Turners 2021 Annual Meeting Update

Company Announcement
9 September 2021


1
Turners 2021 Annual Meeting Update

Turners Automotive Group (NZX: TRA) will be announcing at its 2021 Annual Shareholders Meeting
(ASM) today that it has improved profit momentum, widened competitive advantages and is pleased
with progress towards both its FY22 and FY24 targets. The August Delta lockdown will have a material
near-term impact, but it is too early to quantify this effect. The ASM presentation is appended to this
announcement, and the Chair and CEO’s speech will be released after the meeting.

Highlights include:
 FY22 momentum: Prior to lock down the year has started well and the business was tracking
comfortably ahead of the profit run rate during H2 21.
 FY22 Guidance: Prior to lock down we were on track to deliver a 15% uplift in net profit before
tax for FY22. However short-term performance will be impacted by the level and duration of
Covid-19 restrictions on trading. We will revisit guidance in November.
 L4 National lock down: Biggest impact in Auto Retail division, burns cash at $1m per week.
However, this is offset somewhat by annuity revenue streams in finance and insurance. Based
on experience, we do expect another “bounce back” in Auto Retail once restrictions are eased.
 Quality of earnings: Monthly and six-monthly profit run rates have become much more
consistent over the last two years.
 Valuable property assets: Details of Turners $61m property portfolio are outlined in the
presentation. We see our property portfolio as underappreciated by the market and the book
value excludes $14m of unrealised valuation gains.
 Advantaged digital assets: Turners digital assets represent a substantial and growing
competitive advantage, underpinned by 28 million visits to www.turners.co.nz over the last 12
months.
 Industry consolidation: Registered dealers are down ~10% in 2021 from 2019 levels and ~10%
less used imports have come into NZ (June YTD v 2019).
 FY24 Target: Our trajectory over the last two years and pre-lock down YTD performance gives
us strong conviction levels around our strategy. We are well on track to exceeding our target of
$45m PBT in FY24.
Resolutions:

 Resolution 1: That Baker Tilly Staples Rodway be reappointed as auditors of the Company and
that the Directors be authorised to fix the auditor’s remuneration.
 Resolution 2: That Paul Byrnes, who retires by rotation and has offered himself for re-election,
be re-elected as a Director of the Company until 18 February 2022.
 Resolution 3: That Martin Berry, who retires by rotation and has offered himself for re-
election, be re-elected as a Director of the Company.
 Resolution 4: That Antony Vriens, who retires by rotation and has offered himself for re-
election, be re-elected as a Director of the Company.

Grant Baker, Chairman said "We are pleased with the continued momentum of the business over the
past two years. Despite this recent lock down it is exciting to see the business really starting to come
together, following years of strategic and tactical development. Turners now offers a rare combination
of attractive yield, meaningful growth opportunities, and a resilient, growing dividend"

Company Announcement
9 September 2021


2
ASM details:

The ASM is scheduled to begin at 10.30am via the Computershare Meeting Platform
https://meetnow.global/nz .

The meeting will be open for registration at 10.00am (30 Minutes prior to the start of the meeting). To
access the meeting, click ‘Go’ under the Turners Automotive Limited meeting and then click ‘JOIN
MEETING NOW’. Results of the ASM vote will be made available as soon as practicable after the
meeting.

The meeting will also be webcast via the following link: https://youtu.be/Ab941s9n-CE .

The Board and management thank shareholders and the wider Turners Auto Group team for their
ongoing loyal support.



