Turners delivers robust earnings despite COVID disruption

Company Announcement
25 November 2020

1

Turners delivers robust HY21 earnings, despite COVID disruption

 Group revenue 14% lower at $148m
 Reported NPBT increased 26% to $18.7m
 Underlying NPBT down 11% to $13.1m
 Reported NPAT increased 25% to $13.4m
 Used car market proved resilient, rebounding strongly for `high trust’ Turners brand
 Robust annuity earnings from Finance and Insurance validates diversified business model
 Diversified business with ‘high trust’ brands supported robust earnings
 Progress accelerating for transition to digital offering, reducing costs, increasing resilience and
enhancing the customer experience
 NPBT guidance for FY21 to be toward the upper end of guidance of $28m to $31m, conditional
on no significant further lockdowns
 Projected FY dividend 17.0 cps at mid-point of guidance

Turners Automotive Group (NZX: TRA) delivered robust earnings in HY21 despite a disrupted operating
period, with the used car market rebounding after COVID-19 lockdowns, and the Group’s diversified
annuity businesses in Finance and Insurance supporting resilience and contributing to strong and
sustainable yield.

Todd Hunter, CEO, said: “Given the tumultuous start to the year with a Level 4 COVID-19 lockdown, and
high levels of uncertainty, we are delighted with how our team responded to improve our ability to
operate in pandemic conditions, as well as improving the resilience of the business to sustain strong
yields. Our diversified business, and the quality of our trusted brands, proved robust in the face of market
uncertainty, and enabled us to accelerate our strategic plan to lead in the digital space and strengthen
our national position in Auto Retail.”

Financial results
Reported NPBT, which is the basis for Turners’ full year guidance, increased 26% to $18.7m with net
profit after tax (NPAT) of $13.4m, up 25% on the same period last year. Underlying NPBT was down 11%
to $13.1m, with a reconciliation of reported and underlying numbers available on slide 9 of the investor
presentation, also published today.

Earnings per share for HY21 were 15.7 cps, up 27% on the previous year. Following the suspension of
dividends during lockdown, the Board resumed dividend payments with a Q1 dividend of 4.0 cps. A
further 4.0 cps has been declared for Q2, taking HY21 dividends to 8.0 cps. This reflects the dividend
policy adopted by the Board last year to pay-out 60-70% of net profit after tax (NPAT).
Grant Baker, Chairman, commented: “Our commitment to delivering strong and sustainable yield to
shareholders remains a clear focus for the company. It is pleasing to see the benefits from our strategy
of a diversified business showing results and our focus on building a quality business for our team, our
customers and our shareholders. Despite some real challenges this year so far, we have not only built
further resilience, but made progress with plans to strengthen our position in our key markets in the
long term as well as reducing cost and improving our systems and operations. Obviously, market
conditions remain somewhat uncertain as the COVID-19 pandemic continues around the world, but this
necessity to stress test our business has not been without reward.”

Company Announcement
25 November 2020

2
Results by division
All parts of the business contributed to the first half profit, and this diversity means the company is well-
placed, assuming no further major COVID-19 disruption, to achieve NPBT toward the upper end of
guidance provided at the annual shareholders meeting.

Auto Retail: Revenue $96.1m – 17%, NPBT $7.8m +6%
The Automotive Retail division revenue was 17% lower at $96.1m, reflecting suppressed activity during
lockdown, but also a strong rebound since. A focus for the half was on COVID-19 recovery and cost
management. Volumes have recovered since, but the main driver of improving profitability in the months
since lockdown has been margins. Margin expansion is due to a number of buying initiatives and by tight
supply of cars nationally, due to the supply constraints in “New” cars.

Whilst there was a substantial disruption early in the half, the used car market has demonstrated
resilience, not just rebounding after lockdowns, but through the economic cycle as customers consider
lower cost options. The company continues to benefit from a diverse geographic footprint (which was
well demonstrated during the recent partial lockdown in Auckland.) Turners diversified sources of supply
and trusted brand position is proving highly valuable in times of uncertainty.

Finance: Revenue $23.2m +2%, NPBT $7.6m +18%
The Finance division contributed strongly to the first half, with annuity earnings helping during lockdown.
Finance sales also showed a solid rebound following lockdown. Revenue for HY21 was $23.2m, up 2% on
last year. NPBT was $7.6m up 18% of the year prior, as Oxford benefitted from higher margins, lower
accruals and greater cost efficiencies.

Remarkably, less than 70 customers (0.29% of customers) are currently in hardship status. The division’s
focus on high quality borrowers has seen record low levels of arrears reflecting the risk-pricing strategy
over recent years, and the business is well-placed for the second half of the year to continue its
expansion. Oxford has built a material buffer in arrears provisioning to allow for any unemployment
increase in future months.

During the period, premium risk tier lending increased to over 50% as shown in the presentation also
released to the market today. Finance continues to be a strong performer within the group, and it is
notable that Finance’s profit contribution over recent years has grown significantly, from 24% in 1H19
to 33% in 1H21.

Insurance: Revenue $21.1m -5%, NPBT $4.5m +74%
Insurance revenue decreased 5% to $21.1m due to the impact of lockdowns. However, NPBT was up 74%
to $4.5m on higher margins, reducing overhead costs and the finish of amortising the acquired premium
portfolio as part of the Autosure acquisition from Vero in 2017.

The division contributed to the overall result and cashflow via annuity earnings during lockdown, with
premiums taken up front. Progress was made on building out distribution, as well as continued
investment in digital and system integration. As with Finance, the division continues to focus on quality,

Company Announcement
25 November 2020

3
as was evidenced with combined claims ratios improving, from 69% in 1H19 to 59% in 1H21 and AM Best
upgrading its credit rating and financial strength rating for Insurance.

