Annual financial results

NZX release
Annual Financial Result
27 May 2025

• 35 Graham Street settlement occurred on 29 November 2024.
• All external bank debt repaid immediately post the 35 Graham Street settlement.
• A five cent per share (cash) special dividend was paid on 18 December 2024.
• AFFO of $0.53 million against a $0.67 million AFFO loss in FY24.
• Total loss after tax of $5.70 million, against a $5.30 million loss in the previous year primarily
driven by downward revaluations.

Asset Plus Limited (NZX: APL) announces its financial result for the year ended 31 March 2025,
reporting a total loss of $5.70 million, against a $5.30 million loss in the previous year. The losses in
both FY25 and FY24 were primarily driven by revaluation losses. The revaluation loss was $2.3 million
higher this year which was offset against a $1.8 million increase in the operating result.

Adjusted Funds from Operations (AFFO
1
) represented a profit of $0.53 million, against a $0.67 million
loss in the prior period. The profit reflects the full year impact of Auckland Council’s rent at Munroe
Lane and the sale of 35 Graham Street.

Mark Francis, CEO Centuria NZ, commented “The leasing of the balance of the Munroe Lane
development remains as the key priority. The leasing market on Auckland’s North Shore continues to be
very challenging and deals that have been concluded are very soft. This was the primary driver of the
valuation decrease at Munroe Lane including the increased time to let up.”

Key points:
• Portfolio occupancy of 65%, up from 41% in the previous year due to the 35 Graham Street
settlement.
• WALE of 9.0 years up from 5.9 years in the previous year. The fair value of Munroe Lane now
stands at $107 million.
•
Loan-to-value ratio (LVR) of 0%, down from 18.2% in the previous year.
• Net tangible assets (NTA) of 32.4 cents per share (cps), down from 38.9 cps in the previous year
driven by the special dividend of 5 cps and revaluation loss impact of 2 cps.

Munroe Lane
The Munroe Lane valuation has reduced from $116.2 million (at 31 March 2024) to $107.0 million. The
key drivers of the valuation movement across the year were a reduction in assumed market rentals as
well as increased let up periods adopted by the valuer. A non-binding heads of agreement has been
signed with a potential occupant for half of Level 6, which would increase occupancy from 65% to 74%.
Binding lease documents are currently being negotiated. A further announcement will be made if a
binding lease is entered into.

35 Graham Street settlement
This property settled on 29 November 2024 and all external bank debt was repaid.

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 New Zealand Audit Limited. A reconciliation of AFFO to Total
Comprehensive Income Net of Tax is included in the accompanying results presentation.

Dividend
A 0.20 cents per share cash dividend has been declared for the quarter ended 31 March 2025. The
record date is 4 June 2025 and the dividend will be paid on 13 June 2025.

The Company’s dividend policy is that the dividend remains subject to quarterly review.

Outlook
Bruce Cotterill, Chairman, commented “The leasing of the balance of the Munroe Lane development
remains our core focus. Thereafter, we will look to sell Munroe Lane. As previously stated, any steps to
sell Munroe Lane or 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.”

Director independence
As outlined in the Annual Report, the Board has now determined that Paul Duffy is an independent
director given the period of approximately 4.5 years that has elapsed since he was a director of the
manager and its shareholder.


-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

---

Financial results
For the year ended 31 March 2025
27 May 2025

6-8 MUNROE LANE AUCKLAND
1.Result summary
2.Key metrics
3.Activity during the year
4.Financial performance
5.Munroe Lane update
6.Outlook
OVERVIEW

Asset Plus3
Result summary
6-8 MUNROE LANE
•AFFO
1
profit of$0.53m ($0.67m loss in FY24).
•Total loss for the year net of tax of $5.70m (FY24 lossof
$5.30m).
•Net rental income of $4.92m, up $1.27m on the previous
year, primarily due to the full year impact at Munroe
Lane and rental straight lining over the life of the
Auckland Council lease.
•Result impacted by $7.16m of revaluation losses
($4.90m of losses in FY24).
•35 Graham Street sold on 29 November 2024 and all
external bank debt repaid.
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-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. A reconciliation of AFFO is set out in Appendix 1.
6-8 MUNROE LANE

Asset Plus4
Key metrics
$180.8m
(((
2
41.0%
5.9 years
18.2%
38.9 cps
$107.0m165.0% 9.0 years0.0% 32.4 cps
Net tangible
assets
Portfolio valuePropertiesOccupancyWALELoan-to-value
ratio
March 2024
March 2025

Asset Plus5
Activity during the year
6-8 MUNROE LANE
35 Graham Street settlement occurred on 29
November 2024.
All external bank debt repaid post 35 Graham Street
settlement.
Special dividend of 5 cents per share (cps) paid on
18 December 2024.

Financial performance

Asset Plus7
Financial performance
•Munroe Lane net rental income represents a full year (the prior year
represented 10.5 months), being an increase of $0.6m in net rent.
•The increase in net rent was also impacted by a change in the rental
straight lining approach (+$0.66m).
•Property operating expenses also increased due to the full year
impact at Munroe Lane offset by the Graham Street sale.
•Management fees were marginally lower by $0.11 million, due to the
impact of the 35 Graham Street sale.
•Net finance costs were lower by $0.54 million as all debt was repaid
immediately post the 35 Graham Street settlement.
•The Munroe Lane unrealised revaluation loss recognised was $10.12
million due to a reduction in market rents and increased let up
periods assumed by the valuer. There was a further $0.99 million
recognised as a fair value loss due to the impact of rental straight
lining
•The 35 Graham Street fair value increased by $3.0 million due to the
discount unwind up until settlement.
•There are tax losses of ~$13.1 million. A deferred tax asset is
recognised to the extent of the deferred tax liability, hence $12.2
million of tax losses are not recognised as a deferred tax asset.
•The AFFO reconciliation and waterfall is appended.
Mar-25
($m)
Mar-24
($m)
Var
($m)
Gross Rental Revenue
6.825.331.49
Direct Property Operating Expenses
(1.90)(1.68)(0.22)
Net Rental Revenue
4.923.651.27
Administration Expenses
(1.70)(1.75)0.05
Net Finance Costs
(1.76)(2.30)0.54
Total Operating Profit (Loss)
1.46(0.40)1.86
Fair Value Movement on Investment
Properties and Held for Sale
(7.16)(4.90)(2.26)
Loss Before Taxation
(5.70)(5.30)(0.40)
Ta x
---
Total Comprehensive Loss for the Period
(5.70)(5.30)(0.40)
AFFO
0.53(0.67)1.22
AFFO CPS
0.15(0.19)0.34

Asset Plus8
Net rental performance
•The Stoddard Road settlement occurred on 1 May 2023 in the
prior year.
•35 Graham Street settlement occurred on 29 November 2024.
•Munroe Lane represents a full year impact. The prior year
reflected 10.5 months hence a $0.6 million increase in net rent.
•In addition to the annual rental income from the Auckland
Council of $4.76 million, the impact of the fixed rental accrual
was $0.99 million for the year at Munroe Lane. This represents a
$0.66 million increase year on year.
•There is $0.49 million of unrecovered opex in respect of vacant
space at Munroe Lane.
Mar-25
($m)
Mar-24
($m)
Var($)
Stoddard Road (sold)
-0.20(0.20)
35 Graham Street (sold)
(0.34)(0.55)0.21
Munroe Lane
5.264.001.26
Current portfolio4.923.651.27

