Steady year finishes with dividend maintained

NZX Release

29 May 2019

Steady year finishes with dividend maintained


Asset Plus Limited is pleased to announce its financial results for the year ended 31 March 2019, reporting
net profit after tax of $3.80 million, up from $3.095 million in the previous year.

Operating performance over the past year was steady on a like for like basis for the three existing assets.
When combined with the effect of the sale of the AA Centre in July 2018, this resulted in adjusted funds
from operations
1
decreasing to $4.74 million for the year compared to $6.15 million in the previous year.
This decrease was due to an underutilised balance sheet following the sale of the AA Centre but partially
offset by savings from the externalisation of management.

Asset Plus Chairman, Bruce Cotterill said “The last 12 months has been a period of ongoing transition for
the company, including the change to an external manager, Augusta Funds Management, but also the shift
in focus to a value-add strategy. The first step in implementing that strategy has now been taken with the
35 Graham St acquisition. Our patience has been rewarded with what we consider to be a quality
acquisition and we look forward to discussing this further with shareholders at the special meeting on 17
June 2019.”

Other key points from the year are:

• A final dividend of 0.9 cents per share has been declared, maintaining dividends for the 2019
financial year at 3.6 cents per share.
• Portfolio occupancy is 96.7% which is reduced from 97.4% due to the sale of AA Centre.
• The WALT is 5.5 years which is increased from 4.4 years at 31 March 2018 due to the 8 year
Countdown renewal at Eastgate, the sale of AA Centre and leasing completed at Stoddard Road.
• Loan to value ratio is 8.5% (26.6% at 31 March 2018).
• Net tangible assets (NTA) of 69.4 cents per share are reduced from 70.6 cps due to an unrealised
loss on revaluation of investment property and a realised loss on disposal.
• $34 million of debt was repaid post the AA Centre sale, providing balance sheet capacity. Interest
rate swap contracts were also cancelled.




1
Adjusted funds from operations (AFFO) is non-GAAP financial information and is a common investor metric, calculated based on
guidance issued by the Property Council of Australia. Asset Plus considers that AFFO is a useful measure for shareholders and
management because it assists in assessing the Company’s underlying operating performance. This non-GAAP financial
information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial
information prescribed by other entities. A reconciliation of the net profit after tax to AFFO is included in the accompanying results
presentation. The independent auditors have confirmed that the AFFO calculations have been fairly extracted from the audited
Group financial statements for the year ended 31 March 2019.

Strategic update

The Board is committed to growing the portfolio in a disciplined manner, with a primary focus to close the
gap between share price and NTA.

The proposed 35 Graham Street acquisition fits within Asset Plus’ “value-add” investment strategy. The
purchase price represents a strong initial yield of 6.85% but the property has considerable potential for re-
positioning at the end of the two-year lease term. Potential re-development options range from a simple
refurbishment and re-leasing of the existing floors through to the addition of a further two to three levels
of office space. A notice of meeting to vote on the proposed acquisition has also been released today.

An off market approach to acquire the Heinz Watties’ property has recently been received and a period of
exclusivity has been granted for the purposes of due diligence. A further announcement will be made
following the expiry of the exclusivity period if a sale and purchase agreement is entered into. The
potential effect of this sale is discussed further in the notice of meeting released today.

The Board remains patient in the current market to ensure Asset Plus finds the best investments which it
believes provide appropriate risk-adjusted returns and align with the new strategy.

Portfolio update

Seven lease renewals were completed at Stoddard Road, covering 21.5% of the rental income. As a result,
the WALT for the property increased to 4.02 years (from 3.76 a year ago) and the valuation increased to
$39.5 million (from $38.0 million a year ago).

The Heinz Watties Distribution Centre in Hastings saw an increase in valuation to $29.1 million following a
rent review during the year (from $27.3 million a year ago). There remains 7.9 years to run on the lease to
Heinz.

Countdown has exercised a 4 year right of renewal (RoR). A further 4 year RoR has been agreed subject to
payment of the landlord contribution towards works within the tenancy. This contribution has been
accrued in FY19. Other key lease renewals during the year include Postie Plus, Paper Plus, Sushi Time,
Number One Shoes and Westpac. However, two tenants (NZ Post and McDonalds) also left the Centre. As
a result the WALT was 5.07 years (up from 4.70 years) and the valuation decreased from $58 million to
$54.5 million.

Financial result
Net profit after tax for the year ended 31 March 2019 is $3.80 million ($3.095 million in the prior year).
The prior year was impacted by larger portfolio valuation write-downs and losses on disposal. Adjusted
funds from operations
2
for the year were $4.74 million ($6.15 million in the prior year). The reduction in
operating earnings was driven by the sale of the AA Centre, offset against reduced funding costs and lower
corporate costs under external management. There was also an increase in leasing incentives payable.

Net revenues from the property portfolio have again been flat with no material rental growth in respect to
the like for like portfolio. Net rental income reduced by $2.55 million primarily due to the impact of

property divestment (AA Centre in July 2018 and 17 Print Place in March 2018). The income reduction was
offset against a reduction in funding costs of $1.74 million as $34 million of debt was repaid and the facility
limit reduced from $70 million to $20 million.

Administration costs reduced due to the impact of externalisation and the property divestments.

A loss on revaluation of investment property of $1.77 million was recorded, driven primarily by a reduction
in the market rental at Eastgate, partially offset by growth at Stoddard Rd and Heinz.

A formal agreement has now been reached with the purchaser of the AA Centre to complete the
outstanding stairwell works and a loss on disposal of $0.91 million has been recorded for the year.

Balance Sheet

Debt is currently drawn to $10.5 million which represents a LVR of 8.5% (26.6% in the prior year). Gearing
is expected to increase to 38% post the 35 Graham Street acquisition.

NTA is now 69.4 cents per share (down from 70.6 cps in the pcp) driven by the unrealised revaluation loss
as well as the realised loss on disposal of AA Centre.

Interest rate swap contracts were terminated during the year as $34 million of debt was repaid on the
back of the AA Centre divestment.

Dividend

A final quarter dividend of 0.9 cents per share has been declared, with the record date set for 13 June
2019 and payment on 20 June 2019.

Total dividends paid for the year are 3.60 cents per share which is consistent with guidance.

The dividend is subject to quarterly review, and ongoing assessment taking into account potential future
acquisitions, balance sheet utilisation and funding for future developments.

Outlook

The potential acquisition of 35 Graham Street fits with the value-add strategy and restores near term
earnings as the balance sheet is more effectively utilised. Management will remain focused on securing
further acquisition opportunities and continue to identify opportunities to optimise the existing assets.

The Board is pleased with Augusta’s performance as manager and the progress they have made on
formulating and executing a new strategy for the Company. The ultimate aim is to provide sustainable
growth in total return for shareholders over the longer term.

ENDS

For further information please contact:

Bruce Cotterill
Chairman, Asset Plus Limited
021 668 881

Mark Francis
Managing Director
Augusta Funds Management Limited, manager of Asset Plus Limited
(09) 300 6161

Simon Woollams
Chief Financial Officer
Augusta Funds Management Limited, manager of Asset Plus Limited
(09) 300 6161

---

FINANCIAL STATEMENTS
For the year ended 31 March 2019

2019 Financials
Financial Statements for the year ended 31 March 2019
2

Financial Statements
Contents
Consolidated Statement
of Comprehensive Income 04
Consolidated Statement of
of Changes in Equity 05
Consolidated Statement of
Financial Position 06
Consolidated Statement
of Cash Flows 07
Reconciliation of Net Profit
to Net Cash Inflow from
Operating Activities 08
Notes to the Consolidated
Financial Statements 09
Independent
Auditor’s Report 30
3

Financial Statements
The notes set out on pages 9 to 29 form part of, and should be read in conjunction with, the consolidated financial statements.
Note
2019
$’000
2018
$’000
Gross Rental Revenue13,35016,694
Direct Property Operating Expenses
(4,199)
(4,995)
Net Rental Revenue
59,151
11,699
Other Revenue-5
Total Net Revenue
9,151
11,704
Administration Expenses6
(1,766)
(2,951)
Net Finance Costs6(1,079)(2,821)
Total Operating Expenses
(2,845)
(5,772)
Total Operating Income
6,306
5,932
Sale of Management Rights-4,500
Loss on Sale of Investment Property
11(915)(2,970)
Unrealised Interest Rate Swap Gain
13379
Fair Value Loss in Value of Investment Properties
10(1,767)(2,945)
Loss on Sale of Property, Plant and Equipment
(14)(29)
Transaction Costs22(224)(686)
Net Profit Before Taxation
3,519
3,881
Income Tax7284(786)
Net Profit After Taxation
3,803
3,095
Other Comprehensive Income--
Profit and Total Comprehensive Income For the Year, Net of Tax3,803
3,095
Basic/Diluted Earnings Per Share2.351.91
Consolidated Statement
of Comprehensive Income
For the year ended 31 March 2019
4

The notes set out on pages 9 to 29 form part of, and should be read in conjunction with, the consolidated financial statements.
Financial Statements
Note
Share Capital
$’000
Accumulated
Loss
$’000
Total
$’000
Opening Balance at 01 April 2018134,089(19,750)114,339
Profit For the Year-
3,8033,803
Profit and Total Comprehensive Income For the Year, Net of Tax
-
3,8033,803
Dividends18-(5,828)(5,828)
Closing Balance at 31 March 2019134,089
(21,775)112,314
Note
Share Capital
$’000
Accumulated
Loss
$’000
Total
$’000
Opening Balance at 01 April 2017134,089(17,016)117,073
Profit For the Year-3,0953,095
Profit and Total Comprehensive Income For the Year, Net of Tax
-3,0953,095
Dividends18-(5,829)(5,829)
Closing Balance at 31 March 2018134,089(19,750)114,339
Consolidated Statement
of Changes in Equity
For the year ended 31 March 2019
5

