TIL Logistics Group Half Year Results to 31 December 2020

2
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2020
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2019
$000
Total Income
180,998175,313
Total Operating Expenses
(171,323)(172,168)
Profit / (Loss) Before Income Tax 3,894(2,812)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD,
NET OF TAX
2,672(2,168)
CENTSCENTS

3
NOTES
UNAUDITED
31 DECEMBER 2020
$000
AUDITED
30 JUNE 2020
$000
ASSETS
Total Current Assets
72,14055,966
Total Non-Current Assets
289,571288,732
TOTAL ASSETS
361,711344,698
TOTAL EQUITY
39,43436,926
LIABILITIES
Total Current Liabilities
160,70674,356
Total Non-Current Liabilities161,571233,416
TOTAL LIABILITIES
322,277307,772
TOTAL EQUITY & LIABILITIES
361,711344,698

4
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
$000 $000 $000 $000 $000 $000
Balance as at 1 July 2019 as previously reported
35,449 (2,364)- 33,085 1,237 34,322
Revised balance as at 1 July 2019
35,449 (1,411)- 34,038 1,237 35,275
Total Comprehensive income
- (2,362)- (2,362)194 (2,168)
Balance as at 31 December 201937,054 (5,932)- 31,122 1,351 32,473
Balance as at 1 July 2020
37,054 (1,742)- 35,312 1,614 36,926
Total Comprehensive income
- 2,611- 2,61161 2,672
Balance as at 31 December 202037,05486922 37,945 1,489 39,434

5
UNAUDITED
6 MONTHS TO
DECEMBER 2020
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2019
$000
Net cash generated from operating activities
27,35817,665
Net cash used in investing activities
(3,686)(8,538)
Net cash flow used in financing activities(17,278)(11,662)
Cash and cash equivalents 31 December
18,2763,854

6
1.1. Reporting Entity
1.2. Basis of Preparation
a. Estimated impairment of Goodwill

7
AssumptionsDiscount
rate post-tax
Discount
rate pre-tax
Terminal
growth rate
Revenue
growth rate
year 1*
Revenue
growth rate
year 2*
Revenue
growth rate
year 3-5*

8
Reconciliation to GAAP measure
6 months to
December 2020
$000
6 months to
December 2019
$000
EBITDA (non-GAAP measure) 32,85123,750
Reconciliation to GAAP measure 6 months to
December 2020
$000
6 months to
December 2019
$000
EBIT (non-GAAP measure) 9,6753,145

9
International Specialist
Freighting Warehousing
& Logistics
Bulk Liquids
Corporate Total
$000$000
$000$000$000
$000$000
6 months to 31 December 2019
Revenue from external
customers
4,0828,72284,06837,90539,149-173,926
Assets
7,73025,509146,684119,86747,8499,215356,854
Liabilities
5,0914,056106,40783,38839,28486,155324,381
Capital expenditure including
intangibles
1585903,3689665471,2586,887
6 months to 31 December 2020
Revenue from external
customers
4,03814,15783,97237,69239,327-179,186
Assets
11,92931,680140,513119,91439,15218,523361,711
Liabilities
7,5419,577105,46483,99833,50282,195322,277
Capital expenditure including
intangibles
1389226549405194333,606

10
31 December
2020
30 June
2020
Non-current
3,24180,163
Current
80,0296,100
Total 83,27086,263

11
Average exercise
price per share
option
Number of
options

12
Grant dateExpiry date Exercise price
Share options
31 December
2020
Share options
31 December
2019
Total881,786-
6 months to
December
2020
6 months to
December
2019
$000$000
29-

