General Capital Announces Another Profit Record

General Capital Limited
Level 8, General Capital House,
115 Queen Street, Auckland CBD
PO Box 1314, Shortland Street,
Auckland, New Zealand. 1140.
Phone +64 9 304 0145


General Capital Announces Another Profit Record

General Capital, the NZX listed financial services group, has had another strong result for the
six months to 30 September 2024.
The Chairman of General Capital, Mr. Rewi Bugo said, “The General Capital Group,
particularly General Finance, has been growing and developing consistently. Each of our
results have shown that our strategy is appropriate for the current environment.
The 6 month results to 30/9/24 show:
• Revenue up 39% to $10.8m
• NPAT up 31% to $1.572m
• Earnings per share up 31% to 0.57cps (allowing for the recent share consolidation).
We are very pleased to announce the results.
We had advised at the Annual Shareholder Meeting that we would consider declaring a
dividend after the results were announced and following a review of our future outlook. I am
pleased to advise that we are announcing our maiden dividend.”
Details of the dividend are:
• Record Date 2/12/24
• Dividend Payment date 13/12/24
• Amount per share $0.0055 per share
• Imputation Credit $0.00213889
Mr Bugo said “We are very pleased with the current position of the Group and are excited to
reward shareholders with our maiden dividend.”
The Dividend is fully imputed as we have been paying full tax over recent years.
Brent King, Managing Director, said “This not an easy market to trade in. Anyone looking at
the volatility of the interest rates plus the movements in property values understand that it is
hard to be sure of future asset values. Lending is always about future values and this has
been one of the toughest times in my life to assess such values. We have stayed away from
development funding and that has worked well for us.
We are very pleased with the growth in our deposit book. Our brand is now strong and
becoming increasingly so. We have undertaken some significant sponsorships which have
increased our profile.”

Mr King also advised “The passing of the Deposit Taker Act (DTA) with the Deposit
Compensation Scheme (DCS) has increased interest in the Non-Bank Deposit Taker sector.
The interest in investing with a local banking organisation is growing and the DCS will bring
further confidence to the sector.
“The sector is not an easy one, but New Zealand has had a long history of Non-Bank Deposit
Takers. Many have become Banks and have developed strong client relationships. We intend
to continue to develop in this space and to continue to give good returns to our 725
shareholders. It has been a good 6 months for us but we have the platform to do even better”
said Mr King.
This announcement was approved by the Directors of General Capital Limited.

ENDS

For further information contact:
Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz
22 November 2024

---

Name of issuer
Reporting Period
Previous Reporting Period
Currency
Revenue from continuing operations
Total Revenue
Net profit/(loss) from continuing
operations
Total net profit/(loss)
Amount per Quoted Equity Security
Imputed amount per Quoted Equity
Security
Record Date
Dividend Payment Date
Net tangible assets per Quoted Equity
Security
A brief explanation of any of the
figures above necessary to enable the
figures to be understood
Name of person authorised to make
this announcement
Contact person for this
announcement
Contact phone number
Contact email address
Date of release through MAP
Unaudited financial statements accompany this announcement.
Authority for this announcement
22 November 2024
Brent.King@gencap.co.nz
+64 21 632 660
Brent King
Managing Director
Nick Pimenov
Chief Financial Officer
$10,842
$0.00550000 per share
Please refer to Directors' Report.
* On 2 August 2024, General Capital executed a 1-for-4 share
consolidation, reducing the total number of shares on issue from
363,574,975 to 90,893,813.
$0.0625
Prior comparable period *
13 December 2024
2 December 2024
$0.00213889 per share
Current period
$0.2828
Results for announcement to the market
Percentage change
39%
39%
31%
General Capital Limited
New Zealand Dollars ($)
6 months to 30 September 2023
6 months to 30 September 2024
$10,842
Amount (000s)
Interim/Final Dividend
31%$1,572
$1,572

Directors’ Report

The Directors of General Capital are pleased to report a strong financial performance for the six months ended
30 September 2024. During this period, General Capital achieved a 39% increase in revenue compared to the
prior six-month period in 2023, resulting in a net profit after tax of $1,572k—our strongest half-year result since
listing in 2018. Total assets rose by 15% since 31 March 2024, reflecting sustained growth across the Group. This
outcome is particularly significant given the headwinds faced by the New Zealand economy during 2024.

