Annual Meeting Speeches and Presentation

TIL LOGISTICS GROUP LIMITED
2020 Annual Meeting Presentation
TIL Logistics Group Annual Meeting 2020

BOARD AND MANAGEMENT
BOARD
•Trevor Janes, Chair
•Lorraine Witten
•Danny Chan
•Peter Dryden
•Jim Ramsay
TIL Logistics’ Board comprises experienced
Directors with particular strength in corporate
governance and oversight of growing companies.
GROUP EXECUTIVE TEAM
•Alan Pearson, CEO
•Lee Banks, CFO
•Charles Bolt, General Counsel & Company Secretary
•Peter Simone, Acting Group HR, H&S Manager
Divisional CEOs
•Dallas Vince, DCEO Freight
•Stephen Owles, DCEO Bulk Liquids
•Richard Mather, DCEO Warehousing & Logistics
•Clayton Imbs, DCEO International
•Warwick Bell, DCEO Specialist Lifting
2
TIL Logistics Group Annual Meeting 2020

CHAIR’S
PRESENTATION
Trevor Janes
3

TIL LOGISTICS GROUP
•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.
•Delivering product to over 3,500 customers with a low level
of churn and concentration.
•Over 220,000 square metres of warehousing capacity.
•Comprehensive service offer across the supply chain:
Transport (Freighting & Bulk Liquids), Warehousing &
Logistics, Specialist Lifting & Transport (SLTG), and
International Freight Forwarding.
TIL Logistics Group Annual Meeting 20204

OUR VISION AND VALUES
5TIL Logistics Group Annual Meeting 2020
SAFETY.
We focus on team safety ensuring every employee arrives home
safe and sound whatever their role. This includes training our
staffinthelatestsafetyproceduresandusingqualityequipment
aspartofour processes.
PROFESSIONALISM.
We do what we say we will do. We act openlyandhonestlyboth
withintheorganisationandwithourcustomers. Wevalueethics,
integrityandwedowhatisright.
CUSTOMER.
We are focused on the needs ofour customersWerecognise
withoutcustomerswehavenobusinessanddowhatittakes to
be our customers’ logistics partner of choice. We are easy todo
businesswith,collaborateandlearnfromoutcomeswithour
customers.
INNOVATION.
We strive to be leaders in logistics innovation and welcome
newtechnologywithenthusiasmandinterest.Wealwayslook
forwaystoimproveoureffectivenessandefficiency.
SUSTAINABILITY.
We want to be a leader in sustainablelogistics services. Creation
of a sustainable strategy that focuses on our people, customers,
investors and communities, is important. Our strategy extends to
emissionreductiontargetsandtransparentreporting,with the aim
beinga betterenvironment for usall.
RESULTS DRIVEN.
We are committed to providing thebest services, exceeding
expectations of our customers and creating sustainable
value forour shareholders andstakeholders.
TEAM.
We work together as a cohesive group, to empower our
individual strengths. All employees are given the opportunity for
growth and development. We show pride in the appearance of
ourselves andourequipment. We all share a “can do”attitude.
Our vision is to be a premier transport and logistics company

BOARD REPORT FOR FY20
•Our thanks to the TIL team and acknowledgement of the efforts of the TIL team as the company
has responded to the challenges of COVID-19.
•Financial result impacted by COVID-19, as well as a disappointing performance in 1H20 with
challenging headwinds.
•No final dividend has been declared. Resumption of dividends in FY21 will be considered
subject to trading conditions and financial performance continuing to improve.
•Approval from Board on strategic plan for the company, including detailed improvement plan
for Freight division.
•Approval of Long Term Incentive Scheme for senior executives.
•Health & Safety remains a priority for the Board and all TIL people are empowered to identify
opportunities for improvement across the company.
•Board’s priority is to deliver value growth for shareholders in FY21.
6TIL Logistics Group Annual Meeting 2020

OUTLOOK AND STRATEGIC PRIORITIES
•
COVID-19 has demonstrated value of being a group of scale, with the ability to invest into health
and safety, training, systems and infrastructure.
•
Conservative approach to capital expenditure, however, will continue to explore opportunities to
grow market share.
•Confidence in the strengthened management team and plan in place, particularly for Freight.
•
First quarter results ahead of the same period in the prior year due, in part, to pent up demand
and seasonality as well as a positive recovery since lockdown.
•
Remain cautious on the trading environment and the possible effects of continuing COVID-19
outbreaks on the economy and TIL’s customers in FY21. RGANIC GROWTH
•Based on current trading and dependent on the timing of a large windfarm project which is
currently expected to be undertaken in the current financial year, the Board has confirmed its
earlier guidance that EBITDA for FY21 is expected to be at least that of the FY20 post IFRS-16
result of $57.4m.
7TIL Logistics Group Annual Meeting 2020

CEO’S PRESENTATION
Alan Pearson
8

FY20 OPERATING ENVIRONMENT
9TIL Logistics Group Annual Meeting 2020
First half:
•Adverse market conditions including softening
business confidence as well as slower than
expected pre-Christmas period.
•Particularlywet winter impacting construction &
building activity; forestry products hit hard by
China/USA trade war; Taranaki Oil & Fuel
industry impacted by Government Policy.
Building Products reflected negative sentiment
after a decade of growth.
Second half:
•Impact of COVID-19 in Q4 FY20 with a significant
decrease in economic activity.
•Material impact on many of TIL’s customers.
Impact on TIL:
•Adverse market conditions contributed
to significant underperformance of
Freight division in 1H20.
•Despite essential service status,
COVID-related restrictions had a
material impact on many of the
Group’s customers, with flow on
effects for TIL’s operations and
earnings.
•Since the lifting of the COVID-19
restrictions, the businesses have begun
to recover.