13
PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000, F: +64 (9) 355 8001, www.pwc.com/nz
To the shareholders of TIL Logistics Group Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of TIL Logistics Group Limited (the Company) and
its subsidiaries (the Group), which comprise the consolidated interim balance sheet as at
31 December 2020, and the consolidated interim statement of profit or loss & other comprehensive
income, the consolidated interim statement of changes in equity and the consolidated interim
statement of cash flows for the six month period ended on that date, and significant accounting
policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statements of the Group do not present fairly, in all material respects,
the financial position of the Group as at 31 December 2020, and its financial performance and cash
flows for the six months then ended, in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the
the review of the financial statementssection of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our
firm carries out other services for the Group in the areas of tax consulting, planning and structuring.
The provision of these other services has not impaired our independence.
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of interim financial statements that are free from material misstatement, whether due to
fraud or error.
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34. A review of interim financial statements
in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures.

14
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing and International Standards on
Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.
Who we report to
This report is made solely to the
required to state to them in our review report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Shareholders, as a body,
for our review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this
John Dixon.
For and on behalf of:
Chartered AccountantsAuckland
22 February 2021

15
DIRECTORS
RISK ASSURANCE & AUDIT COMMITTEE
GOVERNANCE AND REMUNERATION COMMITTEE
REGISTERED OFFICE AND ADDRESS FOR SERVICE
AUDITORS
BANKERS
SOLICITORS
SHARE REGISTRAR

---

23 February 2021
Company Announcement


TIL LOGISTICS REPORTS UPLIFT IN PERFORMANCE IN FIRST HALF OF YEAR
Unaudited results for the six months to 31 December 2020

• TLL reports recovery in sector activity since April 2020 lockdown, with improved trading
across the majority of TLL’s divisions
• Revenue, EBITDA and profit all increased year on year
• EBITDA of $32.9m, up 38% on prior comparative period
• Net Profit After Tax of $2.7m (1H20: Net Loss After Tax of $-2.2m). Excluding non-cash
impact of NZ IFRS 16, 1H21 NPAT was ~$4.0m.
• Confirmation of earlier guidance that EBITDA for FY21 is expected to be at least that of
the FY20 post IFRS-16 result of $57.4m.


$Millions
(post NZ IFRS-16)
1H21 1H20
Sales Revenue 179.2 173.9
Total Income 181.0 175.3
Operating Expenses 148.1 151.5
EBITDA 32.9 23.8
NPAT 2.7 (2.2)
Net Operating Cashflow 27.4 17.7
Total Assets 361.7 356.9

New Zealand freight and logistics company, TIL Logistics Group Limited (NZX: TLL), has reported an
increase in Group revenue, earnings and profit for the six months to 31 December 2020 (1H21) as
it benefits from improved trading across the majority of its divisions.

The company has seen a recovery in activity since the April lockdown, particularly in sectors which
are important sales areas for TLL, including residential construction, infrastructure, food &
beverage and agriculture. The second quarter also benefitted as pressure on coastal shipping and
capacity at Ports led to an increase in demand for road transport, although this was partially
offset by a reduction in demand for warehousing during this time.

Sales revenue of $179.2m was up on the prior year, a solid result given the ongoing impact of
COVID-19 and supply chain issues impacting some divisions during the period.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased 38% to $32.9m
with an improved performance from four of TLL’s five divisions and a slight decrease in the
International division.

The company reported a return to profitability, with a Net Profit After Tax of $2.7m, up from a
loss of $2.2m in the prior comparative period (pcp). NPAT includes a $(1.3)m non-cash impact of
NZ IFRS-16 Accounting for Leases.

The Board retains a prudent approach to cash management and no interim dividend has been
declared. A final FY21 dividend will be considered subject to trading conditions and financial
performance continuing to improve.

Operating cashflow increased to $27.4m as at 31 December, driven by improved trading and
effective working capital management. Since period-end, the company has extended the tenure
of its bank facilities out to 31 March 2022 with total borrowings of $83.3m as at 31 December
2020, and cash and cash equivalents of $18.3m.

TLL operates across five divisions, with its three largest divisions – Freight, Warehousing and Bulk
Liquids - making up 90% of revenue and EBITDA.

