General Capital Releases 2025 Annual Report

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



General Capital Releases 2025 Annual Report
General Capital, the NZX listed Financial Services Group, has today released its Annual Report
for the year ended 31 March 2025.
A copy of the Annual Report is also available on the Company’s website at:
www.gencap.co.nz/financial-reports.
The Directors of General Capital Limited are pleased to present another record result for the year
ended 31 March 2025.

The consolidated revenue was 32% higher than the previous year, increasing to $22,632,150
and Net Profit After Tax was up 7% with a solid result of $2,805,800 for the year ended 31 March
2025. Consistent with the prior year, these results represent sound performance for the Group
with year on year growth and achieving another record year of financial performance since listing
in 2018.

The Group maintained a strong balance sheet with total assets increasing by a further 34% since
March 2024, demonstrating the Company’s ability to manage its capital during a challenging
economic environment. Subsidiary Company General Finance Limited has also maintained its
credit rating of BB which was reaffirmed by Equifax on 10 December 2024.

General Capital declared a final dividend of 0.0043 cents per share to supplement the half year
dividend of 0.0055, bringing the total dividends per share for FY25 to 0.0098. This milestone
reflects the Group’s strong financial performance and commitment to delivering shareholder
value. The dividend aligns with the policy introduced at the last Annual Shareholder Meeting in
July 2024 and underscores the Board’s confidence in the Group’s growth trajectory and financial
resilience.

This announcement was approved by the Directors of General Capital Limited.

ENDS

For further information contact:

Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz

26 June 2025

---

ANNUAL
REPORT
FOR THE
YEAR ENDED
31 MARCH 2025

GENERAL CAPITAL LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED
31 MARCH 2025

CONTENTS
01
DIRECTORS’ PROFILES 02
02
GENERAL FINANCE DIRECTORS & EXECUTIVE 03
03
DIRECTORS’ REPORT 04
04
CORPORATE GOVERNANCE STATEMENT 14
05
INDEPENDENT AUDITORS’ REPORT 24
06
CONSOLIDATED FINANCIAL STATEMENTS 30
Consolidated Statement of Comprehensive Income 32
Consolidated Statement of Financial Position 33
Consolidated Statement of Changes in Equity 34
Consolidated Statement of Cashflows 35
Notes to the Consolidated Financial Statements 36
07
SHAREHOLDER & STATUATORY INFORMATION 73
08
CORPORATE DIRECTORY 80
ANNUAL REPORT 2025
|
01

01
DIRECTORS’
PROFILES
REWI BUGO
B.Sc., M.Com
Non‑Executive
Chairman
Rewi Bugo has been a Non-
Executive Director of General
Capital Limited since 13 June
2017 and was elected Chairman
of the Board of Directors
following the acquisition of
Corporate Holdings Limited
in August 2018. Mr Bugo is
a graduate of the University
of Canterbury, Christchurch,
where he obtained Master of
Commerce degree in Business
Administration. He has business
experience in several sectors
including property development,
oil and gas services, automotive
importing and distribution,
insurance broking and tourism.
Mr Bugo sits on the Board of
private and public companies
in Malaysia and New Zealand,
is a Trustee of World Wildlife
Fund Malaysia and a passionate
supporter of the Tourette’s
Association of New Zealand.
GREGORY JAMES
MCom (Hons), CA
Non‑Executive
Independent Director
Greg James is a Senior Partner
of Taxation and Mergers and
Acquisitions at Findex, New
Zealand’s 5th largest accounting
firm. Greg has over 30 years of
tax structuring and consulting
experience and is a member
of Chartered Accountants
Australia and New Zealand. Prior
to joining Findex, Greg worked
for PricewaterhouseCoopers,
including spending 8 years
working in Hong Kong and New
York. During his career, Greg has
worked with numerous listed
and newly listed companies
and has extensive experience
sourcing equity and debt funding
for clients. Greg has a strong
interest in cricket and is currently
a Director of Parnell Cricket Club
and is on the board of Remuera
Parnell Sports Community
Charitable Trust. He is also a
member of China ASEAN and
is a Director of a number of its
group companies.
ANITA KILLEEN
LLB
Non‑Executive
Independent Director
Anita Killeen is a Financial
Services Barrister at Quay
Chambers in Auckland. She has
decision-making experience at
board, executive and statutory
levels and has specialist expertise
in Commercial Mediation. At a
governance level she provides
expertise in audit, risk, regulation
and compliance. Anita also has
certification from MIT Sloan
School of Management in
Cybersecurity Governance for
the Board of Directors. She is the
former Chief Prosecutor of the
Serious Fraud Office and holds
governance roles in the legal,
financial, NZX, local and central
government sectors. Her current
roles include Director of General
Capital Ltd, Director of Public
Trust, Deputy Chair of Ngāi Tai ki
Tāmaki Commercial Investment
Board, Deputy Chair of NetSafe
NZ and Director of UNICEF NZ.
Her previous roles include having
served as Chair of the Auckland
Regional Amenities Funding
Board, Chair of Fertility NZ,
Director of SPCA Auckland and
Domain Name Commission.
BRENT KING
BCom, CA
Managing
Director
Brent King has been the
Managing Director of General
Capital Limited and its
subsidiaries since 3 August
2018. Prior to that date, Mr
King was a Non-Executive
Director since 30 September
2011. He was also the founder
and Managing Director of
the Dorchester Group of
Companies for 17 years until he
resigned in 2005. He holds a
number of public and private
directorships. He has more
than 25 years’ experience in
financial, investment banking,
underwriting, capital raising
and accounting areas and has
assisted a number of public
and private companies
02 | GENERAL CAPITAL

DONALD HATTAWAY
CA, ACG
General Finance Limited Chairman
& Non‑Executive Independent
Director
Don is a member of Chartered
Accountants Australia and New
Zealand (CAANZ) and practised
as a Chartered Accountant
in public practice from 1980
until April 2023. He retired as a
Partner in Price Waterhouse in
1996 and specialised in acting
for small or medium sized
enterprise businesses since then
often fulfilling the role of finance
director for those companies.
Don was the Chairman of listed
banking software technology
company Finzsoft Solutions Ltd.
Don is a previous Chairman of
the Board of Directors of the
Auckland Cricket Association.
He has held a previous public
company directorship with
Cooks Coffee Company Ltd
(previously known as Cooks
Global Foods Ltd) as well as
directorships with a number
of private companies.
GREGORY PEARCE
BCom.
General Finance Limited
Non‑Executive Independent
Director
Greg is a lending and credit
specialist having held roles
with large companies (Telecom
and Air New Zealand) and a
senior role with Dorchester
Finance Limited being General
Manager Lending and Credit.
He subsequently consulted
to receivers in relation to loan
recoveries and in 2017 joined
General Finance as Executive
Director Lending and Credit.
He retired from this role in 2020
and has continued with the
company as an independent
Non-Executive Director.
GEOFF SINCLAIR
B.Com., NZIMDipMgt
General Finance Limited
Non‑Executive Independent
Director
Geoff is a founding Director/
Shareholder of Blackbird
Finance Limited a specialist
trade/asset finance lender to
the wholesale motor vehicle
industry. He also sits on the
board of Japanese owned
Autobridge Limited and has held
a number of senior roles within
the finance sector. After starting
in investment banking/finance
in the late 90’s with Bankers
Trust in London, the majority
of Geoff’s focus has been in
and around the motor vehicle
industry; where he has extensive
experience in import, wholesale,
retail finance, and operations.
Geoff specialises in start-ups
and building on existing business
operations, broad experience
including governance, general
management, marketing,
strategic planning, product
development, lending,
compliance, and credit control.
VIK SINGH
B.Com, Post Grad Dip
Professional Accounting, CA
Chief Financial Officer
Vik joined General Capital in May
2025 as Chief Financial Officer.
Vik is a Chartered Accountant
with extensive global financial
services experience across
New Zealand, Australia and
in the United Kingdom. Vik
commenced his career in
professional services and worked
for Deloitte before migrating to
London. During his seven year
tenure in London, Vik worked
in senior finance roles at HSBC,
global investment management
group M&G Plc, and funds
management group Jupiter.
Prior to joining General Capital,
Vik was a Director in PwC NZ’s
management consulting division
and previously Group Financial
Controller for investment
banking group Jarden.
02
GENERAL
FINANCE
DIRECTORS
& EXECUTIVE
ANNUAL REPORT 2025GENERAL FINANCE DIRECTORS & EXECUTIVE
|
03

03
DIRECTORS’
REPORT
04 | GENERAL CAPITAL

ANNUAL REPORT 2025DIRECTORS’ REPORT
|
05

Net Profit After Tax
(NPAT) for the
General Capital Group was
$2,805,800
for the year ended
31 March 2025.
06 | GENERAL CAPITAL

Financial Performance
YEAR ENDED
31 MAR 2025
YEAR ENDED
31 MAR 2024VARIANCE% CHANGE
REVENUE$22,632,150$17,171,443$5,460,707
+32%
NET PROFIT / (LOSS) AFTER TAX$2,805,800$2,633,161$172,639
+7%
EARNINGS / (LOSS) PER SHARE*3.09 cps2.90 cps0.19 cps
+6%
YEAR ENDED
31 MAR 2025
YEAR ENDED
31 MAR 2024VARIANCE% CHANGE
TOTAL ASSETS$218,184,368$163,330,631$54,853,737
+34%
TOTAL LIABILITIES$188,943,206$136,519,214$52,423,992
+38%
TOTAL EQUITY$29,241,162$26,811,417$2,429,745
+9%
NET TANGIBLE ASSETS (NTA)
PER SHARE*
26.42 cps6.65 cps19.77 cps
+297%
NET ASSETS (NA)
PER SHARE**,***
31.84 cps7.37 cps24.47 cps
+332%
* Calculated as Net Profit after income tax expense divided by the weighted average number of ordinary shares. The prior year comparative has been restated to reflect the share
consolidation impacting the weighted average number of shares.
* Calculated as Net Assets less deferred tax , goodwill and other intangible assets divided by the total shares on issue as at balance date.
** Calculated as Net Assets divided by the total shares on issue as at balance date.
*** On 2 August 2024, General Capital executed a 1-for-4 share consolidation, reducing the total number of shares on issue. On 14 March 2025, 935,039 shares were issued in
accordance with the General Capital Staff Share Scheme and for Director Fee’s. This resulted in 91,828,852 total shares on issue at 31 March 2025. If the prior comparable period of
31 Mar 2024 were adjusted for the share consolidation, the NTA per share and NA per share would be 26.58 cps and 29.50 cps respectively.
The Directors of General Capital Limited are pleased to present
another record result for the year ended 31 March 2025.
The consolidated revenue for the Group was 32% higher than the
previous year, increasing to $22,632,150 and Net Profit After Tax was
up 7% with a solid result of $2,805,800 for the year ended 31 March
2025. Consistent with the prior year, these results represent sound
performance for the Group with year on year growth and achieving
another record year of financial performance since General Capital
was listed in 2018.
The Group maintained a strong balance sheet with total assets
increasing by a further 34% since March 2024, demonstrating the
Group’s ability to manage its capital during a challenging economic
environment.
Subsidiary Company General Finance Limited has also maintained
its credit rating of BB which was reaffirmed by Equifax on
10 December 2024.
ANNUAL REPORT 2025DIRECTORS’ REPORT
|
07

Performance
General Finance Limited (GFL), a licensed non-bank deposit taker
and wholly owned subsidiary of General Capital, delivered a solid
financial result for the year ended 31 March 2025, achieving a 20%
increase in net revenue, and a 11% rise in Net Profit After Tax (NPAT).
These results reflect management’s dedication to operational
efficiency, effective cost management and focus on strategic outlook
during challenging economic conditions.
GFL has experienced significant growth in term deposits which rose
37% during the financial year, contributing to the Group’s healthy
asset growth. GFL also expanded its geographical reach beyond
Auckland, with notable growth in non-Auckland regions and greater
demographic diversity in its investor base.
Total loans rose by 10% during the year as GFL’s management
adopted a conservative lending strategy, balancing asset growth with
a focus on liquidity. This approach was particularly prudent in the
face of New Zealand’s challenging economic environment in 2025,
aiming to protect the Group’s financial health while ensuring long-
term stability.
GFL acquired Bridges Financial Services Limited (BFSL), an
insurance premium funding business which has complemented the
growth of the Group. Management see great potential in further
expanding BFSL to leverage market opportunities to continue the
growth of the Group.
GFL’s performance has positively contributed to General Capital’s
growth in revenue and profitability, affirming the Group’s strategic
direction and highlighting its resilience in navigating market
challenges.
Dividend Announcement
The Directors are pleased to announce that General Capital Limited
declared a final dividend of 0.0043 cents per share to supplement
the half year dividend of 0.0055, bringing the total dividends per
share for FY25 to 0.0098. This milestone reflects the Group’s strong
financial performance and commitment to delivering shareholder
value. The dividend aligns with the policy introduced at the last
Annual Shareholder Meeting in July 2024 and underscores the
Board’s confidence in the Group’s growth trajectory and financial
resilience.
General Finance Credit Rating
GFL holds a credit rating from Equifax Australasia Credit Rating Pty
Ltd (“Equifax”), which ranges from AAA to C (excluding ratings for
entities in default). GFL has successfully maintained its BB rating with
a Stable Outlook throughout the period. Under Equifax’s standards,
this “Near Prime” rating indicates a low to moderate risk level. GFL is
pleased to retain this rating, which stands as a strong endorsement of
its stability and performance.
Directors
Ms. Megan Glen has resigned as a non-executive independent
director, effective 31 March 2025, and the Board thanks her for her
service during her tenure.
08 | GENERAL CAPITAL

FY25
FY24
FY23
FY22
FY21
FY20
13.5
24.3
29.2
9.4
9.5
26.8
FY25
FY24
FY23
FY22
FY21
FY20
89.4
111.8
188.9
41.8
58.6
136.5
FY25
FY24
FY23
FY22
FY21
FY20
102.9
136.1
218.2
51.2
68.2
163.3
General Capital Consolidated Balance Sheet
Equity ($mil)
Total Liabilities ($mil)
Total Assets ($mil)
ANNUAL REPORT 2025DIRECTORS’ REPORT
|
09

0.19
0.12
1.89
3.34
3.59
3.94
($mil)
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
FY20 FY21 FY22 FY23 FY24 FY25
General Capital Consolidated Profit Before Tax
General Finance Limited at a Glance Year Ended 31 March 2025
20%
REVENUE
INCREASED BY
11%
NPAT
ROSE BY
37%
TERM DEPOSITS
GREW BY
10%
TOTAL LOANS
INCREASED BY
10 | GENERAL CAPITAL

0.19
0.12
1.89
3.34
3.59
3.94
($mil)
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
FY20 FY21 FY22 FY23 FY24 FY25
Summary
The Group achieved good results for the year ended 31 March 2025
given the current challenging economy, with a 32% increase in
revenue and a 7% rise in net profit after tax. Total assets grew by 34%
since 31 March 2024, driven by a solid performance from GFL, which
saw significant growth in term deposits and good growth in loans
while maintaining a conservative lending strategy. Wholly owned
subsidiary GFL acquired BFSL during the financial year, which has
strengthened our presence in Waikato and broadens our product
offerings.
In line with General Capital’s commitment to delivering shareholder
value, the Board is pleased to announce a final dividend of 0.0043
cents per share, supplementing the half year dividend of 0.0055,
which brings the total dividends per share for the financial year
to 0.0098. This milestone reflects our confidence in the Group’s
financial resilience and growth trajectory, as well as our dedication
to rewarding shareholders.
The Group remains focused on navigating regulatory changes
under the Deposit Takers Act 2023 and sustaining strong financial
performance. The Directors thank our shareholders, investors, and
staff for their continued support.
Acknowledgments
We would like to express our gratitude to our shareholders,
customers, and employees for their continued support and
confidence in General Capital Ltd. We also extend our appreciation
to our fellow Directors and management team for their dedication
and hard work.
Rewi Hamid Bugo — Chairman
Brent Douglas King — Managing Director
ANNUAL REPORT 2025DIRECTORS’ REPORT
|
11

EVENT
PHOTOS
12 | GENERAL CAPITAL

ANNUAL REPORT 2025DIRECTORS’ REPORT
|
13

04
CORPORATE
GOVERNANCE
STATEMENT
14 | GENERAL CAPITAL

ANNUAL REPORT 2025CORPORATE GOVERNANCE STATEMENT
|
15

The Board of Directors (“Board”) and management of General
Capital Limited (“the Company”) are committed to ensuring that
the Company adheres to best practice governance principles
where practical and maintains the highest ethical standards. The
Board regularly reviews and assesses the Company’s governance
structures to ensure, where practical, that they are consistent, both
in form and in substance, with best practice.
Key governance documents that have been adopted by the Company
are published on the Company’s website at www.gencap.co.nz/
corporate-governance.
The Board framework and governance practices for the year ended
31 March 2025 was largely compliant with the requirements of the
NZX Code. The Governance Code contains eight (8) principles and
various recommendations for each principle. The Board has reported
on the Company’s compliance with each of the recommendations
which are included below.
The Board is reporting against the revised NZX Corporate Governance
Code dated 31 January 2025 and the NZX Corporate Governance
Code can be found on the NZX website at: www.nzx.com/regulation/
nzx-rules-guidance/corporate-governance-code.
Principle 1 —
Ethical Standards
“ Directors should set high standards of ethical behaviour,
model this behaviour and hold management accountable for
these standards being followed throughout the organisation.”
RECOMMENDATION 1.1
The board should document minimum standards of ethical
behaviour to which the issuer’s directors and employees are
expected to adhere (a code of ethics).
The code of ethics and where to find it should be communicated
to the issuer’s employees. Training should be provided regularly.
The standards may be contained in a single policy document or
more than one policy.
The code of ethics should outline internal reporting procedures for
any breach of ethics, and describe the issuer’s expectations about
behaviour, namely that every director and employee:
(a) acts honestly and with personal integrity in all actions;
(b) declares conflicts of interest and proactively advises of any
potential conflicts;
(c) undertakes proper receipt and use of corporate information,
assets and property;
(d) in the case of directors, gives proper attention to the matters
before them;
(e) acts honestly and in the best interests of the issuer,
shareholders and stakeholders and as required by law;
(f) adheres to any procedures around giving and receiving gifts
(for example, where gifts are given that are of value in order to
influence employees and directors, such gifts should not be
accepted);
(g) adheres to any procedures about whistle blowing (for example,
where actions of a whistle blower have complied with the
issuer’s procedures, an issuer should protect and support them,
whether or not action is taken); and
(h) manages breaches of the code
Compliance with recommendation during the year ended
31 March 2025:
The Board has a strong belief that ethical behaviour is paramount
to good corporate governance and underpins the reputation of the
Company. As such, the ethical principles that were applied by the
Board (and required of Management and employees) were in line
with the recommendations above.
The Group’s code of ethics complies with the recommendation in full.
Employees are required to read the code of ethics. The code of ethics
has been published on the Company’s website at
www.gencap.co.nz/corporate-governance.
RECOMMENDATION 1.2
An issuer should have a financial product dealing policy which
extends to employees and directors.
Compliance with recommendation during the year ended
31 March 2025:
The Board has a financial products trading policy in place for
employees and directors. This policy requires prior approval of all
transactions in General Capital Limited quoted securities and other
restricted securities, specifies blackout periods for trading and
defines prohibited trading.
The financial products trading policy is included in the Company’s
Board Policies and Procedures document which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
Principle 2 –
Board Composition
& Performance
“ To ensure an effective board, there should be a balance
of independence, skills, knowledge, experience and
perspectives.”
Board Composition
Board members who have a wide range of business, technical
and financial background lead the Company. In November 2021
the Board adopted a board skills matrix to assist in maintaining a
balance ensuring it has a balance of independence, skills, knowledge,
experience and perspectives. The Board believes it complies with the
recommendation.
The Board is responsible and accountable to shareholders and other
stakeholders for the Company’s performance and its compliance with
applicable laws and standards.
Directors
As at 31 March 2025 the Board of Directors comprised five Directors,
three of which are Non Executive Directors (Rewi Hamid Bugo
(Chairman), Gregory Stephen James, Megan Dominique Glen and
Anita Maria Killeen) and one Executive Director (Brent Douglas King).
Gregory Stephen James and Anita Maria Killeen are Independent
Directors of the Company.
Gregory Stephen James was appointed as a Director effective from
28 September 2022. The Board determined that there were no
particular circumstances that would materially interfere with his
ability to exercise independent judgement and he was assessed as an
independent Director of the Company.
16 | GENERAL CAPITAL