Credit Management: Revenue $7.0m -29%, NPBT $3.0m -17%
Credit management revenue decreased 29% to $7.0m, and the impact of COVID-19 was visible in market-
wide conservatism with respect to debt collection actions during the first phase of the pandemic. NPBT
was also down 17% to $3.0m

The division remains an important part of the diversification strategy, offering a hedge for any potential
cyclical downturn ahead. The division has been successful in managing cost in a reduced debt load
environment and maintains strong relationships with debt lenders. The business expects to load more
debt over coming months, following a hiatus period during and post lockdown, during which lenders
prioritized managing reputation over collections. A similar pattern was experienced post the GFC, before
a busy collection period began.

A transition to a digital-based business is continuing. The division is working closely with referrers to
manage and improve customer outcomes as we go forward into an environment where bad debts are
likely to increase and debt collection services will see increasing demand.

Digital strategy bearing fruit
Right across the Group, the expansion of the digital strategy over several years is bearing fruit and
contributed greatly during the period under review. This was accelerated as part of the COVID-19
response where no or low contact transactions and customer service was required. COVID-19 added
useful impetus to momentum within the business to move to digital platforms and lower-cost, easy-to-
use self-provisioning models for customers. We see an opportunity to achieve market leadership in
digital across all business sectors, further increasing resilience, lowering cost, and improving customer
experience.

Outlook and Guidance
Although the strong market rebound post-lockdowns has been pleasing, the business remains focused
on agility and the ability to manage uncertainty while the COVID-19 pandemic remains rife throughout
the world. The stress test that COVID-19 provided has proved the benefits of the Group’s strategy of
diversification, digital leadership, national distribution and the development of trusted brands.

For every month since June, group operating profit has been well above levels in FY20. Meanwhile, a
number of reductions to the fixed cost base will deliver ongoing benefits over the years to come.

Company Announcement
25 November 2020

4
In terms of Q321, key themes have continued, including:
 Auto: continued supply constraints, better-than-expected demand contributing to margin
improvement on owned inventory,
 Finance: strong new lending, with arrears at historic lows,
 Insurance: strong sales of new policies, and claims ratios improving; and
 Credit Management: debt loads to increase as corporate customers reinitiate collections
actions

Building on continued robust performance thus far in Q321, the Board expects to achieve toward the
upper end of its FY21 NPBT guidance of $28m to $31m, as supplied to the market at September’s ASM.
This assumes that there are no significant further lockdowns in New Zealand in FY21. At the mid-point
of the guidance range, this could yield a full year dividend of 17.0 cps, according to the Board’s dividend
policy.


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

---

Results announcement
Results for announcement to the market
Name of issuerTurners Automotive Group Limited
Report period6 months to 30 September 2020
Previous reporting period6 months to 30 September 2019
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing operations$141,024-17%
Total revenue$147,548-14%
Net profit from continuing operations$13,43425%
Total net profit $13,41931%
Interim dividend
Amount per quoted equity security$0.04000000
Imputed amount per quoted security$0.05555556
Record date14/01/2021
Dividend payment date28/01/2021
Interim dividendCurrent periodPrior comparable period
Net tangible assets per quoted security$0.87$0.75
A brief explanation of any of the figures
above necessary to enable the figures to
be understood
Please refer to accompanying Company Announcement
Authority for this announcement
Name of person authorised to make this
announcement
Barbara Badish
Contact person for this announcement Todd Hunter
Contact phone number021 722 818
Contact email address
Todd.Hunter@turners.co.nz
Date of release through MAP25/11/2020
Unaudited financial statements accompany this announcement
1

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2020
Six monthsSix monthsYear
endedendedended
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
Note$'000$'000$'000
Revenue from continuing operations 3
141,024
170,555332,174
Other income 3
6,524
144500
Cost of goods sold
(54,864)
(72,589)(135,003)
Interest expense
(5,731)
(7,729)(14,853)
Impairment provision expense
(2,149)
(2,617)(6,044)
Subcontracted services expense
(6,583)
(7,166)(17,149)
Employee benefits (short term)
(26,382)
(27,790)(55,458)
Commission
(5,887)
(7,070)(13,368)
Advertising expense
(806)
(1,484)(2,743)
Depreciation and amortisation expense
(5,771)
(5,865)(11,919)
Systems maintenance
(874)
(612)(1,747)
Claims
(11,583)
(13,094)(25,952)
Movement in life insurance liabilities
(583)
(633)(836)
Insurance deferred acquisition costs
(563)
(178)(701)
Other expenses
(7,057)
(9,071)(17,836)
Profit before taxation18,715
14,80129,065
Taxation expense
(5,281)
(4,077)(8,112)
Profit from continuing operations 13,434
10,72420,953
Other comprehensive income for the period (which may subsequently be
reclassified to profit/loss), net of tax
Cash flow hedges
(42)
(466)(447)
Revaluation of financial assets at fair value through OCI
-
-(310)
Foreign currency translation differences
27
12(12)
Total comprehensive income for the period13,419
10,27020,184
Earnings per share (cents per share)
Basic earnings per share 4
15.70
12.3924.35
Diluted earnings per share 4
15.79
12.3924.35
2

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2020

Share
Capital
Share
Options
Reserve
Translation
Reserve
Revaluation of
financial
assets at
fair value
through OCI
Cash flow
reserve
Retained
EarningsTotal
$’000$’000$’000$’000$’000$’000$’000
Balance at 31 March 2019 (audited)Note 206,395 1,027 (47) - (528) 19,527 226,374
Change in accounting policy
Impact implementation of NZ IFRS 16 - - - - - (5,666)(5,666)
- - - - (5,666) (5,666)
Balance at 1 April 2019 (restated) 206,395 1,027 (47) - (528) 13,861 220,708
Transactions with shareholders in their capacity as owners
Capital contributions (net of issue costs) 97 - - - - - 97
Capital buy back(3,192) - - - - - (3,192)
Cancellation of options1,027(1,027)---- -
Dividend paid8-----(7,855)(7,855)
(2,068) (1,027) - - - (7,855) (10,950)
Comprehensive income
Profit----10,724 10,724
Other comprehensive income--12(466)-(454)
Total comprehensive income for the period, net of tax - - 12 - (466) 10,724 10,270
Balance at 30 September 2019 (unaudited) 204,327 - (35) (994) 16,730 220,028
Transactions with shareholders in their capacity as owners
Dividend paid8-----(6,887)(6,887)
- - - - - (6,887) (6,887)
Comprehensive income
Profit----10,229 10,229
Other comprehensive income--(24)(310)19-(315)
Total comprehensive income for the period, net of tax - - (24) (310) 19 10,229 9,914
Balance at 31 March 2020 (audited) 204,327 - (59) (310) (975) 20,072 223,055
Transactions with shareholders in their capacity as owners
Employee share based payments
-93----
93
Dividend paid8
-----(5,162)
(5,162)
- 93 - - - (5,162) (5,069)
Comprehensive income
Profit
----13,434
13,434
Other comprehensive income
--27-(42)-
(15)
Total comprehensive income for the period, net of tax
- - 27 - (42) 13,434 13,419
Balance at 30 September 2020 (unaudited)
204,327 93 (32) (310) (1,017) 28,344 231,405
3

