TLL – 1H19 Interim Results

25 February 2019
Company Announcement

330 Devon St East, New Plymouth
NEW ZEALAND WIDE | NATIONAL & INTERNATIONAL FREIGHT AND LOGISTICS

TIL LOGISTICS DELIVERS SALES UPLIFT IN ALL SECTORS FOR HALF YEAR
For the six months to 31 December 2018 (1H19)

 TIL Logistics Group has delivered a period of business growth with increasing sales across
all business sectors.
 Excluding 1H18 non-trading costs, 1H19 EBITDA was in line with the previous first half
year as expected, despite a continuation of the higher operating costs noted in 2H18,
increased corporate costs following the reverse listing and ongoing investment in growth
initiatives and acquisitions which will provide long term value for TIL.
 The company has reported a 1H19 NPAT of $4.0m reflecting a full period of operation as a
listed company and associated costs, increased interest expense due to higher debt levels
post the reverse listing, and interest and depreciation expenses associated with the
acquisition of Specialised Lifting and Transport Group in November 2018.
 The Board is confident in the company’s progress and strategy and has declared a half
year dividend of 2.5 cents per share.
 The company has confirmed it remains on track to achieve FY19 guidance of EBITDA of
$28m to $32m and NPAT of $7.8m to $8.8m.

$Millions 1H19 1H18
1

Sales Revenue 175.2 164.0
Total Income 177.6 166.6
EBITDA 14.1 (7.1)
Adjusted EBITDA 14.1 14.2
NPAT/NLAT 4.0 (15.7)
Adjusted NPAT 4.0 5.6
Net Operating Cashflow 16.5 8.1
Total Assets 187.1 159.9
Bank Debt (87.8) (80.8)
Dividend (cents per share) 2.5 -

New Zealand freight and logistics company, TIL Logistics Group Limited (NZX: TLL, “TIL”), has
reported a period of business growth and increasing sales as it benefits from its bundled transport
and logistics offer.

This is the first time the company has reported on a full first-half period as a listed company,
following the completion of the reverse listing in December 2017. Highlights for 1H19 include the
renewal of two significant customer contracts (with Z Energy and Farmlands), acquisition of
Specialised Lifting and Transport Group (SLTG), the establishment of the Senior Leadership Team,
investment in new warehouse capacity and organic business growth.


1
Adjusted EBITDA and Adjusted NPAT exclude non-trading costs associated with the reverse listing process, share based
payments and the revaluation of deferred consideration for acquisitions in the prior period (1H18: $21.3m)

Sales revenue and total income continued to trend upwards, with particularly strong sales
performances from Freighting and Warehousing & Logistics due to high pre-Christmas demand for
both transport and warehousing across New Zealand, as expected. A two-month contribution was
received from SLTG following its acquisition in November 2018, which included the usual seasonal
slowdown in December.

Compared to 1H18, the 1H19 result reflects a full period of operation as a listed company, with a
full six months of corporate costs (up $1.1m on 1H18), including the expanded leadership team
and increased governance costs.

The increased operating costs noted in 2H18 have continued into this year and continue to rise at
a faster rate than CPI. As previously advised, changes in the operating environment have seen
higher fuel prices, road user charges and regional fuel taxes, increased wage costs and higher
costs for parts and equipment due to the lower exchange rate. TIL has offset some of the higher
fuel costs through a supply contract with Z Energy as part of the renewed strategic partnership.

In addition, TIL’s own growth initiatives as well as operational changes have seen an increase in
property rent costs, wages and fleet lease costs. In particular, the expansion of warehousing
facilities has seen property costs increase, however, the company now has substantial additional
capacity to meet future demand. TIL is also leasing more trucks rather than buying them, which
has seen lease costs increase, and is benefitting from the establishment of an expanded Senior
Leadership Team during the period including the creation of new CEO, CIO and Group HR roles.

Despite the additional costs (and excluding FY18 non-trading costs), 1H19 EBITDA was in line with
the previous year.

Debt levels increased following the borrowing incurred in December 2017 at the time of the
reverse listing, and with ongoing investment in growth initiatives including new warehousing
facilities and the acquisition of SLTG. The 1H18 result also included a $0.5m prior year tax
adjustment.

TIL has reported a 1H19 net profit after tax of $4.0m as it continues to increase sales and invest in
growth initiatives which will provide long term value.

The Board remain confident in the company’s progress and strategy and has declared a half year
fully imputed dividend of 2.5 cents per share.

Outlook

With growing demand for professional and expert transport and logistics solutions, TIL is well
positioned to take advantage of market dynamics and growth opportunities. Management will
continue to focus on growing the business, both by strengthening existing services and entering
new sectors.

Several smaller bolt-on acquisitions are currently under consideration and TIL is investing in five
new warehousing facilities to meet future demand. One warehouse at Tauranga opened at the
start of December 2018 while two more warehouses in Christchurch and Auckland will open from
April 2019, with a further two by the end of 2019. The company has also identified growth
opportunities in International freight forwarding, and non-fuel Bulk Liquid haulage.

Second half performance is expected to be in line with the first half. The company confirms FY19
guidance to be EBITDA of $28m to $32m and NPAT of $7.8m to $8.8m, taking into account the
higher operating and corporate cost base, the investment into new warehouses and a partial year
contribution from new acquisitions.

CEO of TIL, Alan Pearson, said: “Customers are increasingly demanding a transport and logistics
partner who can provide a safe and sustainable New Zealand-wide transport, storage and metro
delivery service. TIL’s expertise in the freight and logistics sector means we are well set up to
meet all our customers’ needs. Our bundled transport and logistics offer is now starting to show
dividends, and our market share is growing, with a number of new customers and increasing
demand from existing customers.
“With our scale, reach, and depth of experience, we can work our assets and networks more
efficiently and manage our costs. We have the financial strength to expand by acquisition where it
adds long term value and we remain focused on growing our existing businesses by building our
customer base and providing a wider range of services.”

ENDS

For further information and media assistance, please contact:

Alan Pearson
Chief Executive Officer
Phone: +64 6 7559457
Email: alan.pearson@til.kiwi

Jackie Ellis
Media Liaison
Phone: + 64 27 246 2505
Email: jackie@ellisandco.co.nz

About TIL Logistics Group Limited (TLL)

TLL is one of the largest domestic freight and logistics businesses in New Zealand, with a
nationwide network of branches, depots and warehouses. TLL’s activities include transporting and
warehousing freight throughout New Zealand and co-ordinating freight movements offshore with
the assistance of international alliances. TLL also has a specialist Bulk Liquids division which is one
of the largest operators in the New Zealand fuel delivery market.

---

INTERIM
FINANCIAL
REPORT
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2018

23TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
ABOUT TIL LOGISTICS GROUP 4
HALF YEAR HIGHLIGHTS AND KEY EVENTS 5
HALF YEAR RESULTS SNAPSHOT 6
HALF YEAR REVIEW 8
INTERIM FINANCIAL STATEMENTS 11
NOTES TO THE FINANCIAL STATEMENTS 16
INDEPENDENT REVIEW REPORT 26
DIRECTORY BACK COVER
On behalf of the Board and management of TIL Logistics Group
Limited, we are pleased to present the Interim Report for the six
months to 31 December 2018 (1H19).
Trevor D. Janes Alan Pearson
Chairman Chief Executive Officer
25 February 2019

45TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
ABOUT
TIL LOGISTICS GROUP LIMITED
HALF YEAR HIGHLIGHTS
AND KEY EVENTS
TIL Logistics Group (TIL) is one of New Zealand’s largest domestic freight and
logistics companies, comprising multiple businesses and the ability to service all
customer supply chain requirements.
With a nationwide network of branches, depots and warehouses and a dedicated
team of employees and contractors, TIL transports and warehouses goods from
the top of the North Island to the bottom of the South Island and everywhere in
between.
TIL offers services in Freight, Bulk Liquids, Specialist Lifting and Transport,
Warehousing and International Freight Forwarding.
Pleasing period of business growth and increasing sales as TIL benefits from its
bundled transport and logistics offer.
¡ Renewal of two significant customer contracts, with Z Energy and Farmlands
¡ Asset acquisition of Specialised Lifting and Transport Group, strengthening existing offer and
providing entry into a new sector
¡ Significant investment into expansion and development of five warehousing facilities to meet current
and future demand. Tauranga opened Dec 18, four Auckland and Christchurch facilities to open in 2019
¡ Bundled transport and logistics offer is now starting to show dividends, and market share is growing,
with a number of new customers and increasing demand from existing customers
¡ Establishment of Senior Leadership Team with Divisional CEOs, creation of new CEO, CIO and Group
HR roles and appointment of Lee Banks as Chief Financial Officer
¡ Signatory to Climate Leaders Coalition and signing of Memorandum of Understanding with Hiringa
Energy to investigate hydrogen fuel cell technology transport solutions

67TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
HALF YEAR RESULTS
SNAPSHOT
T
IL Logistics Group Limited
delivered a period of positive
business growth with
increasing sales across all
business divisions.
Sales revenue and total income continued to trend
upwards, with particularly strong sales performances
from Freighting and Warehousing & Logistics due
to high pre-Christmas demand for both transport
and warehousing across New Zealand. A two-month
contribution was received from Specialised Lifting
and Transport Group (SLTG) following its acquisition
in November 2018, which included the usual seasonal
slowdown in December.
This is the first time TIL has reported a full first-half
result as a listed company, following the completion of
the reverse listing in December 2017.
The increased operating costs noted in 2H18 have
continued into this year and continue to rise at a faster
rate than CPI.
As previously advised, changes in the operating
environment have seen fluctuating fuel prices, higher
road user charges and regional fuel taxes, increased
wage costs and higher costs for parts and equipment
due to the lower exchange rate. TIL has offset some of
the higher fuel costs through a supply contract with Z
Energy as part of the renewed strategic partnership.
In addition, TIL’s own growth initiatives as well as
operational changes have seen an increase in property
rent costs, wages and fleet lease costs. In particular,
the expansion of warehousing facilities has seen
property costs increase, however, the company now
has substantial additional capacity to meet future
demand. TIL is also leasing more trucks rather than
buying them, which has seen lease costs increase; and
is benefitting from the establishment of an expanded
Senior Leadership Team during the period including
the creation of new CEO, CIO and Group HR roles.
Repairs and maintenance costs were higher during the
period due to a delay in new fleet decisions while new
contracts were finalised.
Compared to 1H18, the 1H19 result reflects a full period
of operation as a listed company, with a full six months
of corporate costs (up $1.1m on 1H18), including the
expanded leadership team and increased governance
costs.
Despite the additional costs (and excluding FY18
non-trading costs), HY19 EBITDA was in line with the
previous year.
Debt levels increased following the borrowing incurred
in December 2017 at the time of the reverse listing, and
with ongoing investment in growth initiatives including
new warehousing facilities and the acquisition of SLTG.
The 1H18 result also included a $0.5m prior year tax
adjustment.
TIL has reported a 1H19 net profit after tax of $4.0m
as it continues to increase sales and invest in growth
initiatives which will provide long term value.
The Board remain confident in the company’s progress
and strategy and has declared a half year dividend of
2.5 cents per share.
The company has confirmed it remains on track to
achieve FY19 guidance of EBITDA of $28m to $32m
and NPAT of $7.8m to $8.8m. ¢
TIL LOGISTICS GROUP LIMITED
DELIVERED A PERIOD OF POSITIVE
BUSINESS GROWTH WITH
INCREASING SALES ACROSS
ALL BUSINESS DIVISIONS.
$ Millions1H191H18
Sales Revenue 175.2164.0
Total Income177.6166.6
EBITDA14.1(7.1)
Adjusted EBITDA
1
14.114.2
NPAT/NLAT4.0(15.7)
Adjusted NPAT
1
4.05.6
Net Operating Cashflow16.58.1
Total Assets187.1159.9
Bank Debt(87.8)(80.8)
Dividend (cents per share)2.5-
1
Adjusted EBITDA and Adjusted NPAT exclude non-trading costs associated with the reverse listing process, share
based payments and the revaluation of deferred consideration for acquisitions in the prior period (1H18: $21.3m)

89TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
B
ehind this half year report,
our first since the reverse
listing transaction, lies
the long history of an
established New Zealand business.
Our bundled transport and logistics offer is now starting
to show dividends, and we are growing our market
share with a number of new customers and increasing
demand from existing customers.
Pre-Christmas demand for both transport and
warehousing was high across New Zealand.
Freighting, which is the group’s largest division, turned
in a strong performance with a focused effort on margin
improvements delivering improved results. Lease costs
have increased as more trucks are now being leased
rather than purchased outright.
Warehousing & Logistics, the second largest contributor,
was slightly down on expectations, as bottle necks at
the Ports of Auckland impacted on the flow of goods
to Christchurch warehouses. A two-month delay in the
opening of the new NZL warehouse in Tauranga also
affected business performance in the first half year, but
pleasingly this opened on 1 December 2018, in time for
the busy season. NZL was also impacted by the loss of a
major customer which closed down in 2017.
Significant investment is being made in new and
expanded warehouse facilities and these will provide
substantial capacity for future growth. The capital and
set up expense associated with these will be incurred in
FY19, with revenue upside in subsequent years.
The highlight for the Bulk Liquids division was the
renewal of two key customer contracts, with Z Energy
and Farmlands. This has led to a corresponding increase
in the cost base to support the renewed contracts. Q1
was impacted by lower consumer demand due to higher
fuel prices, which was offset by new contracts with
Caltex South Island and Foodstuffs in Q2.
As with the Freighting businesses, more vehicles are
now being leased rather than acquired. TIL also on-sells
its used trucks, with fewer vehicles sold compared to
the previous period. We have identified a significant
opportunity associated with non-fuel Bulk Liquid
transport and will be investigating this further.
The Specialist division expanded significantly
during the period with the acquisition of Specialised
Lifting and Transport Group in November 2018. This
acquisition has provided the scale needed for TIL to
operate successfully in this sector and we now have
an expanded offer and entry into the new Machinery
Lifting and Transport sector. A number of large projects
are due to complete in 2H19 and we see an emerging
opportunity associated with transport for windfarms.
We are on track to realise synergies from 2H19 onwards
and are looking forward to building our share of this
niche market.
While only a small contributor to the business, the
International division also had a positive six months with
an uplift in oil and gas activity in Taranaki and higher
demand for export tank containers. This market is seen
as offering significant potential for TIL and we are
moving forward with our investigations.
With growing demand for professional and expert
transport and logistics solutions, TIL is well positioned
to take advantage of market dynamics and growth
opportunities. Customers don’t just want their goods
moved from A to B. They increasingly demand a safe
and sustainable transport and logistics partner who
can warehouse, move, and manage the links. While
freight by road remains the primary mode of transport
in New Zealand, multi-modal solutions are becoming
more common. Our expertise in the freight and logistics
sector means we are well set up to meet all our
customers’ needs.
With our scale, reach, and depth of experience, we can
work our assets and networks more efficiently, and
manage our costs. And we can expand by acquisition
where it makes sense and adds long term value.
New Zealand has around 4,500 trucking businesses,
of which 85% operate fewer than five trucks. With
increasing regulation and compliance, rising operational
costs, and customer demand for integrated and
sophisticated solutions, industry consolidation is
inevitable. We are well positioned to take advantage of
this and acquire businesses which will add market share
or expand the range of services on offer.
An example of this is the acquisition of Specialised
Lifting and Transport Group in November 2018. This
group of New Zealand businesses providing heavy
haulage and specialised freight services enhances our
position as a leading heavy haul transport provider in
HALF YEAR
REVIEW
New Zealand and gives us access into a new sector -
moving heavy equipment from place to place within an
existing business, or transporting it across New Zealand.
However, acquisition is not the only road to growth. We
are also focused on expanding our existing businesses,
by building our customer base and providing a wider
range of services to existing customers. All our
business managers are tasked with identifying growth
opportunities and we have seen some great wins in the
year to date.
In particular, Pacific Fuel Haul’s signing of renewed
contracts with Z Energy and with Farmlands, two of
our largest customers, demonstrates the value that we
can offer to New Zealand businesses. Both of these
contracts were undergoing review over the Listing
period and we are delighted to have renewed and
expanded our relationships with these key customers
who we have worked with for many years.
We are also investing in new warehousing facilities to
provide the capacity to meet future demand. Tauranga
opened in December 2018, we are on track to open two
new warehouses in April (in Christchurch and Auckland),
and a further two by the end of 2019. Combined, these
will increase our total warehousing capacity by 25%. In
line with this, property lease expenses will increase in
FY19.
Of course, our continued success is dependent on
having great people at all levels of our business. Having
employees who are happy to come to work each day
and do their best is the key to our longevity. Across the
TIL group, we are committed to creating a rewarding
work environment, one that keeps our people safe,
provides appropriate remuneration and engenders a
culture of care and respect, where every individual is
valued.
Pre-Christmas we were pleased to conclude
negotiations with First Union, on behalf of Pacific
Fuel Haul (PFH) drivers. We pride ourselves on the
employment terms we offer our drivers. The terms
agreed will further enhance our offer to these valued
and specialist drivers and reinforces our position as a
leading employer in the sector.
We remain cognisant of the impact the trucking
industry has on the environment and our focus on
alternative fuels continues to gather pace. At the start
of the financial period, in July 2018, we became a
founding signatory to the Climate Leaders Coalition.
This formalised our commitment and creates the onus
for us to report on our progress on a regular basis.
We are increasing our use of bio fuels, utilising
technology to improve fuel efficiency and reduce
emissions, and investing in power saving and low energy
initiatives across our facilities. We’re also supporting a
local company, Hiringa, to further investigate hydrogen
as a large scale fuel option. Along with the Hiringa
hydrogen fuel MOU, we are investigating electric
vehicles and expect to trial electric trucks on the road in
next six months.
OUTLOOK
We are closely managing our increased cost base and
have confirmed our guidance to be EBITDA of $28m
to $32m and NPAT of $7.8m to $8.8m, taking into
account the higher operating and corporate cost base,
the investment in new warehouses and a partial year
contribution from the new acquisition.
Activity levels remain high across the industry and the
long term outlook is positive. We will continue to focus
on growing our business, both by strengthening our
existing services and entering into new sectors where
we see value for our company. Several smaller bolt-
on acquisitions are under consideration and we are
investing in new warehousing facilities to meet future
demand.
Organic growth is also important and we are focused
on increasing freight volumes, improving utilisation,
expanding our offer and driving efficiencies. In
particular, we have identified growth opportunities
in International freight forwarding, and non-fuel Bulk
Liquid haulage.
We remain positive about the opportunities for our
business and look forward to providing our full year
results to shareholders in August, following the end of
the 2019 financial year.
Thank you for your support. ¢
Trevor Janes Alan Pearson
Chairman Chief Executive Officer

11TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT10TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
INTERIM
FINANCIAL
STATEMENTS
FOR THE SIX MONTH PERIOD
ENDED 31 DECEMBER 2018

1213TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM BALANCE SHEET
AS AT 31 DECEMBER 2018
The above consolidated interim balance sheet should be read in conjunction with the accompanying notes.
CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS &
OTHER COMPREHENSIVE INCOME
SIX MONTHS ENDED 31 DECEMBER 2018
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2018
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2017
$000
Revenue 5175,199164,038
Gains on disposal of assets 278385
Dividends received 22
Rents received 1,8431,815
Other income 293317
Total Income 177,615166,557
Transport costs(73,604)(71,118)
Employee costs(62,462)(56,242)
Lease expenses(17,172)(15,333)
Other operating expenses(10,323)(9,649)
Share based payment expense -(11,419)
IPO / listing costs -(6,464)
Changes in contingent consideration-(3,402)
Depreciation/amortisation expenses (6,345)(6,015)
Total Operating Expenses (169,906)(179,642)
Finance costs - interest on borrowing (2,008)(1,374)
Finance income on short term deposit4753
Operating surplus / (deficit) before income tax 5,748(14,406)
Share of (loss) of associates (123)(14)
Profit / (Loss) Before Income Tax 5,625(14,420)
Income tax expense (1,655)(1,262)
PROFIT / (LOSS) FOR THE PERIOD FROM CONTINUING
OPERATIONS
3,970(15,682)
Profit / (Loss) attributable to:
Owners of the parent3,845(15,701)
Non-controlling interests12519
3,970(15,682)
Other comprehensive income
Comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD,
NET OF TAX
3,970(15,682)
Earnings per share for profit / (loss) attributable to the
ordinary equity holders for the company
CENTSCENTS
Basic and diluted earnings / (loss) per share .05(.21)
The above consolidated interim statement of profit or loss & other comprehensive income should be read in conjunction with the
accompanying notes.

Trevor Janes - Chairman
25 February 2019
Lorraine Witten - Director
25 February 2019
NOTES
UNAUDITED
31 DECEMBER 2018
$000
AUDITED
30 JUNE 2018
$000
ASSETS
Current Assets
Cash and cash equivalents 8,9022,881
Inventories 315279
Trade and other receivables 54,67546,578
Tax receivable89269
Advances to associates 632603
Total Current Assets 64,61350,610
Non-current Assets
Property, plant and equipment 695,61274,616
Intangible assets 24,90924,613
Investments in associates 1,9311,879
Total Non-Current Assets 122,452101,108
TOTAL ASSETS 187,065151,718
EQUITY
Share capital733,79528,107
Accumulated losses (394)(1,295)
Equity attributable to owners of the parent 33,40126,812
Non-controlling interest in equity1,1421,157
TOTAL EQUITY 34,54327,969
LIABILITIES
Current Liabilities
Trade and other payables 44,22531,670
Deferred revenue571-
Borrowings 85,1443,432
Employee entitlements 13,37511,751
Provision for other liabilities and charges102,1922,192
Total Current Liabilities 65,50749,045
Non-current Liabilities
Borrowings 882,63770,447
Deferred income tax liability 3,5503,471
Provisions for other liabilities and charges 828786
Total Non-current Liabilities87,01574,704
TOTAL LIABILITIES 152,522123,749
TOTAL EQUITY & LIABILITIES 187,065151,718

1415TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
ATTRIBUTABLE TO OWNERS OF THE COMPANY
NOTESINVESTED CAPITALSHARE CAPITALRETAINED EARNINGS/(ACCUM. LOSSES)TOTALNON-CONTROLLING INTERESTTOTAL EQUITY
$000$000$000$000$000$000
Balance as at 1 July 2017 102,012--102,012806102,818
Comprehensive income 1 July to 6 December
Profit for the period4,668--4,668-4,668
Other comprehensive income------
Total comprehensive income 1 July to 6 December4,668--4,668-4,668
Transactions with owners in their capacity as
owners:
Equity transactions with Bowker 99127--12777204
Dividends provided or paid------
Total transactions with owners prior to reverse
listing
127--12777204
Reverse listing on 7 December 2017(106,807)5,473101,334---
Balance on reverse listing-5,473101,334106,807883107,690
Comprehensive income 7 to 31 December
(Loss)/profit for the period--(20,370)(20,370)19(20,351)
Other comprehensive income------
Total comprehensive income 7 to 31 December--(20,370)(20,370)19(20,351)
Transactions with owners in their capacity as
owners:
Deemed consideration for the acquisition of TIL
Logistics Group Limited (formerly Bethunes)
-678-678-678
Equity-settled share-based payments-10,596-10,596-10,596
Issues of ordinary shares in a public offer-11,360-11,360-11,360
Distribution to owners as part of reverse listing--(86,087)(86,087)-(86,087)
Dividends provided for or paid----(175)(175)
Total transactions with owners on/after reverse
listing
-22,634(86,087)(63,453)(175)(63,628)
Balance at 31 December 2017-28,107(5,123)22,98472723,711
Balance as at 1 July 2018 as previously reported-28,107(1,295)26,8121,15727,969
Adoption of IFRS 15 --(571)(571)- (571)
Adoption of IFRS 9--(499)(499)-(499)
Revised balance as at 1 July 201811-28,107(2,365)*25,7421,15726,899
Comprehensive income
Profit for the period--3,8453,8451253,970
Other comprehensive income------
Total Comprehensive income
--3,8453,8451253,970
Transactions with owners:
Dividends and dividend reinvestment plan-1,688(1,874)(186)(140)(326)
Equity settled acquisition-4,000-4,000-4,000
Balance as at 31 December 2018-33,795(394)33,4011,14234,543
*See note 11 for details regarding the adoption of new accounting policies.
The above consolidated interim statement of changes in equity should be read in conjunction with the accompanying notes.
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2018
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2017
$000
Cash flows from operating activities
Receipts from customers 168,684158,154
Interest received 4753
Dividends received 22
Payments to suppliers and employees (149,000)(147,496)
Interest paid (1,883)(1,374)
Income tax paid (1,396)(1,208)
Net cash generated from operating activities 16,4548,131
Cash flows used in investing activities
Purchase of business, net of cash acquired(14,741)(3,200)
Purchase of property, plant and equipment(12,054)(5,645)
Proceeds from sale of property, plant and equipment3,7066,111
Purchases of intangible assets(592)(48)
Advances to associates (203)11
Net cash used in investing activities (23,884)(2,771)
Cash flows from financing activities
Repayment of borrowings(2,100)(8,666)
Proceeds from borrowings15,87790,000
Proceeds from share issue-11,510
Capital distributions to company shareholders-(92,156)
Dividends paid to shareholders/non-controlling interests(326)(175)
Net cash flow from financing activities13,451513
Net increase in cash and cash equivalents6,0215,873
Cash and cash equivalents 1 July2,8812,966
Cash and cash equivalents 31 December8,9028,839
The above consolidated interim statement of cash flow should be read in conjunction with the accompanying notes.

