Turners Automotive Group – Interim Report September 2018

INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018

The Board of Turners Automotive Group Limited
is pleased to present the Interim Report for the
six months ended 30 September 2018.
Grant Baker Todd Hunter
Chairman Chief Executive Officer
CONTENTS
About Us 3
HY19 at a Glance 4
Our Opportunity 5
Half Year Review 6
Financial Commentary 12
Financial Statements 13
Directory 51
UPCOMING DATES
Record Date for Q2 Dividend 22 January 2019
Dividend Payment Date 30 January 2019
End of 2019 Financial Year 31 March 2019
2
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

AutoServices
AutoServices
AutoServices
A UNIQUE
INTEGRATED
AUTOMOTIVE
GROUP
We are an integrated automotive and financial
services group, providing wholesale and retail
customers with a one stop shop for all their
automotive purchasing, selling, financing and
insurance needs.
We are the biggest used vehicle and machinery
retailer in the country with a network of retail
sites across New Zealand. Every time we sell
a vehicle, we have the opportunity to finance
and insure it, with the best range of products in
the market.
We also operate in the credit management
sector, leveraging off our expertise in the
finance market.
We are focused on growing market share by
leveraging the strength and unique benefits
of our integrated business model and offering
more products and services to more customers
across more channels.
Automotive Retail
Turners and Buy Right Cars
Finance and Insurance

Oxford Finance and Autosure Insurance
Debt Management

EC Credit Control
I NEED
TO BUY
A VEHICLE
I NEED TO
REPAIR &
SERVICE MY
VEHICLE
I NEED
TO SELL
MY VEHICLE
I NEED TO
FINANCE &
INSURE MY
VEHICLE
3
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

HY19 AT A GLANCE
EXPANSION OF NATIONAL RETAIL NETWORK
Through relocations, renovations and opening of new sites (Porirua, New Plymouth, Wellington City)
INCREASED MARKET SHARE
Turners and Buy Right Cars increased market share; BRC unit sales up 9%
INCREASED CONSUMER LENDING
Oxford Finance new consumer lending up 23% to $52m
FINANCE INTEGRATION
Turners Finance origination fully committed to Oxford Finance from September 2018
REDUCED INSURANCE CLAIMS
Insurance claims loss ratios have improved from 69% to 65%
FUNDING FOR GROWTH
Securitisation warehouse funding limit increased to $200M
HIGHER QUALITY LENDING
Good progress in repositioning Oxford Finance to lower risk lending
TECHNOLOGY
Enabling more e
fficient and effective debt collection
EMERGING HEADWINDS IN IMPORT MARKET
On both supply and demand side, particularly in Auckland market
CONSISTENT REVENUE
Revenue $168.3m, +3%
In line with record HY18 result
Includes $3.4m gain on property sale
INCREASE IN PROFIT
Net Profit Before Tax $16.8m +18%
Net Profit After Tax $12.9m +28%
Q2 DIVIDEND
4 cents per share
Anticipated full year dividend 17 cents
per share
4
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

OUR OPPORTUNITY
While currently experiencing some headwinds, the used car
market continues to offer a significant opportunity for Turners.
Last year delivered record numbers of transactions, and while
the first half this year is not quite as high, it is in line with the first
half of 2017 which itself was a record year.
New Zealand’s fleet, of just under 4 million light vehicles, is
aging and more than 20% is at or very close to scrapping age.
There are hundreds of thousands of vehicles expected to need
replacing over the next decade. Also, compared to the new car
industry, the used car market tends to be far less discretionary.
The market remains highly fragmented and no one dealer has
more than 10% market share. Turners is the largest retailer and
even then, we account for just a small portion of transactions.
While our focus is now more on organic growth and expanding
existing businesses and services, we continue to carefully assess
potential acquisitions that could add value to our business.
Market research confirms that most Kiwis are in the market for
a vehicle under $10,000, and over 80% of buyers will purchase
a vehicle under $20,000. This is the value range that we mostly
play in.
Customers are much more informed and while most of them
still prefer to come in store to buy a car, a lot of pre-purchase
investigation is being done on line. How we engage with the
customer and present information is becoming ever more
important.
There will always be a need for a trusted business like Turners
which can provide multiple channels for customers to buy and
sell vehicles. We are able to offer all the add-ons that customers
are looking for – finance, insurance and auto care services.
5
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

HALF YEAR REVIEW
Turners delivered a 28% increase in profit in the first half
of the 2019 financial year, despite some challenges in
the automotive retail sector. The result was driven by a
consistent performance across all sectors, and the benefit
of a $3.4m gain on a property sale.
We are making good progress on our strategy and our increased
investment into people, technology and business efficiencies is
delivering results.
Our retail network is expanding and we are gaining market
share; our loan portfolio is transitioning towards better quality,
lower risk lending; and our insurance business is delivering the
scale we need to operate profitably in this market.
The building blocks we put in place last year have created a
simplified and more effective business with common operating
and funding platforms.
We are continuing to realise the benefits of our integrated
business model. We have a wealth of valuable data within
our businesses and we are leveraging this to engage with our
customers, deliver better service and identify new opportunities
to do what we do better.
Operating Environment
We are seeing a slowdown on both the demand and supply
side of the automotive retail sector.
The number of used imports coming into the country is down,
and landing costs have increased due to stricter controls
following the stink bug issue. This is impacting on margins.
Demand in the highly competitive Auckland market, where 9 of
the 10 Buy Right Cars sites are located, has also weakened, with
pressures from increased living and fuel costs.
The challenging conditions will inevitably lead to consolidation
in the dealer market which will provide Turners with further
opportunity in the medium term, as we focus on building
market share.
Pleasingly, we saw some improvement in market conditions in
quarter 2 after a very challenging first quarter. Our diversified
revenue streams are really demonstrating their value in this
environment, with a strong performance from the insurance
business offsetting the headwinds in the retail sector.
Business Performance
Unit sales and market share have grown in both the Turners and
Buy Right cars business in the first half. Turners Group delivered
an improved year on year result, while Buy Right Cars delivered
a lower than expected result due to pressure on margins and
volumes.
Turners Cars delivered an increase over last year, with retail sales
continuing to hold the line.
Most of the market headwinds have been felt by Buy Right Cars
due to the high proportion of used imports they sell and their
presence in the Auckland market, which has been particularly
impacted by market conditions. While more cars were sold,
these were at a lower margin.
Investment is being made into expanding and optimising the
national retail network, training and development of sales staff,
and digital initiatives to offset the softer conditions and drive
sales. New sites in Wellington City, New Plymouth and Hamilton
are all expected to contribute to operating profit in the second
half of FY19.
Excluding the MTF channel, Oxford Finance performed well
in the half year, with the focus on higher quality lending
delivering volumes ahead of budget and the prior year. The
primary impact on results was the impairment levels for MTF
non-recourse loans which have been higher than anticipated.
Stricter lending criteria and more robust processes have now
been introduced, with higher quality loans as a result.
The insurance business had a positive first half year with
improvements in the underlying business. Good progress is
being made on claims costs and ratios, and premium is growing
as risk is more appropriately priced.
EC Credit delivered a solid result although down on last year
due to the loss of a key Australian corporate client which
has taken its collections inhouse, and a reduction in the
unredeemed voucher liability release.
Property Strategy
Our property strategy is an important part of our growth story.
While the number of customers researching and buying
cars online is growing, the majority of buyers still prefer the
“in-person” experience. Being able to view different cars on
offer, take them for a test drive and buy in-person remains the
preference for most people.
Ensuring we have retail sites in strategic locations across the
country is a significant advantage for our business and will be a
key enabler of growth moving forward.
We opened new sites in Wellington City, New Plymouth and
Hamilton at the end of the first half, and these are all expected
to contribute to operating profit in the second half of FY19.
We’re also developing our inhouse property expertise, which
will make our property strategy even more efficient going
forward.
6
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

