Centuria Capital (CNI) AUD1...Corporate Profile Fig 7: Activities Centuria Capital Limited (CNI) is...

Daily Research Report: Centuria CapitalIncludes Q2/2019 Financials

Australia Edition Wednesday, September 09, 2020

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Centuria Capital (CNI) AUD2.10Centuria Capital falls 1.9% from 14-day high, announces an increase of shares

Centuria Capital Limited, Australia's 19th largest Diversifiedfinancials company by market cap, decreased 2.0c (0.9%)from its previous close of AUD2.12 on Tuesday. Compared withthe All Ordinaries Index which fell 131.3 points (2.1%) in theday, the relative price increase was 1.2%. It hit a 14-day highof AUD2.14 during the day but fell 1.9% before settling atAUD2.10 on Wednesday. Its Williams % R is -11.8 which suggestsit is overbought, a bearish signal. Its Relative Strength Index[RSI] is 89.5. An RSI reading of between 70 and 100 suggeststhe stock is close to its 14-day high, which is also a bearishsignal.There were 2,820,807 shares worth AUD5.9 million tradedtoday. The fall was exacerbated by a high volume of 1.9 timesthe average daily volume of 1.5 million shares.

TOTAL SHARES ON ISSUEThe company announced an increase of 593,434 shares(0.1%) in total shares on issue to 536,849,890 on September 07.SUBSTANTIAL SHAREHOLDER BUYINGVanguard Group bought 32,157,265 shares worthAUD63,671,385 ($US46,302,340) of Centuria Capital on August31, becoming a substantial shareholder with 32,157,265 shares.The last price was AUD2.0.

Fig 1: CNI Stock SummaryCurrency 1 AUD = 0.72 USDSep 09 close AUD2.10Ave Daily Volume 1,472,214 shares52-Week Range 1.32 - 2.68P/E 14.8Dividend Yield 4.6%Sector Diversified FinancialsShares Outstanding 536,849,890Market Cap AUD1.1 billion [USD815 million]EPS Growth (FY2019vs FY2018)

-28.3%

Click on links to download CNI data Financials in xls

In this Report:Highlights: (Click tab for direct access) PageSummary 1

Recent News 3

Corporate Profile 4

Bullish Signals 5

Ongoing Bullish Parameters 7

Bearish Signals 13

Ongoing Bearish Parameters 14

Board of Directors 15

Dividend 19

Financials H1/2019, FY 2019, Past 10 Years 20

Peer Group Analysis & Ranking 27

News Archives (Sep 2016 - Feb 2020) 31

3 FIN STMTS AS REPORTED: PAST 4 YEARS 35

Index 50

Glossary 53

Note also:Section Headers and Figures are mapped as Bookmarks in the PDFmenu (left, top)

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Fig 2: CNI Financials Summary: EPS down 28.3% to 14.20c in FY2019Net profit was down 7.2% from USD39.8 million in FY2018 to USD36.9 million in FY2019.Earnings Per Share (EPS) was down 28.3% from 19.80c in FY2018 to 14.20c in FY2019.

Year ended Jun FY2019 FY2018 FY2017Sales (USD M) 84.3 97.8 92.7

Pretax (USD M) 43.9 51 23.1

Net (USD M) 36.9 39.8 12.6

EPS (AUD) 0.142 0.198 0.1146

Fig 3: Long-Term Fundamental Ranking: 4 out of 5 [5 is best]Centuria Capital is ranked number 19 out of 206 listeddiversified financials companies in the Australia with a marketcapitalization of AUD1.1 billion.In the diversified financials companies it has the 15th highesttotal assets and 25th highest revenues.Within its sector it has a relatively low P/E of 14.8 and moderatePrice/Sales of 9.7.

It has a strong relative ROE of 9.2% and ROA of 4%.Stocks are scored on a set of parameters reflectingfundamental analytical tools involving valuation, size andfinancial performance. They are ranked according to theaverage values of those parameters. The highest ranking is 5and the lowest ranking is 1.

Fig 4: Short-Term Technical Ranking: 1 out of 5 [5 is best]Its short term rises have been combined with strong volumeresulting in strong momentum rises over 1, 5 and 30 days.Significantly its price of AUD2.10 is at a premium of 8% to its200-day moving average price of AUD1.95. Its 52-week rangehas been AUD2.68 to AUD1.32; it is trading at a discount of 21.8% to its 52-week high and a premium of 59.4 % to its 52-weeklow. AUD1,000 invested exactly one year ago is now worthAUD1,060 of which AUD10 is a capital gain and AUD50 isdividend reinvested.Recommended stop loss: AUD1.94

Stocks are scored on a set of technical parameters reflectingprice performance, overbought/ oversold levels and tradingvolumes. They are ranked according to the bullish/bearishvalues of those parameters. The highest ranking is 5 and thelowest ranking is 1.

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Recent News

Fig 5: DividendsJune 21: Centuria Capital announces dividendCenturia Capital today announced a final dividend of 5.20c per share, franked to 35%. The ex-dividend date is Monday, June29, 2020 and the record date is Tuesday, June 30, 2020 and it is payable on Wednesday, July 08.

Fig 6: Share CapitalSeptember 08: Centuria Capital increases issued capitalCenturia Capital (CNI.AU) has announced an increase of 593,434 shares (or 0.1%) in total shares on issue from 536,256,456 to536,849,890. The effective date is Monday, September 07.

September 03: Centuria Capital increases issued capitalCenturia Capital (CNI.AU) has announced an increase of 117,521 shares (or 0.02%) in total shares on issue from 536,138,935 to536,256,456. The effective date is Wednesday, September 02.

August 31: Centuria Capital increases issued capitalCenturia Capital (CNI.AU) has announced an increase of 64,912 shares (or 0.01%) in total shares on issue from 536,074,023 to536,138,935. The effective date is Monday, August 31.

August 28: Centuria Capital increases issued capitalCenturia Capital (CNI.AU) has announced an increase of 926,734 shares (or 0.2%) in total shares on issue from 535,147,289 to536,074,023. The effective date is Friday, August 28.

August 24: Centuria Capital increases issued capitalCenturia Capital (CNI.AU) has announced an increase of 184,281 shares (or 0.03%) in total shares on issue from 534,963,008 to535,147,289. The effective date is Monday, August 24.

August 19: Centuria Capital increases issued capitalCenturia Capital (CNI.AU) has announced an increase of 539,786 shares (or 0.1%) in total shares on issue from 534,423,222 to534,963,008. The effective date is Wednesday, August 19.

August 13: Centuria Capital increases issued capitalCenturia Capital (CNI.AU) has announced an increase of 1,921,149 shares (or 0.4%) in total shares on issue from 532,502,073 to534,423,222. The effective date is Thursday, August 13.

August 10: Centuria Capital increases issued capitalCenturia Capital (CNI.AU) has announced an increase of 5,220,566 shares (or 1.0%) in total shares on issue from 520,284,362 to525,504,928. The effective date is Monday, August 10.

July 14: Centuria Capital increases issued capitalCenturia Capital (CNI.AU) has announced an increase of 28,695,596 shares (or 5.9%) in total shares on issue from 483,075,292 to511,770,888. The effective date is Wednesday, July 15.

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Fig 7: People's NewsFri Jul 17, 2020Garry Charny's performance as Director of Centuria Capital (ASX:CNI) is ranked in the top 7% of BuySellSignals performers forthe past five years; a percentile ranking of 93.3. In the last 5 years the average annualized return to shareholders was 23.4%. The5-year average return is ranked 2,913 out of 43,347 public companies traded globally. A two-bagger, the present value ofUS$1,000 (PV1000) invested 5 years ago is now worth USD2,863; a capital gain of USD987 and dividend reinvested of USD875.

Corporate Profile

Fig 8: ActivitiesCenturia Capital Limited (CNI) is an Australian diversified funds management company. CNI markets and manages investmentproducts including friendly society investment bonds and property investment funds as well as direct interest in property fundsand other liquid investments. CNI operates in three segments namely, property funds management, investment bondsmanagement and co-investments.

Fig 9: Contact DetailsWebsite http://www.centuria.com.auPhysical Address Level 39, 100 Miller Street, NORTH SYDNEY, NSW, AUSTRALIA, 2060

Phone 02 8923 8923

Fax 02 9460 2960

Fig 10: Industry & SectorClassification Level Name of SectorBusiness Sector Banking & Investment Services

Industry Group Diversified Financial Services

Industry Diversified Financial Services

Economic Sector Financials

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Bullish Signals

Fig 11: Rank in the top 25% by Price Performance in the AustralianmarketDescription Value RankPrice/MAP50 1.16 In Top 22%

1-month Price Change % 14.4 In Top 25%

UptrendBeta > 1 combined with price rise. The Beta of the stock is 1.3.

Price/Moving Average Price of 1.08 and positive MACD:The Price/MAP 200 of 1.08 for Centuria Capital is higher than the Price/MAP 200 for the All Ordinaries Index of 1.01.•The price to 200-day MAP ratio is 1.08, a bullish indicator. In the past 200 days this ratio has exceeded 1.08, 75 timessuggesting further upside. The stock is trading above both its MAPs at AUD1.95 for the 200-day MAP and AUD1.81 for the 50-day MAP, a bullish indicator. The 200-day MAP has increased to AUD1.95. An increase is another bullish indicator.

•

The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 2.02minus the 26-day EMA of 1.92 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA arerising, another bullish signal.

•

The price to 50-day EMAP ratio is 1.1, a bullish indicator. In the past 50 days this ratio has exceeded 1.1, four timessuggesting further upside. The 50-day EMAP has increased to AUD1.86. An increase is another bullish indicator.

•

Past Month:Rises to Falls: In the past month the number of rises outnumbered falls 14:6 or 2.3:1.•

Past Quarter:The Best 3 weeks in the past quarterThe past month witnessed the best 2 weeks in the past quarter. In the past quarter the week beginning Monday August 31 sawthe highest weekly rise of 9.2% for a relative price increase of 11.6%. The rise was propped up by volume of 2 times average.

Mon-Fri Change % All Ordinaries index Change % RPC % Vol Ind [1 is avg]Aug 31-Sep 04 9.2 -2.4 11.6 2

Aug 03-07 5.9 1.4 4.5 0.6

Aug 17-21 3.9 0.1 3.8 0.9

Undervaluation

Price/Earnings of 14.8 < sector avg of 22.0:Price/Earnings of 14.8 versus sector average of 22.0 and market average of 30.4.•

Earnings Yield of 6.8% > Australian ave of 3.3%> Bond Yield of 1.0%:

Earnings yield of 6.8% is greater than the Australianaverage earning yield of 3.3%.

•

The earnings yield of 6.8% is 7.0 times the 10-year bondyield of 1.0%.

•

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(All figures in %)

Earnings Yield 6.8Australian avg 3.3

Dividend Yield 4.6

Bond Yield 1.0

Dividend Yield > Bond Yield of 0.97%:The dividend yield of 4.62% is 4.76 times the triple-A bond yieldof 0.97%. The times factor of 4.76 is above the benchmarkfactor of 0.67 times set by Benjamin Graham.(All figures in %)

Dividend Yield 4.62Bond Yield 0.97

Spread 3.65

MCap/Total Assets:Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.9. Compared with the rest of the market the stock isundervalued.

•

Other Bullish SignalsReturn on Assets of 4% versus sector average of 2.0% and market average of 1.3%.•Return on Capital Employed of 8.3% versus sector average of 4.1% and market average of 4.8%.•Net profit margin has averaged 35.4% in the last 3 years. This is considered superior and suggests a high margin of safety.•As per the Du Pont analysis, Return on Equity of 9.2% is better than sector average of 8.3%. This is computed as net profitmargin of 43.9% times asset turnover [sales/assets] of 0.09 times leverage factor [total assets/shareholders' equity] of 2.3.