Asset Plus9
Administration & finance expenses
•Management fees were lower due to the impact of the 35 Graham
Street divestment.
•Management fees also included a small performance fee of $0.1
million for the year ($0.06 million in the prior year).
•Director and officers liability insurance increased year on year by
$0.1 million.
•Finance costs reduced as all debt was repaid immediately post the
settlement of 35 Graham Street on 29 November 2024.
•Interest income was reduced year on year due to a reduction in
term deposit rates.
Mar-25
($m)
Mar-24
($m)
Var($)
Management Fees
0.880.990.11
Directors’ Fees
0.300.30-
Audit Fees
0.080.100.02
Professional Fees
0.100.150.05
Other Administration Costs
0.340.21(0.13)
Total Administration Expenses
1.701.750.05
Interest & Finance Costs
2.122.810.69
Interest Revenue
(0.36)(0.51)(0.15)
Total Net Finance Costs
1.762.300.54

Asset Plus10
Balance sheet
•$10.9 million of cash is held to fund future capital works associated
with leasing initiatives.
•Investment property comprises Munroe Lane ($107.0 million).
•35 Graham Street settled on 29 November 2024.
•Other assets reduced due to the release of the $4 million cash
security lockbox held by BNZ when all debt was repaid as well as the
release of the Munroe Lane defects retention.
•$33.0 million of bank debt was repaid immediately post the 35
Graham Street settlement.
•Net deferred tax is $nil, whereby the deferred tax asset is equivalent
to the deferred tax liability of $0.27 million.
•Further tax losses not represented as a deferred tax asset are $12.1
million as they are not expected to be utilised in the near to medium
term.
•NTA reduced during the year from 38.9 to 32.4 cps, primarily due to
revaluation losses (2 cps) and the special dividend of 5 cps.
•LVR is 0% at balance date (down from 18.2% as at 31 March 2024)
as all debt was repaid.
Mar-25
($m)
Mar-24
($m)
Var
($)
Cash
10.93.77.2
Investment Property
107.0116.1(9.1)
Properties Held For Sale
-64.7(64.7)
Other Assets
0.15.8(5.7)
Total Assets
118.0190.3(72.3)
Bank Debt
-33.033.0
Other Liabilities
0.616.115.5
Total Liabilities
0.649.148.5
Equity
117.4141.2(23.8)
Net Tangible Assets Per Share ($)
0.3240.389(0.065)
LVR Ratio
0.0%18.2%

Portfolio update

Asset Plus12
Munroe Lane, Albany
6-8 MUNROE LANE
•The independent valuation as at 31 March 2025 is $107.0 million.
•The valuation reduced from $116.2 million due to reduced assumed
market rentals and increased let up periods.
-Market rentals reduced approximately 15% reflecting the
currently soft leasing market on Auckland’s North Shore.
-The assumed let up periods are now 18 months (increased from
9 months).
-The cap rate remained relatively constant at 6.13%.
•To date $24.2 million of unrealised development losses have been
recognised.
•The total development cost is $131.2 million.
March 2025March 2024
Valuation (committed occupancy)$107.0m$116.2m
Total development cost (ex
incentives)
$131.2m$131.2m
Development profit (loss)($24.2m)($15.0m)
Yield on cost (fully leased)5.2%5.7%

Asset Plus13
Munroe Lane - leasing update
6-8 MUNROE LANE
•A non-binding heads of agreement has been signed with a potential
occupant for half of Level 6. Binding lease documents are currently
being negotiated. A further announcement will be made if a binding
lease is entered into. If the lease is signed, occupancy will increase
to 74%.
•Direct marketing initiatives remain ongoing to target potential
occupiers for the balance of space.
•Potential full floor tenants remain scarce. Level 6 can be split into 2
or 3 tenancies.
•Auckland Council have withdrawn Level 5 from the market for
potential sub leasing.
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 6
2,729m
2
of office – can be split into 2-3 tenancies – if lease is
signed this will reduce to ~1,300m
2)

Asset Plus14
Divestment of 35 Graham Street
35 GRAHAM STREET, AUCKLAND | ARTIST’S IMPRESSION
•Settlement occurred on 29 November 2024.
•All bank debt was repaid immediately post settlement.
•The sale price was $68 million.

Outlook

Asset Plus16
Outlook
MUNROE LANE, AUCKLAND
•Key focus remains on successfully leasing the balance of the Munroe Lane development.
Future costs associated with leasing will be funded from available cash reserves. Thereafter,
we will look to sell Munroe Lane.
•We wish to emphasise that the leasing of Munroe Lane 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.
•A March 2025 quarter dividend of 0.20 cents per share has been declared with payment to
be made on 13 June 2025. The dividend remains subject to quarterly review.

Appendices

Asset Plus18
Appendix 1 – AFFO reconciliation
March 25 ($m)March 24 ($m)
Comprehensive Loss Net of Tax
(5.70)(5.30)
Add back
Fair value movement on Investment Property (including loss on disposal)
7.164.90
Net Operating Loss After Tax
1.46(0.40)
Amortisation of Lease Incentives and Leasing Costs
0.060.05
Rental straight line
(0.99)(0.32)
Funds From Operations (FFO)
0.53(0.67)
Incentives and Leasing Costs Paid
--
Maintenance capex
--
Adjusted Funds from Operations 0.53(0.67)
AFFO (CPS)0.14(0.18)

Asset Plus19
Appendix 2 – Adjusted Funds From Operations (AFFO)
The above graph is represented in $m.
(0.67)
0.47
(0.01)
(0.16)
0.19
0.54
0.11
0.05
0.010.53
(0.80)
(0.60)
(0.40)
(0.20)
0.00
0.20
0.40
0.60

Asset Plus20
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 (or your 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 to you (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
Bayleys House
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
2025

Contents
52
Independent
Auditor’s Report
57
Directory
05
Chairman’s
Letter
08
Property
Report
18
Corporate
Governance
16
Director
Profiles
55
Shareholder
Statistics
06
Key Points from
the Financial Year
12
Finance Report
17
The Manager
26
Financial
Statements