Funding and Capital Management
Turners has strong and diversified funding arrangements
in place, with headroom for forecast business growth. The
securitisation warehouse has recently been extended to
$200m, and the new banking syndication with ASB and BNZ is
working effectively. Pleasingly, the replacement three year bond
programme was fully subscribed to $25 million.
The Board continues to consider that Turners’ share price does
not reflect the fundamental value of the business and is not
consistent with valuations from analysts or other independent
advisors. Therefore, the company has announced an On-Market
Share Buyback programme of up to 5% of shares on issue.
The Board believes the purchase of company shares, which are
priced significantly below their intrinsic value, is an appropriate
use of capital and will be of benefit to shareholders.
We are confident in the long term prospects for solid and
improving group earnings resulting in increasing balance sheet
strength. This positive outlook supports the Share Buyback
initiative.
Outlook
The investments we are making into training and development,
fintech, product innovation and the customer experience will
deliver further benefits in the second half.
We are expecting to see a continued positive performance from
insurance and an improving performance from finance as we
reposition our lending profile.
However, we are cognisant of the current challenges in the
automotive retail market which have carried through into the
second half of the financial year. If these continue, they could
impact our NPBT guidance of $34m to $36m by up to 10%.
We remain confident in our strategy and long term prospects.
New Zealand’s aging fleet will see hundreds of thousands of
cars needing replacement over the next decade and we are well
positioned to meet this need.
In addition, the challenging conditions will inevitably lead to
consolidation in the dealer market which will provide Turners
with further opportunity in the medium term, as we focus on
building market share.
There will always be a need for a trusted business like Turners
which can provide multiple channels for customers to buy and
sell vehicles. We are able to offer all the add-ons that customers
are looking for – finance, insurance and auto care services.
BUSINESS
PERFORMANCE
6
+66+28
14
+34+52
HY19 REVENUE
HY19 OP PROFIT
FINANCE &
INSURANCE
FINANCE &
INSURANCE
AUTO
RETAIL
AUTO
RETAIL
DEBT MANAGEMENT
DEBT MANAGEMENT
7
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

AUTOMOTIVE
RETAIL
Turners Group
• Continued expansion of physical footprint
(New Plymouth and Wellington City)
• Damaged vehicle revenue up 9% in 1H19 off
the back of new agreements with insurance
businesses to sell write-off vehicles
• Continuing increase in fixed price sales (cf
auction or tender)
• Sales to end users at 68% of all car purchases
• Redirect of Turners Finance into Oxford
Finance.
Buy Right Cars
• New branch opened in Hamilton in
September and performing above
expectation.
• Gross margins per vehicle down 20%
due to clearance of old stock and market
conditions
• Focus on increasing the proportion of NZ
New cars sold vs imports (higher margin and
quicker turn)
• Finance penetration remains at market
leading levels.
In Automotive Retail we are focused on
improving the cross selling of finance and
insurance products to vehicle buyers, efficiently
managing costs and improving margins. Our
property strategy remains an important initiative
as we establish new branches and relocate
some branches to newer, better located sites.
REVENUE
$111.8M
-1.5%
OP PROFIT
$8.0M
-8.6%
8
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

FINANCE
Oxford Finance
• Positive performance excluding MTF non-
recourse loans
• Good progress on repositioning towards
lower risk borrowers through tightening
of credit policy with particular focus on
affordability assessments
• Turners Finance loans redirected into Oxford
away from MTF
• Network of dealers selling Oxford Finance
products continues to grow with an
additional 120 dealers on-boarded in the
first half
• Improvements to Autoapp online loan
approval platform making it easier and faster
for dealers and customers to gain a response
on loan applications
• Consumer lending through dealer channels
up 23% to $52m.
In Finance, we will be continuing to transition
to higher quality and more profitable lending
with a focus on improving our loan origination
platform and credit scoring decisions. We have
a big focus on ensuring robust affordability
assessments are completed and providing tools
to assist our originators to do this.
REVENUE
$21.6M
+21%
OP PROFIT
$5.4M
-2%
9
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

INSURANCE
AUTOSURE
• Improvements in loss ratios across all
insurance products.
• Re-pricing for risk has been extensively
rolled out across the network
• Project to rebuild core origination system
has started and is tracking well for delivery
Q1 FY20, which will enable more agile
product design and delivery
• Focus on training and development helping
to win new originators
• Autosure insurance products are now being
integrated into AutoApp digital finance
selling platform, making it easier for dealers
to transact both insurance and finance
products through the one system
• Result includes gain on sale in property of
$3.4m
In Insurance we continue to help dealers
upskill through training and development. The
replacement of our retail origination system is a
very important project to enable new products
to be more easily brought to market in the
future. We will also remain focused on being as
efficient as possible and ensure we are pricing
correctly for the risk we are taking.
REVENUE
$25.7M
+15%
OP PROFIT
$6.4M
+144%
10
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

DEBT MANAGEMENT
EC Credit Control
• Continued to increase debt load from
key NZ corporate accounts at expense of
competitors
• Increasing sales of credit management
products to NZ SMEs
• Collections scorecard developed and being
used with banking customers
• Increased level of resource in Australia to lift
corporate debt load (under penetrated)
• Auto Dialler technology performing well
and creating significant lift in productivity
Within Credit Management, we are targeting
growth from Australia in both the corporate and
SME segments. The Australian debt market offers
a significantly larger opportunity but is more
challenging, and additional resource is being
put into Australia to improve penetration.
REVENUE
$9.3M
-9%
OP PROFIT
$3.1M
-10%
11
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

REVENUE
NET PROFIT AFTER TAX
FINANCIAL COMMENTARY
Turners Automotive Group delivered a 28% increase in profit for
the six months to 30 September 2018, driven by a continuing
strong performance from the insurance business and a $3.4m
gain on the sale of an Auckland property, offsetting headwinds
in the Auckland automotive retail market.
Operating revenue was $164.6m for the period, in line with the
previous year, with the cost of goods sold decreasing by 9%
to $65.3m. This reflects more sales on consignment through
Turners’ auctions and therefore less owned stock.
Total revenue of $168.3m includes $3.4m from the sale of the
property in Wiri, Auckland in September 2018, which has been
leased back in line with Turners’ property strategy.
Net Profit Before Tax (NPBT ), which is the basis for Turners’ full
year guidance, increased 18% to $16.8m, with Net Profit After
Tax (NPAT ) of $12.9m. On a normalised basis, underlying NPBT
was up 3%. This excludes non-operational items such as the
property sale, the EC voucher liability, the revaluation of our
shareholding in MTF last year and the reduction in the Buy Right
Cars earnout.
Earnings per share were up 14% to 15.19 cents per share for
the half year. Shareholder equity increased to $217.3m as at
30 September 2018.
The Board has declared a further quarterly fully imputed
dividend of 4.0 cps, taking half year dividends to 8.0 cents per
share. This is in line with Turners’ enhanced dividend policy of a
payout ratio of 50% to 60% of NPAT, with the Board expecting to
declare full year fully imputed dividends of a minimum 17 cents
per share.
The balance sheet remains strong and we are confident in the
long term prospects for increasing balance sheet strength.
Given this, and the current share price which the Board
considers to be below intrinsic value, the company has initiated
a Share Buyback programme.
Further financial information has been provided in the
HY19 Results Presentation which is available to view on
Turners website at https://www.turnersautogroup.co.nz/
Investor+Centre/Presentations+and+Results.html

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FY15FY16FY17FY18FY19
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FY15 FY16 FY17 FY18 FY19
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5
10
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25
FY15FY16FY17FY18FY19
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0
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FY15 FY16 FY17 FY18 FY19
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■ 1H ■ 2H
12
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