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2020
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
Note$'000$'000$'000
Assets
Cash and cash equivalents5
18,864
14,592
32,771
Financial assets at fair value through profit or loss
- Insurance
62,095
59,934
61,834
- Other
3,002
3,500
3,154
Trade receivables
8,116
11,856
8,609
Inventories
29,814
36,492
44,371
Finance receivables6
300,749
285,686
293,037
Other receivables, deferred expenses and contract assets
8,993
13,052
8,572
Reverse annuity mortgages
4,556
5,859
4,913
Investment property
5,650
5,650
5,650
Financial assets at fair value through OCI
1,000
1,310
1,000
Property, plant and equipment
53,623
52,648
52,788
Right-of-use assets
22,711
26,768
24,850
Intangible assets
166,630
166,629
166,843
Total assets
685,803
683,976
708,392
Liabilities
Other payables
35,826
34,967
28,048
Contract liabilities
2,355
1,771
2,085
Deferred tax
9,794
11,122
10,080
Tax payable
3,475
1,073
2,772
Derivative financial instruments
999
992
985
Borrowings7
314,392
319,588
350,364
Lease liabilities
27,979
34,641
32,511
Life investment contract liabilities
8,112
7,853
7,072
Insurance contract liabilities
51,466
51,941
51,420
Total liabilities
454,398
463,948
485,337
Shareholders' equity
Share capital
204,327
203,300
204,327
Other reserves
(1,266)
(1,029)
(1,344)
Retained earnings
28,344
17,757
20,072
Total shareholders' equity
231,405
220,028
223,055
Total shareholders' equity and liabilities
685,803
683,976
708,392
Total assets per share ($)8.02 7.99 8.28
Net tangible assets ($)0.87 0.75 0.77
4

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2020
Six monthsSix monthsYear
endedendedended
30/09/202030/09/201931/03/2019
UnauditedUnauditedAudited
Note$'000$'000$'000
Cash flows from operating activities
Interest received 21,268 22,314 43,874
Receipts from customers 121,512 146,706 289,275
Interest paid(5,657) (6,682) (12,856)
Payment to suppliers and employees(90,022) (141,489) (285,795)
Income tax paid(4,705) (8,190) (11,460)
Net cash inflow/(outflow) from operating activities before
changes in operating assets and liabilities 42,396 12,659 23,038
Net increase in finance receivables(16,105) (8,863) (27,826)
Net decrease in reverse annuity mortgages 501 2,787 3,964
Net decrease of financial assets at fair value through profit or loss 733 3,346 704
Net contribution from life investment contracts 221 (814) 88
Changes in operating assets and liabilities arising from
cash flow movements(14,650) (3,544) (23,070)
Net cash inflow/(outflow) from operating activities 27,746 9,115 (32)
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and intangibles 137 467 913
Purchase of fixed assets and intangible assets(3,818) (15,808) (19,245)
Investment in associate - (1,310) (1,310)
Sale of investments 158 - 473
Net cash (outflow)/inflow from investing activities(3,523) (16,651) (19,169)
Cash flows from financing activities
Net bank loan advances/(repayments)(29,469) 20,663 61,038
Principal elements of lease payments(3,499) (3,352) (6,998)
Buy back of shares - (3,194) (3,192)
Dividend paid(5,162) (7,855) (14,742)
Net cash inflow/(outflow) from financing activities(38,130) 6,262 36,106
Net movement in cash and cash equivalents(13,907) (1,274) 16,905
Add opening cash and cash equivalents 32,771 15,866 15,866
Translation difference - - -
Closing cash and cash equivalents518,864 14,592 32,771
5

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2020
Six monthsSix monthsYear
endedendedended
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
$'000$'000$'000
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) 13,434 10,724 20,953
Adjustment for non-cash items
Impairment charge on finance receivables, reverse annuity mortgages
and other receivables 2,149 2,844 6,044
Net loss/(profit) on sale fixed assets 52 (26) (33)
Depreciation and amortisation 5,771 5,865 11,919
Capitalised reverse annuity mortgage interest(219) (367) (613)
Deferred revenues(639) (848) (2,892)
Fair value adjustments on assets/liabilities at fair value through profit and loss(1,043) (604) 77
Net annuity and premium change to policyholders accounts 819 1,183 (500)
Non-cash long term employee benefits 93 - -
Non-cash adjustments to finance receivables effective interest rates(56) (344) (226)
Deferred expenses(680) (1,930) (2,652)
Fair value adjustment on contingent consideration - - (116)
Gain on modification of a lease(1,133) - -
Adjustment for movements in working capital
Net decrease/(increase) receivables and pre-payments 464 (1,549) 5,251
Net decrease/(increase) in inventories 14,557 2,581 (5,512)
Net increase/(decrease) in payables 6,948 166 (3,544)
Net increase/(decrease) in contract liabilities 1,462 (871) (1,694)
Net increase in finance receivables(16,105) (8,863) (27,826)
Net decrease in reverse annuity mortgages 501 2,787 3,964
Net decrease of insurance assets at fair value through profit or loss 733 3,346 704
Net contributions/(withdrawals) from life investment contracts 221 (814) 88
Net decrease in deferred tax liability(286) (643) (1,618)
Net increase/(decrease) in tax payable 703 (3,522) (1,806)
Net cash inflow/(outflow) from operating activities 27,746 9,115 (32)
6

