the latest 35 Graham Street
settlement date. Further information on the covenants and terms of the facility was included in an
announcement made on 28 November 2022.

Dividend

The dividend remains subject to quarterly review. However, the dividend will likely remain suspended
until the future direction of the company is confirmed.

Outlook


Mark Francis, CEO of Centuria NZ, commented “The leasing of the balance of the Munroe Lane
development remains our core focus. Thereafter, we will look to sell Munroe Lane. If a sale of Munroe
Lane occurs, it will position the company to consider its options which includes a wind up or pivot in a
new direction. The leasing of Munroe Lane and the final settlement of 35 Graham Street will influence
the timing of such decisions, while market conditions at the time are likely to dictate the ultimate
outcome.

Any steps to sell Munroe Lane, or to subsequently wind up the Company, will require shareholder
approval, and we would likely anticipate asking shareholders to vote on both decisions at the same
time.”



-ENDS-



For further information, please contact:

Mark Francis
CEO, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

Simon Woollams
Chief Operating Officer, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

Stephen Brown-Thomas
Asset Plus Fund Manager, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

Matthew Butt
Head of Investor Relations, Centuria NZ, manager of Asset Plus Limited
+64 21 610 631

---

Financial results
For the year ended 31 March 2023
29 May 2023

35 GRAHAM STREET AUCKLAND
1.Result summary
2.Key metrics
3.Significant activities
4.Financial performance
5.Funding update
6.Portfolio update
7.Outlook
OVERVIEW

Asset Plus3
Result summary
6-8 MUNROELANE
•Total loss for the year net of tax of $13.05m
(FY22 profitof $2.93m).
•Result impacted by $13.04m of revaluation and disposal
losses and reduced rental income, due to divestments
and lower occupancy (35 Graham Street).
•AFFO
1
loss of$0.28m
($4.22m profit in FY22).
•Net rental income of $3.47m, down$4.26mon the
previous year, primarily due to Auckland Council exit at
35 Graham Street and the sale of Eastgate in August
2022.
•Munroe Lane development effectively complete with
Auckland Council lease commencement on 17 May 2023.
1.AFFO stands for ‘Adjusted Funds From Operations’, and is 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-GAAPfinancial
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 Asset Plus’auditor,
Grant Thornton New Zealand Audit Limited. A reconciliation of AFFO is set out inAppendix 1.
6-8 MUNROE LANE

Asset Plus4
Key metrics
$216.4m
5
58.0%
2.2 years
25.7%
44.0 cps
$216.6m
(reducing to $182m)*
3**
(reducing to 2)*
37.0%
(increasing to 42%)*
1.2 years
(increasing to 6.5 years)*
31.5%
(reducing to 20%)*
40.4 cps
Net tangible
assets
Portfolio valueProperties*Occupancy*WALE*Loan-to-value
Ratio*
*Post balance impact of Stoddard Road divestment on 1 May 2023 and Munroe Lane lease start on 17 May 2023.
**35 Graham Street is unconditionally sold with a deferred settlement but is represented in the metrics above.
March 2022
March 2023

Asset Plus5
Significant activity during the year
6-8 MUNROELANE
Munroe Lane development effectively complete,
with Auckland Council lease now commenced on
17 May 2023
Settlement of Eastgate and Kamoproperties
now completed
Unconditional sale of 35 Graham Street with a
deferred settlement
Stoddard Road unconditionally sold and now settled
(post-balance date on 1 May 2023)
Loan facilities extended to 31 March 2025

Financial performance

Asset Plus7
Financial Performance
•Net rental income reduced by $4.26 million. The primary driver was
the impact of 35 Graham Street now being fully vacant. Impact of
$2.17 million.
•The impact of the Eastgate settlement also reduced net rental
income by $2.28m. Stoddard Road net rental increased by $0.20
million due to rental growth and reduced abatements.
•Management fees were marginally higher by $0.11 million due to the
impact of the Munroe Lane development, offset against the Eastgate
divestment.
•Finance costs were higher by $0.45 million due to both higher
average debt levels ($0.22 million), higher interest rate environment
($0.72 million) in FY23 as well as higher amortised loan fees ($0.07
million) in FY23. Offset by lower lines fees ($0.33 million) and higher
interest income ($0.23 million) in FY23.
•There is a fair value loss of $13.04 million driven by cap rate
softening at Munroe Lane (down $7 million), the Stoddard Road sale
price (down $7.2 million), a $0.25 million loss on disposal at Kamo
and a loss of $0.1 million at Eastgate. The 35 Graham Street fair
value increased $1.5 million due to discount unwind.
•There is a tax loss for the period and a deferred tax asset recognised
to the extent of the deferred tax liability.
•AFFO reconciliation and waterfall is appended.
Mar-23
($m)
Mar-22
($m)
Var
($)
Gross Rental Revenue
6.3811.93(5.55)
Direct Property Operating Expenses
(2.91)(4.20)1.29
Net Rental Revenue
3.477.73(4.26)
Administration Expenses
(1.94)(1.71)(0.23)
Net Finance Costs
(2.00)(1.55)(0.45)
Total Operating Income/(Loss)
(0.47)4.47(4.94)
Fair Value Movement on Investment
Properties including disposal
(13.04)(1.01)(12.03)
Profit/(Loss) Before Taxation
(13.51)3.46(16.97)
Tax Benefit/(Expense)
0.46(0.53)0.99
Total Comprehensive Income (Loss) for
the Period
(13.05)2.93(15.98)
AFFO
(0.28)4.22
AFFO CPS
(0.07)1.16

Asset Plus8
Net Rental Performance
•35 Graham Street was 99% vacant for the period – a small
amount of carpark income was received. Net rental reduced by
$2.17 million. The prior year included full rental for three months
then 50% income for the next six months. There is also the
added impact of fully unrecovered operating costs which were
$0.57 million for the full year.
•The Eastgate settlement occurred in August 2022, which was the
other key reason for the reduction in rental income at Eastgate.
Net rental reduced by $2.28 million accordingly.
•Stoddard Road net rental marginally increased by $0.20 million.
There was minimal material abatement booked this year (FY22
$0.1 million) and there was also some modest rental growth in
FY23. The Centre remained 100% occupied.
•Munroe Lane rent commenced on 17 May 2023 (post balance
date) in respect to the Auckland Council lease.
Mar-23
($m)
Mar-22
($m)
Var($)
Stoddard Road
2.622.420.20
35 Graham Street
(0.51)1.66(2.17)
Eastgate
1.423.70(2.28)
Other
(0.06)(0.05)(0.01)
Current portfolio3.477.73(4.26)

Asset Plus9
Administration & Finance Expenses
•Management fees were slightly higher as the weighted average
portfolio value marginally increased due to the Munroe Lane
development but was offset by the Eastgate settlement in August
2022.
•Finance costs increased by $0.68 million. This was due to higher
interest rates during the period ($0.72 million) as well as marginally
higher average drawn debt in FY23 ($0.22 million). There was
however a saving on line fees of $0.33 million as the facility limit
reduced when Eastgate settled in August 2022. There was also
higher amortised loan fees in FY23 representing $0.07 million.
•Interest income was higher by $0.23 million due to funds held in the
lockbox as well as Munroe Lane retention funds held in trust.
•Interest on the investment and working capital facilities are not
capitalised.
•The investment and working capital facilities were fully drawn across
the full year while the prior year they were only partially drawn. The
investment facility did however reduce by $40 million on the
settlement of Eastgate in August 2022.
Mar-23
($m)
Mar-22
($m)
Var($)
Management Fees
1.130.99(0.14)
Directors’ Fees
0.300.30-
Audit Fees
0.100.09(0.01)
Professional Fees
0.230.17(0.06)
Other Administration Costs
0.180.16(0.02)
Total Administration Expenses
1.941.71(0.23)
Interest & Finance Costs
2.241.56(0.68)
Interest Revenue
(0.24)(0.01)0.23
Total Net Finance Costs
2.001.55(0.45)

Asset Plus10
Balance Sheet
•Investment and Development property comprises just Munroe Lane
($118.6 million). The fair value can now be reliably measured and an
unrealised development loss of $7 million has been recorded.
•35 Graham Street and Stoddard Road are both held for sale as at
Balance Date. During the year Eastgate and Kamowere sold.
•35 Graham St fair value of $61.7 million reflects the future
settlement proceeds on a discounted basis (applying an 8.5%
discount rate which has increased from 5.5% during the year).
•Stoddard Road fair value of $36.3 million has been determined based
on the sale price net of disposal costs. The property settled post
balance date on 1 May 2023.
•Other assets include a $5 million cash lockbox held by BNZ.
•Deposits received of $6.5 million on deferred settlements
(recognised under other liabilities).
•$40 million of bank debt was repaid on Eastgate settlement. Debt
was also drawn down progressively during the year to fund the
Munroe Lane development.
•NTA reduced during the period to 40.4 cents per share due to
revaluation losses.
•LVR is 31.5% at balance date based on drawn debt which reduced to
~20% post balance date after Stoddard Road settlement.
Mar-23
($m)
Mar-22
($m)
Var
($)
Cash
4.94.40.5
Investment & Development Property
118.6170.0(51.5)
Properties Held For Sale
98.046.451.6
Other Assets
8.03.94.2
Total Assets
229.5224.74.8
Bank Debt
71.455.715.7
Other Liabilities
11.69.42.2
Total Liabilities
83.065.117.9
Equity
146.5159.6(13.1)
Net Tangible Assets Per Share ($)
0.4040.440
LVR Ratio
31.5%25.7%

Funding update

Asset Plus12
Funding
•Extension of loan facilities to 31 March 2025 – previously 30
September 2023. Facility limit increased from $83.5 million to $85
million.
•Removal of ICR covenant. Removal of leasing milestones in respect
to Munroe Lane.
•Cash lockbox provided as a new covenant. Initially $5 million but to
equate to the actual EBIT shortfall to an ICR of 1.5x. Lockbox can
reduce over time but only once leasing is secured, rental income is
derived and the ICR shortfall is less than $5 million. APL to report
EBIT and leasing updates so that lockbox sizing can be tested.
•The Development facility converts to investment facility on Munroe
Lane practical completion which is expected to be in mid June
2023.LVR covenant reverts to <45% thereafter.
•If the 35 Graham Street settlement is deferred, then the additional
deposit received of $7.1 million will be applied as a debt repayment.
•No hedging is in place due to the 35 Graham Street exit. The base
rate as at balance date is 5.175% before margin and line fee (5.835%
base rate as at 29 May 2023).
•*Post balance date the facility limit has reduced to $52 million as a
result of the settlement of Stoddard Road. The development facility
converts to an investment facility of $37.9 million (when Munroe
Lane reaches practical completion) plus the working capital facility
which stands at $14.1 million.
•Drawn debt as at 29 May 2023 is $38.8 million.
Loan facilities as at 31 March 2023
New
Limits
$m
Drawn –
31
March
2023 $m
Margin
%
Line Fee
%
To t a l
%
Working Capital
$14.1m$14.1m1.98%1.32%3.30%
Investment
$4.7m$4.7m1.98%1.32%3.30%
Development
$66.2m$52.6m2.25%1.45%3.70%
Total Facility$85.0m*$71.4m
LVR at all timesICRLockbox
Working Capital
& Investment
45%Not tested
$5m (EBIT +
lockbox > 1.5x ICR)
Development
N/AN/AN/A
Total Facility
50%N/A
Loan covenants

Portfolio update

Asset Plus14
Munroe Lane, Albany
6-8 MUNROELANE
•Effectively complete with Auckland Council lease commencing
on 17 May 2023.
•Practical Completion expected in mid June 2023 once final
commissioning is completed, post Auckland Council’s fit-out.
•Level 3 was initially handed over to Auckland Council for their
fit -out on 23 November 2022 with subsequent floors handed
over monthly thereafter.
•The development was 91% complete by cost, and 94% complete
by time as at balance date.
•As at 29 May the development is effectively 100% complete
excluding commissioning that cannot be completed until the
Tenant fit-out is finished.
•Project was delayed five months from the original mid December
2022 target completion date largely as a result of the impacts
from Covid-19.
•Following completion of construction and subject to leasing, the
Company will consider the sale of the property.

Asset Plus15
Munroe Lane, Albany (continued)
6-8 MUNROELANE
•The fair value as at 31 March represents the completed valuation
based on a committed occupancy basis less costs to complete
excluding lease incentives.
•The as if complete valuation based on just the Auckland Council
(committed) lease is $126 million. Forecast costs to complete are
$7.4 million. Therefore, a fair value of $118.6 million as at balance
date.
•Development loss now $7 million (based on a committed
occupancy basis). Yield on cost now 5.5% (based on fully leased or
market rental). Total development cost (excluding incentives) are
$133 million.
•The development margin (loss) can be reliably measured at balance
date. In prior periods it has been measured at cost as it could not be
reliably measured and no development margin was recognised.
March 2023March 2022
Valuation (committed occupancy)$126.0m$139.4m
Total development cost (ex incentives)$133.0m$129.5m
Development profit (loss)($7.0m)$9.9m
Accounting treatmentFair valueHeld at cost
Yield on cost (fully leased)5.51%5.80%

Asset Plus16
Munroe Lane - leasing update
6-8 MUNROELANE
•Heads of Agreement signed with reputable café operator for kiosk
located in the heart of the ground floor lobby.
•Leasing interest has increased as the development nears
completion.
•Scarcity of full floor plate occupiers in the market – may necessitate
splitting floor plates into smaller tenancies.
•Direct marketing initiatives remain ongoing to target potential
occupiers.
•Auckland Council now looking to sublease Level 5 given mayoral
mandate to reduce costs.
FloorArea
Ground142m
2
of front of house/office or F&B space
Level 1239m
2
of F&B/retail/service retail/office
Level 21,935m
2
of office –a number of configurations available
Level 62,729m
2
of office –can be split into 3 tenancies

Asset Plus17
Stoddard Road, Auckland
22 STODDARD ROAD, MT ROSKILL
•Sale settled on 1 May 2023, post-balance date. This followed an
open market sales campaign which commenced in February 2023.
•WALE for the Centre was 2.9 years at balance date with occupancy
remaining at 100%.
•5-year lease extension secured with the Coffee Club, representing
3.7%of the totalnetrentalincomefor the Centre.
•3-year lease renewal agreed with ASB from early 2023, represents
3.6% of the Centre’s income.
•Market rent review with The Warehouse wassettled with a 1.3%
increase to their net rent.
•Occupier demand for this strategically located Centre remained
strong with continued retailer enquiry via leasing agents, despite
100% occupancy.