1617TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
1. GENERAL INFORMATION
1.1. Reporting Entity
The core operations of TIL Logistics Group Limited (“TIL Logistics” or the “Company”) and its subsidiaries (collectively
“the Group”) are in the New Zealand transport sector. These include general transport, bulk liquids, heavy haulage,
shipping, storage and distribution, national and international household removals and storage.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993, and is an FMC
Reporting Entity under the Financial Markets Conduct Act 2013. The Company is listed on the NZX main board.
The registered office of the Company is at 330 Devon Street East, New Plymouth, New Zealand.
These interim financial statements have been reviewed, not audited, and were approved for issue by the TIL Logistics
Board of Directors on
25 February 2019.
1.2. Basis of Preparation
This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2018 has been
prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting and NZ IAS 34 Interim Financial
Reporting. They have also been prepared on a going concern basis in accordance with New Zealand Generally Accepted
Accounting Principles (GAAP).

The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly,
this report is to be read in conjunction with the annual report for the year ended 30 June 2018 and any public
announcements made by TIL Logistics Group Ltd during the interim reporting period.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim
reporting period, except for the adoption of new and amended standards as set out below.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except as disclosed below, the accounting policies adopted are consistent with those in the previous financial year and
corresponding interim reporting period. Changes to accounting policies have been made following the adoption of new
and amended standards which came into effect during the period:
• IFRS 9 Financial Instruments, and
• IFRS 15 Revenue from Contracts with Customers.
The impact of the adoption of these standards and the new accounting policies are disclosed in note 11. There have been
no changes in other accounting standards that would have a material impact on the financial statements.
3. RECONCILIATION TO GAAP MEASURE
Additional reporting measures have been referred to in the notes to the financial statements. The following non-GAAP
measures are relevant to the understanding of the Group’s financial performance:
• EBITDA (a non-GAAP measure) represents profit before income taxes (a GAAP measure), excluding interest
income, interest expense, depreciation and amortisation and share of (loss)/profit of associates as reported in
the financial statements.
• Adjusted EBITDA (a non-GAAP measure) represents EBITDA adjusted for non trading costs.
In order to show a meaningful representation of the Group’s interim financial results the Group presents a reconciliation
showing the financial results after adjustment for non-trading costs. The inclusion of this non-GAAP measure, in the
Directors’ opinion, will assist users to understand the performance of the Group and promote comparison with the wider
industry.
Reconciliation to GAAP measure 6 months to
December 2018
6 months to
December 2017
Net Profit / (Loss) before income tax (GAAP Measure)5,625(14,420)
Add back:
Share of (Loss) of Associates 12314
Finance Costs (net)1,9611,321
Depreciation & Amortisation 6,3456,015
EBITDA (non-GAAP measure) 14,054(7,070)
Non trading transaction costs:
Share based payments -11,419
Listing Costs -6,464
Deferred consideration expensed* -3,402
Adjusted EBITDA (non-GAAP measure) 14,05414,215
*The increase in deferred consideration relates to a prior period business acquisition. The Directors believe adjustment for this item assists
the users to gain a better understanding of the underlying performance of the Group.

1819TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
4. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision
Maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating
segments.
Following a change in the Chief Operating Decision Maker (CODM), assessed as the Group CEO, there has been a change
to the operating structure of the Group during the reporting period. The reportable operating segments have been
revised to align with the new structure.
The Group has made the decision that the thirteen operating segments that form part of the reporting to the Group CEO
can be aggregated into six reporting segments. Reportable segments have been determined by having regards to the
nature of the services, the processes the various business units undertake to service customers, the type of customers
serviced and the nature of the distribution channels.
In addition to GAAP measures, the Group CEO also uses non-GAAP measures (EBITDA and adjusted EBITDA) to assess
the commercial performance of the segments. The revised reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding and shipping agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items. They also carry out specialist moving
jobs.
FREIGHTING
This segment provides nationwide general freight transport services with regional strength. It is able to transport a wide
range of freight types.
WAREHOUSING & LOGISTICS
This segment specialises in warehousing and supply chain capabilities which enable comprehensive supply chain
solutions to customers.
BULK LIQUIDS
This segment includes the service for delivery of various bulk liquid goods.
CORPORATE
This segment includes our corporate services function.
Comparative information has been represented from that presented in the 31 December 2017 interim report. This is to
provide comparative information aligned with the newly determined reporting segments.
4. SEGMENT INFORMATION (CONTINUED)
The segment information provided to the Group CEO for the half year ended 31 December 2018 is as follows:
InternationalSpecialistFreightingWarehousing
& Logistics
Bulk LiquidsCorporate Total
$000$000$000$000$000$000$000
Half-year ended 31 December
2017 - Restated
Total segment revenue 3,6901,46574,77750,59943,325-173,856
Inter-segment revenue (5)(104)(2,056)(2,113)(5,540)-(9,818)
Revenue from external
customers
3,6851,36172,72148,48637,785-164,038
EBITDA524(219)2,9525,3725,548(21,247)(7,070)
Adjusted EBITDA (refer note 3) 524(219)2,9525,3725,5483814,215
Assets6,11065951,58568,80524,6978,404160,260
Liabilities4,56520419,36315,58212,21284,305136,231
Half-year ended 31 December
2018
Total segment revenue 3,8313,49278,55254,48941,438-181,802
Inter-segment revenue -(124)(2,178)(1,698)(2,603)-(6,603)
Revenue from external
customers
3,8313,36876,37452,79138,835-175,199
EBITDA6774564,9274,9654,001(972)14,054
Adjusted EBITDA (refer note 3) 6774564,9274,9654,001(972)14,054
Assets7,67824,85754,36764,67421,81513,674187,065
Liabilities7,3302,45622,61415,95214,34189,829152,522
Interest income and expense are not allocated to segments, as this type of activity is driven by the central treasury function,
which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment
revenue are measured in a manner consistent with that of the financial statements.
The Group has a diverse range of customers from various industries, with only one customer contributing more than
10% of the Group’s revenue.
5. REVENUE & OTHER SOURCES OF INCOME

The Group adopted NZ IFRS 15 from 1 July 2018 which resulted in changes in accounting policies relating to the recognition
of revenue (refer note 11).
Timing of revenue recognition
Dec 2018Dec 2017
$000$000
Over time
175,199164,038
At a point in time
--
Total Revenue
175,199164,038

2021TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
6. PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETS

During the six months to 31 December 2018 the Group acquired property, plant and equipment with a cost of $11,544,000
(31 December 2017: $7,576,000) and intangible assets (excluding goodwill) of $344,000 (31 December 2017: $852,000).
The additions to property, plant and equipment largely relate to the purchase of trucks and trailers. These purchases
were in accordance with the Group’s asset replacement requirements.
An additional $19,179,000 of property, plant and equipment was acquired as part of business acquisitions during the six
months 31 December 2018 (31 December 2017: $2,342,000) refer note 9.
At 31 December 2018, the Group has commitments to purchase motor vehicles amounting to $15,096,842.
7. SHARE CAPITAL
31 December 201830 June 2018
Shares$000Shares$000
Issued & paid-up capital - ordinary shares
Balance at the beginning of the period81,459,48328,107 72,833,334 5,473
Share based payments:
- Deemed consideration for acquisition of Bethunes452,810678
- Issued to Directors500,000750
- Issued to advisors100,000150
- Issued to Kern Group and associates9,696
Total share based payments1,052,81011,274
Shares issued in the public offer7,573,33911,360
Shares issued - dividend reinvestment plan1,048,0651,688
Shares issued - business acquisition2,666,6674,000
Balance at the end of the period85,174,21533,79581,459,48328,107
DIVIDEND REINVESTMENT PLAN
Under the Dividend Reinvestment Plan (DRP), applied to the dividend paid on 28 September, the Company issued
1,048,065 shares at $1.61 per share.
The issue price was determined, in accordance with the DRP, as the volume weighted average sale price (rounded to the
nearest cent) for all TIL Logistics Group shares sold through the NZX Main Board (excluding special trades) over the five
trading days immediately following 14 September 2018, less a 3% discount.
8. BORROWINGS
On 31 October 2018, the Group entered into a new floating interest rate Term Loan facility for $15m to fund the purchase
of a business (refer note 9). The loan is with the same lender as the current facility and is for a term of three years. The
facilities are secured by way of a first ranking general security over the Groups assets and undertaking including the
newly acquired business.
The bank covenants remain unchanged. However the Group’s leverage ratio is to be normalised for the acquisition.
9. BUSINESS COMBINATIONS
The Group acquired on 31 October 2018 the assets of three businesses for a total cash consideration of $15m and share
allocation of $4m. The acquisition was made by a 100% owned subsidiary of the Group, Specialist Lifting and Transport
Limited (previously named TNL Freighting Limited). The acquisition allowed the Group to become the leader in the heavy
haulage industry.
The table below summarises the consideration paid by the Group and the fair value of assets acquired and liabilities
assumed:
$000
Purchase consideration (shares)4,000
Purchase consideration (cash) 15,000
Total consideration 19,000
Fair value of assets acquired and liabilities assumed
Property, plant and equipment 19,179
Employee entitlements(179)
There were no contingent assets or liabilities acquired as part of the transaction.
The acquired business contributed revenues of $2,351,457 and a profit before tax of $275,881 (which is impacted by
the regulatory shut down during December) to the Group for the period 1 November 2018 to 31 December 2018. If the
acquisition had occurred on 1 July 2018, the revenue and profit contributed by the acquired businesses for the 6 months
ended 31 December 2018 would have been $7,054,371 and $1,655,283 respectively.
The Group also acquired a 33% equity interest in the business activity and assets of Emerald Truck Services Limited for
$174,000. This acquisition was a joint venture with McAuley’s Transport and two other parties.
10. PROVISIONS FOR OTHER LIABILITIES AND CHARGES
CONTINGENT CONSIDERATION
In the event that the EBITDA level (earnings before interest, tax, depreciation and amortisation) of MOVE Logistics Ltd,
Southern Fleet Leasing Ltd and UNITE Logistics Ltd (the entities) for the 12 months ended 30 June 2018 is above a level
prescribed at the time of acquisition, then additional consideration of up to $10,000,000 may be payable.
Upon acquisition of MOVE Logistics Ltd and Southern Fleet Leasing Ltd in June 2017, an estimate of the amount of
contingent consideration payable of $572,000 was recognised. This estimate was based on a probability weighted
average of possible EBITDA scenarios. The performance of the entities has improved since this estimate was made.
Management had therefore reassessed the estimated contingent consideration payable as at 30 June 2018 and
recognised an additional liability and corresponding profit & loss expense of $1,395,000. The provision remains
unchanged after our assessment as at 31 December 2018.
The sale and purchase agreement allows for adjustments (sale and purchase adjustments) under specific clauses to the
base level of EBITDA. The EBITDA for the entities for the year ended 30 June 2018 is known by the Group. However, there
is still estimation required by management regarding the determination and quantification of the adjustments noted in
the sale and purchase agreement. We are currently seeking to agree these adjustments with the vendor.
When forming management’s view in estimating the potential amount payable, management engaged an independent
and qualified accounting firm to provide a view on the appropriateness and quantification range of the sale and purchase
adjustments. The assessment has also considered whether or not each adjustment is in line with commercial practice.
Management has determined a range of $100,000 to $2,000,000. The Group has recognised a provision at the upper
level of this range. The estimate involves significant judgement. It is understood by management that the vendor
estimates the level of adjustments would result in a payment significantly in excess of the above range.