FY20 KEY EVENTS
•Detailed review and reset of underperforming Freight division; early progress now being seen.
•Continuing refresh of the Senior Leadership Team; new Divisional CEO appointed to lead the Freight
division.
•Acquisition of remaining 50% in ATL joint venture in February 2020, Cromwell-based freight business.
•Opening of new warehouses in Christchurch and Auckland (x2).
•Secured significant windfarm turbine transport contract.
•Positive resolution of commercial matters with key customer, with negotiations underway to extend
the contract beyond 2021.
•Ongoing investment into technology which is expected to deliver financial and operational benefits.
•Contingency planning and actions undertaken in response to COVID-19.
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TIL Logistics Group Annual Meeting 2020

FY20 RESULTS SNAPSHOT
11
TIL Logistics Group Annual Meeting 2020
$MillionsFY19
Actual
FY20FY20
Actual
Pre-NZ
IFRS 16
NZ IFRS 16
adjustments
NZ IFRS 16
Sales Revenue
354.6333.8-333.8
Total Income360.1348.0-348.0
Operating Expenses334.7321.5(30.9)290.6
EBITDA25.4*26.530.957.4
NPAT
4.06.0(4.0)2.0
Net Operating
Cashflow
19.417.923.040.9
Total Assets
176.4174.7170.0344.7
Bank Debt
(84.3)(86.3)-(86.3)
*FY19 EBITDA includes $2.6m in one-off and unusual non-cash transactions being $2.6m in additional contingent consideration provisioning
EBITDA (pre-NZ IFRS 16) of $26.5m
Net Profit After Tax (NPAT) of $6.0m
(pre-NZ IFRS 16), up 50% on pcp.
Margins in line with or above prior
year for all divisions, excluding
Freight which underwent review
and reset in FY20
Material impact from COVID-19 on
sales and volumes in 2H20.
NZ-IFRS 16 Leases adopted from 1
July 2019.

12TIL Logistics Group Annual Meeting 2020
TIL LOGISTICSGROUP
FREIGHT
WAREHOUSING &
LOGISTICS
BULKLIQUIDSINTERNATIONALSPECIALIST
OUR BUSINESS

TIL OPERATES ACROSS FIVE DIVISIONS
FREIGHT
One of NZ’s largest
general freight and
line haul transport
service providers
with a nationwide
network and
regional breadth.
BULK LIQUIDS
Specialists in
transporting fuel,
LPG and industrial
chemicals,
transporting c.
40% of New
Zealand’s
petroleum.
WAREHOUSING &
LOGISTICS
New Zealand’s
largest 3PL
operation,
providing a
national
warehousing
solution, including
warehousing, info
management,
cross docking,
container cartage
and loading and
metropolitan
delivery.
INTERNATIONAL
International
freight forwarding
and logistics
services. TIL’s
offering also
includes custom
clearance support
and port services.
SPECIALIST
A group of
businesses
specialising in
heavy and large
haulage and
machinery lifting
as well as advisory
services.
13TIL Logistics Group Annual Meeting 2020

DIVISION REVENUE AND EBITDA
Excluding NZ IFRS 16
14
TIL Logistics Group Annual Meeting 2020
*Prior period revenue and EBITDA for Freight and Warehousing & Logistics have been restated to a pro forma
basis as if the restructure of NZL had occurred.
** Division EBITDA excludes corporate costs
Freight
Warehousing &
Logistics
Bulk Liquids
International
Specialist
FY20 REVENUE
Freight
Warehousing
& Logistics
Bulk Liquids
International
Specialist
FY20 EBITDA

FREIGHT
•Expected uplift in demand as country restocks post-COVID,
Government stimulus initiatives and increased focus on sales
activity.
•Key export industries forecasting robust volume growth, with
demand for NZ goods and historically low NZD.
•Longer term, technology initiatives expected to deliver cost and
margin benefits.
•Continue to adopt other transport modes such as rail and coastal as
part of customer solutions.
•Competitive advantages to be driven by improving operational
efficiency, customer service and value add, and points of difference
egregional offer.
TIL Logistics Group Annual Meeting 202015

FREIGHT IMPROVEMENT PLAN
Actions being taken:
•New management team –Division CEO, GM Sales, Quality
Manager, Owner Driver Manager.
•Stronger connections between regional businesses.
•Better utilise the Group’s scale and competitive advantage
to deliver bundled transport and warehouse solutions
across the country, and for our International customers.
•Introduction of detailed sales planning practices.
•Empowering local/branch management, upgrading
leadership practices.
•Increase fleet and capacity utilisation; improve the Owner
Driver service function.
•Implement and leverage technology to deliver operational
and customer service excellence.
16TIL Logistics Group Annual Meeting 2020
100 day review revealed:
•Strong regional businesses and
employee and customer loyalty.
However, lack of cohesiveness and
synergy.
•Assets, footprint, national
coverage, brands and customer
base offer significant competitive
advantage.
•Highlighted sales management
improvements.
•Opportunities to eliminate waste
and improve productivity,
including route/load planning.