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, Group CEO, Turners Automotive Group Limited, Mob: +64 21 722 818
Aaron Saunders, Group CEO, Turners Automotive Group Limited, Mob: +64 27 493 8794

---

1• 2021 ANNUAL SHAREHOLDERS MEETING –TURNERS AUTO
GROUP
Welcome to Turners’
shareholders

Annual
Meeting
2021
9 September 2021
2• 2021 ANNUAL SHAREHOLDERS MEETING –TURNERS AUTO
GROUP

Disclaimer
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 forward looking
statements, whether as a result of new information, future events or otherwise.
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How to Participate in Virtual/Hybrid Meetings (Q&A)
Shareholder & Proxyholder Q&A Participation
Written Questions:Questions may be submitted
ahead of the meeting. If you have a question to
submit during the live meeting, please select the
Q&A tab on the right half of your screen at anytime.
Type your question into the field and press submit.
Your question will be immediately submitted.
Help:The Q&A tab can also be used for immediate
help. If you need assistance, please submit your
query in the same manner as typing a question and
a Computershare representative will respond to you
directly.
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How to Participate in Virtual/Hybrid Meetings (Voting)
Shareholder & Proxyholder Voting
Once the voting has been opened, the resolutions
and voting options will allow voting.
To vote, simply click on the Vote tab, and select
your voting direction from the options shown on the
screen. You can vote for all resolutions at once or
by each resolution.
Your vote has been cast when the tick appears. To
change your vote, select ‘Change Your Vote’.
5• 2021 ANNUAL SHAREHOLDERS MEETING –TURNERS AUTO
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Agenda
1.Chairman’s Address
2.CEO’s Update
3.Resolutions
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1. Chairman’s
Address
Grant Baker
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Our plan for growth* has been proven and de-risked over the last three
years:
1.Digital and omni-channel experience in Auto Retail
2.Auto Retail optimisation
3.Targeting high quality growth in finance and insurance
*
For more details on our Growth Plan, please refer to our recent Investor Presentation(14/4/2021)
All coming together ...
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KEY THEMES
Quality + Growth + Yield
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1.Quality of our trusted brands
2.Building a quality customer experience
3.Improving earnings quality and consistency (incl. annuity revenue)
4.Extending our competitive advantage for digital
5.Quality culture and people
1. Quality: Building a quality business
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2. Growth: Momentum continues ...
FY21 Result:
Achieved a step change in performance during FY21, with 19% growth in underlying PBT
FY22 YTD:
Tracked comfortably ahead of run rate profit levels in H2 of FY21 (pre-lock down)
FY22 Guidance:
Prior to lock down we were on track to deliver a 15% uplift in net profit before tax for FY22
FY24 Target:
Our target is for a 31% increase in Underlying NPBT from FY21 to FY24 to $45m
11• 2021 ANNUAL SHAREHOLDERS MEETING –TURNERS AUTO
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0.10
0.13
0.145
0.155
0.17
0.14
0.20
0.00
0.05
0.10
0.15
0.20
0.25
FY15FY16FY17FY18FY19FY20FY21
3. Yield: Sustainable and growing
Dividend per Share ($)
•Strong track record of growing dividends
for shareholders over time
•Full year dividends to 20.0 cents per share
for FY21
•Payoutratio at 60-70% of NPAT to ensure
business is funding growth opportunities
•Based on a 20.0 cents per share dividend
(FY21) and a share price of $4.50 this is a
gross yield of 6.2% pa
**
*Dividends fully imputed from FY17 onwards
**Covid-19 related cancellation of final dividend
*
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Why I continue to believe in this business ...
Why I invest...
•Yield we are generating for shareholders
•Opportunity for growth in all businesses
•Consistency of earnings improving
•Latent value in the property portfolio
•People and culture of Turners Auto Group
Competitive advantages...
•High trust “Turners” brand
•Biggest buyer and seller of cars in NZ
•Unmatched national footprint
•Diversified sources of cars
•Agility in finance and insurance systems
•Technology capability and data advantages
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Resilient and well placed for an uncertain environment
Thebusiness has strong geographical and earnings diversification and will
perform strongly once we return to more normal operating conditions
1.Used car market is resilient –strong sales expected out
of lockdown
2.Diversified business –geographic diversity and
earnings diversity (annuity earnings more than 50% of
profits)
3.High “trust” brands –consumers move to high trust
brand in times of uncertainty
4.Digital is a competitive advantage –well positioned to
deliver online
5.Business has a strong balance sheet and supportive
banks
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20
25
30
35
40
45
50
FY18FY19FY20FY21FY24
Performance: Line of sight on where we’re going
Over three years we target 31% growth in Underlying NPBT
1
Underlying Net Profit Before Tax ($M)
1
9.5%
CAGR
Dividends Paid (cps)
7.7%
CAGR
1
Reported NPBT ($m) for FY18 31.1, FY19 29.0, FY20 29.1, FY21 37.4. Reconciliations for each of the periods can be found in the respectiveAnnual Results Presentation
Underlying NPBT is a non-GAAP measure
This is a target and achievement will depend on a range of factors some of which will be outside of our control.
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
26.0
FY18FY19FY20FY21FY24
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We love cars
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2. CEO’s Update
Todd Hunter