04

Chairman’s Letter
The twelve months to 31 March have provided more stability
than prior periods, with softening monetary policy enabling
interest rates to decrease after an overly restrictive
tightening cycle. However, the macroeconomic environment
remains challenging with various global influences now at
play.
Against the backdrop of economic uncertainty, we have
made considerable progress during the year, including:
• Settled the sale of 35 Graham Street on
29 November 2024.
• Utilised the sale proceeds to repay all bank debt, reducing
the LVR to 0%.
• Paid a special dividend of 5 cents per share in December
2024.
• And retained sufficient working capital to fund leasing
incentives and fit-out at Munroe Lane.
With the full year impact of the Auckland Council lease at
Munroe Lane, offset by the vacancy at 35 Graham Street
until settlement occurred on 29 November 2024, we
recorded an Adjusted Funds from Operations (AFFO) profit
of $0.53 million, which was in line with expectations.
Unfortunately, the softer office leasing market and the
ongoing vacancy at our Munroe Lane property has further
adversely impacted the fair value, with our valuers recording
a $9.2 million reduction to the Munroe Lane valuation as
at 31 March 2025. This was driven by the valuer adopting
softer market rental levels and an increased assumed let up
period. The capitalisation rate assumed remains relatively
static. As a result of the valuation decrease and payment of
the 5 cents per share special dividend, NTA has reduced
from 38.9 cps as at 31 March 2024 to 32.4 cps as at 31
March 2025.
With this softer leasing environment there remains an
absence of further leasing commitments at Munroe Lane.
However, we are pleased to report that a non-binding heads
of agreement has been signed with a potential occupant for
half of Level 6. Binding lease documents are currently being
negotiated and shareholders will be updated in due course.
Outside of this potential tenant, there remains a paucity of
potential occupiers of significant scale on the North Shore,
and an excess of supply. We expect that further leasing
will likely remain challenging in the short term, but the
board remains confident that management is leveraging all
opportunities to secure further leasing commitment.
The company’s key focus remains on leasing the balance
of Munroe Lane. Doing so will increase earnings, WALE,
and the value of the portfolio and will better position the
Company to consider options moving forward.
Once Munroe Lane is sufficiently leased, we will look to
sell the property. As previously indicated, any steps to sell
Munroe Lane or to subsequently wind up the company will
require shareholder approval, and as previously stated,
we would anticipate asking shareholders to vote on both
decisions contemporaneously.
In the meantime, the board has confirmed that a 0.20
cents per share dividend will be paid for the 31 March 2025
quarter, with all future dividends subject to quarterly review.
With the settlement of 35 Graham Street now behind us, the
Company is now generating sufficient operating profits and
intends to fund any future leasing costs and incentives from
available cash reserves.
We anticipate that these key decisions for the company
will likely occur sometime in the next 12-24 months,
subject to market conditions stabilising and further leasing
commitment being secured at Munroe Lane.
We thank you again for your continued support and patience
as we contend with the various external factors impacting
on the company and its operations and look forward to
communicating our progress over the next few months.
Bruce Cotterill
Chairman
Chairman's Letter
05

Key Points
from the
Financial Year
The sale of 35 Graham
Street occurred on 29
November 2024 and
all external bank debt
was repaid This was the
primary driver of the
change in the metrics.
A special dividend of
five cents per share
was also paid on 18
December 2024.
Key Points
06

$
0.53 million
AFFO
($0.67 million loss in prior year)
$
5.70
million
loss
Net Loss
($5.30 million loss in prior year)
(down from 18.2%)
0%
LV R
9.0 years
(increased from 5.9 years)
WALE
(reduced from $180.8 million)
$
107.0 million
Portfolio ValueN TA
cents
per share
32 .4
(reduced from 38.9 cps in the prior year)
(increased from 41.0%)
65.0%
Occupancy
(down from 2 in prior year)
1
Number of assets
Portfolio Summary
31 March 2025
Fair Value
$000’s
Cap rate
%
Occupancy rate
%
WALE
Years
Net Passing Rent
$000’s
Munroe Lane107,0006.13%65.0%9.04,345
To t a l107,0006.13%65.0%9.04,345
Key Points
07

Munroe Lane, Albany, Auckland
Munroe Lane
Property Portfolio
08

Valuation
An independent property valuation
of $107.0 million as at 31 March 2025,
which represents a write down of
$9.2 million against the prior period.
5 Star Green Star
design rating obtained,
built rating in progress
Target 5-star NABERSNZ
Energy Rating pending
12-months of operational data
Occupancy
65.0%
Market Net Rent
$6,382,859
Passing Net Rent
$4,345,561
WALE
9.0 years
as at 31 March 2025
Leasing
The leasing market remains challenging,
particularly for space that isn’t turn-key, and
more so on the North Shore given the paucity
of occupiers in the market and excess supply.
Property Portfolio
09

35 Graham Street,Auckland CBD
Unconditionally
sold and settled
on 29 November 2024
Sale proceeds were utilised to repay bank debt and fund a
special dividend of 5 cents per share, paid in December 2024.
35 Graham Street
Property Portfolio
10

Property Portfolio
11

Finance Report
20252024202320222021
$’000$’000$’000$’000$’000
Total Net Revenue4,9183,6533,4667,72 99,953
Administration Expenses(1,704)(1,753)(1,939)(1,711)(1,736)
Net Finance Costs(1,756)(2,295)(2,000)(1,549)(1,14 4)
Total Operating Income1,458(395)(473)4,4697,073
Realised and unrealised gain/(loss)
on investment property
( 7,1 5 4)(4,9 02)(13 ,03 4)(1,005)8,866
Transaction Costs----(12)
Net Profit/(Loss) Before Taxation(5,696)(5,297)(13,507)3,46415,927
Income Tax Expense--458(533)22
Profit and Total Comprehensive Income(5,696)(5,297)(13,049)2,93115,949
Basic and Diluted Loss Per Share (cents)(1.57)(1.46)(3.60)0.816.00
Five Year Financial Summary
12

Financial Result Summary
2025
$’000
2024
$’000
Variance
$’000 Commentary
Total Net Revenue4,9183,6531,265
FY25 reflects the full year impact of net rental income
at Munroe Lane, which represents a $0.5 million
increase in net rent. The impact of rental straight
lining (non-cash) also increased net revenue by
$0.66 million. Stoddard Road was sold in May 2023
and 35 Graham Street on 29 November 2024.
Administration Expenses(1,704)(1,753)49
Management fees marginally reduced due to a lower
average gross asset value across the year due to
divestments. Director insurance increased in the
c ur re nt year.
Net Finance Costs(1,756)(2,295)539
Net Finance Costs reduced by $0.54m. The FY25 net
finance costs include:
• Line fees $0.40 million (FY24: $0.51 million).
• Interest of $1.72 million (FY24: $2.23 million).
Interest reduced due to all debt being repaid on 29
November 2024.
• Interest income of $0.36 million (FY24: $0.52
million). Interest income was lower due to the lower
interest rates.
Total Operating Income1,458(395)1,853
Fair Value Loss in Value of
Investment Property
( 7,1 5 4)(4,9 02)(2,252)
A $9.2 million unrealised fair value loss at Munroe
Lane driven by reduced market rentals and increased
let up periods offset against fair value gain (discount
unwind) at 35 Graham Street up until settlement.
Net Profit / (Loss) Before
Taxation
(5,696)(5,297)(399)
Income Tax---
The Company is in a tax loss position hence there
is no current tax and there is a nil movement in net
deferred tax for both reporting periods.
Profit and Total
Comprehensive Income
(5,696)(5,297)(399)
Finance Report
13

Adjusted Funds from Operations - Reconciliation to Net Profit (Loss) After Tax
2025
$’000
2024
$’000
Statutory Net Profit (Loss) After Tax(5,696)(5,297)
Investment Property
Fair value (gain) / loss on investment property and property held for sale7,1 5 44,902
Deferred Tax
Deferred Tax Expense--
Net Operating Profit (Loss) After Tax1,458(395)
Straight-line rental revenue(988)(329)
Amortisation of Lease Incentives and Costs5649
Funds From Operations (FFO)526(675)
Incentives Granted/Commissions Paid--
Maintenance CAPEX--
Adjusted Funds From Operations526(675)
AFFO (CPS)0.15(0.19)
Finance Report
14

2025
$’000
2024
$’000
Cash10,9313 ,736
Investment Property107,000116,050
Property Held for Sale-6 4 ,74 3
Other Assets1025,7 75
To t a l A s s e t s118,033190,304
Bank Debt-3 2 , 974
Other Liabilities65916,122
Total Liabilities65949,096
Equity117, 3 74141,208
Net Tangible Assets Per Share ($)0.3240.389
Balance Sheet
Investment Property and Property
Held for Sale
Graham Street was held for sale in the prior year
and settled on 29 November 2024. The total
consideration was $68 million. The 35 Graham
Street fair value prior to sale was assessed based on
the future settlement cash flows discounted at 9.0%.
Funding
$32.974 million of debt was repaid on 29 November
2024 when 35 Graham Street settled. There is now
no external bank debt drawn at balance date.
Dividends
A five cents per share special dividend was paid on
18 December 2024.
A quarterly dividend of 0.20 cents per share has
been declared on 27 May 2025 for the quarter
ended 31 March 2025.
Finance Report
15