Asset Plus18
Divestment of 35 Graham Street
35 GRAHAM STREET, AUCKLAND | ARTIST’S IMPRESSION
•Unconditionally sold, with a deferred settlement date of 1
December 2023 at the earliest.
•Purchaser has a right to defer settlement for a further 12 months,
subject to additional consideration of $3.0 million and a further
deposit of 10% (taking deposit total to 20%).
•The purchaser has to notify APL on or prior to 1 October 2023 if
they wish to extend settlement by 12 months to 1 December
2024.
•If settlement is extended the total deposit received will be $13.6
million and the sale price increases to $68 million.
•As the settlement is deferred, the current net present value is
$61.7 million (based on the discounted forecast settlement cash
flows).

Asset Plus19
Other recent divestments
Eastgate
•Sale price of $43.45 million
•Settled on 29 August 2022 after title issue was rectified by
management
•$40 million debt repayment with the balance of sale proceeds
retained as working capital
Kamo
•Sale price of $2.7 million
•Settled on 30 November 2022
•Funds from the divestment applied to the cash lockbox of $5 million

Outlook

Asset Plus21
Outlook
MUNROE LANE, AUCKLAND
•The dividend remains suspended which is subject to quarterly review. It is likely to remain
suspended until the future direction of the company is confirmed.
•The company is forecast to still be in an operating loss position post-Munroe Lane completion,
absent further leasing, up until the 35 Graham Street settlement. The 35 Graham Street
settlement date will be known on or prior to 1 October 2023.
•Key focus remains successfully leasing the balance of the Munroe Lane development.
Thereafter, we will look to sell Munroe Lane.
•Ultimately, if Munroe Lane was to sell, the Board anticipates being in the unique position of
the Company having zero debt and significant cash reserves with which to consider a range of
options. This includes a possible wind-up and return of capital or pivoting in a new direction.
•Wewishtoemphasisethatthecurrentvariables,beingtheleasingofMunroeLaneandthe
finalsettlementof35GrahamStreet,willinfluencethetimingofsuchdecisions,whilemarket
conditionsatthetimearelikelytodictatetheultimateoutcome.
•Any steps to sell Munroe Lane, or to subsequently wind up the Company, will require
shareholder approval, and we would likely anticipate asking shareholders to vote on both
decisions at the same time.

Appendices

Asset Plus23
Appendix 1 – AFFO reconciliation
March 23 ($m)March 22 ($m)
Comprehensive Income (Loss) Net of Tax
(13.05)2.93
Add back
Fair value movement on Investment Property (including loss on disposal)
13.041.01
Non-FFO Deferred Tax Expenses
(0.41)0.21
Net Operating Income (Loss) After Tax
(0.42)4.15
Amortisation of Lease Incentives and Leasing Costs
0.130.19
Amortisation of Rent Relief due to COVID-19
0.090.07
Funds From Operations (FFO)
(0.20)4.41
Incentives and Leasing Costs Paid
(0.03)(0.10)
Rent Relief Due to COVID-19
-(0.03)
Maintenance CAPEX
(0.05)(0.06)
Adjusted Funds from Operations (0.28)4.22
AFFO (CPS)(0.07)1.16

Asset Plus24
Appendix 2 – Adjusted Funds From Operations (AFFO)
FY22
35 Graham St
vacancy
Eastgate
divestment
Stoddard
Road
Higher net
finance costs
Higher
mgmtfees
FY23
(0.10)
(2.4)
0.20
(0.45)
(0.11)
(2.17)
4.22
Corporate
costs
Lower
tax expense*
0.53
(0.28)
The above graph is represented in $m.
* Due to tax losses

Asset Plus25
Appendix 3 – Portfolio summary
1. 35 Graham Street fair value reflects the net present value of future settlement cash flows.
2. Carried at fair value as at 31 March 2023. Prior year Munroe Lane is carried at the fair value of land plus cost.
Properties Held for Sale
Munroe Lane, Albany35 Graham Street, Auckland
Stoddard Road, Auckland (now settled post
balance date)
Valuation/
Carrying Value ($m)
$118.6²
(Mar-22: $67.5)
$61.7¹
(Mar-22: $59.0)
$36.3
(Mar-22: $43.5)
WALE (years)
10.0 year WALE from PC (Auckland Council lease
only)
0.00
(Mar-22: 0.00)
3.10
(Mar-22: 3.50)
Occupancy (%)
63%
0%
(Mar-22: 0%)
100%
(Mar-22: 100%)
Net Rental
Income ($m)
$7.6m based on fully leased rent (committed net
rental is $4.7m)
$0.03m but OPEX of $0.6m
(Mar-22:$nil but OPEX of$0.55m)
$2.62
(Mar-22: $2.42)
Passing yield (%)
6% based on fully leased rental
N/A
(Mar-22: N/A)
7.00%
(Mar-22: 6.37%)
Comments
•Acquired in December 2019, under
development with 63% pre-leased to Auckland
Council on 15-year term.
•Practical completion forecast to be in mid June
2023.
•Sold for $65.0m, unconditionally on 3 June
2022.
•1 December 2023 settlement date, but
Purchaser can defer settlement by 12 months
for additional consideration of $3.0m and
further 10% deposit. Notice to be given by 1
October 2023.
•Now sold post balance date on 1 May 2023.
•The fair value at 31 March 2023 reflects the
sale price less disposal costs.
Largest tenant
exposures
Auckland CouncilVacantThe Warehouse

Asset Plus26
Appendix 4 – Portfolio movements
Opening balance
($m)
Transfer to
properties held for
sale
($m)
Capex & Other
movements
($m)
Fair Value
movement
($m)
Sale of Property
($m)
WIP
($m)
Fair Value March
2023 incl. WIP
($m)
Properties held for sale
Eastgate43.5--(0.1)(43.4)--
Kamo – bare land2.9--(0.2)(2.7)--
35 Graham Street-59.01.21.5--61.7
22 Stoddard Road-43.5-(7.2)--36.3
Development property
6-8 Munroe Lane7.8--(7.0)-117.8118.6
Total54.2102.51.2(13.0)(46.1)117.8216.6
•The fair value loss reportedwas $13.04m – a decrease of 5.7% against
carrying value including WIP (which was written down by $7 million).
•The Munroe Lane “as if complete” committed occupancy valuation has
reduced from $139m to $126m (assuming just the Auckland Council
lease) due to cap rate compression. Munroe Lane isapproximately 94%
complete as at31 March 2023 on a time basis (91% on a cost basis).
The fair value of $118.6m (including WIP) reflects this valuation less
costs to complete of $7.4m.
•The 35 Graham Street fair value reflects the net present value of future
settlement cash flows.
•The Stoddard Road fair value is the sale price less costs of disposal.
•The table above includes all property held as at 31 March 2023, including
those assets held for sale. 35 Graham Street and Stoddard Road were
transferred to held for sale during the financial year.
•Eastgate and Kamowere both divested during FY23.

Asset Plus27
Important notice
This presentation contains not only a review of operations, but may also contain some forward looking statements (including forecasts and
projections) about Asset Plus Limited (APL) and the environment in which APL operates. Because these statements are forward looking, APL’s
actual results could differ materially. Please read this presentation in the wider context of material previously published by APL and announced
through NZX Limited.
No representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy, completeness or correctness of the
information contained, referred to or reflected in this presentation or supplied or communicated orally or in writing to you (oryour advisers or
associated persons) in connection with it, as to whether any forecasts or projections will be met, or as to whether any forward looking
statements will prove correct. You will be responsible for forming your own opinions and conclusions on such matters.
No person is under any obligation to update this presentation at any time after its release to you.
To the maximum extent permitted by law, none of APL, Centuria Funds Management (NZ) Limited (CFM) nor any of their directors,officers,
employees or agents or any other person shall have any liability whatsoever to any person for any loss (including, without limitation, any liability
arising from any fault or negligence on the part of APL, CFM, their directors, officers, employees or agents or any other person) arising from this
presentation or any information contained, referred to or reflected in it or supplied or communicated orally or in writing toyou (or your advisers
or associated persons) in connection with it.
Acceptance of this presentation constitutes acceptance of the terms set out above in this Important Notice.

Where to find us
Auckland Office
BayleysHouse
Level 2, 30 Gaunt Street
Auckland 1010
New Zealand
PO Box 37953 Parnell
Auckland 1151
Telephone +64 (9) 300 6161
Facsimile +64 (9) 300 616

---

ANNUAL REPORT 2023

Contents
01
15
50
02
10
04
16
53
14
55
Chairman’s Letter
The Manager
Independent
Auditor’s Report
Key Points f rom
the Financial Year
Finance Report
Property Report
Corporate
Governance
Shareholder
Statistics
Director Profiles
Directory
24
Financial
Statements

Chairman’s Letter
Chairman’s Letter
The macroeconomic environment continues to prove
challenging; we’ve successfully navigated the impacts
and ongoing effects of COVID-19 and have now been
thrust into a high inflation and increasing interest rate
environment. Our focus throughout has remained on
the successful completion of Munroe Lane, which I’m
pleased to say has now occurred as of 17 May 2023 with
the Auckland Council lease commencing.
The Munroe Lane development adds a newly
constructed, highly sustainable, well located
decentralised office building with a blue-chip tenant
covenant – being Auckland Council – across two
thirds of the property. Whilst leasing the remainder
of the space has proved challenging, it is pleasing to
see increasing leasing enquiry as the building has
progressed ever closer to completion. We are confident
that the fundamentals of the building will attract tenant
commitment over the balance of the space, in time.
Throughout the year we’ve completed successful sales
of 35 Graham Street, Eastgate Shopping Centre, and
Springs Flat Road in Kamo, with 35 Graham Street
subject to deferred settlement in December 2023 or
December 2024 (at the purchaser’s election).
Post-balance date we’ve also successfully sold and
settled 22 Stoddard Road, Mount Roskill, leaving
Munroe Lane the company’s sole remaining asset.
Realising these assets at, or near NTA, and utilising
sale proceeds to reduce debt and leverage is prudent
capital management given the current macroeconomic
conditions, and the accretive nature of the sales versus
the company’s current cost of debt.
Despite the currently challenging funding
environment the company’s debt facilities were
extended during the period f rom September 2023
out to 31 March 2025. BNZ continue to remain
supportive of the company and strategy, as evidenced
by the increase of the facility limit up to $85 million,
and removal of the ICR covenant which was replaced
with a $5 million lockbox facility. Post-balance
date, upon the completion of the Stoddard Road
settlement, the facility limit has been further reduced
to $52 million.
Given the changing market conditions, we have
seen a revaluation of the portfolio as at 31 March 2023
resulting in $12.69 million of revaluation losses for the
year. As a result, NTA has reduced f rom 44.0 cents per
share to 40.4 cents per share.
The result for the full year is in line with expectations,
being a $0.28 million loss on an AFFO basis given the
vacancy and unrecovered operating expenditure on
35 Graham Street, which will continue until settlement
occurs. The dividend was suspended in March 2022
based on the forecast earnings for the company and is
likely to remain on hold until 35 Graham Street settles,
the balance of Munroe Lane is leased, and the future
of the company is determined.
The company’s key focus is now on leasing the balance
of the Munroe Lane development. Doing so will
increase earnings, WALE, the value of the portfolio, and
will better position the asset and the company.
Once leasing is complete, or near complete, and with
the pending settlement of 35 Graham Street, we
anticipate that the company will ultimately be in a
unique position of having zero debt and modest cash
reserves. The company will then look to sell Munroe
Lane, putting the company in a position to consider
its options which would include a wind up or pivot in a
new direction.
We wish to emphasise that the current variables,
being the leasing of Munroe Lane and the final
settlement of 35 Graham Street, will influence the
timing of such decisions, while market conditions at
the time are likely to dictate the ultimate outcome.
Any steps to sell Munroe Lane, or to subsequently wind
up the company, will require shareholder approval,
and we would likely anticipate asking shareholders to
vote on both decisions at the same time.
In the meantime, management remains focused
on the objectives outlined above.
Finally, we thank you again for your continued
support and look forward to communicating our
progress over the next few months.
Bruce Cotterill
Chairman
*AFFO stands for ‘Adjusted Funds From Operations’, and is 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 Asset
Plus’ auditor, Grant Thornton New Zealand Audit Limited.
01

Key Points
FROM THE FINANCIAL YEAR
Key Points f rom the Financial Year
(reducing to 20%*)
31.5
%
LOAN-TO-VALUE RATIO
$
13.05
millionmillion
($2.93 million profit
in the prior year)
TOTAL LOSS AFTER TAX
$
0.28
ADJUSTED FUNDS FROM
OPERATIONS* LOSS
($4.22 million in
the prior year)
millionmillion
1.2
yearsyears
WALE
(increasing to 6.5 years*)
02

Key Points f rom the Financial Year (continued)
* Post-balance date impact of Stoddard Road divestment on 1 May 2023
and Auckland Council lease start at Munroe Lane on 17 May 2023.
millionmillion
(reducing to
$182 million*)
$
216.6
PORTFOLIO VALUE
(reduces to 42%*)
37.0
%
PORTFOLIO OCCUPANCY
40.4
NET TANGIBLE ASSETS
cents per share cents per share
(reduced from 44.0 cps in the prior year)
03

04
Property Report
Munroe Lane
Munroe Lane,
Albany, Auckland
Valuation
As-if complete valuation based
on just the Auckland Council
(committed) lease is $126 million,
less forecast costs to complete of
$7.4 million. Accordingly, a fair value
of $118.6 million as at balance date.
Effectively complete
Now effectively complete, project
was delayed five months f rom the
original mid-December 2022 target
completion date, largely as a result of
the impacts of COVID-19, and more
recently by Tenant led changes.
5 star Green Star rating
Target 5 Star NABERSNZ
Energy Rating
$

Large campus style
floor plates
Large floor plates of
~3,000 m
2
each.
Food & Beverage
~425m2 of expected Café
/ Food & Beverage / Retail
outlets on Ground & Level 1.
63% pre-leased
63% (by forecast income) pre-leased
on a 15-year lease to Auckland Council.
Auckland Council lease commenced
17 May 2023, with Practical Completion
expected mid June once Tenant works
are completed.
Increased interest
Leasing interest for the
remaining space has
increased as development
nears completion.
6 Levels + 224 carparks
6 levels plus 2 basement
carparking level
development in the heart of
Albany with 224 carparks.
Natural light
Excellent daylighting due
to three street f rontages,
an adjoining laneway and
a central atrium.

