Asset Plus : 2021 Interim Report

INTERIM REPORT 2021

This Interim Financial Report for Asset Plus Limited (including Subsidiaries)	FOR THE SIX MONTHS ENDED
covers the trading period from 1st April to 30th September 2021.	30 SEPTEMBER 2021

Contents

01	06
Interim Condensed	Notes to the Interim
Consolidated Statement	Condensed Consolidated
of Comprehensive Income	Financial Statements

02	14
Interim Condensed	Independent Review
Consolidated Statement	Report
of Changes In Equity
03	16
Interim Condensed	Directory
Consolidated Statement
of Financial Position

04

Interim Condensed

Consolidated Statement

of Cash Flows

Interim Condensed Consolidated Statement of Comprehensive Income

For the Six Months Ended 30 September 2021

		Unaudited	Unaudited
		30 Sep 2021	30 Sep 2020
	Note	$'000	$'000
Gross Rental Revenue		6,486	6,635
Direct Property Operating Expenses		(2,083)	(1,967)
Net Rental Revenue	4	4,403	4,668
Administration Expenses	5	(774)	(686)
Net Finance Costs	5	(605)	(656)
Total Operating Expenses		(1,379)	(1,342)
Total Operating Income		3,024	3,326
Net Unrealised Fair Value Gain/(Loss) on Investment and Development Properties		(9)	8,868
Transaction Costs		-	(12)
Net Profit Before Taxation		3,015	12,182
Income Tax	6	(499)	(647)
Net Profit After Taxation		2,516	11,535
Other Comprehensive Income		-	-
Total Comprehensive Income For the Period		2,516	11,535
Basic and Diluted Earnings Per Share (cents)	12	0.69	6.80

The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.

1

Interim Condensed Consolidated

Statement of Changes In Equity

For the Six Months Ended 30 September 2021

		Share	Accumulated	Total
		Capital	Losses
	Note	$'000	$'000	$'000
Opening Balance at 1 April 2021 (audited)		192,726	(30,365)	162,361
Net Profit After Taxation		-	2,516	2,516
Total Comprehensive Income For the Period		-	2,516	2,516
Dividends	13	-	(3,280)	(3,280)
Closing Balance at 30 September 2021 (unaudited)		192,726	(31,129)	161,597

For the Six Months Ended 30 September 2020

		Share	Accumulated	Total
		Capital	Losses
	Note	$'000	$'000	$'000
Opening Balance at 01 April 2020 (audited)		134,089	(42,294)	91,795
Net Profit After Taxation		-	11,535	11,535
Total Comprehensive Income For the Period			11,535	11,535
Shares Issued		28,671	-	28,671
Issue Costs		(897)	-	(897)
Dividends	13	-	(740)	(740)
Closing Balance at 30 September 2020 (unaudited)		161,863	(31,499)	130,364

The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.

2

Interim Condensed Consolidated

Statement of Financial Position

As at 30 September 2021

		Unaudited	Audited
		as at	as at
		30 Sep 2021	31 Mar 2021
	Note	$'000	$'000
Current Assets
Cash and Cash Equivalents		2,421	3,109
Trade Receivables, Other Receivables and Prepayments		3,251	2,631
Taxation Receivable		1,150	-
Total Current Assets		6,822	5,740
Properties held for Sale	9	43,450	42,560
Non-Current Assets
Investment Properties	8	144,794	130,234
Trade Receivables, Other Receivables and Prepayments		227	439
Total Non-Current Assets		145,021	130,673
Total Assets		195,293	178,973
Current Liabilities
Trade Payables, Accruals and Provisions		4,703	5,807
Taxation Payable		-	866
Other Current Liabilities		391	335
Total Current Liabilities		5,094	7,008
Non-Current Liabilities
Borrowings	10	28,300	9,400
Deferred Taxation	6	302	204
Total Non-Current Liabilities		28,602	9,604
Total Liabilities		33,696	16,612
Net Assets		161,597	162,361
Contributed Capital		192,726	192,726
Accumulated Losses		(31,129)	(30,365)
Shareholders Equity		161,597	162,361

The Board of Asset Plus Limited approved the interim condensed consolidated financial statements for issue on 29 November 2021.

Bruce Cotterill	Carol Campbell
Chairman	Chair Audit and Risk Committee

The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.

3