INTERIM FINANCIAL REPORTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
13
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2018
Six monthsSix monthsYear
endedendedended
30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
Note$'000$'000$'000
Revenue from continuing operations
3164,573162,979325,047
Other income
33,7188635,423
Cost of goods sold
(65,274)(71,430)(137,332)
Interest expense
(7,975)(6,532)(14,344)
Impairment provision expense
(3,951)(2,276)(6,380)
Subcontracted services expense
(6,839)(5,375)(10,777)
Employee benefits (short term)
(27,108)(25,589)(51,911)
Commission
(6,943)(5,439)(12,107)
Advertising expense
(1,963)(1,905)(4,001)
Depreciation and amortisation expense
(2,706)(2,689)(5,627)
Property and related expenses
(5,693)(5,118)(10,644)
Systems maintenance
(784)(870)(1,822)
Claims
(13,527)(15,920)(32,021)
Other expenses
(8,731)(6,455)(12,371)
Profit before taxation
16,79714,24431,133
Taxation expense
(3,912)(4,213)(7,773)
Profit from continuing operations
12,88510,03123,360
Other comprehensive income for the period (which may subsequently
be reclassified to profit/loss), net of tax
Cash flow hedges(121)(43)(170)
Foreign currency translation differences(8)-2
Total comprehensive income for the period
12,7569,98823,192
Earnings per share (cents per share)
Basic earnings per share 15.1913.3629.26
Diluted earnings per share 14.8913.2428.87
The accompanying notes form part of these financial statements
TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2018
Share
Capital
Share
Options
Reserve
Translation
Reserve
Cash flow
reserve
Retained
EarningsTotal
$’000$’000$’000$’000$’000$’000
Balance at 31 March 2017 (audited)Note 168,809 208 (23) 6 2,716 171,716
Transactions with shareholders in their capacity as owners
Capital contributions (net of issue costs)25,149----25,149
Employee share based payments-217---217
Dividend paid6----(6,334)(6,334)
25,149 217 - - (6,334) 19,032
Comprehensive income
Profit----10,03110,031
Other comprehensive income---(43)-(43)
Total comprehensive income for the period, net of tax - - - (43) 10,031 9,988
Balance at 30 September 2017 (unaudited)
193,958 425 (23) (37) 6,413 200,736
Transactions with shareholders in their capacity as owners
Capital contributions (net of issue costs)5,190----5,190
Employee share based payments-276---276
Dividend paid6----(5,083)(5,083)
5,190 276 - - (5,083) 383
Comprehensive income
Profit----13,32913,329
Other comprehensive income--2(127)-(125)
Total comprehensive income for the period, net of tax - - 2 (127) 13,329 13,204
Balance at 31 March 2018 (audited)
199,148 701 (21) (164) 14,659 214,323
Change in accounting policy1.2----(1,839)(1,839)
Transactions with shareholders in their capacity as owners
Employee share based payments
-163---163
Dividend paid6
----(8,056)(8,056)
- 163 - - (8,056) (7,893)
Comprehensive income
Profit
----12,88512,885
Other comprehensive income
--(8)(121)-(129)
Total comprehensive income for the period, net of tax
- - (8) (121) 12,885 12,756
Balance at 30 September 2018 (unaudited)
199,148 864 (29) (285) 17,649 217,347
The accompanying notes form part of these financial statements
CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
For the six months ended 30 September 2018
The accompanying notes form part of these financial statements
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
For the six months ended 30 September 2018
The accompanying notes form part of these financial statements
14
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2018
30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
Note$'000$'000$'000
Assets
Cash and cash equivalents4
24,085
69,472 25,145
Financial assets at fair value through profit or loss
- Insurance
51,693
7,345 49,749
- Other
3,579
3,620 3,629
Trade receivables
11,505
12,095 11,323
Inventory
42,877
42,143 38,596
Finance receivables5
290,091
269,229 289,799
Other receivables and deferred expenses
14,291
10,238 11,747
Reverse annuity mortgages5
9,287
8,967 9,997
Investment property
4,820
4,000 4,820
Property, plant and equipment
35,122
23,736 35,945
Intangible assets
170,843
171,527 170,982
Total assets
658,193
622,372 651,732
Liabilities
Other payables
28,010
29,721 34,875
Financial liability at fair value through profit or loss
174
2,767 226
Deferred revenue
6,113
5,766 5,506
Deferred tax
17,614
20,044 18,786
Tax payable
856
1,681 5,029
Derivative financial instruments
295
43 111
Borrowings
330,291
306,786 317,373
Life investment contract liabilities
7,573
8,079 7,127
Insurance contract liabilities
49,920
46,749 48,376
Total liabilities
440,846
421,636 437,409
Shareholders' equity
Share capital
199,148
193,958 199,148
Other reserves
550
365 516
Retained earnings
17,649
6,413 14,659
Total shareholders' equity
217,347
200,736 214,323
Total shareholders' equity and liabilities
658,193
622,372 651,732
G.K. BakerP.A.Byrnes
ChairmanExecutive Director
Authorised for issue on 28 November 2018
The accompanying notes form part of these financial statements
TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2018
Six monthsSix monthsYear
endedendedended
30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
$'000$'000$'000
Cash flows from operating activities
Interest received 25,037 18,873 41,925
Receipts from customers 138,210 144,415 281,031
Interest paid(6,782) (4,009) (9,609)
Payment to suppliers and employees(150,395) (139,330) (266,124)
Income tax paid(8,671) (4,465) (5,824)
Net cash inflow/(outflow) from operating activities before
changes in operating assets and liabilities(2,601) 15,484 41,399
Net increase in finance receivables(9,770) (54,372) (75,248)
Net decrease in reverse annuity mortgages 1,146 672 66
Net decrease/(increase) of financial assets at fair value through profit or loss(1,348) 305 (41,937)
Net contribution from life investment contracts 124 (4,877) (5,765)
Changes in operating assets and liabilities arising from
cash flow movements(9,848) (58,272) (122,884)
Net cash (outflow)/inflow from operating activities(12,449) (42,788) (81,485)
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and intangibles 8,858 152 3,944
Purchase of fixed assets and intangible assets(5,811) (6,116) (22,698)
Purchase of subsidiaries - (3,733) (3,754)
Net cash (outflow)/inflow from investing activities 3,047 (9,697) (22,508)
Cash flows from financing activities
Net bank loan advances/(repayments) 16,398 34,756 39,005
Proceeds of share issue - 24,466 29,656
Other borrowings - - 2,837
Dividend paid(8,056) (6,334) (11,417)
Net cash inflow/(outflow) from financing activities 8,342 52,888 60,081
Net movement in cash and cash equivalents(1,060) 403 (43,912)
Add opening cash and cash equivalents 25,145 69,069 69,069
Cash included with purchase of subsidiaries - - -
Translation difference - - (12)
Closing cash and cash equivalents24,085 69,472 25,145
The accompanying notes form part of these financial statements
CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
For the six months ended 30 September 2018
CHAIRMAN’S & EXECUTIVE DIRECTOR'S REPORT
(Continued)
G.K. BakerP.A. Byrnes
Chairman DirectorExecutive Director
5
CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
For the six months ended 30 September 2018
TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2018
30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
Note$'000$'000$'000
Assets
Cash and cash equivalents4
24,085
69,472 25,145
Financial assets at fair value through profit or loss
- Insurance
51,693
7,345 49,749
- Other
3,579
3,620 3,629
Trade receivables
11,505
12,095 11,323
Inventory
42,877
42,143 38,596
Finance receivables5
290,091
269,229 289,799
Other receivables and deferred expenses
14,291
10,238 11,747
Reverse annuity mortgages5
9,287
8,967 9,997
Investment property
4,820
4,000 4,820
Property, plant and equipment
35,122
23,736 35,945
Intangible assets
170,843
171,527 170,982
Total assets
658,193
622,372 651,732
Liabilities
Other payables
28,010
29,721 34,875
Financial liability at fair value through profit or loss
174
2,767 226
Deferred revenue
6,113
5,766 5,506
Deferred tax
17,614
20,044 18,786
Tax payable
856
1,681 5,029
Derivative financial instruments
295
43 111
Borrowings
330,291
306,786 317,373
Life investment contract liabilities
7,573
8,079 7,127
Insurance contract liabilities
49,920
46,749 48,376
Total liabilities
440,846
421,636 437,409
Shareholders' equity
Share capital
199,148
193,958 199,148
Other reserves
550
365 516
Retained earnings
17,649
6,413 14,659
Total shareholders' equity
217,347
200,736 214,323
Total shareholders' equity and liabilities
658,193
622,372 651,732
G.K. BakerP.A.Byrnes
ChairmanExecutive Director
Authorised for issue on 27 November 2018
The accompanying notes form part of these financial statements
The accompanying notes form part of these financial statementsThe accompanying notes form part of these financial statements
15
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2018
Six monthsSix monthsYear
endedendedended
30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
$'000$'000$'000
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) 12,885 10,031 23,360
Adjustment for Non-cash items
Impairment charge/(release) on finance receivables, reverse annuity
mortgages and other receivables 3,994 2,281 6,390
Net (profit)/loss on sale fixed assets(3,610) (227) (1,000)
Depreciation and amortisation 2,706 2,689 5,627
Capitalised reverse annuity mortgage interest(451) (432) (869)
Deferred revenues 1,702 282 917
Fair value adjustments on assets/liabilities at fair value through profit and loss(548) (929) (1,139)
Net annuity and premium change to policyholders accounts 322 109 45
Non-cash long term employee benefits 160 238 516
Non-cash adjustments to finance receivables effective interest rates(42) 51 109
Deferred expenses(1,129) (5,909) (7,135)
Fair value adjustment on investment property - - (820)
Fair value adjustment to contingent consideration - - (2,845)
Adjustment for Movements in Working Capital
Net (increase)/decrease receivables and pre-payments(2,280) (1,823) 1,009
Net (increase)/decrease in inventories(4,281) 2,578 5,958
Net increase/(decrease) in payables(7,254) 6,797 9,443
Net increase in finance receivables(9,770) (54,372) (75,248)
Net decrease in reverse annuity mortgages 1,146 672 66
Net (increase)/decrease of insurance assets at fair value through profit or loss(1,348) 305 (41,937)
Net contributions/(withdrawals) from life investment contracts 124 (4,877) (5,765)
Net (decrease)/increase in deferred tax liability(4,159) 1,214 (48)
Net (decrease)/increase in tax payable(616) (1,466) 1,881
Net Cash inflow/(outflow) from Operating Activities(12,449) (42,788) (81,485)
The accompanying notes form part of these financial statements
TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018

1. Reporting entity
Turners Automotive Group Limited ('the Company') is incorporated and domiciled in New Zealand. Turners Automotive
Group Limited is registered under the Companies Act 1993.