•

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Ongoing Bullish Parameters

Fig 12: Past four-yearsCenturia Capital rose for a fourth consecutive year. In the past four years it has risen AUD1.25 (147.4%).•

Fig 13: Rank in the top 25% by Size in the Australian marketDescription Value RankMCap USD815 million In Top 15%

Ave daily Turnover AUD5.9 million In Top 15%

Annual Revenue AUD116 million In Top 25%

Fig 14: Rank in the top 21% by Performance in the Australian marketDescription Value RankEBITDA Margin % 69.5 In Top 16%

Net Profit Margin % 43.9 In Top 21%

Fig 15: Present Value of AUD1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs];The Best Periods with PVAUD1000 > 1,059PVAUD1,000 3 mo ago 1 yr ago 3 yrs agoCNI.ASX AUD1,145 AUD1,060 AUD2,343

Diversified Financials sector AUD994 AUD1,028 AUD1,482

All Ordinaries Index AUD979 AUD896 AUD1,056

Fig 16: The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 0.93-Year price change of 96.1% for Centuria Capital outperformed the change of 5.6% in the All Ordinaries index for a relativeprice change of 90.5%.

Price Change % Quarter Year 3 YearsCenturia Capital 11.3 1 96.1

Diversified Financials sector -0.6 3 48.2

All Ordinaries index -0.3 -10.3 5.6

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Fig 17: Moving Annual Return of 5.7% in the past year:Moving Annual Return was 5.7% in the past year. Based on adynamic start date of 5 years ago, the real rate of return hasaveraged 35.9%. The Moving Annual Return has consistentlyexceeded 5%.

CNI Close(AUD)

Dividends (AUD)

CapitalGain %

%Yield

AnnualReturn %

Sep 09 2.1 0.1 1 4.7 5.7

1 Yr ago 2.08 0.09 69 7.5 76.6

2 Yrs ago 1.23 0.08 14.8 7.7 22.5

3 Yrs ago 1.07 0.08 27.3 8.9 36.3

4 Yrs ago 0.84 0.05 30.2 8.1 38.3

Close 5 years ago 65.0c

Quotes from Legends: Annual Return

Fig 18: MCap: 3-Year Increase of AUD833 millionIn the past 3 years Market Capitalization has increased byAUD833.2 million (283%) from AUD294.2 million to AUD1.1 billion.Based on a dynamic start date of 3 years ago, there has beenno decline in MCap over the last 3 years.

Price MCap (AUD M) MCap (US$M)

Last AUD2.10 1,127.4 815

1 Year ago AUD2.08 836.2 571.7

2 Years ago AUD1.23 419.1 299.7

3 Years ago AUD1.07 294.2 236.3

Fig 19: Centuria Capital sees dividend rise for a fourth consecutive yearCenturia Capital reported dividends per share of 9.70c in the past year, up 4.9% from the previous year. This is the fourthconsecutive dividend increase. In the past 4 years average annual compound growth rate of dividends was 16.6%.

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Fig 20: Annualised Period-based Total Shareholder Returns [TSR %]: TheBest Periods with TSR > 5.9%TSR % 1 yr 3 yrs 5 yrs 10 yrsCNI.ASX 6 32.5 35 20.8

Fig 21: Safe Interest CoverInterest cover of 4.0 is above a safe benchmark figure of 3.However, it has decreased from 5.4 a year ago.Years Interest cover2019 3.98

2018 5.38

2017 5.31

2016 8.72

Fig 22: Increased Volume, up 3,133% in 5 yearsIn the past five years, Average Daily Volume of Trading (ADVT)has increased 3133.1% to 1.5 million shares.Avg. Daily Volume Traded 12 months ended Sep 09, millionsharesYear ADVT2020 1.5

2019 0.52

2018 0.41

2017 0.23

2016 0.05

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Fig 23: Increased VWAP, up 167% in 5 yearsIn the past five years Volume Weighted Average Price (VWAP)has increased by 166.8% to AUD1.96. Based on a dynamic startdate of five years ago, there has been no decline in VWAPover the last 5 years.Past five years, 12 months ended Sep 09 (AUD)Year High Price VWAP Low Price2020 2.68 1.96 1.32

2019 2.16 1.52 1.14

2018 1.3 1.2 1.07

2017 1.18 0.93 0.77

2016 0.87 0.74 0.61

Fig 24: Increased share turnover, up 9,005% in 5 yearsIn the past five years, average daily share turnover hasincreased 9004.6% to AUD2.8 million. This suggests increasedliquidity.Past five years, 12 months ended Sep 09 (AUD million)Year Average Daily Turnover2020 2.8

2019 0.8

2018 0.49

2017 0.22

2016 0.03

Fig 25: Satisfies four criteria of Benjamin Graham"An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 6.8% is 7 times the triple-A bondyield of 1%.

•

"A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 4.8 times the triple-A bond yieldof 1%.

•

"Total debt less than tangible book value"; total debt of AUD303.1 million (US$212.9 million) is less than tangible book valueof AUD393.7 million (US$276.5 million).-"Current ratio of two or more"; current assets are 3.7 times current liabilities.

•

"Total debt equal or less than twice the net quick liquidation value"; total debt of AUD303.1 million (US$212.9 million) is 0.4times the net liquidation value of AUD817.49 million (US$574.2 million).

•

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Fig 26: Rising Relative StrengthIn the Australia market, the stock's relative price strengthpercentile is rising at 18 for 6 months, 52 for 3 months and 74 for30 days..

Quotes from Legends: Relative Strength

Fig 27: % Change (Tr. 12 Mo): Stock (1.0%) v Index (-10.3%)In the past 12 months Centuria Capital has outperformed the All Ordinaries index by 11.3%.

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Fig 28: P/E plus Inflation < 19The P/E of 14.8 plus annual inflation in the Australia of -0.3%adds up to 14.5, well within the value benchmark Rule of 19.

Fig 29: Stock P/E of 14.8 < Sector P/E of 22.0The P/E of 14.8 is better value compared with sector averageof 22.0.

Fig 30: Turnover Period Above Average

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Fig 31: Rank in the All Ordinaries Index [out of 475 stocks]Description Value RankNet Profit Margin % 43.9 36

* 1 year ago AUD 1 = USD 0.69; Sep 09, 2020: AUD 1 = USD 0.72

Bearish Signals

Fig 32: Rank in the bottom 16% by Relative Valuation in the AustralianmarketDescription Value RankPrice to Sales 9.7 In Bottom 16%

Downtrend

Trailing Relative Strength (6 months) at 18 percentile:The stock has a 6-month relative strength of 18 in the Australian market of 1,532 stocks and 22 units indicating it is trailing82% of the market.

•

Other Bearish SignalsTotal Liabilities/EBITDA of 9 is more than or equal to 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.•

Overbought/Bearish Signals:The Relative Strength Index (RSI) of 89.5 has penetrated the overbought line of 70, suggesting the price gain of 12.3% in thelast 14 days is unusually high.

•

The stock is overbought according to the Williams % R indicator of -11.8, suggesting the price is close to its 14-day high ofAUD2.14.

•

The Money Flow Index [MFI] is 84.9 suggesting an overbought 14-day trend, being above 80. The Money Ratio of 5.6suggests positive money flow was 5.6 times negative money flow.

•

The Stochastic indicator of 91.3 has broken through the overbought line of 80; this indicates the price is close to its 14-dayhigh and is likely to revert to a downtrend.

•

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Ongoing Bearish Parameters

Fig 33: Total Shares on Issue: 5-Year Increase of 359.2%In the past 5 years total shares on issue have increased by 280.7 million (359.2%) from 78.1 million to 358.8 million. Buybacks haveaveraged 303,416 shares [0.4%] per financial year. Based on a dynamic start date of 5 years ago, there have been declines inissued capital in 2 out of 5 years. An increase in total shares on issue is an unfavourable indicator in Joseph Piotroski's 9indicators.

Year End (Jun 30) Total Shares on Issue2019 358,809,337

2018 277,224,977

2017 150,835,465

2016 76,649,506

2015 77,855,000

2014 78,131,000

Fig 34: EPS growth [FY2019 vs FY2018] of -28.3%:FY EPS (c) Growth %2019 14.2 -28.3

2018 19.8 72.7

Fig 35: Rank in the All Ordinaries Index [out of 475 stocks]Description Value RankMCap (US$ M) 815 196

Total Assets (US$ M) 924.1 175

Revenue (US$ M) 83.8 315

Net Profit (US$ M) 36.7 171

Return on Equity % 9.2 195

Price to Book 2.9 225

Price Earnings 14.8 145

Yield % 4.6 140

PV$1000 (1Year) US$* 1,121 151

% Change YTD -2.7 171

* 1 year ago AUD 1 = USD 0.69; Sep 09, 2020: AUD 1 = USD 0.72

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Board of Directors

Fig 36: Board and ManagementName Designation Since AppointmentJohn McBain Chief Executive Officer, Executive Director 12 Yrs, 5 Mos

Garry Charny Chairman, Independent Non-ExecutiveDirector

4 Yrs, 5 Mos

Simon Holt Chief Financial Officer 4 Yrs, 4 Mos

Nicholas Collishaw Executive Director

Jason Huljich Executive Director 12 Yrs, 9 Mos

John Slater Independent Non-Executive Director

Peter Done Non-Executive Director

Susan Wheeldon - Steele Non-Executive Director 4 Yrs

Charisse Nortje Company Secretary 3 Yrs, 5 Mos

Anna Kovarik Company Secretary 2 Yrs, 2 Mos

James Lonie Company Secretary 3 Yrs, 2 Mos

Fig 37: Profiles

John McBain (CEO & Executive Director)Experience and expertise :John was a founding director and major shareholder in boutique property funds manager Century Funds Management, whichwas established in 1999 and was acquired by Over Fifty Group in July 2006. He joined the Over Fifty Group Board on 10 July 2006and was appointed Chief Executive Officer in 2008. In 2011 the company was renamed Centuria Capital.Prior to forming Century, in 1990 John founded Hanover Group, a specialist property investment consultancy and in 1995 heformed Waltus Investments Australia, a dedicated property fund manager. John formerly held senior positions in a number ofproperty development and property investment companies in Australia, New Zealand and the United Kingdom.Other directorships : John is also a director of QV Equities Limited, a licensed investment company listed on the ASX.Special responsibilities : Chief Executive OfficerInterests in CNI : Ordinary stapled securities5,035,745Performance rights granted1,473,568Shareholder Value:Creation of shareholder value in Centuria Capital:Month of appointment: April 2008In the last 10 years the average annualized return to shareholders was 20.8%. The present value of AUD1,000 (PV1000) invested10 years ago is now AUD6,620, a gain of AUD5,620.

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Garry Charny (Chairman & Independent Non-Executive Director)Experience and expertise : Garry was appointed to the Board on 23 February 2016 and appointed Chairman on 30 March 2016.He is Managing Director and founding principal of Wolseley Corporate, an Australian based corporate advisory and investmenthouse which transacts both domestically and internationally.He has had a broad range experience in both listed and unlisted companies across a diverse range of sectors includingproperty, retail, technology and media. He formerly practised as a barrister in the fields of commercial and equity.Other directorships : Garry is Chairman of Wolseley Corporate. He is also Chairman of Spotted Turquoise Films, an internationalFilm and Television company based in Sydney and Los Angeles. He is Chairman of Shero Investments, a Sydney basedinvestment company.Special responsibilities : Chairman of the BoardChairman of the Conflicts CommitteeChairman of the Nomination and Remuneration CommitteeMember of the Audit, Risk Management and Compliance CommitteeInterests in CNI : Ordinary stapled securities196,573Shareholder Value:Creation of shareholder value in Centuria Capital:Since appointment as Chairman: The present value of AUD1,000 invested on the appointment date of March 30, 2016 at closeprice of 75.10c is AUD3,696, including a capital gain of AUD1,796 and dividend reinvested of AUD900.