Freight
The Freight sector delivered a significant improvement in EBITDA, up 57% on pcp to $9.3m. The
first six months of the freight improvement plan have now been completed, with early benefits
being seen in operational efficiency, customer interaction and back office administration. Other
transport modes continue to be adopted as part of customer solutions, with strong demand for
road and rail, particularly during the Christmas period.

Warehousing and Logistics
The division is benefitting from the investment made into new warehouses over the past three
years. EBITDA was up 23% to $12.4m despite Port congestion and supply chain disruption
impacting on demand in the second quarter. Continuing disruption is expected on supply chains
from COVID in 2H21, however, port congestion is expected to ease and improve the flow of
containers on and off ports and into warehouses. The business will continue to benefit from the
additional capacity provided by the new warehouses.

Bulk Liquids
The increase in EBITDA to $8.0m was driven by increased volumes over the summer period, a
focus on efficiencies and the flow on effect following resolution of commercial matters with a key
customer in early FY21. Management continue to work closely with key customers and are well
advanced in negotiations with a large customer to secure a long term contract. Fuel volumes in
2H21 are expected to be in line with the first half of the FY21 year, but will take some time to
recover to pre-COVID levels, particularly in industries such as tourism and aviation.

Specialist
The Specialist division benefitted from the ongoing windfarm project work and the acquisition of
Fletcher Construction Asset Hub alongside a new contract to supply heavy transport and logistics
services. EBITDA was up 62% on the prior year to $4.0m despite some sector specific downturns,
particularly in non-residential construction and commercial projects. Increasing enquiries and
interest in Machinery Moving services are expected to translate into sales in 2H21 and, longer
term, the extension to the Tiwai Point Aluminium Smelter has seen increased interest in a number
of electricity generation projects that could come on stream in the next two to three years. TLL
has specialist skills and experience in this sector, moving bulky and oversize items onto difficult-
to-reach sites.

International
The International division had a mixed six months, with a number of clients yet to recover to pre-
COVID levels, as well as supply chain headwinds and a downturn in oil and gas exploration.
EBITDA was down 7% to $0.9m for the period. A slow and steady recovery is expected throughout
the 2021 calendar year, although current port congestion is expected to continue and airfreight to
remain a costly option until 2022.

Outlook

The current environment has demonstrated the benefits of being a group of scale and diversity,
with the ability to invest into health & safety, training, systems and infrastructure.

While economic conditions remain volatile, private and public investment, as well as consumer
demand, is expected to drive demand in certain sectors.

The company will continue to focus on strategic priorities in the second half of the financial year,
being the Freight improvement plan, organic growth, targeted acquisition opportunities, Group
synergies and growing shareholder value.

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.

ENDS

For further information and media assistance, please contact:

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

Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: lee.banks@til.kiwi

For media assistance and investor queries, please contact Jackie Ellis tl: + 64 27 246 2505
e: jackie@ellisandco.co.nz

About TIL Logistics Group Limited (TLL)

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

---

TIL LOGISTICS GROUP LIMITED
1H21 Interim Results Presentation
For the six months to 31 December 2020
1
TIL Logistics Group FY21 Interim Results

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 FY21 Interim Results2

1H21 OPERATING ENVIRONMENT
3TIL Logistics Group FY21 Interim Results
•Recovery post-March lockdown in some sectors of the New Zealand economy which are
important sales areas for TLL including residential construction, infrastructure, food & beverage
and agriculture.
•Primary sector, particularly agriculture, remains relatively untouched, including downstream
supply chain. Growing residential construction sector, offset by decline in non-residential. Impact
on hospitality sector, affecting some food and beverage businesses.
•Impact on freight in August due to Auckland lockdown, with catch-up in Sept and Nov.
•Pressure on coastal shipping and capacity at ports around New Zealand led to increase in demand
for road transport, particularly over busy pre-Christmas period; however, impacted on
warehousing demand.
•Demand for oil & gas is recovering after lockdown, however, lower aviation fuel demand and
warm winter effect on gas consumption during 1H21.

