General Capital Presentation to NZ Shareholders Association

General Capital Limited
(NZX:GEN)
NZSA Investor Presentation
1

Managing
Director Brent
King
2

Non-executive
Independent
Director Greg
James
3

Happy Valentines Day from the team at
General Capital

General Capital Subsidiaries
General Capital Limited is the NZX listed parent of a financial services group comprising of 2 wholly owned subsidiaries:
General Finance Limited is a Non-bank Deposit Taker licensed by Reserve Bank of New Zealand. It accepts deposits from the public and it lends funds to
borrowers secured by a registered first mortgage over residential or commercial property.
Investment Research Group Limited is an NZX sponsor, an investment research house, publisher of the IRG Yearbook and a boutique firm of investment
bankers. It has extensive experience in compliance and reverse listings.

Credit Rating
On 6 December 2023, Equifax
reaffirmed the credit rating of
General Finance Limited as BB
with a Stable Outlook. According
to Equifax’s criteria, this rating is
classified as “Near Prime” and
has “Low to Moderate” risk level

General Finance Credit Rating Trend
Accounts To:Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Sep-23
BB Positive
BB Stable20/12/202224/07/20236/12/2023
BB Negative
BB- Positive16/09/201910/01/202031/08/2022
BB- Stable8/09/2020*18/02/202131/08/202128/02/2022
BB- Negative
* The outlook for the rating has been revised to stable, from positive at Sep 19, due to the challenging market conditions brought upon by
COVID19.
Rating Date highlighted in "Green" based on Accounts To:
Accounts To:Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Sep-23
BB Positive
BB Stable20/12/202224/07/20236/12/2023
BB Negative
BB- Positive16/09/201910/01/202031/08/2022
BB- Stable8/09/2020*18/02/202131/08/202128/02/2022
BB- Negative
* The outlook for the rating has been revised to stable, from positive at Sep 19, due to the challenging market conditions brought upon by
COVID19.
Rating Date highlighted in "Green" based on Accounts To:

8
1.0
0.1
1.1
8.8
15.2
23.9
9.4
41.8
51.2
9.5
58.6
68.2
13.5
89.4
102.9
24.3
111.8
136.1
25.4
116.1
141.5
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
Equity ($mil)Total Liabilities ($mil)Total Assets ($mil)
General Capital Consolidated Balance Sheet
Mykco - 31 March 2018GCL - 31 March 2019GCL - 31 March 2020GCL - 31 March 2021GCL - 31 March 2022GCL - 31 March 2023GCL - 30 September 2023 (unaudited)

9
3.4
10.1
13.5
5.1
15.1
20.2
5.8
41.8
47.7
6.1
58.5
64.5
9.7
89.4
99.2
16.0
111.7
127.7
17.9
127.8
145.7
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
Equity ($mil)Total Liabilities ($mil)Total Assets ($mil)
General Finance Balance Sheet
31-Mar-1831-Mar-1931-Mar-2031-Mar-2131-Mar-2231-Mar-2331-Dec-23

GeneralFinanceCapitalRatio
48.0%
33.7%
19.6%
16.3%
17.9%
21.8%
23.0%
8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
31-Mar-1831-Mar-1931-Mar-2031-Mar-2131-Mar-2231-Mar-2331-Dec-23
Capital RatioMinimumOn Notice

Deposit Compensation Scheme
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•The NBDT sector is to be included in the scheme
•The final levies are not yet known.
•The scheme should make Investors more confident when making investment allocations.
•There will be a ripple effect, investors will move funds out of Banks to other Banks and also to other
entities.
•Investors will move funds out of other entities to similar entities (e.g.NBS to General Finance and vice
versa)
•It is likely New NBDT’s will seek registration
Major unknowns
•What will the cost to entities be?
•What will the interest reduction be?
•How manyinvestors will change their current investment policies.

Market Regulation
12
•Costs of regulation increasing e.g. DTA, DCS, CoFIfor fully regulated
financial institutions
•Significant differences in level of regulation between entities offering
similar looking products to that of NBDT’s which offer attractive yields
and are aggressively sold e.g. wholesale lenders, wholesale deposits
takers, Unit Trusts, “Private”Offerings, Placements andPeer to Peer.
•Many of these entities are poorly understood, do not have credit
ratings, have low profile Directors, poor disclosure documents, focus
mainly on return, have little or no equity and are relatively new.

Proud to be participant in the Financial
Institution Performance Survey for 2023.
As per the KPMG FIPS December 2023:
“Of the nine survey participants who achieved an increase in
NPAT, the largest percentage growth was seen by General
Finance Limited (General Finance), with a positive
movement of 111.16% ($1.71 million)”
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Questions
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