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. He is currently also a director of realestate.co.nz
Limited and an independent Board member of the Board of law firm, Duncan Cotterill.
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 currently Chair of the Centuria NZ
Agricultural Property Fund Ltd and independent trustee for three large privately owned
property trust portfolios. He was until recently 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, and a Chartered Fellow of the Institute of
Directors. 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, NZME and the Fisher Listed Investment companies
– Kingfish, Barramundi and Marlin Global, where she is also Chair of the Audit and Risk
Committee. 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
is a member of the Disciplinary Tribunal of the NZ Institute of Chartered Accountants.
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 was the former chairman of the
Manager until August 2020. Given the period of time that has elapsed since he ceased
to be a director of the manager, the Board has now determined that he is an independent
director. Paul joined the Board in April 2017.
Paul Duffy
Non-Executive
Independent Director
16

The scale of Centuria’s business allows a vantage point
from 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 overall market
conditions. Centuria Platform Investments Pty Limited,
as the parent 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 85 properties across sectors including office,
retail, industrial, healthcare and agricultural, with $2.4 billion
of assets under management. Centuria NZ employs 34
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,
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.
17

Corporate
Governance
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 framework 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 2025. It reports against the NZX Corporate Governance
Code dated 31 January 2025.
ContentsPage
Principle 1 – Ethical Standards19
Principle 2 – Board Composition and Performance19
Principle 3 – Board Committees21
Principle 4 – Reporting and Disclosure 22
Principle 5 – Remuneration22
Principle 6 – Risk Management 23
Principle 7 – Auditors 23
Principle 8 – Shareholder Rights and Relations24
18

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 subcommittee 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.
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.
Corporate Governance
19

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.
Board composition
Director profiles are on page 16 and director shareholdings are listed on page 24.
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 from 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 Board has considered the definition of Disqualifying Relationship under the NZX Listing Rules and the factors listed in the
NZX Corporate Governance Code in determining whether each of the directors are independent.
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. In the case of Allen Bollard, the Board
has considered that he is the chair of the Centuria NZ Agricultural Property Fund Limited but notes that he is subject to
appointment by the shareholders of that Company (of which Centuria is not one) and his director fees are paid by that
Company and not by Centuria.
The Board has previously determined that Paul Duffy was not an independent director as until August 2020 he was a director
of the largest shareholder at the time (Augusta Capital Limited) and until November 2020, he was a director of the manager.
Given the period of time that has elapsed since those directorships (being approximately four and a half years), the Board has
now determined that Paul Duffy is an independent director.
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 20254310
Year Ending 31 March 20244310
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.
Corporate Governance
20

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
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 5 meetings being held in the 2025 financial year. As Chair,
Carol Campbell has an adequate accounting background as required by the NZX Listing Rules as she is a Fellow Chartered
Accountant and a member of Chartered Accountants Australia and New Zealand.
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 20.
Takeover protocols
In June 2018, the Board adopted protocols setting out the procedures to be followed if a takeover offer is received. The
protocols apply to all control transactions.
Corporate Governance
21

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.
Other than the Corporate Governance disclosures, Asset Plus has not provided non-financial disclosure in this annual report
in accordance with Recommendation 4.4 of the NZX Corporate Governance Code. This is due to Asset Plus' portfolio only
consisting of Munroe Lane following the sale of 35 Graham Street. The key focus for Munroe Lane is to lease the current
vacancy and Asset Plus does not consider that non-financial disclosure on environmental and social sustainability is currently
material for shareholders in Asset Plus. Asset Plus will publish its mandatory Climate-Related Disclosures in accordance with
the Aotearoa New Zealand Climate Standards at www.assetplusnz. co.nz/company-document/ by 31 July 2025.
A copy of the policy is available on Asset Plus’ website at www.assetplusnz.co.nz/corporate-governance, along with the
Corporate Governance Manual.
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 below 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.
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 & Risk Committee$75,000$75,000
Allen Bollard$65,000$5,000 – Member of Audit & Risk Committee$70,000$70,000
Paul Duffy$65,000-$65,000$65,000
John McBain----
To t a l$300,000$300,000
Approved Pool$300,000
Corporate Governance
22

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 framework to identify, oversee, manage and control risks that Asset Plus
faces. Key risks have been identified including leasing of Munroe Lane, the performance of the Manager, compliance with
regulatory obligations (including continuous disclosure), tenant default, cyber security, health and safety and changing
trends in the property market.
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
manager for Munroe Lane. There is a hazard register for Munroe Lane which is managed on a day to day basis by the
property manager and overseen by Centuria’s asset managers.
Centuria's management team oversees compliance with Centuria’s health and safety framework 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’ framework 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 Key Audit Partner rotated every 5 years. Grant Thornton attends each
annual shareholder meeting and is available to answer shareholder questions at the meeting. Grant Thornton also attends
Audit and Risk Committee meetings.
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
23

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 is conducted by a poll.
The annual shareholders notice of meeting in 2024 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 wholly owned subsidiary Asset Plus
Investments Limited, 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 2025.
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 2025.
Director
Board Meetings Held
While A Director
Board Meetings
Attended
Audit & Risk Committee
Meetings Attended
Bruce Cotterill995
Carol Campbell995
Allen Bollard985
Paul Duffy99N /A
John McBain98N /A
Interest Register Record
There were no entries made in the interests register during the year ended 31 March 2025 other than in respect of the
directors' liability insurance policy entered into during the year.
Share Dealings by Directors
There were no share dealings by Directors during the year ended 31 March 2025. Securities of the Company in which each
Director had a relevant interest as at 31 March 2025:
DirectorHoldingSecurity HeldNature of Relevant Interest
Carol Campbell99,504Ordinary SharesRegistered Holder And Beneficial Owner
Corporate Governance
24

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 2025 (2024: Nil).
Audit Fees
Amounts paid to the Auditor of the Company:
2025
$’000
2024
$’000
Grant Thornton Audit Fees7267
In addition to the audit the following other fees were paid to auditors
Other Assurance Services1130
To t a l8397
Corporate Governance
25

Financial Statements
2025

Contents
57
Directory
28
Consolidated Statement of
Comprehensive Income
30
Consolidated Statement
of Financial Position
52
Independent
Auditor’s Report
32
Reconciliation of Net
Profit to Net Cash Flow
from Operating Activities
29
Consolidated Statement
of Changes In Equity
31
Consolidated Statement
of Cash Flows
33
Notes to the Consolidated
Financial Statements
55
Shareholder
Statistics

Consolidated Statement of Comprehensive Income
For the year ended 31 March 2025
Note
2025
$’000
2024
$’000
Gross Rental Revenue6,815 5,329
Direct Property Operating Expenses(1,897)(1,676)
Net Rental Revenue54,918 3,653
Administration Expenses6(1,704)(1,753)
Net Finance Costs6(1,756)(2,295)
Net Total Operating Expenses(3,460)(4 ,04 8)
Net Operating Surplus/(Deficit)1,458 (395)
Net Fair Value Loss on Investment Properties11(10,118) ( 7, 9 8 5)
Net Fair Value Gain on Properties Held for Sale122,9643,083
Net Loss Before Taxation(5,696)(5,297)
Income Tax7- -
Net Loss After Taxation(5,696)(5,297)
Other Comprehensive Income- -
Total Comprehensive Loss for the Year, Net of Tax(5,696)(5,297)
Basic and Diluted Loss Per Share (cents)17(1.57) (1.46)
Financial Statements
28
The notes set out on pages 33 to 51 form part of, and should be read in conjunction with, the consolidated financial statements.