Financial Statements
The notes set out on pages 9 to 29 form part of, and should be read in conjunction with, the consolidated financial statements.
Note
2019
$’000
2018
$’000
Current Assets
Cash at Bank
781
472
Trade Receivable, Prepayments and Other Receivables9
1,839
679
Taxation Receivable413-
Total Current Assets
3,033
1,151
Properties Held for Sale1128,89043,814
Non-Current Assets
Investment Properties1094,077124,556
Property, Plant and Equipment126680
Total Non-Current Assets94,143124,636
Total Assets
126,066
169,601
Current Liabilities
Trade Payables, Provisions and Accruals
14
1,3842,227
Taxation Payable-462
Deposits Received-4,700
Total Current Liabilities1,3847,389
Non-Current Liabilities
Borrowings13
10,500
44,500
Interest Rate Swaps13-840
Deferred Taxation7
1,868
2,533
Total Non-Current Liabilities
12,368
47,873
Total Liabilities
13,752
55,262
Net Assets
112,314
114,339
Contributed Capital134,089134,089
Accumulated Loss
(21,775)
(19,750)
Shareholders Equity
112,314
114,339
The Board of Asset Plus Limited approved the consolidated financial statements for issue on 29 May 2019.
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
Consolidated Statement
of Financial Position
As at 31 March 2019
6

Financial Statements
The notes set out on pages 9 to 29 form part of, and should be read in conjunction with, the consolidated financial statements.
Note
2019
$’000
2018
$’000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue13,22217,286
Interest Revenue2041
Taxation Paid(1,256)(1,057)
Other Revenue-5
Operating Expenses(7,211)(6,908)
Interest Expense
(998)
(2,902)
Net Cash Inflow from Operating Activities3,7776,465
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Sale of Investment Property37,5178,250
Cost of Disposal of Investment Property-(220)
Deposit Received from Investment Property Held for Sale-4,700
Capital Expenditure on Investment Properties(355)(4,738)
Transaction Costs(4)(686)
Sale of Management Rights
-
4,500
Net Cash Inflow from Investing Activities37,15811,806
Cash Flows from Financing Activities
Cash was provided from/(applied to):
(Repayment)/Drawdown of Bank and Other Loans (Secured)(34,000)(14,000)
Distributions Made to Shareholders
18
(5,828)(5,829)
Payment to Cancel Interest Rate Swaps
(798)
-
Net Cash Outflow from Financing Activities(40,626)
(19,829)
Net Increase/(Decrease) in Cash and Cash Equivalents
309
(1,558)
Cash and Cash Equivalents at the Beginning of the Year4722,030
Cash and Cash Equivalents at the End of the Year
781
472
Consolidated Statement
of Cash Flows
For the year ended 31 March 2019
7

Financial Statements
The notes set out on pages 9 to 29 form part of, and should be read in conjunction with, the consolidated financial statements.
2019
$’000
2018
$’000
Net Profit after Taxation
3,803
3,095
Items Classified as Investing or Financing Activities:
Unrealised (Gain)/Loss in Fair Value of Investment Properties
1,767
2,945
Transaction Costs224686
Loss on Disposal of Investment Property9152,750
Loss on Sale of Plant and Equipment1429
Cost of Sale of Print Place-220
Unrealised Loss in Fair Value of Interest Rate Swaps
(133)
(79)
Movement in Deferred Taxation(665)(439)
Finance Costs
105
-
Sale of Management Rights-(4,500)
Movements in Working Capital Items:
Trade Receivable, Prepayments and Other Receivables(128)
868
Trade and Other Payables(1,250)367
Taxation Payable(875)166
Non-Cash Item
Depreciation-357
Net Cash Inflow from Operating Activities3,7776,465
Reconciliation of Net Profit to Net
Cash Inflow from Operating Activities
For the year ended 31 March 2019
8

Notes to the Consolidated
Financial Statements
1. Corporate Information
The consolidated financial statements comprise of
Asset Plus Limited (the “Company”) and its subsidiary
(collectively the “Group”).
The company is a limited liability company incorporated
and domiciled in New Zealand whose shares are listed
on the New Zealand Stock Exchange. The Company is
an FMC Reporting Entity under the Financial Markets
Conduct Act 2013. The registered office is located in
Level 2, Bayley’s House, 30 Gaunt Street, Wynyard
Quarter, Auckland.
The nature of the operations and principal activities of the
Group are investing in industrial, retail and commercial
property in New Zealand.
2. Summary of Significant
Accounting Policies
(a) Basis of Preparation
The consolidated financial statements have been
prepared in accordance with generally accepted
accounting practice in New Zealand (“NZ GAAP”), the
Companies Act 1993, the requirements set out in section 7
of the Financial Markets Conduct Act 2013 and the Main
Board Listing Rules of the NZX. The consolidated financial
statements have been prepared on a historical cost basis,
except for investment properties and derivative financial
instruments which have been measured at fair value.
The consolidated financial statements are presented in
New Zealand dollars and all values are rounded to the
nearest thousand dollars ($’000), except where
otherwise indicated.
The consolidated financial statements have been
prepared on the basis that the Group is a going concern.
(b) Statement of Compliance
The consolidated financial statements comply with New
Zealand equivalents to International Financial Reporting
Standards (‘NZ IFRS’) and International Financial Reporting
Standards (‘IFRS’) as appropriate for a profit-oriented entity
that falls into the Tier 1 for profit category as determined
by the New Zealand Accounting Standards Board.
Changes in accounting policies
The accounting policies adopted are consistent with
those of the previous financial year, except where new
accounting standards which have been issued and are
effective for the current reporting period, or which are
issued but not yet effective and may be early adopted,
have been adopted for the first time. Certain comparative
information has been reclassified to conform with the
current year’s presentation.
The Group has adopted the accounting standards which
are issued and effective for reporting periods beginning
on or after 1 January 2018. These amendments and
interpretations apply for the reporting period beginning 1
April 2018 as follows:
NZ IFRS 15 Revenue from contracts with customers
This standard specifies how and when revenue should
be recognised and requires disclosures about the
nature, amount, timing and uncertainty of revenues and
cash flows arising from customer contracts. Revenue
is recognised when a customer obtains control of the
good or service and thus has the ability to direct the use
and obtain the benefits from the good or service. This
standard replaces NZ IAS 18 Revenue.
Revenue is measured based on the consideration
specified in a contract with a customer and excludes
amounts collected on behalf of third parties. The company
recognises revenue when it transfers control of a product
or service to a customer. A performance obligation is a
promise in a contract to transfer a distinct good or service
(or a bundle of goods and services) to the customer and is
the unit of account in NZ IFRS 15. A contract’s transaction
price is allocated to each distinct performance obligation
and recognised as revenue, when, or as, the performance
obligation is satisfied.
The Group’s revenue is rental income which is out of the
scope of NZ IFRS 15. Refer to Note 5 Net Rental Revenue
for information on principal activities and revised
accounting policies.
NZ IFRS 9 Financial instruments
NZ IFRS 9 establishes principles for the financial reporting
of financial assets and financial liabilities that will present
relevant and useful information to users of financial
statements for their assessment of the amounts, timing
and uncertainty of an entity’s future cash flows. NZ IFRS
9 also introduces an expected credit loss model for the
impairment of financial assets.
This standard also includes new guidance which will align
hedge accounting more closely with risk management. It
does not fully change the types of hedging relationships
or the requirement to measure and recognise
ineffectiveness; however, it allows more hedging strategies
that are used for risk management purposes to qualify
for hedge accounting. The Group does not currently apply
hedge accounting under NZ IAS 39.
Classification of financial instruments
The Group classifies its financial assets as fair value
through profit and loss (“FVTPL”), fair value through
other comprehensive income (“FVTOCI”) and amortised
cost according to the Group’s business objectives
for managing the financial assets and based on the
contractual cash characteristics of the financial assets.
The Group classifies its financial liabilities as amortised
cost or FVTPL.
For the year ended 31 March 2019
9

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
Measurement
Financial instrument typeNZ IAS 39NZ IFRS 9
Financial assets
Cash and cash equivalents
Amortised costAmortised cost
Interest rate swaps
FVTPLFVTPL
Trade receivable and other
Loans and receivablesAmortised cost
Financial liabilities
Borrowings
Amortised costAmortised cost
Interest rate swaps
FVTPLFVTPL
Trade payable and other
Loans and receivablesAmortised cost
The Group has adopted both NZ IFRS 9 Financial Instruments
and NZ IFRS 15 Revenue from contracts with customers, as
required. The retrospective method has been adopted for the
initial application of both these standards.
The adoption of NZ IFRS 9 does not have a material impact
on the financial statements.
The implementation of NZ IFRS 15 has required a
change in the presentation of operating cost recovery
income included in the consolidated statement of
comprehensive income. This standard does not apply to
rental income which makes up more than 85 per cent of
the total revenue of the Group. With the implementation
of NZ IFRS 15, it has been necessary to separate revenue
components between rental income and operating cost
recoveries which has been done in Note 5 Net Rental
Revenue. As a result, comparative information has also
been presented to align to the reporting requirements.
There has been no changes in the amount or timing
of revenue recognised therefore no restatement of
comparative information has been required.
Accounting standards that are issued but not
yet effective
The Group has elected not to early adopt the following
standards, which have been issued by the New Zealand
Accounting Standards Board.
NZ IFRS 16 Leases (effective for annual reporting
periods beginning on or after 1 January 2019)
NZ IFRS 16 requires a lessee to recognise a lease
liability reflecting future lease payments and a ’right-
of-use’ asset for all lease contracts. Lessors reporting
requirements are similar to the previous standard NZ IAS
17 Leases.
This standard is required to be adopted by the Group in
its financial year ending 31 March 2020. A right of use
asset and corresponding liability reflecting future lease
payments will be recognised based on commitments at
that date.
The following table presents the types of financial instruments held by the Group within each financial instrument
classification under NZ IAS 39 and NZ IFRS 9:
The Directors have evaluated the impact of this new standard
on the consolidated financial position and performance of
the Group. Their current preliminary evaluation has indicated
that there is no material effect on the Group’s result due to
adopting the new standards, but in some instances additional
disclosures may be required.
(c) Basis of Consolidation
The consolidated financial statements incorporate the
assets, liabilities, equity, income, expenses and cash flows
of the entities controlled by Asset Plus Limited at the end
of the reporting period. A controlled entity is any entity
over which Asset Plus Limited has the power to direct
relevant activities, exposure or rights, to variable returns
from its involvement with the investee, and the ability to
use its power over the investee to affect the amount of
investor return.
In preparing these consolidated financial statements,
subsidiaries are consolidated from the date the Group
gains control until the date on which control ceases.
The financial statements of the subsidiaries are prepared
for the same reporting period as the parent company,
using consistent accounting policies. In preparing the
consolidated financial statements, all intercompany
balances, transactions, unrealised gains and losses
resulting from intra-group transactions and dividends have
been eliminated in full.
On 28 September 2018 the subsidiaries of the Group were
amalgamated into one subsidiary, Asset Plus Investments
Limited, in accordance with Section 222 of the Companies
Act 1993.
The table below represents investments in all subsidiaries at
reporting date:
In prior year all subsidiaries were wholly owned companies
incorporated in New Zealand and have a 31 March annual
reporting date.
Percentage Held
31 March 2019
Asset Plus Investments Limited100%
10