1. Financial Performance



6-month 6-month


period ended period ended


30 Sep 30 Sep


2024 2023 Movement %
Revenue

$10,841,787 $7,820,720 39%
Net profit / (loss) after tax

$1,572,215 $1,202,779 31%
Earnings / (loss) per share*

0.57 cps 0.44 cps 31%

* Calculated as Net Profit after income tax expense divided by the weighted average number of
ordinary shares



30 Sep 31 Mar 30 Sep 6-month 12-month

2024 2024 2023 increase increase
Total assets
$187,404,866 $163,330,631 $141,542,941 15% 32%
Total liabilities
$159,050,791 $136,519,214 $116,144,562 17% 37%
Net assets
$28,354,075 $26,811,417 $25,398,379 6% 12%




30 Sep 31 Mar 30 Sep 6-month 12-month

2024 2024 2023 increase increase
Net tangible assets (NTA)
per share*, *** 28.28 cps 6.65 cps 6.25 cps 325% 352%
Net assets (NA) per share**,
*** 31.19 cps 7.37 cps 6.99 cps 323% 346%

* Calculated as Net Assets less deferred tax, goodwill and other intangible assets divided by the total shares on issue as
at balance date.
** Calculated as Net Assets divided by the total shares on issue as at balance date.
*** On 2 August 2024, General Capital executed a 1-for-4 share consolidation, reducing the total number of shares on
issue from 363,574,975 to 90,893,813.

The Group made a profit after tax of $1,572,215 for the six-month period ended 30 September 2024. This can be
broken down as follows:


30 Sep 30 Sep


2024 2023 Var % Change
Finance Segment $1,647,629 $1,225,132 $422,497 34%
Research and Advisory Segment ($22,365) $93,884 ($116,249) -124%
Corporate and Other Segment ($80,333) ($137,093) $56,760 41%
Group Eliminations $27,284 $20,856 $6,428 31%
Group $1,572,215 $1,202,779 $369,436 31%

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
26.8
136.5
163.3
28.4
159.1
187.4
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
Equity ($mil)Total Liabilities ($mil)Total Assets ($mil)
General Capital Consolidated Balance Sheet
31 March 201931 March 202031 March 2021
31 March 202231 March 202331 March 2024
30 September 2024 (unaudited)
(0.07)
(0.05)
0.53
1.54
1.56
2.21
(0.50)
-
0.50
1.00
1.50
2.00
2.50
Profit Before Tax ($mil)
General Capital Consolidated Profit Before Tax (Half Year)
30 September 2019 (unaudited)30 September 2020 (unaudited)30 September 2021 (unaudited)
30 September 2022 (unaudited)30 September 2023 (unaudited)30 September 2024 (unaudited)

2. Performance

General Finance Limited (GFL), a licensed non-bank deposit taker and wholly owned subsidiary of General
Capital, delivered strong financial results for the six months ended 30 September 2024, with a 41% year-on-
year increase in revenue, driving a 35% rise in Net Profit Before Tax (NPBT) and a 34% increase in Net Profit
After Tax (NPAT), reflecting robust business activity, effective cost management, and enhanced operational
efficiency.

GFL has experienced strong growth in secured term deposits of 17% during the period, contributing to the
Group’s healthy asset growth. Additionally, GFL’s reach expanded beyond Auckland, with notable growth in
non-Auckland regions and greater demographic diversity in its investor base.

Total loans rose by 7% during the 6-month period as GFL’s management adopted a conservative lending
strategy, balancing asset growth with a focus on liquidity. This approach was particularly prudent in the face of
New Zealand’s challenging economic environment in 2024, aiming to protect the Group’s financial health while
ensuring long-term stability.

Overall, GFL’s performance has positively contributed to General Capital’s growth in revenue and profitability,
affirming the Group's strategic direction and highlighting its resilience in navigating market challenges.

Please refer to the attached financial information for detailed segmental results.

3. Dividend Announcement

The Directors are pleased to announce that General Capital Limited will declare its first dividend of 0.55 cents
per share. This milestone reflects the Group’s strong financial performance and commitment to delivering
shareholder value. The dividend aligns with the policy introduced at the last Annual Shareholder Meeting in
July 2024 and underscores the Board’s confidence in the Group’s growth trajectory and financial resilience.

4. General Finance Credit Rating

GFL holds a credit rating from Equifax Australasia Credit Rating Pty Ltd ("Equifax"), which ranges from AAA to C
(excluding ratings for entities in default). General Finance has successfully maintained its BB rating with a Stable
Outlook throughout the period. Under Equifax’s standards, this “Near Prime” rating indicates a low to moderate risk
level. General Finance is pleased to retain this rating, which stands as a strong endorsement of its stability and
performance.