Turners Automotive Group Limited is a FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013.

The consolidated financial statements of Turners Automotive Group Limited and its subsidiaries (together ‘the Group’) have
been prepared in accordance with the Companies Act 1993 and the Financial Markets Conduct Act 2013.

1.1 Basis of preparation
The unaudited interim condensed consolidated financial statements for the six months ended 30 September 2018 have been
prepared in accordance with NZ IAS34: Interim Financial Reporting.

The unaudited consolidated condensed interim financial statements of the Group for the six months ended 30 September
2018 do not include all the information and disclosures required in the annual financial statements, and should be read in
conjunction with the Group’s annual consolidated financial statements as at 31 March 2018.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting
periods, except for the adoption of new and amended standards as set out below.

The same significant judgments, estimates and assumptions (including basis of segmentation) included in the notes to the
financial statements in the Group's consolidated financial statements for the year to 31 March 2018 have been applied to
these interim financial statements. The business does not experience notable seasonal variations. There has been no
change to the basis of segmentation from that applied at 31 March 2018.

To ensure consistency with audited figures, 30 September 2017 comparatives have been regrouped where appropriate.

1.2 New standards, interpretations and amendments adopted by the Group
A number of new or amended standards became applicable for the current reporting period and the Group had to change its
accounting policies and make adjustments to opening retained earnings as a result of adopting the following standards:
• NZ IFRS 9 ‘Financial Instruments’; and
• NZ IFRS 15 ‘Revenue from Contracts with Customers’

The impact of the adoption of these standards and the new accounting policies are disclosed below. The other standards did
not have any impact on the Group’s accounting policies and did not require retrospective adjustment.

NZ IFRS 9 ‘Financial Instruments’
NZ IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and
financial liabilities. It replaces the guidance in NZ IAS 39, 'Financial Instruments: Recognition and Measurement', that relates
to the classification and measurement of financial instruments. IFRS 9 retains but simplifies the mixed measurement model
and establishes three primary measurement categories for financial assets: amortised cost, fair value through other
comprehensive income (‘OCI’) and fair value through profit and loss. The basis of classification depends on the entity’s
business model and the contractual cash flow characteristics of the financial asset.

Impairment
The adoption of NZ IFRS 9 has fundamentally changed the Group’s accounting for impairment for financial assets by
replacing NZ IAS 39’s incurred loss approach with a forward-looking expected credit loss (ECL) approach.

NZ IFRS 9 requires the Group to record an allowance for ECLs for all financial receivables and other debt financial assets
not held at fair value through profit and loss. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an
approximation to the asset’s original effective interest rate.

Impact of the adoption of NZ IFRS 9 on the Group’s financial statements
The Group has chosen not to restate comparative information and adjustments required by the application of the new
standard have been made to the opening balance of retained earnings recognised in the Statement of changes in equity for
the six months ended 30 September 2018.
CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
For the six months ended 30 September 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
The accompanying notes form part of these financial statements
16
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018


The Group’s classification of financial assets and liabilities under NZ IFRS 9 remains largely the same as it was under NZ
IAS 39.

The adoption of the ECL requirements of NZ IFRS 9 resulted in increases in impairment allowances for the Group’s Finance
receivables. The impact on retained earnings was as follows:

$’000
Retained earnings at 1 April 2018 14,659

NZ IFRS 9 adjustments
Change in impairment (2,160)

Deferred tax 605
Retained earnings at 1 April 2018 after NZ IFRS 9 adjustments 13,104

Group’s previous accounting policy for financial instruments
For the Group’s previous accounting policy for financial instruments please refer to accounting policies 3.6 to 3.12 (pages 36
- 38) in Group’s consolidated financial statements for the year ended 31 March 2018.

Group’s current policy for financial instruments
Classification
The Group classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value (either through OCI or through profit or loss), and
• those to be measured at amortised cost.

The classification depends on the Group’s business model for managing the financial asset and the contractual terms of the
cash flows.

The Group classifies its financial liabilities in the following measurement categories:
• those to be measured at amortised cost, and
• those to be measured subsequently at fair value through profit or loss.

Financial assets and financial liabilities are recognised on the Group’s balance sheet when the Group becomes a party to the
contractual provisions of the instrument.

Unitised funds, fixed interest securities and term deposits are classified as financial assets to be measured subsequently at
fair value through profit or loss. Contingent consideration is classified as financial liabilities to be measured subsequently at
fair value through profit or loss.

Cash and cash equivalents, trade receivables, finance receivables, reverse annuity mortgages and other receivables are
classified as financial assets to be measured at amortised cost. Trade, other payables and borrowings are classified as
financial liabilities to be measured at amortised cost.

Measurement
At initial recognition, the Group measures financial instruments at its fair value plus, in the case of a financial instrument not
at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial
instrument. Transaction costs of financial instruments carried at FVPL are expensed in profit or loss.

Financial instruments that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortised cost. Any gain or loss arising on derecognition is recognised directly in
profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are
presented as separate line item in profit or loss.

Changes in the fair value of financial instruments at FVPL are recognised in other gains/(losses) in the statement of profit or
loss as applicable.


NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018

Impairment
The Group calculates expected credit losses on 12 months of expected losses, where there has not been a significant
increase in credit risk, and lifetime expected losses, where there has been a significant increase. The Group has established
a provision matrix that is based on the Group’s historical credit loss experience, adjusted for forward- looking factors specific
to the debtors and economic environment.

The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain
circumstances, the Group may also consider a financial asset to be in default when internal or external information indicates
that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit
enhancement held by the Group.

Derivatives and hedging cash flow hedges that qualify for hedge accounting
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is
recognised in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised
immediately in profit or loss, within other income (expenses).

Amounts accumulated in equity are reclassified in the periods when the hedged item affects profit or loss, as follows:
• Where the hedged item subsequently results in the recognition of a non-financial asset (such as inventory), both the
deferred hedging gains and losses and the deferred time value of the option contracts or deferred forward points, if any,
are included within the initial cost of the asset. The deferred amounts are ultimately recognised in profit or loss as the
hedged item affects profit or loss (for example through cost of sales).
• The gain or loss relating to the effective portion of the interest rate swaps hedging variable rate borrowings is recognised
in profit or loss within finance cost at the same time as the interest expense on the hedged borrowings.

When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge
accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until
the forecast transaction occurs, resulting in the recognition of a non-financial asset such as inventory. When the forecast
transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in
equity are immediately reclassified to profit or loss.

Use of estimates and judgements
Management calculates expected credit losses on 12 months of expected losses, where there has not been a significant
increase in credit risk, and lifetime expected losses, where there has been a significant increase. Management has made
judgements, estimates and assumptions when calculating the expected credit losses. Actual results could differ from the
estimates, such differences will impact the carrying value of financial receivables.

NZ IFRS 15 ‘Revenue from Contracts with Customers’
NZ IFRS 15 'Revenue from Contracts with Customers' introduces a five step process for revenue recognition with the core
principle being for entities to recognise revenue to depict the transfer of goods or services to customers in amounts that
reflect the consideration (that is, payment) to which the entity expects to be entitled in exchange for those goods or services.
The five step approach is as follows:
• Step 1: Identify the contracts with the customer;
• Step 2: Identify the separate performance obligations;
• Step 3: Determine the transaction price;
• Step 4: Allocate the transaction price; and
• Step 5: Recognise revenue when a performance obligation is satisfied.

