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Hanover Group After Tax Profit Up 35% to $105m

12 September 2006
Media Release

Hanover Group After Tax Profit Up 35% to $105m

One of New Zealand’s leading finance and investment banking institutions has reported a 35% increase in after tax profit to $105 million for the financial year to June 2006.¹

The organisation has consolidated assets of $1.82 billion. Total assets have grown from $1.74 billion in 2005, demonstrating Hanover’s careful selection and prudent management of its asset base.

In recent years the organisation has been steadily building its assets in Australia and has now reached a point where the Australian loan book represents 24% of its total asset base. Current Australian financial assets are predominantly property finance and consumer finance loans. Local banking funding lines to support growth have already been secured.

Chief Executive Andrew Schmidt says, “These results demonstrate that Hanover has firmly established itself in the financial services space and is now ready to pursue the natural evolution of the business into investment banking style activities such as funds management, private equity and private banking services.”

Hanover is committed to a ‘three pillar’ approach to its business structure, with the establishment of a Funds Management Division alongside the existing Finance and Property & Infrastructure Divisions.

Mr Schmidt says, “The evolution of our Funds Management Division is in direct resonse to investor feedback which indicates an appetite for new product offerings. We are already developing considerable expertise in private equity and funds management and this is an area of our business that we will develop further in the coming year.

Hanover Chairman Greg Muir says, “Hanover is a real New Zealand success story with an impressive track record of performance and growth, and today’s profit result demonstrates that.”

Shareholder Mark Hotchin says, “Under Mr Schmidt and his teams’ management, the business has been going from strength to strength. This is a great result and I look forward to continuing success in the coming year.”

ENDS

Footnote 1: Hanover’s financials are derived from the audited statements of its debt issuing finance companies and the management accounts of its privately held property and funds management divisions.

www.hanover.co.nz

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