5. Directors

Mr. Paul Zingel has resigned as a non-executive independent director, effective 31 October 2024, and the Board thanks
him for his service during his tenure from 1 March 2022.

6. Acquisition of Bridges Financial Services Limited

On 1 November 2024, General Finance Limited acquired 100% of the shares in Bridges Financial Services Limited
(BFSL), an insurance premium funding business based in Waikato.

BFSL will join the same charging group as General Finance for Trustee requirements under the Non-Bank Deposit
Takers Act.

BFSL maintains a premium funding referral agreement with its sister company, Bridges Insurance Services Limited,
which was recently acquired by Howden Pacific, a part of the London-based global insurance group. This acquisition
strengthens our presence in Waikato and across the North Island.

We are pleased to leverage this strategic opportunity to expand our product offerings and are excited to develop this
new addition to the General Capital Group.

7. Share Consolidation

On 2 August 2024, General Capital executed a 1-for-4 share consolidation. This reduced the total number of
shares on issue from 363,574,975 to 90,893,813.

8. Deposit Takers Act 2023

The Group is actively participating in RBNZ consultations regarding policy proposals for the new prudential standards
under the Deposit Takers Act 2023 (DTA).

The DTA aims to strengthen New Zealand’s financial system by introducing new regulatory powers, a comprehensive
set of standards for both banks and non-bank deposit takers (NBDTs), and a Depositor Compensation Scheme (DCS).
Together, these features will support a safer, more resilient, and trustworthy financial system for New Zealanders.

The proposed core standards encompass four key components of the regulatory framework: capital, liquidity,
disclosure, and DCS requirements. These standards are designed to ensure deposit takers have adequate loss-
absorbing capacity, can meet their payment obligations, provide timely market disclosures, and fulfil the data and
disclosure requirements set by the DCS.

9. Summary

The Group achieved record-breaking results for the six months ended 30 September 2024, with a 39% increase
in revenue and a 31% rise in net profit after tax. Total assets grew by 15% since 31 March 2024, driven by strong
performance from General Finance Limited, which saw significant growth in secured term deposits and loans
while maintaining a conservative lending strategy.

In line with General Capital’s commitment to delivering shareholder value, the Board is pleased to announce
General Capital’s first dividend of 0.55 cents per share. This milestone reflects our confidence in the Group’s
financial resilience and growth trajectory, as well as our dedication to rewarding shareholders.

The acquisition of Bridges Financial Services Limited strengthens our presence in Waikato and broadens our
product offerings. The Group remains focused on navigating regulatory changes under the Deposit Takers Act
2023 and sustaining strong financial performance. The Directors thank our shareholders, investors, and staff for
their continued support.










Rewi Hamid Bugo Brent Douglas King
Chairman Managing Director

Unaudited Unaudited
SepSep
20242023
$$
Interest income
8,589,846 6,279,766
Interest expense
(5,398,664) (3,594,408)
Net interest income
3,191,182 2,685,358
Fee and commission income
2,202,312 1,427,927
Fee and commission expense
(518,810) (372,795)
Net fee and commission income
1,683,502 1,055,132
Revenue from contracts with customers
47,609 92,682
Cost of sales
(7,012) (11,321)
Gross profit from contracts with customers
40,597 81,361
Other income
2,020 20,345
Net revenue
4,917,301 3,842,196
(Increase) / release in allowance for expected credit losses
(233,415) 11,977
Personnel expenses
(947,743) (789,685)
Occupancy expenses
(63,610) (60,000)
Depreciation
(6,426) (5,249)
Amortisation and Impairment of intangible assets
(21,335) -
Other expenses
(1,439,700) (1,435,382)
(2,712,229) (2,278,339)
Net profit before income tax expense
2,205,072 1,563,857
Income tax (expense) / benefit (632,857) (361,078)
Net profit after income tax expense
1,572,215 1,202,779
Other comprehensive income
Items that will not be reclassified to profit or loss
(23,837) (14,227)
- (43,273)
Other comprehensive income for the period (net of tax) (23,837) (57,500)
Total comprehensive income
1,548,378 1,145,279
Earnings per share (cents per share)
1
0.57 0.44
Diluted earnings per share (cents per share) 0.57 0.44
The accompanying notes are an integral part of these financial statements.
GENERAL CAPITAL LIMITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Changes in the fair value of equity investments at fair value through
other comprehensive income
Income tax on these items
1
The weighted-average shares outstanding for the comparison period is adjusted for the 1 for 4 share consolidation completed on 2 August
2024.