FY21 Results snapshot
Revenue
$296.5m-11%
Shareholders’Equity
$234m as at 31March 21
Underlying Net Profit BeforeTax
$34.3m+19%
Final Dividend6.0cps
FY Div20.0cps
Net Profit BeforeTax
$37.4m+29%
FY21 Earnings PerShare
31.4cps
(FY20 24.3cps,+29%)
Net Profit After Tax
$26.9m+28%
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Update on the NZ used car market
•Short term impact from Covid-19 restrictions but
bounce back expected
•Significant delays in the supply chain for new cars
(particularly commercials) caused by Covid and the
demand for semi-conductors
•Used car prices have risen ~10% since April 2020.
We expect them to hold at these levels.
•Dealers are leaving the market...Registered dealers
down ~10% in 2021 from 2019 levels
•Transaction levels are tracking 3% below 2019
(June YTD) but well ahead of 2020
Source: NZTA
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0
20,000
40,000
60,000
80,000
100,000
120,000
JanFebMarAprMayJunJulAugSepOctNovDec
NZ Used Car Change of Ownerships
201920202021

Automotiveretail
Revenue $201m -11%, Segment Profit $15.4m+11%
Growth -% of Total Sales by Sales Channel
Target for higher yielding Retail Channel
•Margins are higher for retail sales and Turners share
of retail sales continues to grow
•“Tina” brand campaign working well, attracting new
retail buyers and sellers to the business
•Rotorua phased opening planned with Phase 1
opening at start of Oct-2021
•Nelson development progressing well and tracking to
expectation (May-2022)
•Finance attach rates have improved from 29% to 32%
in Q1 of FY22 v Q1 FY20
•Customer Data Platform has 500k contact points
45%
50%
55%
60%
65%
70%
FY18
Q1
FY18
Q2
FY18
Q3
FY18
Q4
FY19
Q1
FY19
Q2
FY19
Q3
FY19
Q4
FY20
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY21
Q1
FY21
Q2
FY21
Q3
FY21
Q4
FY22
Q1
Retail ChannelExpon. (Retail Channel)
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Continued investment in both digital and physical assets widens
our competitive moat
Source well
Great customer
outcomes
Build quality
networks
Digital
Assets
Physical
Network
The winning formula for market share growth + yield growth
21• 2021 ANNUAL SHAREHOLDERS MEETING –TURNERS AUTO
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Physical: Our physical network growth is on track
Rotorua –Phase 1 opening Oct 2021
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Concept drawings for Rotorua
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Our physical network growth is on track
Nelson on track for May 2022 opening
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Concept drawings for Nelson
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Site
Original31-Mar-21Unrealised
Cost ($m)ValuationGain/loss
Developed sites
John Seddon Drive, Porirua
7,8009,7001,900
160 Roscommon Road, Auckland
6,60010,7004,100
Walton Street, Whangarei
5,4006,5001,100
Francella St, Christchurch
1,8002,700900
Archers Road, Auckland
13,60017,0003,400
Mt Richmond, Auckland
11,30013,6002,300
Matipo Lane, Palmerston North
8001,100300
Total Developed sites
47,30061,30014,000
Development sites (settledin
FY22)
Nelson 4,000
Rotorua5,500
Property asset “unrealised gain” growing...
•We have been building up a portfolio of
property over the last 7 years
•We are utilising insurance company reserves
to invest in these properties.
•These properties are on the balance sheet at
cost at $47.3m compared to independent