Simon Holt (CFO)Simon joined Centuria Capital as Chief Financial Officer in May 2016. He brings with him awealth of local and global experience covering the corporate, treasury and listedsecuritisation areas.He is accountable for financial and treasury management of the Group and, with the CEO, isalso tasked with a specific focus on expanding the parent company, Centuria Capital.Simon was most recently Chief Financial Officer of WorleyParsons where he spent eight years.Previously, he held a range of senior Finance positions at Westfield Group and Westfield Trust,again spanning eight years.Simon is a Chartered Accountant and holds a degree in Business (major in Accounting andMarketing). He is also a Member of Australian Institute of Company Directors.Shareholder Value:Creation of shareholder value in Centuria Capital:Since appointment as CFO: The present value of AUD1,000 invested on the appointment dateof May 04, 2016 at close price of 75.47c is AUD3,678, including a capital gain of AUD1,783 anddividend reinvested of AUD895.

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Jason Huljich (Executive Director)Jason is the Centuria Group Joint CEO and has been with Centuria since its formation in 1999.He has extensive experience in the commercial property sector with specialist skills in propertyinvestment and funds management. He is a past President of the Property Funds Association(PFA) and currently sits on the National Executive Committee. The PFA is the peak industrybody representing the $125 billion direct property investment industry.Jason is an Executive Director of the ASX listed Centuria Capital and Centuria Property Funds,which is the Responsible entity to 18 unlisted funds and 2 listed A-REITs. In his role he isresponsible for providing strategic leadership and ensuring the effective operation of CPFL'sunlisted property portfolio.Jason holds a Bachelor of Commerce (Commercial Law) from the University of Auckland, NewZealand.Shareholder Value:Creation of shareholder value in Centuria Capital:Since appointment as Executive Director: The present value of AUD1,000 invested on theappointment date of November 28, 2007 at close price of AUD1.37 is AUD3,533, including acapital gain of AUD538 and dividend reinvested of AUD1,995.

Nicholas Collishaw (Executive Director)Experience and expertise :Nicholas was appointed CEO - Listed Property Funds at Centuria Property Funds on 1 May 2013 and to the Board on 27 August2013.Prior to this role, Nicholas held the position of CEO and Managing Director at the Mirvac Group. During his time at Mirvac (2005-2012), Nicholas was responsible for successfully guiding the business through the GFC and implementing a strategy of sustainedgrowth for the real estate development and investment company. During Nicholas' 30 year career, he has held senior positionswith James Fielding Group, Paladin Australia, Schroders Australia and Deutsche Asset Management. He has extensiveexperience in all major real estate markets in Australia and investment markets in the United States, United Kingdom and theMiddle East.Nicholas is Deputy Chair of the UNSW Built Environment Advisory Council.Other directorships : None.Special responsibilities :CEO - Listed Property FundsInterests in CNI : Ordinary stapled securities2,263,136Performance rights granted856,250

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John Slater (Independent Non-Executive Director)Experience and expertise:John was appointed to the Board on 22 May 2013 having been an adviser to the Centuria Life Friendly Society InvestmentCommittees since 2011.John was a senior executive in the KPMG Financial Services practice from 1989 to 1999 and acted as State director of theBrisbane practice. He has also served on the Investment Committees of KPMG Financial Services, Berkley Group and ByronCapital.In 2008, John founded boutique Financial Advisory firm Riviera Capital, subsequently sold in 2016 and has a wealth of financialservices experience.Other directorships :None.Special responsibilities : Member of the Audit, Risk Management and Compliance CommitteeMember of the Nomination and Remuneration CommitteeInterests in CNI : Ordinary stapled securities2,400,000

Peter Done (Non-Executive Director)Experience and expertisePeter was appointed to the Board on 28 November 2007. Peter was a partner of KPMG for 27 years until his retirement in June2006.He has extensive knowledge in accounting, audit and financial management in the property development and financialservices industries, corporate governance, regulatory issues and Board processes through his many senior roles.Other directorships : None.Special responsibilities : Chairman of the Audit, Risk Management and Compliance CommitteeMember of the Nomination and Remuneration CommitteeMember of the Investment CommitteeInterests in CNI : Ordinary stapled securities900,000

Susan Wheeldon - Steele (Non-Executive Director)Susan is the Head of Performance at Google where she works with major national and global companies to develop anddeliver growth strategies that future proof and build clients' businesses and brands in a constantly changing environment.She has previous experience in retail property asset management at AMP Capital Shopping Centres, as Head of Brand & Retail,responsible for delivering alternative revenue from 38 retail assets across Australia and New Zealand with combined annualsales in excess of $5 billion.During her career Susan has held a number of senior roles in Australia and the United Kingdom across a diverse range ofindustries including global law firms DLA Piper and King & Wood Mallesons, working with the Virgin Australia & Virgin Atlanticairline brands, and as Vice President of Groupon.She holds an MBA from the Australian Graduate School of Management (AGSM) and is a member of Australian Institute ofCompany Directors.Shareholder Value:Creation of shareholder value in Centuria Capital:Since appointment as Non-Executive Director: The present value of AUD1,000 invested on the appointment date of August 31,2016 at close price of 81.79c is AUD3,394, including a capital gain of AUD1,568 and dividend reinvested of AUD826.

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Charisse Nortje (Company Secretary)Shareholder Value:Creation of shareholder value in Centuria Capital:Since appointment as Company Secretary: The present value of AUD1,000 invested on the appointment date of March 29,2017 at close price of 92.13c is AUD2,836, including a capital gain of AUD1,279 and dividend reinvested of AUD556.

Anna Kovarik (Company Secretary)Shareholder Value:Creation of shareholder value in Centuria Capital:Since appointment as Company Secretary: The present value of AUD1,000 invested on the appointment date of July 05, 2018at close price of AUD1.29 is AUD1,866, including a capital gain of AUD625 and dividend reinvested of AUD241.

James Lonie (Company Secretary)Shareholder Value:Creation of shareholder value in Centuria Capital:Since appointment as Company Secretary: The present value of AUD1,000 invested on the appointment date of June 16, 2017at close price of 95.73c is AUD2,729, including a capital gain of AUD1,194 and dividend reinvested of AUD535.

Dividend

Fig 38: Dividend HistoryIn the past 5 years annual dividends have increased by 4.4c from 5.2c to 9.7c. Based on a start date of 5 years ago, there hasbeen no decline in dividends over the last 5 years.

Date Paid Value (c) Type29 Jun 2020 5.2 Final

30 Dec 2019 4.5 Interim

Tr 12 Months 9.7

27 Jun 2019 5 Final


2018 - 2019 9.25

28 Jun 2018 4.1 Final


2017 - 2018 8.2

27 Jun 2017 5.2 Final

05 Jan 2017 2.3 Interim

2016 - 2017 7.5

23 Aug 2016 3 Final

26 Feb 2016 2.25 Interim

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2015 - 2016 5.25

Financials H1/2019, FY 2019, Past 10 Years

Fig 39: Half-Yearly Report: Key ParametersCenturia Capital reports 251% rise in Half-Yearly Net ProfitRelease Date: February 12, 2020Centuria Capital (ASX:CNI), announced net profit of $A78.0m for the half year-ended 31 December 2019, up 250.9% from theprevious corresponding period.

Compared with the previous corresponding period [PCP; H/31 Dec 2018], year-over-year [y.o.y.] Revenue was up 44.5% andNet Profit was up 250.9%.

Half year-ended 31 Dec 2019 31 Dec 2018EPS, c 18.6 6.4

PCP growth in EPS % 191 -52

Revenue, $ARevenue, $USPCP growth in Revenue % 44.5 -28.1

Net Profit, $A million 78.0 22.2

Net Profit, $US million 54.7 15.6

PCP growth in Net Profit % 251 -38.8

Currency Conversion (December 31, 2019): $US1 = $A1.43Currency Conversion (December 31, 2018): $US1 = $A1.42

Fig 40: Annual Report (FY 2019): Key ParametersCenturia Capital Net Profit down 7.2%Release Date: August 13, 2019Centuria Capital (ASX:CNI) reported net profit for the year-ended 30 June 2019 [FY2019] of $A50.8m, down 7.2% from $A54.8min the previous year [FY2018]. Earnings per share (EPS) were down 28.3% from 20.0c in FY2018 to 14.0c in FY2019.

Major changes compared with previous year (FY2019 vs FY2018):Favourable Changes:

EBIT Margin up from 64.0% to 69.5%•Current Debtors to Total Assets up from 1.9% to 5.5%•Net tangible assets per share up 9.6% from $A0.94 (US69.5c) to $A1.03 (US72.1c)•

Unfavourable Changes:Net profit down 7.2% from $A54.8m ($US40.5m) to $A50.8m ($US35.7m)•EPS slumps 30% from 20.0c (US14.66c) to 14.0c (US9.97c)•Interest cover down 26% from 5.4 to 4.0•EBIT to total assets down from 7.6% to 6.3%•

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Interest expenses to Sales up from 11.9% to 17.5%•Current ratio down 7.3% from 4.0 to 3.7•Retained earnings to total assets down from 1.4% to 1.0%•Total non-current assets to Total Assets down from 13.9% to 12.3%•Total Liabilities to EBITDA of 9.0 compares unfavourably with the Joseph Piotroski benchmark of <5. This ratio hasdeteriorated by 11.4% from the previous year's ratio of 8.1.

•

Note:Profit before tax to Sales down from 52.1% to 52%•Debt to Equity steady at 0.6•Total liabilities to Total assets steady at 0.6•Working capital to total assets steady at 64.0%•Total current assets to Total Assets up from 86.1% to 87.7%•Short-term investments to Total Assets down from 75.1% to 72%•Intangibles to Total Assets down from 13.9% to 12.3%•

Fig 41: Year-on-year comparison of Performance Ratios [FY2019 vsFY2018]June 30 FY2019 FY2018 Change (%)Return on Equity (%) 9.2 12.7 Down 27.6

Total debt to net tangible assets (%) 77 86.7 Down 11.2

Debt/Equity (Down 1.8% from 0.56 to 0.55) 0.6 0.6 Down 1.8

Total Liabilities/Total Assets (Down 6.6% from 0.61 to 0.57) 0.6 0.6 Down 6.6

Current Ratio 3.7 4 Down 7.3

Common Size Ratios by Assets %Total current assets to Total Assets 87.7 86.1 Up 1.8

Short-term investments to Total Assets 72.0 75.1 Down 4.2

Intangibles to Total Assets 12.3 13.9 Down 11.2

Total non-current assets to Total Assets 12.3 13.9 Down 11.2

Current Debtors to Total Assets 5.5 1.9 Up 193.6

Common Size Ratios by Sales %Profit before tax to Sales 52.0 52.1 Down 0.2

Interest expenses to Sales 17.5 11.9 Up 47.2

Tax expenses to Sales (8.1) (10.3) Up 21.5

Currency Conversion (June 30, 2019): $US1 = $A1.42Currency Conversion (June 30, 2018): $US1 = $A1.35

Three-year record of growth and performance:In the last 3 years EBITDA averaged $A68.6M ($US48.2M) and Net Profit averaged $A41M ($US28.8M).