Anita Maria Killeen was appointed as a Director effective from
1 February 2024. The Board determined that there were no particular
circumstances that would materially interfere with her ability to
exercise independent judgement and she was assessed as an
independent Director of the Company.
By virtue of the extent of his significant product holding, Rewi Hamid
Bugo has not been assessed as an Independent Director of the
Company due to shares held directly or indirectly in the Company.
As an executive and due to his significant product holding in the
Company, Brent Douglas King has also been assessed as a Non-
Independent Director of the Company.
Refer to the Directors’ Profiles section of this Annual Report for further
details.
Paul William Zingel resigned as Independent Director with effect from
31 October 2024.
Megan Dominique Glen resigned as a Non-Independent Director
with effect from 31 March 2025.
Board and Committee Meetings
The Company’s Board meetings are conducted in accordance with
proper process. This enables the Board to peruse any board papers
and review any issues to be deliberated at the Board meeting to
enable Directors to make informed decisions. A total of seven Board
Meetings were held during the financial year under review. The Audit
Committee met five times. Board and Audit Committee attendance
has been recorded as follows:
Board
Members
BoardAudit
Committee
Rewi Hamid Bugo (Chairman)75
Brent Douglas King7N/A
Paul William Zingel43
Gregory Stephen James75
Megan Dominique Glen6N/A
Anita Maria Killeen62
Anita Killeen was appointed to the Audit Committee in October 2024.
The Board also met whenever necessary to deal with specific matters
needing attention between scheduled meetings.
The gender balance of the Group’s Directors and officers was as
follows:
as at 31 March 2025as at 31 March 2024
DirectorsOfficers*DirectorsOfficers*
Female2121
Male3243
Total5364
*Officers excludes any Directors of the Company.
RECOMMENDATION 2.1
The board of an issuer should operate under a written charter
which sets out the roles and responsibilities of the board.
The board charter should clearly distinguish and disclose the
respective roles and responsibilities of the board and management.
Compliance with recommendation during the year ended
31 March 2025:
The Board has had in place throughout the year a written Board
Charter which sets out the roles and responsibilities of the Board and
management and complies with the recommendation in full.
The Board Charter has been published on the Company’s website at
www.gencap.co.nz/corporate-governance.
RECOMMENDATION 2.2
Every issuer should have a procedure for the nomination and
appointment of directors to the board.
Compliance with recommendation during the year ended 31
March 2025:
The Company’s nomination procedure is included in the Company’s
Board Policies and Procedures document which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
The Board follows the requirements of the NZX Rules as well as
the commentary in the NZX Corporate Governance Code and the
requirements of its nomination procedure. In November 2021 the
Board also adopted a board skills matrix to assist when selecting
new Directors.
RECOMMENDATION 2.3
An issuer should enter into written agreements with each newly
appointed director establishing the terms of their appointment.
Compliance with recommendation during the year ended
31 March 2025:
The Company’s nomination procedure sets out the form of
agreement to be used. The Company’s Board Policies and
Procedures document is published on the Company’s website at
www.gencap.co.nz/corporate-governance. Written agreements
have been entered into in accordance with the procedure with all
Directors appointed during the year.
RECOMMENDATION 2.4
Every issuer should disclose information about each director in its
annual report or on its website, including:
(a) a profile of experience, length of service, and ownership
interests.
(b) the director attendance at board meetings; and
(c) the board’s assessment of the director’s independence,
including a description as to why the board has determined the
director to be independent if one of the factors listed in table 2.4
applies to the director, along with a description of the interest,
relationship or position that triggers the application of the
relevant factor.
Compliance with recommendation during the year ended
31 March 2025:
All of the information detailed in the recommendation is included
in the Annual Report and can be found in the Directors Profiles,
Corporate Governance Statement (Principle 2) and Shareholder
and Statutory Information sections.
ANNUAL REPORT 2025CORPORATE GOVERNANCE STATEMENT | 17

RECOMMENDATION 2.5
An issuer should have a written diversity policy which includes
requirements for the board or a relevant committee of the board
to set measurable objectives for achieving diversity (which, at a
minimum, should address gender diversity) and to assess annually
both the objectives and the entity’s progress in achieving them.
An issuer within the S&P/NZX 20 Index at the commencement of its
reporting period should have a measurable objective for achieving
gender diversity in relation to the composition of its board, that is
to have not less than 30% of its directors being male and not less
than 30% of its directors being female, within a specified period.
An issuer should disclose its diversity policy or a summary of it.
Compliance with recommendation during the year ended
31 March 2025:
The Board recognises the wide-ranging benefits that diversity brings
to an organisation.
The Company’s diversity policy is included in the Company’s Board
Policies and Procedures document which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
The Board has set gender diversity targets to have a minimum of 30%
female Directors and 30% female management.
The gender composition of the Company’s Directors and officers is
included above. As at 31 March 2025 40% of Directors and 33% of
Management are female.
RECOMMENDATION 2.6
Directors should undertake appropriate training to remain current
on how to best perform their duties as directors of an issuer.
Compliance with recommendation during the year ended
31 March 2025:
The Company’s Board understands their obligations as Directors
of a publicly listed Company and undertake training when necessary
to remain current on how to best perform their duties. In November
2021 the Board adopted a Board skills matrix to assess training and
development needs and have reviewed this during the year to
31 March 2025.
RECOMMENDATION 2.7
The board should have a procedure to regularly assess director,
board and committee performance.
Compliance with recommendation during the year ended
31 March 2025:
Director and Board performance is considered crucial to the success
of the Group. The Board has a procedure for assessing Director,
Board and committee performance which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
RECOMMENDATION 2.8
A majority of the board should be independent directors.
Compliance with recommendation during the year ended
31 March 2025:
As detailed in the Board Composition section above as at 31 March
2025, two of the five Directors have been identified as Independent
Directors of the Company. Of the 3 remaining Directors, 2 are Non-
Executive Directors.
The Board continues to assess the Board composition following
the resignation of Megan Glen on 31 March 2025 leaving two
Independent and two Non-Independent Directors.
The Board consider that the composition of the Board during
the financial year ended 31 March 2025 was satisfactory to make
decisions in the best interests of the entity and its shareholders. In
addition to this, the Board charter provides the opportunity for Non-
Executive Directors to regularly confer without Executive Directors
or other senior executives present. Any Directors who are conflicted
on certain matters are unable to participate in the decisions made in
relation to those matters.
RECOMMENDATION 2.9
An issuer should have an independent chair of the board.
Compliance with recommendation during the year ended
31 March 2025:
The Chair of the Board, Rewi Hamid Bugo, has been assessed as
a non-independent director. Whilst this does not meet the Code
recommendation, the Board believes that the current Chair continues
to contribute to a culture of openness and constructive challenge
that allows for diversity of views to be considered by the Board.
RECOMMENDATION 2.10
The chair and the CEO should be different people.
Compliance with recommendation during the year ended
31 March 2025:
The Chair and the CEO roles were held by different individuals.
Principle 3 –
Board Committees
“ The board should use committees where this will enhance
its effectiveness in key areas, while still retaining board
responsibility.”
RECOMMENDATION 3.1
An issuer’s audit committee should operate under a written
charter. Membership on the audit committee should be majority
independent and comprise solely of non‑executive directors of the
issuer. The chair of the audit committee should be an independent
director and not the chair of the board.
Compliance with recommendation during the year ended
31 March 2025:
General Capital Limited has an Audit Committee which as at
31 March 2025 comprised the following Non-Executive Directors.
Gregory Stephen James (Chair of the Audit Committee, Independent
Director)
Anita Maria Killeen (Independent Director)
Rewi Hamid Bugo (Non-Executive Director)
Paul William Zingel resigned as a Director and Audit Committee
member with effect from 31 October 2024. Anita Maria Killeen was
appointed a committee member in October 2024.
18 | GENERAL CAPITAL

The Audit Committee operates under a written charter and its
responsibilities include the following:
1. Ensuring that processes are in place and monitoring those
processes so that the board is properly and regularly informed
and updated on corporate financial matters;
2. Recommending the appointment and removal of the
independent auditor;
3. Meeting regularly to monitor and review the independent and
internal auditing practices;
4. Having direct communication with and unrestricted access to the
independent auditor and any internal auditors or accountants;
5. Reviewing the financial reports and advising all Directors whether
they comply with the appropriate laws and regulations; and
6. Ensuring that the Key Audit Partner is changed at least every
5 years.
The Audit Committee comprises a majority of Independent Directors
and no Executive Directors. Gregory Stephen James has a financial
background in accordance with the requirements of NZX Listing
Rule 2.13.1.
The Company’s Audit Committee Charter has been published on the
Company’s website at www.gencap.co.nz/corporate-governance.
RECOMMENDATION 3.2
Employees should only attend audit committee meetings at the
invitation of the audit committee.
Compliance with recommendation during the year ended
31 March 2025:
Non-committee members including employees only attend Audit
Committee meetings at the invitation of the Chair of the Audit
Committee.
RECOMMENDATION 3.3
An issuer should have a remuneration committee which operates
under a written charter (unless this is carried out by the whole
board). At least a majority of the remuneration committee
should be independent directors. Management should only
attend remuneration committee meetings at the invitation of the
remuneration committee.
Compliance with recommendation during the year ended
31 March 2025:
The Board has a Remuneration Committee. Employees only attended
meetings at the invitation of the Board.
The responsibilities included recommending remuneration packages
for Directors for consideration by shareholders and to approve
Managing Director and senior management remuneration.
A Remuneration Committee was held on the 5th of March 2025 and
the majority of the committee members are Independent Directors.
The Company’s remuneration policy is included in the Company’s
Board Policies and Procedures document and the Remuneration
Charter is published on the Company’s website at www.gencap.
co.nz/corporate-governance.
RECOMMENDATION 3.4
An issuer should establish a nomination committee to recommend
director appointments to the Board (unless this is carried out by
the whole Board) should operate under a written charter. At least
a majority of the nomination committee should be independent
directors.
Compliance with recommendation during the year ended
31 March 2025:
Nomination committee responsibilities were dealt with by the full
Board during the year ended 31 March 2025.
The Company’s nomination procedure is included in the Company’s
Board Policies and Procedures document which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
RECOMMENDATION 3.5
An issuer should consider whether it is appropriate to have
any other board committees as standing board committees. All
committees should operate under written charters. An issuer
should identify the members of each of its committees, and
periodically report member attendance.
Compliance with recommendation during the year ended
31 March 2025:
Given the size and scale of the Company’s business and the
resources available, the Board has not considered it necessary to
have any other Board committees during the year. The Board will
review this periodically.
RECOMMENDATION 3.6
The board should establish appropriate protocols that set out the
procedure to be followed if there is a takeover offer for the issuer
including any communication between insiders and the bidder.
It should disclose the scope of independent advisory reports
to shareholders. These protocols should include the option of
establishing an independent takeover committee, and the likely
composition and implementation of an independent takeover
committee.
Compliance with recommendation during the year ended 31
March 2025:
The Company has a written takeover response procedure approved
by the Board.
ANNUAL REPORT 2025CORPORATE GOVERNANCE STATEMENT | 19

Principle 4 –
Reporting & Disclosure
“ The board should demand integrity in financial and non-
financial reporting, and in the timeliness and balance of
corporate disclosures.”
RECOMMENDATION 4.1
An issuer’s board should have a written continuous disclosure
policy.
Compliance with recommendation during the year ended
31 March 2025:
The Company’s Board is committed to keeping investors and the
market informed of all material information about the Company and
its performance in line with the NZX listing rules and has done so
throughout the period.
The Company’s continuous disclosure policy is included in the
Company’s Board Policies and Procedures document which
is published on the Company’s website at www.gencap.co.nz/
corporate-governance.
RECOMMENDATION 4.2
An issuer should make its code of ethics, board and committee
charters and the policies recommended in the NZX Code, together
with any other key governance documents, available on its website.
Compliance with recommendation during the year ended
31 March 2025:
Key governance documents that have been adopted by the Company
are published on the Company’s website at www.gencap.co.nz/
corporate-governance.
RECOMMENDATION 4.3
Financial reporting should be balanced, clear and objective.
Compliance with recommendation during the year ended
31 March 2025:
The Board is responsible for ensuring that the financial statements
give a true and fair view of the financial position of the Group
and have been prepared using appropriate accounting policies,
consistently applied and supported by reasonable judgements
and estimates and for ensuring all relevant financial reporting and
accounting standards have been followed.
For the financial year ended 31 March 2025, the Directors believe
that proper accounting records have been kept which enable, with
reasonable accuracy, the determination of the financial position of
the Company and the Group and facilitate compliance of the financial
statements with the Financial Reporting Act 2014.
The Managing Director and Chief Financial Officer have confirmed in
writing to the Board that the Company’s financial reports present a
true and fair view in all material aspects.
RECOMMENDATION 4.4
An issuer should provide non-financial disclosure at least annually,
including considering material exposure to environmental, social
sustainability and governance factors and practices. It should
explain how operational or non-financial targets are measured.
Non-financial reporting should be informative, include forward
looking assessments, and align with key strategies and metrics
monitored by the board.
Compliance with recommendation during the year ended
31 March 2025:
Due to its nature and size the Company did not provide non-financial
disclosure during the financial year ended 31 March 2025. The
Company continues to assess how and to what extent it should
report on non-financial information such as environmental, social
and governance matters (ESG) as it grows.
Principle 5 –
Remuneration
“ The remuneration of directors and executives should be
transparent, fair and reasonable.”
RECOMMENDATION 5.1
An issuer should have a remuneration policy for the remuneration
of directors. An issuer should recommend director remuneration
packages to shareholders for approval in a transparent manner.
Actual director remuneration should be clearly disclosed in the
issuer’s annual report.
Compliance with recommendation during the year ended
31 March 2025:
The Company’s remuneration policy which covers Directors is
included in the Company’s Board Policies and Procedures document
which is published on the Company’s website at www.gencap.co.nz/
corporate-governance.
Actual Director remuneration is disclosed in the Shareholder and
Statutory Information section of this Annual Report.
RECOMMENDATION 5.2
An issuer should have a remuneration policy for remuneration of
executives which outlines the relative weightings of remuneration
components and relevant performance criteria.
Compliance with recommendation during the year ended
31 March 2025:
Remuneration of executives has been determined in line with the
process noted under recommendation 3.3 above and in accordance
with the Company’s remuneration policy.
The Company’s remuneration policy is included in the Company’s
Board Policies and Procedures document which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
RECOMMENDATION 5.3
An issuer should disclose the remuneration arrangements in place
for the CEO in its annual report. This should include disclosure of
the base salary, short term incentives and long-term incentives and
the performance criteria used to determine performance-based
payments.
Compliance with recommendation during the year ended
31 March 2025:
Information in relation to the remuneration arrangements in place
for Brent Douglas King (Managing Director) are included in the
Shareholder and Statutory Information section of this Annual Report.
20 | GENERAL CAPITAL