valuations of $61.3m resulting in an
unrealised gain of $14m.
•We have another two properties which will
settle in FY22 taking our total property value
to $70.8m, and two more offers in play
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Digital: Our digital and data strategy is gaining strong
traction and extending our competitive advantage
•Our omni-channel offering allows customers to engage with
us how, when and where they want
•Our proprietary Customer Data Platform allows customer’s
data to come with them as they transition across channels
•Now have 500,000 customer contact details in our customer
data platform and adding to this each month
•15,500+ online vehicle appraisal appointments booked from
Jan –June 21
•13,500+ test drives booked online from Jan –June 21
•~300,000 vehicles saved to customers watchlistsfrom Jan –
June 21
Up close
Independent
Remote
Online
With help
Omni-
channel
27• 2021 ANNUAL SHAREHOLDERS MEETING –TURNERS AUTO
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We are working through unlocking more value from our data assets
Digital/Data Assets
Customers made
28M
web searches on
turners.co.nz
Taken more than
1.5M
Vehicle photos
Customers saved
600,000
Vehicles to their
watch lists
Processed digitally
30k
Credit applications
We valued
60,000+
privately owned cars
15,000
vehicles checked
through the
diagnostic scanner
Autosure quoted
90,000
new MBI policies
online
Managed
16,500
Vehicle repair jobs
Annually
Data Breadth
Vehicle DataVehicle Images
Web & Customer DataOperational Data
28• 2021 ANNUAL SHAREHOLDERS MEETING –TURNERS AUTO
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ESG -EVs and Subscription
•Turners have an exciting role to play to help the NZ fleet
transition, in partnership with EECA we have expanded our EV
fleet.
•We currently have 78 vehicles on subscription of which 40% are
EVs. There is high demand for these subscription cars...helps
with “try before you buy”
•Used EVs difficult to source...pricing has already increased in
Japan and locally by the amount of the government rebate.
•Japan is the major source of used vehicles for NZ. There are
303k EVs in vehicle fleet out of a total of 78m cars. New EV sales
in 2020 were 29k against new car sales of 4.6m
•EVs in the NZ fleet are at ~30k units out of a total vehicle
population of around 4m vehicles.
•Older low range EVs have a good fit in the subscription business
•The rebate scheme has driven up purchases significantly to 1,947
in July up from average of 781 (Jan-Jun). August sales have
dropped back to 671.
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Finance
Revenue $47.9m +5%, Segment Profit $15.8m +30%
Growth -Total Receivables (ex impairments)
Quality -Average Equifax Credit Score
100
150
200
250
300
350
400
1H172H171H182H181H192H191H202H201H212H21FY22
YTD
Millions
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350
400
450
500
550
600
650
1H172H171H182H181H192H191H202H201H212H21FY22
YTD
Avergae consumer VEDA
credit score
•Oxford’s market share of auto loans continues to rise
•Q1 FY22 new lending up 78% v *Q1 FY20 (Apr –June
2019)
•Consumer arrears at 3.9% Q1 FY22 v 10.3% at end of *Q1
FY20
•Commercial arrears at 0.9% Q1 FY22 v 13.9% *Q1 FY20
•Total ledger growth of 35% to $344m Q1 FY22 v $255m
*Q1 FY20
•Prime and near prime lending now makes up 80% of the
consumer loan book
* Used Q1FY20 as a more normalised quarter for comparison due
to Covid impact in Q1 FY21