GENERAL CAPITAL LIMITED
Unaudited Audited Unaudited
SepMarSep
202420242023
$$$
Equity
Share capital 21,555,400 21,561,120 21,561,120
Accumulated (losses) / earnings 6,970,888 5,381,065 3,951,014
Reserves (172,213) (130,768) (113,755)
Total equity
28,354,075 26,811,417 25,398,379

Assets
Cash and cash equivalents 29,442,181 15,303,073 21,491,409
Accounts receivables 2,838 4,850 7,171
Related party receivables 814 235 17,464
Other current assets 409,769 334,828 487,419
Bank deposits 13,823,933 12,714,591 12,373,503
Loan receivables 140,935,327 132,163,725 104,272,597
Property, plant and equipment 39,081 31,907 40,209
Investments 102,787 126,624 143,637
Income tax receivable - - 40,330
Deferred tax asset 224,659 182,173 168,444
Intangible assets and goodwill 2,423,477 2,468,625 2,500,758
Total assets
187,404,866 163,330,631 141,542,941
Liabilities
Accounts payable and other payables 839,280 1,033,694 1,187,109
Related party payables 2,238 6,366 219,965
Term deposits 158,139,119 135,118,547 114,737,488
Income tax payable 70,154 360,607 -
Total liabilities
159,050,791 136,519,214 116,144,562
Net assets
28,354,075 26,811,417 25,398,379
28.28 6.65 6.25
31.19 7.37 6.99
The accompanying notes are an integral part of these financial statements.
The financial statements are signed on behalf of the Board.
Rewi Bugo Brent King
ChairmanManaging Director
Authorised for issue on 21 November 2024.
AS AT 30 SEPTEMBER 2024
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Net assets (NA) per share (cents per share)
1
Net tangible assets (NTA) per share (cents per share)
1
1
On 2 August 2024, General Capital executed a 1-for-4 share consolidation, reducing the total number of shares on issue from 363,574,975 to
90,893,813.

GENERAL CAPITAL LIMITED
Note$$$$
21,561,120 (319,510) 3,011,160 24,252,770
- - 1,202,779 1,202,779
- (57,500) - (57,500)
- (57,500) 1,202,779 1,145,279
- (16,908) 17,238 330
- (16,908) 17,238 330
- 280,163 (280,163) -
21,561,120 (113,755) 3,951,014 25,398,379
21,561,120 (130,768) 5,381,065 26,811,417
- - 1,572,215 1,572,215
- (23,837) - (23,837)
- (23,837) 1,572,215 1,548,378
(5,720) - - (5,720)
(5,720) - - (5,720)
(17,608) 17,608 -
21,555,400 (172,213) 6,970,888 28,354,075
The accompanying notes are an integral part of these financial statements.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Accumulated
(losses) /
earnings
Share capital ReservesTotal equity
Total equity as at 1 April 2024
Total comprehensive income for
the period
Transactions with owners in their
capacity as owners:
Total equity as at 1 April 2023
Profit for the period
Other comprehensive income for
the period
Other comprehensive income for
the period
Total comprehensive income for
the period
Transactions with owners in their
capacity as owners:
Share based payments
Total transactions with owners in
their capacity as owners
Balance at 30 September 2023
(Unaudited)
Profit for the period
Fair Value of Equity Investments
Released to Retained Earnings
Total transactions with owners in
their capacity as owners
Balance at 30 September 2024
(Unaudited)
Contributions of equity net of
transaction costs
Share based payments

GENERAL CAPITAL LIMITED
Unaudited Unaudited
SepSep
20242023
$$
Cash flows from operating activities
Interest received
9,235,229 6,624,594
Receipts from customers
1,752,228 1,789,954
Other income
820 2,345
Payments to suppliers and employees
(3,134,926) (2,595,723)
Interest paid
(4,601,585) (3,154,218)
Income tax paid
(965,796) (1,271,279)
Net cash flows from operating activities before changes in
2,285,970 1,395,673
operating assets and liabilities
Term deposits (net receipts)
22,206,266 4,427,467
Finance receivables (net advances) / net repayments
(9,224,466) 4,035,737
Net cash flows from operating activities
15,267,770 9,858,877
Cash flows from investing activities
Purchase of intangible assets
- (6,000)
Investments in bank deposits
(1,109,342) (2,435,529)
Proceeds from the sale of equity investments
- 13,593
Purchase of property, plant and equipment
(13,600) (11,726)
Net cash flows from / (applied to) investing activities
(1,122,942) (2,439,662)
Cash flows from financing activities
Issue of ordinary shares/ (Capital raising costs)
(5,720) -
Net cash flows from financing activities
(5,720) -
Reconciliation of cash and cash equivalents
15,303,073 14,072,194
14,139,108 7,419,215
29,442,181 21,491,409
The accompanying notes are an integral part of these financial statements.
Cash and cash equivalents at end of the reporting period
Net (decrease) / increase in cash and cash equivalents held
during the reporting period
Cash and cash equivalents at beginning of the reporting
period
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