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Description Annual ($AM)

Annual ($USM)

3-year Avg($A M)

3-year Avg($US M)

3-year CAGR%

EBITDA 80.6 56.6 68.6 48.2 50.6

Operating Profit 80.6 56.6 68.6 48.2 50.6

Net Profit 50.8 35.7 41 28.8 60.4

Three-year record of EBITDA, Operating Profit, Net Profit, ROE and ROAIn 2019 Net Profit Margin of 43.9% was above its 3-year Avg of 35.4% (All Figures in %)

Description 2019 3-year AvgEBITDA Margin 69.5 54.7

Operating Profit Margin 69.5 54.7

Net Profit Margin 43.9 35.4

Return on Equity 9.2 9.9

Return on Assets 4 3.8

Financials in xls

Fig 42: Financial Results as reported (FY 2019)RESULTS OF OPERATIONS AND FINANCIAL CONDITION(In $A Thousand, except per share data and shares outstanding)

Fig 43: INCOME STATEMENT AS REPORTED (FY 2019)Description $A Thousand $A ThousandJun 30 2019 2018 Change %Revenue 115,977 134,513 Down 13.8

Share of net profit of equity accounted investments 30,213

Net movement in policyholder liability 17,370 9,053 Up 91.9

Fair value movements of financial instruments and property -2,262 10,103 Deterioration

Expenses -80,692 -67,617 Deterioration 19.3

Finance costs -20,262 -15,989 Deterioration 26.7

Profit before tax 60,344 70,063 Down 13.9

Income tax expense -9,403 -13,873 Improved 32.2

Profit after tax 50,941 56,190 Down 9.3

Profit after tax is attributable to:Centuria Capital Limited 19,611 24,540 Down 20.1

Centuria Capital Fund (non-controlling interests) 31,184 30,225 Up 3.2

External non-controlling interests 146 1,425 Down 89.8

Profit after tax 50,941 56,190 Down 9.3

Other comprehensive incomeTotal comprehensive income for the year 50,941 56,190 Down 9.3

Total comprehensive income for the year is attributable to:

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Centuria Capital Limited 19,611 24,540 Down 20.1


External non-controlling interests 146 1,425 Down 89.8

Total comprehensive income 50,941 56,190 Down 9.3

Profit after tax attributable to:Centuria Capital Limited 19,611 24,540 Down 20.1


Profit after tax attributable to Centuria Capital Groupsecurityholders

50,795 54,765 Down 7.2

Earning per Centuria Capital Group securityBasic (cents per stapled security) 14.20c 19.80c Down 28.3

Diluted (cents per stapled security) 13.20c 18.10c Down 27.1

Earnings per Centuria Capital Limited shareBasic (cents per share) 5.50c 8.90c Down 38.2

Diluted (cents per share) 5.10c 8.10c Down 37.0

NO OF SHARES BASIC 358,809,337 277,224,977 Up 29.4

NO OF SHARES DILUTED 383,381,274 301,789,890 Up 27.0

Fig 44: BALANCE SHEET AS REPORTED (FY 2019)Description $A Thousand $A ThousandJun 30 2019 2018 Change %Cash and cash equivalents 124,673 101,914 Up 22.3

Receivables 69,862 21,164 Up 230.1

Income tax receivable 161

Financial assets 356,114 644,832 Down 44.8

Other assets 5,741 2,036 Up 182.0

Investment properties held for sale 63,400

Equity accounted investments 386,713

Investment properties 177,500 147,100 Up 20.7

1,120,603 980,607 Up 14.3

Intangible assets 157,663 157,663 Steady

157,663 157,663 Steady

Total assets 1,278,266 1,138,270 Up 12.3

Payables 42,232 32,405 Up 30.3

Liability to 360 Capital Group 41,161

Provisions 1,878 1,597 Up 17.6

Borrowings 303,110 245,739 Up 23.3

Interest rate swaps at fair value 28,814 23,411 Up 23.1

Benefit Funds policyholder's liability 339,557 349,677 Down 2.9

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Provision for income tax 813

Deferred tax liabilities 10,494 3,119 Up 236.5

684,666 664,704 Up 3.0

Total liabilities 726,898 697,109 Up 4.3

Net assets 551,368 441,161 Up 25.0

EquityEquity attributable to Centuria Capital LimitedContributed equity 128,164 98,770 Up 29.8

Reserves 2,101 1,896 Up 10.8

Retained earnings 12,438 28,005 Down 55.6

Total equity attributable to Centuria Capital Limited 142,703 128,671 Up 10.9

Equity attributable to Centuria Capital Fund (non-controlling interests)Contributed equity 343,438 244,930 Up 40.2

Retained earnings 19,067 18,183 Up 4.9

Total equity attributable to Centuria Capital Fund (non-controlling interests)

362,505 263,113 Up 37.8

Total equity attributable to Centuria Capital Groupsecurityholders

505,208 391,784 Up 29.0

Equity attributable to external non-controlling interestsContributed equity 32,927 32,927 Steady


Total equity attributable to external non-controlling interests 46,160 49,377 Down 6.5

Total equity 551,368 441,161 Up 25.0

Fig 45: CASH FLOW AS REPORTED (FY 2019)Description $A Thousand $A ThousandJun 30 2019 2018 Change %Cash flows from operating activitiesManagement fees received 46,330 50,322 Down 7.9

Performance fees received 1,361 23,768 Down 94.3

Rent received 20,775 23,349 Down 11.0

Interest received 6,863 9,985 Down 31.3

Distributions received 34,628 22,760 Up 52.1

Interest paid -15,761 -14,162 Deterioration 11.3

Income taxes paid -1,052 -16,817 Improved 93.7

Payments to suppliers and employees -64,906 -53,440 Deterioration 21.5

Applications - Benefits Funds 17,160 21,942 Down 21.8

Redemptions - Benefits Funds -32,494 -30,777 Deterioration 5.6

Net cash provided by operating activities 12,904 36,930 Down 65.1

Cash flows from investing activities

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Proceeds from sale of related party investments 3,552 62,494 Down 94.3

Purchase of investments in related parties -173,294 -123,760 Deterioration 40.0

Loans to related parties for purchase of properties -5,865

Repayment of loans by related parties 5,865 2,000 Up 193.2

Purchase of other investments -72,263 -52,723 Deterioration 37.1

Loans provided to other parties -5,925 -25,980 Improved 77.2

Loans repaid by other parties 25,980

Proceeds from sale of investment property 22,600 22,000 Up 2.7

Payments in relation to investment properties -1,896 -8,840 Improved 78.6

Benefit Funds disposals of investments in financial assets 20,001 13,202 Up 51.5

Collections from reverse mortgage holders 953 2,113 Down 54.9

Payments for property plant and equipment -3,713 -788 Deterioration 371.2

Cash contribution to related party -20,000

Purchase of equity accounted investments -23,960

Proceeds from sale of investments 136,899

Return of investment to external non-controlling interests -5,366

Deconsolidation of controlled property funds cash balance -766

Net cash used in investing activities -111,181 -96,299 Deterioration 15.5

Cash flows from financing activitiesProceeds from issues of securities to securityholders ofCenturia Capital Group

100,119 98,639 Up 1.5

Equity raising costs paid -3,179 -3,710 Improved 14.3

Proceeds from borrowings 80,000 37,748 Up 111.9

Repayment of borrowings -21,705 -14,185 Deterioration 53.0

Capitalised borrowing costs paid -1,725 -446 Deterioration 286.8

Distributions paid to securityholders of Centuria CapitalGroup

-29,111 -24,310 Deterioration 19.7

Distributions paid to external non-controlling interests -3,363 -6,835 Improved 50.8

Net cash provided by financing activities 121,036 86,901 Up 39.3

Net increase in cash and cash equivalents 22,759 27,532 Down 17.3

Cash and cash equivalents at the beginning of the financialyear

101,914 74,382 Up 37.0

Cash and cash equivalents at end of year 124,673 101,914 Up 22.3

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Fig 46: Financials Past 10 YearsDescription (June30)

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

Income StatementRevenueper share

0.3 0.45 0.83 0.67 0.55 0.95 0.6 0.58 0.45 0.76

OtherRevenue(M)

5 2 2.7

EBIT (M) 80.6 86.1 39.1 23.6 27.6 23.3 19.8 18.1 30.1

Interest(M)

20.3 16 7.4 2.7 3.9 10.2 12.4 16.1 16.8 17.2

Profitbeforetax (M)

60.3 70.1 31.7 20.9 17.4 10.9 3.7 1.3 12.9

Tax (M) (9.4) (13.9) (5.4) 8.8 6.2 8.3 3.6 1.7 4.2 6.6

Net profit(M)

50.8 54.8 17.3 12.3 8.6 9.1 7.3 2 (2.9) 6.3

EPS 0.14 0.2 0.11 0.15 0.11 0.12 0.09 0.03 (0.04) 0.08

Balance SheetEquityShareCapital(M)

551.4 441.2 342 118 108.9 103.4 95.4 90.4 90.5 95.6

RetainedEarnings

13.2 M 16.4 M 30.5 M 28.5 M 20 M 767,000 767,000 (8.9 M) (2.2 M)

TotalDebt (M)

303.1 245.7 236.1 60 126.2 147.3 180.9 196.9 204.5

TotalAssets

1.3 B 1.1 B 1 B 575.8 M 551.3 M 666.2 M 717 M 776.2 M 828.9 M 892.4 M

CurrentAsset

1.1 B 980.6 M 884.9 M 26.8 M

FixedAsset

35.7 M 1.1 M 1 M 728,000 763,000 1.3 M 1.2 M

WorkingCapital(M)

817.5 734.9 614.9

Cash FlowOperating CashFlow (M)

12.9 36.9 51.5 (36.8) (50.2) (19.7) (35.6) (31.4) (22.8) (27.2)

InvestingCashFlow (M)

(111.2) (96.3) (238.9) 44.7 3.6 50.2 44.1 56.4 7.6 61.9

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FinancingCashFlow (M)

121 86.9 177.4 35.1 36.5 (3) (23.5) (3.3) (9.5) (7.6)

Net CashFlow (M)

22.8 27.5 (9.9) 43 (10.1) 27.5 (15) 21.7 (24.7) 27.1

Peer Group Analysis & Ranking

Fig 47: Global Peer Group (all figures in USD): Key FinancialsIn its Global Peer Group of 9 companies CNI is ranked third by Revenue, fifth by MCap, PV $1000 (1 yr), Total Assets, sixth by NetProfit and eighth by Relative Str. (6 mo).

Name (Code)Relative Str.(6mo)

MCap PV $1000(1 yr) Revenue Net

ProfitTotalAssets

Rank of CNI 8 5 5 3 6 5Centuria Capital (CNI) 34 815M 1,121.0 84.4M 37M 930.2M

Canoe EIT Income Fund (EIT.UN) 50 834.4M 1,076.3 (51.8M) 1.1B

John Laing Environmental Assets (JLEN) 54 833.1M 1,174.4 77.8M 70.1M 685.6M

JP Morgan Euro Small Companies Trust (JESC) 70 825.6M 1,206.3 -56,080,027 (68M) 841.9M

BH Macro (BHMG) 80 815.8M 1,375.0 59.5M 570.8M

Nextenergy Solar Fund (NESF) 44 806.9M 1,046.0 -19,077,377.1 (39M) 1.1B

Law Debenture (LWDB) 45 795M 1,055.4 87.7M 170.7M 1.2B

Blackrock Smaller Company Trust (BRSC) 28 777.5M 970.1 132.5M 122.3M 1.1B

Ophir High Conviction Fund (OPH) 80 766.1M 1,243.6 28.6M 68.9M 383.5M

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Global Peer Group: Relative Value IndicatorsCNI is ranked first by Turnover Rate, third by P/S and fifth by P/E, P/Book.

Name (Code) CountryCode Last Price P/E P/S P/Book Turnover Rate

(%)% Disc to 52-wHi

Rank of CNI 5 3 5 1Centuria Capital (CNI) AU AUD2.10 14.9 9.8 2.9 61.8 21.0

Canoe EIT Income Fund(EIT.UN)

CA CAD9.29 1.0 49.1 11.3

John Laing EnvironmentalAssets (JLEN)

GB GBX116.0 9.5 10.7 1.2 38.0 5.1

JP Morgan Euro SmallCompanies Trust (JESC)

GB GBX394.0 40.0 25.4 2.7

BH Macro (BHMG) GB GBX3,600.0 1.5 31.3 1.9

Nextenergy Solar Fund(NESF)

GB GBX105.0 10.0 1.1 33.7 13.2

Law Debenture (LWDB) GB GBX511.0 4.7 9.1 41.1 18.3

Blackrock SmallerCompany Trust (BRSC)

GB GBX1,212.0 6.2 5.9 57.7 31.9

Ophir High Conviction Fund(OPH)

AU AUD2.94 6.8 27.0 11.0 3.3

Fig 48: Global Peer Group - Price Performance

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Fig 49: Global Peer Group - Total Shareholder Returns [TSR in USD]

Fig 50: BuySellSignals Fundamentals Valuation Ranking: CenturiaCapital vs Australian MarketOut of 1,532 stocks and 22 units in the Australian Market, Centuria Capital is ranked Thirty-fourth by EBITDA Margin, 199th by NetProfit, 214th by Market Cap AUD and 218th by P/Earnings.