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
(d) Goods and Services Tax (GST)
Revenue and expenses are recognised net of the amount of
GST except where the GST incurred on a purchase of goods
and services is not recoverable from the taxation authority,
in which case the GST is recognised as part of the cost of
acquisition of the item as applicable.
All items in the consolidated statement of financial position
are stated net of GST, with the exception of receivables
and payables, which include GST invoiced. Cash flows are
included in the Consolidated statement of cash flows on
a net basis and the GST component of cash flows arising
from investing and financing activities is classified as part
of operating activities.
3. Significant Accounting Estimates
and Judgements
The preparation of these consolidated financial statements
requires the use of certain critical accounting estimates.
It also requires management to exercise its judgement in
the process of applying the Group’s accounting policies.
As at 31 March 2019
Note
Effective interest
rate range
Less than 1 year
$’000
1 - 2 years
$’000
2 years +
$’000
Financial Assets
Cash at Bank1.50%
781--
Trade Receivables and Other Receivables9
1,826--
Total Financial Assets
2,607--
Financial Liabilities
Trade Payables and Other Payables14
365--
Borrowings4.04% - 7.14%
-10,500-
Total Financial Liabilities
36510,500-
As at 31 March 2018
Financial Assets
Cash at Bank
1.75%472--
Trade Receivables and Other Receivables9
339--
Total Financial Assets
811--
Financial Liabilities
Trade Payables and Other Payables14
828--
Borrowings
2.605% - 4.55%--44,500
Interest rate swaps*
840--
Total Financial Liabilities
1,668-44,500
* The interest rate swaps have an average interest rate of 3.64% and a notional value of $40 million.
Percentage Held
31 March 2018
Eastgate Shopping Centre Limited100%
The National Property Trust No 2 Limited100%
22 Stoddard Road Limited100%
99 Albert Street Limited100%
NPT Management Team Limited100%
NPT 10 Limited100%
NPT 11 Limited100%
Although the Group has internal control systems in
place to ensure that estimates can be reliably measured,
actual amounts may differ from those estimates.
The areas involving a higher degree of judgement or
areas where assumptions are significant to the Group
include following:
• Valuations of Investment Properties (Note 10)
• Determination of Deferred Taxes (Note 7)
4. Financial Risk Management
Objectives and Policies
The Group’s principal financial instruments comprise bank
loans, cash, trade receivables, payables and derivatives.
Financial assets and liabilities are recognised on the
consolidated statement of financial position when the
Group becomes a party to the contractual provisions of
the instrument.
The main risks arising from the Group’s financial
instruments are interest rate risk, credit risk and liquidity
risk. The Board reviews and agrees policies for managing
each of these risks and they are summarised below.
Interest rate risk
The Group has exposure to interest rate risk to the extent
that it borrows for fixed terms at floating interest rates. To
manage this exposure, the Group enters into interest rate
swaps. At the reporting date, the notional value of interest
rate swaps was nil (2018: $40million).
The Group’s exposure to interest rate risk and the effective
weighted interest rates for each class of financial asset
and liability were:
11

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
The Group’s assets and liabilities which are subject to interest rate changes, consist of cash and cash equivalents and
secured bank loans. A change of 1% in interest rates would have increased/(decreased) profit after income tax and equity
in respect of these items by the amounts shown below. This analysis assumes all other variables remain constant.
2019
$’000
2018
$’000
1% increase
Cash at Bank
6
14
Borrowings(105)(99)
1% decrease
Cash at Bank
(6)
(14)
Borrowings10599
Fair value risk
A comparison between financial assets and financial liabilities fair value and carrying amounts is set out below. The net fair
value is not materially different from the carrying value. The methods used for determining fair value have been disclosed in
Note 15.
As at 31 March 2019Note
Designated
as fair value
$’000
Amortised cost
$’000
Total
carrying
amount
$’000
Fair value
$’000
Financial Assets
Cash at Bank
-
781781781
Trade Receivable and Other Receivables9
-
1,8261,8261,826
Total Financial Assets
-
2,6072,6072,607
Financial Liabilities
Trade Payables and Other Payables14
-365365365
Borrowings
-10,50010,50010,500
Total Financial Liabilities
-10,86510,86510,865
As at 31 March 2018
Financial Assets
Cash at Bank
-472472472
Trade Receivable and Other Receivables9
-339339339
Total Financial Assets
-811811811
Financial Liabilities
Trade Payables and Other Payables14
-
828828828
Borrowings
-44,50044,50044,500
Interest rate swaps
840-840840
Total Financial Liabilities
840
45,32846,16846,168
Credit risk
In management’s opinion, the Group trades only with recognised, creditworthy third parties, whose obligations to the
Group are contractually enforceable under tenancy agreements and car park licences. Financial instruments, which
potentially subject the Group to credit risk, principally consist of bank balances, receivables and advances to tenants.
With respect to credit risk arising from the other financial assets of the Group, which comprise interest received on cash
and cash equivalents and interest rate swaps in respect to the ‘receive’ portion, the Group’s exposure to credit risk arises
from default of the counter party, with a maximum exposure equal to the carrying amount of these instruments. Bank
of New Zealand, who is the counter party in respect to these financial assets of the Group, currently holds an AA- credit
rating (issued by Standard & Poors).
12

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
As at 31 March 2019
Balance
$’000
Contractual
cash flows
$’000
On demand
$’000
< 1 year
$’000
1 - 2 years
$’000
2 - 5 years
$’000
> 5 years
$’000
Financial Liabilities
Non-derivative financial liabilities
Trade payables and Other
Payables
365365
-
365
---
Borrowings10,50010,500--10,500--
Interest and fees payable
to the bank
10564-433131--
Total
10,87511,429
-
798
10,631--
As at 31 March 2018
Financial Liabilities
Non-derivative financial liabilities
Trade payables and Other
Payables
828828
-
828
---
Borrowings44,50044,500---44,500-
Interest and fees payable
to the bank
-5,577
-
2,4122,412753
-
Derivative financial liabilities
Interest rate swap (net settled)840378-9292194-
Total
46,16851,283
-
3,3322,50445,447
-
Liquidity risk
Liquidity risk arises from the Group’s financial liabilities and the ability to meet all its obligations to repay financial
liabilities as and when they fall due. The Group actively monitors its position to ensure that sufficient funds are available
to meet liabilities as they arise. Liquidity is monitored on a regular basis and reported to the Board monthly.
The table below reflects all contractually fixed pay-offs for settlement and repayments resulting from recognised financial
liabilities. This table is based on all interest rate variables being held constant over the relevant period of time. It does
not allow for potential future margin changes as these can not be easily identified as at balance date. All payments are
undiscounted and the timing of the cash flows is based on the contractual terms of the underlying contract.
Capital management
The Group’s capital includes contributed capital and
accumulated loss.
The Group’s policy is to maintain a strong capital base so
as to maintain investor, creditor and market confidence
and to sustain future development of the business.
The impact of the level of capital on Shareholders’ return
is also recognised and the Group recognises the need to
maintain a balance between the higher returns that might
be possible with greater gearing and the advantage and
security afforded by a sound capital position.
The Group’s policies in respect of capital management
and allocation are reviewed quarterly by the Board
of Directors.
Cash and Cash Equivalents
Cash and cash equivalents comprise of cash on hand,
demand deposits and other short term highly liquid
investments that are readily convertible to a known
amount of cash and are subject to an insignificant risk of
changes in value.
Accounting policy
The Group recognises revenue from the following
principal activities:
Rental Revenue
The Group’s primary revenue stream. Net rental revenue
is recognised in accordance with NZ IAS 17 Leases. As
the Group retains substantially all the risks and benefits
of ownership of its investment properties, it accounts for
leases with its tenants as operating leases and begins
recognising income when the tenant has a right to use
the leased asset. The total amount of contractual rent
to be received from operating leases is recognised on a
straight-line basis over the term of the lease, including
any lease incentives.
Net rental revenue is measured based on the
consideration specified in the relevant rental agreement.
5. Net Rental Revenue
13