06
35 Graham Street
Unconditionally sold with deferred settlement
35 Graham Street,
Auckland CBD
Property Report (continued)
sold
Unconditionally sold
Unconditionally sold, with a
deferred settlement date of
1 December 2023 at the earliest.
Right to defer
Purchaser has a right to defer settlement
a further 12 months, subject to additional
consideration of $3 million and a further
deposit of 10% (taking deposit total to 20%).
$
Fair Value
As the settlement is deferred, the
current Net Present Value (NPV) is
$61.7 million, based on the discounted
value of the future sale proceeds.

07
Stoddard Road
Sold post balance date
22 Stoddard Road,
Mt Roskill, Auckland
Property Report (continued)
$
36.75
million
2.9
years
Sale settled
Sale settled on 1 May 2023, post-
balance date, following an open
market sales campaign which
commenced in February 2023.
WALE
WALE for the Centre was 2.9
years at balance date, with
occupancy remaining at 100%.
Lease extension secured
5 year lease extension secured
with Coffee Club, representing
3.7% of the Centre’s income.
1.3%
increase
100%
Lease renewal
3 year lease renewal agreed with
ASB f rom early 2023, representing
3.6% of the Centre’s income.
Market rent review
Market rent review with The
Warehouse was settled with a
1.3% increase to their net rent.
100% Occupancy
Occupancy remained at 100%
throughout the year.
Indicative lines only
07

08
Property Report (continued)
Eastgate
Cnr Buckleys Road &
Linwood Avenue,
Christchurch
Sold
$
43.45
million
settled
$
40.0
million
Sale price
Sale price of $43.45 million
Settled
Settled on 29 August 2022 after title
issue was rectified by management
Debt repayment
$40 million debt repayment with
the balance of sale proceeds
retained as working capital
08

09
Property Report (continued)
Kamo
38 Springs Flat Road,
Kamo, Whangarei
Sold
Indicative lines only
$
2.7
million
settled
$
Sale price
Sale price of $2.7 million
Settled
Settled on 30 November 2022
Funds from divestment
Funds f rom divestment applied
towards the cash lockbox of $5 million

Finance Report
Finance Report
20232022202120202019
$’000$’000$’001$’000$’000
Total Net Revenue 3,4667,7299,95310,9599,151
Administration Expenses (1,939)(1,711)(1,736)(1,644)(1,766)
Net Finance Costs (2,000)(1,549)(1,144)(1,664)(1,079)
Total Operating Income (Loss)(473)4,4697,0737,6516,306
Unrealised Interest Rate Swap Gain/(Loss)---133
Realised And Unrealised Gain/(Loss) On
Investment Property And PP&E
(13,034)(1,005)8,866(19,069)(2,696)
Transaction Costs --(12)(1,774)(224)
Net Profit/(Loss) Before Taxation (13,507)3,46415,927(13,192)3,519
Income Tax Expense 458(533)22(1,496)284
Profit And Total Comprehensive Income (Loss)(13,049)2,93115,949(14,688)3,803
Basic And Diluted Earnings Per Share (3.60)0.816.00(9.07)2.35
Five Year Financial Summary
10

Financial Result Summary
2023
$’000
2022
$’000
Variance
$’000 Commentary
Total Net Revenue3,4667,729(4,263)
Net rental has reduced by $4.26 million. The 35 Graham
Street vacancy impact year on year is $2.17 million and the
impact of the Eastgate divestment in August 2022 is $2.28
million. Stoddard Road is marginally ahead year on year by
$0.20 million due to increased rental income and minimal
abatements were booked in FY23 ($0.1 million in FY22).
Administration Expenses(1,939)(1,711)(228)
Management fees were $0.11 million higher due to
slightly higher average gross asset values in FY23.
Net Finance Costs(2,000)(1,549)(451)
Net Finance Costs increased by $0.45m. The FY23 net
finance costs include:
• Line fees $0.43 million (FY22: $0.76 million). Line fees
reduced due to a reduction in the facility limit;
• Interest of $1.72 million (FY22: $0.73 million) due to higher
interest rates and average drawn debt;
• Loan Establishment fees amortisation of $0.09 million
(FY22: $0.06 million)
• Interest income of $0.24 million (FY22: $0.01 million).
Interest income was higher due to the lockbox and
higher interest rates.
Total Operating Income/(Loss)(473)4,469(4,942)
Loss On Sale Of Investment
Property
(347)212(559)
Loss on sale at Eastgate ($94,000) and Kamo ($253,000)
in FY23. The profit last year relates to a recovery at AA
Centre, which is a former property owned by Asset Plus.
Fair Value Loss In Value Of
Investment Property
(12,687)(1,217)(11,470)
$12.69 million unrealised fair value loss driven by
softening cap rates at Munroe Lane ($7 million write
down) and committed exit at Stoddard Road ($7.2
million). This is offset by $1.5 million fair value gain at
35 Graham Street which is driven by the discount fair
unwind as the fair value is based on the future settlement
cash flow proceeds discounted at 8.5%.
Net Other Gains/Losses(13,034)(1,005)(12,029)
Net Profit/(Loss) Before
Taxation
(13,507)3,464(16,971)
Income Tax458(533)991
No current tax expense in FY23 and deferred tax has
been adjusted to reflect tax losses to carry forward.
Profit And Total
Comprehensive Income/(Loss)
(13,049)2,931(15,980)
Finance Report (continued)
11

Finance Report (continued)
Adjusted Funds from Operations - Reconciliation to Net Profit After Tax
2023
$’000
2022
$’000
Statutory Net Profit After Tax(13,049)2,931
Investment Property And Inventory
Loss/(Gain) From Sales Of Investment Property347(212)
Fair Value (Gain)/Loss On Investment Property12,6871,217
Deferred Tax
Deferred Tax Expense(414)210
Net Operating Income (Loss) After Tax(429)4,146
Amortisation Of Lease Incentives And Costs135191
Amortisation Of Rent Relief Due To COVID-199070
Funds From Operations (FFO)(204)4,407
Incentives Granted/Commissions Paid(30)(96)
Rent Relief Due To COVID-19-(31)
Maintenance CAPEX(50)(58)
Adjusted Funds From Operations(284)4,222
AFFO (CPS)(0.07)1.16
Balance Sheet
2023
$’000
2022
$’000
Cash4,8674,387
Investment Properties118,556170,016
Properties Held For Sale97,99046,355
Other Assets8,0693,935
Total Assets229,482224,693
Bank Debt71,36955,700
Other Liabilities11,6089,439
Total Liabilities82,97765,139
Equity146,505159,554
Net Tangible Assets Per Share ($)0.4040.440
12

Finance Report (continued)
Investment Property Portfolio Summary
31 March 2023
Fair ValueNet RentYieldWALEOccupancy
($000s)($000s)%Years%
Stoddard Road36,3302,7507.57%2.90 100%
Munroe Lane 118,556----
35 Graham Street61,660----
Total216,5462,7501.18 37.1%
29 May 2023
Fair ValueNet RentYieldWALEOccupancy
($000s)($000s)%Years%
Munroe Lane*126,000$4,6726.0%10.0163%
35 Graham Street61,660----
Total187,660$4,6726.542%
* Munroe Lane assumed to be complete and based on committed occupancy.
Investment Property, including properties held for
sale, total $216.5 million as at 31 March 2023 ($216.4m in
the prior year). Graham Street ($61.7m) and Stoddard
Road ($36.3 million) were transferred f rom investment
property to held for sale during the year.
Eastgate and Kamo were divested during the financial
year. Eastgate settled in late August 2022 and the
net sale proceeds were applied as a debt repayment
reducing the facility limit f rom $123.5 million to
$85 million. The net sale proceeds f rom the Kamo
divestment on 30 November 2022 were applied to the
cash lockbox. These funds are held on term deposit.
Munroe Lane is the remaining investment property.
This property increased in value f rom $67 million to
$118.6 million during the year. A $7 million write down
was reflected as the cap rate softened. Previously this
asset has been held at cost but tested for impairment.
As the development is nearing completion as at
balance date the fair value can be reliably measured.
The fair value is measured off the as if complete
valuation based on committed occupancy, being the
Auckland Council lease, and then adjusted for the
balance of the costs to complete the development as at
balance date.
Stoddard Road and Graham Street are both now held
for sale. Stoddard Road settled on 1 May 2023 (post
balance date) and 35 Graham Street is a committed but
deferred settlement. Stoddard Road has been valued
based on the transaction price less costs of disposal. The
35 Graham Street fair value is assessed on the future
settlement cash flows discounted at 8.5%. The discount
rate has increased during the financial year due to
rising interest rates.
Capital Management
$71.4 million of debt is currently drawn which
represents a LVR of 31.5% as at 31 March 2023 (25.7%
in the prior year). The loan facility limit as at 31 March
2023 is $85 million and the remaining undrawn debt
totalling $13.6 million which will primary be used to
fund the development and remaining leasing at
Munroe Lane. This limit reduced to $52 million post the
sale of Stoddard Road which occurred post balance
date on 1 May 2023. All net proceeds f rom the sale of
Stoddard were applied as a debt repayment but the
limit was only reduced by $33 million.
Funding extended to 31 March 2025
The loan was successfully extended f rom 30 September
2023 to 31 March 2025 which is beyond the 35 Graham
Street settlement if the purchaser takes up the option
to extend by 12 months.
As part of the refinance and because 35 Graham Street
is vacant a lockbox mechanism is in place to cover the
ICR shortfall up to 1.5 times cover. This cash lockbox
equates to $5 million and funds can only be released
f rom this lockbox once the earnings profile improves
f rom committed leases.
The interest cover ratio (ICR) is not formally tested f rom a
loan covenant perspective however EBITDA metrics are
to be reported to the bank each quarter which assists
with testing the sizing of the lockbox of $5 million.
The development facility converts to an investment
facility on Munroe Lane practical completion which is
forecast to be mid June 2023.
Dividends
No dividends were paid during the financial year. The
dividend remains subject to quarterly review. However,
the dividend will likely remain suspended until the
future direction of the company is confirmed.
13

Director Profiles
Director Profiles
Bruce Cotterill joined the Board of Asset Plus in April 2017. Bruce is an experienced
CEO, Chairman and Company Director, who has excelled in a number of sectors
and in a range of extremely demanding roles. This includes businesses going
through major transformation brought about by financial performance, structural
change and cultural issues. As a CEO he has led real estate group Colliers, both in
New Zealand and Australia, Kerry Packer’s ACP Magazines, and iconic New Zealand
sportswear company Canterbury International. As CEO of Yellow Pages Group
he was appointed to lead that company through a period of dramatic change,
including the restructure of the Company’s $1.8 billion of debt. Bruce was Chairman
of Noel Leeming Group for 8 years until that Company’s sale to The Warehouse.
Bruce Cotterill
Chairman,
Non-Executive
Independent Director
John joined the Centuria Capital Limited ("CNI") Board (formerly Over Fifty Group)
on 10 July 2006. He was appointed as Chief Executive Officer of the Over Fifty
Group in April 2008 and serves as Joint CEO with Jason Huljich. John was also a
founding director and major shareholder in boutique funds manager Century Funds
Management, which was established in 1999 and acquired by the Over Fifty Group
in July 2006. Prior to joining CNI, John held senior positions in a number of property
development and property investment companies in Australia, New Zealand and the
United Kingdom. As a director of both the largest shareholder and the Manager, John
is therefore not an independent director. John joined the Board in September 2020.
John McBain
Non-Executive Director
Allen has a long background in accounting, business analysis, risk management, tax,
and finance, mostly in property and construction. Starting as a partner in a major
accounting firm, he was then CFO for three listed property companies and for ten
years was CEO/CFO of Tramco Group, which managed and financed several large
privately held leasehold land owning partnerships including Viaduct Harbour Holdings,
Tram Lease, Quay Lease, Kiwi Forests, Wairakei Pastoral and Calland Properties Ltd.
He is now an independent business and finance consultant and Director, still advising
Tramco and is an independent trustee for the Wyborn and Green families. He is
the Government approved independent director of Tamaki Makaurau Community
Housing Joint Venture and Chair of the Odyssey House Board of Trustees.
Allen joined the Board in April 2017.
Allen Bollard
Non-Executive
Independent Director
Carol Campbell joined the Board of Asset Plus in May 2015 and chairs the Audit
and Risk Committee. Carol is a Fellow Chartered Accountant and a member
of Chartered Accountants Australia and New Zealand. Carol has extensive
financial experience and a sound understanding of efficient Board governance.
Carol holds a number of directorships across a broad spectrum of companies,
including T&G Global, New Zealand Post, NZME and the Fisher Listed Investment
companies – Kingfish, Barramundi and Marlin Global, where she is also Chair
of the Audit and Risk Committee. She is also a Director of Kiwibank. Carol was a
Director of The Business Advisory Group for 11 years, a Chartered Accountancy
Practice, and prior to that a partner at Ernst & Young for over 25 years.
Carol Campbell
Non-Executive
Independent Director
Paul Duffy has over 36 years’ experience in the property investment/development
industry, including CEO/executive director of DNZ Property Fund (now named Stride
Property) for 13 years. During his career, Paul held the position of General Manager
of Fletcher Property Limited and was Joint Managing Director of US Real Estate
Subsidiaries for the Abu Dhabi Investment Authority. In this role he oversaw the
formation of a large real estate portfolio in the United States and Europe. Paul is
currently a Director of Leighs Construction and a number of private companies. Paul
is the former chairman of the Manager, and is therefore not an independent director.
Paul joined the Board in April 2017.
Paul Duffy
Non-Executive Director
14

The scale of Centuria’s business allows a vantage point
f rom which to understand the market and unlock
real estate opportunities. Centuria has comprehensive
and up-to-date knowledge and insights pertaining
to property buyers/sellers, tenants and, importantly,
the constant and subtle shifts to lending and bank
sentiment. Centuria Capital (NZ) No.1 Ltd, as the
shareholder of the manager, owns 19.99% of Asset Plus.
The Manager
Centuria NZ is a leading fund manager with operations
across New Zealand and Australia. Centuria NZ owns or
manages 92 properties across sectors including office,
retail, industrial, healthcare and agricultural, with $2.6
billion of assets under management.
Centuria NZ employs 41 staff across offices in Auckland,
Christchurch and New Plymouth, with specialist
expertise in asset management and development
management, as well as other essential professional
functions including accounting, treasury and investor
relations, legal, compliance and company secretariat.
The Manager’s parent company, ASX-200 listed
Centuria Capital Group manages over $20 billion of
real estate assets across Australia and New Zealand.
The Manager
15