Quality + growth in finance loan book continues...
04-1905-1906-1907-1908-1909-1910-1911-1912-1901-2002-2003-2004-2005-2006-2007-2008-2009-2010-2011-2012-2001-2102-2103-21Apr-21May-21Jun-21
Other Risk CategoryPremium Risk Category
Lockdown
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Oxford New Monthly Lending by Borrower Risk Category

0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Quality lending strategy resulting in arrears at record lows
Consumer Customer Arrears (Loan Balance)
Consumer arrears on loans originated since Aug 19
Turners arrears on loans originated since Aug 19
Total Consumer Arrears
@ 3.1% Jul-21
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75%
66%
60%
59%
FY19 AFY20 AFY21 AFY22 YTD
Insurance
Revenue $41.9m -5%, Segment Profit $9.4m +50%
Growth –MBI Gross Written Premium FY21 v FY22 ($000s)
Yield -MBI Loss Ratio Performance
•Market share gains resulting in strong increase in
premium sales 16% ahead of Q1 FY20*
•Claims costs 16% down on Q1 FY20*
•Parts price inflation being experienced and delays in
claims processing times due to parts shipping
•New brand launch for Autosure in June 2021
•Full speed ahead with partner integrations via API
•Continuing to develop data analytics capability
meaning further development of risk pricing and value
to unlock for car buying in Auto Retail division.
1.0
2.0
3.0
4.0
AprMayJunJulAugSepOctNovDecJanFebMar
FY22*FY21
* Used Q1FY20 as a more normalised quarter for comparison due
to Covid impact in Q1 FY21
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Creditmanagement
Revenue $12.8m -29%, Segment Profit $5.1m -22%
Debt Collected Q1 FY21to Q1 FY22($000s)
•Debt load from major banks and government departments
has started to scale up from March 2021 although still
down on historic levels due to overall low default
environment.
•Total debt load up 47% in Q1 FY22 v Q1 FY21, mainly due
to the recommencement of collections actions from large
NZ large NZ corporate customers.
•Credit card, telco/utilities and personal loan arrears are all
materially down on pre-pandemic levels.
•Debt collected up 2% to $10.5m in Q1 FY22 v Q1 FY21
•Lockdown in Australia impacting sales of terms of trade
product
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Looking forward ...
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AutoRetail
•Stock acquisition –secure the right cars at the right price
•Continue to invest in promoting the Turners brand and continue to build market share
•Retail optimisation –developing and launching Rotoruaand Nelson
Finance
•Expand distribution
•Keep improving credit quality through data driven risk pricing
•Simplify and automate lending process
•Reduce early settlements
CreditManagement
•Grow SME debt load
•Build on data initiatives to drive up contact rates with debtors
•Continue to develop Debtor self service portal, Xero/MYOB
•Continue working closely with corporates to manage reputational risk
Insurance
•Expand distribution through partnership strategy and sales integration into other
businesses
•Cost and claims management discipline
•Continue to enhance risk pricing
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Growth model: FY22