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
6. Administration and Net Finance Costs
Accounting policy
Interest Revenue
Interest revenue consists of interest accrued on cash deposits and is recognised using the effective interest method.
Interest and Finance Costs
Finance costs, including borrowing costs and interest payable on borrowings, are recognised in the consolidated
statement of comprehensive income when incurred. Borrowing costs incurred that do not relate to qualifying assets are
treated as an expense and are not capitalised.
2019
$’000
2018
$’000
Administration expenses
Management fees
(715)(18)
Directors’ fees(300)(279)
Auditor’s remuneration(132)(108)
Professional fees(368)(313)
Personnel costs(29)(931)
Redundancy costs-(726)
Other administration costs (1)
(222)(576)
Total administration expenses
(1,766)
(2,951)
Net finance costs
Interest and finance costs
(1,100)(2,862)
Interest revenue2141
Total net finance costs(1,079)(2,821)
Auditor’s remuneration as follows:
Audit of the annual report(84)(79)
Other assurance services(48)(29)
Total auditors remuneration(132)(108)
(1) Other administration costs include office costs, registry and New Zealand Stock Exchange fees and shareholder
communications costs.
2019
$’000
2018
$’000
Rental charged to tenants in the ordinary course of business11,35014,028
Operating cost recoveries from tenants and customers2,0002,666
Total gross operating revenue13,35016,694
Other revenue-5
Gross rental revenue
13,35016,699
Property operating costs
(4,199)
(4,995)
Net rental revenue9,151
11,704
Property operating costs represent property maintenance and operating expenses.
14

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
7. Income Tax
Accounting policy
Income tax in the consolidated statement of comprehensive income comprises current and deferred tax. Income tax is
recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax on the taxable income for the year, using rates enacted or substantially enacted at
balance date, and any adjustment to income tax payable in respect of previous periods. Current tax for current and
prior periods is recognised as a liability (or asset) to the extent it is unpaid (or refundable).
Deferred tax is provided using the liability method on all temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
• When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor the taxable profit or loss.
• In respect of the taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it
is probable that the temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax
assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be
utilised, except:
• When the deferred income tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss.
• When the deductible temporary difference is associated with investments in subsidiaries, associates or interests
in joint ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the
temporary difference will reverse in the foreseeable future and taxable profit will be available against which the
temporary difference can be utilised.
The carrying amount of any deferred income tax asset is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected
to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at balance date.
The Group has applied the rebuttable presumption under NZ IAS 12 that deferred tax on investment property
measured using the fair value model in NZ IAS 40 is determined on the basis that its carrying amount will be
recovered through sale.
The Group holds investment properties for the purpose of capital appreciation and rental income and therefore
the measurement of any related deferred tax reflects the tax consequences of recovering the carrying amount
of the investment property entirely through sale. In New Zealand there is no capital gains tax, therefore the tax
consequences on sale will be limited to depreciation previously claimed for tax purposes (i.e. depreciation recovered).
15

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
Major components of income tax for the year ended 31 March are:
2019
$’000
2018
$’000
Current tax
Continuing operations - current income tax charge(381)
(1,224)
Current Tax(381)
(1,224)
Net deferred income tax
Unrealised interest rate swap gain/(loss)(235)
(22)
Investment property building depreciation
1,082
272
Investment property sale-
209
Provisions-
(119)
Other(182)
98
Net deferred income tax665
438
Income taxation (expense/income) reported in the consolidated statement of
comprehensive income
284(786)
A reconciliation of the income tax expense applicable to net profit before income tax at 28%, to the income tax expense
in the consolidated statement of comprehensive income for the year ended 31 March is as follows:
2019
$’000
2018
$’000
Net profit/(loss) before tax
3,519
3,881
Income taxation expense (28%)
(985)
(1,087)
Adjust for revaluations of investment property(494)(832)
Adjust for swap cancellation223
-
Adjust for loss on disposal of property (fitout)744
7
Adjust for capital loss on disposal of investment property(256)(824)
Adjust for sale of management rights-1,260
Adjustment for deferred tax (depreciation on buildings)1,082272
Adjustment for deferred tax (interest rate swaps)(235)-
Adjustment for depreciation (claimed in financial year)406657
Other
(201)(239)
Income taxation (expense/income) reported in the consolidated statement of
comprehensive income
284(786)
16

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
Deferred income tax
2019
$’000
2018
$’000
Net deferred income tax liability relates to the following:
Deferred income tax assets
Interest rate swaps-235
Other-100
Gross deferred income tax assets-335
Deferred income tax liabilities
Investment properties recoverable depreciation(1,786)(2,868)
Other
(82)
-
Gross deferred income tax liabilities
(1,868)
(2,868)
Net deferred income tax liabilities
(1,868)
(2,533)
8. Segment Reporting
The principal business activity of the Group is to invest in New Zealand properties. Investment properties have similar economic
characteristics, methods of management and are under leases of various terms. Segment reporting is presented in a consistent
manner with internal reporting provided to the Board. The Board receives internal financial information on a property by
property basis, to assess property performance. The Group operates only in New Zealand. On this basis all of the Group’s
properties have been aggregated into a single reporting segment to most appropriately reflect the nature and financial effects
of the business activities.
For the year ended 31 March 2019
Investment*
property
$’000
Unallocated
$’000
Total
$’000
Total gross revenues13,350-13,350
Total net revenues
9,151
-
9,151
Net profit/(loss) before taxation
6,224
(2,705)
3,519
Total assets
126,066
-
126,066
Total liabilities
(13,752)
-
(13,752)
Other disclosures
Fair value gain/(loss) in value of investment properties(1,767)-(1,767)
* Includes properties held for sale
For the year ended 31 March 2018
Investment*
property
$’000
Unallocated
$’000
Total
$’000
Total gross revenues16,706(12)16,694
Total net revenues
11,444(12)11,432
Net profit/(loss) before taxation5,514(1,633)3,881
Total assets169,601-169,601
Total liabilities(55,262)-(55,262)
Other disclosures
Fair value gain/(loss) in value of investment properties(2,945)-(2,945)
* Includes properties held for sale
17

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
9. Trade Receivables, Prepayments and Other Receivables
10. Investment Properties
Accounting policy
Trade Receivables, prepayments and other receivables are initially recognised at fair value plus transaction costs
and subsequently carried at amortised costs using the effective interest rate method less an allowance for any
impairment losses. Due to their short term nature, trade receivable, prepayments and other receivables are
not discounted.
The Group makes use of a simplified approach in accounting for trade receivables and records the loss allowance
as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the
potential for default at any point during the life of the financial instrument. In calculating, the Group uses its
historical experience, external indicators and forward looking information to calculate the expected credit losses.
The impairment of trade receivables is assessed on a collective basis (grouped based on the days past due), as they
possess shared credit risk characteristics.
Further disclosure details on the expected credit loss model have not been included in the financial statements as the
amounts involved are considered by the Directors of the Group to be immaterial.
Accounting policy
Properties which are held exclusively to earn rentals and/or for capital appreciation are classified as investment
properties at their acquisition date. These are initially recognised at cost plus related costs of acquisition. After
initial recognition, investment properties are stated at fair value as determined by an independent registered valuer.
Investment properties are valued annually. The fair value is based on market values, being the estimated amount for
which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an
arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and
without compulsion.
In the absence of an active market, alternative valuation techniques are utilised which may include discounted
cash flow projections, capitalisation of income or sales comparison approach as appropriate to the property
being valued. The valuations are prepared by considering the aggregate of the estimated cash flows expected
from rental income, the occupancy rates, average lease terms and capitalisation rates which reflect the current
market conditions. The estimate of fair value is a judgement which has been made based on the market
conditions which apply at each reporting date.
Any gains or losses arising from changes in the fair value of investment properties are recognised in profit or loss
in the consolidated statement of comprehensive income.
2019
$’000
2018
$’000
Trade receivables157353
Expected credit losses
(56)(91)
Total trade receivables
101262
Colliers Property Trust Account (Eastgate)
455
-
Other receivables1,27077
Total other receivables1,725
77
Prepayments13340
Total trade receivable, prepayments and other receivables1,839679
Trade receivables are non-interest bearing and are on < 30 day terms. Rent is due on the first day of every month.
18

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
The tables below outline the movements in the carrying values for all directly owned investment properties:
As at 31 March 2019
Opening
balance
$’000
Capex
$’000
Gain/
(loss) on
revaluation
$’000
Disposal
$’000
Lease
amortisation
& other
$’000
Transfer
from fixed
assets
$’000
Transfer to
assets held
for sale
$’000
Closing
balance
$’000
Eastgate Shopping Centre59,063172(4,795)-137--54,577
Heinz Wattie's
Warehouse*
27,439471,646-(22)-(29,110)-
Roskill Centre38,054491,382-15--39,500
Total investment property124,556268(1,767)-130-(29,110)94,077
* Heinz Watties has been reclassified as an asset held for sale during the current reporting period. A valuation was performed on this property as at 31 March 2019. The
gain on revaluation has been recognised in profit and loss in the consolidated statement of comprehensive income.
As at 31 March 2018
Opening
balance
$’000
Capex
$’000
Gain/
(loss) on
revaluation
$’000
Disposal
$’000
Lease
amortisation
& other
$’000
Transfer
from fixed
assets
$’000
Transfer to
assets held
for sale
$’000
Closing
balance
$’000
Eastgate Shopping Centre60,9411,164(3,384)-(378)720-59,063
Heinz Wattie's Warehouse27,16237255-(22)7-27,439
Roskill Centre36,0711201,795-(17)85-38,054
AA Centre42,9732,443(1,611)-(156)165(43,814)-
Print Place**11,026--(11,026)----
Total investment property178,1733,764(2,945)(11,026)(573)977(43,814)124,556
** Print Place was sold on 29 March 2018 for $8.25 million. This resulted in a loss on sale of this property of $2.97 million, recognised in profit or loss in the consolidated
statement of comprehensive income.
All properties that are not expected to be sold in the next 12 months were valued on a fair value basis at each reporting
date by independent registered valuers, listed below, who are members of the Institute of Valuers of New Zealand. These
valuers are experienced in valuing commercial properties. The fair values of the Investment Properties at each reporting
date are as follows:
As at 31 March 2019
Valuer
Capitalisation rate
%
Occupancy rate
%
WALT
Years
Valuation
$’000
Eastgate Shopping Centre
Cnr Buckleys Road & Linwood
Avenue, Christchurch
Jones Lang
LaSalle
8.1393.205.0754,500
Roskill Centre
22 Stoddard Road, Auckland
Colliers6.13100.004.0239,500
94,000
Heinz Wattie’s Warehouse*
113 Elwood Road, Hastings
Colliers8.00100.00
7.89
29,100
96.735.51123,100
* Heinz Watties was valued by an independent registered valuer as at 31 March 2019 but has been subsequently reclassified to property held for sale.
19