Corporate Governance
Corporate Governance
Principle 1 – Code of Ethical
Behaviour
Directors should set high
standards of ethical behaviour,
model this behaviour and hold
management accountable
for these standards being
followed throughout
the organisation.
A Code of Ethics has been adopted by which the
Company has set out expectations for all Directors,
officers, any employees and representatives to act in
a manner consistent with its guiding principles and
the values set out in its Code of Ethics. This Code sets
out clear expectations of ethical decision-making
and personal behaviour in regard to confidentiality,
securities trading, transparency, company
information, conflict resolution processes, gifts and
stakeholder interaction. A copy of the Code of Ethics
is included in the Corporate Governance Manual
available at
www.assetplusnz.co.nz/corporate-governance.
Any illegal or unethical behaviour is to be reported
to the Board. The Chairman will determine the
seriousness of the behaviour and what action needs
to be taken. The Chairperson may decide that a sub-
committee of the Board will be formed to determine
what action should be taken.
Asset Plus’ manager, Centuria, has also adopted a Code
of Conduct which applies to its employees and directors.
The Code sets out the minimum standards expected
of Centuria’s employees and directors and is intended
to facilitate decisions that are consistent with Centuria
values, business goals and legal and policy obligations.
A copy of the Centuria Code of Ethics is available at
https://centuria.com.au/wp-content/uploads/2022/07/
Centuria-Code-of-Conduct.pdf.
Asset Plus has also adopted a Share Trading Policy
which sets out the rules for dealing in the listed
financial products of Asset Plus. The policy prohibits
trading by directors of Asset Plus without the written
consent of the Chairperson. There are also ‘no trade’
periods around the release of the Annual and Interim
reports. A copy of the policy is available at
www.assetplusnz.co.nz/corporate-governance.
Centuria has also adopted an Insider Trading Policy
which sets out the rules for dealing in the financial
products of any entity that Centuria NZ manages
(including Asset Plus). The policy prohibits trading
by any employee or director of Centuria without the
written consent of the Centuria NZ Chair. Other than
in exceptional circumstances, all trading is prohibited
during blackout periods for 30 days prior to half- and
full-year balance dates until the first trading day after
the relevant results are announced.
The Board of Asset Plus is committed to maintaining the highest standards of business
behaviour and accountability.
Accordingly, the Board has adopted corporate governance policies and practices designed
to promote responsible conduct.
The corporate governance f ramework is set out in Asset Plus’ Corporate Governance
Manual, a copy of which can be found at the Company’s website:
www.assetplusnz.co.nz/corporate-governance.
This section sets out Asset Plus’ corporate governance policies, practices and
processes with reference to the NZX Corporate Governance Code’s eight key principles
and supporting recommendations. The Board considers that it has followed the
recommendations of the NZX Corporate Governance Code except as set out below under
each Principle.
This Corporate Governance Statement is current as at 31 March 2023. It reports against the
NZX Corporate Governance Code dated 17 June 2022.
16

Corporate Governance (continued)
Principle 2 – Board Composition
and Performance
To ensure an effective board,
there should be a balance
of independence, skills,
knowledge, experience
and perspectives.
Board Charter
The Asset Plus Board has adopted a Board Charter and
Governing Principles which sets out that the specific
responsibilities of the Board and its Committees
include:
• oversight of the Company including its control and
accountability procedures and systems;
• setting the strategic direction and objectives of
the Company;
• overseeing the audit and monitoring risk;
• approval of operating plans including annual
business plans and budgets;
• monitoring actual results against the annual
business plan, budget and strategic objectives;
• delegating the appropriate authority of the
management of the Company, and monitoring
management’s performance on a regular basis;
• setting the remuneration of the Directors;
• approval and monitoring capital expenditure,
capital management initiatives and acquisitions
and divestments;
• approval of capital structure and dividend
policies; and
• oversight of disclosure and monitoring of price
sensitive matters affecting the Company.
Director nominations and appointments
The Board has adopted a Nomination Committee
Charter which sets out the procedure for nominating
and appointing potential directors to the Board.
Given its size, the full Board of Asset Plus acts as the
Nominations Committee. The responsibilities set out in
the Nomination Committee Charter are:
• to identify and nominate candidates to fill Board
vacancies as and when they arise;
• before making an appointment, to evaluate
the balance of skills, knowledge and experience
on the Board and, in light of the evaluation, to
determine the role and capabilities required for the
appointment;
• to formulate succession plans for Directors
taking into account the challenges and
opportunities facing the Company and the skills
and expertise accordingly required to govern
the Company in the future;
• to regularly review the structure, size and
composition (including the skills, knowledge
and experience) of the Board and to make any
changes; and
• to consider such other matters relating to Board
nomination or succession issues as may be
identified by the Board.
Formal agreements are entered into with all new
directors.
17

Board composition
Director profiles are on page 14 and director
shareholdings are listed on page 53.
Directors undertake continuing education to keep
their skills current and understand how to best
perform their duties.
The Board Charter sets out that the Board will review
its performance as a whole on an annual basis and
instigate additional comprehensive reviews as may
be deemed necessary f rom time to time. External
consultants may be commissioned as needed to assist
in the assessment of individual director performance,
the effectiveness of the Board’s processes and/or the
Board’s own effectiveness.
The factors relevant to determining that Bruce Cotterill,
Allen Bollard and Carol Campbell were independent
directors were that they are non-executive directors,
they have either no shareholding or, in the case of Carol
Campbell, a holding of less than 1% and that they have
no other business relationship with Asset Plus.
The factors relevant to determining that Paul Duffy
is not an independent director is that, until recently,
he is a director of both the Manager and the largest
shareholder.
The factors relevant to determining that John McBain is
not an independent director is that, he is a director and
beneficial owner of both the Manager and the largest
shareholder.
Diversity
Asset Plus has not adopted a diversity policy as it no
longer has any employees following externalisation
of management to Centuria and accordingly has not
complied with this recommendation for the entire
period in which the NZX Corporate Governance Code
has been in place. This practice has been approved
by the Asset Plus Board.
Breakdown of Gender Composition of Asset Plus’
Directors and Officers.
MaleFemale
Financial
YearDirectorsOfficersDirectorsOfficers
Year Ending
31 March
2023
4310
Year Ending
31 March
2022
4310
Chair and CEO
In accordance with the NZX Corporate Governance
Code and as a result of management being
externalised, Asset Plus’ Chair is not also its CEO.
Principle 3 – Board Committees
The board should use
committees where this will
enhance its effectiveness in
key areas, while still retaining
board responsibility.
The Asset Plus Board has established a separate Audit
and Risk Committee comprising of three directors. The
Corporate Governance Manual also includes charters
for Nominations Committee and Remuneration
Committee. However, the full Board undertakes the
responsibilities of those Committees. Given the size and
operations of Asset Plus, the Board does not consider
that any further committees are necessary.
Audit and Risk Committee
The Audit and Risk Committee’s primary
objectives are:
• to set the principles and standards with respect
to internal controls, accounting policies and the
nature, scope, objectives and functions of the
external audit. This objective enables the Board
to satisfy itself that management is discharging
its responsibilities in accordance with established
processes and, wherever practical, best practice
methodologies; and
• to ensure the efficient and effective oversight and
management of all business risks.
Corporate Governance (continued)
18

Key responsibilities for the Audit and Risk
Committee include:
• Establishing guidelines for the selection,
appointment and/or removal of the external
auditor as well as the rotation of the lead partner of
the audit firm;
• Revising and recommending to the Board the
appointment and removal of the external auditor if
the Committee considers necessary;
• Ensuring the external auditor is discharging
its responsibilities, including monitoring the
effectiveness, objectivity and independence
of the external auditor;
• Reviewing draft financial statements, NZX
preliminary announcements and annual and
interim reports;
• Reviewing accounting policies and practices;
• Reviewing the risk management policy and the
Manager's risk management reporting; and
• Reviewing the Delegated Authority
Policy annually.
The members are all independent directors being Carol
Campbell (Chair), Allen Bollard and Bruce Cotterill. The
Audit and Risk Committee is required to meet at least
twice a year, with 4 meetings being held in the 2022
financial year.
Representatives of the Manager only attend meetings
of the Audit and Risk Committee at the invitation of the
committee.
Remuneration Committee
The full Board acts as the Remuneration Committee.
The Remuneration Committee Charter is included in
the Corporate Governance Manual. The responsibilities
include setting and reviewing all components of the
remuneration of non-executive Directors.
Nominations Committee
The full Board acts as the Nominations Committee.
The Nominations Committee Charter is included in the
Corporate Governance Manual. The responsibilities are
as set out on page 17.
Takeover protocols
In June 2018, the Board adopted protocols setting
out the procedures to be followed if a takeover offer
is received.
Principle 4 – Reporting and
Disclosure
The board should demand
integrity in financial and non
financial reporting, and in
the timeliness and balance
of corporate disclosures.
Continuous disclosure
Asset Plus has adopted a disclosure policy setting
out its approach to disclosing material information
and communication with shareholders or analysts.
Asset Plus recognises that the cornerstone of New
Zealand and international securities law is full and
fair disclosure of material information and that the
timely, non-exclusionary distribution of information to
the public is crucial to the efficiency and integrity of
the capital markets.
A copy of the policy is available on Asset Plus’ website
at www.assetplusnz.co.nz/corporate-governance, along
with the Corporate Governance Manual.
Corporate Governance (continued)
19

Principle 5 – Remuneration
The remuneration of directors and executives should be
transparent, fair and reasonable.
Remuneration of directors is reviewed by the Board.
The director remuneration pool was approved at $300,000 when Asset Plus was formed following the corporatisation
of the National Property Trust in 2011. In June 2017, the Asset Plus Board approved the following director fees which
have continued to be paid during the past year:
Director remuneration
As Asset Plus no longer has any employees, it does not have a remuneration policy. Accordingly, Asset Plus has
not complied with this recommendation for the entire period in which the NZX Corporate Governance Code
has been in place. This practice has been approved by the Asset Plus Board.
Chief Executive remuneration
Following the externalisation of management to Centuria, Asset Plus no longer has a CEO.
Corporate Governance (continued)
DirectorBase Director FeesCommittee FeesAnnual Fee
Amount Paid
During The Year
Bruce Cotterill $90,000 – Chair-$90,000$90,000
Carol Campbell$65,000$10,000 – Chair Of Audit And Risk Committee$75,000$75,000
Allen Bollard$65,000
$5,000 – Member Of Audit And Risk
Committee
$70,000$70,000
Paul Duffy$65,000-$65,000$65,000
John Mcbain----
Total $300,000$300,000
Approved Pool$300,000
20

Principle 6 – Risk Management
Directors should have a
sound understanding of the
material risks faced by the
issuer and how to manage
them. The Board should
regularly verify that the issuer
has appropriate processes
that identify and manage
potential and material risks.
Asset Plus relies on Centuria’s risk management
f ramework to identify, oversee, manage and control
risks that Asset Plus faces. Key risks have been
identified including interest rate and treasury
risk, leasing risk, cyber security, construction and
development risk, compliance with regulatory
obligations, property risks (such as tenant default),
f raud and health and safety risks.
Centuria is responsible under the management
agreement for advising the Asset Plus Board on risk
management matters. The Audit and Risk Committee
receives such reports and oversee risk management.
Health and safety
Centuria oversees health and safety compliance on a
day to day basis for Asset Plus in conjunction with the
property managers for each property. Each property
has a hazard register which is managed on a day to
day basis by the property managers and overseen by
Centuria’s asset managers.
Centuria's management team oversees compliance
with Centuria’s health and safety f ramework including
regular reporting to the Board. This includes regular
reporting to the Board on key health and safety
statistics, incidents and hazard remedies.
The Asset Plus Board also considers health and safety
issues at each board meeting and as they arise if
necessary. A key focus for the Asset Plus Board is
ensuring that hazards are identified and remedied
and that reporting identifies the progress with
remedial actions.
Principle 7 – Auditors
The board should ensure the
quality and independence of
the external audit process.
The Audit and Risk Committee Charter sets out Asset
Plus’ f ramework for managing relationships with
its auditor. This includes the ability for directors to
communicate directly with auditors and for auditors
to attend meetings of the Audit and Risk Committee
without management present. Any non-audit services
provided by the audit firm must be approved by the
Audit and Risk Committee.
Grant Thornton is the auditor of Asset Plus with the audit
partner rotated every 5 years. Grant Thornton attends
each annual shareholder meeting and is available to
answer shareholder questions at the meeting.
Asset Plus has no separate internal audit function
as it has no employees. It relies on the Manager's
compliance assurance and risk management processes
for ensuring continued improvement.
Corporate Governance (continued)
21

Principle 8 – Shareholder Rights
and Relations
The board should respect
the rights of shareholders
and foster constructive
relationships with
shareholders that
encourage them to
engage with the issuer.
Asset Plus’ website at www.assetplusnz.co.nz includes a
range of information including bios for directors, copies
of the Corporate Governance Manual, the constitution
and historical annual and interim reports.
The Company engages with shareholders through
annual and interim reports, results conference
calls, presentations to shareholders and the annual
shareholder meeting.
Shareholders have the right to receive communications
electronically by notifying the share registrar. Major
decisions which require approval under the NZX Main
Board Listing Rules are submitted to shareholders for
approval. All voting at shareholder meetings (such as
the 2020 meeting for the Munroe Lane development) is
conducted by a poll.
The annual shareholders notice of meeting in 2022 was
provided to shareholders at least 20 working days prior
to the annual meeting.
Statutory disclosures
Principal Activities
Asset Plus Limited is a listed commercial property
investment company investing solely in New Zealand
real estate.
Board Composition
The table below sets out details of the current directors
of Asset Plus Limited and its subsidiary, including the
date on which they were appointed.
No one ceased to be a director of the Company or its
subsidiary during the year ending 31 March 2022.
DirectorDate Appointed
Bruce Cotterill21 April 2017
Carol Campbell25 May 2015
Allen Bollard21 April 2017
Paul Duffy21 April 2017
John Mcbain8 September 2020
Board Attendance
Directors attended the following formal meetings of
the Board in the year to 31 March 2022.
Director
Board
Meetings
Held While
A Director
Board
Meetings
Attended
Audit & Risk
Committee
Meetings
Attended
Bruce
Cotterill
883
Carol
Campbell
884
Allen Bollard884
Paul Duffy88-
John Mcbain87-
Interest Register Record
There were no entries made in the interests register
during the year ended 31 March 2023.
Corporate Governance (continued)
22