TURNERS AUTOMOTIVE GROUP LIMITED
1. ACCOUNTING POLICIES AND SIGNIFICANT JUDGEMENT, ESTIMATES AND ASSUMPTIONS
2. SEGMENTAL INFORMATION
OPERATING SEGMENTS
RevenueRevenueRevenueRevenue
TotalInter-fromTotalInter-fromTotalInter-from
segmentsegmentexternalsegmentsegmentexternalsegmentsegmentexternal
revenuerevenuecustomersrevenuerevenuecustomersrevenuerevenuecustomers
30/09/202030/09/202030/09/202030/09/201930/09/201930/09/201931/03/202031/03/202031/03/2020
UnauditedUnauditedUnauditedUnauditedUnauditedUnauditedAuditedAuditedAudited
$'000$'000$'000$'000$'000$'000$'000$'000$'000
Automotive retail 98,044 (1,896) 96,148 117,832 (1,982) 115,850 229,512 (4,634) 224,878
Finance 23,164 - 23,164 22,750 - 22,750 45,744 - 45,744
Credit management 7,022 - 7,022 9,885 - 9,885 17,939 - 17,939
Insurance 21,696 (548) 21,148 22,641 (430) 22,211 45,236 (1,129) 44,107
Corporate & other 66 - 66 3 - 3 6 - 6
149,992 (2,444) 147,548 173,111 (2,412) 170,699 338,437 (5,763) 332,674
Operating profit30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
$'000$'000$'000
Automotive retail 7,773 7,341 13,829
Finance 7,629 6,492 12,167
Credit management 2,986 3,608 6,494
Insurance 4,539 2,613 6,215
Corporate & other(4,212) (5,253) (9,640)
Profit/(loss) before taxation18,71514,80129,065
Income tax(5,281) (4,077) (8,112)
Profit attributable to shareholders 13,434 10,724 20,953
The same accounting policies included in the Group’s Annual Report for the year ended 31 March 2020, together with a new government grants policy (disclosed below), have been applied when preparing these financial statements.
The same significant judgments, estimates and assumptions (including basis of segmentation) included in the notes to the financial statements in the Group's Annual Report for the year to 31 March 2020 have been applied to these financial statements.
The business does not experience notable seasonal variations. There has been no change to the basis of segmentation from that applied at 31 March 2020.
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in profit or loss on a systematic basis over
the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate.
Government grants
7

TURNERS AUTOMOTIVE GROUP LIMITED
Interest revenueInterest expense
30/09/202030/09/201931/03/202030/09/202030/09/201931/03/202030/09/202030/09/201931/03/2020
UnauditedUnauditedAuditedUnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000$'000$'000$'000
Automotive retail8322,4163,904(1,209)(2,198)(3,967)(4,524)(3,848)(7,960)
Finance19,93920,13540,579(2,723)(3,551)(6,912)(412)(382)(717)
Credit management-45(17)(20)(39)(153)(114)(249)
Insurance9361,2732,276(42)(47)(91)(596)(1,407)(2,783)
Corporate & other346(1,743)(1,958)(3,930)(86)(114)(210)
21,71023,83246,770(5,734)(7,774)(14,939)(5,771)(5,865)(11,919)
Eliminations(3)(45)(86)34586---
21,70723,78746,684(5,731)(7,729)(14,853)(5,771)(5,865)(11,919)
Other material non-cash items
RevenueExpenses
30/09/202030/09/201931/03/202030/09/202030/09/201931/03/2020
UnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000
Gain on modificaton of a lease1,133-----
Automotive retail - impairment provisions---152(129)(126)
Finance - impairment provisions---(2,226)(2,488)(5,888)
Insurance - reverse annuity mortgage interest219367613---
1,352367613(2,074)(2,617)(6,014)
2.2 SEGMENT ASSETS AND LIABILITIES
30/09/202030/09/201931/03/202030/09/202030/09/201931/03/2020
UnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000
Automotive retail110,056154,086129,49669,942109,43892,078
Finance321,778285,416308,696248,717221,927241,086
Credit management41,32036,07438,2688,4297,5447,585
Insurance137,034132,943134,23672,66473,50273,133
Corporate & other188,914196,128216,17472,06673,25791,423
799,102804,647826,870471,818485,669505,305
Eliminations(113,299)(120,671)(118,478)(17,420)(21,721)(19,968)
685,803683,976708,392454,398463,948485,337
Five reportable segments have been identified as follows:
Automotive retail - remarketing (motor vehicles, trucks, heavy machinery and commercial goods) and purchasing goods for sale.
Finance - provides asset based finance to consumers and SME's.
Credit management - collection services, credit management and debt recovery services to the corporate and SME sectors. Geographically the collections services segment business activities are located in New Zealand and Australia.
Insurance - marketing and administration of a range of life and consumer insurance and saving products.
Corporate & other - corporate centre.
Segment assetsSegment liabilities
Depreciation and
amortisation expenses
8