Note
Share Capital
$’000
Accumulated
Losses
$’000
To t a l
$’000
Opening Balance at 01 April 2023192 ,726 (46,221)146,505
Net Loss After Taxation- (5,297)(5,297)
Total Comprehensive Loss for the Year, Net of Tax- (5,297)(5,297)
Dividends18- - -
Closing Balance at 31 March 2024192 ,726 (51,518)141,208
Opening Balance at 01 April 2024192 ,726 (51,518)141,208
Net Loss After Taxation- (5,696)(5,696)
Total Comprehensive Loss For the Year, Net of Tax- (5,696)(5,696)
Dividends18- (18,138)(18,138)
Closing Balance at 31 March 2025192 ,726 (75,352)117,374
Consolidated Statement of Changes in Equity
For the year ended 31 March 2025
Financial Statements
29
The notes set out on pages 33 to 51 form part of, and should be read in conjunction with, the consolidated financial statements.

Note
2025
$’000
2024
$’000
Current Assets
Cash and Cash Equivalents10,931 3 ,736
Trade and Other Receivables924 338
Other Financial Assets10- 5,320
Prepayments978 117
Total Current Assets11,033 9,511
Properties Held for Sale12- 6 4 ,74 3
Non-Current Assets
Investment Property11107,000 116,050
Total Non-Current Assets107,000 116,050
To t a l A s s e t s118,033 190,304
Current Liabilities
Trade Payables, Accruals and Provisions14 659 2,522
Deposits Received- 13,600
Borrowings13- 3 2 , 974
Total Current Liabilities659 49,096
Non-Current Liabilities
Deferred Taxation7- -
Total Non-Current Liabilities- -
Total Liabilities659 49,096
Net Assets117,374 141,208
Share Capital192 ,726 192 ,726
Accumulated Losses(75,352)(51,518)
Shareholders' Equity117,374 141,208
The Board of Directors of Asset Plus Limited approved the consolidated financial statements for issue on 27 May 2025
Consolidated Statement of Financial Position
As at 31 March 2025
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
Financial Statements
30
The notes set out on pages 33 to 51 form part of, and should be read in conjunction with, the consolidated financial statements.

2025
$’000
2024
$’000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue5,809 5,233
Operating Expenses(4,082)(2,646)
Interest Income337 567
Interest Expense(2,201)(2,721)
Net Cash (Outflow)/Inflow from Operating Activities(137)433
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Sale of Investment Property54,400 36,808
Deposit Received from Investment Property Held for Sale- 7,1 0 0
Capital Expenditure on Investment Properties(136)(6,528)
Funds held in retention173 (126)
Capitalised Finance Costs on investments- (1,016)
Transaction Costs(293)(4 0 6)
Tenant Contribution to Fit Out300 -
Net Cash Inflow from Investing Activities54,444 35,832
Cash Flows from Financing Activities
Cash was provided from/(applied to):
Repayment of Borrowings(3 2 , 974)(45,450)
Proceeds from Borrowings- 7,054
Transfer from Lockbox4,000 1,000
Distributions Made to Shareholders(18,138)-
Net Cash (Outflow) from Financing Activities(47,112)(37, 3 9 6)
Net Increase/(Decrease) in Cash and Cash Equivalents7,1 9 5 (1,131)
Cash and Cash Equivalents at the Beginning of the Year3 ,736 4,867
Cash and Cash Equivalents at the End of the Year10,931 3,736
Consolidated Statement of Cash Flows
For the year ended 31 March 2025
Financial Statements
31
The notes set out on pages 33 to 51 form part of, and should be read in conjunction with, the consolidated financial statements.

2025
$’000
2024
$’000
Net Loss after Taxation(5,696)(5,297)
Items Classified as Investing or Financing Activities:
Unrealised Loss in Fair Value of Investment Properties7,1 5 4 4,902
Amortisation of Loan establishment costs105 75
Transaction Costs- 38
Movements in Working Capital Items:
Accounts Receivable and Prepayments(22)220
Trade and Other Payables(614)775
Non-Cash Items:
Straight-line rental income(988)(329)
Amortisation of leasing fees and incentives56 49
Other Income(132)-
Net Cash (Outflow)/Inflow from Operating Activities(137)433
Reconciliation of Net Profit to Net
Cash Flow from Operating Activities
For the year ended 31 March 2025
Financial Statements
32
The notes set out on pages 33 to 51 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
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 Material 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 NZX Listing Rules. 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.
Accounting standards that are issued but not yet effective
NZ IFRS 18 Presentation and Disclosure in Financial Statements
In May 2024, the New Zealand External Reporting Board (XRB) issued NZ IFRS 18 Presentation and Disclosure in Financial
Statements (effective for annual reporting periods beginning on or after 1 January 2027). This standard replaces NZ IAS
1 Presentation of Financial Statements and primarily introduces a defined structure for the statement of comprehensive
income and disclosure of management-defined performance measures (a subset of non-GAAP measures) in a single note
together with reconciliation requirements. It also includes enhanced principles on aggregation and disaggregation which
apply to the primary financial statements and notes in general. The Company is yet to adopt this standard and is in the
process of assessing its impacts particularly with respect to the structure of the Company's statement of profit or loss,
and the additional disclosures required for management performance measures. However, there will be no impact on the
Company's net profit.
33

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
(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 2025, and its 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 2025Percentage Held 31 March 2024
Asset Plus Investments Limited100%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 from 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 from investing and financing activities is classified as part of operating activities.
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 from 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 from 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)
Deferred Taxation (Note 7)
Going Concern
The 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.
34

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
4. Financial Risk Management Objectives and Policies
The Group's principal financial instruments comprise bank loans (now repaid), 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 from 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 has borrowed. 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 were:
As at 31 March 2025Effective Interest
Rate Range
Less Than 1 Year
$’000
1 - 2 Years
$’000
2 Years +
$’000
Financial Assets
Cash and Cash Equivalents0.00% -3.90%10,931--
Trade Receivables and Other receivables24--
Total Financial Assets10,955--
Financial Liabilities
Trade Payables and Other Payables(262)--
Total Financial Liabilities(262)--
As at 31 March 2024
Financial Assets
Cash and Cash Equivalents0.00% - 4.91%3 ,736 - -
Trade Receivables and Other receivables338 - -
Other Financial Assets4.80% - 5.40%5,320 - -
Total Financial Assets9,394 - -
Financial Liabilities
Trade Payables and Other Payables(1,600)- -
Deposits received(13,600)- -
Borrowings7.16% - 8.09%(3 2 , 974)- -
Total Financial Liabilities(4 8 ,174)- -
The Group’s assets and liabilities which are subject to interest rate changes, consist of cash and cash equivalents and
secured bank loans (to the extent drawn). The following demonstrates the sensitivity to the Group profit and equity, resulting
from a reasonably possible change in interest rates. This analysis assumes all other variables remain constant.
2025
$’000
2024
$’000
1% increase
Cash and Cash Equivalents And Financial Assets100 106
Borrowings- (330)
1% decrease
Cash and Cash Equivalents And Financial Assets(100)(106)
Borrowings- 330
35