Corporate Governance (continued)
Share Dealings by Directors
There were no share dealings by Directors during the
year ended 31 March 2023.
Securities of the Company in which each Director had a
relevant interest as at 31 March 2023:
DirectorHolding
Security
Held
Nature Of
Relevant Interest
Carol
Campbell
99,504
Ordinary
Shares
Registered Holder
And Beneficial
Owner
Indemnity and Insurance
The Company has effected Directors and Officers
liability insurance at prevailing rates for all Directors.
The Company and its subsidiaries have continued
to indemnify the Directors for any costs referred to
in Section 162(3) of the Companies Act 1993 and any
liability or costs referred to in Section 162(4) of the Act.
Donations
The Company did not make any donations in the year to
31 March 2023 (2022: Nil).
Audit Fees
Amounts paid to the Auditor of the Company:
2023
$’000
2022
$’000
Grant Thornton Audit Fees7568
In Addition To The Audit
Fee The Following Other
Fees Were Paid To Auditors:
Other Assurance Services3025
Total10593
23

Financial
Statements
2023

Contents
27
Consolidated Statement
of Changes In Equity
29
Consolidated Statement
of Cash Flows
31
Notes to the Consolidated
Financial Statements
53
Shareholder
Statistics
26
Consolidated Statement
of Comprehensive Income
28
Consolidated Statement
of Financial Position
30
Reconciliation of Net
Profit to Net Cash Flow
f rom Operating Activities
55
Directory
50
Independent
Auditor’s Report

26
The notes set out on pages 31 to 49 form part of, and should be read in conjunction with, the consolidated -nancial statements.
Consolidated Financial Statements
Consolidated Statement
of Comprehensive Income
For the year ended 31 March 2023
Note
2023
$’000
2022
$’000
Gross Rental Revenue6,377 11,932
Direct Property Operating Expenses(2,911)(4,203)
Net Rental Revenue53,466 7,729
Administration Expenses6(1,939)(1,711)
Net Finance Costs6(2,000)(1,549)
Net Total Operating Expenses(3,939)(3,260)
Net Operating Surplus (Deficit)(473)4,469
Gain (Loss) On Sale Of Investment Property(347)212
Net Fair Value (Loss) On Investment Properties(12,687)(1,217)
Net Profit (Loss) Before Taxation(13,507)3,464
Income Tax7458 (533)
Net Profit (Loss) After Taxation(13,049)2,931
Other Comprehensive Income- -
Total Comprehensive Income (Loss) For The Year, Net Of Tax(13,049)2,931
Basic/Diluted (Loss)/Earnings Per Share17(3.60)0.81

27
The notes set out on pages 31 to 49 form part of, and should be read in conjunction with, the consolidated -nancial statements.
Consolidated Financial Statements (continued)
Note
Share Capital
$’000
Accumulated
Losses
$’000
Total
$’000
Opening Balance At 01 April 2021192,726 (30,365)162,361
Net Profit After Taxation- 2,931 2,931
Total Comprehensive Income For The Year, Net Of Tax- 2,931 2,931
Dividends18- (5,738)(5,738)
Closing Balance At 31 March 2022192,726 (33,172)159,554
Opening Balance At 01 April 2022192,726 (33,172)159,554
Net Profit (Loss) After Taxation- (13,049)(13,049)
Total Comprehensive Income (Loss) For The Year, Net Of Tax- (13,049)(13,049)
Dividends18- - -
Closing Balance At 31 March 2023192,726 (46,221)146,505
Consolidated Statement
of Changes in Equity
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
28
The notes set out on pages 31 to 49 form part of, and should be read in conjunction with, the consolidated -nancial statements.
Note
2023
$’000
2022
$’000
Current Assets
Cash And Cash Equivalents4,8674,387
Trade And Other Receivables9389 3,084
Other Financial Assets107,264-
Taxation Receivable- 396
Prepayments9217 309
Total Current Assets12,737 8,176
Properties Held For Sale1297,990 46,355
Non-Current Assets
Investment Properties11118,556 170,016
Prepayments9199 146
Total Non-Current Assets118,755 170,162
Total Assets229,482 224,693
Current Liabilities
Trade Payables, Accruals And Provisions14 5,082 8,720
Deposits Received126,500 -
Other Current Liabilities26 305
Total Current Liabilities11,608 9,025
Non-Current Liabilities
Borrowings1371,369 55,700
Deferred Taxation7- 414
Total Non-Current Liabilities71,369 56,114
Total Liabilities82,977 65,139
Net Assets146,505 159,554
Share Capital192,726 192,726
Accumulated Losses(46,221)(33,172)
Shareholders' Equity146,505 159,554
The Board of Directors of Asset Plus Limited approved the consolidated financial statements for issue on 29 May 2023.
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
Consolidated Statement
of Financial Position
As at 31 March 2023

Consolidated Financial Statements (continued)
29
The notes set out on pages 31 to 49 form part of, and should be read in conjunction with, the consolidated -nancial statements.
2023
$’000
2022
$’000
Cash Flows From Operating Activities
Cash Was Provided From/(Applied To):
Gross Rental Revenue8,491 11,694
Other Income19 4
Operating Expenses(4,429)(6,158)
Interest Income238 13
Interest Expense(1,958)(1,485)
Taxation Paid440 (1,589)
Lease Incentives & Commissions Paid(52)(201)
Net Cash Inflow From Operating Activities2,749 2,278
Cash Flows From Investing Activities
Cash Was Provided From/(Applied To):
Sale Of Investment Property44,528 -
Deposit Received From Investment Property Held For Sale6,500 -
Capital Expenditure On Investment Properties(58,224)(40,359)
Funds Held In Retention(2,264)-
Capitalised Finance Costs On Investments(3,213)(1,197)
Tenant Deposits Received/Repaid(53)(5)
Net Cash Outflow From Investing Activities(12,726)(41,561)
Cash Flows From Financing Activities
Cash Was Provided From/(Applied To):
Repayment Of Borrowings(40,000)-
Proceeds From Borrowings55,669 46,300
Loan Refinance Costs(212)-
Transfer To Lockbox(5,000)-
Distributions Made To Shareholders- (5,739)
Net Cash Inflow From Financing Activities10,457 40,561
Net Increase In Cash And Cash Equivalents4801,278
Cash And Cash Equivalents At The Beginning Of The Year4,387 3,109
Cash And Cash Equivalents At The End Of The Year4,8674,387
Consolidated Statement
of Cash Flows
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
30
The notes set out on pages 31 to 49 form part of, and should be read in conjunction with, the consolidated -nancial statements.
2023
$’000
2022
$’000
Net Profit (Loss) After Taxation(13,049)2,931
Items Classified As Investing Or Financing Activities:
Unrealised (Gain)/Loss In Fair Value Of Investment Properties12,6871,217
Loss/(Gain) On Disposal Of Investment Property347(212)
Movement In Deferred Taxation(414)(210)
Amortisation Of Loan Establishment Costs68 66
Movements In Working Capital Items:
Accounts Receivable And Prepayments2,046 (701)
COVID-19 Rent Relief28 190
Amortisation Of Lease Costs And Incentives 81169
Leasing Fees Paid And Leasing Fees Granted(30)(96)
Trade And Other Payables552(231)
Taxation Payable433 (845)
Net Cash Inflow From Operating Activities2,749 2,278
Reconciliation of Net Profit to Net
Cash Flow from Operating Activities
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
31
1. Corporate Information
The 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 a FMC
reporting entity under the Financial Markets Conduct Act
2013. The registered office is located in 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 commercial property in New Zealand.
2. Summary of Significant
Accounting Policies
(a) Basis of Preparation
The consolidated financial statements have been prepared
in accordance with Generally Accepted Accounting Practice
in New Zealand (“NZ GAAP”), the Companies Act 1993, the
requirements set out in section 7 of the Financial Markets
Conduct Act 2013 and the Main Board Listing Rules of the
NZX. The consolidated financial statements have been
prepared on a historical cost basis, except for investment
properties which have been measured at fair value.
The consolidated financial statements are presented in New
Zealand dollars and all values are rounded to the nearest
thousand dollars ($’000), except where otherwise indicated.
(b) Statement of Compliance
The consolidated financial statements comply with New
Zealand equivalents to International Financial Reporting
Standards ('NZ IFRS') and International Financial Reporting
Standards (IFRS), as appropriate for a profit-oriented entity
that falls into the Tier 1 for profit category as determined by
the New Zealand Accounting Standards Board.
Changes in accounting policies
The accounting policies adopted are consistent with
those of the previous financial year, except where new
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. No accounting
standards have been early adopted.
Accounting standards that are issued but not yet effective
Several amendments and interpretations apply for the
first time f rom 1 April 2023, but are not expected to
have a material impact on the consolidated financial
statements of the Group.
(c) Basis of Consolidation
The consolidated financial statements incorporate the
assets, liabilities and equity at the end of the annual
reporting period and revenue, expenses and cash
flows during the year ended 31 March 2023, and it's
comparative period, of the entities controlled by the
Company. A controlled entity is any entity over which
Asset Plus Limited has the power to direct relevant
activities, exposure or rights, to variable returns from
its involvement with the investee, and the ability to
use its power over the investee to affect the amount
of investor return. The existence and effect of potential
voting rights that are currently exercisable or convertible
are considered, if those rights are substantive, when
assessing whether a Company controls another entity.
In preparing these consolidated financial statements,
subsidiaries are consolidated from the date the Group
gains control until the date on which control ceases.
The financial statements of the subsidiary are prepared
for the same reporting period as the parent company,
using consistent accounting policies. In preparing the
consolidated financial statements, all intercompany
balances, transactions, unrealised gains and losses
resulting from intra-group transactions and dividends
have been eliminated in full.
The table below represents the Company's investment in
its subsidiary at each reporting date:
Percentage Held
31 March 202331 March 2022
Asset Plus
Investments Limited
100%100%
(d) Goods and Services Tax (GST)
Revenue and expenses are recognised net of the amount
of GST except where the GST incurred on a purchase of
goods and services is not recoverable f rom the taxation
authority, in which case the GST is recognised as part of the
cost of acquisition of the item as applicable.
All items in the consolidated statement of financial position
are stated net of GST, with the exception of receivables
and payables, which include GST invoiced. Cash flows are
included in the consolidated statement of cash flows on
a net basis and the GST component of cash flows arising
f rom investing and financing activities is classified as part
of operating activities.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
32
3. Significant Accounting Estimates
and Judgements
The preparation of the consolidated financial statements
in conformity with NZ IFRS requires Directors to make
judgements, estimates and assumptions that affect
the application of the Group's accounting policies and
the reported amounts of assets, liabilities, income and
expenses. All judgements, estimates and assumptions
made are believed to be reasonable based on the most
current set of circumstances available to the Group.
The estimates and underlying assumptions are reviewed
on an ongoing basis. Although the Group has internal
control systems in place to ensure that estimates can
be reliably measured, actual results may differ f rom
these estimates. 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.
Fair value measurements
A number of the Group's accounting policies and
disclosures require measurement at fair value. Fair values
are categorised into different levels in a fair value hierarchy
based on the inputs used in the valuation technique
adopted as follows:
Level 1: Quoted prices (unadjusted) in active markets for
identical assets or liabilities.
Level 2: Inputs other than quoted prices included in Level
1 that are observable for the asset or liability, either directly
(i.e. as prices), or indirectly (i.e. derived f rom prices).
Level 3: Inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
Key Judgements
The areas involving a high degree of judgement or areas
where assumptions are significant to the Group include
the following:
• Determination of Fair Value of Investment Property
(Note 11)
• Classification of Investment Property Held for Sale
(Note 12)
• Deferred Taxation (Note 7)
Going Concern
The consolidated financial statements have been prepared
under the going concern assumption, which assumes
the Group will be able to pay its debts as they fall due in
the normal course of business. As part of management's
assessment of the Group's ability to continue as a going
concern, the following uncertainties relating to events or
conditions have been taken into account:
At 31 March 2023, the current assets of the Group exceeded
its current liabilities by $1,129,000 (2022: current liabilities
exceeded current assets by $849,000).
The Board has considered all information available at the
date of signing the consolidated financial statements
(refer to subsequent event Note 22) and is of the opinion
that the Group is a going concern based on:
–Debt facility maturity was extended to 31 March 2025
during the year;
–The Munroe Lane development is expected to
complete by mid-calendar year 2023, providing rental
income and cash inflows commencing during the
year ending 31 March 2024;
–Available liquidity levels, undrawn and available debt
on the loan facilities and forecast cashflows for at least
12 months, f rom the date the consolidated financial
statements were signed, being sufficient to cover
future obligations when they fall due; and
–Forecast cashflows have taken into consideration
tenant known circumstances, costs to be incurred
in respect to developments, expected future
expenses and provisions to fund any anticipated cash
requirements in the current environment.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
33
As At 31 March 2023
Note
Effective Interest
Rate Range
Less Than 1 Year
$’000
1 - 2 Years
$’000
2 Years +
$’000
Financial Assets
Cash And Cash Equivalents
0.00% - 5.04%
4,867-
-
Trade Receivables And Other Receivables9389--
Other Financial Assets
102.93% - 4.94%
7,264-
-
Total Financial Assets12,520--
Financial Liabilities
Trade Payables And Other Payables14(2,029)--
Deposits Received(6,500)--
Borrowings133.41% - 7.43%-(71,369)-
Total Financial Liabilities(8,529)(71,369)-
As At 31 March 2022
Financial Assets
Cash And Cash Equivalents0.00% - 1.00%4,387 - -
Trade Receivables And Other Receivables93,084 - -
Total Financial Assets7,471 - -
Financial Liabilities
Trade Payables And Other Payables14(2,610)- -
Borrowings132.16% - 3.41%- (55,700)-
Total Financial Liabilities(2,610)(55,700)-
The Group’s assets and liabilities which are subject to interest rate changes, consist of cash and cash equivalents, financial
assets and secured bank loans. The following demonstrates the sensitivity to the Group profit and equity, resulting f rom a
reasonably possible change in interest rates. This analysis assumes all other variables remain constant.
2023
$’000
2022
$’000
1% Increase
Cash And Cash Equivalents And Financial Assets12137
Borrowings(714)(557)
1% Decrease
Cash And Cash Equivalents And Financial Assets(121)(37)
Borrowings714 557
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023
4. Financial Risk Management
Objectives and Policies
The Group's principal financial instruments comprise
bank loans, cash, trade receivables and payables. Financial
assets and liabilities are recognised on the Consolidated
Statement of Financial Position when the Group becomes
a party to the contractual provisions of the instrument.
The main risks arising f rom the Group’s financial
instruments are interest rate risk, credit risk, liquidity
risk and fair value risk. The Board reviews and agrees
policies for managing each of these risks and they are
summarised below.
Interest rate risk
The Group has exposure to interest rate risk to the extent
that it borrows for fixed terms at floating interest rates. The
Directors assess this risk on an ongoing basis and if deemed
significant, will instruct the Group to enter into interest rate
swaps to manage material exposure. The Group’s exposure
to interest rate risk and the effective weighted interest rates
for each class of financial asset and financial liability, based
off the contractual maturity dates, were:

Consolidated Financial Statements (continued)
34
As At 31 March 2023Note
Designated
As Fair Value
$’000
Amortised Cost
$’000
Total
Carrying
Amount
$’000
Fair Value
$’000
Financial Assets
Cash And Cash Equivalents- 4,8674,8674,867
Other Financial Assets107,2647,2647,264
Trade Receivables And Other Receivables9- 389 389 389
Total Financial Assets- 12,52012,52012,520
Financial Liabilities
Trade Payables And Other Payables14- (2,029)(2,029)(2,029)
Deposits Received(6,500)(6,500)(6,500)
Borrowings13 - (71,369)(71,369)(71,369)
Total Financial Liabilities- (79,898)(79,898)(79,898)
As At 31 March 2022
Financial Assets
Cash And Cash Equivalents- 4,387 4,387 4,387
Trade Receivables And Other Receivables9- 3,084 3,084 3,084
Total Financial Assets- 7,471 7,471 7,471
Financial Liabilities
Trade Payables And Other Payables14- (2,610)(2,610)(2,610)
Borrowings13 - (55,700)(55,700)(55,700)
Total Financial Liabilities- (58,310)(58,310)(58,310)
Credit risk
In the Board's opinion, the Group trades only with
recognised, creditworthy third parties, whose
obligations to the Group are contractually enforceable
under tenancy agreements and car park licences.
Financial instruments, which potentially subject
the Group to credit risk, principally consist of bank
balances, receivables and advances to tenants.
With respect to credit risk arising f rom the other
financial assets of the Group, which comprise interest
received on cash and cash equivalents, the Group’s
exposure to credit risk arises f rom default of the
counter party, with a maximum exposure equal to the
carrying amount of these instruments. Bank of New
Zealand, who is the counter party in respect to these
financial assets of the Group, currently holds an AA-
credit rating (issued by Standard & Poor's).
Liquidity risk
Liquidity risk arises f rom the Group’s financial liabilities
and the ability to meet all its obligations to repay
financial liabilities as and when they fall due. The Group
actively monitors its position to ensure that sufficient
funds are available to meet liabilities as they arise.
Liquidity is monitored on a regular basis and reported to
the Board monthly.
The table below reflects all contractually fixed pay-offs for
settlement and repayments resulting f rom recognised
financial liabilities. This table is based on all interest rate
variables being held constant over the relevant period
of time. It does not allow for potential future margin or
base rate changes as these can not be easily identified
as at balance date. All payments are undiscounted and
the timing of the cash flows is based on the contractual
terms of the underlying contract. Interest payable is
based on the drawn debt at balance date.
Fair value risk
A comparison between financial assets and financial liabilities fair value and carrying amounts is set out below.
The net fair value is not materially different f rom the carrying value. The methods used for determining fair
value have been disclosed in Note 15.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
35
As At 31 March 2023
Balance
$’000
Contractual
Cash Flows
$’000
On
Demand
$’000
< 1 Year
$’000
1 - 2 Years
$’000
2 - 5 Years
$’000
> 5 Years
$’000
Financial Liabilities
Non-Derivative Financial Liabilities
Trade Payables And
Other Payables (Note 14)
2,029 2,029 - 2,029 - - -
Borrowings (Note 13)71,369 71,369 - - 71,369 - -
Interest And Fees Payable
To The Bank
3608,165- 4,2003,965 - -
Total73,75881,563- 6,22875,334- -
As At 31 March 2022
Financial Liabilities
Non-Derivative Financial Liabilities
Trade Payables And
Other Payables (Note 14)
2,610 2,610 - 2,610 - - -
Borrowings (Note 13)55,700 55,700 - - 55,700 - -
Interest And Fees Payable
To The Bank
458 4,418 - 2,943 1,475 - -
Total58,768 62,728 - 5,553 57,175 - -
Capital Management
The Group’s capital includes contributed capital and
accumulated loss.
When managing capital, the Directors objective is to
ensure the entity continues as a going concern as well
as to maintain optimal returns to shareholders. As the
market is constantly changing, management and the
Board of Directors consider capital and management
initiatives. The Directors have the discretion to change
(or cease) the amount of dividends to be paid to
shareholders accordingly, issue new shares or sell
investment property to reduce debt. Capital is also
monitored through the gearing ratio.
The Group’s policies in respect of capital management
and allocation, including loan covenants are reviewed
quarterly by the Board of Directors.
Cash and Cash Equivalents
Cash and cash equivalents comprise of cash on hand,
demand deposits and other short term highly liquid
investments that are readily convertible to a known
amount of cash and are subject to an insignificant risk
of changes in value.
Financial Instruments
Classification of financial instruments.
The Group classifies its financial assets as fair value
through profit and loss (“FVTPL”), fair value through
other comprehensive income (“FVTOCI”) and
amortised cost according to the Group’s business
objectives for managing the financial assets and based
on the contractual cash characteristics of the financial
assets. At each reporting date, the Group classifies all
its financial liabilities as amortised cost or FVTPL.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
36
Accounting policy
Rental Revenue
Rental revenue is the Group's primary revenue stream. Net rental revenue is recognised in accordance with
NZ IFRS 16 Leases. Substantially all property owned by the Group is leased to third party tenants. As the Group
retains substantially all the risks and benefits of ownership of its investment properties, it accounts for leases with
its tenants as operating leases and begins recognising income when the tenant has a right to use the leased
asset. The total amount of contractual rent to be received f rom operating leases is recognised on a straight-line
basis over the term of the lease; including any lease incentives which are amortised to profit and loss over the
same period and reduce rental income recognised.
Net rental revenue is measured based on the consideration specified in the relevant rental agreement. The lease
term varies between properties and individual tenants within those properties.
2023
$’000
2022
$’000
Rental Charged To Tenants In The Ordinary Course Of Business4,870 10,139
Operating Cost Recoveries From Tenants And Customers1,456 2,386
Capitalised Lease Incentive Adjustments(30)(274)
COVID-19 Rental Adjustments60(324)
Total Gross Operating Revenue6,356 11,927
Other Revenue21 5
Gross Rental Revenue6,377 11,932
Property Operating Costs
(1)
(2,911)(4,203)
Net Rental Revenue3,4667,729
(1)
Property operating costs represent property maintenance and operating expenses
Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows:
2023
$’000
2022
$’000
Within One Year6,574 2,578
After One Year But Not More Than Five Years23,947 6,228
More Than Five Years59,045605
The above rental receivables are based on contracted amounts as at 31 March 2023 and 31 March 2022. Actual rental
amounts collected in future will differ due to upward rental review provisions within the lease agreements. There are
multiple leases and tenants. The rent review mechanisms and f requency vary for each lease. Each lease has renewal
dates whereby the lessee has the right to renew for an agreed term. The minimum lease payments receivable reflect the
minimum lease terms and do not include any options for renewal due to the uncertainty as to whether the options will be
exercised. The figures above also exclude the recovery of rates and insurance disclosed under lease income in accordance
with NZ IFRS 16 since this is a variable lease payment that does not depend on an index or rate.
On 1 May 2023 Stoddard Road was sold. Future minimum rentals receivable under non-cancellable operating leases after
31 March 2023 are as follows:
Post 31 March 2023
$’000
Within One Year4,176
After One Year But Not More Than Five Years19,344
More Than Five Years58,222
5. Net Rental Revenue
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
37
6. Administration Expenses and Net Finance Costs
Accounting policy
Interest Revenue
Interest revenue consists of interest accrued on cash deposits and is recognised using the effective interest method.
Interest and Finance Costs
Finance costs, including borrowing costs and interest payable on borrowings, are recognised in the consolidated
statement of comprehensive income when incurred. Borrowing costs incurred that do not relate to qualifying
assets are treated as an expense and are not capitalised. Prepaid loan establishment fees are recognised on the
consolidated statement of financial position and capitalised (if related to a qualifying asset) or expensed over the
term of the loan agreement (Note 14) on a straight line basis.
Note
2023
$’000
2022
$’000
Administration Expenses
Management Fees(1,130)(987)
Directors' FeesNote 19(300)(300)
Auditor's Remuneration(105)(93)
Professional Fees(230)(173)
Other Administration Costs
(1)
(174)(158)
Total Administration Expenses(1,939)(1,711)
Net Finance Costs
Interest And Finance Costs*(2,238)(1,562)
Interest Revenue238 13
Total Net Finance Costs(2,000)(1,549)
* In addition to Interest paid on the loan the Interest and finance costs include line fees of $433,000 (2022: $970,000) and amortised loan establishment fees of
68,000 (2022: $220,000)
Auditor's Remuneration As Follows:
Audit Of The Annual Financial Statements(75)(68)
Other Assurance Services(30)(25)
Total Auditor's Remuneration(105)(93)
(1)
Other administration costs include office costs, registry, New Zealand Stock Exchange fees and shareholder communications costs.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
38
7. Income Tax
Accounting policy
Income tax in the consolidated statement of comprehensive income comprises current and deferred tax.
Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in
equity, in which case it is recognised in equity.
Current tax is the expected tax on the taxable income for the year, using rates enacted or substantially
enacted at balance date, and any adjustment to income tax payable in respect of previous periods. Current
tax for current and prior periods is recognised as a liability (or asset) to the extent it is unpaid (or refundable).
Deferred tax is provided for using the liability method on all temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
• When the deferred tax liability arises f rom the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor the taxable profit or loss.
• In respect of the taxable temporary differences associated with investments in subsidiaries, associates
and interests in joint ventures, when the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused
tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax
losses can be utilised, except:
• When the deferred income tax asset relating to the deductible temporary difference arises f rom the
initial recognition of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit nor taxable profit or loss.
• When the deductible temporary difference is associated with investments in subsidiaries, associates or
interests in joint ventures, in which case a deferred tax asset is only recognised to the extent that it is
probable that the temporary difference will reverse in the foreseeable future and taxable profit will be
available against which the temporary difference can be utilised.
The carrying amount of any deferred income tax asset is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred income tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax
rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax
rates (and tax laws) that have been enacted or substantively enacted at balance date.
The Group has applied the rebuttable presumption under NZ IAS 12 that deferred tax on investment property
measured using the fair value model in NZ IAS 40 is determined on the basis that its carrying amount will be
recovered through sale.
The Group holds investment properties for the purpose of capital appreciation and rental income and
therefore the measurement of any related deferred tax reflects the tax consequences of recovering the
carrying amount of the investment property entirely through sale. In New Zealand there is no capital gains
tax, therefore the tax consequences on sale will be limited to depreciation previously claimed for tax purposes
(i.e. depreciation recovered).
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
39
Major components of income tax expense for the year ended 31 March are:
2023
$’000
2022
$’000
Current Tax
Current Income Tax Charge-(373)
Prior Year Tax Adjustment4450
Current Tax44(323)
Net Deferred Income Tax
Investment Property Building Depreciation(204)(212)
Recognition Of Deferred Tax Asset Due To Tax Losses642 -
Other(24)2
Net Deferred Income Tax414 (210)
Income Tax Reported In The Consolidated Statement Of Comprehensive Income458 (533)
A reconciliation of the income tax expense applicable to net profit before income tax at 28%, to the income tax expense in
the consolidated statement of comprehensive income for the year ended 31 March is as follows:
2023
$’000
2022
$’000
Net Profit/(Loss) Before Tax(13,507)3,464
Income Taxation Benefit (Expense) (28%)3,782 (970)
Adjust For Revaluations Of Investment Property(3,553)(333)
Adjust For Non-Deductible Expenses- (9)
Adjust For Capital Loss On Disposal Of Investment Property(97) 59
Adjust For Development Loan Facility Fees812 334
Adjustment For Deferred Tax (Depreciation On Buildings)(204)(212)
Deferred Tax Assets Not Recognised(1,088)-
Adjustment For Depreciation (Claimed In Financial Year)554 570
Prior Period Adjustment4450
Other208 (22)
Income Tax Reported In The Consolidated Statement Of Comprehensive Income458 (533)
Deferred Income Tax
2023
$’000
2022
$’000
Net Deferred Income Tax Liability Relates To The Following:
Deferred Income Tax Assets:
Accumulated Tax Losses642 -
Deferred Income Tax Liabilities:
Recoverable Depreciation On Investment Properties(629)(425)
Other(13)11
Net Deferred Income Tax Liabilities(642)(414)
Deferred Taxation - (414)
For the year-ended 31 March 2023, Asset Plus Limited is in a tax loss position. It is not considered probable that Asset Plus
Limited will utilise these tax losses in the near-term. As such, a deferred tax asset has only been recognised to the extent of
the deferred tax liability balance as at 31 March 2023, resulting in a net nil deferred tax balance sheet position, in accordance
with NZ IAS 12 Income Taxes.
8. 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. The Group
has no unallocated revenue, expenses, assets or liabilities and this approach has been applied to comparative periods.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
40
9. Trade and Other Receivables
10. Other Financial Assets
Accounting policy
Trade receivables, other receivables and prepayments are initially recognised at fair value plus transaction costs and
subsequently carried at amortised costs using the effective interest rate method less an allowance for any impairment
losses. Due to their short term nature, trade receivable, other receivables and prepayments are not discounted.
The Group makes use of a simplified approach in accounting for trade receivables and records the loss allowance
as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the
potential for default at any point during the life of the financial instrument. In calculating, the Group uses its
historical experience, external indicators and forward looking information to calculate the expected credit losses.
The impairment of trade receivables is assessed on a collective basis (grouped based on the days past due), as they
possess shared credit risk characteristics.
Further disclosure details on the expected credit loss model have not been included in the financial statements as
the amounts involved are considered by the Directors of the Group to be immaterial.
Accounting policy
Other assets relates to restricted cash balances which are held on term deposit. This cash held on term deposit
is considered restricted on the basis that the funds do not have the same level of liquidity as cash and cash
equivalents on the basis that the funds are not f reely able to be withdrawn at any time and is not available to be
used to meet short-term commitments. Therefore the restricted cash is excluded f rom cash and cash equivalents
and presents as other financial assets.
2023
$’000
2022
$’000
Trade Receivables27 549
GST Receivable229 773
Expected Credit Losses- (73)
Total Trade Receivables256 1,249
Colliers Property Trust Account (Eastgate)- 1,323
Other Receivables133 512
Total Other Receivables133 1,835
Total Trade And Other Receivables389 3,084
Trade receivables are non-interest bearing and are on < 30 day terms.
Loan Establishment Fees (Unamortised)399 439
Other Prepayments17 16
Prepayments416 455
Current Prepayments217 309
Non -Current Prepayments199 146
Prepayments416 455
Non current prepayments include $199,000 of unamortised loan establishment fees (31 March 2022: $146,000). All other
prepayments are classified as current.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
41
11. Investment & Development Properties
Accounting policy
Investment properties which are held exclusively to earn rentals and/or for capital appreciation are classified as
investment properties at their acquisition date. These are initially recognised at cost plus related costs of acquisition.
After initial recognition, investment properties are stated at fair value as determined by an independent registered
valuer. Investment properties are valued annually. The fair value is based on market values, being the price that would
be received to sell the property in an orderly transaction at the date of valuation after proper marketing wherein the
parties had each acted knowledgeably, prudently and without compulsion.
Investment properties that are being constructed or developed for future use are classified as development
properties and are measured at cost, as cost represents the fair value. Development properties are carried at fair value
when fair value can be reliably determined, which is expected to be upon completion. All costs directly associated
with the purchase and construction of a property and all subsequent capital expenditure is capitalised. Gains or losses
arising f rom changes in the fair value of development properties held at fair value are included in profit or loss in the
year in which they arise. Development properties are carried at fair value when fair value can be reliably determined,
which is expected to be upon completion. Development properties are re-classified as Investment properties upon
practical completion of the development and the property is held to be leased out under an operating lease.
In the absence of an active market, alternative valuation techniques are utilised which may include discounted cash
flow projections, capitalisation of income or sales comparison approach as appropriate to the property being valued.
The valuations are prepared by considering the aggregate of the estimated cash flows expected f rom rental income,
the occupancy rates, average lease terms and capitalisation rates which reflect the current market conditions. The
estimate of fair value is a judgement which has been made based on the market conditions which apply at each
reporting date.
Investment properties are derecognised either when they have been disposed of or when the investment property is
permanently withdrawn f rom use and no future economic benefit is expected f rom its disposal. Any gains or losses
on the disposal of an investment property are recognised in profit or loss in the period of derecognition.
2023
$’000
2022
$’000
Restricted Cash - Term Deposit Lockbox5,000 -
Funds Held In Retention2,264-
Total Other Financial Assets7,264-
During the year, the Company refinanced its debt facilities to extend the maturity to 31 March 2025. A 'lockbox' amount of
$5.0 million was placed into a term deposit as restricted cash to cover the forecast EBITDA shortfall up to a 1.5 times interest
cover ratio. Funds are held in trust of $2.264 million being the Munroe Lane retention funds.
The tables below outline the movements in the carrying values for all directly owned investment properties:
As at 31 March 2023
Investment
Properties
Opening
Fair Value
BalanceCapex
Lease
Amortisation
& Other
Gain/
(Loss) On
Revaluation
Transfer To
Assets Held
For SaleWIP
1
Closing
Balance
$'000$'000$'000$'000$'000$'000$'000
Stoddard Road43,500 48 (28)-(43,520)--
Graham Street59,000 ---(59,000)--
Development
Properties
Munroe Lane7,761 --(7,000)-117,795 118,556
Total Investment
& Development
Properties
110,261 48 (28)(7,000)(102,520)117,795 118,556
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
42
As at 31 March 2022
Investment
Properties
Opening
Fair
Value
Balance
WIP
ReclassifiedCapex
Lease
Amortisation
& Other
Gain/
(Loss) On
Revaluation
Transfer
To Assets
Held For
Sale
Carrying
Value At
Balance
DateWIP
1
Revaluation
Of WIP
Closing
Balance
$'000$'000$'000$'000$'000$'000$'000$'000$'000$'000
Stoddard Road
41,500 - 97 7 1,896 - 43,500 - - 43,500
Graham Street
59,500 1,508 1,344 - (3,352)-59,000 - - 59,000
Development
Properties
Munroe Lane7,761 - - - - - 7,761 59,755 - 67,516
Kamo**2,600 107 62 - 131 (2,900)- - - -
Total
Investment &
Development
Properties
111,361 1,615 1,503 7 (1,325)(2,900)110,261 59,755 - 170,016
(1)
WIP (work in progress) relates to costs incurred in relation to future development work which were not included in the inputs to the valuation calculation by the
independent valuers. These costs include design, consents and other direct costs capitalised as development costs.
The independent valuation is adjusted for the carrying value of capitalised lease incentives and capitalised leasing fees as in determining the carrying amount
of investment property under the fair value model, an entity does not double count assets or liabilities that are recognised as separate assets or liabilities.
On 12 April 2022 a sale and purchase agreement was entered into for the sale of 35 Graham Street and transferred to held
for sale. 35 Graham Street did not meet the criteria to be held for sale as at 31 March 2022. In the prior year the 35 Graham St
fair value has been determined based on the forecast future discounted cash flows of the sale up to the settlement date of 1
December 2023 including the initial deposit received. A discount rate of 5.5% has been used as at 31 March 2022.
Munroe Lane is measured at fair value as at 31 March 2023 and is determined by the independent valuation using the
capitalisation and discounted cashflow approach. The independent valuation was conducted by an independent registered
valuer, listed below, who is a member of the Institute of Valuers of New Zealand. The valuer is experienced in valuing
commercial properties. The fair value is measured off the as if complete valuation, which is based on the committed
occupancy being the Auckland Council lease, less forecast costs to complete. Munroe Lane was measured at fair value at
31 March 2023 as it can be reliably measured as the development is expected to be complete in the following months after
balance date. Munroe Lane was measured at cost as at 31 March 2022.
On 18 February 2023, an active marketing campaign commenced for the sale of the Stoddard Road Property. Stoddard Road
was transferred to Held for Sale on this date. Stoddard Road did not meet the criteria to be held for sale at 31 March 2022.
In the prior year, Stoddard Road was fair valued based on independent valuation, completed by a registered valuer, who is a
member of the Institute of Valuers of New Zealand. The valuer is experienced in valuing commercial properties.
Kamo was transferred to held for sale in the prior year.
As At 31 March 2023Valuer
Capitalisation
Rate
%
Occupancy
Rate
%
WALT
Years
Valuation
$'000
Munroe Lane
6-8 Munroe Lane, Auckland*
Jones Lang LaSalle6.0063.0010.0126,000
Adjust For Costs To Complete At Balance Date(7,444)
Fair Value118,556
As At 31 March 2022Valuer
Capitalisation
Rate
%
Occupancy
Rate
%
WALT
Years
Valuation
$'000
Stoddard Road
22 Stoddard Road, Auckland
Jones Lang LaSalle5.88100.003.5043,500
Kamo
34 Springs Flat Road, Kamo, Whangarei
Jones Lang LaSalleN/AN/AN/A2,900
46,400
*This is based on the as if completed committed occupancy of Munroe Lane.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
43
The valuation techniques and significant unobservable inputs are as follows:
Valuation
TechniqueValuation Summary20232022
Sensitivity Of Fair Value To Changes In The
Estimated Fair Value Would Increase/(Decrease):
Capitalisation
Of Net
Income
Market Capitalisation rate (%)6.00%5.25%Capitalisation rate was lower (higher).
Market rental ($ per sqm)** $479 $307
Retail and office rental income per
square meter was higher (lower).
Discounted
Cash Flow
Discount rate (%)7.13%6.75%The discount rate was lower (higher).
Rental growth rate (% per annum)
over 10 years
2.20%2.20%Rental growth was higher (lower).
Occupancy rate (%)65.00%100.00%The occupancy rate was higher (lower).
Letting up period (months)***6 months6 monthsLetting up period was lower (higher).
Sales Income
Approach
Price per square meter rate ($ per sqm)$7,905 $75.00 Rate per square metre was higher (lower).
In 2023 this only represents the Munroe Lane As-if completed occupancy valuation. In 2022 the metrics only represent Stoddard Road.
**The represents the valuers' assessment of the net market income which a property is expected to achieve under a new arm’s length leasing transaction.
***Represents the period of time that has been allowed to re-let a tenancy at the end of each existing lease of the properties.
Investment property values are assessed within a range indicated by at least two valuation approaches, other than
undeveloped land. Most commonly the capitalisation of net income approach and the discounted cash flow approach
are used to value income producing properties. The sales comparison approach is used to appraise both developed and
undeveloped plots of land.
Estimates are used in these valuations. These include the capitalisation rate in the income capitalisation approach, the
discount rate in the discounted cash flow approach and rate per square meter in the sales comparison approach. The
approaches are also influenced by other estimates relating to market rental levels, vacancy rates, letting-up allowances
and the cost of ongoing operating expenses, capital expenditure, other capital payments, time, location, quality and overall
condition.
Among other factors, all valuation approaches consider the quality of the building and its location, tenant quality, lease
terms and any lease incentive costs such as rent-f ree periods and other costs not paid by the tenant.
Valuation Sensitivity
This sensitivity analysis outlines how movements in the discount rate and capitalisation rate impact to the fair value of the
investment properties that use the Discounted Cash Flow and Capitalisation valuation approaches. The discount rate is used
in the discounted cash flow approach and the capitalisation rate is used in the capitalisation approach.
Munroe Lane-100bps-50bpsValue+50bps+100bps
Capitalisation Rate5.06%5.56%6.06%6.56%7.06%
Adopted Value*143,440129,880118,556108,957100,718
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
44
12. Properties Held for Sale
Accounting policy
Investment property is transferred to investment property held for sale when it is expected that the carrying
amount will be recovered principally through sale rather than f rom continuing use. The property is held at
the realisable value, being the lower of carrying value or fair value less cost to sell. These properties are held for
immediate sale in their present condition.
Investment properties which meet the requirements of assets held for sale will be reclassified on the date these
requirements are met. These properties will continue to be measured under the fair value model with any gains or
losses being recognised in profit or loss in accordance with NZ IAS 40 Investment Properties. Revenue on the sale
of properties held for sale is recognised when the risks and rewards have transferred to the buyer. The carrying
value represents the sale price in respect to the property.
The table below outlines the movements in the carrying values for all properties held for sale during the year:
As at 31 March 2023
Property
Opening
Balance
$’000
Transfer From
Investment
Properties
$’000
Capex
$’000
Gain/(Loss) On
Revaluation
$’000
Disposal
$’000
Closing
Balance
$’000
Eastgate Shopping Centre43,455 - - (94) (43,361)-
Stoddard Road- 43,520 - (7,190)- 36,330
35 Graham Street- 59,000 1,158 1,502 - 61,660
Kamo2,900 - - (253)(2,647)-
Total46,355 102,520 1,158 (6,035)(46,008)97,990
The Eastgate Shopping Centre and was settled on 29 August 2022 for $43.45 million. The sale of Kamo was settled on 30
November 2022 for $2.7 million.
35 Graham Street is measured at the lower of carrying value or fair value. Fair value has been determined based on the
forecast future discounted cash flows of the sale up to the settlement on 1 December 2023 including the initial deposit of $6.5
million received. A discount rate of 8.5% has been used as at 31 March 2023 which reflects the assumed weighted average
cost of capital. Historical WIP in respect to 35 Graham Street has been reclassified as capital expenditure to determine the
carrying value, prior to the revaluation. The increase in the fair value is due to the impact of the discount unwind.
Stoddard Road is measured at fair value less costs to sell and was transferred to held for sale during the year. The fair value is
based on the conditional sale and purchase agreement.
As at 31 March 2022
Property
Opening
Balance
$’000
Transfer
From
Investment
Properties
$’000
Capex
$’000
Lease
Amortisation
& Other
$’000
Gain/
(Loss) On
Revaluation
$’000
Disposal
$’000
Closing
Balance
$’000
Eastgate Shopping Centre42,560 - 882 (96)109 - 43,455
Kamo- 2,900 - - - - 2,900
Total42,560 2,900 882 (96)109 - 46,355
Eastgate Shopping Centre was transferred f rom Investment Properties to Held for Sale during the year ended 31 March 2022
and was subsequently sold on 29 August 2022.
An active marketing campaign to sell Kamo commenced 16 March 2022 hence it was classified as held for sale as at 31 March 2022.
These properties were initially classified as investment properties and were subsequently reclassified to properties held for sale.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
45
13. Borrowings
Accounting policy
Borrowings are classified as financial liabilities at amortised cost. They are initially recognised at fair value of
the consideration less directly attributable transaction costs. Subsequent to initial recognition, borrowings
are stated at amortised cost using the effective interest method. Borrowings are classified as current
liabilities unless the Group has an unconditional right to defer the settlement of the liability for at least 12
months after the reporting date.
Borrowing costs are recognised as an expense when incurred, unless they relate to a qualifying asset and
are capitalised when incurred. Borrowing costs capitalised on qualifying assets during the year were $2.90m
(2022: $1.69m)
FacilityBankLoan Maturity
2023
$’000
2022
$’000
Working Capital FacilityBNZ31/3/2514,100 4,500
Investment FacilityBNZ31/3/254,700 51,200
Development Facility*BNZ31/3/2552,569 -
Total71,369 55,700
* The development facility expires the earlier of 30 September 2023 and the Conversion Date, being the date the loan converts to an Investment Facility. In
the loan agreement the conversion date is defined as the date that the Agent (acting on the instructions of the Majority Lenders) determines that Practical
Completion has occurred.
Financing facilities available
At reporting date, the following financial facilities had been negotiated and were available:
2023
$’000
2022
$’000
Facilities Drawn At Reporting Date - Secured Bank Loan (BNZ)71,369 55,700
Facilities Undrawn At Reporting Date - Secured Bank Loan (BNZ)13,631 74,300
Total85,000 130,000
Loan security
The loan is secured by a registered first mortgage over the investment properties of the Group, an assignment of leases
over all present and directly acquired properties mortgaged to the BNZ Bank and a first general security interest over the
assets of the Group. The facility limit reduced f rom $130 million to $85 million during the year due to the repayment of debt
f rom funds received f rom the sale of Eastgate. The current facility matures in March 2025 (previously September 2023). Post
balance date on 1 May 2023 $36.35 million of debt was repaid. The facility limit reduced f rom $85 million to $52 million.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023
Valuation sensitivity
35 Graham Street - 1 December 2023 Settlement-100bps-50bpsValue+50bps+100bps
Discount Rate (%)7.50%8.00%8.50%9.00%9.50%
Adopted Value62,00161,82961,66061,48961,321
35 Graham Street - 1 December 2024 Settlement-100bps-50bpsValue+50bps+100bps
Discount Rate (%)7.50%8.00%8.50%9.00%9.50%
Adopted Value61,33260,94660,56460,18759,814
This sensitivity analysis outlines how movements in the discount rate and settlement date impact the fair value of the
investment properties held for sale.