The standard requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances
when applying each step of the model to contracts with their customers. The standard also specifies the accounting for the
incremental costs of obtaining a contract and the costs directly related to fulfilling the contract.

Impact of the adoption of NZ IFRS 15 on the Group’s financial statements
The Group elected to apply the cumulative effect method, with no restatement of comparative period amounts. The
cumulative effect of applying the new standard is included as an
adjustment to the opening balance of retained earnings
recognised in the Statement of changes in equity for the six months ended 30 September 2018.

NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
17
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018

The Group’s revenue recognition policies remain largely the same with the exception of Sales of service- Collection income,
where the Group has concluded that collection income should be recognised when the service is rendered.

The adoption of NZ IFRS 15 has impacted the timing of when some collection income and the related costs are recognised
resulting in the following adjustment to opening retained income.
$’000
Retained earnings at 1 April 2018 after NZIFRS 9 adjustments 13,104

NZ IFRS 15 adjustments
Change in collection income (617)

Change in collection expense 348
Tax payable 23
Deferred tax (38)
Retained earnings at 1 April 2018 after NZ IFRS adjustments 12,820

The table below show the effect of IFRS 15 adoption on 1 April 2018.
As previously
reported
IFRS 15
reclassifications

Restated
$’000 $’000 $’000
Assets

Other receivables and deferred expenses 11,747 348 12,095


Liabilities
Deferred revenue 5,506 617 6,123
Deferred tax 18,786 38 18,824
Tax payable 5,029 (23) 5,006
Total impact of liabilities 29,321 632 29,953


Retained earnings after NZ IFRS 9 adjustments 13,104 (284) 12,820

Group’s previous accounting policy for revenue recognition
For the Group’s previous accounting policy for revenue recognition please refer to accounting policy 3.5 (pages 35 - 36) in
Group’s consolidated financial statements for the year ended 31 March 2018.

Group’s current policy for revenue recognition
Revenue and expense recognition
The principal sources of revenue are sales of goods, sales of service, interest income, fees, commissions, and insurance
premium income.

NZ IFRS 15 related policies
Sales of goods
Sales of goods comprise sales of motor vehicle and commercial goods owned by the Group. Sales of goods are recognised
at the point in time when the Group has transferred control of the promised good to the customer. This normally occurs on
receipt of a deposit, full payment or approval of financing.

Sales of service
Sales of service comprise auction commission and other auction revenue, collection income, fee and commission revenue.
Sales of service income is recognised over time in the accounting period in which the services are rendered, by reference to
completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total
services to be provided.

Voucher income
Voucher income is initially recognised as an unredeemed voucher liability. Voucher income is recognised when the voucher
is redeemed. For those vouchers that are unredeemed, voucher income is recognised after a period of time based on
historical non-redemption patterns. Estimates are readjusted as necessary based on movements in the actual non-
redemption patterns.

TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018


NZ IFRS 9 related policies
Interest income and expense
Interest income and expense is recognised in the profit or loss using the effective interest method.

The effective interest method calculates the amortised cost of a financial asset or financial liability and allocates the interest
income or interest expense over the relevant period. The calculation includes all fees paid or received and directly related
transaction costs that are an integral part of the effective interest rate. The interest income or expense is allocated over the
life of the instrument and is measured for inclusion in profit and loss by applying the effective interest rate to the instruments
amortised cost.

Lending and funding - fees and commissions
Lending fee income (such as booking and establishment fees) that is integral to the effective yield of a loan held at amortised
cost is capitalised as part of the amortised cost and deferred over the life of the loan using the effective interest method.
Lending fees not directly related to the origination of a loan (account maintenance fee) are recognised over the period of
service.

Incremental and directly attributable costs (such as commissions) associated with the origination of a financial asset (such as
loans) and financial liabilities (such as borrowings) are capitalised as part of the amortised cost and deferred over the life of
the financial instrument using the effective interest method.


Other
Premium income and acquisition costs
Recurring premiums on life insurance contracts are recognised as revenue when payable by the policyholder. Where policies
provide for the payment of amounts of premiums on specific due dates, such premiums are recognised as revenue when
due. Unpaid premiums are only recognised as revenue during the days of grace and are not recognised where policies are
deemed to have lapsed at reporting date.

General insurance premiums comprise the total premiums payable for the whole period of cover provided by contracts
entered into during the reporting period and are recognised on the date on which the policy commences. Premiums include
any adjustments arising in the reporting period for premium receivables written in respect of business written in prior
accounting periods. Premiums collected by intermediaries, but not yet received, are assessed based on known sales and are
included in written premium.

Unearned premiums are those proportion of premiums written in a year that relate to periods of risk after the reporting date.
Unearned premiums are calculated on a daily pro rata basis. The proportion attributable to subsequent periods is deferred as
a provision for unearned premiums.

Under life investment contracts deposits are received from policyholders which are then invested on behalf of the
policyholders. No premium income is recognised as revenue. Fees deducted from members' accounts are accounted for as
fee income.

Those direct and indirect costs incurred during the financial period arising from the acquiring or renewing of insurance
contracts are deferred to the extent that these costs are recoverable out of future premiums from insurance contracts. All
other acquisitions costs are recognised as an expense when incurred.

Subsequent to initial recognition, the deferred acquisitions cost asset (DAC) for life insurance contracts is amortised over the
expected life of the contracts. DAC for general insurance contracts is amortised over the period in which the revenues are
earned.

An impairment review is performed at each reporting date or more frequently when an indication of impairment arises. When
the recoverable amount is less than the carrying value, an impairment loss is recognised in profit or loss. DACs are also
considered in the liability adequacy test for each reporting period.

DACs are derecognised when the related contracts are either settled or disposed of.

NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
18
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018

Other income
Dividend income is recorded in the profit or loss when the Group’s right to receive the dividend is established.

Claims expense
Claims expenses represent claim payments adjusted for the movement in the outstanding claims liability.

General insurance claims expenses are recognised when claims are notified with the exception of claims incurred but not
reported for which a provision is estimated. Life insurance contract claims are recognised when a liability has been
established. Claims under life investment contracts represent withdrawals of investment deposits and are recognised as a
reduction in the life investment contract liabilities.

Other expense recognition
All other expenses are recognised in profit or loss as incurred.

1.3 New standards and amendments and interpretations to existing standards that are not yet effective for the
current accounting period beginning on 1 April 2018

The following relevant standards and interpretations have been issued at the reporting date but are not yet
effective.

NZ IFRS 16 'Leases'
NZ IFRS 16 'Leases' will replace NZ IAS 17 ‘Leases’. NZ IFRS 16 eliminates the distinction between operating and finance
leases for lessees and will result in lessees bringing most leases onto their Statements of Financial Position.

The main changes affect lessee accounting only – lessor accounting is mostly unchanged from NZ IAS 17.

NZ IFRS 16 introduces the following:
• Use of a control model for the identification of leases. This model distinguishes between leases and service contracts
on the basis of whether there is an identified asset controlled by the customer.
• Distinction between operating and finance leases is removed. Assets (a right of use asset) and liabilities (a lease
liability reflecting future lease payments) will now be recognised in respect of all leases, with the exception of certain
short term leases and leases of low value assets

The effective date is annual reporting periods beginning on or after 1 January 2019, the 31 March 2020 financial year. Earlier
application is permitted, if NZ IFRS 15 Revenue from Contracts with Customers has also been adopted.

The indicative impacts of implementing NZ IFRS 16 are as follows for all leases that the Group is a party to:
Initial recognition and measurement:
• Recognition of a right of use (‘ROU’) asset. Initial measurement of the ROU asset would include the initial present
value of the lease liability, the initial direct costs, prepayments made to lessor, less any lease incentives received from
the lessor and restoration, removal and dismantling costs; and
• Recognition of a lease liability, which would reflect the initial measurement of the present value of lease payments,
including reasonably certain renewals.

Subsequent measurement:
• ROU asset: Depreciate the ROU asset based on NZ IAS 16 ‘Property, plant and equipment’.
• Lease liability: Accrete liability based on the effective interest method, using a discount rate determined at lease
commencement (as long as a reassessment and a change in the discount rate have not occurred) and reduce the
liability by payments made.

NZ IFRS 16 will have a material impact on the Group's financial statements and will be dependent on the leases that the
Group is a party to as at the beginning of the year ended 31 March 2020. The Group’s operating lease commitments as at 31
March 2018 are set out in note 31 of the Group’s consolidated financial statements for the year ended 31 March 2018,
measurement of the lease liability and asset under NZ IFRS 16 is yet to be fully assessed.