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
As at 31 March 2018
Valuer
Capitalisation rate
%
Occupancy rate
%
WALT
Years
Valuation
$’000
Eastgate Shopping Centre
Cnr Buckleys Road & Linwood
Avenue, Christchurch
Jones Lang
LaSalle
8.0094.304.7058,910
Heinz Wattie’s Warehouse
113 Elwood Road, Hastings
Colliers8.13100.008.9027,439
Roskill Centre
22 Stoddard Road, Auckland
Colliers6.25100.003.8038,049
97.404.40124,398
A reconciliation between the carrying value and the revaluation value has been performed as follows:
As at 31 March 2019
Revaluation
2019
$’000
WIP**
2019
$’000
Carrying value
2019
$’000
Eastgate Shopping Centre 54,500 77 54,577
Roskilll Centre 39,500 - 39,500
Total Investment Properties 94,000 77 94,077
Heinz Watties’ Warehouse 29,100 10 29,110
Total Properties Held For Sale 29,100 10 29,110
As at 31 March 2018
Revaluation
2018
$’000
WIP**
2018
$’000
Carrying value
2018
$’000
Eastgate Shopping Centre 58,910 153 59,063
Roskilll Centre 38,049 5 38,054
Heinz Watties’ Warehouse 27,439 - 27,439
Total Investment Properties 124,398 158 124,556
** WIP (work in progress) relates to costs incurred in relation to future development work at the property.
20

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
DescriptionValuation
Valuation
techniqueUnobservable inputs
Sensitivity Of Fair Value To Changes
In the estimated fair value would
increase/(decrease):
Investment
properties*
123,100
Capitalisation
of net rental
revenue
The capitalisation rate range applied is
6.13% - 8.13%.
Retail and office rental growth was
higher (lower)
The rental reversion as a rate of
investment property value rate range is
0.01% - 1.70%. This is an adjustment for
those tenancies whose rental is above or
below the market rate.
Retail and office rental growth was
higher (lower).
The present value of capital expenditure
as a rate of investment property value
rate range is 2.45% - 3.84%.
Capital expenditure was lower
(higher).
Discounted
Cash Flow
The discount rate range applied is
8.25% - 9.25%.
The discount rate was lower (higher).
Occupancy rate range applied is
93.20% - 100.00%.
The occupancy rate was higher
(lower).
Rental growth rate range is
1.98% - 3.0% over 10 years.
Office rental growth was higher
(lower).
A letting up period range of 3 - 8 months
has been allowed at the end of each
existing lease of the properties.
Capital expenditure was lower
(higher).
* including investment properties reclassified as properties held for sale during the year ended 31 March 2019.
11. Properties Held for Sale
Accounting policy
Properties which are acquired exclusively with a view for subsequent resale are classified as properties held for
sale at their acquisition date. These properties are held for immediate sale in their present condition or the Group
has committed to selling the asset through entering into a contractual sales and purchase agreement. Properties
held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The value of
these properties is reassessed at each reporting date with gains and losses arising from changes in fair values
being recognised in profit and loss.
Investment properties which meet the requirements of assets held for sale will be reclassified on the date these
requirements are met. These assets will continue to be measured under the fair value model with any gains or
losses being recognised in profit or loss in accordance with NZ IAS 40 Investment Properties. Revenue on the sale
of Assets Held for Sale is recognised when the risks and rewards have transferred to the buyer.
Fair value of properties held for sale is determined by either an independent valuation or Directors’ valuation.
Where there is an absence of current prices in an active market for properties similar in location, condition
and lease terms, a valuation will be performed using the discounted cash flow method and the capitalisation
approach. The valuations consider market assumptions of internal rates of return, rental growth, average lease
terms, occupancy rates, and the costs associated with the initial purchase of the property and yield and are
compared, where possible, to market based evidence and transactions for properties similar in location, condition
and lease terms.
The discounted cash flow method is based on the expected net rental cash flows applicable to each property,
which are then discounted to their present value using a market determined, discount risk-adjusted rate
applicable to the respective property. The capitalisation approach is based on the current contract rental and
market rental and an appropriate yield for that particular property. The market value is a weighted combination
of both the discounted cash flow and the capitalisation approach.
The valuation techniques and significant unobservable inputs are set out in the table below. Fair value hierarchies are
set out in Note 15 Fair Value Measurement.
21

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
The table below outlines the movements in the carrying values for all properties held for sale during the year:
As at 31 March 2019
Property
Opening
balance
$’000
Transfer from
investment
properties
$’000
Cost of sale of
transaction
$’000
Capex
$’000
Gain/(loss)
on sale
$’000
Disposal
$’000
Closing
balance
$’000
AA Centre*43,814---(915)(42,899)-
Heinz Wattie’s
Warehouse
-29,110(220)---28,890
Total43,81429,110(220)-(915)(42,899)28,890
As at 31 March 2018
Property
Opening
balance
$’000
Transfer from
investment
properties
$’000
Cost of
sale of
transaction
$’000
Gain/(loss)
on sale
$’000
Disposal
$’000
Closing
balance
$’000
AA Centre*-43,814---43,814
Total-43,814---43,814
* In financial year ended 31 March 2018, the AA Centre had an unconditional Sale and Purchase Agreement in place that settled in financial year ended 31 March 2019
on 12 July 2018. The sales price was $47 million and a deposit of $4.7 million had been received in relation to this transaction.
These properties were initially classified as investment properties and were subsequently reclassified to assets held for
sale. Heinz Watties Warehouse was the only reclassification in the year ended 31 March 2019 (2018: AA Centre).
12. Property, Plant and Equipment
Accounting policy
Property, plant and equipment is measured at historical cost, less accumulated depreciation and impairment
losses. The net loss on sale of plant and equipment is shown in the consolidated statement of comprehensive
income. Depreciation is calculated to allocate the cost over the estimated useful life of the asset as follows:
Depreciation RateMethod
Computer Equipment30-40%Straight-line
Furniture and Fittings8.5-30%Straight-line
Plant and Equipment7-67%Straight-line
Lease Fitouts8.40%Straight-line
22

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
Cost
Lease fitouts
$’000
Plant and
Equipment
$’000
Computer
equipment
$’000
Furniture and
equipment
$’000
Total fixed
assets
$’000
At 01 April 20175245351383781,575
Additions362621676390
Disposals(16)(19)-(18)(53)
Reclassified as investment property(544)(758)(89)(115)(1,506)
At 31 March 2018-2065321406
Disposals--(11)(13)(24)
At 31 March 2019-2054308382
Depreciation
At 01 April 2017(190)(103)(96)(118)(507)
Charge for the period(48)(76)(30)(203)(357)
Disposals-3-69
Reclassified to Investment Property2381568550529
At 31 March 2018-(20)(41)(265)(326)
Disposals--10-10
At 31 March 2019-(20)(31)(265)(316)
Net book value at
31 March 2018--245680
31 March 2019--234366
A change in accounting policy in the previous reporting period resulted in property, plant and equipment that are an
integral part of the buildings being reclassified as investment property.
23

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
FacilityBank
Loan
maturity
2019
$’000
2018
$’000
Investment Property facilityBNZ22/07/202010,50044,500
Total10,50044,500
Financing facilities available
At reporting date, the following financial facilities had been negotiated and were available:
2019
$’000
2018
$’000
Facilities used at reporting date - secured bank loan (BNZ)10,50044,500
Facilities unused at reporting date - secured bank loan (BNZ)9,50025,500
Total20,00070,000
Loan security
The loan is secured by a registered first mortgage over the investment properties of the Group, an assignment of leases over all
present and directly acquired properties mortgaged to the BNZ Bank and a first general security interest over the assets of the
Group. On 1 November 2018, the bank facility limit with BNZ was reduced from $70 million to $20 million.
Loan covenants – BNZ bank
During the year ended 31 March 2019 all loan covenants were met. (2018: all met)
Interest rate swaps
The Group manages its interest rate risk by using floating-to-fixed Interest Rate Swaps which have the economic effect of
converting interest on borrowings from floating rates to fixed rates.
The 4 interest rate swaps that were held at 31 March 2018 were exited in July 2018. There are currently no interest rate
swaps in place.
2019
$’000
2018
$’000
Opening balance - liability840919
Unrealised interest rate swap (gain)(133)(79)
Interest on swap settlement 91-
Settlement of swap contract
(798)
-
Closing balance-840
13. Borrowings
Accounting policy
Borrowings are classified as financial liabilities at amortised costs. They are initially recognised at fair value
of the consideration less directly attributable transaction costs. Subsequent to initial recognition, borrowings
are stated at amortised cost using the effective interest method. Borrowings are classified as current liabilities
unless the Group has an unconditional right to defer the settlement of the liability for at least 12 months after
the reporting date.
Borrowing costs are recognised as an expense when incurred, unless they relate to a qualifying asset and are
capitalised when incurred.
24