TURNERS AUTOMOTIVE GROUP LIMITED
3. REVENUE
Revenue from continuing operations includes:
Six monthsSix monthsYear
endedendedended
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
$'000$'000$'000
Interest income
21,707 23,787 46,684
Sales of goods
65,747 86,073 167,264
Commission and other sales revenue
23,933 25,731 52,714
Finance related insurance commissions
1,535 1,539 3,397
Loan fee income
1,403 1,784 2,958
Insurance and life investment contract income
18,674 20,715 39,676
Collection income
6,293 9,833 17,709
Bad debts recovered
430 347 591
Other revenue
1,302 746 1,181
141,024 170,555 332,174
Other income includes:
Gain on sale of investments
6-35
Dividend income
4 104367
Gain of sale of property, plant and equipment
39 40 61
Fair value gain on contingent consideration
-- 37
Government subsidies
5,342--
Gain on modification of a lease
1,133--
6,524 144 500
4. SHARE CAPITAL AND EARNINGS PER SHARE
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
Number of ordinary shares
Opening balance
85,554,710
86,888,06486,888,064
Shares issued for the dealer share scheme
-
40,75240,752
Shares purchased and cancelled under the share buy back
-
(1,374,106)(1,374,106)
85,554,71085,554,71085,554,710
Basic earnings per share
Six monthsSix monthsYear
endedendedended
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
Profit for the Period ($'000) 13,434 10,724 20,953
Weighted average number of ordinary shares at the end of the period
85,554,710
86,560,82986,055,495
Basic earnings per share (cents per share)
15.70
12.3924.35
Weighted number of shares
Opening balance
85,554,710
86,888,06486,888,064
Shares issued for the dealer share scheme
-
5,34523,111
Shares purchased and cancelled under the share buy back
-
(332,580)(855,680)
85,554,71086,560,82986,055,495
The calculation of basic earnings per share at 30 September and 31 March was based on the profit attributable to ordinary shareholders and weighted average
number of ordinary shares outstanding, as follows:
9

TURNERS AUTOMOTIVE GROUP LIMITED
Diluted earnings per share
Six monthsSix monthsYear
endedendedended
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
Continuing operations ($'000) 13,434 10,724 20,953
Add: Long term incentive expense relation to options
93--
Profit for the year ($'000)
13,527 10,724 20,953
Weighted number of ordinary shares (diluted)
Weighted average number of shares (basic)
85,554,710
86,560,82986,055,495
Effect of the exercise of options 122,943--
Weighted average number of shares (diluted)85,677,65386,560,82986,055,495
Diluted earnings per share (cents per share)
15.79
12.3924.35
5. CASH AND CASH EQUIVALENTS
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
$'000$'000$'000
Cash and cash equivalents
18,864 14,592 32,771
6. FINANCE RECEIVABLES
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
$'000$'000$'000
Gross finance receivables
311,851 299,962 307,498
Deferred fee revenue and commission expenses
8,154 5,808 7,244
Provision for impairment
(19,256) (20,084) (21,705)
300,749 285,686 293,037
Securitisation
The Group's insurance business is required to comply with the solvency standards for licensed insurers issued by the Reserve Bank of New Zealand. The
solvency standards specify the level of assets the insurance business is required to hold in order to meet solvency requirements, consequently all cash and cash
equivalents held in the insurance business may not be available for use by the wider Group. The Group's insurance business' cash and cash equivalents at 30
September 2020 were $4.7m (30 September 2019: $3.0m; 31 March 2020: $1.5m).
Cash and cash equivalents at 30 September 2019 of $4.3m (30 September 2019 :$2.9m; 31 March 2020 : $5.1m) belongs to the Turners Marque Warehouse
Trust 1 and is not available to the Group.
The Group has a wholesale funding facility with the Bank of New Zealand (BNZ) under which it securitises finance receivables through The Turners Marque
Warehouse Trust 1 (the Trust). Under the facility, BNZ provides funding to the Trust secured by finance receivables sold to the Trust from the finance segment.
The facility is for a 24 month term that will be renewed annually. The facility is for $250m.
The Trust is a special purpose entity set up solely for the purpose of purchasing finance receivables from the finance sector with the BNZ funding up to 92% of the
purchase price with the balance funded by sub-ordinated notes from the Group. The New Zealand Guardian Trust Company Limited has been appointed Trustee
for the Trust and NZGT Security Trustee Limited as the security trustee. The Company is the sole beneficiary.
The Group has the power over the Trust, exposure, or rights, to variable returns from its involvement with the Trust and the ability to use its power over the Trust to
affect the amount of the Group's returns from the Trust. Consequently the Group controls the Trust and has consolidated the Trust into the Group's financial
statements.
The calculation of diluted earnings per share at 30 September and 31 March was based on the diluted profit attributable to shareholders and a diluted weighted
average number of ordinary shares outstanding as follows:
10

TURNERS AUTOMOTIVE GROUP LIMITED
7. BORROWINGS
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
$'000$'000$'000
Secured bank borrowings
282,851 271,945 312,320
Deferred borrowing costs
(62)
(217)(116)
282,789 271,728 312,204
Non-bank borrowings
Motor Trade Finance 6,751 23,155 13,382
Bonds
25,000 25,000 25,000
Deferred issue costs
(148)
(295)(222)
24,852 24,705 24,778
Total borrowings 314,392 319,588 350,364
Secured bank borrowings
Motor Trade Finance
Bonds
The Group retains substantially all the risks and rewards relating to the finance receivables sold and therefore the finance receivables do not qualify for
derecognition and remain on the Group's consolidated statement of financial position.
During the reporting period $58.4m finance receivables were sold to the Trust (30 September 2019: $67.0m; 31 March 2020: $149.4m). As at 30 September
2020 the carrying value of financial receivables in the Trust was $211.0m (30 September 2019: $177.8m; 31 March 2019: $210.2m).
The Group has a syndicated funding facility with the Bank of New Zealand and ASB Bank, a self liquidating trade finance facility with ASB Bank and securitisation
facility with the Bank of New Zealand.
The bank borrowings are secured by a first-ranking general security agreement over the assets of the Company and its subsidiaries, excluding DPL Insurance
Limited, Turners Finance Limited and EC Credit (Aust.) Limited. The Group's securitisation financing arrangement is described under finance receivables.
MTF provides finance to Turners Finance Limited to fund the finance receivables. The MTF funding is secured by a chattel security over the Turners Finance
Limited's customer's asset securing the finance receivable and by a general security over the assets of Turners Finance Limited.
Turners Finance Limited has also given undertakings to MTF as the nature and conduct of its business, and overall quality of the finance receivables and
aggregate. Turners Finance has complied with these undertakings in the current and prior financial year.
Turners Finance Limited is a shareholder of a motor trade based company called Motor Trade Finance Limited (MTF). MTF provides the services of a finance
company, including funding, on a full recourse basis back to its shareholders.
On 1 October 2018 Turners Automotive Group issued secured subordinated fixed rate bonds with a fixed maturity on 30 September 2021. Interest is fixed at 5.5%
and is paid quarterly in arrears in equal amounts. The bonds rank behind the indebtedness owing under the bank facilities and are guaranteed by Turners
Automotive Group Limited, Oxford Finance Limited, Buy Right Cars (2016) Limited, EC Credit (NZ) Limited, Estate Management Services Limited, Payment
Management Services Limited, EC Web Services Limited, Turners Group NZ Limited, Turners Fleet Limited and Turners Property Holdings Limited.
11