WAREHOUSING & LOGISTICS
•Three-year investment into new warehouses, resulting in
additional capacity which is expected to cater for future sales in
coming years.
•New warehouse in East Tamaki now at capacity and fully occupied
by major beverage business.
•Flow on effects of impact of COVID-19 on customer volumes
expected to continue.
•Increasingly competitive environment.
•Identified opportunities in the regions for growth in the near
term.
•Continue the closer working collaboration with International and
Freight divisions to offer a one-stop logistics solution.
TIL Logistics Group Annual Meeting 2020
17

BULK LIQUIDS
•Bulk Liquids primarily services large fuel and gas customers.
•Material impact on fuel volumes in FY20 due to COVID-19, with
flow on effect on Pacific Fuel Haul.
•Expecting a decline in fuel volumes in FY21, due to reduced
vehicle movements in a tougher economic environment.
•1Q21 revenue slightly below prior year, due to the reduction in
fuel transportation. Pleasingly, 1Q21 EBITDA and margins ahead of
prior year due to focuson cost control, reduced overheads and
fuel savings.
•Key focus in FY21 on cost control and increased flexibility.
•Continue to build on long term strategic partnerships with key
customers and alsogrow non-fuel related Bulk Liquid transport.
•Well advanced in negotiations for new contract with a key
customer.
•Working closely with partner to develop opportunities with
hydrogen fuel use.
18
TIL Logistics Group Annual Meeting 2020

INTERNATIONAL
•FY20 was a positive year with increased activity in the sector.
•ISO Tank & Shipping services increased revenue with greater
domestic demand for ISO equipment & services.
•Improved presence and performance in Australia.
•Exploring acquisitions opportunities, with further specialist logistics
services being investigated to increase footprint.
•Continuing improvement to Group bundled service offer.
•1Q21 trading below prior year, due to COVID-19 and slow recovery
of oil & gas sector.
•Continuing impact expected as a result of economic conditions,
limitations to cross-border trade and reduced NZ oil & gas
exploration activity.
TIL Logistics Group Annual Meeting 2020
19

SPECIALIST
•Specialised Lifting and Transport continues to be a solid acquisition.
•Major windfarm transport contract secured in February, with some
work undertaken in 2H20 but majority deferred to latter part of
FY21 and potentially beyond.
•Projects delayed by COVID expected to come on stream in 1H21.
•1Q21 trading ahead of prior year due to the windfarm project, with
deferred activity recommenced in the first quarter.
•Acquired assets and entered long term contract to supply heavy
transport and logistics services to Fletcher Construction’s Asset Hub.
•Strong pipeline of activity through increased infrastructure spending
and Government stimulus. Continued construction opportunities in
Auckland, slowdown in the construction market outside of
Auckland; timing of future windfarm developments pending
decision on Tiwai Point Smelter closure
TIL Logistics Group Annual Meeting 2020
20

HEALTH & SAFETY
•We take the safety and wellbeing of our employees,
contractors, owner drivers and communities very
seriously. It is an essential component to everything we
do.
•Unfortunatelya serious incident occurred in May, with the
serious injury of one of TIL’s drivers. TIL is supporting the
driver and family and investigations are underway.
•Independent external review undertaken of Company’s
safety management plan.
•Established a centralised safety team.
•Technology continues to form a key part of our critical risk
controls, including in cab solutions to monitor driver
fatigue and provide alerts.
•Priority focus in Q4 FY20 on COVID-19 response and
protecting the health & safety of staff, contractors and
customers.
21TIL Logistics Group Annual Meeting 2020
Winner of the Chartered Institute of Logistics &
Transport Award for Implementation and Practice.

ENVIRONMENT
•TIL is committed to the reduction of carbon emissions through our
membership of the Climate Leaders Coalition.
•CEMARS review completed in July 2019 (recertified in August 2020).
Developed Emissions Management and Reduction Plan with annual
targets for consumption.
•Carbon footprint is dominated by diesel fuel.
•Have established an improvement programme with hard targets to
reduce carbon emissions.
•Forklift partnership with two major suppliers will see the gradual
upgrade of our 500+ fleet over time to safer, more efficient and
lower carbon emission equipment.
•Shift from fossil to alternative fuels is still evolving and is in the early
stages.
•Partnership with Hiringato investigate development of hydrogen cell
fuel technology.
TIL Logistics Group Annual Meeting 202022
FY20 Greenhouse
gas emissions
63,405
tCO2e
Down 7% on FY19

HYDROGEN FUEL INITIATIVE
23TIL Logistics Group Annual Meeting 2020
Partnership with Hiringato
investigate development of
hydrogen cell fuel technology.
Hydrogen refuelling stations being
rolled out in 2021 and New
Zealand’s largest truck leasing
business providing funding to allow
large corporates to move to
hydrogen fuel.
Working in partnership with a major
supermarket chain on the potential
to transport goods between
Auckland and New Plymouth using a
hydrogen fuelled truck.

PEOPLE
•Further changes to strengthen the Executive team.
Establishment of a centralised HR team.
•Demanding year dealing with the impact of COVID-19, and
the various impacts from Government policy, managing
entitlements and leave issues.
•Industrial relations continue to be characterised by robust
negotiations and interactions
•Number of recruitment programmes in place including being
an accredited employer able to offer a pathway to NZ
residency in order to address skill shortages such as drivers
(two divisions currently accredited).
•Employee Engagement surveys planned to support diversity,
culture and HR initiatives
•Free confidential counselling available to all employees for
work and non-work concerns.
•Regular group-wide staff communications.
•Future planning for additional training to build skills and
support internal promotion.
24
TIL Logistics Group Annual Meeting 2020

INDUSTRY SEGMENTS
25
TIL Logistics Group Annual Meeting 2020
Food & Beverage
Energy, Oil & Gas
Building Products
Sub-contract
Transport
Services
Other*
Group Sales by Industry Segment
TIL has a diverse customer base and industry exposure, with
low churn.
INDUSTRY OUTLOOK
•Primary sector, particularly agriculture,
remains relatively untouched, including
downstream supply chain
•Impact on hospitality sector, affecting some
food and beverage businesses
•Slowing construction across the country,
although Auckland remains strong. Expect
recovery over time, particularly as
Government invests in infrastructure
•Demand for oil & gas is recovering after
lockdown, however, lower aviation fuel
demand and warm winter effect on gas
consumption
•Increase in demand for sub-contract services
Other comprises: Household & Personal Products, Forestry, Commercial & Professional Services, Container
Transport, Automobiles & Components, Consumer Durables & Apparel, Construction, Storage, Agriculture, Retail

