Turners Auto Retail Open in L2;Timing of FY20 Results

Company Announcement
15 May 2020





Turners Auto Retail Business to Open Fully in Level 2;Timing of FY20 Results


 Turners confirms that under Level 2 operating conditions it will be fully open for customers to visit its retail
sites. Consistent with Ministry of Health guidelines, all sites will operate with prudent distancing and other
health precautions to ensure the safety of both staff and customers. Naturally, the large scale of our sites
makes these measures easier to follow than most retail operations.

 Although there were heavy restrictions during Level 4 lockdown Turners were able to sell several hundred
vehicles online to essential workers and several hundred more in Level 3 which have all now been delivered.
The ability to sell uninspected vehicles online at scale for the first time demonstrates the high trust and
awareness of the Turners brand. This was recently recognised through receiving the 2020 Readers Digest
Trusted Brand Award as New Zealand’s most trusted used car dealer. All automotive auctions have also been
running successfully online over the Level 3 lockdown period.

 All of our businesses have experienced substantial drops in sales during the lockdown, however trading
results now completed for the April month reflect trading at levels significantly better than our initial
projections made at the commencement of Level 4 lock-down, with three of our four businesses (Oxford
Finance, Autosure Insurance and EC Credit Control) trading in profit.

 On 19 March 2020 NZX Regulation granted a class waiver. The timing requirements for the release of results
announcements and annual reports were extended, if those issuers consider that they require that
additional time to meet their periodic reporting requirements. The restrictions in Level 4 and Level 3 have
caused logistical and timing delays for external auditors and preparers. Turners has considered the impact
of COVID-19 on its audit and determined that additional time is required. Hence, the results announcement
for the financial year ended 31 March 2020 is now expected to be on 18
th
June.

 Turners reaffirms that its FY20 result is expected to be within previously stated guidance of $28-$30m net
profit before tax and confirms that the group continues to operate comfortably within its bank covenants.
Further details can be found in the announcement dated 31 March 2020.





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