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
14. Trade Payables, Accruals and other Payables
Accounting policy
Trade and other payables
Trade payables are classified as financial liabilities and are initially measured at fair value less any transaction
costs and subsequently carried at amortised cost and due to their short term nature, are not discounted. They
represent liabilities for goods and services provided to the Group prior to the end of the financial year that are
unpaid and arise when the Group becomes obliged to make future payments in respect to the purchase of these
goods and services.
Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which
it is probable that an outflow of economic benefits will result and that the outflow can be reliably measured.
2019
$’000
2018
$’000
Trade payables127593
GST payable81742
Other payables238235
Total trade and other payables4461,570
Interest accrual10284
Other accruals
778
373
Total accruals
788
657
Provisions
150-
Total trade payables, accruals and other payables1,3842,227
Trade payables are non-interest bearing and are normally settled on 30 day terms. Interest payable is settled quarterly
throughout the financial year. Other payables are non-interest bearing and have an average term of 6 months.
25

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
15. Fair Value Measurement
Accounting policy
Financial assets/liabilities classified as fair value through profit and loss (“FVTPL”) are initially recognised at their
fair value and are subsequently measured at fair value at each reporting date. Gains and losses recorded on
each revaluation date are recognised within net earnings. Transaction costs of financial assets classified as FVTPL
are expensed in the consolidated statement of comprehensive income.
Interest rate swaps and other derivative financial instruments
The company selectively utilises derivative financial instruments primarily to manage financial risks, including
interest rate risk. Derivative financial instruments are recorded at fair value. The assets or liabilities relating to
unrealised mark-to-market gains and losses on derivative financial instruments are recorded in the consolidated
statement of financial position. The gain/loss on re-measurement to fair value is recognised in the consolidated
statement of comprehensive income. In determining the fair value of derivatives, an adjustment would be made
to reflect the creditworthiness of the counterparty only if material.
The table below sets out the comparison by category of carrying amounts, fair values, and fair value movement hierarchy
of all the Group’s assets and (liabilities):
Year ended 31 March 2019Year ended 31 March 2018
Quoted market
Price
(Level 1)
Market
observable
Outputs
(Level 2)
Non market
Outputs
(Level 3)
Quoted
market
Price
(Level 1)
Market
observable
Outputs
(Level 2)
Non market
Outputs
(Level 3)
Interest rate swaps
--
--(840)-
Investment properties
--
94,077--124,556
Properties held for sale
--
28,890--43,814
Borrowings-(10,500)--(44,500)-
The quoted market price (Level 1) represents the fair value determined based on quoted prices in active markets as at the
reporting date. For financial instruments not quoted in active markets (Level 2) the Group uses present value techniques,
with a comparison to similar instruments for which market observable prices exist and other relevant models used by
market participants, which includes current swap rates on offer and also the current floating interest rate (interest rate
swaps). For properties held for sale and investment properties (Level 3), the Group uses present value techniques based
on forecasted future earnings.
There are no transfers between Level 1, 2 or 3 during the period ended 31 March 2019 (2018: None).
The Group has also assessed possible impairment for 12-month expected loss or life-time expected loss and notes that
the outcome of this is nil.
26

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
17. Earnings Per Share
18. Dividends Paid to Shareholders
Dividends paid during each reporting period comprised:
CPS
2019
$’000Date PaidCPS
2018
$’000Date Paid
Q4 prior year net dividend 0.900 1,457 20/06/180.900 1,458 16/06/17
Q1 net dividend0.900 1,457 7/09/180.900 1,457 19/09/17
Q2 net dividend0.900 1,457 19/12/180.900 1,457 10/01/18
Q3 net dividend0.900 1,457 12/03/190.900 1,457 29/03/18
Total paid during the year3.600 5,828 3.600 5,829
Mar 2019
$’000
Mar 2018
$’000
Imputation credit account
At 31 March the imputation credits available for use in subsequent reporting periods are61418
Accounting policy
Earnings per share is calculated by dividing the profit/(loss) attributable to shareholders (excluding distributions) of the
Group by the weighted average number of ordinary shares on issue during the year.
Accounting policy
Equity instruments issued by the Group are recorded as the proceeds are received, net of direct issue costs.
2019
$’000
2018
$’000
Total comprehensive income, net of tax
3,803
3,095
Weighted average number of ordinary Shares (‘000)
161,920161,920
Earnings per share (cents) - basic and fully diluted2.351.91
Issued capital and reserves
2019
’000
2018
’000
Ordinary shares
Number of issued and fully paid shares161,920161,920
Ordinary shares have no par value
Fully paid and ordinary shares carry one vote per share, and share equally in dividends and any surplus on winding up.
16. Equity
27

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
19. Remuneration
Key management
personnel costs
2019
$’000
2018
$’000
Salary and other short term
benefits
-1,292
Directors’ remuneration
300
279
Total300
1,571
The table above includes remuneration of the Chief
Executive Officer and other key management personnel of
the Group in the prior comparative period.
20. Related Parties
On 26 March 2018 the Group sold the management rights
to Augusta Funds Management Limited (AFM) for $4.5
million. The Group is managed by AFM under the terms of
the signed management contract. The Parent of Augusta
Funds Management Limited, Augusta Capital Limited, owns
18.85% of Asset Plus Limited (2018: 18.85%).
2019
$’000
2018
$’000
Consolidated Statement
of Comprehensive Income
Management fees paid to Augusta Funds
Management Limited
(715)(18)
Property management fees paid to
Augusta Funds Management Limited
(133)-
Other fees payable to Augusta Funds
Management Limited
(79)-
Sale of management rights-4,500
Consolidated Statement
of Financial Position
Accrual for management fee owed to
Augusta Funds Management Limited
158-
Accrual for property management
fee owed to Augusta Funds
Management Limited
39-
Accrual for other fees payable to Augusta
Funds Management Limited
79-
Consolidated Statement
of Changes in Equity
Dividend paid to Augusta
Capital Limited
(1,099)(1,099)
21. Lease Commitments
Accounting policy
Group as a Lessee
A lease is classified at the inception date as a
finance lease or an operating lease. Property
leases are recognised as an operating expense
in the profit or loss in the consolidated statement
of comprehensive income on a straight-line basis
over the lease term.
Group as a Lessor
The Group has entered into commercial property
leases on its investment property portfolio and has
determined that all significant risks and rewards of
ownership are retained by the Group. These leases
are classified as operating leases. Initial direct
costs incurred in negotiating the lease are added
to the carrying amount of the leased asset and
recognised as an expense over the lease term on
the same basis as net rental revenue.
Lease Incentives
In the event lease incentives are provided to
lessees, such incentives are recognised as an
asset. The aggregate benefits provided are
amortised to profit or loss in the consolidated
statement of comprehensive income on the
straight line basis over the period of the lease as
a reduction in net rental revenue, except where
another systematic basis is more representative
of the time pattern in which benefits provided
are consumed.
Net rental revenue is recognised in terms of NZ
IFRS 16. Refer to Note 5 Net Rental Revenue for
information on the adopted accounting policy.
Lessee: lease payable
On 12 July 2018, the sale of the AA Centre to Sky City was
completed and as part of the agreement the Group’s
lease obligations for its Head Office premises at Level 13,
the AA Centre, 99 Albert Street, Auckland were transferred
to the purchaser. The Group has not entered into any
leases which would be classified as finance leases.
Future minimum rental payables under non-cancellable
operating leases are as follows:
2019
$’000
2018
$’000
Due within one year-175
Due between one and five years-184
Due after five years--
28

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2019
21. Lease Commitments
Lessor: lease receivable
Substantially all property owned by the Group is leased to
third party tenants and each arrangement is supported
by relevant lease documentation. The lease term varies
between properties and individual tenants within those
properties. The Group, as the lessor, grants the right of
use of the space within these properties to a lessee in
return for a consideration (rental payment) as set out in
the lease contract.
Future minimum rental revenues under non-cancellable
operating leases are as follows:
2019
$’000
2018
$’000
Due within one year9,11310,351
Due between one and five years30,56824,323
Due after five years16,05317,544
The above rental receivables are based on contracted
amounts as at 31 March 2019 and 31 March 2018. Actual
rental amounts collected in future will differ due to rental
review provisions within the lease agreements.
There are no contingent rentals.
22. Transaction Costs
During the reporting period ended 31 March 2019, estimated
disposal costs of $0.22 million relating to the future sale
of the Heinz Watties asset (including agency, legal and
reimbursement fees) have been recognised when this asset
was reclassified to a property held for sale.
In the reporting period ended 31 March 2018, at a special
meeting of shareholders held on 21 April 2017, a resolution
to complete a transaction with Kiwi Property Holdings
Limited was not approved by shareholders. $0.430
million of costs related to this transaction were incurred
during the year. In July 2017 Asset Plus Limited received a
proposal from Augusta Funds Management Limited to sell
the management rights of the Group. The costs incurred
totalled $0.256 million.
23. Commitments and Contingencies
Capital commitments
At 31 March 2019 the Group has capital commitments of
$ Nil (2018: $2.76 million).
Contingent liabilities
At the reporting date the Group had no material
contingent liabilities (2018: Nil).
24. Subsequent Events
On 29 April 2019, Asset Plus entered into a conditional
agreement to acquire 35 Graham Street, Auckland for $58
million from Auckland Council. The agreement is conditional
on the approval of an ordinary resolution of Asset Plus
shareholders at a meeting to be held on 17 June 2019.
29

Independent Auditor’s Report
Independent
Auditor’s Report
To the Shareholders of Asset Plus Limited
Report on the Audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of Asset Plus Limited (“the Company”) and its subsidiaries
(“the Group”), on pages 4 to 29, which comprise the consolidated statement of financial position as at 31 March 2019, and the
consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant
accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated
financial position of Asset Plus Limited as at 31 March 2019 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.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) issued by the
New Zealand Audit 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 (Revised) Code of Ethics for Assurance Practitioners
issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Our firm carries out other assignments for the Group in the area of related assurance services. The provision of these other
services has not impaired our independence as auditor of the Group. The firm has no other interests in Asset Plus Limited and
the entities it controlled.
30