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
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 from the carrying value. The methods used for determining fair value have been disclosed in
Note 15.
As at 31 March 2025
Note
Designated
As Fair Value
$’000
Amortised
Cost
$’000
Total Carrying
Amount
$’000
Fair Value
$’000
Financial Assets
Cash and Cash Equivalents- 10,931 10,931 10,931
Trade Receivables and Other receivables9 - 24 24 24
Total Financial Assets- 10,955 10,955 10,955
Financial Liabilities
Trade Payables and Other Payables14 - (262)(262)(262)
Total Financial Liabilities- (262)(262)(262)
As at 31 March 2024
Financial Assets
Cash and Cash Equivalents- 3 ,736 3 ,736 3 ,736
Trade Receivables and Other receivables9 - 338 338 338
Other Financial Assets10 - 5,320 5,320 5,320
Total Financial Assets- 9,394 9,394 9,394
Financial Liabilities
Trade Payables and Other Payables14 - (1,600)(1,600)(1,600)
Deposits Received- (13,600)(13,600)(13,600)
Borrowings13 - (3 2 , 974)(3 2 , 974)(3 2 , 974)
Total Financial Liabilities- (4 8 ,174)(4 8 ,174)(4 8 ,174)
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 from financial assets of the Group, which comprise interest received on cash and cash
equivalents, the Group’s exposure to credit risk arises from 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 & Poors).
Liquidity risk
Liquidity risk arises from 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 from recognised financial
liabilities. This table (in respect to the prior year) 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.
36

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
As at 31 March 2025
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 Payables262 262 - 262 - - -
To t a l262 262 - 262 - - -
As At 31 March 2024
Financial Liabilities
Non-derivative financial liabilities
Trade Payables and Other Payables1,600 1,600 - 1,600 - - -
Borrowings (Note 13)3 2 , 974 3 2 , 974 - 3 2 , 974 -- -
Interest and fees payable to the bank190 3,122 - 3,122 -- -
To t a l34,764 37,6 9 6 - 37,6 9 6 - - -
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. Capital is also monitored through the gearing
ratio to the extent there is debt drawn.
The Group’s policies in respect of capital management and allocation are reviewed quarterly by the Board of Directors.
Cash and Cash Equivalents
Cash and cash equivalents comprise of cash on hand, term 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.
37

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
Accounting policy
Rental Revenue
Rental revenue is the Group's primary revenue stream. 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
from 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.
2025
$’000
2024
$’000
Rental charged to tenants in the ordinary course of business4,962 4,452
Operating cost recoveries from tenants921 587
Amortisation of capitalised lease cost adjustments(56)(4 9)
COVID-19 Rental Adjustments- 10
Straight-line rental revenue*988 329
Total gross operating revenue6,815 5,329
Other revenue- -
Gross rental revenue6,815 5,329
Property operating costs**(1,897)(1,676)
Net rental revenue4,918 3,653
* For the year ended 31 March 2025, rental income is recognised on a straight-line basis over the initial lease term (2024: rental income was recognised on a straight-line basis over the term to the market
rent review date).
** 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:
2025
$’000
2024
$’000
Within one year4,783 4,783
After one year but not more than five years20,439 19,903
More than five years54,603 50,255
The above rental receivables are based on contracted amounts as at 31 March 2025 and 31 March 2024. 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 frequency 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 since this is a variable lease
payment that does not depend on an index or rate.
5. Net Rental Revenue
38

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
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 13) on a straight line basis.
6. Administration Expenses and Net Finance Costs
Note
2025
$’000
2024
$’000
Administration expenses
Management fees(875)(990)
Directors' fees19 (300)(300)
Auditor's remuneration(83)(97)
Professional fees(102)(151)
Other administration costs
(1)
(3 4 4)(215)
Total administration expenses(1,704)(1,753)
Net finance costs
Interest and finance costs*(2,115)(2,816)
Interest revenue359 521
Total net finance costs(1,756)(2 ,295)
* In addition to Interest paid on the loan the Interest and finance costs include line fees of $394,579 (PY: $506,000) and amortised loan establishment fees of $104,757 (PY: $75,000)
Auditor's remuneration as follows:
Audit of the annual financial statements(72)(67)
Other assurance services
(2)
(11)(30)
Total auditor's remuneration(83)(97)
(1)
Other administration costs include office costs, registry, New Zealand Stock Exchange fees, Director insurance and shareholder communications costs.
(2)
Agreed upon procedures review in respect to interim financial statements. The prior year was a review of the interim financial statements.
39

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
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 from 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 from 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).
40

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
Major components of income tax expense for the year ended 31 March are:
2025
$’000
2024
$’000
Current tax
Current income tax charge--
Prior year tax adjustment- -
Current tax- -
Net deferred income tax
Movement in deferred tax liability608 (245)
Movement in deferred tax asset(608)232
Other- 13
Net deferred income tax- -
Income tax reported in the consolidated statement of comprehensive income- -
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:
Net loss before tax(5,696)(5,297)
Income taxation benefit (28%)1,595 1,483
Adjust for revaluations of investment property(2,003)(1,373)
Adjust for non-deductible expenses/non-assessable income37 -
Adjust for development loan facility fees-316
Adjustment for deferred tax (depreciation on buildings)(371)(245)
Deferred tax assets not recognised(4 3 9)(1,415)
Adjustment for depreciation (claimed in financial year)905 1,129
Other276 105
Income tax reported in the consolidated statement of comprehensive income--
Deferred income tax
Net deferred income tax liability relates to the following:
Deferred income tax assets:
Accumulated tax losses265 8 74
Deferred income tax liabilities:
Recoverable depreciation on Investment properties(265)(8 74)
Deferred taxation - -
For the year-ended 31 March 2025, the Company is in a tax loss position. It is not considered probable that the Company 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 2025, resulting in a net nil deferred tax balance sheet position, in accordance with NZ IAS 12.
The tax losses available for future use are $13.1 million and only $0.95 million has been recorded as a deferred tax asset.
41

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
9. Trade and Other Receivables
2025
$’000
2024
$’000
Other receivables24 338
Total other receivables24 338
Total trade and other receivables24 338
Trade receivables are non-interest bearing and are on < 30 day terms.
Loan establishment fees (unamortised)- 105
Other prepayments78 12
Prepayments78 117
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.
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.
42

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
10. Other Financial Assets
11. Investment Property
2025
$’000
2024
$’000
Restricted Cash - Term Deposit Lockbox- 4,000
Funds held in retention- 1,320
Total Other Assets- 5,320
The 'lockbox' was released following the settlement on 35 Graham Street on 29 November 2024. Funds held in retention
were released during the year as the Munroe Lane development defects period ended.
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 from 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
from 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 from use and no future economic benefit is expected from its disposal. Any gains or
losses on the disposal of an investment property are recognised in profit or loss in the period of derecognition.
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 as the funds are not freely 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 from cash and cash equivalents and
presents as other financial assets.
43

