Turners FY21 earnings guidance upgrade

Company Announcement
10 March 2021

1


Turners FY21 earnings guidance upgrade


Turners Automotive Group (NZX: TRA) expects FY21 Net Profit Before Tax (NPBT) to be at least $35
million (compared to January 2021 NPBT guidance of $33 million to $35 million). This follows trading
results exceeding expectations across Auto Retail, Finance and Insurance business units in January and
February. This forecast assumes no major escalation of Covid-19 restrictions.

All three major business units continue to perform ahead of expectations, despite the trading restrictions
caused by February’s partial lockdowns. This is a further reminder of the geographic diversification
within the group, and the structural resilience of the used car market.

The results reflect deliberate initiatives over recent years to improve earnings quality. In Oxford Finance,
new lending volumes continue to track well ahead of the prior year and arrears are at record low levels,
driven by enhanced credit scoring. Auto Retail demand remained strong and margins have held up well,
with continued optimisation of both the retail footprint and purchasing activity. Insurance policy sales
continue to track ahead of the prior year.

These strong results have confirmed the directors’ confidence to project a full year dividend of 18.0 cents
per share. Directors have therefore resolved to declare a Q3 dividend of 6.0 cents per share (fully
imputed) to be paid on the 30 March 2021. The record date is the 18 March 2021. This takes YTD
dividends to 14.0 cents per share.

The combination of activity and annuity revenue businesses within the group continues to deliver
improving results and provides further confidence about the FY22 year ahead.

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

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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
5,132,654.88$
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
Todd Hunter
021 722 818
Todd.Hunter@turners.co.nz
10 March 2021
Fully imputed
28%
$0.02333333
$0.00416667
Section 4: Authority for this announcement
Barbara Badish
Section 3: Imputation credits and Resident Withholding Tax
18 March 2021
17 March 2021
30 March 2021
Retained earnings
NZD
Section 2: Distribution amounts per financial product
$0.08333333
$0.06000000
n/a
$0.01058824
Section 1: Issuer information
Turners Automotive Group Limited
Ordinary shares
TRA
NZVNLE0001S1