Australian Avg CNI Rank Rank 1 Rank 2 Rank 3 Lowest

RankEBITDA Margin 9.1 69.5 34 89.1 EGF 88.6 WHF 88.6 DUI (88.6) NZM

Net Profit 37.3million

50.8 M 199 8.4 B CBA 8.3 B BHP 8 B RIO

Market Cap AUD 1.5 B 1.1 B 214 186.5 B BHP 160.3 B RIO 127.8 B CSL 181,938 MAN

P/Earnings 30.4x 14.8x 218 1.5x RTE 1.5x CD1 1.6x PPK

Yield (%) 4.7 4.6 219 18.6 JMS 18.3 SXL 15.5 BWF 0.1 WTC

ROE (%) 6.2 9.2 326 187.97 LVE

Revenue AUD 589.2 M 116 M 381 61.3 B BHP 60 B WOW 59.7 B RIO

ROA (%) 1.3 3.99 399 170.9 NZS 168.2 TLM 0.1 PE1

Premium to 52-Wk Low(%)

55.1 59.4 518 1 BYI 1.3 URW 1.5 S66 2833.3 3DP

Price/Net Tangible Assets 2.6x 2.9x 639 0.1x ATS 0.1x HRR 0.1x EWC

P/Sales 1.9x 9.7x 677 0.1x SIV 0.1x MOZ

Total Debt/Equity (thelower the better)

0.6x 0.5x 726 KIN TNE FWD 10.1x MAR

Discount to 52-Wk High(%)

8.7 21.8 1085 93.9 JPR 93.1 JXT 92.1 EXL 0.7 AEG

Negative values are shown in brackets.

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Fig 51: Share in IndexCenturia Capital is a constituent of the following indices. Its market capitalisation accounts for 0.1% of the combined MCap ofthe S&P/ASX 300 Index.

Index Name MCap of Index (USD B) MCap as % of IndexS&P/ASX 300 Index 1,495 0.1

All Ordinaries Index 1,558 0.1

Fig 52: Global Rank [out of 47,712 stocks] and Rank of Centuria Capitalin the Asia Pacific Region [out of 1,964 stocks]Description Value Global Rank In APAC RegionMCap (US$) 815M 9,304 228

Total Assets (US$) 930.2M 10,675 215

Revenue (US$) 84.4M 20,537 437

Net Profit (US$) 37M 9,004 211

Return on Equity % 9.2 13,226 345

Net Profit Margin % 43.9 2,560 138

Price to Book 2.9 25,746 869

Price/Earnings 14.9 10,463 294

Yield % 4.6 6,540 255

PV1000 (1Year) USD* 1,121 15,807 825

US$* Change (1Year) % 8.6 17,137 864

* 1 year ago AUD 1 = USD 0.68Sep 09, 2020: AUD 1 equals USD 0.72

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Fig 53: Rank of Centuria Capital in the All Ordinaries Index [out of 458stocks], in the Total Australian Market [out of 1764 stocks] and in theDiversified financials sector [out of 180 stocks]Description Value In All Ordinaries Index In Total Australian

MarketIn Diversified financialssector

MCap (AUD) 1.1B 188 204 19

Total Assets (AUD) 1.3B 175 192 15

Revenue (AUD) 116M 316 382 25

Net Profit (AUD) 50.8M 172 189 19

Return on Equity % 9.2 195 311 39

Net Profit Margin % 43.9 36 117 59

Price to Book 2.9 224 812 138

Price/Earnings 14.8 145 269 51

Yield % 4.6 136 230 76

PV1000 (1Year) AUD 1,060 146 771 80

News Archives (Sep 2016 - Feb 2020)

Fig 54: Changes in Board (TTM)June 20 2019 Centuria Capital Announces Senior Management Appointments

Jason Huljich appointed joint CEO alongside John McBain who remains in a full - time capacity as jointCEORoss Lees appointed Head of Funds ManagementSource: Australian Securities Exchange

July 05 2018 Centuria Capital appoints Company SecretaryCenturia Capital has appointed Anna Kovarik as Company Secretary. The effective date is Thursday, July05.

December 05 2017 Centuria Capital: New Board AppointmentCenturia Capital Limited (Centuria) is pleased to announce the appointment of Ms. Evelyn Horton to theboard of Centuria Life Limited, effective 1 December 2017. She will also act as a Centuria appointmentto the board of the Over Fifty Guardian Friendly SocietySource: Australian Securities Exchange

October 12 2017 Centuria Capital: Results of Annual General MeetingI, the Returning Officer appointed by you in connection with the voting by poll on the motions set outbelow at the 2017 Annual General Meeting of the Securityholders of Centuria Capital Group held atSofitel Sydney Wentworth, Hobart Room, Lobby Level, 61-101 Phillip Street Sydney NSW on 12 October2017 at 10:00am, report as follows:Source: Australian Securities Exchange

June 19 2017 Centuria Capital appoints Company SecretaryCenturia Capital has appointed James Lonie as Company Secretary. The effective date is Friday, June16.

March 30 2017 Centuria Capital appoints Company SecretaryCenturia Capital has appointed Charisse Nortje as Company Secretary. The effective date isWednesday, March 29.

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Fig 55: DividendsDecember 19 2019 Centuria Capital announces dividend

Centuria Capital today announced an interim dividend of 4.50c per share, franked to 38%. The exdividend date is Monday, December 30 and the record date is Tuesday, December 31, 2019 and it ispayable on Friday, January 31, 2020.

June 25 2019 Centuria Capital announces dividendCenturia Capital today announced a final dividend of 5.0c per share, franked to 10%. The ex dividenddate is Thursday, June 27, 2019 and the record date is Friday, June 28, 2019 and it is payable on Friday,August 16.

December 21 2018 Centuria Capital announces dividendCenturia Capital today announced an interim dividend of 4.25c per share, franked to 20%. The exdividend date is Friday, December 28 and the record date is Monday, December 31, 2018 and it ispayable on Monday, February 04, 2019.

June 25 2018 Centuria Capital announces dividendCenturia Capital today announced a final dividend of 4.10c per share, franked to 24%. The ex dividenddate is Thursday, June 28, 2018 and the record date is Friday, June 29, 2018 and it is payable on Friday,July 27.

December 25 2017 Centuria Capital announces dividendCenturia Capital today announced an interim dividend of 4.10c per share, franked to 41%. The exdividend date is Thursday, December 28 and it is payable on Wednesday, January 31, 2018.

June 21 2017 Centuria Capital announces dividendCenturia Capital today announced a final dividend of 5.20c per share. The ex dividend date is Tuesday,June 27, 2017 and the record date is Wednesday, June 28, 2017 and it is payable on Thursday, August 24.

January 05 2017 Centuria Capital announces dividendCenturia Capital today announced an interim dividend of 2.30c per share, franked to 100%. The exdividend date is Thursday, January 05, 2017 and the record date is Friday, January 06, 2017 and it ispayable on Friday, February 24.

Fig 56: Share CapitalOctober 10 2018 Centuria Capital announces Right Issue

Centuria Capital has announced a 5 for 1 rights issue effective Thursday, October 11. To subscribe to newshares the price has been fixed at $A1.30.

October 10 2018 Centuria Capital increases issued capitalCenturia Capital (CNI.AU) has announced an increase of 1,629,244 shares (or 0.5%) in total shares onissue from 304,793,174 to 306,422,418. The effective date is Wednesday, October 10.

October 27 2017 Centuria Capital increases issued capital by 6.1%Centuria Capital (CNI.AU) has announced an increase of 16,066,155 shares (or 6.1%) in total shares onissue from 261,637,523 to 277,703,678. The effective date is Friday, October 27.

October 04 2017 Centuria Capital announces Right IssueThe company has announced a 4.9 for 1 rights issue effective Thursday, October 05. To subscribe to newshares the price has been fixed at $A1.28.

Fig 57: MeetingsOctober 14 2019 Centuria Capital announces AGM

Centuria Capital has announced its Annual General Meeting will take place on Thursday, November 14.

September 27 2018 Centuria Capital announces AGMCenturia Capital has announced its Annual General Meeting will take place on Friday, November 16.

January 29 2018 Centuria Capital: Results of Extraordinary General Meeting

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The resolution referred to in the Notice of Meeting dated 27 December 2017 was passed today byCenturia Capital Group (CNI) securityholders.Source: Australian Securities Exchange

September 11 2017 Centuria Capital announces AGMCenturia Capital has announced its Annual General Meeting will take place on Thursday, October 12.

August 02 2017 Centuria Capital: Announcement of Annual General MeetingSydney, 2 August 2017 :Centuria Capital Group announces that the Annual General Meeting of stapled security holders will beheld:Date: Thursday, 12th October 2017Time: 10:00amLocation: Sofitel Sydney Wentworth Hobart Room, lobby level 61 - 101 Phillip Street, SydneySource: Australian Securities Exchange

October 14 2016 Centuria Capital announces AGMCenturia Capital has announced its Annual General Meeting will take place on Tuesday, November 29.

October 10 2016 Centuria Capital: Results of Extraordinary General MeetingIn accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act, we advise details ofthe resolutions and the proxies received in respect of each resolution are set out in the attached proxysummary.

Fig 58: AcquisitionsJanuary 29 Centuria Takeover Offer to Acquire Augusta Capital Limited

Centuria is to make a takeover offer to acquire one of New Zealand's largest listed real estate fundsmanagement platforms, Augusta Capital Limited for NZ$180 million (A$174 million)If successful, Centuria AUM to increase by A$1.9 billion to A$9.2 billion representing a 26% increaseSource: Australian Securities Exchange

October 08 2019 Centuria Capital: Brisbane acquisition lifts Group AUM to $6.6 billionCenturia s ubsidiary, Centuria Property Funds No.2 Limited (CPF2L), ha ve entered into an agreement toacquire 348 Edward Street in Brisbane for $ 89 million, which will generat e a new fund for Centuria'sunlisted division. The fund is expected to launch in October 2019 and is forecast to deliver a n FY20distribution yield of 6. 25 % 2, 3 growing to 6. 5 0 % 3 in FY21.Source: Australian Securities Exchange

July 22 2019 Centuria Capital: $127 million acquisition of 80 Flinders Street, AdelaideCenturia subsidiary, Centuria Property Funds Limited, has exchanged unconditional contracts to acquireAdelaide's 80 Flinders Street office building for $127 million, generating a new fund for Centuria's unlisteddivision. The fund is expected to launch in August 2019, deliver ing FY20 and FY21 distribution yi eld s of 6.5 0 % 1, 2 and 6.60% 2.Source: Australian Securities Exchange

October 10 2018 CNI platform acquires $645 million Hines office portfolioCenturia platform investors to acquire the $645m Hines office portfolioPost transaction, Centuria group AUM will increase by 1 2 % from June 2018 to $5.5bnForecast FY19 Distribution of 9.25 cps, a 13% increase on FY18Source: Australian Securities Exchange

Fig 59: Press ReleasesFebruary 17 Centuria updates market on takeover of Augusta

Centuria Capital Group ( Centuria ) notes the attached market release by Augusta Capital Limited (Augusta ) regarding the deferral of the planned March 2020 launch of its Tourism Fund and Augusta'sprofit expectations for the NZ financial year ending 31 March 2020.Source: Australian Securities Exchange

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February 12 CNI HY20 Financial StatementsCenturia Capital Group comprises of Centuria Capital Limited ABN 22 095 454 336 (the ' Company ') andits subsidiaries and Centuria Capital Fund ARSN 613 856 358 ('CCF') and its subsidiaries. The Responsibleentity of CCF is Centuria Funds Management Limited ACN 607 153 588, AFSL 479 873, a wholly ownedsubsidiary of the Company.Source: Australian Securities Exchange

February 12 CNI HY20 Results AnnouncementJohn McBain, Joint CEO, said " HY20 was a transformational period for Centuria. The business continues tofocus on a dual strategy of organic and inorganic expansion and HY20 was a record period with $1.2bnof organic real estate acquisitions across our listed and unlisted divisions. "Source: Australian Securities Exchange

September 05 2019 Settlement of Centuria HeathleyCenturia Capital Group (ASX: CNI or Centuria ) announces its wholly owned subsidiary, Centuria PlatformInvestments Pty Ltd, has settled a 63.06% economic interest in Heathley Limited's property fundsmanagement platform, forming a specialist healthcare property funds manager Centuria Heathley.Details relating to the transaction were initially announce d on 20 May 2019.Source: Australian Securities Exchange

August 13 2019 CNI FY19 Results AnnouncementFY19 HIGHLIGHTSStrong AUM growth increases platform to $6.2bn 1 (+27% from FY18)FY19 Distribution 9.25 cents per stapled security (cps) (+12.7% from FY18)FY19 Operating earnings per stapled security 2 12.7 cps (FY19 16.3 cps)Source: Australian Securities Exchange

May 24 2019 Centuria Capital announces EGMCenturia Capital has announced its Extra Ordinary General Meeting will take place on Monday, June 24.