Principle 7 –
Auditors
“ The board should ensure the quality and independence of the
external audit process.”
RECOMMENDATION 7.1
The board should establish a framework for the issuer’s relationship
with its external auditors. This should include procedures:
(a) for sustaining communication with the issuer’s external
auditors;
(b) to ensure that the ability of the external auditors to carry out
their statutory audit role is not impaired or could be reasonably
be perceived to be impaired;
(c) to address what, if any, services (whether by type or level) other
than their statutory audit roles may be provided by the auditors
to the issuer; and
(d) to provide for the monitoring and approval by the issuer’s audit
committee of any service provided by the external auditors to
the issuer other than in their statutory audit role.
Compliance with recommendation during the year ended
31 March 2025:
In accordance with the Company’s Board charter and Audit
Committee charter, the Board in conjunction with the Audit
Committee were responsible for oversight of and communication
with the external auditor and reviewed the quality and cost of the
audit undertaken by the Company’s external auditor. The Board in
conjunction with the Audit Committee also assesses the auditor’s
independence on an annual basis.
For the financial year ended 31 March 2025, Grant Thornton New
Zealand Audit Limited was the external auditor for the Company.
The statutory audit services are fully separated from non-audit
services to ensure that appropriate independence is maintained.
The amount of fees paid for audit and other services is identified in
note 16 in the notes to the consolidated financial statements.
Grant Thornton New Zealand Audit Limited has provided the Board
with written confirmation that, in their view, they were able to operate
independently during the year.
RECOMMENDATION 7.2
The external auditor should attend the issuer’s Annual Meeting to
answer questions from shareholders in relation to the audit.
Compliance with recommendation during the year ended
31 March 2025:
Grant Thornton New Zealand Audit Limited is invited to attend
the annual meeting, and the lead audit partner is expected to be
available to answer questions from shareholders at that meeting.
Grant Thornton New Zealand Audit Limited attended the annual
shareholder meeting.
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.”
RECOMMENDATION 6.1
An issuer should have a risk management framework for its
business and the issuer’s board should receive and review regular
reports. An issuer should report the material risks facing the
business and how these are being managed.
Compliance with recommendation during the year ended
31 March 2025:
The Group is committed to proactively managing risk and this has
been the responsibility of the entire Board with the assistance of the
Audit Committee during the period. The Board delegates day to day
management of risks to the Managing Director and the Corporate
Counsel. The executive team and senior management are required to
regularly identify the major risks affecting the business and develop
structures, practices and processes to manage and monitor these
risks and report regularly to the Audit Committee and Board.
The Company’s Risk Management and Compliance framework
has been reviewed and approved by the Board in the year ended
31 March 2025. The Risk Management Programme includes a
Risk Management Plan, Group Risk Register and a Compliance
Obligations Register. The Programme is further supported by a
number of policies focusing on various key risks for the Group
including credit, liquidity, operational and market risk.
The Group also maintains insurance policies that it considers
adequate to meet its insurable risks.
RECOMMENDATION 6.2
An issuer should disclose how it manages its health and safety risks
and should report on its health and safety risks, performance and
management.
Compliance with recommendation during the year ended
31 March 2025:
The Group operates with a small number of employees in a relatively
low health and safety risk office environment. Despite this, the
Board recognises that effective management of health and safety is
essential for the operation of a successful business, and endeavours
to prevent harm and promote wellbeing for employees, contractors
and customers.
The Board is responsible for ensuring that the systems used to
identify and manage health and safety risks are fit for purpose,
being effectively implemented, regularly reviewed and continuously
improved. All new incidents, near misses, or hazards identified are
reported to the Board by the Health and Safety Officer.
ANNUAL REPORT 2025CORPORATE GOVERNANCE STATEMENT | 21

RECOMMENDATION 8.4
If seeking additional equity capital, issuers of quoted equity
securities should offer further equity security holders of the same
class on a pro rata basis and on no less favourable terms, before
further equity securities are offered to other investors.
Compliance with recommendation during the year ended
31 March 2025:
During the year ended 31 March 2025 no capital raising activities
were undertaken.
Should the Directors of the Company seek additional capital raising in
the future they will consider whether the offer will be extended to all
shareholders at that time.
RECOMMENDATION 8.5
The board should ensure that the notices of annual or special
meetings of quoted equity security holders is posted on the
issuer’s website as soon as possible and at least 20 working days
prior to the meeting.
Compliance with recommendation during the year ended
31 March 2025:
The Board encourages shareholder participation in meetings and
understands that shareholders need sufficient time to consider
information prior to meetings. The notice of the 2024 annual meeting
and extraordinary meeting was posted on the Company’s website
more than 20 working days prior to the meeting.
RECOMMENDATION 7.3
Internal audit functions should be disclosed.
Compliance with recommendation during the year ended
31 March 2025:
The Group has internal controls in place including monitoring and
checking that internal controls are operating effectively. Due to
its current size, the Board believes that it was uneconomic and
unnecessary for the Company to have a dedicated internal auditor
role during the period. The Board will regularly review this position.
Principle 8 –
Shareholder Rights & Relations
“ The board should respect the rights of shareholders and
foster constructive relationships with shareholders that
encourage them to engage with the issuer.”
RECOMMENDATION 8.1
An issuer should have a website where investors and interested
shareholders can access financial and operational information and
key corporate governance information about the issuer.
Compliance with recommendation during the year ended
31 March 2025:
Financial statements, NZX announcements and Directors’ profiles
are included on the website at www.gencap.co.nz. Key governance
documents that have been adopted by the Company are published
on the Company’s website at www.gencap.co.nz/corporate-
governance.
RECOMMENDATION 8.2
An issuer should allow investors the ability to easily communicate
with the issuer, including by designing its shareholder meeting
arrangements to encourage shareholder participation and by
providing shareholders the option to receive communications from
the issuer electronically.
Compliance with recommendation during the year ended
31 March 2025:
The Company held a purely physical annual shareholder meeting
in 2024. The Board will continue to assess whether to use a hybrid
meeting format in the future taking into account shareholder
feedback. All shareholders are given the option to receive electronic
communications from the Company.
RECOMMENDATION 8.3
Quoted equity security holders should have the right to vote on
major decisions which may change the nature of the company in
which they are invested in.
Compliance with recommendation during the year ended
31 March 2025:
Shareholders have been given the right to vote on all major decisions
in line with the NZX Rules during the year ended 31 March 2025.
22 | GENERAL CAPITAL

ANNUAL REPORT 2025CORPORATE GOVERNANCE STATEMENT | 23

05
INDEPENDENT
AUDITORS’
REPORT
24 | GENERAL CAPITAL

ANNUAL REPORT 2025INDEPENDENT AUDITORS’ REPORT
|
25

Grant Thornton New Zealand Audit Limited
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Auckland Central
Auckland 1010

T +64 9 308 2570
www.grantthornton.co.nz



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To the Shareholders of General Capital Limited
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of General Capital Limited (the “Company”) and its controlled
subsidiaries (the “Group ”) on pages 32 to 72 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 cashflows for the year then ended, and notes to the consolidated financial statements, including
material accounting policy information.
In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated financial position
of General Capital Limited as at 31 March 2025, and its consolidated financial performance and consolidated 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 and the provision of other assurance services, 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.
Why the audit matter is significant How our audit addressed the key audit matter
Allowance for impairment losses from loan
receivables
The allowance for impairment losses from loan
receivables to customers amounts to $ 369,227 in the
consolidated financial statements as at 31 March 2025 .
The assessment of the allowance for impairment losses
(expected credit losses) is complex and requires
We have:
• Obtained an understanding of the lending processes and
controls and models used to determine the allowance for
impairment losses from loan receivables, including event
identification, collateral valuation and how management’s
estimates and judgements are determined.
Independent Auditor’s Report

26 | Chartered Accountants and Business Advisers Member of Grant Thornton International Ltd.

Why the audit matter is significant How our audit addressed the key audit matter
significant judgement and estimation. Key areas of
judgment included the identification of loans with an
increase in credit risk and assumptions used in the credit
loss model, for both the 12-month and lifetime expected
credit losses.
This was a key audit matter due to the significance of the
judgements and estimates applied in determining the
allowance for impairment losses from loan receivables in
the consolidated financial statements.
The principles for determining the allowance for
impairment losses from loan receivables are described in
Note 4.1 and the review of the allowance for impairment
losses is disclosed in Note 6 of the consolidated financial
statements.
• For a selection of loans issued by the Group , we
inspected the loan agreement and other available
information that formed part of management’s loan
approval process (such as credit scores and security
details), and reviewed management’s approval process
controls, to determine whether loans were appropriately
approved and that the information available supported
any conclusions reached about the expected credit loss
at that point.
• We identified loans for which we believed there may be
indicators of impairment. We considered management’s
conclusions regarding impairment for each of these loans
individually.
• For each significant identified loan with indicators of
impairment, we tested whether there was adequate
security against each loan advanced in order to recover
the outstanding balance. Where provided, we considered
the adequacy of third-party valuations, and also verified
any prior ranking securities to independent sources.
• For the collective provisioning model, we:
(a) Recalculated the provision based on the input
factors identified by management as part of the
expected credit loss methodology; and
(b) Assessed the calculation of the expected credit
losses model against the requirements of NZ IFRS 9
Financial Instruments for the recognition and
measurement of 12-month and lifetime expected
credit losses on financial assets; and
(c) Assessed the judgements made by management
regarding the assumptions used for the expected
credit loss methodology, including challenging the
appropriateness of current and future external
factors.
• We assessed the appropriateness of the Group
disclosures in the consolidated financial statements
against the requirements of the accounting standards.
Impairment assessment of goodwill
The Group is carrying a goodwill balance of $ 3,612, 827
in the consolidated financial statements as at 3 1 March
2025 .
This matter was considered to be a key audit matter as
as:
• annual impairment tests involve complex and
subjective estimation and judgement by
Management on the future performance of the
associated Cash Generating Units (CGU’s ),
discount rates applied to the future cashflow
forecasts and future market and economic
conditions. Change in assumptions and the
methodology applied may have a material impact
on the measurement of the impairment of goodwill.
We have:
• Obtained an understanding of the Group’s internal
controls relevant to the accounting estimates used to
determine the recoverable value of the relevant CGU’s
and assessed for reasonableness.
• Evaluat ed Management’s determination of the
associated CGU’s based on our understanding of the
nature of the Group’s business and the economic
environment in which the Group operates.
• Challenged Management’s assumptions and estimates
used to determine the recoverable value of the
associated CGU’s , including those relating to forecasted
revenue, expenditure and discount rates applied.
Chartered Accountants and Business Advisers Member of Grant Thornton International Ltd. | 27

Why the audit matter is significant How our audit addressed the key audit matter
Management has completed the annual impairment test
for each CGU as at 31 March 2025, and t he
measurement of the CGU’s recoverable amount includes
the assessment and calculation of its ‘value-in-use’.
The principles for determining and analysing the
impairment of goodwill is described in Note 4.2 and the
review of the accumulated impairment is disclosed in
Note 1 0 of the consolidated financial statements.
• Evaluat ed the logic of the value-in-use calculations
supporting Management’s annual impairment test and
testing the mathematical accuracy of these calculations.
• Evaluat ed Management’s process regarding the
preparation and review of forecast financial statements
(statement of financial position, statement of
comprehensive income, and cash flow statement),
including comparing forecasts to Board approved
forecasts, and evaluating the historical accuracy of the
Group’s forecasting to actual historical performance.
• Engag ed our own internal valuation experts to evaluate
the logic of the value-in-use calculations and the inputs
to the calculation of the discount rates applied, including
evaluating the key inputs and any underlying
assumptions with a view to identifying Management bias.
• Performed our own sensitivity analyses for reasonably
possible changes in key assumptions, the two main
assumptions being: the discount rate and forecast growth
assumptions.
• Evaluat ed the related disclosures (including the
accounting policies and accounting estimates) around
goodwill, which are included in the Group’s consolidated
financial statements.
Accounting for the acquisition of Bridges Financial
Services Limited
During the financial year ended 31 March 2025, the
Group completed the acquisition of 100% of the shares in
in Bridges Financial Services Limited for a total
consideration of $7,831, 881 million. Management
accounted for the acquisition as a business combination
under NZ IFRS 3 Business Combinations, which required
the identification and measurmenet at fair value of the
acquired identifiable assets and liabilities, as well as the
recognisiton of goodwill.
The purchase price allocation process involved significant
judgement and estimation by management, particularly in
relation to:
- Identification of intangible assets such as
customer relationships;
- Determination of the fair values of acquired
tangible and intangible assets and assumed
liabilities;
- Valuation methodologies and assumptions
applied, including discount rates, useful lives,
and forecasted cash flows;
- Allocation of the total consideration.
Given the materiality of the acquisition, the complexity
involved in applying the acquisition accounting
requirements, and the significant judgements applied by
We have:
• Evaluated the Group’s process for identifying and
assessing the fair value of the acquired assets and
liabilities assumed;
• Assessed the competence, capabilities, and objectivity of
the external valuation experts engaged by management;
• Involved our internal valuation specialists to review the
methodologies and key assumptions used in determining
the fair value of identified intangible assets;
• Assessed the accuracy and relevance of the underlying
data used in the valuation models, including cash flow
forecasts;
• Evaluated the reasonableness of key assumptions used
such as discount rates, growth rates and useful lives;
• Assessed the appropriateness of the accounting treatment
under NZ IFRS 3 and reviewed the disclosures in the
consolidated financial statements related to the acquisition
and the purchase price allocation performed.
We also considered whether the disclosures made in Note 20
of the consolidated financial statements regarding the
acquisition and purchase price allocation appropriately reflect
the nature of the transaction and the significant judgements
involved.
28 | Chartered Accountants and Business Advisers Member of Grant Thornton International Ltd.

Why the audit matter is significant How our audit addressed the key audit matter
management, we considered this matte r to be a key audit
matter .
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 information included in 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 do 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 and, in doing so, consider whether the other information is materially inconsistent with the
consolidated 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 IFRS Accounting Standards issued by the International 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 Director s 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 hi gh 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 consolidated financial statements is located on the
External Reporting Board’s website at: https://www.xrb.govt.nz/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 its 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
26 June 2025
Chartered Accountants and Business Advisers Member of Grant Thornton International Ltd. | 29

06
CONSOLIDATED
FINANCIAL
STATEMENTS
30 | GENERAL CAPITAL

ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS
|
31

NOTE20252024
$$
Interest income
918,154,58413,679,143
Interest expense
9(11,648,252)(8,096,442)
Net interest income
6,506,3325,582,701
Fee and commission income
94,252,3243,327,444
Fee and commission expense
9(1,028,654)(862,307)
Net fee and commission income
3,223,6702,465,137
Revenue from contracts with customers
9162,179138,466
Cost of sales
9(18,103)(17,426)
Gross profit from contracts with customers
144,076121,040
Other income
963,06326,390
Gross Profit
9,937,1418,195,268
Increase in allowance for expected credit losses
(428,615)(59,087)
Personnel expenses
(1,999,157)(1,791,560)
Occupancy expenses
(141,191)(105,378)
Depreciation
(13,241)(11,313)
Amortisation and impairment of intangible assets
10(72,306)(21,334)
Loss on Sale of Asset
(50,000)-
Other operating expenses
16(3,295,758)(2,620,994)
Total operating expenses
(6,000,268)(4,609,666)
Profit before income tax expense
3,936,8733,585,602
Income tax expense
17(1,131,073)(952,441)
Net profit after income tax expense
2,805,8002,633,161
Other comprehensive income
Items that will not be reclassified to profit or loss
Changes in the fair value of equity investments at fair value
through other comprehensive income
13(b)(126,624)(31,240)
Income tax on these items
-(43,273)
Other comprehensive loss for the year, net of tax
(126,624)(74,513)
Total comprehensive income
2,679,1762,558,648
Earnings per share (cents per share)
143.092.90
Diluted earnings per share (cents per share)
143.092.90
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2025
The accompanying notes are an integral part of these consolidated financial statements.
32 | GENERAL CAPITAL

NOTE20252024
$$
Equity
Share capital
13(a)21,811,60621,561,120
Accumulated earnings
7,704,5565,381,065
Reserves
13(b)(275,000)(130,768)
Total equity
29,241,16226,811,417
Assets
Cash and cash equivalents
535,991,25615,303,073
Accounts receivables
23,1784,850
Related party receivables
19102,393235
Other current assets
510,629334,828
Bank deposits
525,042,83612,714,591
Loan receivables
6151,101,609132,163,725
Property, plant and equipment
436,17531,907
Investments
12-126,624
Deferred tax asset
17.2153,105182,173
Intangible assets and goodwill
104,823,1872,468,625
Total assets
218,184,368163,330,631
Liabilities
Accounts payable and other payables
3,671,0251,033,694
Related party payables
195,9596,366
Term deposits
7184,680,424135,118,547
Income tax payable
369,720360,607
Deferred tax liabilities
17.2216,078-
Total liabilities
188,943,206136,519,214
Net assets
29,241,16226,811,417
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the year ended 31 March 2025
The accompanying notes are an integral part of these consolidated financial statements
Rewi Hamid Bugo — Chairman
Brent Douglas King — Managing Director
The financial statements are signed on behalf of the Board.
Authorised for issue on: 26-Jun-25
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 33

NOTESHARE
CAPITAL
RESERVESACCUMULATED
EARNINGS
TOTAL EQUITY
$$$$
Balance at 31 March 2023
21,561,120(319,511)3,011,16024,252,769
Profit for the year
--2,633,1612,633,161
Other comprehensive income for the year
13(b)-(74,513)-(74,513)
Total comprehensive income for the year
-(74,513)2,633,1612,558,648
Transfer fair value reserve to retained earning for FVTOCI
equity investment-263,256(263,256)-
Balance at 31 March 2024
21,561,120(130,768)5,381,06526,811,417
Profit for the year
--2,805,8002,805,800
Other comprehensive income for the year
-(126,624)-(126,624)
Total comprehensive income for the year
-(126,624)2,805,8002,679,176
Transfer fair value reserve to retained earning for FVTOCI
15-(17,608)17,608-
Transactions with owners in their capacity as owners:
Contributions of equity net of transaction costs
13(a)250,486--250,486
Dividend paid
--(499,916)(499,916)
Total transactions with owners in their capacity
as owners
250,486-(499,916)(249,430)
Balance at 31 March 2025
21,811,606(275,000)7,704,55629,241,162
The accompanying notes are an integral part of these consolidated financial statements.
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2025
34 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASHFLOWS
for the year ended 31 March 2025
NOTE20252024
$$
Cash flow from operating activities
Interest received
19,049,089 13,795,341
Receipts from customers
3,847,085 3,312,918
Other income
58,877 3,190
Payments to suppliers and employees
(3,689,101) (5,419,578)
Interest paid
(10,548,848) (7,377,800)
Income tax paid
(876,814) (1,475,434)
Net cash flows from operating activities before changes in operating assets
and liabilities
7,840,2882,838,637
Term deposits (net receipts)
48,432,344 24,485,709
Loan receivables (net advances)
(14,887,482) (23,144,390)
Net cash provided by operating activities
18 41,385,150 4,179,956
Cash flow from investing activities
Purchase of property, plant and equipment
(467,509) (9,488)
Purchase of Intangible assets
- (213,346)
Acquisition of subsidiaries (net of cash acquired)
(7,401,297) -
Investment in bank deposits
(12,328,245) (2,776,617)
Investment in equities
- 50,374
Net cash used in investing activities
(20,197,051) (2,949,077)
Cash flow from financing activities
Dividends paid
(499,916)-
Net cash provided by financing activities
(499,916)-
Reconciliation of cash and cash equivalents
Cash and cash equivalents at the beginning of the reporting year
15,303,07314,072,194
Net increase in cash and cash equivalents held during the reporting year
20,688,1831,230,879
Cash and cash equivalents at the end of the reporting year
535,991,25615,303,073
The accompanying notes are an integral part of these consolidated financial statements.
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 35

