NZX Governance Explorer

How General Capital Limited makes money

Where GEN’s revenue went in FY2023: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. GEN company profile

How General Capital Limited makes money — FY2023

Revenue $7.7m · EBITDA $4.0m (52.1% of revenue) · Net profit $2.3m (29.3% of revenue) · Financial year ending March (from the issuer record)

General Capital Limited (GEN) FY2023: where revenue of $7.7m wentRevenue → EBITDA: $4.0mRevenue → Operating costs (net of other income): $3.7mEBITDA → EBIT: $3.3mEBITDA → Depreciation & amortisation: $664kEBIT → Net profit: $2.3mEBIT → Income tax: $1.1mRevenue: $7.7mRevenue$7.7mEBITDA: $4.0m (derived)EBITDA$4.0m · derivedOperating costs (net of other income): $3.7m (derived)Operating costs (net ofother income)$3.7m · derivedEBIT: $3.3mEBIT$3.3mDepreciation & amortisation: $664kDepreciation &amortisation$664kNet profit: $2.3mNet profit$2.3mIncome tax: $1.1mIncome tax$1.1m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

General Capital Limited FY2023 figures used in the chart
FY2023AmountStatusNote
Revenue$7.7mReported
Operating costs (net of other income)−$3.7mDerived *Reported operating expenses $4.4m do not reconcile; not used.
EBITDA$4.0mDerived *
Depreciation & amortisation−$664kReported
EBIT$3.3mReported
Interest—Not reportedIncluded in the balancing item.
Income tax−$1.1mReported
Interest and other items (net gain)+$0Balancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$2.3mReported
  • * ebitda: $4.0m = EBIT + depreciation & amortisation
  • * operating costs: $3.7m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: No second revenue figure on file to compare against.
  • Passed: EBITDA − D&A = $3.3m vs reported EBIT $3.3m: reconciles.
  • Not met: Reported operating expenses ($4.4m) leave $3.3m, not EBITDA of $4m (gap -$0.7m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $0m is 0.0% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: General Capital (GEN.NZ) Releases 2023 Annual Report (PDF, NZX)

Year-on-year EBITDA bridge (FY2022 → FY2023)

Bridge not available: EBITDA isn't a meaningful measure for banks, insurers and property trusts; sector-specific measures (net interest margin, combined ratio, FFO) are not yet held.

Margins over time

Net profit as a share of revenue for each year whose figures passed the checks (2 of 7 years from FY2019). The shaded line is the median of 4 other listed Financials banks and finance companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

Net margin
GEN net margin by financial year, with peer median0%20%40%FY19FY20FY22FY24FY25FY2019: not charted — no EBITDA/EBIT splitFY2020: not charted — no EBITDA/EBIT splitFY2021: not charted — no EBITDA/EBIT splitFY2022: not charted — no EBITDA/EBIT splitFY2023: GEN 29.3%; peer median 34.0% (3)FY2024: not charted — no EBITDA/EBIT splitFY2025: GEN 12.4%; peer median — (1)

GEN   peer median   below the axis: year not charted (reason in the table).

GEN margins by year with peer medians
YearNet margin: GEN · peer median (n)Note
FY2019—— (1)Not charted: no EBITDA/EBIT split
FY2020—— (1)Not charted: no EBITDA/EBIT split
FY2021—34.6% (3)Not charted: no EBITDA/EBIT split
FY2022—36.3% (2)Not charted: no EBITDA/EBIT split
FY202329.3%34.0% (3)
FY2024—28.9% (4)Not charted: no EBITDA/EBIT split
FY202512.4%— (1)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2024: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
  • FY2022: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
  • FY2021: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
  • FY2020: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
  • FY2019: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.

All companies with a chart

Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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