April 15 2019 Centuria Enters Social and Affordable Housing MarketAs part of the Commonwealth Government's National and Affordable Housing Agreement (NAHA) andthe NSW State Government's Social and Affordable Housing Fund (SAHF), Centuria has partnered withCompass Housing and Tetris Capital, providers and owners of social and affordable housing, to source,develop and deliver 192 dwellings across four separate properties 1 throughout the Hunter and CentralCoast regions.Source: Australian Securities Exchange

August 14 2018 CNI FY18 Results AnnouncementRecurring revenue growth to $67.0 million (FY17 $38.8 million)23.3% 3, 4 total return to investors in FY18Market capitalisation $428 million at 30 June 2018 ( 44% increase from FY17)Source: Australian Securities Exchange

October 04 2017 Centuria Capital trading haltCenturia Capital requested a trading halt effective immediately.

July 11 2017 Centuria settles on $106m unlisted fundSydney, 11 July 2017Centuria Capital Group ("Centuria" or ASX: CNI) is pleased to announce : $106 million acquisition of 1231 Sandgate Road, Brisbane (the "Property") CNI total funds under management (FUM) to increase to $ 4 billionCenturia Property Funds Limited ("CPFL"), a wholly owned subsidiary of CNI, has settled the Property for$106.25 million.Source: Australian Securities Exchange

December 01 2016 Centuria Capital announces EGMCenturia Capital has announced its Extra Ordinary General Meeting will take place on Tuesday, January03, 2017.

September 26 2016 Centuria Capital announces EGMCenturia Capital has announced its Extra Ordinary General Meeting will take place on Monday, October10.

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3 FIN STMTS AS REPORTED: PAST 4 YEARSRESULTS OF OPERATIONS AND FINANCIAL CONDITION(In $A Thousand, except per share data and shares outstanding)

Fig 60: INCOME STATEMENT AS REPORTED (FY2018)Description $A Thousand $A ThousandJun 30 2018 2017 Change %Revenue 134,513 127,429 Up 5.6

Expenses -67,617 -120,327 Improved 43.8

Fair value movements of financials instruments and property 10,103 15,394 Down 34.4

Finance costs -15,989 -7,366 Deterioration 117.1

Net movement in policyholder liability 9,053 16,589 Down 45.4

Profit before tax 70,063 31,719 Up 120.9

Income tax expense -13,873 -5,424 Deterioration 155.8

Profit after tax 56,190 26,295 Up 113.7

Profit after tax is attributable to:

Centuria Capital Limited 24,540 5,500 Up 346.2


External non-controlling interests 1,425 8,972 Down 84.1


Other comprehensive income

Total comprehensive income for the year 56,190 26,295 Up 113.7




External non-controlling interests 1,425 8,972 Down 84.1

Total comprehensive income/(loss) 56,190 26,295 Up 113.7

Profit after tax attributable to:




54,765 17,323 Up 216.1

Earning per Centuria Capital Group security

Basic (cents per stapled security) 19.80c 11.50c Up 72.2

Diluted (cents per stapled security) 18.10c 11.40c Up 58.8

Earnings per Centuria Capital Limited share

Basic (cents per share) 8.90c 3.70c Up 140.5

Diluted (cents per share) 8.10c 3.60c Up 125.0

Weighted Average ordinary Share outstanding Basic 277,224,977 150,835,465 Up 83.8

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Weighted Average ordinary Share outstanding Diluted 301,789,890 152,619,939 Up 97.7

Fig 61: BALANCE SHEET AS REPORTED (FY2018)Description $A Thousand $A ThousandJun 30 2018 2017 Change %Assets

Cash and cash equivalents 101,914 74,382 Up 37.0

Receivables 21,164 16,380 Up 29.2

Financial assets 644,832 535,459 Up 20.4

Investment properties held for sale 63,400

Investment properties 147,100 257,100 Down 42.8

Other assets 2,036 1,551 Up 31.3

980,446 884,872 Up 10.8


157,663 157,663 Steady

Total assets 1,138,109 1,042,535 Up 9.2

Liabilities

Payables 32,405 33,895 Down 4.4

Liability to 360 Capital Group 41,161 56,456 Down 27.1


Borrowings 245,739 236,103 Up 4.1

Interest rate swaps at fair value 23,411 19,324 Up 21.1

Benefit Funds policyholder's liability 349,677 348,014 Up 0.5

Provision for income tax -161 3,171 Deterioration

Deferred tax liabilities 3,119 2,320 Up 34.4

Total liabilities 696,948 700,584 Down 0.5

Net assets 441,161 341,951 Up 29.0

Equity

Equity attributable to Centuria Capital Limited

Contributed equity 98,770 77,323 Up 27.7

Reserves 1,896 1,551 Up 22.2


Total equity attributable to Centuria Capital Limited 128,671 90,568 Up 42.1

Equity attributable to Centuria Capital Fund (non-controllinginterests)




263,113 175,516 Up 49.9

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391,784 266,084 Up 47.2

Equity attributable to external non-controlling interests

Contributed equity 32,927 45,367 Down 27.4


Total equity attributable to external non-controlling interests 49,377 75,867 Down 34.9

Total equity 441,161 341,951 Up 29.0

Fig 62: CASH FLOW AS REPORTED (FY2018)Description $A Thousand $A ThousandJun 30 2018 2017 Change %Cash flows from operating activities

Management fees received 74,090 35,422 Up 109.2

Rent received 23,349 16,440 Up 42.0

Interest received 9,985 10,146 Down 1.6

Distributions received 22,760 7,976 Up 185.4


Income taxes paid -16,817 -7,042 Deterioration 138.8


Proceeds from sale of property held for development 65,175

Payments for property held for development -12,844

Applications - Benefits Funds 21,942 27,711 Down 20.8

Redemptions - Benefits Funds -30,777 -40,561 Improved 24.1

Net cash provided by operating activities 36,930 51,497 Down 28.3


Proceeds from sale of related party investments 62,494 20,763 Up 201.0

Purchase of investments in related parties -123,760 -150,138 Improved 17.6

Loans to related parties for purchase of properties -5,865 -13,669 Improved 57.1

Repayment of loans by related parties 2,000 7,072 Down 71.7

Purchase of other investments -52,723 -1,186 Deterioration4,345.4


Loans provided to other parties -25,980

Loans repaid by other parties 25,980

Proceeds from sale of investment property 22,000

Payments in relation to investment properties -8,840 -1,300 Deterioration 580.0

Benefit Funds (acquisitions)/disposals of investments infinancial assets

13,202 -55,021 Recovery

Cash balance on acquisition of subsidiaries 10,619

Cash balance on consolidation of property funds 6,937

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Collections from reverse mortgage holders 2,113 1,209 Up 74.8

Payments for property plant and equipment -788 -115 Deterioration 585.2

Purchase of subsidiaries -104,419

Return of investment to external non-controlling interests -5,366

Deconsolidation of controlled property funds cash balance -766

Net cash used in investing activities -96,299 -238,861 Improved 59.7

Cash flows from financing activities

Proceeds from issues of securities to securityholders ofCenturia Capital Group

98,639 153,000 Down 35.5

Equity raising costs paid -3,710 -6,750 Improved 45.0

Proceeds from borrowings 37,748 163,604 Down 76.9

Repayment of borrowings -14,185 -114,108 Improved 87.6

Capitalised borrowing costs paid -446 -1,937 Improved 77.0


-24,310 -4,092 Deterioration 494.1

Proceeds from issues of securities to external non-controllinginterests

5,526

Distributions paid to external non-controlling interests -6,835 -17,820 Improved 61.6

Net cash provided by financing activities 86,901 177,423 Down 51.0

Net increase/(decrease) in cash and cash equivalents 27,532 -9,941 Recovery


74,382 84,323 Down 11.8

Cash and cash equivalents at end of year 101,914 74,382 Up 37.0

Fig 63: Margins %Jun 30 2018 2017EBITDA Margin 64 30.7

Earnings from Cont. Ops. Margin 64 30.7

Net Income Margin 41.8 20.6

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RESULTS OF OPERATIONS AND FINANCIAL CONDITION(In $A Thousand, except per share data and shares outstanding)

Fig 64: INCOME STATEMENT AS REPORTED (FY2017)Description $A Thousand $A ThousandJun 30 2017 2016 Change %Revenue 127,429 53,406 Up 138.6


Fair value movements of financials instruments and property 15,394 11,712 Up 31.4

Finance costs 7,366 2,707 Up 172.1

Net movement in policyholder liability 16,589 29,539 Down 43.8

-88,344 -29,807 Deterioration 196.4

Profit before tax 31,719 20,892 Up 51.8

Income tax expense 5,424 8,769 Down 38.1


Profit after tax is attributable to:


Centuria Capital Fund (non-controlling interests) 11,823

External non-controlling interests 8,972 180 Up 4,884.4


Other comprehensive income

Total comprehensive income for the year 26,295 12,123 Up 116.9




External non-controlling interests 8,972 -180 Recovery

Total comprehensive income/(loss) 26,295 12,123 Up 116.9

Profit after tax attributable to:




17,323 12,303 Up 40.8

Earning per Centuria Capital Group security

Basic (cents per stapled security) 11.50c 15.80c Down 27.2



Earnings per Centuria Capital Limited share

Basic (cents per share) 10.30c 15.80c Down 34.8


weighted average number

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Basic 150,835,465 76,649,506 Up 96.8

Diluted 152,619,939 80,115,310 Up 90.5

Fig 65: BALANCE SHEET AS REPORTED (FY2017)Description $A Thousand $A ThousandJun 30 2017 2016 Change %Assets

Cash and cash equivalents 74,382 84,323 Down 11.8

Receivables 16,380 17,450 Down 6.1

Receivables 16,380 17,450 Down 6.1

Financial assets 535,459 383,375 Up 39.7

Property held for development 35,716

Investment properties 257,100

792,559 383,375 Up 106.7

Other assets 1,551 1,917 Down 19.1

Intangible assets 157,663 53,025 Up 197.3

Total assets 1,042,535 575,806 Up 81.1

Liabilities

Payables 33,895 9,269 Up 265.7

Liability to 360 Capital Group 56,456


Borrowings 236,103 59,951 Up 293.8

Interest rate swaps at fair value 19,324 20,778 Down 7.0

Benefit Funds policyholder's liability 348,014 349,878 Down 0.5

Provision for income tax 3,171 985 Up 221.9

428,266 372,796 Up 14.9

Deferred tax liabilities 2,320 6,123 Down 62.1

Total liabilities 700,584 448,139 Up 56.3

Net assets 341,951 127,667 Up 167.8

Equity

Equity attributable to Centuria Capital Limited

Contributed equity 77,323 88,058 Down 12.2

Reserves 1,551 1,459 Up 6.3


Total equity attributable to Centuria Capital Limited 90,568 117,969 Down 23.2

Equity attributable to Centuria Capital Fund (non-controllinginterests)