NOTE 1: REPORTING ENTITY
General Capital Limited (“the Company”) is incorporated and domiciled in New Zealand. General Capital Limited is registered
under the Companies Act 1993.
General Capital Limited is a FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013.
The consolidated financial statements of General Capital Limited and its subsidiaries (together “the Group”) have been prepared in
accordance with the Companies Act 1993 and the Financial Markets Conduct Act 2013.
The Group is a for profit entity.
The Group’s principal activities are:
- Finance (deposit taking, mortgage lending, and insurance premium funding);
- Research and advisory (listing and capital management).
The consolidated financial statements were authorised for issue by the directors on 26 June 2025
NOTE 2: BASIS OF PREPARATION
These financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand
(“NZ GAAP”). They comply with New Zealand Equivalents to International Financial Reporting Standards (“NZ IFRS”) and other
applicable Financial Reporting Standards, as appropriate for profit oriented entities. These consolidated financial statements also
comply with International Financial Reporting Standards (“IFRS”) and accounting standards issued by the International Accounting
Standards Board.
The financial statements are presented in New Zealand dollars which is the Group’s functional currency and the presentation
currency. Unless otherwise indicated, amounts in the financial statements have been rounded to the nearest dollar.
These financial statements have been prepared on a going concern basis, which contemplates continuity of normal business
activities and the realisation of assets and the settlement of liabilities in the ordinary course of business, in accordance with
historical cost concepts, as modified by the fair value of certain assets and liabilities as identified in the accounting policies below.
NOTE 3: SIGNIFICANT ACCOUNTING POLICIES
3.1 Revenue and expense recognition
(a) Interest income and interest expense
Interest income and interest expense
Interest income and interest expense is recognised in profit or loss using the effective interest method. The effective interest
method calculates the amortised cost of a financial asset or liability and allocates the interest income and directly related fees
(including loan origination fees) and transaction costs (including commission expenses) that are an integral component of the
effective interest rate over the expected life of the financial asset or liability.
Loan fees and commissions
Lending fee income (such as loan establishment fees) that is integral to the effective yield of a loan held at amortised cost is
capitalised as part of the amortised cost and deferred over the life of the loan using the effective interest method. Lending
fees not directly related to the origination of a loan (account maintenance fee) are recognised over the period of service.
Incremental and directly attributable costs (such as commissions) associated with the origination of a financial asset (such as
loans) and financial liabilities (such as term deposits) are capitalised as part of the amortised cost and deferred over the life of
the financial instrument using the effective interest method.
(b) Revenue from contracts with customers:
Advisory fee revenue
Advisory contracts generally span a period of three months to one and a half years. Management determine the performance
obligation(s) inherent in the contract at contract inception and recognise revenue upon completion of each of the performance
obligations. Performance obligations include advice provided to the entity and sometimes include the success of a project.
There are specific billing milestones built into each contract and payment is generally due within 30 to 60 days of the
milestone.
Assets and liabilities arising from revenue from contracts with customers
Accounts receivables are non-interest bearing and are generally on terms of 30 to 60 days.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
36 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
3.2 Financial instruments
Initial recognition
Financial assets and financial liabilities are recognised in the Group’s statement of financial position when the Group becomes a
party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or
financial liabilities, as appropriate, on initial recognition.
Financial assets
All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the
classification of the financial assets.
Classification of financial assets
Financial assets that meet the following conditions are measured subsequently at amortised cost:
- the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash
flows; and
- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Financial assets that meet the following conditions are measured subsequently at fair value through other comprehensive income
(FVTOCI)*:
- the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and
selling the financial assets; and
- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Despite the foregoing, the Group makes the following irrevocable election/designation at initial recognition of a financial asset:
- the Group irrevocably elects to present subsequent changes in fair value of an equity investment in other comprehensive
income if certain criteria are met; and
- the Group irrevocably designates a financial asset that meets the amortised cost or FVTOCI* criteria as measured at FVTPL** if
doing so eliminates or significantly reduces an accounting mismatch.
The Group’s financial assets measured at amortised cost include cash and cash equivalents, bank deposits, trade receivables, loan
receivables, and other receivables. The Group’s assets measured at FVTOCI* include investment in equities. The Group has no
assets measured at FVTPL**.
Interest income is recognised using the effective interest method for financial assets measured subsequently at amortised cost.
For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective
interest rate to the amortised cost of the financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired
financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the
effective interest rate to the gross carrying amount of the financial asset.
Financial assets at FVTOCI*
Equity Instruments at FVTOCI*
On initial recognition, the Group made an irrevocable election (on an instrument by instrument basis) to designate investments in
equity instruments as at FVTOCI*.
Investments in equity instruments at FVTOCI* are initially measured at fair value plus transaction costs. Subsequently, they are
measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and
accumulated in the financial assets at FVOCI reserve. The cumulative gain or loss is not be reclassified to profit or loss on disposal
of the equity investments, instead, it is transferred to retained earnings.
The Group has designated all investments in equity instruments as at FVTOCI* on initial recognition.
*FVTOCI - Fair Value Through Other Comprehensive Income
**FVTPL - Fair Value Through Profit or Loss
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 37

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
Modification of financial assets
When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification
does not result in the derecognition of that financial asset, the Group recalculates the gross carrying amount of the financial asset
and recognises a modification gain or loss in profit or loss. The gross carrying amount of the financial asset is recalculated as the
present value of the renegotiated or modified contractual cash flows that are discounted at the financial asset’s original effective
interest rate. Any costs or fees incurred adjust the carrying amount of the modified financial asset and are amortised over the
remaining term of the modified financial asset.
Impairment of Financial Assets
The Group recognises a loss allowance for expected credit losses on financial assets that are measured at amortised cost.
The amount of expected credit losses is updated at each reporting date to reflect a significant change in credit risk since initial
recognition of the respective financial assets.
The Group recognises lifetime ECL** for trade and other receivables. The expected credit losses on these financial assets are
estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to
the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at
the reporting date, including time value of money where appropriate.
Due to the nature of loan receivables from insurance premium lending, the Group can get a refund from the insurance company
for the loan balance in the event of client default. Furthermore, there is no historical credit loss from insurance premium lending.
Accordingly, the notes below relate only to mortgage lending.
For loan receivables (excluding insurance premium funding), the Group applies a three-stage approach to measuring ECLs**.
Loans may migrate through the following stages based on their change in credit quality.
Stage 112-month ECL**(past due 30 days or less)
Where there has been no evidence of a significant increase in credit risk since initial recognition, ECLs** that result
from possible default events within 12 months are recognised.
Stage 2Lifetime ECL** not credit impaired (between 30 and 90 days past due)
Where there has been a significant increase in credit risk, ECLs** that result from all possible default events over the
life of the loan are recognised.
Stage 3Lifetime ECL** credit impaired (greater than 90 days past due)
Where loans are in default or otherwise credit impaired, ECLs** that result from all possible default events over the
life of the loan are recognised.
(i) Significant increase in credit risk
In assessing whether the credit risk on a financial asset has increased significantly since initial recognition, the Group compares
the risk of a default occurring on the financial asset at the reporting date with the risk of a default occurring on the financial asset
at the date of initial recognition. In making this assessment, the Group considers its historical loss experience and adjusts this for
current observable data. This data includes any payment defaults by the borrower, known or expected defaults by the borrower on
similar obligations (other loans), uninsured deterioration of the security property and any changes in the borrowers circumstances
which could impact on their ability to repay either interest or principal amounts on their due date. The Group also considers
changes or forecast changes to macroeconomic factors including property prices, unemployment, interest rates, gross domestic
product and inflation.
The nature of the Group’s loan receivables (excluding insurance premium funding) is property lending with a predominant focus
on the underlying security value of the loan receivable (i.e. the residential property value) in the credit assessment. The loans are
predominantly advanced on twelve-month terms but range between three-month and four-year terms. Credit risk information is
updated and monitored regularly. Loan receivables are subject to ongoing scrutiny, as a key component of credit risk management,
with reporting of summarised credit risk information to the Group’s directors on at least a monthly basis.
Irrespective of the outcome of the above assessment, the Group presumes that the credit risk on a financial asset has increased
significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable
and supportable information that demonstrates otherwise, for instance when the Group is made aware of a property sale and
purchase agreement or refinancing agreement which provides sufficient evidence that all of the borrower’s obligations including
default interest will be met. The Group regularly monitors the effectiveness of the criteria used to identify whether there has been
a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant
increase in credit risk before the amount becomes past due.
*FVTOCI - Fair Value Through Other Comprehensive Income
**ECL - Expected Credit Losses
38 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
(ii) Definition of default
The Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has
reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate, for instance
when the Group is made aware of a property sale and purchase agreement or refinancing agreement which provides sufficient
evidence that all of the borrower’s obligations including default interest will be met.
(iii) Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows
of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the
following events:
a) an increase in loan to valuation ratio caused by either declining property security values or increases in the loan balance;
b) significant financial difficulty of the borrower; and
c) a breach of contract, such as a default or past due event (see (ii) above).
(iv) Write-off policy
The Group writes off a financial asset when there is information indicating that the borrower is in severe financial difficulty and
there is no realistic prospect of recovery, for example an unsecured financial asset whereby the borrower has no realistic ability
to meet their financial obligations to the Group. Financial assets written off may still be subject to enforcement activities under
the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in
profit or loss.
v) Measurement and recognition of expected credit losses
The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the
loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on
historical data adjusted for forward-looking information including macroeconomic factors as described above. Given the Group’s
loan book is all secured over property, the single most significant factor for loss given default is the value of the security property,
any known or expected uninsured deterioration of the property, or any forecast reduction in property values.
In regards to insurance premium funding, there is a risk the borrowers might default on their loan repayments leading to financial
losses. We may manage this risk by requiring an upfront payment, a shorter lending term than the period of the insurance cover
and stringent credit monitoring enabling us to cancel the insurance in event of default by the borrower resulting in a refund of
insurance to mitigate any losses.
As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date.
For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the
Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective
interest rate. In instances where the probability of default has increased significantly (a significant increase in credit risk), or where
the loan is in default, the expected credit loss (or loss given default) may not increase significantly due to the Group’s lending
criteria which prohibits lending when the loan to valuation ratio (LVR)* exceeds 75%.
This means in general that the Group expects that the present value of expected cash flows from a loan in default to approximate
the carrying value of the loan prior to the default event, except in cases where the LVR* has increased considerably due to a
reduction in the security property valuation or a significant increase in the loan balance.
If the Group has measured the loss allowance for a financial asset at an amount equal to lifetime ECL** in the previous reporting
period, but determines at the current reporting date that the conditions for lifetime ECL** are no longer met, the Group measures
the loss allowance at an amount equal to 12-month ECL** at the current reporting date.
The Group recognises an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their
carrying amount through a loss allowance account.
Derecognition of financial assets
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire.
On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum
of the consideration received and receivable is recognised in profit or loss.
*LVR - Loan to Valuation Ratio
**ECL - Expected Credit Losses
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 39

Financial Liabilities
Classification of Financial Liabilities
Financial liabilities are measured at amortised cost.
At initial recognition financial liabilities are measured at fair value plus transaction costs that are directly attributable to the issue
of the financial liabilities. The amortised cost of a financial liability is the amount at which the financial liability is measured at initial
recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference
between that initial amount and the maturity amount.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense
over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including
all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums
or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a
financial liability.
The Group’s financial liabilities measured at amortised cost include other payables, and term deposits. The Group derecognises
financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference
between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in
profit or loss.
3.3 Cash and cash equivalents
Cash and cash equivalents includes demand deposits with an original term of less than or equal to 3 months which are considered
highly liquid investments that are readily convertible into cash and used by the Group as part of day-to-day cash management.
3.4 Intangible assets
Intangible assets comprise goodwill, acquired licences, Bartercard trade dollars, and customer relationship.
Goodwill and acquired licences are indefinite life intangibles subject to annual impairment testing. Goodwill is allocated to cash-
generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-
generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to
the respective operating segment. Refer to notes 4.2, 10 and 20.
Licences acquired as part of business combinations are capitalised separately from goodwill as intangible assets if their value can
be measured reliably on initial recognition and it is probable that the expected future economic benefits that are attributable to the
asset will flow to the Group.
Bartercard Trade Dollars are units of electronic currency held by the Group which can be used to pay for products and
services from other Bartercard members instead of paying in cash. They are non-monetary assets which are classified as
indefinite life intangible assets. The assets are recognised at cost less accumulated impairment losses. The trade dollars are
acquired as earned and consumed as utilised and are tested at least annually for impairment or when indication of an impairment
exist.An impairment loss is recognised whenever the carrying amount of a Bartercard exceeds its recoverable amount. The
estimated recoverable amount of intangible assets - Bartercard Trade Dollars are the greater of their fair value less costs to sell
or value in use. Trade debits arising from sales to customers and trade credits from purchases of services are recognised in the
statement of comprehensive income in the period in which the transaction occurs. Where trade credits are used to purchase an
asset, the asset is capitalised and recognised in the statement of financial position.
Computer software is recognised in the statement of financial position at cost less accumulated amortisation and impairment
losses. Direct costs associated with the purchase and installation of software licences and the development of software for
internal use are capitalised where project success is probable and the capitalisation criteria is met. Cost associated with planning
and evaluating computer software and maintaining a system after implementation are expensed. Computer software costs are
amortised on a straight-line basis (three years).
Customer relationship is recognised in the statement of financial position at cost less accumulated amortisation and impairment
losses. Direct costs associated with the purchase are capitalised to the cost. Customer relationship cost is amortised on a straight-
line basis (five years).
3.5 Taxation
Income tax for the period comprises current and deferred tax. Current and deferred tax are recognised as an expense or income
in the profit or loss, except when they relate to items that are recognised outside profit or loss (whether in other comprehensive
income or directly in equity), in which case the tax is also recognised outside profit or loss.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
40 | GENERAL CAPITAL

3.6 Impairment of non-financial assets
Intangible assets that have an indefinite useful life are not subject to amortisation and are tested for impairment annually or more
frequently if events or changes in circumstances indicate that they might be impaired. Intangible assets not yet available for use
are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired.
3.7 Standards and interpretations to published standards that are not yet effective
NZ IFRS 18 was issued in May 2024 and will apply to reporting periods commencing 1 January 2027. Most of the presentation and
disclosure requirements will largely remain unchanged together with other disclosures carried forward from NZ IAS 1. NZ IFRS 18
primarily introduces the following:
(i) a defined structure for the statement of comprehensive income by classifying items into one of the five categories: operating,
investing, financing, income taxes and discontinued operations. Entities will also present expenses in the operating category by
nature, function, or a mix of both, based on facts and circumstances.
(ii) disclosure of management-defined performance measures in a single note together with reconciliation requirements.
(iii) additional guidance on aggregation and disaggregation principles (applied to all primary financial statements and notes).
Other new standards, amendments to standards and interpretations are issued but not yet effective. None of these are expected to
have a significant effect on the financial statements of the Group.
3.8 Business Combinations
The Company applies the acquisition method in accounting for business combinations. The consideration transferred by the
Company to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities
incurred and the equity interests issued by the Company, which includes the fair value of any asset or liability arising from a
contingent consideration arrangement. Acquisition costs are expensed as incurred.
If the Company acquires a controlling interest in a business in which it previously held an equity interest, that equity interest is
remeasured to fair value at the acquisition date with any resulting gain or loss recognised in profit or loss or other comprehensive
income, as appropriate.
Consideration transferred as part of a business combination does not include amounts related to the settlement of pre-existing
relationships. The gain or loss on the settlement of any pre-existing relationship is recognised in profit or loss.
Assets acquired and liabilities assumed are measured at their acquisition-date fair values.
NOTE 4: SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS
There are a number of significant material accounting treatments which include complex or subjective material accounting
judgments and estimates that may affect the reported amounts of assets in these financial statements. Estimates and judgments
are continually evaluated and are based on historical experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
An explanation of the judgments and estimates made by the Group in the process of applying its accounting policies, that have the
most significant effect on the amounts recognised in the financial statements, are set out below.
4.1 Allowance for expected credit losses
Significant increase in credit risk
Expected credit losses (‘ECL’) are measured as an allowance equal to 12-month ECL, or lifetime ECL for assets with a significant
increase in credit risk or in default or otherwise credit impaired. In assessing whether the credit risk of an asset has increased
significantly, the Group considers its historical loss experience and adjusts this for current observable data. This data includes
any payment defaults by the borrower, known or expected defaults by the borrower on similar obligations (other loans), uninsured
deterioration of the security property and any changes in the borrowers circumstances which could impact on their ability to repay
either interest or principal amounts on their due date. The Group also considers changes or forecast changes to macroeconomic
factors including property prices, unemployment, interest rates, gross domestic product and inflation.
Calculation of loss allowance
When measuring ECL the Group uses reasonable and supportable forward-looking information, which is based on assumptions for
the future movement of different economic drivers and how these drivers will affect each other.
Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due
and those that the Group would expect to receive, taking into account cash flows from collateral and integral credit enhancements.
Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical
data, assumptions and expectations of future conditions.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 41

