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Elders Performance Continues To Soar

April 14 2002

Hanover Group's business subsidiary, Elders Finance Limited today announces an after tax net profit of $4.9 million for six months ended December 31st 2001 - a substantial 104 percent increase from $2.4 million reported for the same period last year.

"The result represents a record performance and can be directly attributed to sound managerial, strategic decision making and a flexible scalable business structure," says Hanover Group CEO, Kerry Finnigan.

"Our diverse lending portfolio has capitalised on a broad range of finance opportunities and been the key to achieving steady and consistent growth, ensuring the long-term security for our investors. " Over the past year Elders Finance has experienced a marked increase in total revenues, considerable asset growth and a huge 260 percent increase in customer base.

The company also reports a rise in revenue for the first half of the fiscal year climbing to $22 million up from $12.8 million in December 2000.

With an asset base expanding to $409 million, Elders Finance management are confident that the company will be strongly positioned to achieve more profit growth for the full financial year as it expects to sustain its growth performance into the second half of the year.

During the past half-year, the total tangible assets of Elders Finance leapt from $134.9 to $300 million and the company's equity has grown to $30.9 million.

ENDS

Background

Elders Finance Limited http://www.eldersfinance.co.nz/

Business subsidiary of Hanover Group, Elders Finance is 100 percent New Zealand owned and has been a significant part of the country's financial landscape for nearly two decades - tracing its history back more than a century.

The projects Elders Finance lends to covers a broad base of New Zealand's core sectors, mainly on short-term mortgage. These sectors include property, forestry, tourism, healthcare, agriculture and business equipment leasing.

As of April this year assets under management were over $400 million.

Hanover Group Limited

Hanover Group is New Zealand's largest finance company with more than 600 employees and assets worth over $750 million.

The company was launched in November last year and the investment vehicle of Mark Hotchin and Cullen Investments.

The Hanover group of companies pursues a broad range of finance opportunities that are leveraged through the company's consolidated structure. This provides a diversified asset base and ensuing benefits for investors.

The group includes finance companies Elders Finance, Nationwide Finance, Leasing Solutions, Elders Home Loans, Hanover Securities, FAI Finance, Australian Finance Direct, NZ Home Bonds and strategic investments: Cogent Communications and U-Bix.


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