STRATEGIC PRIORITIES
26TIL Logistics Group Annual Meeting 2020
FREIGHT TURNAROUND
•Continue turnaround programme
•Priority focus on lifting margins
ORGANIC GROWTH
•Expansion of Bulk Liquids into non-fuel sectors
•Expansion Specialist services into a broader weight range
•Optimise utilisation of MOVE’s new warehousing capacity
ACQUISITION
OPPORTUNITIES
•Expand International offer and services
GROUP INITIATIVES
•Bundled customer solution
•Build stronger connections between brands and businesses
•Continued focus on ESG initiatives

1Q21 TRADING UPDATE
•Positive Quarter 1 result due, in part, to pent up
demand and seasonality as well as a positive
recovery since lockdown. Seasonally the
quietest time of the year.
•Group revenue for 1Q FY21 in line with the
same quarter in the prior year, despite the
impact of COVID restrictions in Auckland in
August.
•Group EBITDA increased ahead of the same time
last year, with all divisions, apart from the small
International division, delivering results ahead
of the prior comparative period.
•Based on current performance, we remain on
track to achieve FY21 forecast EBITDA of at least
that of the FY20 post IFRS-16 result of $57.4m.
27TIL Logistics Group Annual Meeting 2020
50
55
60
65
70
75
80
85
90
Revenue
Revenue
1Q191Q201Q21
0
1
2
3
4
5
6
7
EBITDA
EBITDA
(Pre-NZ IFRS 16)
1Q191Q201Q21
SLTG acquired in FY19; new warehouses opened end-FY19 through to FY20

OUTLOOK
•Expect continuing challenges from COVID-19 with
recessionary economic conditions expected in FY21.
•Flow on effects will be felt for some time, and TIL retains a
cautious outlook.
•COVID-19-related Government fiscal stimulus and investment
in infrastructure likely to support increasing freight volumes
•Global trend of businesses using 3rd party warehousing &
logistics providers (3PL) such as TIL Logistics Group.
•The current environment has demonstrated the benefits of
being a group of scale, with the ability to invest into health &
safety, training, systems and infrastructure.
•Well positioned to take advantage of opportunities within
the sector.
28TIL Logistics Group Annual Meeting 2020

SHAREHOLDER
DISCUSSION
TIL Logistics Group Annual Meeting 202029

RESOLUTIONS
TIL Logistics Group Annual Meeting 202030

RESOLUTIONS
ORDINARY RESOLUTIONS:
•RESOLUTION 1: That the Directors be authorised to fix the fees and expenses of
PricewaterhouseCoopers as the Company’s auditor.
•RESOLUTION 2: That Danny Chan, who retires as a Director and, being eligible, offers himself for
re-election by shareholders, be elected as a Director of the Company.
31TIL Logistics Group Annual Meeting 2020

OTHER BUSINESS
CLOSE OF THE MEETING
TIL Logistics Group Annual Meeting 202032
Results of the voting will be released to
the NZX
Presentations available online at
www.til.kiwi

IFRS 16: ADOPTION IMPACT IN
FY20
•TIL has a large number of vehicle leases, as well as long term property
leases.
•Upon adoption from 1 July 2019, NZ IFRS 16 had a material impact on a
number of elements of the Group’s balance sheet and income statement,
but no material impact on the Group’s cash flows.
FY20 impact:
•Balance sheet as at 30 June 2020: Increase in assets of $170.0m and
increase in liabilities of $173.5m
•EBITDA: Increase of $30.9m
•Net Profit Before Tax: Reduction in NPBT of $5.5m
•Cash flows: No change
TIL Logistics Group Annual Meeting 202033

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: Excludes non-trading costs associated with the reverse listing process
which occurred in FY18, share based payments and the revaluation of deferred consideration for
acquisitions. The Board believes this provides a better reflection of the company’s underlying performance.
34TIL Logistics Group Annual Meeting 2020

NON-GAAP RECONCILIATION
$MillionsFY20FY19
Net profit before income tax (GAAP measure)3.57.4
Add back:
Share of loss of associates-0.4
Finance costs/(interest income)11.84.1
Impairment of investment in associates0.4-
Bargain on acquisition(1.1)-
Depreciation & Amortisation42.913.6
Deferred consideration and advisory costs expensed(0.2)2.6
EBITDA (non-GAAP measure)57.428.0
NZ IFRS 16 adjustments(30.9)-
Pre-NZ IFRS 16 adjusted EBITDA (non-GAAP measure)26.528.0
35TIL Logistics Group Annual Meeting 2020

36
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 futureperformance.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 Annual Meeting 2020

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TIL LOGISTICS 2020 ANNUAL SHAREHOLDERS MEETING
28 October 2020