TURNERS AUTOMOTIVE GROUP LIMITED
8. DIVIDENDS
Six monthsSix monthsYear
endedendedended
30/09/202030/09/201931/03/2020
UnauditedUnauditedAudited
$'000$'000$'000
- 3,489 3,489
5,162 4,366 4,366
-- 3,441
-- 3,446
Total dividends provided for or paid 5,162 7,855 14,742
Dividends not recognised at the end of the half year:
3,440 3,441-
3,422 3,466-
9. CONTINGENT LIABILITY
Buy Right Cars
In addition to the above dividends, since the end of the period the directors have recommended the payment of the following dividends expected to be paid out of
retained earnings at 30 September 2020, but not recognised as a liability at the end of the period:
The hearing of the legal action brought against the Company by the vendor of the business disputing the quantum of the final earn out concluded in the High
Court on 25 September 2020, judgement is pending. The directors consider that on balance of probabilities no payment will be made to the vendor.
Quarterly dividend for the year ended 31 March 2020 of $0.04 per fully paid ordinary share,
imputed, paid on 30 January 2020.
Quarterly dividend for the year ended 31 March 2021 of $0.04 (31 March 2020: $0.04) per fully
paid ordinary share, imputed, payable on 22 October 2020 (2020: 22 October 2019).
Quarterly dividend for the year ended 31 March 2021 of $0.04 (31 Mar 2020: $0.04) per fully
paid ordinary share, imputed, payable on 28 January 2021 (2020: 30 January 2020).
Final dividend for the year ended 31 March 2020 of $0.06 (31 March 2019: $0.05) per fully
paid ordinary share, imputed paid on 24 July 2020 (2019: 18 July 2019).
Quarterly dividend for the year ended 31 March 2020 of $0.04 per fully paid ordinary share,
imputed, paid on 22 October 2019.
Quarterly dividend for the year ended 31 March 2019 of $0.04 per fully paid ordinary share,
imputed, payable on 30 April 2019.
12

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Type of distributionFull YearQuarterlyX
(Please mark with an X in the Half YearSpecial
relevant box/es)
DRP applies
Record date
Ex-Date(onebusinessdaybefore
the Record Date)
Payment date
Totalmoniesassociatedwiththe
distribution
3,422,188.40$
Source of distribution
Currency
Gross distribution
Total cash distribution
Excluded amount (applicable to listed
PIEs)
Supplementary distribution amount
Is the distribution imputed
Iffullyorpartiallyimputed,please
state imputation rate as % applied
Imputationtaxcreditsperfinancial
product
Resident Withholding Tax per
financial product
Name of person authorised to make
this announcement
Contact person for this
announcement
Contact phone number
Contact email address
Date of release through MAP
Section 1: Issuer information
Turners Automotive Group Limited
Ordinary shares
TRA
NZVNLE0001S1
Section 3: Imputation credits and Resident Withholding Tax
14 January 2021
13 January 2021
28 January 2021
Retained earnings
NZD
Section 2: Distribution amounts per financial product
$0.05555556
$0.04000000
n/a
$0.00705882
Todd Hunter
021 722 818
Todd.Hunter@turners.co.nz
25 November 2020
Fully imputed
28%
$0.01555556
$0.00277778
Section 4: Authority for this announcement
Barbara Badish

---

HY21
Results
Presentation
For the sixmonthsending
30 September 2021
1••HY21 RESULTSPRESENTATION

Disclaimer
2• HY21 RESULTS PRESENTATION
Turners Automotive Group the (company) is solely responsible for the content of this document. This document is not an investment
statement or prospectus and does not constitute an offer of securities.
This document or any other written or oral statements made by, or on behalf of, the company may include forward-looking statements that
reflect the company’s current views with respect to future events and financial performance. These forward-looking statements are subject to
uncertainties and other factors that could cause actual results to differ materially from such statements. These uncertainties and other factors
include, but are not limited to:
I. Uncertainties relating to government and regulatory policies;
II. The occurrence of catastrophic events with a frequency or severity exceeding our estimates;
III. The legal environment;
IV. Loss of services of any of the company’s officers;
V. General economic conditions; and
VI. The competitive environment in which the company, its subsidiaries and its customers operate; and other risks inherent inthe company’s
industry
The words “believe,” “anticipate,” “investment,” “plan,” “estimate,” “expect,” “intend,” “will likely result,” or “will continue” and other
similar expressions identify forward-looking statements. Recipients of this document are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates. The company undertakes no obligation to update or revise any forwardlooking
statements, whether as a result of new information, future events or otherwise.

Agenda
1.HY21 Results
2.Segment results
3.The business in context
4.FY21 Focus + outlook
3• HY21 RESULTS PRESENTATION

HY21 Results overview
4• HY21 RESULTS PRESENTATION
•NPBT $18.7m +26%
•NPAT $13.4m +25%
•Underlying NPBT $13.1m –11%
•Revenue $147.5m -14%
•Q2 dividend declared at 4.0 cps
•Earnings per share 15.7cps
+27%
•Effectively a 5-month trading period in
HY21 due to lockdown
•Used vehicle supply constrained due
to “new car” supply chain issues
•Consumer demand returned faster and
harder than expected for vehicles
•Car prices have risen steadily since
May off the back of reduced supply
•Consumers have been focused on
meeting loan commitments
Financials
Key Drivers for HY21
Q3 Update
•Auto retail: demand better than
expected and margin improvement
on owned inventory
•Finance: new lending strong and
arrears at historic lows
•Insurance:new policy sales strong,
claims ratios improving
•Credit: debt load down as
corporate customers manage
reputation risk during Covid-19