The Group will adopt NZ IFRS 16 for the accounting period beginning on 1 April 2019.
TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018


NZ IFRS 17 Insurance Contracts
NZ IFRS 17, ‘Insurance Contracts’, will replace NZ IFRS 4, ‘Insurance Contracts’. Under the NZ IFRS 17, insurance contract
liabilities will be calculated at the present value of future insurance cash flows with a provision for risk. The discount rate
applied will reflect current interest rates. If the present value of future cash flows would produce a gain at the time an
insurance contract is issued, the model would also require a "contractual service margin" to offset the day 1 gain. The
contractual service margin would be amortized over the life of the insurance contract. There would also be a new income
statement presentation for insurance contracts, including a revised definition of revenue and additional disclosure
requirements. NZ IFRS 17 will also have accommodations for certain specific types of insurance contracts. Short-duration
insurance contracts will be permitted to use a simplified unearned premium liability model until a claim is incurred. For some
contracts, in which the cash flows are linked to underlying items, the liability value will reflect that linkage.

The effective date is annual reporting periods beginning on or after 1 January 2021, the 31 March 2022 financial year.

The Group is yet to assess the impact of NZ IFRS 17. The Group intends to adopt NZ IFRS 17 no later than the financial
year beginning 1 April 2021.



NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
19
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
2. SEGMENTAL INFORMATION
2.1 OPERATING SEGMENTS
RevenueRevenueRevenueRevenue
TotalInter-fromTotalInter-fromTotalInter-from
segmentsegmentexternalsegmentsegmentexternalsegmentsegmentexternal
revenuerevenuecustomersrevenuerevenuecustomersrevenuerevenuecustomers
30/09/201830/09/201830/09/201830/09/201730/09/201730/09/201731/03/201831/03/201831/03/2018
UnauditedUnauditedUnauditedUnauditedUnauditedUnauditedAuditedAuditedAudited
$'000$'000$'000$'000$'000$'000$'000$'000$'000
Automotive retail 112,765 (969) 111,796 115,694 (2,211) 113,483 226,434 (3,222) 223,212
Finance 21,564 - 21,564 17,791 - 17,791 39,747 - 39,747
Collection Services 9,249 - 9,249 10,189 - 10,189 18,677 - 18,677
Insurance 25,660 - 25,660 22,369 - 22,369 46,923 - 46,923
Corporate & Other 147 (125) 22 10 - 10 1,911 - 1,911
169,385 (1,094) 168,291 166,053 (2,211) 163,842 333,692 (3,222) 330,470
Operating profit30/09/201830/09/2017 31/03/2018
UnauditedUnauditedAudited
$'000$'000$'000
Automotive retail 8,013 8,771 16,550
Finance 5,423 5,537 11,735
Collection Services 3,076 3,413 6,069
Insurance 6,414 2,627 5,731
Corporate & Other(6,129) (6,104) (8,952)
Profit/(loss) before taxation16,79714,24431,133
Income tax(3,912) (4,213) (7,773)
Profit attributable to shareholders 12,885 10,031 23,360
Interest revenueInterest expense
30/09/201830/09/201731/03/201830/09/201830/09/201731/03/201830/09/201830/09/201731/03/2018
UnauditedUnauditedAuditedUnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000$'000$'000$'000
Automotive retail 4,691 4,289 9,311 (2,456) (2,302) (4,767) (1,215) (1,242) (2,351)
Finance 18,969 15,710 34,432 (3,372) (2,643) (5,829) (172) (152) (348)
Collection Services 4 5 12 - - - (43) (40) (93)
Insurance 1,167 993 1,997 - - - (144) (105) (681)
Corporate & Other147922(2,412)(1,748)(4,438)(1,132)(1,150)(2,154)
24,97821,00645,774(8,240)(6,693)(15,034)(2,706)(2,689)(5,627)
Eliminations(265)(161)(690)265161690---
24,71320,84545,084(7,975)(6,532)(14,344)(2,706)(2,689)(5,627)
Depreciation and
amortisation expenses
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
20
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

Other material non-cash items
RevenueExpenses
30/09/201830/09/201731/03/201830/09/201830/09/201731/03/2018
UnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000
Automotive retail - impairment provisions - - - (219) (207) (423)
Finance - impairment provisions - - - (3,657) (2,016) (5,929)
Insurance - impairment provisions - - - (75) (53) (28)
Automotive retail - revaluation of investment - 590 - - - -
Collection services - deferred revenue 84 241 433 - - -
Insurance - reverse annuity mortgage interest 451 432 869 - - -
5351,2631,302(3,951)(2,276)(6,380)
2.2 SEGMENT ASSETS AND LIABILITIES
30/09/201830/09/201731/03/201830/09/201830/09/201731/03/2018
UnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000
Automotive retail 152,295 134,963 152,006 109,844 103,255 115,071
Finance 249,401 228,077 255,937 192,228 178,439 199,374
Collection Services 29,944 28,477 28,780 6,123 8,582 6,937
Insurance 126,589 117,862 124,358 67,055 64,413 69,213
Corporate & Other270,107285,026298,91270,64272,38689,443
828,336794,405859,993445,892427,075480,038
Eliminations(170,143)(172,033)(208,261)(5,046)(5,439)(42,629)
658,193622,372651,732440,846421,636437,409
2.3 AUTOMOTIVE RETAIL SEGMENT ANALYSISRevenueRevenueRevenue
TotalInter-fromTotalInter-fromTotalInter-from
segmentsegmentexternalsegmentsegmentexternalsegmentsegmentexternal
revenuerevenuecustomersrevenuerevenuecustomersrevenuerevenuecustomers
30/09/201830/09/201830/09/201830/09/201730/09/201730/09/201731/03/201831/03/201831/03/2018
UnauditedUnauditedUnauditedUnauditedUnauditedUnauditedAuditedAuditedAudited
$'000$'000$'000$'000$'000$'000$'000$'000$'000
Auctions 22,872 (218) 22,654 21,899 (607) 21,292 41,655 (472) 41,183
Finance 8,195 (751) 7,444 7,313 (194) 7,119 14,711 (143) 14,568
Fleet 49,480 - 49,480 56,114 - 56,114 108,047 - 108,047
Buy Right Cars 32,218 - 32,218 30,368 (1,410) 28,958 62,021 (2,607) 59,414
112,765(969)111,796115,694(2,211)113,483226,434(3,222)223,212
Operating profit30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
$'000$'000$'000
Auctions 1,659 2,459 3,410
Finance 3,343 2,956 5,724
Fleet 2,509 1,993 4,970
Buy Right Cars 502 1,363 2,446
8,0138,77116,550
Segment assetsSegment liabilities
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
Other material non-cash items
RevenueExpenses
30/09/201830/09/201731/03/201830/09/201830/09/201731/03/2018
UnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000
Automotive retail - impairment provisions - - - (219) (207) (423)
Finance - impairment provisions - - - (3,657) (2,016) (5,929)
Insurance - impairment provisions - - - (75) (53) (28)
Automotive retail - revaluation of investment - 590 - - - -
Collection services - deferred revenue 84 241 433 - - -
Insurance - reverse annuity mortgage interest 451 432 869 - - -
5351,2631,302(3,951)(2,276)(6,380)
2.2 SEGMENT ASSETS AND LIABILITIES
30/09/201830/09/201731/03/201830/09/201830/09/201731/03/2018
UnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000
Automotive retail 152,295 134,963 152,006 109,844 103,255 115,071
Finance 249,401 228,077 255,937 192,228 178,439 199,374
Collection Services 29,944 28,477 28,780 6,123 8,582 6,937
Insurance 126,589 117,862 124,358 67,055 64,413 69,213
Corporate & Other270,107285,026298,91270,64272,38689,443
828,336794,405859,993445,892427,075480,038
Eliminations(170,143)(172,033)(208,261)(5,046)(5,439)(42,629)
658,193622,372651,732440,846421,636437,409
2.3 AUTOMOTIVE RETAIL SEGMENT ANALYSISRevenueRevenueRevenue
TotalInter-fromTotalInter-fromTotalInter-from
segmentsegmentexternalsegmentsegmentexternalsegmentsegmentexternal
revenuerevenuecustomersrevenuerevenuecustomersrevenuerevenuecustomers
30/09/201830/09/201830/09/201830/09/201730/09/201730/09/201731/03/201831/03/201831/03/2018
UnauditedUnauditedUnauditedUnauditedUnauditedUnauditedAuditedAuditedAudited
$'000$'000$'000$'000$'000$'000$'000$'000$'000
Auctions 22,872 (218) 22,654 21,899 (607) 21,292 41,655 (472) 41,183
Finance 8,195 (751) 7,444 7,313 (194) 7,119 14,711 (143) 14,568
Fleet 49,480 - 49,480 56,114 - 56,114 108,047 - 108,047
Buy Right Cars 32,218 - 32,218 30,368 (1,410) 28,958 62,021 (2,607) 59,414
112,765(969)111,796115,694(2,211)113,483226,434(3,222)223,212
Operating profit30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
$'000$'000$'000
Auctions 1,659 2,459 3,410
Finance 3,343 2,956 5,724
Fleet 2,509 1,993 4,970
Buy Right Cars 502 1,363 2,446
8,0138,77116,550
Segment assetsSegment liabilities
21
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