1H21 KEY EVENTS
•Progress being made in the turn around of the Freight division with revenue, EBITDA and margins
above prior comparative period (pcp).
•Expanded multi-modal freight solution, providing additional capacity and solutions for customers.
•Completed acquisition of assets of Fletcher Construction Asset Hub and entered into long term
contract with Fletcher Construction in July 2020 to supply heavy transport and logistics services.
•Completed acquisition of remaining shares in TNL International joint venture (Melbourne).
•Advanced negotiations of long term contract with a key Bulk Liquids customer.
•Significant windfarm project underway but still facing delays.
•Ongoing investment into technology.
•Health & safety remains a priority for all TIL people; winner of Global Fleet Champion Award for
Company Driver Safety.
•Launch of Sustainability objectives, reflecting commitment to reducing carbon emissions.
4
TIL Logistics Group FY21 Interim Results

1H21 RESULTS SNAPSHOT
5
TIL Logistics Group FY21 Interim Results
$Millions
(post NZIFRS 16)
1H201H21
Sales Revenue
173.9179.2
Total Income175.3181.0
Operating Expenses151.5148.1
EBITDA23.832.9
NPAT
(2.2)2.7
Net Operating
Cashflow
17.727.4
Total Assets
356.9361.7
Comparison to prior comparative period (pcp)
Pleasing increase in Group revenue, EBITDA and NPAT.
Margins in line with or above pcpfor all divisions,
excluding International which has been impacted by
COVID and an overall downturn in the oil & gas sector
in Taranaki.
Positive operating cashflow movement driven by
improved trading performance and effective working
capital management.
No interim dividend has been declared. A final FY21
dividend will be considered subject to trading
conditions and financial performance continuing to
improve.
All numbers are post-NZ IFRS 16 unless otherwise stated

SALES REVENUE
Sales revenue of $179.2m, 3% above prior comparative
period (pcp).
•A solid result given the ongoing impact of COVID-19
and supply chain issues.
•All divisions delivered revenue in line with prior 1H
period.
•Specialist grew significantly, with major windfarm
project underway.
6TIL Logistics Group FY21 Interim Results
173.9
179.2
0
50
100
150
200
1H201H21
$ Millions

1H20: 1H21 EBITDA BRIDGE
•Improved performance from four of five
divisions, with slight decrease in International
division.
•Improved performance from Freight division.
•Warehousing benefitted from additional
capacity in new warehouses.
•Bulk Liquids benefitted from increased volumes
over summer and efficiency measures.
•Specialist gained positive impact from
windfarm project work in 1H21.
•Operating expenses of $148.1m, a reduction on
the prior first half period ($151.5m).
7TIL Logistics Group FY21 Interim Results

1H20:1H21 NPAT BRIDGE
8
TIL Logistics Group FY21 Interim Results
Profit of $2.7m for the half year
(up from loss of -2.2m in 1H20).
Compared to 1H20, the 1H21 result
reflects:
-Increased depreciation mainly due to
new property and fleet leases.
-Increase in tax due to higher earnings.

CAPITAL EXPENDITURE
9
TIL Logistics Group FY21 Interim Results
$ Millions1H201H21
Capital Expenditure6.93.6
Capital expenditure excludes assets acquired via business acquisitions
Capital Expenditure:
•Cautious approach to capex in COVID
environment.
1H21 included:
•Investment into new trucks and equipment to
resource customer projects.
•Increased Plant & Equipment spend for fit out
of new warehouses.
•Continuing investment into digital platforms
and Transport Management System (TMS).
Replacement
Growth
1H21 Capex