Expected credit losses:
1. Based on the history of the Group’s loan book over the last three years, the average annual write-offs as a percentage of the
average loan receivable balance over the same period was 0.20%.
2. The Group has concluded that adopting a more conservative estimate of 0.25% (March 2024: 0.25%) of the gross loan balance
is a more prudent and appropriate measure for anticipating potential losses over the next 12 months, compared to a less
conservative estimate of 0.20%. This approach aligns with the Group’s risk management strategy and ensures a more robust
provisioning for expected credit losses.
3. Lifetime ECL’s for loans with a significant increase in credit risk and for loans in default have been calculated based on the
Company’s expectations for discounted net cash flows from the respective loan receivables over the expected remaining life of
the loans.
4. There are no expected credit losses relating to the subsidiary Bridges Financial Services Limited (BFSL) as there is no credit
exposure in the event of non-payment.
4.2 Impairment analysis of goodwill and other indefinite life intangible assets
The carrying value of goodwill and indefinite life intangible assets (including licences and Bartercard trade dollars) is assessed
at least annually to ensure that it is not impaired. With regard to Goodwill and Licences, performing this analysis requires
management to estimate future cash flows to be generated by the cash-generating unit, which entails making judgements,
including the expected rate of growth of revenues and expenditures, assets and liabilities, and the resulting cashflows.
Judgements also need to be made about the appropriate discount rate to apply when valuing future cash flows.
A sensitivity analysis performed by Management has highlighted that the carrying value of the Goodwill and other assets in the
research and advisory CGU* are highly reliant on the achievement of revenue forecasts from advisory projects.
Management have performed a fair value less costs of disposal impairment test in relation to the carrying value of the Bartercard
trade dollars asset at 31 March 2025.
When conducting the impairment analysis of goodwill and other indefinite-life intangible assets, the Group has considered all
reasonably known and available information.
Expected impact on cash-generating units
1. Finance (Non-bank deposit taking / property lending) CGU* - The forecasted cash flows used in the impairment analysis factor
in the above-stated events. The results of the model show that there is still significant headroom in the unit.
2. Finance (Insurance Premium Funding) CGU* - The forecasted cash flows used in the impairment analysis factor in the above-
stated events. The Group performed an impairment test as at 31 March 2025 which has resulted in no impairment to the CGU*.
3. Research and Advisory CGU* - Due to the impacts of some of the above-stated factors the Group performed an impairment
test as at 31 March 2025 which has resulted in no impairment to the CGU*.
NOTE 5: CASH AND CASH EQUIVALENTS AND BANK TERM DEPOSITS
20252024
$$
Bank call deposits1
35,991,256 15,303,073
Bank term deposits - Current Portion2
25,042,836 12,714,591
Interest Rates:
1Bank call deposits: Between 0.00% and 3.85% (March 2024: Between 0.00% and 5.70%).
2Current Portion of Bank term deposits is contractually repayable within 12 months.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
42 | GENERAL CAPITAL

NOTE 6: LOAN RECEIVABLES
20252024
$$
First mortgage advances
147,690,833 134,140,905
Unsecured advances (insurance premium funding)
6,291,426 -
153,982,259 134,140,905
Less deferred fee income and expenditure
(2,511,423)(1,504,680)
Less impairment allowance
(369,227)(472,500)
Net carrying value
151,101,609 132,163,725
Current portion
107,108,064 94,940,875
Non‑current portion
43,993,545 37,222,850
151,101,609 132,163,725
*CGU - Cash Generating Unit
Primary loan security - first mortgage
2025202520242024
$%$$
Residential housing
133,081,841 86.4%117,504,757 87.6%
Residential bare land
11,496,060 7.5%14,911,604 11.1%
Residential development property
1,270,098 0.8%- 0.0%
Commercial property1
1,725,027 1.1%1,724,544 1.3%
Other security
117,807 0.1%- 0.0%
Unsecured (insurance premium funding)
6,291,426 4.1%- 0.0%
153,982,259 100.0% 134,140,905 100.0%
1The Group’s lending policy allows for a maximum of 30% of total lending to be secured over commercial properties. During the
year ended 31 March 2025 the Group had 1.1% of commercial lending (2024: 1.3%).
Loan receivables represent loans at commercial interest rates. Current loan receivables are contractually repayable within 12
months. Non-current loan receivables are contractually repayable within 12 months to 36 months of reporting date.
At year end there was $2,739,657 in outstanding loan commitments (loans approved and accepted not yet drawn) including future
capitalised interest (March 2024: $2,052,306).
INTEREST RATE
GENERAL FINANCEBRIDGES FINANCIAL SERVICES
2025202420252024
Interest rate ‑ minimum
8.45%9.25%0.00%N/A
Interest rate ‑ maximum
11.75%11.50%20.00%N/A
Effective interest rate - minimum
9.62%10.25%0.00%N/A
Effective interest rate - maximum
26.37%24.11%51.89%N/A
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 43

For General Finance loans that are in default, additional interest of up to 10% is charged.
The core lending activity of the Group is providing, through a broker network, short term and bridging finance secured by mortgage
over residential property. The majority of loans are entered into with a maturity date within 12 months, with a proposal that repayment
will be funded by the sale of the secured property or through refinancing by the borrower. General Finance Limited lending policy
allows for a maximum “loan to security value” of 75% (excluding fees and charges) on advances, unless approved by the full board of
General Finance Limited. There are no loans with loan to valuation ratio above 75% at the reporting date (2024: none).
The company also provides insurance premium funding through its subsidiary BFSL. Although this type of lending has no security,
there is no credit exposure on this type of funding as in the event of a client default, the Company is guaranteed a refund of the
remaining balance of the loan from the insurance company.
Sometimes loan repayments do not occur on the contractual maturity date and the term of the loan is extended i.e. rollover occurs.
Before a loan is rolled over, the Company’s standard credit checking and approval processes are re-applied. The current “loan to
security value” position will be re-assessed and updated valuations are obtained where the Directors consider this appropriate.
Loan application fees are charged and evidence is obtained of the borrower’s agreement to the contractual terms and conditions
of the extended loan.
At reporting date, 32.8% (March 2024: 30.8%) of loans by number and 32.2% (March 2024: 32.6%) by value represent loans
that have been rolled over and are into their second or subsequent credit periods. Where loans have been rolled over, their
classification in these consolidated financial statements as current or non-current, or as past due, is based on payment due dates
as per the terms of the extended contract, and not as per the original or preceding contract.
Borrower payment terms are profiled as follows:
20252024
$$
Principal and interest paid monthly
6,863,365 1,144,796
Interest only paid monthly
145,680,018 132,683,098
Interest capitalised
1,438,876 313,011
Total loan receivables
153,982,259 134,140,905

Loan fees (for all loans) and interest (for capitalised interest loans) are capitalised to the loan balances when charged and
recognised over the life of the loans using the effective interest method. The associated cash is received when the loans are repaid
(or partially repaid). Income recognised during the financial year from amounts capitalised to loan receivables were as follows:
20252024
$$
Interest income
74,711 13,246
Loan Fees
3,491,802 2,853,522
Total
3,566,513 2,866,768
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
44 | GENERAL CAPITAL

Reconciliation of gross loan receivable balance movements through ECL* stages:
12 MONTH ECL*LIFETIME ECL*
NOT CREDIT
IMPAIRED
LIFETIME
ECL* CREDIT
IMPAIRED
TOTAL
$$$$
Balance as at 31 March 2023
101,028,471 5,415,857 4,061,846 110,506,174
New loan advances
111,138,453 - - 111,138,453
Repayments
(78,255,053)(5,053,005)(3,832,813)(87,140,871)
Loan balances written off
- (362,852)- (362,852)
Transfer to lifetime not credit impaired
(7,780,334)7,780,334 - -
Transfer to lifetime credit impaired
(573,671)- 573,671 -
Balance as at 31 March 2024
125,557,867 7,780,334 802,704 134,140,905
Insurance premium funding acquired1
8,586,846 - - 8,586,846
New loan advances
119,785,519 - - 119,785,519
Repayments
(102,581,415) (5,146,893) (270,815) (107,999,123)
Loan balances written off
- - (531,888) (531,888)
Transfer to lifetime not credit impaired
(5,434,119) 5,434,119 - -
Transfer to lifetime credit impaired
(1,745,053) (1,014,264) 2,759,317 -
Balance as at 31 March 2025
144,169,645 7,053,296 2,759,318 153,982,259
1Loan acquired from BFSL through business acquisition. There is no ECL applied on these loans due to no expected credit losses.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 45

Reconciliation of movements in impairment allowance by stage:
12 MONTH ECL*LIFETIME ECL*
NOT CREDIT
IMPAIRED
LIFETIME
ECL* CREDIT
IMPAIRED
TOTAL
$$$$
Balance as at 31 March 2023
252,570 413,540 110,155 776,265
New loan advances
277,846 - - 277,846
Repayments
(195,637)(12,633)(9,582)(217,852)
Loan balances written off (collectively assessed)
- (907)- (907)
Loan balances written off (individually assessed)
- (362,852)- (362,852)
Transfer to lifetime not credit impaired
(19,451)19,451 - -
Transfer to lifetime credit impaired (collectively assessed)
(1,434)- 1,434 -
Transfer to lifetime credit impaired (individually assessed)
- (37,148)37,148 -
Balance as at 31 March 2024
313,894 19,451 139,155 472,500
New loan advances
287,546 - - 287,546
Repayments
(238,797)(12,867)(677)(252,341)
Loan balances written off (collectively assessed)
- - (1,330) (1,330)
Loan balances written off (individually assessed)
- - (137,148)(137,148)
Transfer to lifetime not credit impaired
(13,585)13,585 - -
Transfer to lifetime credit impaired (collectively assessed)
(4,363)(2,536)6,899 -
Balance as at 31 March 2025
344,695 17,633 6,899 369,227

In instances where the probability of default has increased significantly (a significant increase in credit risk), or where the loan is
in default, the expected credit loss (or loss given default) may not increase significantly due to the Group’s lending criteria which
prohibits lending when the loan to valuation ratio (LVR)** exceeds 75%. This means in general that the Group expects that the
present value of expected cash flows from a loan in default to approximate the carrying value of the loan prior to the default event,
except in cases where the LVR** has increased considerably due to a reduction in the security property valuation or a significant
increase in the loan balance.
The LVR of loans with a significant increase in credit risk or in default was in a range of 27.0% - 74.0% as at 31 March 2025 (March
2024: in a range of 50.5% - 70.6%), based on the security property valuation at origination.
*ECL - Expected Credit Losses
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
46 | GENERAL CAPITAL

NOTE 7: TERM DEPOSITS
20252024
$$
Gross term deposit liability
184,724,612 135,192,864
Less deferred commission expenditure
(44,188) (74,317)
Net carrying value
184,680,424 135,118,547
Contractual repayment terms:
On call
532,593 178,813
Within 12 months
137,855,211 88,839,334
Greater than 12 months
46,292,620 46,100,400
184,680,424 135,118,547
Repayment Terms:On call up to 5 years
Interest Rate:3.65% - 8.30% and 0.15% on call (March 2024: 3.65% - 8.30% and 0.15% on call)
Effective Interest Rate:3.65% - 8.30% and 0.15% on call (March 2024: 3.65% - 8.30% and 0.15% on call)
Security:First ranking security interest over the assets and undertakings of General Finance Limited in favour
of the Trustee (subject only to any prior security interests permitted by the Trust Deed and preferential
claims given priority by operation of law).
The Group has a total of 1,266 depositors as at 31 March 2025 (March 2024: 1,003). As at the reporting date, the largest deposit
the Group has is $1,300,000 (March 2024: $1,286,221) which represents 0.70% (March 2024: 0.95%) of total deposits. As at the
reporting date the largest aggregate of deposits under a single deposit holder totals $2,800,000 (March 2024: $2,850,000) which
represents 1.52% (March 2024: 2.11%) of total deposits and have a weighted average maturity date of 12.30 months from reporting
date (March 2024: 7.99 months from reporting date).
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 47

Further analysis of gross deposit funding is as follows:
CONCENTRATION OF FUNDING
20252024
$$
Northland
5,380,998 4,631,033
Auckland
66,587,414 53,614,586
Waikato
14,009,966 13,529,906
Bay of Plenty
19,030,507 11,861,471
Wellington
13,685,831 18,440,430
Other North Island
27,755,288 8,872,147
South Island
28,474,990 19,715,023
Overseas
9,799,618 4,528,268
Total gross term deposit liability
184,724,612 135,192,864
CONTRACTUAL MATURITY OF FUNDING
20252024
$$
Maturing in 0 ‑ 6 months
75,415,74240,974,805
Maturing in 6 ‑ 12 months
62,985,90848,060,194
Maturing in 12 ‑ 24 months
36,489,83535,221,462
Maturing after 24 months
9,833,12710,936,403
Total gross term deposit liability
184,724,612 135,192,864
PROFILE OF DEPOSIT HOLDERS
2025202520242024
$$
Deposits over $200,000
256120,783,91017885,140,202
Deposits $100,000 ‑ $200,000
23031,980,39717023,478,598
Deposits $50,000 ‑ $100,000
28120,361,47922316,598,086
Deposits $20,000 ‑ $50,000
2739,283,7782367,948,537
Deposits $10,000 ‑ $20,000
1211,703,4111091,546,022
Deposits under $10,000
105611,63787481,419
Total gross term deposit liability
1266184,724,612 1003135,192,864
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
48 | GENERAL CAPITAL

NOTE 8: RISK MANAGEMENT
The Group is exposed to a variety of financial risks comprising credit risk, liquidity risk, market risk (interest rate risk) and fair
value risk.
8.1 Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations,
and arises principally from the Group’s loan receivables, cash and cash equivalents, bank deposits and accounts receivable.
The maximum credit exposure of the Group, assuming a zero value for collateral is $217,881,579 (2024: $164,215,960). This
includes loans receivable of $153,982,259 (2024: $134,140,905), undrawn loan commitments of $2,739,657 (2024: $2,052,306),
bank deposits of $61,034,092 (2024: $28,017,664), accounts receivable of $23,178 (2024: $4,850) and related party receivables of
$102,393 (2024: $235). Of this exposure, 69.0% is covered by collateral over properties (2024: 82.9%) and 28.0% is deposited with
registered New Zealand banks (2024: 17.1%).
The Group has no foreign exchange exposure.
To manage credit on finance receivables the Group performs credit evaluations on all customers requiring advances. The approval
process considers a number of factors including the value of the security compared to the value of the amount to be borrowed
(“loan to valuation ratio” or “LVR”*), the creditworthiness of the borrower and their ability to repay.
The Group operates a credit risk (lending) policy which stipulates the Group’s requirements regarding the security and LVR* of the
borrowing, the credit worthiness of borrowers, geographical spread, maximum loan exposure size and credit approval authority
levels. Decisions on whether to approve or decline loans are made by the credit committee in line with the Group’s credit risk
policy. Loan receivables are subject to regular scrutiny, as a key component of credit risk management. This includes a review of
the borrower’s repayment history and any interest arrears; any changes in the borrowers circumstances which could impact on
their ability to repay either interest or principal amounts on their due date and any movement in the security value.
As at 31 March 2025 the Group’s loan advances are 95.9% secured over first mortgages (March 2024: 100%), and 4.1% unsecured
(March 2024: none).
Loan receivables credit exposures are concentrated in the residential property sector, particularly in the North Island and the
Auckland Market. As at 31 March 2025, advances by the Group in the North Island residential property sector represented 89.5%
(March 2024: 88.7%) of its total exposure, with 69.8% (March 2024: 70.0%) being in the Auckland market. The geographical profile
of loan receivables is analysed further as follows:
20252024
$$
Northland
3,994,155 6,146,498
Auckland
107,415,966 93,905,052
Waikato
10,228,880 3,268,816
Bay of Plenty
1,849,500 1,440,507
Wellington
5,270,736 6,172,735
Other North Island
9,075,605 8,082,401
Canterbury
10,782,014 10,931,866
Otago
1,144,299 2,017,465
Marlborough
2,315,994 2,175,565
Southland
15,569 -
West Coast
125,964 -
Other NZ
1,763,577 -
Total
153,982,259 134,140,905
*LVR - Loan to Valuation Ratio
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 49

The concentration of the credit exposure to the six largest exposures is 17.2% (March 2024: 18.8%) of the total loan portfolio. The
Group has elected to disclose the largest six exposures as this is considered to provide a meaningful indication of concentration of
credit risk. An exposure is calculated as the total of all loan exposures to a single borrower or group of linked borrowers.
The size of loan exposures is analysed further as follows:
20252024
NUMBER OF
EXPOSURES
NUMBER OF
EXPOSURES
Less than $100,000
1,558-
Between $100,000 and $250,000
1614
Between $250,000 and $500,000
1619
Between $500,000 and $1,000,000
5245
Between $1,000,000 and $1,500,000
1518
Between $1,500,000 and $2,000,000
1620
Between $2,000,000 and $2,500,000
63
Between $2,500,000 and $3,000,000
14
Between $3,000,000 and $3,500,000
2-
Between $3,500,000 and $4,000,000
1-
Between $4,000,000 and $4,500,000
61
Between $4,500,000 and $5,000,000
12
Between $5,000,000 and $5,500,000
--
Between $5,500,000 and $6,000,000
-1
Total No. of Exposures
1,690127
The provision for expected credit losses for performing and under-performing loans is detailed and explained in note 6. Gross
past due loan receivables total $10,553,569 (March 2024: $10,353,446) which equates to 6.9% (March 2024: 7.7%) of total loan
receivables.
As shown in the aging analysis of past-due loans below, the balance comprises:
Stage 112-month ECL*
Gross loans receivable totalling $740,954 (March 2024: $1,770,408) were past due and the Group has concluded
there has not been a significant increase in credit risk.
Stage 2Lifetime ECL* not credit impaired
Gross loans receivable totalling $7,053,296 (March 2024: $7,780,334) were past due by between 30 and 90 days
and the Group has concluded there has been a significant increase in credit risk.
Stage 3Lifetime ECL* credit impaired
Gross loans receivable totalling $2,759,318 (March 2024: $802,704) were past due by greater than 90 days and the
Group has concluded there has been a significant increase in credit risk.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
50 | GENERAL CAPITAL

Aging analysis – past due but not considered under-performing loans:
20252024
$$
Up to 30 Days
740,954 1,770,408
31 ‑ 60 Days
2,158,505 7,275,651
61 ‑ 90 Days
4,894,792 504,683
91 ‑ 120 Days
1,024,527 -
120+ Days
1,734,791 802,704
Total
10,553,569 10,353,446
The Group is also exposed to credit risk from deposits held with banks. As at reporting date, the Group holds deposits in New
Zealand Registered Banks including 19.7% with Bank of New Zealand (2024: 12.9%), 1.9% with ASB Bank (2024: 0.0%), 25.4% with
Heartland Bank (2024: 59.2%), 0.0% with Westpac New Zealand (2024: 5.6%), 53.0% with ANZ Bank New Zealand (2024: 22.3%), of
which 47.7% is held through Forsyth Barr custodial account (2024: 22.3%).
Bank of New Zealand, Westpac New Zealand, ASB Bank and ANZ Bank New Zealand all have AA- credit ratings from Standard
& Poor’s and A+ credit ratings from Fitch. Heartland Bank has a rating of BBB with Fitch.
*ECL- Expected Credit Losses
8.2 Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its obligations associated with financial liabilities as they fall due.
The Group operates a liquidity risk policy and endeavours to maintain sufficient funds to meet its commitments based on
forecasted cash flow requirements. Management has internal control processes and contingency plans to actively manage the
lending and borrowing portfolios to ensure the net exposure to liquidity risk is minimised. The exposure is reviewed on an on-going
basis from daily procedures to monthly reporting as part of the Group’s liquidity management policies and processes.
The following tables set out the undiscounted contractual cash flows, and the undiscounted expected cash flows, of the Group’s
financial assets and liabilities.
2025
CONTRACTUAL CASH FLOWS
TOTAL0 - 6
MTHS
7 - 12
MTHS
13 - 24
MTHS
24+
MTHS
$$$$$
Financial assets
Amortised cost
Cash and cash equivalents
36,010,952 36,010,952 - - -
Bank deposits
25,474,722 22,938,700 2,536,022 - -
Other financial assets
60,290 60,290 - - -
Loan receivables
167,023,181 55,927,037 62,766,907 40,878,526 7,450,712
Totals
228,569,144 114,936,978 65,302,929 40,878,526 7,450,712
Financial liabilities
Amortised cost
Term deposits
194,509,201 79,013,661 66,372,828 38,040,865 11,081,847
Other payables
4,046,704 4,046,704 - - -
Totals
198,555,905 83,060,365 66,372,828 38,040,865 11,081,847
Net cashflow
30,013,239 31,876,613 (1,069,899)2,837,661 (3,631,135)
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 51