5• HY21 RESULTS PRESENTATION
1 HY21 Results

HY21 Results snapshot
Revenue
Net profit aftertax
Revenue
$147.5m-14%
Shareholders’Equity
$231m as at 30Sept20
Underlying Net Profit BeforeTax
$13.1m-11%
Q2 Dividend4.0cps
ProjectedFY Div17.0cps
Net Profit BeforeTax
$18.7m+26%
H1 Earnings PerShare
15.7cps
(HY20 12.4cps,+27%)
Net Profit After Tax
$13.4m+25%
0
100
200
300
400
FY16FY17FY18FY19FY20FY21
Millions
2H
1H
-
5.0
10.0
15.0
20.0
25.0
FY16FY17FY18FY19FY20FY21
Millions
2H
1H
6• HY21 RESULTS PRESENTATION

HY20:HY21Revenuebridge
•Revenue reflects material impact of L4 /L3 lockdown
in April & May impacting Auto Retail, Finance and
Insurance sales
•NZ used car market has recovered since lockdown
however due to new car supply constraints supply is
limited
•Finance book reflects better quality business written
at lower interest rates
•Credit management revenue impacted by lack of
debt load from major banks as they managed
reputational risk
7• HY21 RESULTS PRESENTATION
Revenue decreased from $171m to $148m

HY20: HY21 Net profit before tax(NPBT)bridge
8• HY21 RESULTS PRESENTATION
•Auto Retail result underpinned by stronger
commercial business and improved margins on
owned inventory
•Finance driven by writing higher quality new
business and the resulting improved arrears
performance
•Insurance result reflects improvement in claims
ratios and cost base
•Cost of funding reductions reflected in corporate
cost line
•Trading post September has continued to be at
levels ahead of FY20
NPBT increased from $14.8m to $18.7m

Reconciliation: NPBT to underlyingNPBT
•HY21 reflects a 5 month “effective” trading
period, on a like for like basis this would be
circa 6% ahead of H120.
•Property adjustment includes IFRS 16
adjustment of $1.9m benefit offset by property
exit costs of $1.3m
•A number of properties have been exited as part of
our retail optimisation and cost management plan
•Overall restructure costs relating to people and
property will reduce FY22 fixed cost base by $4m+
•Operating profit results for each month June to
October have tracked well ahead of same month
for FY20
$MillionsHY21HY20Var
Profit before tax actual18.714.826%
Oxford strategic review costs-0.2
Property exit and lease
adjustments
(0.6)(0.2)
Rent relief(0.7)
NZ Government CovidSupport(5.1)-
Employee restructurecosts0.8
Underlying operating result13.114.8-11%
9• HY21 RESULTS PRESENTATION

DividendPayments and Policy
Earnings and Dividend per Share (Cents)
10.0
13.0
14.5
15.5
17.0
14.0
17.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
FY15FY16FY17FY18FY19FY20FY21
Projected
•Q2-21 dividend declared at 4.0 cents per share
fully imputed, bringing declared dividends for
FY21 to 8.0 cps
•FY21 Projected dividend at mid-point of NPBT
guidance ($29.5m) is 17.0cps
•Directors intend to continue to pay out dividends
according to the current policy in FY21 (60% to
70% of NPAT). This will be subject to underlying
business performance
•Gross dividend yield of 7.3%* at indicative price
of $2.65 as at 20/11/20...(includes imputation
credits)
Dividends fully imputed from FY17 on
10• HY21 RESULTS PRESENTATION
8.0
* Source: NZX. Based on rolling 12 month gross div (net
div + imps) divided by share price at 20 November 2020.

•Reduction in inventory value reflects reduced
availability of Japanese imports
•Increasein Finance Receivables reflects growth in
Oxford offset by rundown in MTF funded
receivables
•Property, plant and equipmentincrease due to
development of new sites in Auckland.
•Slight reduction in borrowings due to pay down
of corporate debt
Balancesheet
11• HY21 RESULTS PRESENTATION
$MillionsHY21HY20
Cash and cash equivalents
18.914.6
Financial assets at fair value
65.163.4
Inventory
29.836.5
Finance receivables
300.7285.7
Property, plant and equipment
53.652.6
Other Assets
28.437.8
Right of use asset
22.726.8
Intangible assets
166.6166.6
Total Assets
685.8684.0
Borrowings
314.4319.6
Other payables
35.835.0
Deferred tax
9.811.1
Insurance contract liabilities
51.551.9
Lease liabilities
28.034.6
Other Liabilities
14.911.7
Total Liabilities
454.4463.9

Fundingmix
Borrowings
Borrowings byUtilisation($Millions)
As at 30 September 2020
•Total borrowings down by $5m since Sept 19 due to $13m
reduction in corporate debt, partially offset by growth in finance
receivables funding
•Securitisation funding facility limit at$250m (including capital
contribution from TRA), expect to extend this facility further in Q3
FY21
Inventory
Securitisation
Banking
Syndication
MTF
12• HY21 RESULTS PRESENTATION
$MillionsLimitDrawnUndrawn
Receivables –Securitisation(BNZ)
230 182 48
Receivables –Banking Syndicate
(ASB/BNZ)
60 4317
Receivables –MTF
7 7 -
Corporate & Property(inclBond)
95 70 25
Inventory(ASB)
30 12 18
Totals
422 314 108
Corporate
& Property
$70m
Inventory
$12m
Finance
Receivables
$232m

13• HY21 RESULTS PRESENTATION
2 Segment Results

HY21 by segment
14• HY21 RESULTS PRESENTATION
$MillionsAutomotive RetailFinanceInsuranceCredit
Revenue96.1(17%)23.22%21.1(5%)7.0(29%)
Segment Profit7.86%7.618%4.574%3.0(17%)