Consolidated Financial Statements (continued)
46
2023
$’000
2022
$’000
Trade Payables73 134
GST Payable--
Other Payables1,956 2,476
Total Trade And Other Payables2,029 2,610
Interest Accrual360 20
Opex Accruals533 899
Capex Accruals2,150 5,094
Total Accruals3,043 6,013
Provisions For COVID-19 Support10 97
Total Provisions10 97
Total Trade Payables, Accruals And Provisions5,082 8,720
Trade payables are non-interest bearing and are normally settled on 30 day terms. Interest payable is settled quarterly
throughout the financial year. Other payables are non-interest bearing and have an average term of 6 months.
14. Trade Payables, Accruals and Provisions
Accounting policy
Trade and other payables
Trade payables are classified as financial liabilities and are initially measured at fair value less any transaction costs
and subsequently carried at amortised cost and due to their short term nature, are not discounted. They represent
liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise
when the Group becomes obliged to make future payments in respect to the purchase of these goods and services.
Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which
it is probable that an outflow of economic benefits will result and that the outflow can be reliably measured.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
47
15. Fair Value Measurement
Accounting policy
Financial assets/liabilities classified as fair value through profit and loss (“FVTPL”) are initially recognised at
their fair value and are subsequently measured at fair value at each reporting date. Gains and losses recorded
on each revaluation date are recognised within profit or loss. Transaction costs of financial assets classified as
FVTPL are expensed in the consolidated statement of comprehensive income.
The table below sets out the comparison by category of carrying amounts, fair values, and fair value movement hierarchy of
the Group's investment properties and borrowings:
Year Ended 31 March 2023Year Ended 31 March 2022
Quoted
Market
Price
(Level 1)
Market
Observable
Outputs
(Level 2)
Non Market
Outputs
(Level 3)
Quoted
Market
Price
(Level 1)
Market
Observable
Outputs
(Level 2)
Non Market
Outputs
(Level 3)
Investment PropertiesNote 11- - 118,556 - - 170,016
Properties Held For SaleNote 12- - 97,990 - - 46,355
BorrowingsNote 13- (71,369) - - (55,700)-
The quoted market price (Level 1) represents the fair value determined based on quoted prices in active markets as at the
reporting date. For financial instruments not quoted in active markets (Level 2) the Group uses present value techniques,
with a comparison to similar instruments for which market observable prices exist and other relevant models used by
market participants, which includes current swap rates on offer and also the current floating interest rate (interest rate
swaps). For properties held for sale and investment properties (Level 3), the Group uses present value techniques based on
forecasted future earnings.
There are no transfers between Level 1, 2 or 3 during the financial year ended 31 March 2023 (2022: None).
The Group has also assessed possible impairment for 12-month expected loss or life-time expected loss on trade and other
receivables and notes that the outcome of this is nil (2022: $73,000).
Issued capital and reserves
20232022
Ordinary Shares
Number Of Issued And Fully Paid Shares362,718362,718
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.
16. Equity
Accounting policy
Equity instruments issued by the Group are recorded as the proceeds are received, net of direct issue costs.
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
48
18. Dividends Paid to Shareholders
Dividends paid during each reporting period comprised:
CPS
2023
$'000Date PaidCPS
2022
$'000Date Paid
Q4 Prior Year Net Dividend - - N/A0.450 1,641 11/06/21
Q1 Net Dividend - - N/A0.450 1,638 13/09/21
Q2 Net Dividend - - N/A0.450 1,638 14/12/21
Q3 Net Dividend - - N/A0.225 821 25/03/22
Total Paid During The Year - - 1.575 5,738
2023
$’000
2022
$’000
Imputation Credit Account
At 31 March The Imputation Credits Available For Use In Subsequent Reporting Periods Are100131
19. Remuneration
Key Management Personnel Costs
2023
$’000
2022
$’000
Directors' Remuneration300300
Total300300
17. Earnings Per Share
Accounting policy
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.
2023
$’000
2022
$’000
Total Comprehensive Income (Loss) For The Year, Net Of Tax(13,049)2,931
Weighted Average Number Of Ordinary Shares ('000)362,718 362,718
Earnings (Loss) Per Share (Cents) - Basic And Fully Diluted(3.60)0.81
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023