2024
CONTRACTUAL CASH FLOWS
TOTAL0 - 6
MTHS
7 - 12
MTHS
13 - 24
MTHS
24+
MTHS
$$$$$
Financial assets
Amortised cost
Cash and cash equivalents
15,303,073 15,303,073 - - -
Bank deposits
13,165,370 5,998,667 7,166,703 - -
Other financial assets
19,985 19,985 - - -
Loan receivables
145,576,153 68,609,818 35,628,786 33,543,389 7,794,160
Totals
174,064,581 89,931,543 42,795,489 33,543,389 7,794,160
Financial liabilities
Amortised cost
Term deposits
145,372,958 43,902,980 50,943,680 38,076,355 12,449,943
Other payables
1,325,542 1,325,542 - - -
Totals
146,698,500 45,228,522 50,943,680 38,076,355 12,449,943
Net cashflow
27,366,081 44,703,021 (8,148,191)(4,532,966)(4,655,783)
2025
EXPECTED CASH FLOWS
TOTAL0 - 6
MTHS
7 - 12
MTHS
13 - 24
MTHS
24+
MTHS
$$$$$
Financial assets
Amortised cost
Cash and cash equivalents
36,674,303 36,674,303 - - -
Bank deposits
25,474,722 22,938,700 2,536,022 - -
Other financial assets
305,290 97,040 36,750 73,500 98,000
Loan receivables
186,678,752 35,866,527 40,542,868 82,367,271 27,902,086
Totals
249,133,067 95,576,570 43,115,640 82,440,771 28,000,086
Financial liabilities
Amortised cost
Term deposits
204,329,043 34,310,502 29,821,166 66,698,902 73,498,473
Other payables
15,563,960 7,505,849 8,058,112 - -
Totals
219,893,003 41,816,351 37,879,278 66,698,902 73,498,473
Net cashflow
29,240,063 53,760,219 5,236,362 15,741,869 (45,498,387)
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
52 | GENERAL CAPITAL

2024
EXPECTED CASH FLOWS
TOTAL0 - 6
MTHS
7 - 12
MTHS
13 - 24
MTHS
24+
MTHS
$$$$$
Financial assets
Amortised cost
Cash and cash equivalents
15,686,236 15,686,236 - - -
Bank deposits
13,165,370 5,998,667 7,166,703 - -
Other financial assets
19,985 19,985 - - -
Loan receivables
152,474,660 37,772,535 21,226,360 68,903,951 24,571,814
Totals
181,346,251 59,477,423 28,393,063 68,903,951 24,571,814
Financial liabilities
Amortised cost
Term deposits
154,835,296 19,692,023 22,797,682 45,216,718 67,128,873
Other payables
1,325,542 1,325,542 - - -
Totals
156,160,838 21,017,565 22,797,682 45,216,718 67,128,873
Net cashflow
25,185,413 38,459,858 5,595,381 23,687,233 (42,557,059)
The table above shows management’s expected maturities of existing financial assets and liabilities. In determining the expected cash
flow, the following assumptions have been made based on management’s best estimate having regard to past experience, current
market conditions and the future outlook including the ongoing post pandemic economic environment, high inflation, high interest rates,
uncertainty in the property market, financial market uncertainties and post natural disaster environment estimated impacts:
- 60% term deposit reinvestment rate for 31 March 2024 (March 2023: 60%).
- Cash and cash equivalents are expected to earn interest for the first six months at 3.69% pa (March 2024: 5.01%).
- Term deposit reinvestments are made for a weighted average 18-month term at 5.85% pa (March 2024: 18-month term at 7.57% pa).
- 50% of loans (March 2024: 50%) not past due repay on existing contractual maturity date, with the balance rolled over at their
existing interest rates and repaid after a further 12 months.
- 80% of the Bridges Financial Services loans (March 2024: N/A) will be renewed for a further 12 months on existing contractual
maturity date.
8.3 Market risk
Market risk is the risk that changes in market prices, such as interest rates will affect the Group’s income or the value of its holdings
of financial instruments.
Interest rate risk is the risk of loss to the Group arising from adverse changes in interest rates. The Group’s financing activities are
exposed to interest rate risk in respect of its interest earning assets and interest bearing liabilities. Changes to interest rates can
impact the Group’s financial results by affecting the interest spread earned on these assets and liabilities. Interest rates for finance
receivables, term deposits, and bank deposits (other than those on call) are fixed for the term of their respective contracts. Interest
rates are repriced on contractual maturity dates of the financial instruments. There is a risk that different financial instruments
(such as loan receivables and term deposits) are repriced on different dates, i.e. a repricing risk (refer to contractual cash flows
under liquidity risk for repricing dates).
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 53

The table below summarises the sensitivity of the Group’s financial assets and liabilities to interest rate risk.
2025
CARRYING
AMOUNT
-1% PROFIT
BEFORE TAX
-1%
EQUITY
+1% PROFIT
BEFORE TAX
+1%
EQUITY
$$$$$
Financial Assets
Cash and cash equivalents
35,991,256 (359,913) (259,137) 359,913 259,137
Loan Receivables
153,982,259 (1,539,823) (1,108,673) 1,539,823 1,108,673
Bank Deposits
25,042,836 (250,428) (180,308) 250,428 180,308
Financial Liabilities
Term Deposits
184,724,612 1,847,246 1,330,017 (1,847,246) (1,330,017)
Total increase / (decrease)
(302,918) (218,101) 302,918 218,101
2024
CARRYING
AMOUNT
-1% PROFIT
BEFORE TAX
-1%
EQUITY
+1% PROFIT
BEFORE TAX
+1%
EQUITY
$$$$$
Financial Assets
Cash and cash equivalents
15,303,073 (153,031) (110,182) 153,031 110,182
Loan Receivables
134,140,905 (1,341,409) (965,814) 1,341,409 965,814
Bank Deposits
12,714,591 (127,146) (91,545) 127,146 91,545
Financial Liabilities
Term Deposits
135,192,864 1,351,929 973,389 (1,351,929) (973,389)
Total increase / (decrease)
(269,657) (194,152) 269,657 194,152
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
54 | GENERAL CAPITAL

NOTE 9: SEGMENT REPORTING
Management has determined the operating segments based on the components of the Group that engage in business activities,
which have discrete financial information available and whose operating results are regularly reviewed by the Group’s chief
operating decision maker. The chief operating decision maker has been identified as the Board of Directors. The chief operating
decision maker has been identified as the executive directors.
Three reportable segments have been identified as follows:
- Finance: Deposit taking, short term property mortgage lending, and insurance premium funding.
- Research and Advisory: Provides investment advisory services and produces and sells investment research and publications.
- Corporate and Other: Corporate function and investment activities.
Year ended 31 Mar 2025
FINANCERESEARCH &
ADVISORY
CORPORATE &
OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Revenue ‑ interest income
18,083,099 11,523 219,410 18,314,032 (159,448) 18,154,584
Revenue - fee income (loan receivables)
4,252,324 - - 4,252,324 - 4,252,324
Revenue from contracts with customers
‑ Advisory fee revenue
- 135,500 - 135,500 26,441 161,941
- Yearbook and research sales
- 238 - 238 - 238
Other income
60,975 - 830,292 891,267 (828,204) 63,063
Dividend income
- - 2,000,000 2,000,000 (2,000,000) -
Total revenue
22,396,398 147,261 3,049,702 25,593,361 (2,961,211) 22,632,150
Interest expense
(11,796,791) (28) (10,882) (11,807,701) 159,448 (11,648,253)
Fee and commission expense (finance
receivables)
(1,028,654) - - (1,028,654) - (1,028,654)
Cost of sales
- (14,325) - (14,325) (3,778) (18,103)
Net revenue
9,570,953 132,908 3,038,820 12,742,681 (2,805,541) 9,937,140
Increase in allowance for expected credit
losses
(428,615) - - (428,615) - (428,615)
Personnel expenses
(1,642,326) (81,990) (274,841) (1,999,157) - (1,999,157)
Depreciation and amortisation
(45,562) - (10,348) (55,910) (29,636) (85,546)
Other expenses
(3,125,466) (56,530) (1,133,156) (4,315,152) 828,204 (3,486,948)
Income Tax Expense
(1,133,026) - - (1,133,026) 1,952 (1,131,074)
Net profit / (loss) after tax
3,195,958 (5,612) 1,620,475 4,810,821 (2,005,021) 2,805,800
Total Assets
216,974,778 1,020,741 3,841,499 221,837,018 (3,652,650) 218,184,368
Total Liabilities
192,806,118 73,193 139,889 193,019,200 (4,075,994) 188,943,206
Acquisition of property, plant and equipment, intangible assets, and other non-current assets (excluding non-current finance receivables):
Year ended 31 Mar 2025
FINANCERESEARCH &
ADVISORY
CORPORATE &
OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Other
- - 417,888 417,888 - 417,888
- - 417,888 417,888 - 417,888
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 55

Year ended 31 Mar 2024
FINANCERESEARCH &
ADVISORY
CORPORATE &
OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Revenue ‑ interest income
13,399,355 16,118 266,945 13,682,418 (3,276) 13,679,142
Revenue - fee income (loan receivables)
3,327,444 - - 3,327,444 - 3,327,444
Revenue from contracts with customers
‑ Advisory fee revenue
- 135,695 - 135,695 2,361 138,056
- Yearbook and research sales
- 409 - 409 - 409
Other income
3,190 4,000 681,468 688,658 (662,268) 26,390
Total revenue
16,729,989 156,222 948,413 17,834,624 (663,183) 17,171,441
Interest expense
(8,096,442) - (3,276) (8,099,718) 3,276 (8,096,442)
Fee and commission expense
(862,307) - - (862,307) - (862,307)
Cost of sales
- (20,354) - (20,354) 2,929 (17,425)
Net revenue
7,771,240 135,868 945,137 8,852,245 (656,978) 8,195,267
Increase in allowance for expected
credit losses
(59,087) - - (59,087) - (59,087)
Personnel expenses
(1,530,721) (21,956) (238,883) (1,791,560) - (1,791,560)
Depreciation and amortisation
(23,825) - (8,823) (32,648) - (32,648)
Other expenses
(2,336,156) (54,373) (998,109) (3,388,638) 662,268 (2,726,370)
Income tax (expense) / benefit
(938,360) - (12,600) (950,960) (1,481) (952,441)
Net profit / (loss) after tax
2,883,091 59,539 (313,278) 2,629,352 3,809 2,633,161
Total Assets
156,967,691 955,791 5,940,759 163,864,241 (533,610) 163,330,631
Total Liabilities
136,525,549 3,796 482,404 137,011,749 (492,535) 136,519,214
Acquisition of property, plant and equipment, intangible assets, and other non-current assets (excluding non-current finance
receivables):
Year ended 31 Mar 2024
FINANCERESEARCH &
ADVISORY
CORPORATE &
OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Other
219,219 - 3,593 222,812 - 222,812
219,219 - 3,593 222,812 - 222,812
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
56 | GENERAL CAPITAL

NOTE 10: INTANGIBLE ASSETS
GOODWILLLICENCESBARTERCARD
TRADE DOLLARS
CUSTOMER
RELATIONSHIP
TOTAL
$$$$$
Year ended 31 March 2024
Opening net book amount
1,813,589 277,000 258,816 - 2,349,405
Additions
- - - 213,346 213,346
Disposals
- - (72,792) - (72,792)
Amortisation and impairment charge
- - - (21,334) (21,334)
Closing net book amount
1,813,589 277,000 186,024 192,012 2,468,625
At 31 March 2024
Cost
1,813,589 277,000 186,024 283,639 2,560,252
Accumulated amortisation and impairment
- - - (91,627) (91,627)
Net book amount
1,813,589 277,000 186,024 192,012 2,468,625
GOODWILLLICENCESBARTERCARD
TRADE DOLLARS
CUSTOMER
RELATIONSHIP
TOTAL
$$$$$
Year ended 31 March 2025
Opening net book amount
1,813,589 277,000 186,024 192,012 2,468,625
Additions
1,799,238 - - 652,000 2,451,238
Disposals
- - (24,370) - (24,370)
Amortisation and impairment charge
- - - (72,306) (72,306)
Closing net book amount
3,612,827 277,000 161,654 771,706 4,823,187
At 31 March 2025
Cost
3,612,827 277,000 161,654 935,639 4,987,120
Accumulated amortisation and impairment
- - - (163,933) (163,933)
Net book amount
3,612,827 277,000 161,654 771,706 4,823,187
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 57

Impairment testing for cash-generating units (CGU)* containing brands and licences
20252024
Goodwill
$$
Allocated to the finance (non-bank deposit taking / property lending) CGU*
1,323,729 1,323,729
Allocated to finance (insurance premium funding) CGU*
1,799,238 -
Allocated to the research and advisory CGU*
489,860 489,860
3,612,827 1,813,589

Licences with an indefinite useful life
Allocated to the finance CGU*
247,000 247,000
Allocated to the research and advisory CGU*
30,000 30,000
277,000 277,000
*CGU - Cash Generating Unit
The aggregate carrying amounts of goodwill and indefinite life licences are outlined above. Goodwill primarily relates to growth
expectations, expected future profitability and the workforce of the CGU’s*. The Group has assessed that there is no foreseeable
limit to the period of time over which the goodwill and licences are expected to generate net cash inflows for the Group and as
such they have been assessed as having an indefinite useful life.
The Group’s indefinite useful life intangible assets have been tested for impairment at least annually. Research and Advisory &
Finance CGU* was last tested on 31 March 2025 with no impairment required (March 2024: Nil).
The recoverable amount of the CGUs* has been determined based on value in use calculations. These calculations use pre-tax cash
flow projections based on financial budgets approved by management covering a five year period. Cash flows beyond the five year
period are extrapolated using the estimated long term growth rates stated below. The growth rate does not exceed the long term
average for the products, industries or country in which the CGUs* operate. For each of the CGU’s with goodwill and indefinite life
licences, the key assumptions, long term growth rate and discount rate used in the value in use calculations are as follows.
20252024
$$
Impairment
Impairment expense - Goodwill
--

Finance (Non-bank deposit taking / property lending) CGU*
Pre-tax free cash flows to equity holders (FCFE)** have been forecasted based on growth in the non-bank deposit taking /
property lending business within the current constraints of the licence / trust deed which prohibits the Capital Ratio to go below
8%. The forecasted growth in net cash flows is driven primarily by the net interest and fee margin from forecasted growth in deposit
funding and the loan book. Significant expenditure has been incurred since the business was purchased by the Group to ensure
that the business has the capacity and resources to allow for the growth.
Key assumptions used in value-in-use calculations
The key “base” assumptions used in the calculation of value-in-use for Finance CGU* are:
1) Loan receivables through the forecast period
2) Term Deposits through the forecast period
3) Loan weighted average interest rate growth through the forecast period
4) Term Deposit weighted average growth through the forecast period
5) Discount rates
6) Growth rates used to extrapolate cash flows beyond the forecast period
*CGU - Cash Generating Unit
**FCFE - Free Cash flows to Equity Holders
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
58 | GENERAL CAPITAL

The table below sets out the key assumptions for the Finance CGU* for testing done as at 31 March 2025:
31 MARCH 2025 ASSUMPTIONS
TOTAL LOAN
RECEIVABLES
TOTAL TERM
DEPOSITS
LOAN WEIGHTED
AVERAGE INTEREST
RATE
TERM DEPOSIT
WEIGHTED AVERAGE
INTEREST RATE
Year one growth
44.6%28.6%-22.6%-14.7%
Year two growth
4.2%2.5%0.0%0.0%
Year three growth
3.7%3.0%0.0%0.0%
Year four growth
3.4%2.8%0.0%0.0%
Year five growth
3.1%2.5%0.0%0.0%
Terminal growth beyond year 5
2.0%
Pre‑tax discount rate
21.6%
31 MARCH 2024 ASSUMPTIONS
TOTAL LOAN
RECEIVABLES
TOTAL TERM
DEPOSITS
LOAN WEIGHTED
AVERAGE INTEREST
RATE
TERM DEPOSIT
WEIGHTED AVERAGE
INTEREST RATE
Year one growth
31.2%31.1%0.9%1.9%
Year two growth
13.2%14.8%0.0%0.0%
Year three growth
11.7%12.9%0.0%0.0%
Year four growth
10.5%11.4%0.0%0.0%
Year five growth
9.5%10.3%0.0%0.0%
Terminal growth beyond year 5
2.0%
Pre‑tax discount rate
19.7%
Loan Receivable and Term Deposits
The most recent historic data on term deposit withdrawals, top-ups, and new deposits was reviewed to estimate trends in term
deposit inflows, which in turn funded the growth in loan receivables. For the year ended 31 March 2025, the actual growth in loan
receivables was 10.1%, and term deposits grew by 36.7%. The loan growth is lower than last year’s forecast, primarily due to lower
demand for new loans throughout the year. On the other hand, the term deposits growth is higher than last year’s forecast due to
more investments received driven by the upcoming Deposit Compensation Scheme increased depositors’ confidence for
the market.
For the year ended 31 March 2026, the forecasted growth in loan receivables is 44.6% which is higher than the most recent
three-year average growth of 22.7%. It reflects the Group’s strategic plan to boost the lending in the downturn OCR environment.
The forecasted growth for term deposits is 28.6%, which is in line with the most recent three-year average growth of 28.1%.
Subsequently, both loan receivables and term deposits are forecasted to grow as per the inflation factor to reflect the uncertainty
of the future.
Lending and Term Deposit Interest rates
Weighted average interest on loans was assumed based on the interest rates and maturities of the existing loans with an
incremental monthly review for new loans during the first forecast period to 31 March 2026. The weighted average lending rate
as at 31 March 2026 was then carried forward for the remainder of the forecast period as a proxy.
Group is anticipating an decrease in weighted average rate on term deposits given the existing competitive nature of the industry
and higher levels of inflation rates. The rate from 31 March 2026 was carried forward for the remainder for the forecast period
as a proxy.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 59