NOTE 1: ABOUT THESE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2: SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS
NOTE 3: SEGMENT REPORTING
The notes to the financial statements include information that is considered relevant and material to assist the reader in understanding
changes in General Capital Limited ("the Company") and its subsidiaries (together "the Group") financial position or performance.
Thefinancialstatementshavebeenpreparedonthesamebasisandshouldbereadinconjunctionwiththeconsolidatedfinancialstatements
for the year ended 31 March 2024.
GENERAL CAPITAL LIMITED
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
ManagementhasdeterminedtheoperatingsegmentsbasedonthecomponentsoftheGroupthatengageinbusinessactivities,whichhave
discrete financial information available and whose operating results are regularly reviewed by the Group's chief operating decision maker.
The chief operating decision maker has been identified as the Board of Directors. The Board of Directors makes decisions about how
resources are allocated to the segments and assesses their performance.
Three reportable segments have been identified as follows:
 Finance - Deposit taking and lending.
 Research and Advisory - Provides investment advisory services and produces and sells investment research and publications.
 Corporate and Other - Corporate function and investment activities.
There have been no material changes to the use of accounting estimates and judements for the preparation of the interim financial
statements since the reporting date of the previous financial statements. The Group's financial statements for the year ended 31 March 2024
contains detail on the estimates and judgements used.

GENERAL CAPITAL LIMITED
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
$$$$$$
8,459,221 6,462 130,503 8,596,186 (6,340) 8,589,846
2,202,312 - - 2,202,312 - 2,202,312
- 2,925 - 2,925 44,467 47,392
- 217 - 217 - 217
820 - 415,722 416,542 (414,522) 2,020
10,662,353 9,604 546,225 11,218,182 (376,395) 10,841,787
(5,398,636) (28) (6,340) (5,405,004) 6,340 (5,398,664)
(518,810) - - (518,810) - (518,810)
- (439) - (439) (6,573) (7,012)
4,744,907 9,137 539,885 5,293,929 (376,628) 4,917,301
(233,415) - - (233,415) - (233,415)
(811,947) (11,176) (124,620) (947,743) - (947,743)
53,304 600 (63,610) (9,706) (53,904) (63,610)
(22,781) - (4,980) (27,761) - (27,761)
(1,424,186) (29,566) (454,375) (1,908,127) 468,426 (1,439,701)
(658,253) 8,640 27,367 (622,246) (10,610) (632,856)
1,647,629 (22,365) (80,333) 1,544,931 27,284 1,572,215
181,247,360 927,322 5,744,883 187,919,565 (514,699) 187,404,866
159,157,589 340 397,263 159,555,192 (504,401) 159,050,791
Acquisition of property, plant and equipment, intangible assets, and other non-current assets (excluding non-current finance receivables):
$$$$$$
- - 13,600 13,600 - 13,600
Other expenses
Income tax (expense) / benefit
Net profit / (loss) after tax
Total Assets
Cost of sales
Net revenue
(Increase) / release in
allowance for expected credit
losses
Personnel expenses
Depreciation and amortisation
Occupancy expenses
EliminationsTotal Segments
Interest expense
Eliminations
Research and
Advisory
Corporate and
Other Total Segments
Revenue from contracts with
customers
6 month period ended 30
September 2024Finance
- Advisory fee revenue
- Yearbook and research sales
Consolidated
Revenue - interest income
Revenue - fee income (finance
receivables)
Other income
Total revenue
Fee and commission expense
(finance receivables)
Consolidated
Acquisitions
Total Liabilities
6 month period ended 30
September 2024Finance
Research and
Advisory
Corporate and
Other