2223TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
11. ACCOUNTING STANDARDS
Except as described below, the accounting policies applied are consistent with those of the annual financial statements
for the period ended 30 June 2018.
There were two new standards applied during the period. This note explains the impact of the adoption of IFRS 9
Financial Instruments and IFRS 15 Revenue from Contracts with Customers on the Group’s financial statements and
discloses the new accounting policies that have been applied from 1 July 2018. It also describes the expected impact of
the new standards that are not yet effective.
IMPACT ON THE FINANCIAL STATEMENTS
The Group has elected to adopt the new accounting standards with cumulative transition adjustments being recognised
in the opening equity balance at transaction date. As a result comparative information has not been impacted and has
not been restated, in line with the permitted transitional provisions.

The following tables show the adjustments recognised for adoption of the new standards.
Equity reconciliation$000
Closing accumulated losses at 30 June 2018(1,295)
IFRS 9: Increase provision for trade receivables(499)
IFRS 15: Deferral of revenue on unfulfilled performance
obligations
(571)
Opening accumulated losses at 1 July 2018(2,365)
IFRS 9 FINANCIAL INSTRUMENTS - IMPACT OF ADOPTION
This standard replaces NZ IAS 39 and addresses the classification, measurement and recognition of financial assets and
liabilities, introduces new rules for hedge accounting (not currently relevant to the Group) and a new impairment model
for financial assets.
The Group has adopted the new standard on 1 July 2018 and notes the following impacts of the new standard.
Adoption of IFRS 9 has resulted in the reclassification of cash and cash equivalents, trade receivables and advances to
associates from loans and receivables under NZ IAS 39 to being classified as measured at amortised cost under IFRS
9. Management has assessed there is no change to the measurement basis of the financial assets as a result of the
reclassification.
IFRS 9 replaces the ‘incurred loss’ model in NZ IAS 39 with an ‘expected credit loss’ (ECL) model. The expected credit
loss model requires an entity to account for expected credit losses and changes in those expected credit losses at each
reporting date to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a
credit event to have occurred before credit losses are recognised. The new impairment model applies to the Group in
relation to financial assets classified at amortised cost, being the Group’s trade receivables and advances to associates.
For the current period, the Group has applied the standard’s simplified approach and has calculated ECLs for trade
receivables and advances to associates that are exposed to credit losses based on a lifetime of expected credit losses.
The Group has established a provisions matrix that is based on the Group’s historical credit loss experience adjusted
for forward looking factors specific to these balances and the economic environment. To measure the expected credit
losses, trade receivables and advances to associates that are exposed to credit losses have been grouped based on
shared credit risk characteristics and the days past due.
Based on the Group’s assessment it has assessed there to be an impairment on its trade receivables of $499,000 which
has been adjusted through retained earnings. The loss allowances for trade receivables as at 30 June 2018 reconcile to
the opening loss allowances on 1 July 2018 as follows:
Trade
Receivables
$000
At 30 June 2018 - calculated under IAS 39351
Amounts restated through opening retained earnings499
Opening loss allowance as at 1 July 2018 - calculated under IFRS 9850
There is no impact on the Group’s accounting for financial liabilities in the current period.
ECL in respect to advances to associates has been assessed as immaterial.
11. ACCOUNTING STANDARDS (CONTINUED)
IFRS 9 FINANCIAL INSTRUMENTS - ACCOUNTING POLICIES
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method less provision for impairment.
From 1 July 2018 the Group assesses on a forward looking basis the expected credit losses associated with trade
receivables carried at amortised cost. The Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognised from initial recognition of the receivables. Impairment of trade receivables is
recognised in profit or loss.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial
reorganisation, and default or delinquency in payments (more than 60 days overdue) are considered indicators that the
trade receivable has been impaired. The amount of the provision is the difference between the asset’s carrying amount
and the present value of the estimated future cash flows, discounted at the original effective interest rate.
IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS – IMPACT OF ADOPTION
The Group has adopted IFRS 15 Revenue from Contracts with Customers from 1 July 2018 which resulted in changes
in accounting policies and adjustments to the amounts recognised in the financial statements. In accordance with the
transition provisions in IFRS 15, the Group has adopted the new rules using the modified retrospective option and has
not restated comparatives for the 2018 financial year. In summary, the following adjustments were made to the amounts
recognised in the accumulated losses at the date of initial application (1 July 2018):
IAS 18 carrying
amount
30 June 2018
Re-measurements
restated through
accumulated losses
IFRS 15 carrying
amount
1 July 2018
$000$000$000
Deferred revenue-571571

Change in timing of revenue recognition
Revenue from the freighting services provided by the Group was previously recognised when the goods were collected.
The new standard requires that revenue is only recognised over time as the delivery is being performed. This has
resulted in an adjustment for revenue relating to the freighting jobs that were not delivered as at 30 June 2018.
IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS – ACCOUNTING POLICIES
a) Sale of services
Freight Services
The Group performs transportation services. Revenue is recognised over the time of delivery, being from the time of
acceptance of the goods to delivery to the final destination.
A receivable is recognised when the customers products have been delivered by the Group as it is overtime that the
consideration is unconditional because only the passage of time is required before the payment is due.
Logistics Services
The logistics function provides warehousing and storage services. Revenue from providing these services is recognised
in the accounting period in which the services are rendered. Some contracts include multiple deliverables. However
these are easily identifiable and are therefore accounted for as separate performance obligations.

For fixed priced contracts, revenue is recognised based on the actual service provided to the end of the reporting
period as a proportion of the total services to be provided, because the customer receives and uses the benefits
simultaneously.
Customers are invoiced on a daily, weekly or monthly basis and consideration is payable when invoiced.
b) Interest income
Interest income is recognised on a time-proportion basis using the effective interest method.
c) Dividend income
Dividend income is recognised when the right to receive payment is established.
d) Rental income
Lease income from operating leases where the group is a lessor is recognised as rental income on a straight-line basis
over the lease term.

