General Capital subsidiary General Finance update

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 (GEN:NZ) subsidiary General Finance update
General Capital Limited advises that its subsidiary General Finance Limited, a licensed
Non-bank Deposit Taker, has uploaded its quarterly unaudited report for the quarter
ended 31 December 2024 to the Disclose Register.
General Finance Limited has continued its growth trajectory, with total assets reaching
$196.3 million, an increase of 9% on the 30 September 2024 quarter. The company
also reported a quarterly net profit after tax (NPAT) of $925,541, an increase of 21%
from the previous quarter.

As at 31 December 2024 General Finance held $35.9 million in cash, cash equivalent
and bank deposits. The capital ratio, being the total capital divided by total exposures,
was 17.68% down from 21.78% in the previous quarter as a result of increased
residential lending and the Bridges Financial Services acquisition.

Mr. Brent King, Managing Director, commented on the results, explaining that, as a
licensed Non-bank Deposit Taker, General Finance is required to issue this report
under the Financial Markets Conduct Act 2013.

“This performance underscores the robust and stable nature of General Finance. We
are well-positioned to build on this momentum and continue our growth journey,” said
Mr. King.

The information can be found at www.disclose-register.companiesoffice.govt.nz.

ENDS
This announcement was authorized by Brent King, Managing Director

For further information contact:
Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz
28 January 2025

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Issue 37 27 January 25

GENERAL FINANCE LIMITED
Quarterly report as at 31 December 2024


KEY RATIOS



Capital Ratio


31 December 2024


Our capital ratio calculated in accordance
with the 2010 Regulations*

17.68%

Minimum capital ratio required by our
Trust Deed if the issuer has a credit rating

8%


Minimum capital ratio that must be
included in the trust deed under reg 8(2) of
the 2010 Regulations* if the issuer has a
credit rating

8%


The capital ratio is a measure of the extent to which General Finance is able to absorb losses without becoming
insolvent. The lower the capital ratio, the fewer financial assets General Finance has to absorb unexpected losses
arising out of its business activities.




Related Party Exposures


31 December 2024


Our aggregate exposures to related
parties as calculated in accordance with
the 2010 Regulations*

4.61% of capital

Maximum limit on aggregate exposures to
related parties that we must not exceed
that is included in our Trust Deed

10% of capital

Maximum limit on aggregate exposures to
related parties that we must not exceed
that must be included in our Trust Deed
under reg 23(3)(b) of the 2010
Regulations*

15% of capital

Related party exposures are financial exposures that General Finance has to related parties. A related party is an
entity that is related to General Finance through common control or some other connection that may give the party
influence over General Finance (or General Finance over the related party).


* Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regulations 2010

Issue 37 27 January 25

Liquidity

31 December 2024


Our liquidity calculated in accordance with
the quantitative liquidity requirements
included in our Trust Deed

5.24 times

The minimum liquidity requirements
required by our Trust Deed

A liquidity cover ratio of 1.25 times

Liquidity requirements help to ensure that General Finance has sufficient realisable assets on hand to pay its debts
as they become due in the ordinary course of business. Failure to comply with liquidity requirements may mean that
General Finance is unable to repay investors on time and may indicate other financial problems in its business.






SELECTED FINANCIAL INFORMATION

Quarter to
31 December 2024
Total Assets 196,309,071
Total Liabilities 173,864,487
Net Profit / (Loss) After Tax 925,541
Net Cash Inflow (Outflow) from Operating Activities 4,463,286
Cash and Cash Equivalents 17,767,831
Term Deposits
1
18,141,713
Capital (per 2010 Regulations) 19,846,203

1
New Zealand Registered Bank deposits with original term of greater than 3 months.

Issue 37 27 January 25
HOW THE RATIOS HAVE BEEN CALCULATED

CAPITAL RATIO

Position at 31 December 2024



Capital


Gross capital 22,444,584

Less deductions 2,598,381

Total capital 19,846,203


Risk

Risk Weighted
Exposures Exposure Weight Exposures

NZ Registered Bank Deposits 35,909,544 20% 7,181,909
Residential mortgages:

LVR 70% and under 132,371,050 35% 46,329,868
LVR over 70% and under 80% 3,723,631 50% 1,861,815
Second or subsequent ranking 144,117 150% 216,175
Property development loans:

LVR 60% and under 1,218,777 150% 1,828,166
Other loans with qualifying security over land
and buildings:

LVR 70% and under 11,384,970 100% 11,384,970
Other loans

– where a financing statement has been
registered and perfected under the Personal
Property Securities Act 1999
624,036 150% 936,053
– where a financing statement has not
been registered and perfected under the
Personal Property Securities Act 1999
7,662,729 200% 15,325,459

Other assets 671,836 350% 2,351,425
Deductions from capital 2,598,381

-

Total credit risk weighted exposures (A)

87,415,840

Total assets (B) 196,309,071

Operational and Market Exposures (A+B)/2x0.175

24,825,930


Total Exposures

112,241,770

Capital Ratio

17.68%
(being Total Capital/Total Exposures)


1
Refer to Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regulations 2010.

Issue 37 27 January 25

AGGREGATE EXPOSURE TO RELATED PARTIES

Loans and other on balance sheet exposures to related
parties (A) 915,422
Other related party exposures (B) Nil
Capital (C) 19,846,203
(A + B) / C 4.61%

*Related party exposures are calculated by dividing total related party exposures by Capital
(per 2010 Regulations).


LIQUIDITY

Liquidity (A)
$35,909,544

3 month expected loan receivables (B)
$16,646,850

3 month expected gross deposit redemptions (C)
$10,027,579

(A + B) / C
5.24 times




*The Liquidity Cover Ratio is calculated by dividing Liquidity plus the 3 month expected loan
receivables, by the 3-month expected gross deposit redemptions.