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
The tables below outline the movements in the carrying values for all directly owned investment property:
As at 31 March 2025Opening fair
value balance
(including WIP)
$'000
Capex
$'000
Amortised
leasing costs
$'000
Unrealised
loss on
revaluation
$'000
Straight-line
rent accrual
$'000
Fair value at
balance date
$'000
Investment Property
Munroe Lane116,050 136 (56)(10,118)988 107,000
-
Total Investment
Property
116,050 136 (56)(10,118)988 107,000
Munroe Lane is measured at fair value as at 31 March 2025 and is determined by the independent valuation using the
capitalisation and discounted cashflow approach. The independent valuation was conducted by an independent registered
valuer who is a member of the Institute of Valuers of New Zealand. The valuer is experienced in valuing commercial
properties.
The independent valuation as at 31 March 2025 is $107 million (31 March 2024: $116.2 million). The fair value is also adjusted to
reflect the straight-line rent accrual and the capitalised leasing costs net of amortisation.
As at 31 March 2024Opening fair
value balance
(including WIP)
$'000
Capex
(1)
$'000
Capitalised
leasing costs net
of amortisation
$'000
Unlrealised loss
on revaluation
$'000
Straight-line
rent accrual
$'000
Fair value at
balance date
$'000
Investment Property
Munroe Lane118,556 4,356794 ( 7, 9 8 5)329 116,050
- -
Total Investment Property118,556 4,356794 (7,985)329 116,050
(1) The opening fair value balance includes leasing costs amounting to $0.84 million which were paid in the prior year when the Munroe Lane property was still under development. In the prior year, in order
to present the capitalised leasing costs net of amortisation in the table above, the capex amount has been reduced by $0.84 million.
Munroe Lane work in progress (WIP) was reclassified on practical completion which was achieved on 13 July 2023. The
opening balance as at 1 April 2023 reflects the WIP incurred. Munroe Lane is therefore classified as an investment property
as at 31 March 2024.
As at 31 March 2025
Valuer
Capitalisation
Rate
%
Occupancy
Rate
%
W A LT
Years
Valuation
$'000
Munroe Lane
6-8 Munroe Lane, Auckland
Bayleys6.1365.309.00107,000
Fair Value107,000
As At 31 March 2024
Munroe Lane
6-8 Munroe Lane, Auckland
Jones Lang
LaSalle
6.2565.669.14116,200
Adjust for costs to complete at balance date(150)
Fair value116,050
44

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
The valuation techniques and significant unobservable inputs for Munroe Lane are as follows:
Valuation
TechniqueValuation Summary20252024
Sensitivity Of Fair Value To Changes
In the estimated fair value would
increase/(decrease):
Capitalisation
of Net Income
Market Capitalisation rate (%)6.13%6.25%Capitalisation rate was lower (higher).
Market rental ($ per sqm)*$350$417
Retail and office rental income per
square meter was higher (lower).
Discounted
Cash Flow
Discount rate (%)7. 5 0 %7. 25%The discount rate was lower (higher).
Rental growth rate (%) over 10 years2.00%2.55%Rental growth was higher (lower).
Occupancy rate (%)65.30%65.66%The occupancy rate was higher (lower).
Letting up period (months)**18 months9 monthsLetting up period was lower (higher).
Lease incentives
3 months per
annum over
lease term
3 months per
annum over
lease term
Lease incentives were lower (higher).
Sales Income
Approach
Price per square meter rate ($ per sqm)$7, 0 4 0$ 7, 974Rate per square metre was higher (lower).
* 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. Most commonly
the capitalisation of net income approach and the discounted cash flow approach are used to value income producing
properties.
Estimates are used in these valuations. These include the capitalisation rate in the income capitalisation approach and
the discount rate in the discounted cash flow 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-free periods and other costs not paid by the tenant.
Valuation Sensitivity
This sensitivity analysis outlines how movements in the 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 rate5.13%5.63%6.13%6.63%7.1 3 %
Adopted Value127,858 116,503 107,000 98,931 91,993
45

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
12. Properties Held for Sale
The table below outlines the movements in the carrying values for all properties held for sale during the year:
As at 31 March 2025
Property
Opening balance
$'000
Gain on revaluation
$'000
Disposal net of costs
$'000
Closing balance
$'000
35 Graham Street6 4 ,74 3 2,964 (6 7,707 )-
To t a l6 4 ,74 3 2,964 (67,707)-
35 Graham Street was revalued prior to settlement, essentially being the unwind of the discount factor.
35 Graham Street settled on 29 November 2024 for $68.0 million (excluding disposal costs).
As at 31 March 2024
Property
Opening balance
$'000
Gain on revaluation
$'000
Disposal
$'000
Closing balance
$'000
----
Stoddard Road36,330 - (36,330)-
35 Graham Street61,660 3,083 - 6 4 ,74 3
To t a l97,990 3,083 (36,330)6 4 ,74 3
On 1 May 2023 Stoddard Road was sold for $36.75 million and the net sale proceeds were $36.33 million.
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 from 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. 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.
46

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
13. Borrowings
FacilityBankLoan Maturity
2025
$’000
2024
$’000
Working Capital FacilityBNZ31 March 2025- 8 ,750
Investment FacilityBNZ31 March 2025- 24,224
To t a l- 32,974
All loan facilities were fully repaid following the sale of 35 Graham Street on 29 November 2024.
Financing facilities available
At reporting date, the following financial facilities had been negotiated and were available:
2025
$’000
2024
$’000
Facilities drawn at reporting date - secured bank loan (BNZ)- 3 2 , 974
Facilities undrawn at reporting date - secured bank loan (BNZ)- 11,926
To t a l- 44,900
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 $nil (2024: $1.1m)
47

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
2025
$’000
2024
$’000
Trade payables59 12
GST payable51 114
Other payables152 1 , 474
Total trade and other payables262 1,600
Interest accrual- 190
Opex accruals397 655
Capex accruals- 77
Total accruals397 922
Total trade payables and accruals659 2,522
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.
48

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
15. Fair Value Measurement
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 2025Year ended 31 March 2024
Note
Quoted
market
Price
(Level 1)
$'000
Market
observable
Outputs
(Level 2)
$'000
Non
market
Outputs
(Level 3)
$'000
Quoted
market
Price
(Level 1)
$'000
Market
observable
Outputs
(Level 2)
$'000
Non
market
Outputs
(Level 3)
$'000
Investment properties11- - 107,000 - - 116,050
Properties held for sale12- - - - - 6 4 ,74 3
Borrowings13- - - - (3 2 , 974)-
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 and the capitalisation approach.
There are no transfers between Level 1, 2 or 3 during the financial year ended 31 March 2025 (2024: None).
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.
Issued capital and reserves
20252024
Ordinary shares
Number of issued and fully paid shares ('000)362,718362,718
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.
49

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
18. Dividends Paid to Shareholders
A special dividend of five cents per share was paid to shareholders on 18 December 2024.
20252024
CPS$'000Date PaidCPS$'000Date Paid
Special Dividend 5.000 18,138 18/12/24- - N /A
Total paid during the year 5.000 18,138
2025
$’000
2024
$’000
Imputation credit account
At 31 March the imputation credits available for use in subsequent reporting periods are-100
19. Remuneration
Key management personnel costs
2025
$’000
2024
$’000
Directors' remuneration300300
To t a l300300
17. Earnings Per Share
2025
$’000
2024
$’000
Total Comprehensive Loss for the Year, Net of Tax(5,696)(5,297)
Weighted average number of ordinary shares ('000)362,718 362,718
Loss per share (cents) - basic and fully diluted(1.57)(1.46)
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.
50