GENERAL CAPITAL LIMITED
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
$$$$$$
6,134,723 8,109 136,934 6,279,766 - 6,279,766
1,427,927 - - 1,427,927 - 1,427,927
- 61,395 - 61,395 31,081 92,476
- 206 - 206 - 206
2,345 - 345,834 348,179 (327,834) 20,345
7,564,995 69,710 482,768 8,117,473 (296,753) 7,820,720
(3,594,408) - - (3,594,408) - (3,594,408)
(372,795) - - (372,795) - (372,795)
- (9,209) - (9,209) (2,112) (11,321)
3,597,792 60,501 482,768 4,141,061 (298,866) 3,842,195
11,977 - - 11,977 - 11,977
(687,408) (10,937) (105,118) (803,463) 13,778 (789,685)
(44,417) (1,800) (60,000) (106,217) 46,217 (60,000)
(968) - (4,281) (5,249) - (5,249)
(1,174,713) (26,240) (502,267) (1,703,220) 267,838 (1,435,382)
(477,131) 72,360 51,804 (352,967) (8,111) (361,078)
1,225,132 93,884 (137,093) 1,181,923 20,856 1,202,779
134,788,486 1,039,827 5,807,666 141,635,979 (93,038) 141,542,941
116,004,303 57,164 176,300 116,237,767 (93,205) 116,144,562
Acquisition of property, plant and equipment, intangible assets, and other non-current assets (excluding non-current finance receivables):
$$$$$$
213,913 - 3,813 217,726 - 217,726
Eliminations ConsolidatedTotal Segments
Acquisitions
Corporate and
Other
Other income
Total revenue
Net profit / (loss) after tax
Cost of sales
Net revenue
Income tax (expense) / benefit
Interest expense
Fee and commission expense
(finance receivables)
(Increase) / release in
allowance for expected credit
losses
Total Assets
Other expenses
Revenue - interest income
Occupancy expenses
Revenue - fee income (finance
receivables)
Revenue from contracts with
customers
- Advisory fee revenue
Eliminations
Total Liabilities
6 month period ended 30
September 2023Finance
6 month period ended 30
September 2023Finance
Research and
AdvisoryConsolidated
Corporate and
Other Total Segments
- Yearbook and research sales
Research and
Advisory
Personnel expenses
Depreciation and amortisation

GENERAL CAPITAL LIMITED
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
NOTE 4: EVENTS SUBSEQUENT TO REPORTING DATE
Dividend Announcement
On 21 November 2024, the Board of Directors of General Capital Limited approved the declaration of a dividend of $0.0055 per share totalling
$499,916, which will be paid to shareholders on 13 December 2024. This dividend aligns with the company’s dividend policy announced at
the last annual shareholder meeting.
Resignation of Director
Paul Zingel resigned as a Director of General Capital Limited effective 31 October 2024.
Acquisition of Bridges Financial Services Limited (BFSL)
On 1 November 2024, General Finance Limited (GFL), a fully owned subsidiary of General Capital Limited, completed the acquisition of
Bridges Financial Services Limited (BFSL), a New Zealand-based insurance premium funding business, by acquiring 100% of the voting equity
interest. The acquisition aligns with the Group's strategic growth plans to expand its financial services offerings.
The acquisition was finalized after the reporting period, and therefore, the financial effects of the acquisition are not reflected in these
interim financial statements. The financial and operational results of BFSL will be consolidated into the Group's financial statements from 1
November 2024.
Loan to Subsidiary
On 21 November 2024, the Board of Directors of General Capital Limited approved a loan of $2 million to its wholly owned subsidiary,
Corporate Holdings Limited.

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Distribution Notice





Section 1: Issuer information
Name of issuer General Capital Limited
Financial product name/description Ordinary Shares
NZX ticker code GEN
ISIN (If unknown, check on NZX
website)
NZMYKE0001S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year x Special
DRP applies
Record date 2 December 2024
Ex-Date (one business day before the
Record Date)
29 November 2024
Payment date (and allotment date for
DRP)
13 December 2024
Total monies associated with the
distribution
1

$ 499,915.97
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency New Zealand Dollar (NZD)
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.00763889
Gross taxable amount
3
$ 0.00763889
Total cash distribution
4
$ 0.00550000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $ 0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.00213889
Resident Withholding Tax per
financial product
$ 0.00038194
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
NA
Start date and end date for
determining market price for DRP
NA NA
Date strike price to be announced (if
not available at this time)
NA
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
NA
DRP strike price per financial product
NA
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
NA
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Nick Pimenov, Chief Financial Officer
Contact person for this
announcement
Brent King, Managing Director
Contact phone number 021 632 660
Contact email address brent.king@gencap.co.nz
Date of release through MAP

22 November 2024






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.