Trevor Janes, Chairman
4. CHAIR’S PRESENTATION
5. TIL LOGISTICS GROUP
TIL is one of New Zealand’s largest domestic freight and logistics companies, and we offer an end to
end supply chain with a nationwide network of branches, depots and warehouses, a dedicated team
of more than 1400 employees, owner drivers and contractors.
One of our strengths is our regional presence – while many of our competitors can transport goods
on the main routes between metro centres, there are very few that can provide a more locally
connected network, as well as a full end to end supply chain solution, which is why many customers
turn to us for the transport and logistics needs.
6. OUR VISION AND VALUES
Our goal is to be a premier transport and logistics company by delivering operational excellence and
superior customer service and value.
And yes, that does mean that we may consider opportunities for our company outside of New
Zealand.
While our home country will remain our most important market, we currently provide services in the
Pacific Islands. Australia also offers opportunities, but we are very aware that it is a very different
market to New Zealand and we would only expand our operations there if we felt we had a strong
competitive position and were leveraging off our core strengths in New Zealand.
We remain committed to investing in our people, ensuring a safe working environment, reducing our
environmental impact and always acting in a way that is consistent with our values.
7. BOARD REPORT FOR FY20
The FY20 financial year was a challenging year for our business and our people.
We had a very disappointing first half result, mainly due to the underperformance of the Freight
division. A new leadership team was put in place and following a 100-day review, a detailed action
plan began to be executed.
We then had to contend with the challenges of COVID-19 in the second half. This had a material
impact across all our businesses, with reduced volumes and deferred projects. The health, safety and
wellness of our people was a priority, as was preserving jobs. In line with this, we received

Government wage subsidies which allowed us to retain and pay over 1,500 employees at least 80%
of their wages, or 100% if working during the lockdown.
We have seen recovery since the first lockdown was lifted, however we are very conscious of the
ongoing effect that the pandemic continues to have, both socially and economically.
Given the recessionary outlook and the sense that the full impact of COVID-19 has still to be felt, the
Board felt it prudent to not declare a final dividend for FY20. We are conscious of the value
dividends provide to shareholders and will look to resume dividends in FY21, subject to trading
conditions and financial performance continuing to improve.
On behalf of the Board, I would like to extend my thanks to everyone in the TIL team for their
dedication, support and hard work, both during the lockdown and as we dealt with pent up demand
and the ongoing recovery of the business once the lockdown lifted.
Alan and his leadership team have developed a detailed strategic plan which is fully supported by
the Board, and we have full confidence in the team to action this and deliver results for our
shareholders.
The Board implemented a Long Term Incentive Plan for senior executives of the Company. The Plan,
which measures the Company’s total shareholder return relative to the NZX50 over a three year
period, is intended to align the interests of senior executives with those of the shareholders.
Health & safety remains a priority for the Board and we take the safety and wellbeing of our
employees, contractors, owner drivers and communities very seriously. It is an essential component
to everything we do.
Unfortunately, there was a serious incident in late May, where one of our people was badly injured.
We are pleased that he is now back on the road to recovery, but this incident reinforces the need to
be constantly vigilant and continually looking at ways to improve our safety performance.
Technology continues to form a key part of our critical risk controls, including in cab solutions to
monitor driver fatigue and provide alerts.
Our efforts in this area are being recognised and most recently, TIL was shortlisted for the
Australasian Fleet Champions Awards for our driver safety initiatives using Autosense and Guardian
technology.
8. OUTLOOK AND STRATEGIC PRIORITIES
COVID-19 has demonstrated the value of being a group of scale, with the ability to invest into health
and safety, training, systems and infrastructure. We expect the challenges from COVID-19 to
continue in FY21 with the flow on effects to be felt for some time.
Our main focus remains on growing our existing businesses and improving margins. The four main
priorities for the year are:
• The continuing improvement of the Freight division, with a focus on lifting margins
• Organic growth of our existing businesses
• Expanding the International offer and services
• Building stronger connections and synergies across the Group and promoting our end to end
customer solution.
Alan will talk to these shortly.

We will also look at acquisition opportunities that arise but, having rejected one such proposal
during the year, will continue to be disciplined in whatever we do in this space.
While the economy is faring better than expected, we remain cautious about the trading
environment in FY21 and the impact of further possible lockdowns. We are pleased with the
company’s progress to date, with our first quarter results ahead of the same time last year due, in
part, to pent up demand and seasonality as well as a positive recovery since lockdown
Based on this, and dependent on the timing of a large windfarm project which is currently expected
to be undertaken in the current financial year, the Board has confirmed its earlier guidance that
EBITDA for FY21 is expected to be at least that of the FY20 post IFRS-16 result of $57.4m.
I will now hand over to Alan to talk about our progress and the opportunities for each of our
divisions in the year ahead.

Alan Pearson, Chief Executive Officer
9. CEO’S PRESENTATION
10. FY20 OPERATING ENVIRONMENT
I’d like to start by running through the events of FY20 and our results. I’ll keep it quite short as we’ve
already covered them in detail in our results announcement, presentation and annual report.
As Trevor has said, it was a challenging year with adverse market conditions and the
underperformance of the Freight division in the first half of the year, followed on by the COVID-19
pandemic, which led to a significant decrease in economic activity and had a material impact on
many of our customers, with a flow on effect on our business.
In spite of this, we delivered a 50% profit increase on a pre-NZ IFRS 16 basis, increasing from $4m to
$6m.
11. FY20 KEY EVENTS
The main events during the year were the Freight review and turnaround plan, which Dallas will talk
to in more detail shortly; and the focus on organic growth, which saw us open two new warehouses,
one in Christchurch and one in Auckland; and acquire the remaining 50% in ATL which is a Cromwell
based freight business,.
We continued to refresh the leadership team with several new appointments – Dallas Vince joined
the company as divisional CEO for Freight early in 2020 and immediately jumped feet first in to a
100-day review of the business and development of our improvement plan. He joins Steven Owles,
Richard Mather, Clayton Imbs and Warwick Bell who head up our other divisions.
We also appointed Charles Bolt to the new role of General Counsel and Company Secretary and
Peter Simone as Acting Group HR & Safety Manager while Dallas Guilford is on maternity leave.
I would like to thank the leadership team, for all their support during the year. There was an
incredible amount of work undertaken, particularly during the lockdown and as we developed and
executed plans to keep our workers and customers safe and help our businesses survive and
recover. Their support and efforts have been greatly appreciated.