2425TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
11. ACCOUNTING STANDARDS (CONTINUED)
e) Financing component
The Group does not expect to have any contracts where the period between the transfer of the promised service to
the customer and payment by the customer exceeds one year. As a consequence the Group does not adjust any of the
transaction prices for the time value of money.
IFRS 16 LEASES (EFFECTIVE FOR 30 JUNE 2020 REPORTING PERIOD)
IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases and supersedes
NZ IAS 17. IFRS 16 eliminates the current dual accounting model for lessees which distinguishes between on-balance
sheet finance leases and off-balance sheet operating leases. The standard provides a single lessee accounting model,
requiring lessees to recognise assets and liabilities for all leases, unless the lease term is 12 months or less or the
underlying asset has a low value. The accounting for lessors will not significantly change.
This standard will primarily affect accounting for the Group’s operating leases. As at 31 December 2018, the Group has
non-cancellable operating lease commitments for buildings and fleet as tabled below. This does not take account of any
potential obligations resulting from the future exercise of renewal rights.
31 December 2018
$000
Within one year24,796
Between one and two years22,989
Between two and five years52,154
More than five years60,281
Total160,220


A technology solution to calculate the full quantitative impact of IFRS 16 on the existing operating leases as at 1 July
2019, being the date of adoption, is being implemented. This requires management to make some key judgements,
including the incremental borrowing rate used to discount lease assets and liabilities; and the lease term including
potential rights of renewals. Property leases are renegotiated with multiple rights of renewal and assigned upon
acquisition of a business. It is anticipated that these rights of renewal will be exercised.
On adoption, IFRS 16 will have a significant impact on the Group’s consolidated balance sheet and consolidated income
statement. A lease liability will be recognised at net present value, based on existing leases, and depending on the
adoption method selected, a right-of-use asset will be potentially recognised at an equivalent amount.

The impact on the consolidated income statement for the period ending 30 June 2020 is expected to be a decrease in
lease expense, increase in depreciation and amortisation expense and an increase in finance costs (interest expense).
The Group expects to adopt IFRS 16 using the modified retrospective approach in the period ending 30 June 2020 and
will not restate comparative amounts. The Group will recognise the cumulative effect of initially applying IFRS 16 as an
adjustment to the opening balance of retained earnings at the date of initial application.
Given the significant volume and value of the Group’s leased assets, the Group’s assessment of the impact of IFRS 16 has
not yet been finalised.
12. RELATED PARTY TRANSACTIONS
TRANSACTION WITH KEY MANAGEMENT
Dividend reinvestment plan
The below table shows the shares that were issued to key management personnel under the dividend reinvestment plan
for the dividend paid on 28 September 2018 (refer note 7).
# SharesAmount
$000
Dividend reinvestment plan - Directors113,549183
Dividend reinvestment plan - Key management employees2,2154

13. EVENTS AFTER THE REPORTING DATE
Subsequent to half year end the Board of Directors have approved payment of an interim dividend of 2.5 cents per fully
paid ordinary share.

2627TIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORTTIL LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT


PricewaterhouseCoopers,PwC Centre, 10 Waterloo Quay, PO Box 243, Wellington 6140, New Zealand
T: +64 4 462 7000, pwc.co.nz
Independent review report
To the shareholders of TIL Logistics Group Limited

Report on the interim financial statements
We have reviewed the accompanying interim financial statements of TIL Logistics Group Limited and
its subsidiaries (the Group) on pages 12 to 25, which comprise the consolidated interim balance sheet
as at 31 December 2018, the consolidated interim statement of profit or loss & other comprehensive
income, the consolidated interim statement of changes in equity and the consolidated interim
statement of cash flows for the six month period ended on that date, and notes to the interim financial
statements including a summary of significant accounting policies and selected explanatory notes.
Director’s responsibility for the interim financial statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of these
interim financial statements in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34) and for such internal controls as the Directors determine are
necessary to enable the preparation of interim financial statements that are free from material
misstatement, whether due to fraud or error.

Our responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based
on our review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with IAS 34 and NZ IAS 34. As the auditors of the
Company, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit of
the annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand). Accordingly, we do
not express an audit opinion on these interim financial statements.
We are independent of the Group. Our firm carries out other services for the Group in the areas of
executive remuneration advisory services and advisory and tax services in relation to due diligence on
acquisitions. The provision of these other services has not impaired our independence.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim
financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2018, and of its financial performance and cash flows for the six month
period then ended, in accordance with IAS 34 and NZ IAS 34.
Who we report to
This report is made solely to the Group’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Group’s shareholder those matters which we are required to




state to them in our review report and for no other purpose. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than the shareholders, as a body, for our review
procedures, for this report, or for the conclusion we have formed.

For and on behalf of:



Chartered Accountants Wellington
25 February 2019




PricewaterhouseCoopers,PwC Centre, 10 Waterloo Quay, PO Box 243, Wellington 6140, New Zealand
T: +64 4 462 7000, pwc.co.nz
Independent review report
To the shareholders of TIL Logistics Group Limited

Report on the interim financial statements
We have reviewed the accompanying interim financial statements of TIL Logistics Group Limited and
its subsidiaries (the Group) on pages 12 to 25, which comprise the consolidated interim balance sheet
as at 31 December 2018, the consolidated interim statement of profit or loss & other comprehensive
income, the consolidated interim statement of changes in equity and the consolidated interim
statement of cash flows for the six month period ended on that date, and notes to the interim financial
statements including a summary of significant accounting policies and selected explanatory notes.
Director’s responsibility for the interim financial statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of these
interim financial statements in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34) and for such internal controls as the Directors determine are
necessary to enable the preparation of interim financial statements that are free from material
misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based
on our review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with IAS 34 and NZ IAS 34. As the auditors of the
Company, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit of
the annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand). Accordingly, we do
not express an audit opinion on these interim financial statements.
We are independent of the Group. Our firm carries out other services for the Group in the areas of
executive remuneration advisory services and advisory and tax services in relation to due diligence on
acquisitions. The provision of these other services has not impaired our independence.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim
financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2018, and of its financial performance and cash flows for the six month
period then ended, in accordance with IAS 34 and NZ IAS 34.
Who we report to
This report is made solely to the Group’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Group’s shareholder those matters which we are required to


PricewaterhouseCoopers,PwC Centre, 10 Waterloo Quay, PO Box 243, Wellington 6140, New Zealand
T: +64 4 462 7000, pwc.co.nz
Independent review report
To the shareholders of TIL Logistics Group Limited

Report on the interim financial statements
We have reviewed the accompanying interim financial statements of TIL Logistics Group Limited and
its subsidiaries (the Group) on pages 12 to 25, which comprise the consolidated interim balance sheet
as at 31 December 2018, the consolidated interim statement of profit or loss & other comprehensive
income, the consolidated interim statement of changes in equity and the consolidated interim
statement of cash flows for the six month period ended on that date, and notes to the interim financial
statements including a summary of significant accounting policies and selected explanatory notes.
Director’s responsibility for the interim financial statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of these
interim financial statements in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34) and for such internal controls as the Directors determine are
necessary to enable the preparation of interim financial statements that are free from material
misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based
on our review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with IAS 34 and NZ IAS 34. As the auditors of the
Company, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit of
the annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand). Accordingly, we do
not express an audit opinion on these interim financial statements.
We are independent of the Group. Our firm carries out other services for the Group in the areas of
executive remuneration advisory services and advisory and tax services in relation to due diligence on
acquisitions. The provision of these other services has not impaired our independence.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim
financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2018, and of its financial performance and cash flows for the six month
period then ended, in accordance with IAS 34 and NZ IAS 34.
Who we report to
This report is made solely to the Group’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Group’s shareholder those matters which we are required to

DIRECTORS
Danny Chan
Appointed 6 December 2017
Trevor Janes
Appointed 6 December 2017
Gregory Kern
Appointed 6 December 2017
James Ramsay
Appointed 6 December 2017
Lorraine Witten
Appointed 6 December 2017
RISK ASSURANCE & AUDIT COMMITTEE
Lorraine Witten (chair)
Trevor Janes
James Ramsay
Danny Chan
GOVERNANCE AND REMUNERATION COMMITTEE
Gregory Kern (chair)
Trevor Janes
James Ramsay
REGISTERED OFFICE AND ADDRESS FOR SERVICE
330 Devon Street East
New Plymouth
AUDITORS
PricewaterhouseCoopers
PwC Centre
10 Waterloo Quay
Wellington
BANKERS
ASB Bank
North Wharf
12 Jellicoe Street, Auckland
SOLICITORS
Harmos Horton Lusk Limited
Vero Centre
48 Shortland Street, Auckland
SHARE REGISTRAR
Link Market Services Limited
Deloitte Centre
80 Queen St, Auckland
DIRECTORY

---

TIL LOGISTICS
GROUP LIMITED
Interim Results Presentation
For the Six Months ended 31 December 2018
1

TIL LOGISTICS GROUP
TIL Logistics Group 1H19 Results Presentation
•One of New Zealand’s largest
domestic freight and logistics
platforms
•Nationwide network of branches,
depots and warehouses and
dedicated team of employees and
contractors
•Comprehensive service offer across
the supply chain: Freighting, Bulk
Liquids, Warehousing & Logistics,
Specialist Lifting and Transport, and
International Freight Forwarding
2