CAPITAL MANAGEMENT
•Positive operating cashflow movement driven by
improved trading performance and effective working
capital management.
•Sound working capital disciplines, with solid cash
position of $18.3m at 31 December 2020.
Strengthened Balance Sheet post period-end
•Extended tenure of ASB bank facilities to 31 March
2022.
10
TIL Logistics Group FY21 Interim Results
$ Millions
As at 31 December 2020
1H201H21
Operating cashflow17.727.4
Borrowings84.583.3
Net Debt80.665.0

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.
11TIL Logistics Group FY21 Interim Results

DIVISION REVENUE AND EBITDA
12
TIL Logistics Group FY21 Interim Results
* Division EBITDA excludes corporate costs
Freight
Warehousing
& Logistics
Bulk Liquids
International
Specialist
1H21 REVENUE
Freight
Warehousing
& Logistics
Bulk Liquids
International
Specialist
1H21 EBITDA

FREIGHT
Revenue $84.0m, -1%
EBITDA $9.3m, +57%
1H21
•Completed first six months of freight improvement plan.
•Rolled out improvements that have improved track and trace and
customer interactions and reduced back office administration.
•Continued to adopt other transport modes such as rail and coastal
as part of customer solutions.
•Strengthened management team, with new appointments.
Outlook:
•Expect uplift in demand with key export industries forecasting
robust volume growth, and an increased focus on sales activity.
TIL Logistics Group FY21 Interim Results
13
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
1H201H21
Freighting EBITDA
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
1H201H21
Freighting Revenue
2H20: Includes net benefit of wage subsidie

FREIGHT IMPROVEMENT PLAN
Completed:
✓Strengthened the management team.
✓Introduction of detailed sales planning practices.
✓Introduced daily KPIs to measure and improve key value drivers.
✓Embraced other forms of transport modes, such as rail.
✓Investment into technology to measure and confirm customer
declared volumes.
✓Better utilising the Group’s scale and competitive advantage to
deliver bundled transport and warehouse solutions across the
country, and for our International customers.
In progress
•Building stronger connections between regional businesses.
•Empowering local/branch management, upgrading leadership
practices.
•Increase fleet and capacity utilisation; improve and expand the
Owner Driver model.
•Implement and leverage technology to deliver operational and
customer service excellence.
14TIL Logistics Group FY21 Interim Results

WAREHOUSING & LOGISTICS
Revenue $37.7m, -1%
EBITDA $12.4m, +23%
1H21:
•Three-year investment into new warehouses, resulting in
additional capacity to cater for future sales.
•Secured new warehouse in Hamilton with cornerstone agriculture
customer; capacity for future sales.
•COVID impact on supply chains and customer volumes.
•Port congestion during peak period impacted on Auckland
operations.
•Continued closer collaboration with International and Freight
divisions to offer an integrated logistics solution.
Outlook
•Expect continuing disruption from COVID-19.
•Port congestion expected to continue in 2H21.
TIL Logistics Group FY21 Interim Results
15
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
1H201H21
Warehousing EBITDA
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
1H201H21
Warehousing Revenue

BULK LIQUIDS
Revenue $39.3m, +1%
EBITDA $8.0m, +43%
1H21:
•Primarily services large energy customers.
•Increased volume over summer due to domestic tourism,
however, expected to drop away over autumn and winter.
•Focus on efficiencies starting to show good results.
•Working closely with partner to develop opportunities for
hydrogen fuel.
•1H21 results benefitted from flow on effect following resolution of
commercial matters with a key customer in early FY21.
Outlook
•Fuel volumes in 2H21 are expected to be in line with 1H21, but
will take some time to recover to pre-COVID levels, particularly in
industries such as tourism and aviation.
•Well advanced in negotiations with a key customer to secure long
term contract
16
TIL Logistics Group FY21 Interim Results
0.0
2.0
4.0
6.0
8.0
10.0
1H201H21
Bulk Liquids EBITDA
0.0
10.0
20.0
30.0
40.0
50.0
1H201H21
Bulk Liquids Revenue