Terminal growth beyond year five
Cash flows beyond the five year period are extrapolated using the estimated long term growth rate of 2.0% which is consistent with
the mid point of the Reserve Bank of New Zealand medium term Consumer Price Index Policy Target range (1% to 3%), with a focus
on keeping future average inflation near the 2% target midpoint. The growth rate does not exceed the long term average for the
products, industries or country in which the CGUs* operate.
*CGU - Cash Generating Unit
Pre-tax discount rate
The discount rates represent the current market assessment of the risks specific to the finance CGU*. The discount rate calculation
is based on the industry segment the CGU* is engaged in, and is derived from its weighted average cost of capital. The weighted
average cost of capital takes into account both the cost of debt and equity, however for the purposes of 31 March 2025 testing we
put target Equity to Capital of 100%. The cost of equity is derived from the expected return on investment by the Group’s investors
using the capital asset pricing model allowing for unsystemic risk adjustments. Segment-specific risk is incorporated by applying
individual beta factors. The beta factors are evaluated based on publicly available market data at the time of testing. Adjustments
to the discount rate are made in order to reflect a pre-tax discount rate.
The specific risk premium includes adjustments to the basic Capital Asset Pricing Model inputs to arrive at a risk adjusted cost of
equity. These adjustments include current market factors (other than systemic risks) and asset specific risks. In arriving at specific
risk premium management have considered factors such as:
1) Small Size Risk
2) Key Personnel Dependency Risk
3) Limited Product Line Risk
4) Geographical/Concentration Risk
5) Forecast Risk
The uncertainty in the cash flows for future periods has been built into discount rate.
Sensitivity to change in key assumptions
The most sensitive assumptions in the calculation of value-in-use are term deposits growth, loan receivable growth, weighted
average loan interest rate growth and weighted average term deposit interest rate growth. The following summarises the amount
by which the key assumptions would need to change, with all other assumptions remaining constant, for the recoverable amount
to equal the carrying amount:
HEADROOM/(IMPAIRMENT)
$ ,000
Base assumption48,779
Loan Receivable Growth-49.3%
Term Deposit Growth68.9%
Term Deposit interest rate Growth6.3%
Loan interest rate Growth-6.9%
Terminal growth beyond year 5No material sensitivity
Pre-tax discount rate No material sensitivity
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
60 | GENERAL CAPITAL

The following summarises the impairment or headroom that would have resulted had the noted changes to the “base”
assumptions been made, with all other assumptions remaining constant:
HEADROOM/(IMPAIRMENT)
$ ,000
Base assumption48,779
Loan Receivable Growth + 10% above base92,710
Loan Receivable Growth - 10% below base61,420
Term Deposit Growth + 10% above base65,873
Term Deposit Growth - 10% below base88,247
Term Deposit interest rate Growth + 1% above base64,898
Term Deposit interest rate Growth - 1% below base89,223
Loan interest Growth + 1% above base88,207
Loan interest Growth - 1% below base65,913
*CGU - Cash Generating Unit
Finance (Insurance Premium Funding) CGU*
Pre-tax free cash flows to the firm (FCFF)** has been forecasted based on expected revenue and expenditure growth in the
insurance premium funding business. Interest from premium funding is forecasted to remain flat over the next year due to the
uncertain economic environment and then grow from the year ended 31 March 2027 onwards due to economic recovery.
Key assumptions used in value-in-use calculations
The key “base” assumptions used in the calculation of value-in-use for Finance (Insurance Premium Funding) CGU* are:
1) Net Revenue Expectations through the forecast period
2) Expenditure Expectations through the forecast period
3) Pre-tax Discount rates
4) Terminal Growth rates used to extrapolate cash flows beyond the forecast period
The table below sets out the key assumptions for Finance (Insurance Premium Funding) CGU*:
31 MARCH 2025 ASSUMPTIONS
NET REVENUEEXPENDITUREWORKING CAPITAL
MOVEMENTS
PRE-TAX FCFF***
Actual 31 March 2025 year
413,097 (120,264) 22,948 315,782
Forecast 2026
902,749 (183,347) 173,351 892,752
Forecast 2027
932,832 (192,433) (162,765) 577,634
Forecast 2028
979,172 (201,981) (206,817) 570,374
Forecast 2029
1,025,835 (212,007) (220,898) 592,930
Forecast 2030
1,075,054 (222,535) (232,332) 620,188
Terminal growth beyond year five
2.0%
Pre‑tax discount rate
22.4%
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 61

Net Revenue
Net Revenue is calculated as interest income less interest expense paid to the parent company.
Forecast Revenue consists of:
1) Interest Premiums Revenue: the Group is anticipating that Interest from premium funding will remain flat over the next year
due to the unpredictable state of the economy and then growth from the year ended 31 March 2027 onwards, as economy is
assumed to start picking up.
2) Contract Admin Fee Revenue: This Fee revenue is forecasted to grow inline with the interest premiums revenue.
3) Other Income/Commissions Revenue - incidental ad hoc income based on historic trends.
It is assumed that all projects will be in the form of cash.
Expenditure
The Group is expecting expenditure will stay in line with the revenue trends. The referral expense is the main expenditure which
is driven by the amount of premium funding. Inflationary factor has been allocated to expenditures at 2.5% for the Forecast 2026;
5.0% for Forecast 2027, 2028, 2029 and 2030.
*CGU - Cash Generating Unit
**FCFF - Free Cash flows to the Firm
Pre-tax discount rate
The discount rates represent the current market assessment of the risks specific to the Finance (Insurance Premium Funding)
CGU*. The discount rate calculation is based on the industry segment the CGU* is engaged in, and is derived from its weighted
average cost of capital. The weighted average cost of capital takes into account both the cost of debt and equity. The cost of
equity is derived from the expected return on investment by the Group’s investors using the capital asset pricing model allowing
for unsystemic risk adjustments. The cost of debt is derived from weighted average interest rate paid by the finance segment as
at 31 March 2025. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated based
on publicly available market data at the time of testing. Adjustments to the discount rate are made in order to reflect a pre-tax
discount rate.
The specific risk premium includes adjustments to the basic Capital Asset Pricing Model inputs to arrive at a risk adjusted cost of
equity. These adjustments include current market factors (other than systemic risks) and asset specific risks. In arriving at specific
risk premium management have considered factors such as:
1) Small Size Risk
2) Key Personnel Dependency Risk
3) Limited product line Risk
4) Geographical/Concentration Risk
5) Forecast Risk
The uncertainty in the cash flows for future periods has been built into the discount rate.
Terminal growth beyond year five
Cash flows beyond the five year period are extrapolated using the estimated long term growth rate of 2.0% which is Westpac
forecast rate. This is also consistent with the mid point of the Reserve Bank of New Zealand medium term Consumer Price Index
Policy Target range (1% to 3%), with a focus on keeping future average inflation near the 2% target midpoint. The growth rate does
not exceed the long term average for the products, industries or country in which the CGUs* operate.
Sensitivity to changes in key assumptions
The most sensitive assumptions in the calculation of value-in-use for the Finance (Insurance Premium Funding) CGU* is
Revenue Growth; Expenses Growth; Discount rate and long term growth rate. The sensitivity test of the amount by which the
key assumptions would need to change, with all other assumptions remaining constant, for the recoverable amount to equal the
carrying amount is not relevant, given that the base assumption is break even position. The following summarises the impairment
or headroom that would have resulted had the noted changes to the “base” assumptions been made, with all other assumptions
remaining constant:
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
62 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
HEADROOM/(IMPAIRMENT)
$
Net Revenue Growth + 10% above base
1,835,357
Net Revenue Growth - 10% below base
488,755
Expenditure Growth + 10% above base
884,787
Expenditure Growth - 10% below base
1,439,325
Pre-tax Discount rate Growth + 1% above base
1,033,958
Pre-tax Discount rate Growth - 1% below base
1,303,442
Terminal Growth rate Growth + 1% above base
1,231,793
Terminal Growth rate Growth - 1% below base
1,098,834
*CGU - Cash Generating Unit
Research and advisory CGU*
Pre-tax free cash flows to the firm (FCFF)** has been forecasted based on expected revenue and expenditure growth in the
research and advisory business.
Key assumptions used in value-in-use calculations
The key “base” assumptions used in the calculation of value-in-use for Research and Advisory CGU* are:
1) Net Revenue Expectations through the forecast period
2) Expenditure Expectations through the forecast period
3) Pre-tax Discount rates
4) Terminal Growth rates used to extrapolate cash flows beyond the forecast period
The table below sets out the key assumptions for Research and Advisory CGU*:
31 MARCH 2025 ASSUMPTIONS
NET REVENUEEXPENDITUREWORKING CAPITAL
MOVEMENTS
PRE-TAX FCFF***
Actual 31 March 2025 year
121,413 (138,547) 56,190 39,056
Forecast 2026
895,818 (612,275) 57,595 341,137
Forecast 2027
918,213 (641,232) 59,034 336,015
Forecast 2028
935,981 (671,596) 60,215 324,600
Forecast 2029
953,764 (703,435) 61,419 311,748
Forecast 2030
972,029 (736,823) 62,648 297,853
Terminal growth beyond year five
2.0%
Pre‑tax discount rate
30.1%
31 MARCH 2024 ASSUMPTIONS
NET REVENUEEXPENDITUREWORKING CAPITAL
MOVEMENTS
PRE-TAX FCFF***
Actual 31 March 2025 year
119,750 (77,281) 4,359 46,828
Forecast 2026
124,417 (77,000) (1,048) 46,369
Forecast 2027
127,397 (78,844) (558) 47,995
Forecast 2028
234,559 (98,051) (586) 135,921
Forecast 2029
239,051 (99,929) (616) 138,506
Forecast 2030
243,605 (101,833) (646) 141,126
Terminal growth beyond year five
2.0%
Pre‑tax discount rate
22.1%
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 63

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
Net Revenue
Net Revenue is calculated as gross revenue less forecast 15% direct commission.
Forecast Revenue consists of :
1) Debt structuring/Brokerage Revenue: the Group is anticipating that Capital Markets will need more professional advice on the structure,
this is backed up by an increasing demand for the service. Group is expecting to perform 4 projects per annum in the forecast period based
on the number of projects performed for the year ended 31 March 2025.
2) Capital Raising/Listing Revenue: No Capital Raising revenue is forecast for the 2 years ended 31 March 2027 due to the unpredictable state
of the economy & anticipated Group commitments. Capital Raising projects are forecast to start in the year ended 31 March 2027 and 31
March 2028 as economy is assumed to start picking up. Capital Raising projects are assumed to run on a 2 year basis and probability of
securing projects is assumed at 70% per year. Value of the projects is set at historic average.
3) Corporate advisory work: A new Head of Corporate Finance appointment was made during the year ended 31 March 2025. It is expected
that there will be an increase in revenue for the coming years resulting from new Mergers & Acquistions (M&A) advisory projects.
4) Other Income/Commissions Revenue - incidental ad hoc income based on historic trends.
Expenditure
The Group is expecting expenditure to stay increase due to the appointment of the new Head of Corporate Finance role. Otherwise,
expenditure will stay in line with historic trends, normalised for unusual/one off events. Most of these form part of the Group recharges based
on resources allocated. Salaries and Wages are driven by the project revenue and labour allocations required, these will increase for the year
ended 31 March 2027 and 31 March 2028, based on the normalised historic levels when Capital Raising/Listing Revenue has been derived.
Inflationary factor has been allocated to expenditures at 5% for the Forecast 2025; 2.5% for Forecast 2026; 2% for the Forecast 2027, 2028 and
2029.
*CGU - Cash Generating Unit
**FCFF - Free Cash flows to the Firm
Pre-tax discount rate
The discount rates represent the current market assessment of the risks specific to the Research and Advisory CGU*. The discount rate
calculation is based on the industry segment the CGU* is engaged in, and is derived from its weighted average cost of capital. The weighted
average cost of capital takes into account both the cost of debt and equity. The cost of equity is derived from the expected return on
investment by the Group’s investors using the capital asset pricing model allowing for unsystemic risk adjustments. The cost of debt is derived
from weighted average interest rate paid by the finance segment to deposit holders as at 31 March 2025. Segment-specific risk is incorporated
by applying individual beta factors. The beta factors are evaluated based on publicly available market data at the time of testing. Adjustments
to the discount rate are made in order to reflect a pre-tax discount rate.
The specific risk premium includes adjustments to the basic Capital Asset Pricing Model inputs to arrive at a risk adjusted cost of equity. These
adjustments include current market factors (other than systemic risks) and asset specific risks. In arriving at specific risk premium management
have considered factors such as:
1) Small Size Risk
2) Key Personnel Dependency Risk
3) Limited product line Risk
4) Geographical/Concentration Risk
5) Forecast Risk
The uncertainty in the cash flows for future periods has been built into the discount rate.
64 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
Terminal growth beyond year five
Cash flows beyond the five year period are extrapolated using the estimated long term growth rate of 2.1% which is Westpac forecast rate. This
is also consistent with the mid point of the Reserve Bank of New Zealand medium term Consumer Price Index Policy Target range (1% to 3%),
with a focus on keeping future average inflation near the 2% target midpoint. The growth rate does not exceed the long term average for the
products, industries or country in which the CGUs* operate.
Sensitivity to changes in key assumptions
The most sensitive assumptions in the calculation of value-in-use for the Research and Advisory CGU* is Revenue Growth; Expenses Growth;
Discount rate and long term growth rate. The sensitivity test of the amount by which the key assumptions would need to change, with all other
assumptions remaining constant, for the recoverable amount to equal the carrying amount is not relevant, given that the base assumption is
break even position. The following summarises the impairment or headroom that would have resulted had the noted changes to the “base”
assumptions been made, with all other assumptions remaining constant
HEADROOM/(IMPAIRMENT)
$
Net Revenue Growth + 10% above base
350,886
Net Revenue Growth - 10% below base
(350,886)
Expenditure Growth + 10% above base
(479,546)
Expenditure Growth - 10% below base
27,847
Pre-tax Discount rate Growth + 1% above base
(33,693)
Pre-tax Discount rate Growth - 1% below base
36,128
Terminal Growth rate Growth + 1% above base
13,602
Terminal Growth rate Growth - 1% below base
(12,669)
*CGU - Cash Generating Unit
NOTE 11: INVESTMENT IN SUBSIDIARIES
OWNERSHIP INTEREST HELD
Subsidiary
20252024
Corporate Holdings Limited (CHL)Holding company
100.0%100.0%
General Finance LimitedFinance
100.0%100.0%
Investment Research Group LimitedResearch and advisory
100.0%100.0%
Bridges Financial Services Limited*Insurance Premium Funding
100.0%0.0%
Commercial and General Finance LimitedDormant
100.0%100.0%
General Finance & Investments LimitedDormant
100.0%100.0%
General Finance & Leasing LimitedDormant
100.0%100.0%
General Leasing LimitedDormant
100.0%100.0%
General Loan and Finance LimitedDormant
100.0%100.0%
Mykco Limited (previously named
General Capital Limited)
Dormant
100.0%100.0%
All subsidiaries have a 31 March balance date.
*Bridges Financial Services Limited is owned by subsidiary company General Finance Limited and was acquired in November 2024.
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 65

NOTE 12: INVESTMENTS
20252024
$$
Investment in Cannabis and Bioscience Corporation Limited
-126,624
Investment in unlisted entities
- 126,624
NOTE 13: EQUITY
(a) Ordinary shares
NUMBER$
Balance at 1 April 2023
363,574,975 21,561,120
No movement during the year
Balance at 31 March 2024
363,574,975 21,561,120
1‑ for‑4 share consolidation on 2 August 2024
90,893,813 21,561,120
Ordinary shares issued on 14 March 2025
935,039 262,653
Transaction costs arising on shares issued, and share consolidation
- (12,167)
Balance at 31 March 2025
91,828,852 21,811,606
All ordinary shares rank equally and entitle the holder to participate in dividends and to share in the proceeds of winding up the
Company in proportion to the number of and amounts paid on the shares held. One vote is attached to each fully-paid ordinary
share. Shares have no par value.
On 2 August 2024, General Capital executed a 1-for-4 share consolidation, reducing the total number of shares on issue.
On 14 March 2025, 935,039 shares were issued in accordance with the General Capital Staff Share Scheme and for Director Fee’s.
This resulted in 91,828,852 total shares on issue at 31 March 2025.
(b) Reserves
FINANCIAL
ASSETS AT
FVOCI*
SHARE-BASED
PAYMENTS
TOTAL
RESERVES
$$$
Balance at 1 April 2023
(354,027)34,516 (319,511)
Expired warrants converted to retained earnings
- (16,908) (16,908)
Revaluation of financial assets at FVOCI*
(31,240)- (31,240)
Disposed financial assets transferred to retained earnings net of tax
236,891 - 236,891
Balance at 31 March 2024
(148,376)17,608 (130,768)
Expired warrants converted to retained earnings
- (17,608) (17,608)
Revaluation of financial assets at FVOCI*
(126,624)- (126,624)
Balance at 31 March 2025
(275,000)- (275,000)
*FVOCI - Fair Value through Other Comprehensive Income
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
66 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
NOTE 14: EARNINGS PER SHARE
2025
CENTS
2024
CENTS
Basic earnings per share attributable to the ordinary equity holders*
3.09 2.90
Diluted earnings per share attributable to the ordinary equity holders*
3.09 2.90
Basic earnings per share
2025
$
2024
$
Profit / (loss) attributable to the ordinary equity holders of the Company used in
calculating basic earnings per share:
2,805,800 2,633,161
Profit / (loss) attributable to the ordinary equity holders of the Company used in
calculating diluted earnings per share:
2,805,800 2,633,161
2025
NUMBER
2024
NUMBER
Weighted average number of ordinary shares used as the denominator in calculating
basic earnings per share*
90,937,363 90,893,813
Weighted average number of ordinary shares used as the denominator in calculating
diluted earnings per share*
90,937,363 90,893,813
* Calculated as Net Profit after income tax expense divided by the weighted average number of ordinary shares. The prior year
comparative has been restated to reflect the share consolidation (note 13 a) impacting the weighted average number of shares.
NOTE 15: SHARE BASED PAYMENTS
On 14 March 2025, 935,039 shares were issued in accordance with the General Capital Staff Share Scheme and for Director Fee’s. The
staff shares issued were based on a full recourse loan with shares vested immediately. The cash value of the shares issued was $262,653.
The settlement for the Director fees was $17,653 (62,844 shares at $0.002809) and the shares issued to staff was $245,000 (872,195
shares at $0.002809). The equity settled share based payment scheme was measured based on an observable market price of
$0.002809 per share at the lower of five working days weighted average.
Warrants issued to directors and senior managers
During the year ended 31 March 2025, 4,250,000 of warrants lapsed due to non-satisfaction of the terms of the warrant.
(31 March 2024: 4,250,000)
The Senior Management warrants comprise 4,250,000 2024 warrants which entitled the holder to subscribe for one ordinary share for
each warrant exercisable prior to 30 June 2024, at 9.0 cents per share.
The Senior Management warrants are not transferable and require the relevant senior manager to remain employed by or to be a
contractor to the Company at the date of the exercise. The warrants are not quoted on NZX.
DIRECTORS’ AND SENIOR MANAGERS’
WARRANTS1
NUMBER$
Balance at 1 April 2023
8,500,000 34,516
Warrants issued on 27 September 2021 lapsed on non satisfaction of the terms of the warrant
(note 13)
(4,250,000)(16,908)
Balance at 31 March 2024
4,250,000 17,608
Warrants issued on 27 September 2021 lapsed on non satisfaction of the terms of the warrant
(note 13)
(4,250,000)(17,608)
Balance at 31 March 2025
- -
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 67