We continued to build on our relationships with existing customers and worked to secure new
partnerships.
For example, we secured a major transport contract for the Turitea windfarm project to move the
blades and turbines by road from two North Island ports onto a steep site sat the top of the Tararua
Ranges; and in fact, during the lockdown, we moved 99 massive wind turbine blades from Port
Taranaki to Palmerston North to create space in the Port for incoming cargo.
COVID created some timing issues for a number of our big projects, but most of them are now up
and running again.
We continued to invest into technology and after a pilot of our new transport management system,
we are now making further refinements. In the meantime, we have upgraded and enhanced our
existing software platform and this is delivering more data and insights to enable us to better
manage our business.
12. FY20 RESULTS
Like all companies, we were required to adopt the new IRFS 16 Leases accounting standard in FY20.
This has a material impact on a number of elements of the Group’s balance sheet and income
statement, but no material impact on the Group’s cash flows.
FY20 sales revenue was down on last year, particularly in Q4 due to COVID-related restrictions.
Our International and Specialist divisions continued their trends of half yearly sales growth, with
Specialist benefitting from the commencement of the major windfarm project in 2H20.
Warehousing & Logistics was in line with the prior year, with growing utilisation of the new
warehouse capacity, which came online during FY20, partially offsetting the additional costs
associated with this growth.
All our divisions delivered improvements in EBITDA in the second half compared with the first half,
with results for all divisions also well ahead of the second half in the prior year.
Likewise, margins for all divisions, except Freight, were in line with or ahead of the prior year.
Net profit after tax was up 50% on a like for like basis (pre-NZ IFRS 16) to $6.0m, with a reported net
profit after tax of $2.0m.
TIL has sound working capital disciplines resulting in a solid cash position at year-end of $11.9m.
Borrowings increased to $86.3m, reflecting the acquisition of the remaining 50% shareholding in
ATL. The Board remains focused on reducing borrowings and carefully managing our capital
expenditure.
13. OUR BUSINESSES
TIL offers an end to end supply chain solution. We have one of New Zealand’s largest domestic
freight and logistics platforms, with a nationwide offer built on regional brands and businesses.]
14. TIL OPERATES ACROSS FIVE DIVISIONS
Our group is organised into five operating divisions, across Freight, Bulk Liquids, Warehousing &
Logistics, Specialist Lifting & Transport (SLTG) and International Freight Forwarding.

One of our strategic priorities is to leverage the scope and scale of our group to deliver a greater
number of services to our customers, for example, warehousing and logistics as well as transport.
15. DIVISION REVENUE AND EBITDA
In FY20, almost half of our revenue came from the Freight division, with Bulk Liquids and
Warehousing & Logistics making up a further 43%.
We expect to see the contribution to operating profit change to more appropriately reflect the sales
volume of each division, as the Freight improvement programme takes effect.
16. FREIGHT
Freight is our biggest division and lifting its performance provides one of our biggest opportunities to
deliver increased value and bottom line profitability.
Combined with our Warehousing & Logistics division, we have a fleet of around 2,300 trucks, trailers,
forklifts and light vehicles. And in In FY20, our trucks travelled more than 45 million kilometres,
delivering goods from Bluff to Kaitaia and everywhere in between.
The importance of freight to NZ was highlighted by COVID-19 restrictions, keeping store shelves
stocked and supplies delivered to critical businesses throughout the lockdown period.
New Zealand has around 4,500 trucking businesses, and the industry is highly competitive. To be
successful, we need to be delivering excellent customer service, tightly managing our costs, and
operating as efficiently and safely as possible.
These are all key components of the Freight improvement plan and I will now invite Dallas Vince,
division CEO for Freight, to talk to you more on this.
17. FREIGHT IMPROVEMENT PLAN
Dallas Vince, Divisional CEO Freight
I joined TIL earlier this year and my first priority was to undertake a 100-day review of the division.
This meant talking to as many customers as I could, holding roadshows, talking to our people and
Owner drivers and getting out on the road. This reaffirmed the strengths of the Freight business and
identified opportunities where we could improve.
We then brought the team together to capture these and develop rigorous plans. This has resulted
in more than 70 business improvement initiatives that range from delivery of our customer promise
and adding direct benefits our bottom line through to initiatives that improve health and safety,
culture and create a better workplace for our people.
We are already seeing good progress on these initiatives and today I wanted to talk to you about of
some of the things we are doing.
The review confirmed that that we have strong regional businesses and employee and customer
loyalty. In addition, our assets, footprint, national coverage, brands and customer base offer a
significant competitive advantage for us.