Notes to the Consolidated Financial Statements
For the year ended 31 March 2025
Notes to the Consolidated Financial Statements
20. Related Parties
Centuria Funds Management (NZ) Limited (formerly Augusta Funds Management Limited) owns the management contract
rights of the Group. The parent of Centuria Funds Management (NZ) Limited, Centuria Platform Investments Pty Limited, owns
19.99% of Asset Plus Limited (2024: 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)
20252024
Fees ChargedFees OwedFees ChargedFees Owed
Management fees773 140 930 455
Performance fees102 102 60 -
Property management fees89 25 77 39
Development management fees- - 170 67
To t a l964 267 1,237 561
In addition to the above transactions, the Company paid a dividend of $3,625,364 to Centuria Platform Investments Pty
Limited as part of the special dividend paid by the Company of 5.00 cents per share on 18 December 2024 to all shareholders.
21. Commitments and Contingencies
Capital commitments
There are no capital commitments as at 31 March 2025 (31 March 2024: nil).
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 2024: $75,000).
Contingent liabilities
At the reporting date the Group had no material contingent liabilities (2024: nil).
22. Subsequent Events
The following events occurred subsequent to year-end:
On 27 May 2025 the Board declared a dividend of 0.20 cents per share for the quarter ended 31 March 2025.
The dividend will be paid on 13 June 2025.
51

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 28 to 51 which comprise the consolidated statement of financial position as at 31 March 2025, 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 material 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 2025 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 and IFRS Accounting Standards issued by the International 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.
52

Independent Auditor’s Report
Why the matter is significantHow our audit addressed the key audit matter
Investment Property - Valuations
The Group’s investment property has an assessed value of
$107 million and is the single revenue generating asset of
the Group.
Management is required to make judgements, estimates
and assumptions in determining the carrying values of
asset that are not readily apparent from other sources.
The estimates, assumptions and methodology for
determining the values are specific to the nature, location
and expected future rental income for the property.
The Group engaged an independent registered valuer 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 this property and accordingly, may have a
material impact on the consolidated financial statements;
therefore, the valuation of this property is considered a key
audit matter.
To address the risk associated with the valuation of the
property, 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;
• Evaluated the independence, qualifications and work of the
valuation expert;
• Engaged auditor’s expert assess the reasonableness of
significant valuation assumptions used in the valuation
model and the appropriateness of the valuation
methodologies adopted were appropriate;
• Verified the mathematical accuracy of the valuation model
and its reconciliation with the amount recorded in the
consolidated financial statements; and
• Considered the adequacy of the disclosures made in Note
3 Significant Accounting Estimates and Judgements and
Note 11 Investment Property to the consolidated financial
statements, which sets out the key judgements and
estimates including valuation methodologies and significant
unobservable inputs applied to determine fair value of the
investment property.
53

Independent Auditor’s Report
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 free from material misstatement, whether due to fraud 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 free from material
misstatement, whether due to fraud 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 from fraud 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/standards/assurance-standards/auditors-responsibilities/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
27 May 2025
54

Shareholder Statistics
Twenty Largest Shareholders
Top 20 Shareholders (with expanded NZCSD Sub-Register) as at 13 May 2025
RankInvestor Name
In NZCSD
Sub-RegisterTotal Shares
% Issued
Capital
1Centuria Platform Investments Pty LtdNo72 , 5 07, 2 8 819.99
2Accident Compensation CorporationYe s63,934,90717. 6 3
3HSBC Nominees (New Zealand) LimitedYe s33,099,0929.13
4Forsyth Barr Custodians LimitedNo13,443,3643.71
5Leveraged Equities Finance LimitedNo10,582,2812.92
6New Zealand Depository NomineeNo9 , 0 5 7, 6 5 62.50
7JPMORGAN Chase BankYe s8,359,6012.30
8Tea Custodians LimitedYe s7, 3 5 8 , 8 2 82.03
9FNZ Custodians LimitedNo5,018,5151.38
10Nzx Wt Nominees LimitedNo4,7 79, 2531.32
11Bnp Paribas Nominees NZ LimitedYe s3,638,0691.00
12Mmc Queen Street Nominees Ltd Acf Salt Long Short FundYe s3,128,3350.86
13Elizabeth Beatty Benjamin & Michael Murray BenjaminNo3,000,0000.83
14Bnp Paribas Nominees NZ Limited Bpss40Ye s2,930,8420.81
15
Francis Ivor Charles Jasper & Victoria Jane Carpenter & Anthony
Francis Segedin
No2,900,0000.80
16Mmc Queen Street Nominees Ltd Acf Salt Enhanced Property FunYe s2,439,4770.67
17Bhc Trustee 68 LimitedNo1,880,0000.52
18New Zealand Permanent Trustees LimitedYe s1,856,0480.51
19Hawkes Bay Sailplanes LimitedNo1,660,0000.46
20Seguro Investments LimitedNo1,640,0000.45
Shareholder Statistics
55

Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
Spread of shareholders
The following is a spread of quoted security holders as at 13 May 2025
RangeHoldersShares% of Issued Shares
1-1,0008851,6080.01
1,001-5,000321970,2800.27
5,001-10,0002732,160,0410.6
10,001-50,00058814,650,9304.04
50,001-100,00022116,585,9224.57
Greater than 100,000250328,299,02090.51
Substantial Security Holders
As at 31 March 2025, according to Asset Plus' records and the disclosure notices provided by them in accordance with the
Financial Markets Conduct Act 2013, the following persons were substantial product holders of Asset Plus:
ShareholderNumber of shares in notice
Centuria Platform Investments Pty Ltd72 , 5 07, 2 8 8
Accident Compensation Corporation63,934,907
Salt Funds Management Limited39,749,257
Westpac Banking Corporation (and related bodies corporate)29,455,484
Total ordinary shares on issue at 31 March 20253 6 2 ,7 17, 8 01
This Annual Report is dated 27 May 2025 and is signed on behalf of the Board by:
Shareholder Statistics
56

Directory
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
MUFG Corporate Markets
Level 30
P w C To w e r
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
Directory
57

Notes
58

Notes
59

---

Results announcement

Results for announcement to the market
Name of issuer Asset Plus Limited (APL)
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$6,815 27.9%
Total Revenue $6,815 27.9%
Net profit/(loss) from continuing
operations
($5,696) (7.5%)
Total net profit/(loss) ($5,696) (7.5%)
Interim/Final Dividend
Amount per Quoted Equity Security 0.00200000
Imputed amount per Quoted Equity
Security
0.00000000
Record Date 4 June 2025
Dividend Payment Date 13 June 2025
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.324 $0.389
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 2025.
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 27/05/2025

Audited financial statements accompany this announcement.

---

Distribution Notice



Section 1: Issuer information
Name of issuer Asset Plus Limited
Financial product name/description Ordinary shares
NZX ticker code APL
ISIN (If unknown, check on NZX website) NZ NAPE 0007S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 4 June 2025
Ex-Date (one business day before the
Record Date)
3 June 2025
Payment date (and allotment date for
DRP)
13 June 2025
Total monies associated with the
distribution
$725,435.60
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.00200000
Gross taxable amount $0.00000000
Total cash distribution $0.00200000
Excluded amount: $0.00200000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please state
imputation rate as % applied
Not applicable
Imputation tax credits per financial
product
$0.00000000
Resident Withholding Tax per financial
product
Not applicable
Section 4: Authority for this announcement
Name of person

authorised to make this
announcement
Simon Woollams
Contact person for this announcement Simon Woollams
Contact phone number +64 9 3006161

Contact email address simon.woollams@centuria.co.nz
Date of release through MAP

27 May 2025