Page 35 Advertisements Column 1

Press, 15 September 1988, Page 35

EQUITICORP FINANCE GROUP ANNOUNCES AUDITED RESULTS FOR 1988. Astrong per romance in challenging times. The past twelve months have been extremely difficult ones for many New Zealand companies, J| reflecting the economic downturn experienced in world / Sg financial markets and New Zealand in particular* / Against this challenging background the Equiticorp / Finance Group has achieved an audited tax paid profit of imo/ yt n r* $27 million for the fifteen months to 30 June 1988* Total 1 7 Net liOjlt assets of the group have increased to $1*468 billion and Z 'KT<7(F 1 / *77* i shareholders funds lifted to $171.5 million* 9.l2'jj JVlllllOTl This represents an annualised increase in profits of 1811 1 1181 42% — a particularly pleasing result which reflects the 1986 ’B7 ’BB strengths of the group during a period of very uncertain market conditions. Concentration of Activity... 1468 The New Zealand operations have traded well despite the Z? . adverse economic climate. The spread of our lending portfolio and / the commitment to keep overheads at a minimum ensured that all / , / sectors contributed well. T()t(ll AsSCtS During the period the purchase of Associated Midland I \ n*n* added substantially to the Australian assets, and rationalisation DllllOTl has been undertaken to ensure future performance in this sector. : h Prudent Provisions... 1986 ’ B7 "'' ’ BB ' In view of market conditions the Directors have undertaken a full review of finance receivables. Accordingly all known bad 1 “ "1 171 s |, ( debts (amounting to $14.3 million) have been written off. In / addition, a further $l4 million has been provided for / ' ■ contingencies. : These write-offs and provisions are much higher than in 10014 previous years but the Directors feel they are an inevitable result of ' J || PuTI/1 S the economic downturn. / NZS Million „ f-y ’ii • ' 1 1 • i-.* -A' ; '/L? L Equiticorp Finance Group will continue to play a dominant )g7 fgg . role in New Zealand, offering competitive interest rates and innovative funding products for its existing clients and the general public. The company is committed to providing sound, secure investment opportunities for all New Zealanders. The Directors would like to thank all those who have provided loyal support during particularly difficult times. We ■ believe the audited results provide an excellent foundation on which to build an even stronger future. For a personal copy of Equiticorp Finance Group’s J Consolidated Results write to: Freepost 790, Equiticorp Finance pp • * • Group, P.O. Box 7240, Auckland. Phone:39s-561. JCXJUITICOrp Finance Group i'. • X' ' . > mach/efg™ 4