HY21 by segment
Autoretail
•Covidrecovery and cost management
•Margin improvement through supply initiatives and supply constraints
•Continued optimisation for retail eg. new sites in Westgate, Dunedin
Finance
•Finance continued focus on targeting high quality borrowers,
attracting 50%+ of new lending in premium risk business
•Continue to make investments in digital and system integration
Credit/management
•Manage cost base in reduced debt load environment
•SME focus: integrated with key systems (eg.Xero / MYOB)
15• HY21 RESULTS PRESENTATION
Insurance
•Good progress in building out distribution
•Claims ratios continue to improve

Automotiveretail
Revenue 96.1m -17%, Segment Profit $7.8m+6%
16• HY21 RESULTS PRESENTATION
•Margins on “owned” fleet has increased in Q2 due to a
number of buying improvement initiatives and tight
supply of used cars nationally.
•Diversified sources of supply a real strength.
Competitive advantage to not rely on imported cars,
which is suffering from Covidrelated supply issues.
•Inventory levels holding at levels 30% lower than peak at
beginning of April. Sales volumes down due to reduced
levels of inventory, partly offset by margin strength.
•Significant improvement in commercial business year on
year.
* Auto Retail Operating Profit (excl wage subsidy
-600%
-500%
-400%
-300%
-200%
-100%
0%
100%
Auto Retail Operating Profit*:
Change vs pcp(%)

Finance
Revenue $23.2m +2%, Segment Profit $7.6m +18%
Receivables growth since FY20 month by month
17• HY21 RESULTS PRESENTATION
250
260
270
280
290
300
310
Premium Risk Tier % of Consumer Lending
0%
10%
20%
30%
40%
50%
60%
•Improvement continues for volume, margin and risk
•Post lockdown lending very strong with Q2 up 32% on
Q2 FY20
•Premium Tier business growing strongly and
accounts for 50%+ of our new business per month
•Arrears continue to track down at historic low levels,
with a material buffer in arrears provisioning to allow
for any unemployment increase
•Less than 70 customers (or 0.29%) in hardship status

Insurance
•Policy sales rebounded strongly, in-line with used car
market
•Claims loss ratios continue to improve (due to better
underwriting, less movement in lockdown)
•Good growth in distribution and pipeline of
opportunities
•New portfolio management system providing product
and pricing agility
•AM Best upgraded credit rating for Insurance.
Financial strength rating improving to B++ (good).
Revenue $21.1m -5%, Segment Profit $4.5m +74%
18• HY21 RESULTS PRESENTATION
Gross Written Premium FY21 v FY20 ($000s)
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
AprMayJunJulAugSep
FY20FY21

Creditmanagement
•Total debt load down 58% to $56m, mainly due to
large NZ corporate customers pulling back on
collections actions during Covid-19 to manage
reputational risk
•Debt load from major banks and government
departments has started to re-initiate in October
•Debt collected down 44% to $21m meaning
conversion rates have improved
•Payment arrangement commitments meet up to
78% (73% H1 FY20)
Revenue $7.0m -29% Segment Profit $3.0m -17%
Debt Collected HY20to HY21($000s)
19• HY21 RESULTS PRESENTATION

20• HY21 RESULTS PRESENTATION
3 The business
in context

Building quality ...
21• HY21 RESULTS PRESENTATION

Quality of earnings and dividends
TRA has a dividend yield of 7.3% the NZX*
* Source: NZX; Based on rolling 12 month gross div (net div + imps) divided by share price at 20 November 2020.
22• HY21 RESULTS PRESENTATION

Businesses are well positioned for the “new norm”
AutoRetail
•Used cars have demonstrated resilience
•Geographical diversification
•Diversified sources of supply
•High trust brand
Finance
•Annuity earnings helpful in lockdown
•Arrears proven to be robust
•De-risking strategy working well
Credit/Management
•Payment bank stickier than expected
•Counter-cyclical, defensive
•Strong relationships from debt loaders
23• HY21 RESULTS PRESENTATION
Insurance
•Annuity earnings helpful in lockdown
•Premium taken up front
•Improving technology and distribution
•Using a portion of capital reserves to build
property portfolio used in Auto Retail

Resilient and well placed for an uncertain environment
COVID was a stress-test, but we exceeded expectations
1.Used car market is resilient
2.Diversified business
3.High “trust” brands
4.Digital is a competitive advantage
5.Strong and sustainable yield
24• HY21 RESULTS PRESENTATION

25• HY21 RESULTS PRESENTATION
4 FY21 Focus +
Outlook

Our focus for FY21 -by business
AutoRetail
•Stock acquisition
•Continue to invest in promoting the Turners brand -build market share
•Retail optimisation –Exit Penrose and launch Westgate, Mt Richmond
Finance
•Keep improving credit quality through data driven risk pricing
•Continued focus on arrears and rehabilitation
•Promote 100% digital loan process
Credit/Management
•Extending into ledger management from credit collections
•Cost discipline with Digital efficiencies –eg debtor self service portal, Xero/MYOB
•Working closely with corporates to manage reputational risk
26• HY21 RESULTS PRESENTATION
Insurance
•Cost and claims management discipline
•Increasing distribution through partnership strategy and sales integration into other
businesses -eg Marac
•Continue to enhance risk pricing

The business has demonstrated strong levels of resilience despite lockdowns in April, May and August.
The business has positive momentum and current trading provides optimism heading into 2H21....
•Guidance given at ASM in September that FY21 NPBT to be in the range of $28m to $31m.
Guidance reaffirmed, but assuming trading continues at current levels for the remainder of FY21
NPBT will be towards the upper end of the guidance range.
•FY21 Q2 dividend declared at 4.0 cps, taking HY21 dividends declared to 8.0 cps.
•Projected FY21 dividend to be 17.0 cps (fully imputed), based on dividend policy to pay out 60-
70% of net profit after tax (NPAT).
•(All guidance is subject to any significant lockdowns occurring.)
FY21 outlook
27• HY21 RESULTS PRESENTATION

Questions
28• HY21 RESULTS PRESENTATION

Contact
ToddHunter
CEO TurnersAutomotive Group
Limited
T: 64 21 722818
E:todd.hunter@turners.co.nz
29• HY21 RESULTS PRESENTATION