We are now focused on creating stronger connections between our regional businesses, as well as
leveraging the wider Group offer to deliver a bundled customer transport and warehouse solution
across the country, as well as domestic services for our International division.
The review also highlighted an opportunity to improve our sales function. Dale Slade came on board
as GM Sales and has already led a turnaround in the sales team and its focus. We’ve expanded our
team with three additional sales people focused on key regions, redefined what we need from the
sales team and focussed on individual’s strengths to drive a more results driven sales force.
We have had a big focus on operational improvements such as the use of new technology and
processes to ensure we are accurately charging clients for the correct weight and volume of the
goods we transport. And if we can automate this process, then it will deliver further accuracy and
timeliness. To assist with this, we are bringing in two state of the art scanning machines that scan
and weigh freight before updating invoicing information and photographing freight for future
reference.
We’ve also been looking at our fleet and are planning some rationalisation. We will be utilising more
owner drivers, particularly for metro work, and have criteria in place for the vehicles they use,
particularly around maximum age of the truck, to ensure they are efficient, safe and have lower
carbon emissions.
We’ve mapped our whole network, looked at opportunities for rationalisation of runs and service
improvements, we have started to right size our fleet and we are carrying out a branch by branch
reviews of assets deployed to properties, and locations we hold, with a view to right size the
business, get lean and grow again.
I am excited about the prospects for TIL’s Freight business. We have great brands, great people and,
with our team working together, I am confident we can deliver a strong turnaround and lift in
performance.
Thank you for listening. I will be available for questions at the end of the presentations. Now, I will
pass you back to Alan.
18. WAREHOUSING & LOGISTICS PROGRESS
FY20 marked the culmination of a three year investment into new warehouses and, already, several
of these are near capacity, including the East Tamaki warehouse which was opened in July and is
already fully occupied by a key customer in the food and beverage sector.
The MOVE Logistics division of TIL does not just warehouse products, it also arranges transportation,
logistics and distribution services and provides an expert supply chain management function for
customers. The team at MOVE are now working more closely with the International and Freight
divisions to offer a one-stop logistics solution for clients, and have identified opportunities in the
regions for growth.
While the flow on effects of COVID-19 on customer volumes are expected to continue, first quarter
revenue has been in in line with the prior year with continuing growth expected as we fill additional
capacity.
Pleasingly, as well as stronger than anticipated volumes we are also generating stronger margins as a
result of the focus on costs.

19. BULK LIQUIDS
We are specialists in the transport of bulk liquids. In particular, we operate one of the largest fuel
distribution providers in the country through Pacific Fuel Haul.
There was a material impact on fuel volumes during FY20, with reduced vehicle movements in a
tougher economic environment and during lockdown.
First quarter revenue is slightly down on last year, due to the ongoing reduction in fuel
transportation. However, EBITDA and margins are ahead of prior year due to cost management, as
well as reduced overheads and fuel savings.
Our focus for the year is to continue to build on long term strategic partnerships with key customers,
to grow non-fuel related Bulk Liquid transport, and to maintain our focus on costs and efficiencies.
We are well advanced in negotiations for new, long term contract with a key customer and are
working closely with our partner to develop opportunities with hydrogen fuel.
20. INTERNATIONAL
Our international division is small but it’s an important cog in our supply chain and delivers a strong
margin.
FY20 was a positive year with increased activity in the sector.
ISO Tank & Shipping services increased revenue with greater domestic demand for ISO equipment &
services. These are large stainless-steel pressure vessels held within a 20” steel frame that are used
for the transportation and storage of bulk liquids, both food grade and chemical. They provide a
safe, reliable and cost-effective way to transport bulk liquids which are both hazardous and non-
hazardous.
We lifted our presence and performance in Australia and this is an area where we see opportunities
to grow our business and expand our footprint.
We continue to focus on cross-Group benefits, with increased volumes for the International business
to drive warehousing and transport demand for items once they reach New Zealand.
First quarter trading was below the prior year, mainly due to the impact of COVID-19 and the slow
recovery of the NZ oil & gas exploration sector, where we provide a lot of services.
For the rest of the year, we expect continuing challenges as a result of economic conditions,
limitations to cross-border trade and reduced oil & gas activity.
21. SPECIALIST
Specialised Lifting and Transport continues to be a solid acquisition. Our heavy haulage service has a
strong position in New Zealand and on some jobs we are the only transporter with the trucks,
machinery, personnel and skills to move extremely large and heavy items.
The large windfarm transport contract that was secured in February, saw some work undertaken in
2H20 but, along with other large projects, much of this has been deferred to the latter part of FY21.
This helped to boost first quarter trading ahead of last year, as deferred activity was recommenced
in the new financial year.

The slowdown in construction across the country has seen increasing competition and price
pressure. Our focus remains on providing a safe, high quality service that delivers on time and to
specification.
The Auckland construction market remains busier than other regions, and we are benefitting from
the acquisition of the assets of Fletcher Construction’s Asset Hub at the start of this financial year. At
the same time, we also entered a long term contract to supply them with heavy transport and
logistics services. This is a site on the end of the Southern Motorway where Fletchers keep all their
heavy equipment, such as cranes. They transport this equipment to construction sites around the
country and this is the work that we are now doing for them.
We anticipate a strong pipeline of activity for the Specialist business over the year, with the positive
impact of increased infrastructure spending and Government stimulus. With our expertise and
experience we are well positioned for these projects from moving bridges and wall slabs through to
large partitions and steel structures.
22. HEALTH AND SAFETY
We take the safety and wellbeing of our employees, contractors, owner drivers and communities
very seriously. It is an essential component to everything we do and is one of our core values.
We continue to invest in training, technology and staff engagement to continuously improve our
safety culture and performance. This investment does not come cheaply but we believe it is an
indispensable part of our social licence to operate.
Our efforts are being recognised and, most recently, TIL has been shortlisted for the Australasian
Fleet Champions Awards for our driver safety initiatives using Autosense and Guardian technology.
23. ENVIRONMENT
We remain very aware of the impact the trucking industry has on the environment and we remain
committed to reducing our carbon emissions.
We have established an improvement programme and a number of initiatives are underway. One
example is our 500+ forklift fleet, which we are gradually updating over time to safer, more efficient
and lower carbon emission equipment.
We are also beginning to use LED lighting, and green building techniques for our new warehouse
developments, we are a cornerstone partner of Z Energy for the use of bio fuels across our truck
fleet and our in-cab technology also assists with fuel efficiency.
24. HYDROGEN FUEL ALTERNATIVE
We are exploring alternative fuels and are in partnership with Hiringa to investigate the
development of hydrogen cell fuel technology.
This is gaining pace with the first hydrogen refuelling stations to be set up in 2021 and New
Zealand’s largest truck leasing business providing funding to allow large corporates to move to
hydrogen fuel.