Consolidated Financial Statements (continued)
49
20. Related Parties
Centuria Funds Management (NZ) Limited owns the management contract rights of the Group. The parent of Centuria
Funds Management (NZ) Limited, Centuria Capital (NZ) No.1 Limited, owns 19.99% of Asset Plus Limited (2022: 19.99%).
Transactions with Centuria Funds Management (NZ) Limited are deemed to be related parties because the Company is
managed by Centuria Funds Management (NZ) Limited under the terms of the signed management contract.
Fees Paid And Owing To The Manager ($'000)
20232022
Fees ChargedFees OwedFees ChargedFees Owed
Management Fees1,130 278 987 523
Lease Renewal Fees38 - 144 -
Property Management Fees51 30 154 42
Development Management Fees1,945 213 1,300 169
Total3,164 521 2,585 734
Consolidated Statement Of Changes In Equity
2023
$’000
2022
$’000
Dividend Paid To Centuria Capital (NZ) No.1 Limited- 1,142
Notes to the Consolidated
Financial Statements
For the year ended 31 March 2023
21. Commitments and Contingencies
Capital commitments
At 31 March 2023 the Group has the following capital commitments:
• Capital commitments of $3,725,717 (31 March 2022: $49,506,000) in regards to the development at Munroe Lane.
• Capital commitments of $Nil (31 March 2022: $215,000) in regards to demolition works at 35 Graham Street.
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 2022: $75,000).
Contingent liabilities
At the reporting date the Group had no material contingent liabilities (2022: nil).
22. Subsequent Events
The following events occurred subsequent to year-end:
• On 1 May 2023 Stoddard Road was sold. The net sale proceeds of $36.35 million were applied as a debt repayment.
The loan facility limit was also reduced f rom $85 million to $52 million.
• On 17 May 2023 the Auckland Council lease started at Munroe Lane.

Independent Auditor’s Report
Independent
Auditor’s Report
To the Shareholders of Asset Plus Limited
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Asset Plus Limited (the “Company”) and its subsidiary
(together the “Group”) on pages 26 to 49 which comprise the consolidated statement of financial position as at 31
March 2023, and the consolidated statement of comprehensive income, consolidated statement of changes in equity
and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements,
including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial
position of the Group as at 31 March 2023 and its financial performance and cash flows for the year then ended in
accordance with New Zealand Equivalents to International Financial Reporting Standards (“NZ IFRS”) issued by the
New Zealand Accounting Standards Board.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) issued by
the New Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics
for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand
Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit
of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
50

Independent Auditor’s Report (continued)
Why the matter is significantHow our audit addressed the key audit matter
Investment Property - Valuations
The Group’s investment properties and non-current assets
held for sale have an assessed value of $118.6 million and
$98.0 million respectively (FY 2022: $ 170.0 million and
$ 46.4 million respectively) and make up a significant
portion of the assets of the Group.
In the application of NZ IFRS, management is required
to make judgements, estimates and assumptions in
determining the carrying values of assets and liabilities
that are not readily apparent f rom other sources.
The estimates, assumptions and methodology for
determining the values are specific to the nature, location
and expected future rental income for each property.
Where appropriate, the Group engaged independent
registered valuers or used a contractual selling price to
determine the value of the property.
The estimates, assumptions and methods used in
determining the value of the properties, may not be
appropriate. Market volatility can have a significant impact
on the value of these properties and the consolidated
financial statements; therefore, the valuation of these
properties is considered a key audit matter.
To address the risk associated with the valuation of the
properties, the following audit procedures were carried out
• Obtained and agreed the schedule of investment
property to the respective independent valuation
report, performed by valuation expert or management;
• Evaluated the independence, qualifications and
work of the valuation expert;
• Inquired about and documented the methods and
assumptions used by the expert and considered
the appropriateness of those assumptions and
methods used;
• Confirmed that the property valuation was
performed in accordance with appropriate
accounting standards for use in determining the
carrying value of investment property as at 31
March 2023;
• Verified the accuracy of any costs capitalised
against properties by selecting a sample
of transactions, tracing it to supporting
documentation and validating whether the
transactions meets the criteria for capitalisation;
• Evaluated the fair value adjustment to be recorded
for the year for each investment property as at 31
March 2023;
• Considered the adequacy of the disclosures made
in Note 3 Significant Accounting Estimates and
Judgements, Note 11 Investment and Development
Properties and Note 12 Properties Held for Sale, of
the consolidated financial statements, which sets
out the key judgements and estimates including
valuation techniques and significant unobservable
inputs applied to determine fair value of the
investment properties and non-current assets held
for sale; and
• Discussed with management changes in
the investment property portfolio, including
any property development, controls in place
surrounding the valuation process and the
impact that the market volatility has had on the
investment property portfolio including occupancy
risk, growth rates and other key assumptions.
51

Independent Auditor’s Report (continued)
Information Other than the Consolidated Financial Statements and Auditor’s
Report thereon
The Directors are responsible for the other information. The other information comprises the annual report but does not
include the consolidated financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we will not express any
form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Directors’ responsibilities for the consolidated financial statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial
statements in accordance with New Zealand equivalents to International Financial Reporting Standards issued by the New
Zealand Accounting Standards Board, and for such internal control as the Directors determine is necessary to enable the
preparation of consolidated financial statements that are f ree f rom material misstatement, whether due to f raud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are f ree f rom
material misstatement, whether due to f raud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (NZ) will
always detect a material misstatement when it exists. Misstatements can arise f rom f raud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located on the External
Reporting Board’s website at: https://www.xrb.govt.nz/assurance-standards/auditorsresponsibilities/audit-report-1/
Restriction on use of our report
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we might
state to the Company’s shareholders, as a body those matters which we are required to state to them in an auditor’s 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 Company and the Company’s shareholders, as a body, for our audit work, for this report or for the opinion we have formed.
Grant Thornton New Zealand Audit Limited
Ryan Campbell
Partner
Auckland
29 May 2023
52

Shareholder Statistics
RankInvestor NameTotal Shares % Issued Capital
1Centuria Capital (NZ) No.1 Limited72,507,28819.99
2Accident Compensation Corporation55,418,15315.28
3HSBC Nominees (New Zealand) Limited30,811,2698.49
4Forsyth Barr Custodians Limited11,153,7013.08
5FNZ Custodians Limited10,873,1463
6Leveraged Equities Finance Limited10,602,2812.92
7National Nominees New Zealand Limited8,536,4922.35
8Tea Custodians Limited6,628,8321.83
9New Zealand Depository Nominee5,303,0121.46
10Forsyth Barr Custodians Limited3,465,2160.96
11Investment Custodial Services Limited3,230,6860.89
12Elizabeth Beatty Benjamin & Michael Murray Benjamin3,000,0000.83
13Cogent Nominees Limited2,917,4830.8
14Francis Ivor Charles Jasper & Victoria Jane Carpenter & Anthony Francis Segedin2,900,0000.8
15New Zealand Permanent Trustees Limited2,154,4960.59
16JPMORGAN Chase Bank2,072,5900.57
17Janet Backhouse1,990,7230.55
18Bhc Trustee 68 Limited1,880,0000.52
19Forsyth Barr Custodians Limited1,842,2910.51
20Hawkes Bay Sailplanes Limited1,660,0000.46
Twenty Largest Shareholders
Top 20 Shareholders (with expanded NZCSD Sub-Register) as at 19 May 2023.
Shareholder
Statistics
53

54
The notes set out on pages 31 to 49 form part of, and should be read in conjunction with, the consolidated -nancial statements.
Shareholder Statistics (continued)
RangeHoldersShares% Issued Shares
1-1,0009558,7030.02
1,001-5,0003681,119,2230.31
5,001-10,0003052,411,5520.66
10,001-50,00073718,524,4345.11
50,001-100,00026119,847,4655.47
Greater Than 100,000274320,756,42488.43
Spread of shareholders
The following is a spread of quoted security holders as at 19 May 2023
Substantial Security Holders
As at 31 March 2023, the following Shareholders had filed substantial security notices in accordance with
the Financial Markets Conduct Act 2013.
This annual report is dated 29 May 2023 and is signed on behalf of the board by:
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
Shareholder
Number Of Ordinary Shares
Relevant Interest Disclosed For
Centuria Capital (NZ) No.1 Ltd72,507,288
Accident Compensation Corporation51,896,611
Salt Funds Management Limited36,117,463
Westpac Banking Coproration (And Related Bodies Corporate)29,455,484
Total Ordinary Shares On Issue At 31 March 2023362,717,801

Directory
Directory
55
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
John McBain
Bankers
Bank of New Zealand
Level 6
Deloitte Centre
80 Queen Street
Auckland
Auditor
Grant Thornton New Zealand
Audit Limited
Level 4
Grant Thornton House
152 Fanshawe Street
PO Box 1961
Auckland 1140
Registrar
Link Market Services Limited
Level 30
PwC Tower
15 Customs Street West
Auckland 1010
PO Box 91976
Auckland 1142
Phone: 09 375 5998
Fax: 09 375 5990
Manager
Centuria Funds Management
(NZ) Limited
Level 2
Bayleys House
30 Gaunt Street
Wynyard Quarter
Auckland 1010
PO Box 37953
Parnell 1151
55

---

Results announcement

Results for announcement to the market
Name of issuer Asset Plus Limited (APL)
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$6,377 (4 6.6%)
Total Revenue $6,377 (4 6.6%)
Net profit/(loss) from continuing
operations
($13,049) (545.2%)
Total net profit/(loss) ($13,049) (545.2%)
Interim/Final Dividend
Amount per Quoted Equity Security Not applicable
Imputed amount per Quoted Equity
Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.404 $0.440
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
This announcement is extracted from APL’s audited financial statements as at
and for the year ended 31 March 2023.
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.woollams@centuria.co.nz
Date of release through MAP 29/05/2023

Audited financial statements accompany this announcement.