Division assets and liabilitiesAssetsLiabilities
30/09/201830/09/201731/03/201830/09/201830/09/201731/03/2018
UnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000
Auctions 39,738 26,583 44,395 11,111 7,194 24,038
Finance 62,467 61,463 66,294 58,665 58,319 60,133
Fleet 18,466 20,651 14,595 14,436 16,565 8,373
Buy Right Cars316242626628549256322117723045
152,295134,963153,833109,844103,255115,589
Eliminations - - (1,827) - - (518)
152,295134,963152,006109,844103,255115,071
Five reportable segment have been identified as follows:
Automotive retail - remarketing (motor vehicles, trucks, heavy machinery and commercial goods) and purchasing goods for sale
(motor vehicles and commercial goods) and related asset based finance to consumers.
Collection services - collection services, credit management and debt recovery services to the corporate and SME sectors.
Geographically the collections services segment business activities are located in New Zealand and Australia. Finance - provides
asset based finance to consumers and SME's.
Insurance - marketing and administration of a range of life and consumer insurance and superannuation products.
Corporate & other - corporate centre.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
22
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

3. REVENUE
Revenue from continuing operations includes:
30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
$'000$'000$'000
Interest income
24,713 20,845 45,084
Sales of goods
79,022 83,928 163,622
Commission and other auction revenue
22,595 22,499 46,730
Finance related insurance commissions
5,907 2,401 4,718
Loan fee income
1,601 1,244 2,766
Insurance and life investment contract income
20,265 21,299 41,685
Collection income
9,245 10,090 18,665
Bad debts recovered
562 529 887
Other revenue
663 144 890
164,573 162,979 325,047
Other income includes:
Revaluation gain on investments
- 590590
Revaluation gain on investment property
--820
Dividend income
107 105349
Gain of sale of property, plant and equipment
3,611 1681000
Fair value gain on contingent consideration
--2664
3,718 863 5,423
4. CASH AND CASH EQUIVALENTS
30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
$'000$'000$'000
Cash and cash equivalents
24,085 69,472 25,145
5. FINANCE RECEIVABLES AND REVERSE ANNUITY MORTGAGES
30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
$'000$'000$'000
Gross finance receivables
299,558 272,525 295,653
Deferred fee revenue and commission expenses
6,205 4,410 5,440
Provision for impairment
(15,672) (7,706) (11,294)
290,091 269,229 289,799
The Group's insurance business is required to comply with the solvency standards for licensed insurers issued by the Reserve Bank of New
Zealand. The solvency standards specify the level of assets the insurance business is required to hold in order to meet solvency
requirements, consequently all cash and cash equivalents held in the insurance business may not be available for use by the wider Group.
The Group's insurance business' cash and cash equivalents at 30 September 2018 were $12.8m (30 September 2017: $48.1m; 31 March
2018: $9.2m).
Cash and cash equivalents at 30 September 2018 of $2.9m (30 September 2017 :$8.0m; 31 March 2018 : $4.9m) belongs to the Turners
Marque Warehouse Trust 1 and is not available to the Group.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
5. FINANCE RECEIVABLES AND REVERSE ANNUITY MORTGAGES (continued)
30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
$'000$'000$'000
Reverse annuity mortgages
9,398 9,050 10,094
Provision for impairment
(111) (83) (97)
9,287 8,967 9,997
Fair value
Finance receivables
292,694 271,669 289,951
Reverse annuity mortgages
10,975 11,854 11,866
Securitisation
The fair value of finance receivables are based on cash flows discounted using a weighted average interest rate of 15.14% (30 September
2017: 15.38% and 31 March 2018: 15.01%) and the fair value for reverse annuity mortgages is estimated using a discounted cash flow
model based on a current market interest rate for similar products after making allowances for impairment.
The Group has a wholesale funding facility with the Bank of New Zealand (BNZ) under which it securitises finance receivables through The
Turners Marque Warehouse Trust 1 (the Trust). Under the facility, BNZ provides funding to the Trust secured by finance receivables sold to
the Trust from the finance segment. The facility is for a 24 month term that will be renewed annually. The facility is for $150m.
The Trust is a special purpose entity set up solely for the purpose of purchasing finance receivables from the finance sector with the BNZ
funding up to 92% of the purchase price with the balance funded by sub-ordinated notes from the Group. The New Zealand Guardian Trust
Company Limited has been appointed Trustee for the Trust and NZGT Security Trustee Limited as the security trustee. The Company is the
sole beneficiary.
The Group has the power over the Trust, exposure, or rights, to variable returns from its involvement with the Trust and the ability to use its
power over the Trust to affect the amount of the Group's returns from the Trust. Consequently the Group controls the Trust and has
consolidated the Trust into the Group's financial statements.
The Group retains substantially all the risks and rewards relating to the finance receivables sold and therefore the finance receivables do not
qualify for derecognition and remain on the Group's consolidated statement of financial position.
During the reporting period $44.8m finance receivables were sold to the Trust (30 September 2017: $80.3m; 31 March 2018: $144.5m). As at
30 September 2018 the carrying value of financial receivables in the Trust was $151.1m (30 September 2017: $117.6m; 31 March 2018:
$145.6m).
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
23
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
6. DIVIDENDS
Six monthsSix months Year
endedendedended
30/09/201830/09/201731/03/2018
$'000$'000$'000
Interim dividend for year ended 31 March 2018 of $0.045 (31 March 2017: $0.04) per
fully paid ordinary share, imputed, payable on 20 April 2018 (2017: 12 April 2017)
3,816 2,980 2,980
Final dividend of $0.05 for the year ended 31 March 2018 (31 March 2017: $0.045)
per fully paid ordinary share, imputed, payable on 18 July 2018 (2017: 21 July 2017).
4,240 3,354 3,353
Interim dividend for the year ended 31 March 2018 of $0.03 (31 March 2017: $0.03)
per fully paid ordinary share, imputed, paid on 3 November 2018 (2017: 30
September 2017).
-- 2,540
Interim dividend for the year ended 31 March 2018 of $0.03 per fully paid ordinary
share, imputed, paid on 22 December 2017.
-- 2,544
Total dividends provided for or paid 8,056 6,334 11,417
Dividends not recognised at the end of the half year:
Interim dividend for the year ended 31 March 2019 of $0.04 (31 March 2018: $0.03)
per fully paid ordinary share, imputed, payable on 30 October 2018 (2018: 3
November 2017)
3,579 2,540-
Interim dividend for the year ended 31 March 2019 of $0.04 (31 March 2018: $0.03)
per fully paid ordinary share, imputed, payable on 30 January 2019 (2018: 22
December 2017)
3,579 2,544-
7. FAIR VALUE DISCLOSURES
Fair value of borrowings30/09/201830/09/201731/03/2018
UnauditedUnauditedAudited
$'000$'000$'000
Fair value 330,498 306,969 317,373
Carrying value 330,291 306,786 317,388
The fair value of borrowings is based on cash flows discounted using a weighted average interest rate of 4.58% (30 September 2017: 4.39%
and 31 March 2018: 4.24%).
As at 30 September 2018, 30 September 2017 and 31 March 2018, the carrying value of cash and cash equivalents, other receivables and
other payables approximate their fair values due to the short-term nature of the financial assets or liabilities.
In addition to the above dividends, since the end of the period the directors have recommended the payment of the following dividends
expected to be paid out of retained earnings at 30 September 2018, but not recognised as a liability at the end of the period:
7. FAIR VALUE DISCLOSURES (continued)
Fair value of financial assets and liabilities carried at fair value are determined as follows:
Level 1 the fair value is calculated using quoted prices in active markets.
Level 3 the fair value is estimated using inputs for the asset or liability that are not based on observable market data.
30 September 2018Level 1Level 2Level 3Total
$’000$’000$’000$’000
Financial assets:
- 51,693-
51,693
- 3,579- 3,579
Investment property
-
-4,8204,820
- 55,272 4,820 60,092
Financial liabilities:
Derivative cash flow hedges- 295- 295
Financial liability at fair value through profit or loss-- 174
174
- 295 174 469
30 September 2017Level 1Level 2Level 3Total
$’000$’000$’000$’000
Financial assets:
-7,345-7,345
-3,620-3,620
--4,0004,000
-10,9654,00014,965
Financial liabilities:
Derivative cash flow hedges
-
43
-
43
Financial liability at fair value through profit or loss
--2,7672,767
- 43 2,767 2,810
Level 2 the fair value is estimated using inputs other than quoted prices in level 1 that are observable for the assets or liability, either
directly (as prices) or indirectly (derived from prices).
Financial assets at fair value through profit or loss - investment equities
Financial assets at fair value through profit or loss - insurance
Financial assets at fair value through profit or loss - insurance
Financial assets at fair value through profit or loss - other
The fair value of financial assets and liabilities carried at fair value as well as the methods used to calculate fair value are summarised in the
table below.
Financial assets at fair value through profit or loss - investment equities
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
24
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
7. FAIR VALUE DISCLOSURES (continued)
31 March 2018Level 1Level 2Level 3Total
$’000$’000$’000$’000
Financial assets:
-7,249-7,249
-3,629-3,629
42,500--42,500
Investment property
--4,8204,820
42,50010,8784,82058,198
Financial liabilities:
Derivative cash flow hedges
-
111
-
111
Financial liability at fair value through profit or loss
--226
226
- 111 226 337
Fair value insurance
Fair value assets - investment in equities
Fair value liability - term deposits and fixed interest securities
Fair value - investment property
Financial liability at fair value through profit or loss – contingent consideration
Buy Right Cars
On 29 July 2016, contingent consideration of $6.3m was recognised and re-measured to $6.8m on 31 March 2017.
The fair value of the investment in equities has been estimated by reference to recent transactions with MTF shares.
The fair value of investment property at 31 March 2018 was determined by an independent registered valuer using the comparable sales
methodology.
This is a level 3 fair value measurement and the key unobservable assumptions used in determining the probability adjusted earn out
consideration was the probability of achieving 65% to 150% of the annual net profit performance target established in the sales and
purchase agreement for the two earn out periods.
Term deposits are recognised at fair value based on quoted bid market price.
This is a level 3 fair value measurement and the key unobservable assumption used in determining the consideration is the probable sales
price. A change in sales price of +/- 5% would increase/(decrease) the total fair value and profit or loss by $0.2m/($0.2m).
The fair value estimate, at acquisition date, of the contingent consideration was determined by discounting the probability adjusted earn out
consideration of $6.8m by 4.8%.
The financial assets in this category back life investment contract liabilities and are investments in managed funds. The fair value of the
investments in the managed funds are determined by reference to published exit prices, being the redemption price based on the market
price quoted by the fund manager, ANZ Investments Limited.
Financial assets at fair value through profit or loss - insurance
Financial assets at fair value through profit or loss - term deposits
Financial assets at fair value through profit or loss - investment equities
The fair value of the contingent consideration was determined using estimates of the expected pay out discounted at current borrowing rates.
These financial liabilities are exposed to interest rate risk.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
7. FAIR VALUE DISCLOSURES (continued)
Fair value of financial assets and liabilities carried at fair value are determined as follows:
Level 1 the fair value is calculated using quoted prices in active markets.
Level 3 the fair value is estimated using inputs for the asset or liability that are not based on observable market data.
30 September 2018Level 1 Level 2 Level 3Total
$’000 $’000 $’000 $’000
Financial assets:
- 7,693-
7,693
- 3,579- 3,579
50,000-- 50,000
Investment property
-
- 4,820 4,820
50,000 11,272 4,820 66,092
Financial liabilities:
Derivative cash flow hedges- 295- 295
Financial liability at fair value through profit or loss-- 174
174
- 295 174 469
30 September 2017Level 1Level 2Level 3Total
$’000$’000$’000$’000
Financial assets:
-7,345-7,345
-3,620-3,620
32,000--32,000
--4,0004,000
32,00010,9654,00046,965
Financial liabilities:
Derivative cash flow hedges
-
43
-
43
Financial liability at fair value through profit or loss
--2,7672,767
- 43 2,767 2,810
The fair value of financial assets and liabilities carried at fair value as well as the methods used to calculate fair value are summarised in the
table below.
Financial assets at fair value through profit or loss - investment equities
Financial assets at fair value through profit or loss - insurance
Financial assets at fair value through profit or loss - insurance
Investment property
Financial assets at fair value through profit or loss - term deposits
Financial assets at fair value through profit or loss - term deposits
Level 2 the fair value is estimated using inputs other than quoted prices in level 1 that are observable for the assets or liability, either directly
(as prices) or indirectly (derived from prices).
Financial assets at fair value through profit or loss - investment equities
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
25
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19