Independent Auditor’s Report (continued)
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. We summarise below those matters, and our key audit procedures,
to address those matters in order that the Group’s shareholders as a body may better understand the process by which we
arrived at our audit opinion.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 significantHow our audit addressed the Key Audit Matter
Investment Property valuation
In the application of NZ IFRS, management is required
to make judgements, estimates and assumptions about
carrying values of assets and liabilities that are not readily
apparent from other sources.
The estimates and associated assumptions are based on
historical experience and various other factors that are
believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements.
The estimates and underlying assumptions are reviewed on
an ongoing basis.
As at 31 March 2019, Investment Property is carried
at fair value of $94.077 million. There are a number of
risks that can have a material impact on the investment
property balance in the consolidated financial
statements, principally:
• valuations of all the investment properties may not be
performed by qualified and experienced commercial
property valuers;
• methods and assumptions used by the property
valuers, may not be considered appropriate;
• the calculation of the fair value amount for each of
the investment properties, as well as the revaluation
adjustment for the year may not be correct; and
• data provided to the property valuers may not
be appropriate.
We have:
• obtained and agreed the schedule of investment
properties to the respective independent valuation
reports, performed by valuation experts;
• evaluated the qualifications and work of each valuation
expert, for each of the investment properties;
• inquired about and documented the methods and
assumptions used by the expert, and considered the
appropriateness of those assumptions and methods
used, for each property valuation;
• re-performed the calculation in determining the fair
value amount of each investment property, as well as
the revaluation adjustment to be recorded for the year;
• tested the appropriateness of data provided to the
expert, for each property valuation; and
• ensured properties held for sale are recorded at
appropriate fair value at measurement date. That any
estimates or judgements made by management are
reasonable and appropriate for reporting purposes.
31

Independent Auditor’s Report (continued)
Other Information
The directors are responsible for all other information included in the Group’s Annual Report. 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 for such internal control as the Directors determines is necessary to enable the
preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the Audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the consolidated financial statements is located
on the External Reporting Board’s website at: https://www.xrb.govt.nz/standards-for-assurance-practitioners/
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 Partnership
K Price
Partner
Auckland
29 May 2019
32

Chairman’s Report (continued)
33

---

29 May 2019
Annual Result Update
For the year ended 31 March 2019
1

>
➢The last 12 months has been a period of
ongoing transition for Asset Plus, including
the change to an external manager, Augusta
Funds Management, but also the focus on
the future value-add strategy and potential
acquisitions.
➢The first step in implementing that strategy
has now been taken with the 35 Graham St
acquisition.
➢Our patience has been rewarded with what
we consider to be a quality acquisition and
we look forward to discussing this further
with shareholders at the special meeting on
17 June 2019.
___
Strategic Update
The Board is committed to growing the
portfolio in a disciplined manner, with a
primary focus to close the gap between
share price and net tangible assets..
“
“
2

Key points for the year ended 31 March 2019
Net profit after tax of
$3.80m, an increase of
23%against the prior year
Adjusted funds
from operations (AFFO*) of
$4.74mwere 23% lower than
prior year. This represents a
pay-out ratio of 123%
Sale of AA Centre, with
settlement occurring on
12 July 2018
Net Tangible Asset Value per
share reduced to
69.4 cents (from 70.6 cents)
$34m of debt repaid post
the AA Centre sale &
interest rate swap
contracts cancelled
Multiple number
of leasing initiatives
completed at both
Stoddard Road & Eastgate
Portfolio occupancy is now
96.7% (which is reduced
from 97.4% in the prior
year due to AA Centre
sale). WALT increased to
5.5 years (from 4.4 years)
Transition of the
management to
Augusta Funds
Management Limited
completed &
externalisation cost
savings generated
*AFFO is a non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset Plus considers that AFFO is a useful measure for shareholders and management because it assists in assessing the Company’s underlying
operating performance. This non-GAAP financial information does not have a standardised meaning prescribed by GAAP and thereforemay not be comparable to similar financial information prescribed by other entities. The calculation of AFFO has been
reviewed by the auditors. A reconciliation between AFFO and Profit and Other Comprehensive Income For the Period is included in Appendix 1.
3

Financial
Performance
4

Net profit after tax of $3.80m, a 23% increase on the prior year
➢AFFO* of $4.74m was down 23% from $6.15m in 2018. The AFFO
performance was impacted by lower rental income due to the
divestment of 17 Print Place, Christchurch and the AA Centre in
Auckland, partially offset by lower administration and funding costs.
➢Divestment activity has reduced rental income, providing balance
sheet capacity for future investment.
➢Administration expenses reduced by $1.18m due to the benefits of
externalisation and property divestments. The prior year also
included $0.73m of restructure costs.
➢Funding costs –post the divestment of the AA Centre in July 2018 the
drawn debt balance reduced to $10.5m and facility limit to $20m.
___
Financial Performance
>
*AFFO is a non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset
Plus considers that AFFO is a useful measure for shareholders and management because it assists in assessing the Company’s
underlying operating performance. This non-GAAP financial information does not have a standardised meaning prescribed by
GAAP and therefore may not be comparable to similar financial information prescribed by other entities. The calculation of
AFFO has been reviewed by the auditors. A reconciliation between AFFO and Profit and Other Comprehensive Income For the
Period is included in Appendix 1.
Year endedYear ended
Mar-19Mar-18VarVar
$m$m$%
Gross Income13.3516.70(3.35)(20%)
Direct Property Operating Expenses(4.20)(5.00)0.8016%
Net Revenue9.1511.70(2.55)(22%)
Administration Expenses(1.77)(2.95)1.1840%
Net Finance Costs(1.08)(2.82)1.7462%
NP Before Tax, Reval & One-Offs6.305.930.376%
Other Adjustments(2.78)(2.05)(0.73)(36%)
Profit Before Tax3.523.88(0.36)(9%)
Tax0.28(0.79)1.07135%
Profit and Other Comprehensive
Income for the Period
3.803.090.7123%
AFFO*4.746.15(1.41)(23%)
AFFO CPS2.933.80(0.87)(23%)
5

➢Net tangible asset (NTA) backing is 69.4 cents per
share which has reduced from 70.6 cents per share as
at 31 March 2018.
➢The current Group gearing is 8.5% and is expected to
increase to 38% post the 35 Graham St acquisition.
➢There was $9.5m of undrawn debt facility at balance
date with a further $55m approved to support the
Graham St transaction.
➢NTA has reduced due to the $1.8m unrealised
revaluation loss on investment property and further
loss on disposal at the AA Centre of $0.92m.
➢Heinz Wattie’s property in Hastings is recorded as held
for sale as this asset is expected to be divested in the
near term.
___
Financial Position
>
6
Year endedYear ended
Mar-19Mar-18VarVar
$m$m$m%
Cash0.80.50.356%
Investment Properties94.1124.6(30.5)(25%)
Properties Held for Sale28.943.8(14.9)(34%)
Other Assets2.30.81.5190%
Total Assets126.1169.7(43.6)(26%)
Bank Debt10.544.5(34.0)(76%)
Deposits Received-4.7(4.7)(100%)
Other Liabilities3.36.1(2.8)(46%)
Total Liabilities13.855.3(41.5)(75%)
Equity112.3114.4(2.1)(2%)
Net Tangible Assets Per Share ($)0.690.71(0.02)

___
Net Rental
>
Net rental income is $2.55m / 22% lower primarily due to:
➢Divestment of the AA Centre in Auckland and 17 Print Place in
Christchurch reduced net rental by $1.60m and $0.79m respectively.
➢Current portfolio net rental was $0.16m lower primarily due to
increased leasing and property management costs associated with
Stoddard Road.
Year endedYear ended
Mar-19Mar-18Var Var
$m$m$m%
Eastgate Shopping Centre3.703.70(0.00)(0%)
Roskill Centre2.382.53(0.15)(6%)
Heinz Watties Distribution Centre2.172.18(0.01)(0%)
Current Portfolio8.258.41(0.16)(2%)
AA Centre0.902.50(1.60)(64%)
Print Place-0.79(0.79)55%
Total Net Rental Income9.1511.70(2.55)(22%)
7

___
Administration Expenses
>
➢Administration expenses of $1.77m are $1.2m /
40% lower, driven by lower management costs
under the externalised management contract with
Augusta Funds Management Limited. Restructuring
costs of $0.73m were incurred last year.
➢On a normalised basis, administration costs
reduced $0.46m / 21% year on year.
➢Base management fees payable to the manager
were $0.72m.
Year endedYear ended
Mar-19Mar-18VarVar
$m$m$m%
Management Fees0.720.02(0.70)(100%)
Directors Fees0.300.28(0.02)(7%)
Audit Fees0.130.11(0.02)(18%)
Personnel costs0.030.930.9097%
Redundancy Costs-0.730.73100%
Professional Fees0.370.31(0.06)(19%)
Other Administration Costs0.220.580.3662%
Total Administration Expenses1.772.961.1940%
Total (Excluding redundancy costs)1.772.230.4621%
8

___
Funding
>
➢Facility limit reduced to $20m during the year and $9.5m
remains undrawn at balance date.
➢The current loan term expires in July 2020.
➢The limit will increase to $75m to facilitate the 35 Graham St
acquisition and the loan expiry will be extended to June 2022.
➢All interest rate swap positions were exited in August 2018.
➢New facilities and interest rate risk management to be aligned
with future acquisitions.
➢Gearing is 8.5% increasing to 38% post 35 Graham St
acquisition (which is to be 100% debt funded).
Bank Facility
Facility Limit ($m)20.0
Drawn Debt ($m)10.5
Margin (%)0.93%
Line Fee (%)0.62%
ExpiryJuly 2020
BankBNZ
Gearing (%)8.50%
9

___
AA Centre divestment
>
➢$34m of debt repaid post settlement on 12 July 2019 reducing
gearing to 8.5%.
➢No building depreciation recovery on the sale leading to a full
reversal of the deferred tax liability boosting the NTA by $1.1m.
➢A tax loss on disposal of $2.6m in respect to the fit out
materially reduced the tax provision for the year.
➢Sale of AA Centre created balance sheet capability to debt fund
35 Graham St acquisition.
10

