Turners continues to deliver strong dividends

Company Announcement

23 September 2019

Turners continues to deliver strong dividends with Q1 interim dividend of four
cents per share

The Board of Turners Automotive Group Limited (NZX: TRA) has declared the first quarterly dividend for
FY20 of 4 cents per share, fully imputed, with a record date of 15 October 2019 and a payment date of
22 October 2019. In addition, the Board advises that it expects full year dividends to be at a level not
less than FY19 (17.0 cps fully imputed).
Chairman Grant Baker said: “We are very confident in the growth strategy we have recently laid out and
are already executing. This will be the seventh year of solid dividends, under scoring our reputation and
track record on delivering an attractive yield for investors. We believe paying a dividend at the levels
achieved in FY19 is sustainable based on our recent trading performance and our outlook for the
business.”
The dividend pay-out policy was increased to 60% to 70% of Net Profit after tax to shareholders in May
2019, reflecting the board’s confidence in the sustainability of earnings.
Turners CEO, Todd Hunter, said: “Turners continues to deliver strong profits and ranks in the top 10 NZX
companies for gross dividend yield. Based on a share price of $2.60 the dividend yield is in excess of 9%
reflecting great value for yield and growth investors particularly against the backdrop of an increasingly
low yield environment. 1Q trading conditions were robust and all business divisions tracking ahead of
budget and ahead of FY19 at end of Q1.”
Ends

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

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

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Distribution Notice


Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Turners Automotive Group Limited
Financial product name/description Ordinary shares
NZX ticker code TRA
ISIN NZVNLE0001S1
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 15/10/2019
Ex-Date (one business day before the
Record Date)
14/10/2019
Payment date 22/10/2019
Total monies associated with the
distribution
$ 3,422,188.40
Source of distribution Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.05555556
Total cash distribution $0.04000000
Excluded amount (applicable to listed
PIEs)
n/a
Supplementary distribution amount $0.00705882
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please state
imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.01555556
Resident Withholding Tax per financial
product
$0.00277778
Section 4: Authority for this announcement
Name of person

authorised to make this
announcement
Barbara Badish
Contact person for this announcement Todd Hunter
Contact phone number 021 722 818
Contact email address Todd.Hunter@turners.co.nz
Date of release through MAP

23/09/2019