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
March 2025 to the Disclose Register.

General Finance Limited has continued its growth trajectory, with total assets reaching
$211.9m, an increase of 8% on the 31 December 2024 quarter. The company also reported
a quarterly net profit after tax (NPAT) of $597,571.

As at 31 March 2025 General Finance held $57.8 million in cash, cash equivalent and bank
deposits. The capital ratio, being the total capital divided by total exposures, was up from
17.68% to 17.82% on the previous quarter.

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
29 April 2025

---

Issue 38 28 April 25

GENERAL FINANCE LIMITED
Quarterly report as at 31 March 2025


KEY RATIOS



Capital Ratio


31 March 2025


Our capital ratio calculated in accordance
with the 2010 Regulations*

17.82%

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 March 2025


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

5.90% 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 38 28 April 25

Liquidity

31 March 2025


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

5.82 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 March 2025
Total Assets 211,923,816
Total Liabilities 188,881,661
Net Profit / (Loss) After Tax 597,571
Net Cash Inflow (Outflow) from Operating Activities 21,624,781
Cash and Cash Equivalents 32,752,812
Term Deposits
1
25,042,836
Capital (per 2010 Regulations) 20,327,734

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

Issue 38 28 April 25
HOW THE RATIOS HAVE BEEN CALCULATED

CAPITAL RATIO

Gross capital 23,042,155

Less deductions 2,714,420

Total capital 20,327,734



Risk

Risk Weighted
Exposures Exposure Weight Exposures

NZ Registered Bank Deposits 57,795,648 20% 11,559,130
Residential mortgages:

LVR 70% and under 116,494,306 35% 40,773,007
LVR over 70% and under 80% 14,172,455 50% 7,086,228
Property development loans:

LVR 60% and under 1,260,424 150% 1,890,636
Other loans with qualifying security over land
and buildings:

LVR 70% and under 12,800,976 100% 12,800,976
Other loans

– where a financing statement has been
registered and perfected under the Personal
Property Securities Act 1999
116,408 150% 174,612
– where a financing statement has not been
registered and perfected under the Personal
Property Securities Act 1999
6,291,426 200% 12,582,852

Other assets 277,752 350% 972,133
Deductions from capital 2,714,420

-

Total credit risk weighted exposures (A)

87,839,574

Total assets (B) 211,923,816

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

26,229,297


Total Exposures

114,068,871

Capital Ratio

17.82%
(being Total Capital/Total Exposures)


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

Issue 38 28 April 25

AGGREGATE EXPOSURE TO RELATED PARTIES

Loans and other on balance sheet exposures to related
parties (A) 1,200,155
Other related party exposures (B) Nil
Capital (C) 20,327,734
(A + B) / C 5.90%

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


LIQUIDITY

Liquidity (A)
57,795,648

3 month expected loan receivables (B)
19,681,762

3 month expected gross deposit redemptions (C)
13,312,619

(A + B) / C
5.82 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.