Contributed equity 170,672

Retained earnings 4,844

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175,516


266,084 117,969 Up 125.6

Equity attributable to external non-controlling interests


Retained earnings 30,500 -185 Recovery

Total equity attributable to external non-controlling interests 75,867 9,698 Up 682.3

251,383 9,698 Up 2,492.1

Total equity 341,951 127,667 Up 167.8

Fig 66: CASH FLOW AS REPORTED (FY2017)Description $A Thousand $A ThousandJun 30 2017 2016 Change %Cash flows from operating activities


Rent received 16,440

Interest received 10,146 4,217 Up 140.6

Distributions received 7,976 13,311 Down 40.1


Income taxes paid -7,042 -2,424 Deterioration 190.5


Proceeds from sale of property held for development 65,175

Payments for property held for development -12,844 -12,710 Deterioration 1.1

-57,852 -34,618 Deterioration 67.1

Applications - Benefits Funds 27,711 27,517 Up 0.7

Redemptions - Benefits Funds -40,561 -66,956 Improved 39.4

Net cash provided by/(used in) operating activities 51,497 -36,760 Recovery



Proceeds from sale of related party investments 20,763

Cash balance on acquisition of subsidiaries 10,619

Cash balance on consolidation of property funds 6,937

Repayment of loans by related parties 7,072

Collections from reverse mortgage holders 1,209 3,446 Down 64.9

Payments for property plant and equipment -115 -59 Deterioration 94.9

Purchase of investments in related parties -150,138

Purchase of subsidiaries -104,419

Loans to related parties for purchase of properties -13,669

Payments in relation to investment properties -1,300

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Purchase of other investments -1,186 -38,567 Improved 96.9

Benefit Funds (acquisitions)/disposals of investments infinancial assets

-55,021 79,843 Deterioration

Net cash (used in)/provided by investing activities -238,861 44,663 Deterioration

Cash flows from financing activities

Proceeds from borrowings 163,604 40,542 Up 303.5

Repayment of borrowings -114,108 -1,503 Deterioration7,492.0

47,559 39,039 Up 21.8

Proceeds from issues of securities to securityholders ofCenturia Capital Group

153,000

Equity raising costs paid -6,750

Capitalised borrowing costs paid -1,937

Payment for shares buy-back -111


-4,092 -3,833 Deterioration 6.8

Proceeds from issues of securities to external non-controllinginterests

5,526

Distributions paid to external non-controlling interests -17,820

Net cash provided by financing activities 177,423 35,095 Up 405.6

Net (decrease)/increase in cash and cash equivalents -9,941 42,998 Deterioration


84,323 41,325 Up 104.0

Cash and cash equivalents at end of year 74,382 84,323 Down 11.8

Fig 67: Margins %Jun 30 2017 2016EBITDA Margin 30.7 44.2

Earnings from Cont. Ops. Margin 30.7 44.2


Financial statements as reported.

(In $A Thousand, except per share data and shares outstanding)

Fig 68: INCOME STATEMENT AS REPORTED (FY 2016)Description $A Thousand $A ThousandJun 30 2016 2015 Change %Revenue 46,009 37,201 Up 23.7

Gains on sales of non-core assets 5,194

Unrealised gain arising from fair value movements ofderivative financial instruments 5,493 1,148 Up 378.5

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51,502 43,543 Up 18.3


Finance costs 2,707 3,890 Down 30.4

Profit before tax attributable to shareholders 19,543 14,723 Up 32.7

Income tax expense 7,420 6,162 Up 20.4

Benefit fundsRevenue attributable to Benefit Funds 20,927 22,015 Down 4.9

Expenses attributable to Benefit Funds -19,578 -20,395 Improved 4.0

Income tax expense relating to Benefit Funds -1,349 -1,620 Improved 16.7

Benefit funds contribution to profit, net of taxProfit after tax for the period 12,123 8,561 Up 41.6

Other comprehensive income:Gain on cash flow hedges taken to equity 54

Income tax expense on other comprehensive income -16

Other comprehensive income for the year (net of tax) 38

Total comprehensive income for the period 12,123 8,599 Up 41.0

Profit attributable to:Owners of the Company 12,303 8,566 Up 43.6

Non-controlling interests -180 -5 Deterioration3,500.0

12,123 8,561 Up 41.6

Total comprehensive income attributable to:Owners of the Company 12,303 8,604 Up 43.0

Non-controlling interests -180 -5 Deterioration3,500.0

12,123 8,599 Up 41.0

Earnings per shareFrom continuing operations:Basic (cents per share) 15.80c 11.0c Up 43.6

Diluted (cents per share) 15.10c 10.80c Up 39.8

Weighted average number of ordinary shares 76,650,000 77,855,000 Down 1.5

Weighted average number of ordinary shares 80,115,000 79,024,000 Up 1.4

Fig 69: BALANCE SHEET AS REPORTED (FY 2016)Description $A Thousand $A ThousandJun 30 2016 2015 Change %ASSETSCash and cash equivalents 13,157 25,487 Down 48.4

Trade and other receivables 19,656 8,619 Up 128.1

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Assets classified as held for sale 1,040

Prepayments 1,054 797 Up 32.2

Income tax receivable 1,804

Financial assets at fair value 47,194 5,456 Up 765.0

Property held for development 35,716 23,011 Up 55.2

Reverse mortgages at fair value 51,561 43,754 Up 17.8

Plant and equipment 863 1,134 Down 23.9

Deferred tax assets 819


222,226 164,945 Up 34.7

Assets in respect of benefit fund policy holders 353,528 386,401 Down 8.5

TOTAL ASSETS 575,754 551,346 Up 4.4

LIABILITIESTrade and other payables 9,190 6,343 Up 44.9

Provisions 1,155 1,264 Down 8.6

Borrowings 59,951 20,912 Up 186.7

Interest rate swap at fair value 20,778 17,576 Up 18.2

Income tax payable 985

Deferred tax Liability 2,500

94,559 46,095 Up 105.1

Liabilities in respect of Benefit Funds policy holders 353,528 386,401 Down 8.5

TOTAL LIABILITIES 448,087 432,496 Up 3.6

NET ASSETS 127,667 118,851 Up 7.4

EQUITYContributed equity 88,058 88,112 Down 0.1


Share-based payment reserve 1,459 784 Up 86.1

Equity attributable to equity holders of the Company 117,969 108,878 Up 8.3

Non-controlling interests 9,698 9,973 Down 2.8

TOTAL EQUITY 127,667 118,851 Up 7.4

Fig 70: CASH FLOW AS REPORTED (FY 2016)Description $A Thousand $A ThousandJun 30 2016 2015 Change %Cash flows from operating activitiesManagement fees received 25,310 29,734 Down 14.9

Rent, trust distributions and other income received 1,275 2,392 Down 46.7

Payments to suppliers and employees -21,771 -25,424 Improved 14.4

Interest received 1,089 776 Up 40.3

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Payments for property held for development -12,705 -23,011 Improved 44.8

Income tax paid -3,199 -6,819 Improved 53.1

-10,001 -22,352 Improved 55.3

Benefit Funds net cash used in operating activities -35,572 -27,855 Deterioration 27.7

Net cash used in operating activities -45,573 -50,207 Improved 9.2

Cash flows from investing activitiesBenefit Funds net cash provided by investing activities 90,903 5,408 Up 1,580.9

Payments for plant and equipment -59 -539 Improved 89.1

Acquisition of investments in managed funds -38,574 -6,154 Deterioration 526.8

Net proceeds from sale of insurance subsidiary 4,873

Net cash provided by investing activities 52,270 3,588 Up 1,356.8

Cash flows from financing activitiesPayment for shares (buy-back)/issued -111 -1,339 Improved 91.7


Repayment of borrowings (reverse mortgages) -1,503 -8,395 Improved 82.1

Interest paid on reverse mortgage borrowings -2,208 -3,765 Improved 41.4

Proceeds from partial sale of reverse mortgage loanportfolio

126,566

Repayment of borrowings on sale of reverse mortgages loanportfolio

-94,864

Repayment of borrowings (corporate) -12,000

Proceeds from borrowings (corporate) 26,750

Proceeds from borrowings (development) 13,792 9,609 Up 43.5

Proceeds from non-controlling interests 9,696

Dividends paid -3,833 -2,735 Deterioration 40.1

Financing costs paid on corporate borrowings -28 776 Deterioration

Net cash provided by financing activities 36,304 36,543 Down 0.7

Net (decrease)/increase in cash and cash equivalents 43,001 -10,076 Recovery


41,324 51,400 Down 19.6

84,325 41,324 Up 104.1

Less cash attributable to benefit funds 71,168 15,838 Up 349.3

Cash and cash equivalents attributable to shareholders at30 June

13,157 25,487 Down 48.4

Fig 71: MARGINS %Jun 30 2016 2015Net Income Margin 23.5 19.7

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Financial statements as reported

(In $A Thousand, except per share data and shares outstanding)

Fig 72: INCOME STATEMENT AS REPORTED (FY 2015)Description $A Thousand $A ThousandJun 30 2015 2014 Change %Revenue 37,201 40,499 Down 8.1

Gains on sales of non-core assets 5,194

42,395 40,499 Up 4.7

Revenue attributable to Benefit Funds 22,015 28,533 Down 22.8

Total income 64,410 69,032 Down 6.7

Finance costs 3,890 10,239 Down 62.0

Employee benefits expense -12,464 -10,706 Deterioration 16.4

Administration fees -2,338 -2,913 Improved 19.7

Consulting and professional fees -2,363 -2,346 Deterioration 0.7

Other expenses -5,547 -5,226 Deterioration 6.1

Impairment of related party receivable -2,218

Unrealised gain arising from fair value movements ofderivative financia instruments

1,148 5,007 Down 77.1

Expenses attributable to Benefit Funds -20,395 -25,226 Improved 19.2

Profit before tax 16,343 17,383 Down 6.0

Income tax expense relating to shareholders -6,162 -4,998 Deterioration 23.3

Income tax benefit/(expense) relating to Benefit Funds -1,620 -3,307 Improved 51.0

Total income tax expense 7,782 8,305 Down 6.3

Profit for the period 8,561 9,078 Down 5.7

Other comprehensive income:Gain on cash flow hedges taken to equity 54 490 Down 89.0

Income tax expense relating to components of othercomprehensive income

-16 -147 Improved 89.1

Other comprehensive income for the year (net of tax) 38 343 Down 88.9

Total comprehensive income for the period 8,599 9,421 Down 8.7

Profit attributable to:Owners of the Company 8,566 9,078 Down 5.6

Non-controlling interests -5

8,561 9,078 Down 5.7

Total comprehensive income attribituable to:Owners of the Company 8,604 9,421 Down 8.7

Non-controlling interests -5

8,599 9,421 Down 8.7

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Earnings per shareFrom continuing operations:Basic (cents per share) 11.0c 12.0c Down 8.3


Weighted average number of ordinary shares 77,855,000 78,131,000 Down 0.4

Fig 73: BALANCE SHEET AS REPORTED (FY 2015)Description $A Thousand $A ThousandJun 30 2015 2014 Change %ASSETSCash and cash equivalents 25,487 13,115 Up 94.3