NOTE 16: OTHER OPERATING EXPENSES
Included in other expenses are the following amounts:
20252024
$$
Directors fees
376,691 463,642
Auditors Remuneration

‑ Audit and other assurance services
- Audit of financial statements (Grant Thornton New Zealand Audit Limited)
282,842 213,708
- Review of quarterly trustee certificates (Grant Thornton New Zealand Audit Limited)
3,075 3,075
Total remuneration paid to auditors
285,917 216,783
Other operating expenses
2,633,150 1,940,569
Total other operating expenses
3,295,758 2,620,994

The above items forming part of Other Operating Expenses are GST exclusive. The prior year financial statements disclosure
reported audit fees as GST inclusive, these have been restated to be shown exclusive of GST.
NOTE 17: TAXATION
17.1 Income tax
20252024
$$
Net operating profit before taxation
3,936,873 3,585,602
Income tax expense at prevailing rates (2025: 28%; 2024: 28%)
(1,102,324)(1,003,969)
Tax impact of expenses not deductible for tax purposes
(27,375)(12,070)
Tax impact of OCI deductible loss
-78,446
Over‑provision of tax in prior year
(1,374)(14,848)
Taxation expense per the statement of comprehensive income
(1,131,073)(952,441)
Comprising
‑ Current Tax
(885,925)(864,434)
‑ Deferred tax
(245,148)(88,007)
(1,131,073)(952,441)
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
68 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
17.2 Deferred tax asset
20252024
$$
Balance at beginning of year
182,174 313,454
(Charged) / credited to profit or loss
Increase / (decrease) in impairment loss provision
(28,917)(85,054)
Increase / (decrease) in accrued expenses
6,193 (7,268)
Increase / (decrease) in lease liability
- -
(Increase) / decrease in customer relationship
(216,078)-
Increase / (decrease) in unearned income
(6,346)4,315
Increase / (decrease) in right of use asset
- -
(245,148)(88,007)
(Charged) / credited to other comprehensive income
Changes in the fair value of equity investments at fair value through other
comprehensive income
- (43,273)
(62,974)182,174
Deferred tax attributed to:
20252024
Deferred tax assets:
Impairment loss provision
103,384 132,300
Accrued expenses
40,093 33,899
Fair value of equity investments at fair value through other comprehensive income
- -
Unearned income
9,628 15,974
153,105 182,173
Deferred tax liabilities:
Customer relationship
216,078 -
216,078 -
Net deferred tax assets
(62,973) 182,173
17.3 Imputation credit account
20252024
$$
Balance at beginning of year
2,411,384 966,368
Tax paid
1,141,390 1,460,165
Tax refund received
(93,154)(15,149)
Imputation credits attached to dividend paid
(194,412)-
3,265,208 2,411,384
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 69

NOTE 18: RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
NOTE20252024
$$
Net profit after tax
2,805,800 2,633,161
Adjustment for non-cash and other items
Movement in allowance for expected credit losses
428,615 59,087
Deferred tax movement
17 245,146 131,281
Depreciation and amortisation
9 85,547 32,647
Loss on sale of carparks
50,000 -
Adjustment for movements in working capital
(Increase) / decrease in loan receivables (net advances)
(14,887,482) (23,144,389)
Increase / (decrease) in term deposits (net receipts)
48,432,344 24,485,708
(Increase) / decrease in accrued interest on loans receivable
(167,989) 62,278
(Increase) / decrease in capitalised loan fees
(396,059) (982,490)
(Increase) / decrease in capitalised interest
(7,245) 23,908
(Increase) / decrease in accounts receivable
(18,328) 41,363
(Increase) / decrease in related party receivable
(2,158) 490
(Increase) / decrease in prepayments and other current assets
(17,873) 50,463
(Increase) / decrease in prepaid commission
30,129 28,164
(Increase) / decrease in Bartercard trade dollars
24,370 72,792
Increase / (decrease) in income tax payable
9,113 (654,274)
Increase / (decrease) in deferred income
954,281 621,151
Increase / (decrease) in interest payable
1,099,404 718,642
Increase / (decrease) in related party payable
(407) (111,044)
Increase / (decrease) in accounts and other payables
2,717,942 111,018
Net cash (outflow) / inflow from operating activities
41,385,150 4,179,956
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
70 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
NOTE 19: RELATED PARTY BALANCES AND TRANSACTIONS
Key Management Personnel (KMP) includes the Company’s Directors, subsidiary company Directors, Legal Counsel, and Chief
Financial Officer.
RELATED PARTY RECEIVABLES:
20252024
$$
Key Management Personnel
100,000 235
Moneyonline Limited
2,393 -
Total
102,393 235
RELATED PARTY PAYABLES:
20252024
$$
Key Management Personnel
5,960 6,366
The above amounts payable to related parties are unsecured, interest-free and repayable on demand.
OTHER RELATED PARTY BALANCES:
20252024
$$
Term deposits held by related parties1
734,904 1,300,724
Loans receivable from related parties2
1,120,176 312,288
1 Includes term deposits held by Key Management Personnel, Directors, their families and their controlled entities. During the
year ended 31 March 2025 $587,108 of the Term deposits held by related parties has been approved for early withdrawal on 1
November 2024 in compliance with the Company’s ‘early repayment’ terms of offer criteria included in the Company’s Product
Disclosure Statement. ($645,066 approved for early withdrawal during the year ended 31 March 2024).
2 On 17 March 2025, a further advance on one of the related party capitalised interest loan was approved with balance up to
$486,486. The loan is an arms length transaction conducted on normal commercial terms (31 March 2024: $359,092).
On 19 March 2025, a interest-only loan of $663,300 was approved for a related party (31 March 2024: Nil).
Transactions with related parties
RELATED PARTY
TYPETRANSACTION20252024
$$
Key Management Personnel
(KMP)1
ExpenseShort term Remuneration
1,154,295 1,181,431
ExpenseInterest paid or capitalised on term deposits held by
KMP or their family members
81,109 101,682
RevenueInterest & fee revenue on loans
86,131 -
ExpenseRecharge of expenses
255,431 284,130
Intangible AssetsClient Relationship
- 200,000
Contra ExpenseRecharge of expenses
- 20,238
Expense"Issuance of 62,844 ordinary shares in payment for
previously incurred Director fees"
17,653 -
Staff Share
Scheme
shares issued
100,000 -
1 Key Management Personnel (KMP) includes the Company’s Directors, subsidiary company Directors, Corporate Counsel, and
Chief Financial Officer.
ANNUAL REPORT 2025CONSOLIDATED FINANCIAL STATEMENTS | 71

NOTE 20: ACQUISITION OF BRIDGES FINANCIAL SERVICES LIMITED
On 1 November 2024, General Finance Limited acquired 100% of the shares in Bridges Financial Services Limited.
The details of the business combination are as follows:
FAIR VALUE OF CONSIDERATION TRANSFERRED
NOTE$
Amount settled in cash
2,877,850
Settlement of original shareholder loan
4,954,031
Total
7,831,881
Trade and Other Receivables
8,586,846
Cash and Cash Equivalents
469,261
Customer Relationship
652,000
Total Current Assets
9,708,107
Accounts Payables
3,310,562
Other Payables
182,342
Deferred Tax
182,560
Total Current Liabilities
3,675,464
Identifiable Net Assets
6,032,643
Goodwill on Acquisition
10 1,799,238
BFSL’s contribution to the Company results
BFSL contributed $506,895 of revenue (gross) and $103,873 of profit after tax to the consolidated results of the Company for
the five months from November 2024 to 31 March 2025. If BFSL had been acquired on 1 April 2024, BFSL’s contribution to the
consolidated revenue (gross) of the Company would have been $1,248,540.
NOTE 21: EVENTS SUBSEQUENT TO REPORTING DATE
In May 2025, the Board announced a final dividend of $397,940 to be paid out in July 2025.
The Board also approved a dividend reinvestment plan (DRP).
There has been no matters or circumstance, which has arisen since reporting date that has significantly affected or may
significantly affect:
- the operations, in financial years subsequent to reporting date, of the Group, or
- the results of those operations, or
- the state of affairs, in financial years subsequent to reporting date, of the Group.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2025
72 | GENERAL CAPITAL

07
SHAREHOLDER
& STATUATORY
INFORMATION
ANNUAL REPORT 2025SHAREHOLDER & STATUATORY INFORMATION | 73

GENERAL CAPITAL LIMITED
SHAREHOLDER AND STATUTORY INFORMATION
General Capital Limited (the Company) is a listed company on the NZX Main Board. Prior to 1 July 2019 the Company was listed on
the New Zealand Alternative Market (NZAX).
The Company had one class of quoted financial products on issue during the year ended 31 March 2025.
Ordinary shares
All ordinary shares rank equally with one vote attached to each ordinary share. Ordinary shares entitle the holder to participate in
dividends and the proceeds on the winding up of the Company in proportion to the number of shares held.
LARGEST HOLDERS OF QUOTED FINANCIAL PRODUCTS (as at 29 May 2025)
Ordinary Shares
RANKREGISTERED HOLDER
ORDINARY
SHARES HELD
%
1Borneo Capital Limited
31,730,479 34.55%
2API No 1 Limited Partnership
21,739,131 23.67%
3Brent Douglas King
5,884,828 6.41%
4Citibank Nominees (New Zealand) Ltd
5,500,001 5.99%
5Snowdon Peak Investments Limited
3,720,680 4.05%
6HSBC Nominees (New Zealand) Limited
2,180,216 2.37%
7Owen Arvind Daji
1,757,616 1.91%
8Olivia Ling
1,666,944 1.82%
9Montezemolo Holdings Limited
1,627,986 1.77%
10John Tomson
1,572,431 1.71%
11Stephen John Sinclair & Jacqueline Margaret Sinclair & Roger Frederick Wallis
1,416,856 1.54%
12New Zealand Depository Nominee Limited
1,127,932 1.23%
13Syed Hizam Alsagoff
1,000,000 1.09%
14Forsyth Barr Custodians Limited
620,006 0.68%
15Austen Herbert Stewart Kyle
504,250 0.55%
16Garth William Ward
459,781 0.50%
17Anthony Edwin Falkenstein
400,000 0.44%
18Lik Sean Chang
373,576 0.41%
19Sii Yih Ting
370,000 0.40%
20Marvin Yen Tuck Yee
350,820 0.38%
84,003,533 91.48%
74 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
SHAREHOLDER AND STATUTORY INFORMATION
SPREAD OF FINANCIAL PRODUCT HOLDERS (as at 30 May 2025)
Ordinary Shares
SIZE OF HOLDING
NUMBER OF
SHAREHOLDERS
%NUMBER OF
ORDINARY SHARES
%
1 ‑ 1,999
487 71.9% 90,694 0.1%
2,000 ‑ 4,999
48 7.1% 140,217 0.2%
5,000 ‑ 9,999
24 3.5% 163,656 0.2%
10,000 ‑ 49,999
55 8.1% 1,353,009 1.5%
50,000 ‑ 99,999
18 2.6% 1,199,514 1.3%
100,000 ‑ 999,999
32 4.7% 7,956,662 8.7%
1,000,000 ‑ 9,999,999
11 1.6% 27,455,490 30.0%
10,000,000 and over
2 0.3% 53,469,610 58.2%
677 100% 91,828,852 100%
Geographic Spread
New Zealand
566 83.6% 83,545,483 91.0%
Malaysia
66 9.7% 2,036,154 2.2%
Rest of World
45 6.6% 6,247,215 6.8%
677 100% 91,828,852 100%
SUBSTANTIAL PRODUCT HOLDERS (as at 31 March 2025)
The following information is provided pursuant to section 293 of the Financial Markets Conduct Act 2013.
As at 31 March 2025 the Company had the following shareholders that are registered by the company as Substantial Product Holders
in the Company, having disclosed a relevant interest in quoted voting products under the Financial Markets Conduct Act 2013.
ORDINARY SHARES% OF VOTING (ORDINARY)
SHARES AT BALANCE DATE
Borneo Capital Limited
31,730,479 34.55%
API No 1 Limited Partnership
21,739,131 23.67%
Brent Douglas King1
9,605,508 10.46%
DMX Asset Management Limited2
7,680,217 8.36%
70,755,335 77.04%
Total Ordinary Shares on issue as at 31 March 2025
91,828,852
1Includes holdings by Brent Douglas King personally and as a sole director and shareholder of Snowdon Peak Investments Limited.
2Includes holdings through Citibank Nominees (New Zealand) Ltd and HSBC Nominees (New Zealand) Limited.
ANNUAL REPORT 2025SHAREHOLDER & STATUATORY INFORMATION | 75

DIRECTORS’ REMUNERATION AND OTHER BENEFITS FOR THE PERIOD ENDED 31 MARCH 2025
Ordinary Shares
DIRECTORS FEES2OTHER
REMUNERATION
$$
Rewi Hamid Bugo1
60,480 60,000
Brent Douglas King3
37,800 417,376
Gregory Stephen James
46,933 -
Paul William Zingel (ceased 31 October 2024)
20,160 -
Megan Dominique Glen (ceased 31 March 2025)
34,560 -
Anita Maria Killeen
34,560 -
Donald Frederick Hattaway (director of subsidiary)
58,536 -
Gregory John Pearce (director of subsidiary)5
44,712 6,180
Geoffrey William Sinclair (appointed 01 August 2024) (director of subsidiary)
25,200 -
362,940 483,556
1Other remuneration paid to Rewi Hamid Bugo comprises of a travel allowance.
2The above fees are recorded exclusive of GST, if any.
3 Other remuneration paid to Brent Douglas King comprises salaries and other benefits paid to Brent Douglas King in his capacity as
Managing Director of General Capital Limited and its subsidiaries. Brent Douglas King’s other remuneration is broken down below.
$
Base Salary
350,000
FY25 Bonus
-
Other benefits4
67,376
417,376
Other Remuneration of the Managing Director:
4 Other benefits comprise of Kiwisaver, vehicle allowance, and a 10% commission on all consulting revenue charged by Investment
Research Group Ltd.
The employment contract between the Company and Brent Douglas King is deemed to be a Material Transaction as defined by the
NZX Listing Rules (the Rules) and is subject to the exception under 5.2.2(e) of the Rules.
5Other remuneration paid to Gregory John Pearce in his capacity as a director is for credit control / recovery and loan administration.
GENERAL CAPITAL LIMITED
SHAREHOLDER AND STATUTORY INFORMATION
76 | GENERAL CAPITAL

DIRECTORS INTEREST REGISTER
DIRECTORS DEALINGS IN QUOTED FINANCIAL PRODUCTS DURING THE YEAR ENDED 31 MARCH 2025
DATE OF
TRANSACTION(S)
FINANCIAL
PRODUCT
NUMBER OF
FINANCIAL
PRODUCTS
ACQUIRED /
(DISPOSED)
CONSIDERATION
(RECEIVED) / PAID $
Brent Douglas King114 March 2025Ordinary Shares 355,999 100,000
Geoffrey William Sinclair 13, 16 & 17 Jan 2025Ordinary Shares 20,817 4,080
Gregory Stephen James16 Dec 24,
7 & 13 Jan 25,
14 March 2025
Ordinary Shares 214,328 47,116
Relevant Interests
1 Shares were acquired during pursuant to the Company Staff Share Scheme.
DIRECTORS QUOTED FINANCIAL PRODUCT HOLDINGS AT 31 MARCH 2025
ORDINARY SHARES
NUMBER
Rewi Hamid Bugo1
31,730,479
Brent Douglas King2
9,605,508
Gregory Stephen James
349,619
Megan Dominique Glen3
21,739,131
Donald Frederick Hattaway (director of subsidiary)4
223,223
Geoffrey William Sinclair (director of subsidiary)
20,817
Gregory John Pearce (director of subsidiary)
12,500
63,681,277
Relevant Interests
1 Deemed relevant interest by virtue of Rewi Hamid Bugo owning more than 20% of the voting products of Borneo Capital Limited
(the registered holder).
2 Includes shares owned by Snowden Peak Investments Limited (the registered holder), of which Brent King is the sole director
and shareholder.
3 Deemed relevant interest by virtue of Megan Dominique Glen owning more than 20% of the voting products of Minatoku
Consulting Limited holding 0.5% interest in the total partnership interest on issue of API No 1 Limited Partnership
(the registered holder).
4 Deemed relevant interest by virtue of Donald Frederick Hattaway being a director of Casrom Trustee Company Limited a trustee
of Romana Benevolent Trust (the registered holders).
GENERAL CAPITAL LIMITED
SHAREHOLDER AND STATUTORY INFORMATION
ANNUAL REPORT 2025SHAREHOLDER & STATUATORY INFORMATION | 77