TURNERS AUTOMOTIVE GROUP LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
8. COMMITMENT & CONTINGENT LIABILITIES
Contingent liabilities
30 September 2018 & 31 March 2018
9. SUBSEQUENT EVENTS AFTER BALANCE DATE
30 September 2018
On 27 Novembr 2018, the Group announced an On-Market Share Buyback programme of upto 5% of shares on issue.
30 September 2017
There were no material events subsequent to balance date.
31 March 2018
The Group had no capital commitments at 30 September 2018 (30 September 2017: $nil 31 March 2018: $nil).
On 1 October 2018, the 6.5% convertible bonds were settled by repaying $7,505,000 in cash, exchanging $4,814,000 for the new 5.5%
subordinated bonds and issuing 4,646,037 ordinary shares at $2.85 per share ($13,241,000). On the same day $25,000,000 5.5%
subordinated bonded with a 3 year term were issued.
On 3 May 2018, the Group entered into a syndicated funding facility with the Bank of New Zealand and ASB Bank, refer note 25 of the Group
annual report for the year ended 31 March 2018.
DPL Insurance Limited (DPL) and Vero Insurance New Zealand Limited (Vero) have agreed to an expert determination to decide the
appropriate level of insurance reserves to be transferred to DPL Insurance for the acquisition of the Autosure business. Both parties are
seeking a payment. The directors consider that on balance of probabilities DPL is likely to receive a payment. Pending the outcome of the
determination, DPL may be required to make a payment to Vero. The hearing was held on 28 November 2018 with the outcome expected to
be announced before the end of the year. At the date of this report, the timing and amount of any payment could not be reliably estimated.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2018
DIRECTORY
DIRECTORS
Grant Baker
Chairman
Appointed10 September 2009

Paul Byrnes
Deputy chairman & non- executive director
Appointed 2 February 2004

Martin Berry
Independent Director
Appointed 17 August 2018

Matthew Harrison
Non-executive director
Appointed 12 December 2012

Alistair Petrie
Non-executive director
Appointed 24 February 2016

John Roberts
Independent Director
Appointed 1 July 2015

Antony Vriens
Independent Director
Appointed 12 January 2015

REGISTERED OFFICE
Level 8
34 Shortland Street
Auckland
New Zealand

PO Box 1232
Shortland Street
Auckland 1140
New Zealand

Freephone: 0800 100 601
Email enquiries: info@turnersautogroup.co.nz
Web: www.turnersautogroup.co.nz
SHARE REGISTRAR
Computershare Investor Services Limited
Level 2,
59 Hurstmere Road,
Takapuna, Auckland
New Zealand

Private Bag 92119
Victoria Street West
Auckland 1142,
New Zealand

Telephone: +64 9 488 8777
Email: enquiry@computershare.co.nz
Website: www.computershare.co.nz

AUDITOR
Staples Rodway
















Turners Automotive Group Limited
Level 8, 34 Shortland Street
PO Box 1232, Auckland 1140
T: 0800 100 601
E: info@turnersautogroup.co.nz
www.turnersautogroup.co.nz
26
TURNERS AUTOMOTIVE GROUP INTERIM REPORT FY19