Trade and other receivables 8,619 11,004 Down 21.7

Assets classified as held for sale 1,040

Financial assets at fair value through profit and loss 5,456 285 Up 1,814.4

Property held for development 23,011

Other financial assets 43,754 170,321 Down 74.3

Prepayments 797 1,421 Down 43.9

Investment in associates 668

Plant and equipment 1,134 1,031 Up 10.0

Deferred tax assets 819 3,603 Down 77.3

Income tax receivable 1,804 527 Up 242.3


Assets in respect of Benefit Funds 386,401 411,238 Down 6.0

TOTAL ASSETS 551,347 666,238 Down 17.2

LIABILITIESTrade and other payables 6,343 9,168 Down 30.8

Borrowings 20,912 126,236 Down 83.4

Derivative financial liabilities 17,576 14,967 Up 17.4


Liabilities in respect of Benefit Funds 386,401 411,238 Down 6.0

TOTAL LIABILITIES 432,496 562,794 Down 23.2

NET ASSETS 118,851 103,444 Up 14.9

EQUITYContributed equity 88,112 89,167 Down 1.2

Retained earningsProfits reserves 19,982 14,151 Up 41.2

Cash flow hedge reserve -38

Share-based payment reserve 784 164 Up 378.0

Equity attributable to equity holders of the Company 108,878 103,444 Up 5.3

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Non-controlling interests 9,973

TOTAL EQUITY 118,851 103,444 Up 14.9

Fig 74: CASH FLOW AS REPORTED (FY 2015)Description $A Thousand $A ThousandJun 30 2015 2014 Change %Cash flows from operating activitiesInterest received 776 537 Up 44.5


Rent, trust distributions and other income received 2,392 3,066 Down 22.0

Benefit Funds net cash used in operating activities -27,855 -27,327 Deterioration 1.9


Payments for property held for development -23,011

Income tax paid -6,819 -159 Deterioration4,188.7

Net cash used in operating activities -50,207 -19,669 Deterioration 155.3

Cash flows from investing activitiesBenefit Funds net cash provided by investing activities 5,408 50,960 Down 89.4

Payments for plant and equipment -539 -784 Improved 31.2

Acquisition of investments in managed funds -6,154

Net proceeds from sale of insurance subsidiary 4,873

Net cash (used in)/provided by investing activities 3,588 50,176 Down 92.8

Cash flows from financing activitiesPayment for shares (buy-back)/issued -1,339 533 Deterioration


Repayment of borrowings (reverse mortgages) -8,395 -21,062 Improved 60.1

Interest paid on reverse mortgage borrowings -3,765 -8,666 Improved 56.6

Proceeds from partial sale of reverse mortgage loanportfolio

126,566

Repayment of borrowings on sale of reverse mortgages loanportfolio

-94,864

Repayment of borrowings (corporate) -12,000

Proceeds from borrowings (development) 9,609

Proceeds from non-controlling interests 9,696

Dividends paid -2,735 -977 Deterioration 179.9

Financing costs paid on corporate borrowings 776 -1,251 Recovery

Net cash provided by/(used in) financing activities 36,543 -3,044 Recovery

Net (decrease)/increase in cash and cash equivalents -10,076 27,463 Deterioration


51,400 23,937 Up 114.7

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Cash and cash equivalents at 30June 41,325 51,400 Down 19.6

Cash attributable to shareholders 25,487 13,115 Up 94.3

Cash attributable to benefit funds 15,838 38,285 Down 58.6

41,325 51,400 Down 19.6

Fig 75: MARGINS %Jun 30 2015 2014Earnings from Cont. Ops. Margin 30.9 37.3


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INDEX (Click tab for direct access)Section 1 Centuria Capital (CNI) 1

Fig 2: CNI Financials Summary: EPS down 28.3% to 14.20c in FY2019 2Fig 3: Long-Term Fundamental Ranking: 4 out of 5 [5 is best] 2Fig 4: Short-Term Technical Ranking: 1 out of 5 [5 is best] 2

Section 2 Recent News 3Fig 5: Dividends 3Fig 6: Share Capital 3Fig 7: People's News 4

Section 3 Corporate Profile 4Fig 8: Activities 4Fig 9: Contact Details 4Fig 10: Industry & Sector 4

Section 4 Bullish Signals 5Fig 11: Rank in the top 25% by Price Performance in the Australian market 5Uptrend 5Undervaluation 5Other Bullish Signals 6

Section 5 Ongoing Bullish Parameters 7Fig 12: Past four-years 7Fig 13: Rank in the top 25% by Size in the Australian market 7Fig 14: Rank in the top 21% by Performance in the Australian market 7Fig 15: Present Value of AUD1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVAUD1000 > 1,059 7Fig 16: The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 0.9 7Fig 17: Moving Annual Return of 5.7% in the past year: 8Fig 18: MCap: 3-Year Increase of AUD833 million 8Fig 19: Centuria Capital sees dividend rise for a fourth consecutive year 8Fig 20: Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 5.9% 9Fig 21: Safe Interest Cover 9Fig 22: Increased Volume, up 3,133% in 5 years 9Fig 23: Increased VWAP, up 167% in 5 years 10Fig 24: Increased share turnover, up 9,005% in 5 years 10Fig 25: Satisfies four criteria of Benjamin Graham 10Fig 26: Rising Relative Strength 11Fig 27: % Change (Tr. 12 Mo): Stock (1.0%) v Index (-10.3%) 11Fig 28: P/E plus Inflation < 19 12Fig 29: Stock P/E of 14.8 < Sector P/E of 22.0 12Fig 30: Turnover Period Above Average 12Fig 31: Rank in the All Ordinaries Index [out of 475 stocks] 13

Section 6 Bearish Signals 13Fig 32: Rank in the bottom 16% by Relative Valuation in the Australian market 13Downtrend 13Other Bearish Signals 13Overbought/Bearish Signals: 13

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Section 7 Ongoing Bearish Parameters 14Fig 33: Total Shares on Issue: 5-Year Increase of 359.2% 14Fig 34: EPS growth [FY2019 vs FY2018] of -28.3%: 14Fig 35: Rank in the All Ordinaries Index [out of 475 stocks] 14

Section 8 Board of Directors 15Fig 36: Board and Management 15Fig 37: Profiles 15John McBain (CEO & Executive Director) 15Garry Charny (Chairman & Independent Non-Executive Director) 16Simon Holt (CFO) 16Jason Huljich (Executive Director) 17Nicholas Collishaw (Executive Director) 17John Slater (Independent Non-Executive Director) 18Peter Done (Non-Executive Director) 18Susan Wheeldon - Steele (Non-Executive Director) 18Charisse Nortje (Company Secretary) 19Anna Kovarik (Company Secretary) 19James Lonie (Company Secretary) 19

Section 9 Dividend 19Fig 38: Dividend History 19

Section 10 Financials H1/2019, FY 2019, Past 10 Years 20Fig 39: Half-Yearly Report: Key Parameters 20Fig 40: Annual Report (FY 2019): Key Parameters 20Fig 41: Year-on-year comparison of Performance Ratios [FY2019 vs FY2018] 21Fig 42: Financial Results as reported (FY 2019) 22Fig 43: INCOME STATEMENT AS REPORTED (FY 2019) 22Fig 44: BALANCE SHEET AS REPORTED (FY 2019) 23Fig 45: CASH FLOW AS REPORTED (FY 2019) 24Fig 46: Financials Past 10 Years 26

Section 11 Peer Group Analysis & Ranking 27Fig 47: Global Peer Group (all figures in USD): Key Financials 27Global Peer Group: Relative Value Indicators 28Fig 48: Global Peer Group - Price Performance 28Fig 49: Global Peer Group - Total Shareholder Returns [TSR in USD] 29Fig 50: BuySellSignals Fundamentals Valuation Ranking: Centuria Capital vs Australian Market 29Fig 51: Share in Index 30Fig 52: Global Rank [out of 47,712 stocks] and Rank of Centuria Capital in the Asia Pacific Region [out of 1,964stocks] 30Fig 53: Rank of Centuria Capital in the All Ordinaries Index [out of 458 stocks], in the Total Australian Market [out of1764 stocks] and in the Diversified financials sector [out of 180 stocks] 31

Section 12 News Archives (Sep 2016 - Feb 2020) 31Fig 54: Changes in Board (TTM) 31Fig 55: Dividends 32Fig 56: Share Capital 32Fig 57: Meetings 32Fig 58: Acquisitions 33

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Fig 59: Press Releases 33Section 13 3 FIN STMTS AS REPORTED: PAST 4 YEARS 35

Fig 60: INCOME STATEMENT AS REPORTED (FY2018) 35Fig 61: BALANCE SHEET AS REPORTED (FY2018) 36Fig 62: CASH FLOW AS REPORTED (FY2018) 37Fig 63: Margins % 38Fig 64: INCOME STATEMENT AS REPORTED (FY2017) 39Fig 65: BALANCE SHEET AS REPORTED (FY2017) 40Fig 66: CASH FLOW AS REPORTED (FY2017) 41Fig 67: Margins % 42Fig 68: INCOME STATEMENT AS REPORTED (FY 2016) 42Fig 69: BALANCE SHEET AS REPORTED (FY 2016) 43Fig 70: CASH FLOW AS REPORTED (FY 2016) 44Fig 71: MARGINS % 45Fig 72: INCOME STATEMENT AS REPORTED (FY 2015) 46Fig 73: BALANCE SHEET AS REPORTED (FY 2015) 47Fig 74: CASH FLOW AS REPORTED (FY 2015) 48Fig 75: MARGINS % 49

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GlossaryAnnual Return (Fig 17):Dividends Paid In a 12-Month Period/Price at the Beginning of thePeriod + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)Capital Gain/Loss from n Years Ago to n-1 Years Ago:Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)Current Ratio (Fig 41):Current Assets/Current Liabiliites (times)Dividend Yield (Fig 0, 11):Dividend Per Share/Share Price (%)Earnings Yield:Earnings Per Share/Share Price (%)Income during the n years (3/2/1) (Fig 38):Dividends received during the PeriodInterest Cover (Fig 21):Earnings Before Interest and Tax/Interest (times)Moving Average Price (n periods) (Fig 11):Sum of Prices for each Period/Number of PeriodsPCP (Fig 39):Previous Corresponding PeriodPVAUD1000 (Fig 52, 53, 15):Present value of AUD1000 invested 1 year/'n' years agoPrice Close/Moving Avg Price (Fig 11):Latest Price/Moving Average PricePrice/Earnings (Fig 52, 53, 0, 28, 29, 50, 31, 35):Share Price/Earnings Per Share (times)Price/NTA (Fig 31, 35, 52, 53):Closing Share Price/Net Tangible Assets Per Share (times)

Price/Sales (Fig 50):Share Price/Sales Per Share (times)Relative Price Change [RPC]:Relative price change is price change of stock with respect toBenchmark IndexRelative Strength (n-th Period) (Fig 26):Price close today/Price close 'n' periods ago, then ranked bypercentile within the entire market.Return on Assets (Fig 41):Net Profit/Total Assets (%)Return on Equity (Shareholders' Funds) (Fig 31, 35, 41, 52, 53):Net Profit/Net Assets (%)TSR (Fig 20):Total Shareholder Returns is expressed as an annualized rate of returnfor shareholders after allowing for capital appreciation and dividendTTM (Fig 54):Trailing 12 MonthsTurnover Period (Fig 30):Time Period required for trading all Outstanding SharesTurnover Rate (Fig 30):Australian Dollar value of annual trading volume as a percentage ofmarket capitalisationVolatility:Highest Price minus Lowest Price/Lowest Price (%)Volume Index (VI):Number of shares traded in the period/Average number of sharestraded for the periodVolume Weighted Average Price (VWAP) (Fig 23):The Volume Weighted Average Price (VWAP) is the summation ofturnover divided by total volume in the same period.

Momentum Up Price increase fuelled by above average Volume

Weak Momentum Up Price increase on below average Volume

Momentum Down Price decrease fuelled by above average Volume

Weak Momentum Down Price decrease on below average Volume

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Centuria Capital (CNI) AUD1...Corporate Profile Fig 7: Activities Centuria Capital Limited (CNI) is...

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