1H19 KEY EVENTS
Pleasing period of business growth and increasing sales as TIL benefits from its bundled transport and
logistics offer.
•Renewal of two significant customer contracts, with Z Energy and Farmlands
•Asset acquisition of Specialised Lifting and Transport Group, strengthening existing offer and
providing entry into a new sector
•Significant investment in expansion and development of five warehousing facilities to meet future
demand. Tauranga opened Dec 18, four Auckland and Christchurch facilities to open in 2019
•Bundled transport and logistics offer is now starting to show dividends, and market share is growing,
with a number of new customers and increasing demand from existing customers
•Establishment of Senior Leadership Team with Divisional CEOs, creation of new CEO, CIO and Group
HR rolesand appointment of Lee Banks as Chief Financial Officer
•Signatory to Climate Leaders Coalition and signing of Memorandum of Understanding with Hiringa
Energy to investigate hydrogen fuel cell technology transport solutions
3
TIL Logistics Group 1H19 Results Presentation

1H19 RESULTS OVERVIEW
•Sales revenue and total income continue to trend
upwards, with particularly strong sales
performances from Freighting and Warehousing
& Logistics in 1H19.
•A two-month contribution was received from
Specialised Lifting and Transport Group (SLTG)
following its acquisition in November 2018, and
included the usual seasonal slowdown in
December.
•1H19 EBITDA was in line with the previous first
half year, despite increased operating costs (and
excluding 1H18 non-trading costs).
•1H19 NPAT was $4.0m as the company continues
to increase sales and invest into growth
initiatives which will provide long term value.
4
TIL Logistics Group 1H19 Results Presentation
The increased operating costs noted in 2H18 have
continued and are being closely managed:
Changes in the operating environment: Fluctuating fuel
prices; higher road user charges and regional fuel taxes,
increased wage costs and higher costs for parts and
equipment due to the lower exchange rate.
TIL business initiatives: Increased property rent costs
(particularly due to expanded warehousing capacity),
wages and fleet lease costs; establishment of Senior
Leadership Team; higher repairs and maintenance as
new fleet decisions were delayed while new contracts
were finalised; and interest and depreciation associated
with the acquisition of SLTG.
Post-reverse listing: Full period of corporate and
governance costs (up$1.1m on 1H18); higher debt
levels post the reverse listing.

1H19 RESULTS SNAPSHOT
$Millions1H191H18
Sales Revenue
175.2164.0
Total Income
177.6166.6
EBITDA
14.1(7.1)
Adjusted EBITDA
14.114.2
NPAT/NLAT
4.0(15.7)
Adjusted NPAT
4.05.6
Net Operating Cashflow
16.58.1
Total Assets
187.1159.9
Bank Debt
(87.8)(80.8)
Dividend (cents per share)
2.5-
5
Adjusted EBITDA and Adjusted NPAT exclude non-trading costs associated with the reverse
listing process, share based payments and the revaluation of deferred consideration for
acquisitions in the prior period (1H18: $21.3m).
See the glossary slide for an explanation of non-GAAP information. A reconciliation of non-
GAAP to GAAP measures is included in the 1H19 Financial Statements.
TIL Logistics Group 1H19 Results Presentation
TIL Logistics Group has confirmed FY19
guidance to be EBITDA of $28m to $32m
and NPAT of $7.8m to $8.8m, taking into
account the higher operating and
corporate cost base, the investment into
new warehouses and a partial year
contribution from new acquisitions.

1H19: 1H18 KEY MEASURES
166.6
177.6
0
50
100
150
200
1H181H19
Total Income
6
TIL Logistics Group 1H19 Results Presentation
-7.1
14.2
14.1
-10
-5
0
5
10
15
20
1H181H18A1H19
EBITDA
-15.7
5.6
4
-20
-15
-10
-5
0
5
10
1H181H18A1H19
NPAT
Continuing trend of six month improvement in
sales revenue and total income.
Operating expenses reflect full period of
corporate and governance costs (up $1.1m on
1H18) and higher operating cost base noted in
2H18. Some of the higher fuel costs have been
offset through a supply contract with Z Energy
as part of the renewed strategic partnership.
EBITDA (adjusted) in line with prior first half
year and up on second half of FY18.
NPAT up on preceding six-month period; slightly
down on 1H18 reflecting reverse listing in
December 2017.
173.6
152.4
163.5
0
50
100
150
200
1H181H18A1H19
Operating Expenses
(excluding Depreciation)
Adjusted EBITDA and Adjusted NPAT exclude non-trading costs
associated with the reverse listing process, share based payments and
the revaluation of deferred consideration for acquisitions in the prior
period (1H18: $21.3m)

1H18: 1H19 EBITDA BRIDGE
Excluding 1H18 non-trading costs, 1H19 EBITDA
was in line with 1H18.
•Focus on margins generated improving results
in Freighting.
•Warehousing & Logistics reflects investment
into new and expanded facilities leading to
increased property costs, and the closure of a
major customer impacting on NZL.
•Bulk Liquids reflects increased cost base, lower
consumer demand due to high fuel prices and
lower sale proceeds from used trucks. Margins
are expected to improve in the second half.
•Positive performance from International and
the recently expanded Specialist division.
•Increased corporate and governance costs (up
$1.1m on prior year) reflect a full six-month
period as a listed company (compared to one
month in 1H18) and the expanded leadership
team.
7
TIL Logistics Group 1H19 Results Presentation

1H18: 1H19 NPAT BRIDGE
Compared to 1H18, the 1H19 result
reflects:
•Increase in depreciation on capital
expenditure and the SLTG acquisition,
offset by reduction in depreciation on
vehicle sale and leaseback programme.
•Finance costs increased due to higher
debt levels following the borrowing
incurred in December 2017 at the time of
the reverse listing, and with ongoing
investment into growth initiatives
including new warehousing facilities and
the acquisition of SLTG.
•The 1H18 result included a $0.5m prior
year tax adjustment.
8
TIL Logistics Group 1H19 Results Presentation

BUSINESS DIVISION REVENUE AND EBITDA
0
50
100
150
200
1H181H19
$ Millions
REVENUE
9
TIL Logistics Group 1H19 Results Presentation
-2
3
8
13
18
1H181H19
$ Millions
EBITDA
(1H18 excluding non-trading costs)
1H19 REVENUE
1H19 ADJ EBITDA
Segment reporting has been changed to
five divisions to better reflect TIL’s
business operations.
Freighting, Warehousing & Logistics and
Bulk Liquids are the main contributors
to the group providing 96% of revenue
and 91% of EBITDA.
Specialist and International are niche
markets with growth potential.
Increased contribution from Specialist
division following SLTG acquisition.
Opportunity to build market share and
earnings across all sectors.

DIVISION
PERFORMANCE
TIL Logistics Group 1H19 Results Presentation10
Freighting
Warehousing & Logistics
Bulk Liquids
International
Specialist

FREIGHTING
Revenue $76.4m, +5%
EBITDA $4.9m, +67%
•Focused effort on margin
improvement is delivering stronger
result
•Benefit from seasonal pre-Christmas
demand for freighting
•Increased lease costs with more
trucks now being leased rather than
purchased outright
•Opportunity for growth due to
market consolidation and through
expansion of existing services
TIL Logistics Group 1H19 Results Presentation

WAREHOUSING &
LOGISTICS
Revenue $52.8m, +9%
EBITDA $5.0m, -7%
•Slightly down on expectations due to:
-Bottle necks at the Ports of Auckland
which impacted on the flow of goods
to Christchurch warehouses
-A two-month delay in the opening of
the new NZL warehouse in Tauranga.
Pleasingly this opened on 1
December 2018, in time for the busy
season
-NZL was impacted by the loss of a
major customer which closed down
in late 2017
•Significant investment in new and
expanded facilities will provide substantial
capacity for future growth. Capital and set
up expense will be incurred in FY19, with
revenue upside in subsequent years
TIL Logistics Group 1H19 Results Presentation
12
The new Rolleston warehouse is due to open its doors in April 2019,
providing an additional 10,000 square metres of space

BULK LIQUIDS
Revenue $38.9m, +3%
EBITDA $4.0m, -27%
•Renewal of two key customer contracts –with Z Energy and
Farmlands
•Increased cost base to support renewed customer contracts
•More leasing of trucks leading to higher lease costs
•Fewer used trucks on-sold compared to the prior year
•Q1 impacted by lower consumer demand due to higher fuel
prices; offset by new contracts with Caltex South Island and
Foodstuffs in Q2
•Identified significant opportunity associated with non-fuel Bulk
Liquid transport
TIL Logistics Group 1H19 Results Presentation
13

