GFL Geneva Finance

[percy]

GFL is now traded on Unlisted USX.
Geneva Finance Limited
Geneva Finance Ltd (Geneva) is a New Zealand-owned finance company that commenced operations in 2002 and provides consumer credit and financial services to the New Zealand market. Geneva originates loans through three main distribution channels (Direct, Broker and Dealer), processed through its national operations centre situated at Sylvia Park shopping centre, Mt Wellington, Auckland. Geneva has two principal business activities which are automobile lending and insurance. Automobile lending activities encompass the provision of finance to individuals, to assist them with the purchase of motor vehicles. Geneva’s finance products include hire purchase finance, and personal loans.


Number Of Shares Issued:
72,935,275
Last Financial Year EPS:
0.03
Market Capitalization:
18,963,171
P/E Ratio:
8.44
Last Price:
0.2600
Last 12 Months Gross Dividend Yield:
16.92%
ISIN Number
NZGFLE0001S8

Profile
https://prod-trade.usx.co.nz/api/fil...82a73bf6f7.pdf

Annual report.
https://prod-trade.usx.co.nz/api/fil...82a73bf166.pdf

Today's update.
USX ANNOUNCEMENT GENEVA FINANCE
Quarterly trading update: June 2024 (Q1, 31 March 2025 financial year)
Group Financial Performance
Group Pretax Profit of $2.4 million, was up $0.98 million (+71.4%) compared to the June 2023
quarter.
NZ Lending Operations
Formerly reported as separate operations (GFSL, Parent company, Stellar Collections, MFL,
Geneva Capital Limited).
Reported a $0.6 million loss, but this represents a $0.1 million improvement over the previous
year and includes NZX delisting costs of $0.2 million incurred to date. Cost of funds were up
$0.3m on Q1 prior year as the Group’s overall cost of funding remains high.
Q1 lending volume decreased by 21% compared to last year, despite an increase in lending
inquiries. Although asset quality is being maintained, the current challenging economic
environment is having an impact as additional provisioning was absorbed in the current quarter.
This is an area that is being monitored closely. Net Receivables Ledger amounts to $101.6 million,
up $1.5 million from the previous year.
The debt litigation and invoice factoring businesses have been exited, with efforts ongoing to
collect the remaining outstanding receivables.
Quest Insurance
The Insurance Business contributed a $2.5 million Q1 profit, being a $0.9 million increase on the
previous year quarter. Gross written premiums for the quarter increased by 18.1% to $14.0m.
Tonga Lending operations (FPF Tonga)
Pretax profit: $0.5m, equal to the Jun 2023 quarter.
Funding
Westpac Funding: $82.1m up $5.8m on last year.
Kiwi Bank: $1.9m, down 1.5m on last year as this facility is being repaid.
Wholesale investors: $17.0m, up $1.7m on last year.
Summary
The performance for Q1 2025, demonstrates an improvement in profitability, primarily driven by
strong performance from our insurance business.
NZ Lending Operations volumes are still recovering from previous challenges mainly due to
disruptions in sub-note funding (our contribution to the Westpac securitization facility)
experienced in Q3 and Q4 of the previous year for which a November 2023 3 EGM was needed.
Loan book quality remains stable amid a tough economic environment.

[percy]

What a pleasant surprise.

Geneva Finance March 2024 Final Dividend payment
15 August 2024 Dividend Announcement
Security: GFL
The Geneva board has resolved to declare a 1 cent per share final dividend for the March 2024 financial year payable on 23 August 2024.

Ex-dividend date is 16 August 2024

Record Date is 19 August 2024

Documents:
24 08 - Dividend.pdf
24 08 15 - Final Dividend March 24.pdf

[percy]

Notice is hereby given that the Annual Meeting of shareholders of Geneva Finance Limited will be held at the Waipuna Hotel & Conference Centre, Exhibition Hall, Mt Wellington on Thursday, 26 September 2024 commencing at 2:00pm.

[percy]

From today's Just Life Group Annual Report..
Just Life Group delisted from NZX and are now on Unlisted.
I would guess GFL will achieve similar savings;

As part of the delisting exercise there was estimated back-office savings of between $400,000 and
$450,000 to be realised. We are pleased to advise that we are on track with realising these savings
going forward.
I

[Sideshow Bob]

Shareholder Association intend to use undirected proxies to vote against adoption of a replacement constitution.

https://businessdesk.co.nz/article/m...m_medium=email (probably paywalled)

[percy]

Today's agm presentation;
https://prod-trade.usx.co.nz/api/fil...08b0816500.pdf

[percy]

MEDIA RELEASE 12 November 2024
RBNZ WARNING TO QUEST INSURANCE
The Reserve Bank of New Zealand (RBNZ) has concluded an investigation into matters that Quest
Insurance Group Limited (Quest) self-reported in 2021 and 2022.
Geneva Finance, Quest's parent company, announced the investigation to the market when it was
commenced in September 2023, and Quest has fully cooperated with RBNZ's inquiries. RBNZ has
decided that the appropriate outcome is to issue a warning to Quest.
The warning identified potential breaches of the Insurance (Prudential Supervision) Act 2010. One
matter related to a delay in establishing a statutory fund for Quest's life business in 2021. The
second related to a failure to maintain the required solvency margin for its non-life business in
2022. However, the RBNZ investigation has confirmed that overall solvency was at all times
maintained. Lastly, the RBNZ believed that the backdating of a transaction which balanced the nonlife solvency fund was likely to have also been a breach. Most importantly, the Reserve Bank
investigation has found that these potential breaches did not affect Quest's ability to pay sums due
to policyholders.
Quest has since strengthened its oversight and governance as well as its operational processes
and controls to prevent any such issues recurring. This includes strengthening of Quests board and
management positions as well as a core system replacement and company-wide policy and
procedures upgrades.
Malcolm Johnston
Managing Director
QUEST INSURANCE

Pleased this is settled.
Now I look forward to GFL's interim result due shortly.

[percy]

https://prod-trade.usx.co.nz/api/fil...a2067e5cc0.pdf

Quarterly update.Insurance enjoying strong growth.Finance still has ongoing impairments.

[percy]

Over the past week or two the 2,432,933 shares traded at 28 cents appear to have been the second largest shareholder selling out.
Pleasing seeing these shares being bought up quickly.
Whether the buyer who one day bought 1mil bought more or not time will tell.
Interesting noting GFL's current nta is 52 cents,and their Quest Insurance business is still growing at a fast pace.

[whatsup]

Over the past week or two the 2,432,933 shares traded at 28 cents appear to have been the second largest shareholder selling out.
Pleasing seeing these shares being bought up quickly.
Whether the buyer who one day bought 1mil bought more or not time will tell.
Interesting noting GFL's current nta is 52 cents,and their Quest Insurance business is still growing at a fast pace.

Percy, Its a pity that we cannot see the price chart longer than 3 months, 1 & 5 year chart would be of a great help.