Portfolio
Summary
11

___
Portfolio Summary as at 31 March 2019
>
Fair Value
($m)
Occupancy
(%)
WALT
(Years)
Passing
Rent Yield
(%)
Eastgate54.5935.16.7%
Roskill Centre
–Stoddard Rd
39.51004.06.5%
Heinz Watties
NDC –held
for sale*
29.11007.97.6%
TOTAL123.196.75.5
12
*$0.22m of transaction costs recorded as Heinz property is held for sale

___
Eastgate Shopping Centre
>
➢Management have been very active with this property, with a
number of leases renewed during the past 12 months.
➢Countdown has exercised a 4 year right of renewal (RoR). A
further 4 year RoRhas been agreed subject to payment of the
landlord contribution towards works within the tenancy. This
contribution has been accrued in FY19.
➢Other key lease renewals during the year include Postie Plus,
Paper Plus, Sushi Time, Number One Shoes and Westpac.
➢Net contract income is down due to McDonalds and NZ Post
vacating the centre in early 2019.
➢Management has been focused on completing a masterplan
for the centre and continues to work with potential tenants.
20192018
Valuation ($m)54.558.0
Net Contract Income ($m)3.633.91
Passing Initial Yield (%)6.66%6.74%
Cap Rate (%)8.13%8.00%
Net Market Rental ($m)4.464.69
WALT (years)5.074.70
13

___
Heinz Watties National Distribution Centre
>
➢This asset is held for sale at balance date
➢The previously proposed redevelopment including a
warehouse extension and concurrent lease extension is
no longer proceeding in the near term.
➢On this basis the asset no longer aligns with Asset Plus
value add strategy.
➢Given the asset is no longer core, is regional and with a
healthy 7.9 years of tenure remaining at balance date it
was determined that this property should be divested.
20192018
Valuation ($m)29.127.3
Net Contract Income ($m)2.202.13
Passing Initial Yield (%)7.56%7.82%
Cap Rate (%)8.00%8.13%
Net Market Rental ($m)2.362.31
WALT (years)7.98.9
14

___
Roskill Centre, Stoddard Road
>
➢A total of 7 lease renewals were completed during the year. The
total rent from the renewals equate to $0.57m, or 21.5% of the
total rental income for the centre, taking the centre WALT from
3.76 years in March last year to 4.02 years currently.
➢The future focus is to secure upcoming lease renewals and
further boost the WALT of the property. Recent tenant retention
is a positive signal and we expect this trend to continue. Mt
Roskill is a sought after area, with significant residential
development currently underway and planned for in the future.
20192018
Valuation ($m)39.538.0
Net Contract Income ($m)2.572.50
Passing Initial Yield (%)6.50%6.58%
Cap Rate (%)6.13%6.25%
Net Market Rental ($m)2.462.42
WALT (years)4.023.76
15

___
Lease Expiry Summary
>
➢The lease expiries noted in the graph below in the year
ended 31 March 2020 relate to 25 separate tenancies.
16
3%
14%
8%
5%
4%
2%
16%
4%
10%
33%
1%
1,451
840
545
478
178
1,704
402
1,044
3,483
193
VacantMar-20Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26Mar-27Mar-28Mar-29+
Lease expi ry i n the fi nanci al year ended
Lease expiry by rental income ($000)

Outlook
17

>
Shareholder vote on 17 June 2019
➢$58m acquisition. Transaction fully debt funded taking
forecast gearing to 38%.
➢Settlement is set for 28 June 2019.
➢Contracted net rental of $3.975m.
➢WALT of 2 years.
➢Impact of transaction –earnings per share increase to
3.76 cents per share on an annualised basis.
➢Funding for the further development phases will be
contingent on the Company’s balance sheet at the time
and additional funding may be required. Development
funding will likely be made available through the
recycling of existing assets, future debt facilities and/or
future capital raise.
___
35 Graham Street
The potential acquisition of 35 Graham
Street fits with the value-add strategy
and restores near term earnings as the
balance sheet is utilised.
“
“
“
18

>
The future strategic operating priorities include:
➢35 Graham St acquisition and progressing the
repositioning strategy.
➢Progression of the value-add opportunities within the
existing portfolio.
➢Exit of non-core assets as appropriate.
➢Close the share price gap to NTA.
➢Continuing to investigate future opportunities to
transform Asset Plus.
➢A number of options have and will continue to be
assessed to find the right opportunity and the Board
will remain patient to find the right opportunities.
___
Outlook
The Board remains patient and
disciplined in the current market to
ensure we find the best
investments which we think
provide appropriate risk-adjusted
returns and align with the new
strategy.
“
“
19

20

___
Appendix 1 : AFFO Reconciliation
>
➢AFFO* of $4.74m is $1.41m / 23% lower in 2019primarily
due to lower rental income due to divestment and leasing
incentives granted.
➢Divestment partly offset by lower administration and
funding costs.
*AFFO is a non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset
Plus considers that AFFO is a useful measure for shareholders and management because it assists in assessing the Company’s
underlying operating performance. This non-GAAP financial information does not have a standardised meaning prescribed by
GAAP and therefore may not be comparable to similar financial information prescribed by other entities. The calculation of
AFFO has been reviewed by Grant Thornton.
21
Year endedYear ended
Mar-19Mar-18
$m$m
Total Comprehensive Income Net of
Tax
3.803.09
Add Back
Loss/ (Gain) From Sales of Investment
Property
0.922.97
Fair value (gain) / loss on investment
property
1.772.95
Depreciation on Owner Occupied PP&E-0.36
FV (Gain)/ Loss on the Mark to Market
of Derivatives
(0.13)(0.08)
Non-FFO Deferred Tax Expenses(0.66)(0.44)
Net Operating Income After Tax5.708.85
Sale of Management Rights-(4.50)
Non Operating Tax Adjustments(0.95)0.21
Net Loss on Sale of Plant and
Equipment
0.010.03
Transaction Costs0.220.69
Restructuring Costs-0.52
Amortisation of Lease Incentives0.190.48
Funds From Operations (FFO)5.176.28
Maintenance CAPEX(0.15)(0.13)
Incentives Granted(0.28)-
Adjusted Funds From Operations4.746.15
AFFO (CPS)2.933.80

Important Notice
Thispresentationcontainsnotonlyareviewofoperations,butmayalsocontainsomeforward
lookingstatements(includingforecastsandprojections)aboutAssetPlusLimited(APL)andthe
environmentinwhichAPLoperates.Becausethesestatementsareforwardlooking,APL’sactual
resultscoulddiffermaterially.Pleasereadthispresentationinthewidercontextofmaterial
previouslypublishedbyAPLandannouncedthroughNZXLimited.
Norepresentation,warrantyorundertaking,expressorimplied,ismadeastothefairness,
accuracy,completenessorcorrectnessoftheinformationcontained,referredtoorreflectedin
thispresentationorsuppliedorcommunicatedorallyorinwritingtoyou(oryouradvisersor
associatedpersons)inconnectionwithit,astowhetheranyforecastsorprojectionswillbemet,
orastowhetheranyforwardlookingstatementswillprovecorrect.Youwillberesponsiblefor
formingyourownopinionsandconclusionsonsuchmatters.
Nopersonisunderanyobligationtoupdatethispresentationatanytimeafteritsreleaseto
you.
Tothemaximumextentpermittedbylaw,noneofAPL,AugustaFundsManagementLimited
(AFM)noranyoftheirdirectors,officers,employeesoragentsoranyotherpersonshallhave
anyliabilitywhatsoevertoanypersonforanyloss(including,withoutlimitation,anyliability
arisingfromanyfaultornegligenceonthepartofAPL,AFM,theirdirectors,officers,employees
oragentsoranyotherperson)arisingfromthispresentationoranyinformationcontained,
referredtoorreflectedinitorsuppliedorcommunicatedorallyorinwritingtoyou(oryour
advisersorassociatedpersons)inconnectionwithit.
Acceptanceofthispresentationconstitutesacceptanceofthetermssetoutaboveinthis
ImportantNotice.
22

---

Reporting period
Previous reporting period
Amount ($000s)Percentage change
Revenue from ordinary activities13,350(20.0%)
Total comprehensive income attributable to shareholders3,80322.9%
Interim/final dividendAmount per securityImputed amount per security
Final dividend$0.009$0.001235
Record date13 June 2019
Dividend payment date20 June 2019
Other Financial Information31/03/201931/03/2018
Net tangible assets per share0.69 0.71
Basic earnings after tax per share2.35 1.91
Diluted earning after tax per share2.35 1.91
Adjusted funds from operations per share
1
2.93 3.80
Comments:
-
1. Adjusted funds from operations (AFFO) is non-GAAP financial information and is a common investor metric, calculated based
on guidance issued by the Property Council of Australia. Asset Plus Limited considers that AFFO is a useful measure for
shareholders and management because it assists in assessing the Company’s underlying operating performance. This non-GAAP
financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar
financial information prescribed by other entities. A reconciliation of the net profit after tax to AFFO is included in the results
presentation which has been independently reviewed by the auditors.
1. This announcement is extracted from Asset Plus Limited's
audited financial statements for the year ended 31 March
2019. A copy of these audited financial statements is
attached to this announcement.
Asset Plus Limited
Results for announcement to the market
12 months to 31 March 2019
12 months to 31 March 2018
Profit from ordinary activities after tax attributable to shareholders3,80322.9%

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
InterimYear
x
SpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
13 June, 201920 June, 2019
$$$0.001235
$
New Zealand Dollars
$1,457,284
Date Payable
$0.005824
Enter N/A if not
applicable
NZ NAPE 0007S3
In dollars and cents
$0.003176
09 300 616109 300 616129052019
Ordinary Shares
EMAIL: announce@nzx.com
Notice of event affecting securities
Asset Plus Limited
Simon WoollamsDirectors Resolution