SPECIALIST
Revenue $3.4m, +147%
EBITDA $0.5m, +308%
Group of businesses specialising in
heavy haulage and machinery lifting and
transport
•Specialised Lifting and Transport
Group acquired in November 2018,
contributed $0.5m EBITDA to the
1H19 result
•On track to realise synergies from
2H19 onwards
•Expanded offer and entry into new
sector offers significant opportunity
for TIL to grow market share
•Significant projects due to complete
in 2H19; emerging opportunity
associated with transport for
windfarms
TIL Logistics Group 1H19 Results Presentation
14

INTERNATIONAL
Revenue $3.8m, +3%
EBITDA $0.7m, +29%
International freight forwarding with
a specialisationin the oil and gas
energy sector, ISO tank leasing and
shipping and full agency services
•Positive six months with uplift in
Oil & Gas activity in Taranaki
•Increase in revenue from Liquid
Logistics due to higher demand for
export tank containers
•Large potential market for
International with investigations
underway
TIL Logistics Group 1H19 Results Presentation
15
Credit: Brian Carlin/Volvo Ocean Race

GROWTH DRIVERS AND
OPPORTUNITIES
INCREASE SALES AND CUSTOMER DEMAND:
•Promote TIL’s bundled freight and logistics offer to new and existing
customers
•Capture a greater proportion of existing customers’ supply chains
•Offer specialised services to targeted customers
IMPROVE UTILISATION LEVELS OF EXISTING AND NEW NETWORKS:
•Increase volumes on existing platform with minimal investment
•Strategic investment into expansion to capture current and future
demand
•Intermodal expansion –utilisationof rail and coastal shipping
MINIMISE COSTS OF SERVICES PROVIDED:
•Make the most of TIL Logistics’ inherent operating leverage
•Leverage technology, exploit available cost efficiencies and scale
GROWTH THROUGH ACQUISITION
TIL Logistics Group 1H19 Results Presentation16

OUTLOOK
Activity levels across the industry remain
high and long term outlook is positive
Continue to assess acquisition opportunities
with several smaller bolt-on acquisitions
currently under consideration
Investing in new warehousing with two more
warehouses expected to open in 2H19
Identified growth opportunities in
International freight forwarding, and non-
fuel Bulk Liquid haulage.
Focus on organic growth -increasing freight
volumes, improving utilisation, expanding
the offer and driving efficiencies.
FY19 guidance confirmed as EBITDA of $28m
to $32m and NPAT of $7.8m to $8.8m, taking
into account the higher operating and
corporate cost base, the investment into
new warehouses and a partial year
contribution from new acquisitions.
TIL Logistics Group 1H19 Results Presentation
17
“TIL’s expertise in the freight and logistics sector means we are
well set up to meet all our customers’ needs. Our bundled
transport and logistics offer is now starting to show dividends,
and our market share is growing, with a number of new
customers and increasing demand from existing customers.”

CONTACT
Alan Pearson
TIL Logistics Group Limited
Chief Executive Officer
Tel: 021 806 678
Email: alan.pearson@til.kiwi
18

BOARD AND MANAGEMENT
BOARD
•Trevor Janes, Independent Chair
•Greg Kern, Non-executive Director
•Lorraine Witten, Independent Director
•Danny Chan, Independent Director
•Jim Ramsay, Executive Director
TIL Logistics’ Board comprises highly experienced
Directors with particular strength in corporate
governance and oversight of growing companies.
GROUP EXECUTIVE TEAM
•Alan Pearson, CEO
•Lee Banks, CFO
•DeanaBarnard, Group HR Manager
•Maurice Corkery, CIO
•Alan Terris, GM Group Marketing
Divisional CEOs
•Stephen Owles, DCEO Bulk Liquids
•Jon Kyle, DCEO TIL Freighting
•Clayton Imbs, DCEO International
•Richard Mather, DCEO Warehousing & Logistics
•Warwick Bell DCEO, Specialist Lifting
19
TIL Logistics Group 1H19 Results Presentation

GLOSSARY
•Non-GAAP financial information: TIL Logistics Group uses several non-GAAP measures when discussing
financial performance. These include Earnings Before Interest, Tax, Depreciation and Amortisation, Share of
(Loss)/Profit of Associates and Impairment of Goodwill (EBITDA), adjusted EBITDA excluding non-trading
costs and adjusted Net Profit/Loss After Tax (NPAT/NLAT) excluding non-trading costs. Management believes
that these measures provide useful information on the underlying performance of TIL Logistics’
business.Reconciliations of the non-GAAP measures to GAAP measures, can be found in TIL Logistics
Group’s Financial Statements that are available on the company’s website.
•EBITDArefers to Earnings Before Interest, Tax, Depreciation and Amortisation excluding income from
associates. EBITDA is a non-GAAP profit measure.
•NPAT/NLAT refers to net profit/loss after tax.
•Adjusted EBITDA/Adjusted NPAT: Removes the impact of non-trading costs. The Board believes this provides
a better reflection of the company’s underlying performance.
20
TIL Logistics Group 1H19 Results Presentation

21
DISCLAIMER
This presentation has been prepared by TIL Logistics Group Limited (“TLL”).The information in this presentation is of a general nature only. It is not a
complete description of TLL.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitationorsolicitation for such
offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor.It does not take into
account any particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the
information that a prospective investor may require. Any person who is considering an investment in TLL securities should obtainindependent
professional advice prior to making an investment decision, and should make any investment decision having regard to that person’s own objectives,
financial situation, circumstances and needs.
Past performance information contained in this presentation should not be relied upon as (and is not) an indication of future performance.This
presentation may also contain forward looking statements with respect to the financial condition, results of operations and business, and business
strategy of TLL. Information about the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothinginthis presentation is a
promise or representation as to the future or a promise or representation that an transaction or outcome referred to in this presentation will proceed
or occur on the basis described in this presentation. Statements or assumptions in this presentation as to future matters mayprove to be incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information
provided in the TLL Listing Profile.
TLL and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature
(including as to accuracy or completeness) in respect of this presentation and will have no liability (including for negligence)for any errors in or
omissions from, or for any loss (whether foreseeable or not) arising in connection with the use of or reliance on, information in this presentation.
TIL Logistics Group 1H19 Results Presentation

---

TIL Logistics Group Limited
Results for announcement to the market
Appendix 1

Reporting Period 6 months to 31 December 2018
Previous Reporting Period 6 months to 31 December 2017

Amount (000s) Percentage change
Revenue from ordinary
activities
NZ$175,199 7%
Profit (loss) from ordinary
activities after tax attributable
to security holder
NZ$3,970 125%
Net profit (loss) attributable to
security holders
NZ$3,970 125%

Interim/Final Dividend Amount per security Imputed amount per security
Interim Dividend 2.5 cents per share 0.9722 cents per share

Record Date 13/3/2019
Dividend Payment Date 27/3/2019

Financial Information and Commentary
The group financial statements contained in TIL Logistics Group Limited’s Interim Financial Report for
the 6 month period ended 31 December 2018 reflects a positive six month result with pleasing uplift
on the preceding six month period.

For more commentary on the results please refer to the media announcement and TIL Logistics Group
Limited’s Interim Financial Report for the 6 months ended 31 December 2018. This Appendix 1 should
be read in conjunction with the Group Interim Financial Statements for the 6 months ended 31
December 2018.

Control gained and lost over Entities
Other than that noted below there were no changes to the entities for which the group controls from
that which was reported in the TIL Logistics Group Limited Annual Report for the year ended 30 June
2018.
The newly acquired entity noted below is included within the Specialist operating segment of the
group which provides transport, specialist moving and lifting solutions for oversized large items.
Name Gain/Lost Control Date Gained/Lost Control
Specialist Lifting & Transport Group Gained 31/10/2018


Associates & Joint Ventures
During the 6 months to December 2018 McAuleys Transport Limited (a subsidiary of the TIL Logistics
Group Limited) acquired 33.33% of Emerald Truck Services. The group’s share of associates results are
included in the TIL Logistics Group Limited’s Interim Financial Report for the 6 month period ended 31
December 2018.

Changes in Accounting Policies
The interim financial statements for the six months ended 31 December 2018 include the adoption of
IFRS 9 - Financial Instruments and IFRS 15 - Revenue from Contracts with Customers. The impact of
the adoption of these standards and the new accounting policies are outlined in note 11 of TIL
Logistics Group Limited’s Interim Financial Report for the 6 month period ended 31 December 2018.

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
+
whether:
Interim
+
YearSpecialDRP Applies
+
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
OR explanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per securityPayment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
SupplementaryAmount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
13/03/201927/03/2019
$$0.001736$0.009722
NZD
$2,129,355.38
Date Payable
Enter N/A if not
applicable
NZMOWE0001S5
In dollars and cents
Retained Earnings
$0.025
Ordinary shares
06 75594052522019
EMAIL: announce@nzx.com
Notice of event affecting securities
TIL Logistics Group Limited
L S Banks Directors resolution