A number of other businesses are also looking at what they can do, and we are currently in
negotiations with a major food and beverage customer to transport goods between Auckland and
Palmerston North using a hydrogen fuelled truck.
25. PEOPLE
Our people are the backbone of our company, from the truck drivers who spend hundreds of hours
every year travelling New Zealand’s roads, to the warehouse staff, admin, support teams and the
managers who lead our business.
While driver recruitment problems have eased, the industry still has challenges attracting young
people. We are participating with industry and government led initiatives in order to address the
long term problem.
New appointments and changes were made during the year to strengthen our executive team, and
we also established a centralised HR team to provide better support for our people across the
Group.
Our team of over 1,400 employees has extensive industry knowledge and expertise, some of which
has been built up over decades of working in the sector and through economic cycles. We believe
this experience will be of benefit as we face the challenges of the coming year and make the most of
opportunities which will come our way.
26. INDUSTRY SEGMENTS
The current environment has demonstrated the benefits of having a range of customers across a
variety of industry sectors and regions. This has meant that TIL has not been overly exposed to some
of the deep shocks that have affected specific industries and parts of the economy.
The primary sector, particularly agriculture, has remained relatively untouched by the pandemic, as
has the downstream supply chain, that is supermarkets and grocery stores. This is a big sales area for
both our Freight and Warehousing divisions and we expect this relative resilience to continue.
The hospitality trade has seen more of an impact, with restaurants and bars affected by the
shutdowns and a lack of international tourism, and this is having an effect on some of our customers
in the food and beverage industry. Our FY21 Budgets and previous market announcement reflected
this phenomena and we see no reason to alter this view despite some solid domestic business
activity.
Building products is another big sector for us. While we have seen a slowdown in the construction
sector this year, we do expect it to pick up again over the next 12 to 18 months, supported by
Government spending on large infrastructure projects, although commercial and residential
construction may take longer. On this front we take our lead from major customers such as Fletcher
Building who see some improvement within this sector compared to prior indications. With the
financial year charging on it is now more of question of what will accumulate in FY21 versus FY22.
We transport oil and gas across the country, for some of New Zealand’s largest providers. Demand
for both oil and gas reduced substantially during the lockdowns, however, is recovering back to the
levels seen in the prior year if one ignores the lower aviation demand and warm winter effect on gas
consumption.
We also provide services to other logistics providers, who will manage the supply chain for their
clients and then sub-contract out to freight and warehouse businesses, such as TIL. We have seen an

increase in demand as businesses look to strengthen their supply chains, and are also seeing a shift
back to a more direct relationship with providers.
27. STRATEGIC PRIORITIES
As Trevor has said, we have identified four areas of focus for FY21 being:
• The continuing improvement of the Freight division, with a priority focus on lifting margins.
• Organic growth through - the expansion of Bulk Liquids into non-fuel sectors; the expansion
of Specialist services into a broader weight range; and optimising MOVE’s new warehousing
capacity.
• Expanding the International offer and services; and
• Building stronger connections and synergies across the Group and promoting our end to end
customer solution.
We will continue to focus on social and environmental initiatives to enrich our business.
Cash and cashflow management remains a priority. Technology is a key enabler for our strategy,
with new systems currently being refined to further enhance efficiencies and performance.
We are confident that, with the work we are doing, TIL will emerge stronger and better in the years
ahead. Indeed, we should be better placed than many other businesses in the ‘new normal’, with
strong brands and a diverse customer base across multiple sectors.
Our focus on sales and customer partnerships is delivering benefits. For example, we are now
working with a major food company to move their goods from their manufacturing plants to the
Woolworths distribution centre; and we have expanded our partnership with a major beverage
provider who has taken over 100% of our new MOVE warehouse in East Tamaki, for finished product
as well as packaging materials.
We have also expanded the partnership we have with one of New Zealand’s biggest non-alcoholic
beverage companies and are now moving their goods to more places across New Zealand. This is
based on the advantages we offer with our national network.
And recently we transported the America Cup boats which had arrived on the world’s biggest plane,
from the airport to the base in Auckland’s viaduct, all under maximum secrecy.
28. 1Q21 TRADING UPDATE
We are now four months into the financial year. Our first quarter is seasonally our quietest time of
the year. Our Group revenue for the first quarter was in line with the same quarter in the prior year,
despite the impact of COVID restrictions in Auckland in August.
Group EBITDA has increased ahead of the same time last year, with all divisions, apart from the small
International division, delivering results ahead of the prior comparative period. In part, this reflects
pent up demand and the recommencement of deferred projects since lockdown.
Of note, EBITDA is back in line with the higher results seen in the first quarter two years ago.
Based on current performance, we remain on track to achieve our FY21 forecast EBITDA of at least
that of the FY20 post IFRS-16 result of $57.4m.

29. OUTLOOK
While our first quarter performance has been positive, we remain cautious about the economic
environment and expect the challenges of COVID-19 to continue in FY21 with the flow on effects to
be felt for some time. We are monitoring business confidence and the economy carefully, as this
closely links to the transport and freight industry.
We do see opportunities for our Group, with COVID-19-related Government fiscal stimulus likely to
support increasing freight volumes; a global trend of businesses using 3
rd
party warehousing &
logistics providers (3PL) such as TIL ; and continuing high demand in some sectors such as food &
beverage, aquaculture, viticulture and other primary industries. TIL already has a footprint in these
sectors and we will look to build on our reputation and expertise to grow our market share.

ENDS