SPECIALIST
Revenue $14.2m, +63%
EBITDA $4.0m, +62%
1H21:
•Steady six months, impacted by sector specific downturns due to
COVID, particularly on the non-residential construction sector.
•Windfarm project underway with timings extended to FY22.
•Fletcher Construction Asset Hub acquisition and contract operating
to plan.
•Slow down in in demand for Machinery Movers due to reduction in
commercial projects.
Outlook:
•Construction sector showing signs of growth although pre-cast
concrete some months away from an uplift.
•Increasing enquiries and interest in Machinery Moving services.
•Extension to the Tiwai Point Aluminium Smelter has seen increased
interest in a number of electricity generation projects that could
come on stream in the next two to three years.
TIL Logistics Group FY21 Interim Results
17
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
1H201H21
Specialist EBITDA
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
1H201H21
Specialist Revenue

INTERNATIONAL
Revenue $4.0m, -1%
EBITDA $0.9m, -7%
1H21:
•Mixed results with a number of clients yet to recover to pre-
COVID levels, supply chain headwinds and a downturn in oil and
gas exploration.
•Headwinds with port congestion worldwide and limited airfreight
options.
•Continued growth in NZ ISO Tank & Shipping services.
•Growing Australian market presence.
•Exploring acquisitions and opportunities, with further specialist
logistics services being investigated to increase footprint.
Outlook:
•Expecting a slow and steady recovery through the calendar year.
Current port congestions expected to continue and airfreight to
remain a costly option through to 2022. Global vaccine rollout
could drive recovery in the sector.
TIL Logistics Group FY21 Interim Results18
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1H201H21
International EBITDA
0.0
2.0
4.0
6.0
1H201H21
International Revenue

STRATEGIC PRIORITIES
19TIL Logistics Group FY21 Interim Results
FREIGHT IMPROVEMENT
•Continue improvement 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
•Explore additional opportunities in the Dangerous Goods sector
GROUP INITIATIVES
•Bundled customer solution
•Build stronger connections between brands and businesses
•Continued focus on sustainability initiatives
SHAREHOLDER VALUE
•Deliver value growth for shareholders
•Focus on reducing debt and strengthening balance sheet

OUTLOOK
•
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.
•Private and public investment, as well as consumer
demand, driving demand in certain sectors.
•Economic conditions remain volatile, with forecasts for
GDP to remain stable/take a mild fall for first two quarters
of 2021.C GR
•The Board confirms its earlier guidance that EBITDA for
FY21 is expected to be at least that of the FY20 post IFRS-
16 result of $57.4m.
20TIL Logistics Group FY21 Interim Results

CONTACT
Alan Pearson
TIL Logistics Group Limited
Chief Executive Officer
Tel: 021 806 678
Email: alan.pearson@til.kiwi
TIL Logistics Group FY21 Interim Results
21

GLOSSARY
•NZ IFRS-16 Accounting for Leases –all numbers reported post-NZ IFRS 16 unless otherwise stated
•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.
•EBITDA refers 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.
22TIL Logistics Group FY21 Interim Results

23
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 FY21 Interim Results

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer TIL Logistics Group Limited
Reporting Period 6 months to 31 December 2020
Previous Reporting Period 6 months to 31 December 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$179,186 3.02%
Total Revenue $179,186 3.02%
Net profit/(loss) from
continuing operations
$2,611 N/A
Total net profit/(loss) $2,611 N/A
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00
Imputed amount per Quoted
Equity Security
$0.00
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.16 $0.10
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer unaudited interim financial statements.
Authority for this announcement
Name of person

authorised
to make this announcement
Lee Banks, CFO
Contact person for this
announcement
Lee Banks
Contact phone number 06 755 9405
Contact email address lee.banks@til.kiwi
Date of release through MAP

23 February 2021

Unaudited financial statements accompany this announcement.