Turners 2018 Annual Meeting Summary and Voting Results

Turners 2018 Annual Meeting Summary and Voting Results

Turners Automotive Group Limited (NZX: TRA) held its annual meeting yesterday in Auckland, updating
shareholders on its strategy and performance in the year to date.
Turners has by far the biggest share of the used vehicle market in New Zealand and its integrated
business model allows it to offer all the add-ons that customers are looking for - finance, insurance and
auto care services. The industry dynamics remain strong and the company expects many more years of
demand as New Zealand’s fleet ages and needs to be replaced.
The company remains focused on growth across its automotive and related financial services group,
with a number of strategic imperatives for the year.
 Organic growth leading to increased market share, building on the trust inherent in the Turners’
brand.
 Putting the customer at the heart of the business, with significant investments in training and
people development, further investments into retail re-configuration, and other initiatives to
improve the quality of the customer experience, both physically and online, across all Turners’
businesses.
 Continuing the transition to higher quality and more profitable lending with a focus on
improving Turners’ loan origination platform and credit scoring decisions.
 Increasing efficiency and product development and innovation in insurance.
 Targeting growth for EC Credit Control in Australia, in both the corporate and SME segments.
Highlights and key activity in the year to date include:
 Automotive Retail – contracts signed with large insurance brands for Damaged and End of Life
vehicle sales; growing website visits; and introduction of Net Promoter Score measures with
very pleasing initial results.
 Expanding property footprint – relocated, refurbished or opened five sites across New Zealand;
acquired land for two further relocations; and negotiated a lease for a new site in New
Plymouth, a new market for the business.
 Working with MTF to improve the quality of lending in the MTF channel and rebuild volume;
planning to introduce comprehensive credit reporting into the loan origination platform.
 Completed review of insurance business to identify further opportunities for efficiencies;
affirmation of DPL Insurance’s B+ rating by A.M Best; underway with a review to ensure
appropriate pricing for risk.
 Investment into senior sales expertise with corporate debt load continuing to grow; utilising
wealth of date to provide added value for customers and improve operational efficiency.
27 September 2018
Company Announcement

The Board reaffirmed its previous profit guidance for FY19 of a Net Profit before Tax of between $34
million and $36 million, the mid-point representing a healthy 13% increase over FY18.
Turners CEO, Todd Hunter, said: “Turners has never been in better financial shape, with a conservative
equity ratio and an improved diversified funding platform to support growth. The investments we are
making into people, property and our businesses will start to deliver early benefits in the second half
and we are seeing positive momentum in the company. Our confidence in our strategy and long term
prospects remains at high levels.”
Copies of Turners’ annual meeting speeches and presentation are available on the company website
https://www.turnersautogroup.co.nz/Investor+Centre/Annual+Meetings.html
Shareholders passed all resolutions at the 2018 Turners’ Annual Meeting:
Resolution For Against Abstain
Authorise Directors to fix the auditor’s
remuneration
99.96% 0.04% 4,472
Election of Martin Berry as a Director 99.87% 0.13% 25,766
Re-election of Antony Vriens as a
Director
99.88% 0.12% 31,236
Re-election of Paul Byrnes as a Director 99.76% 0.24% 23,683
Increase in total Directors’ remuneration
to $665,000 per annum
94.87% 5.13% 8,769,267

ENDS

About Turners
Turners Automotive Group Limited is an integrated financial services group, primarily operating in the
automotive sector www.turnersautogroup.co.nz

For further information, please contact;
Todd Hunter, Chief Executive Officer, Turners Automotive Group Limited Mob: 021 722 818
Media Liaison and Assistance: Jackie Ellis, Mob: 027 246 2505