Growth model: FY22 –FY24
The model gives us confidence in higher earnings growth through the cycle.
We have found the right formula, and will optimise further ...
Four key areas underpin our earnings growth. These are a combination of both physical and digital:
1.Retail optimisation
2.Vehicle purchasing decision-making
3.Continued investment in digital and omni-channel customer experience
4.Risk pricing model enhancements in finance and insurance
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Roadmap to $45m* NPBT
•Business is highly cash generative, leading to growth + yield
for shareholders
•Profit growth largely driven out of Auto Retail and Finance
•Retail optimisation in Auto Retail –growth driven by
combination of new sites and growth in existing sites
•Margin expansion in Auto Retail out of supply side
initiatives
•Finance growth driven out of direct lending and
improvements in distribution
•Current trading PE multiple remains very conservative in our
opinion
Net Profit Before Tax Bridge ($M)
* This is a target and achievement will depend on various
factors some of which will be outside of our control.
*
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Capital Allocation: high level thinking
•Clear messagefrom market that shareholders want yield + growth supported from existing capital base
•Organic growth to be funded via retained earnings and improving capital efficiency
•Maintain dividend policy of 60% to 70% NPAT
•Capital allocation broadly prioritised as follows:
•Auto Retail businesses –footprint expansion can be funded largely through debt (lease premises and
floorplan finance for inventory), some capital investment required for fit-out of retail sites
•Property –de-risks the auto business through control of strategic sites and cost base plus provides
opportunity for long term capital growth
•Oxford Finance –growth requires capital alongside debt to grow receivables ledger and profits
•Digital initiativesacross the Group largely assumed to be opex, supported by some capital to be
allocated to support growth and future proofing
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ESG –Focus areas
•The focus through FY21 has been on delivering on the
“social” pillar of our ESG strategy.
•Health and safety of customers and staff during Covid-19
•Implementing an employee engagement measure (Peakon)
•Dealing with 1,700+ customer hardship situations in Oxford
Finance and successfully rehabilitating 96% of these over
the last 12 months.
•In process of establishing and measuring emissions
targets and we have a number of initiatives underway
already
Board subcommittee established
We help get old and unusable vehicles off the road
Piloted solar power installations in two of our sites and have
installed rainwater retention and recycling systems in two
other sites
Vehicle subscription with a particular focus on Electric
Vehicles in partnership with EECA (refer earlier slide EVs
and Subscription)
PeakonEmployee Engagement Scores
Across nearly 700 employees we are averaging
8+/10 to the question “How likely is it that you
would recommend Turners Auto Group as a
place to work?”
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7.4
7.6
7.8
8
8.2
8.4
8.6
Aug-20Oct-20Dec-20Mar-21Aug-21

FY22 Guidance:
Prior to lock down we were on track to deliver a 15% uplift in net profit before tax for FY22
Short term performance will be impacted by level and duration of Covid-19 restrictions on trading, and we will revisit
guidance in November.
L4 National Lock down:
Biggest impact in Auto Retail division, burns cash at $1m per week, this is offset somewhat by annuity revenue
streams in finance and insurance. We expect a bounce back in Auto Retail once restrictions are eased.
FY24 Target
Our pre-lock down YTD performance and trajectory over the last two years gives us strong conviction levels
around our strategy and results. We are well on track to exceeding our target of $45m* PBT in FY24
Trading update, outlook
* This is a target and achievement will depend on a range of factors some of which will be outside of our control.
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Shareholder
discussion
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3. Resolutions

Resolutions
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ORDINARY RESOLUTIONS:
•RESOLUTION 1: That Baker Tilly Staples Rodway be reappointed as auditors of the Company and
that the Directors be authorised to fix the auditor’s remuneration.
•RESOLUTION 2: That Paul Byrnes, who retires by rotation and has offered himself for re-election,
be re-elected as a Director of the Company until 18 February 2022.
•RESOLUTION 3: That Martin Berry, who retires by rotation and has offered himself for re-
election, be re-elected as a Director of the Company.
•RESOLUTION 4: That Antony Vriens, who retires by rotation and has offered himself for re-
election, be re-elected as a Director of the Company.

Voting
Resolution: Proxies FORAGAINST
PROXY
DISCRETION
Auditor’s reappointment / remuneration19,268,03736,0002,807,113
Re-election of Paul Byrnes18,907,955391,9262,823,869
Re-election of Martin Berry19,197,79922,3832,822,968
Re-election of Antony Vriens19,191,21128,9712,822,968
Total proxies received in respect of 22,129,150 shares representing 25.71% of total shares on issue.
Voting on each resolution will be by way of poll.
46• 2021 ANNUAL SHAREHOLDERS MEETING –TURNERS AUTO
GROUP

Close of meeting
ToddHunter
Group CEO
T: 64 21 722818
E:todd.hunter@turners.co.nz
Aaron Saunders
Group CFO
T: 64 27 4938794
E: aaron.saunders@turners.co.nz
47• 2021 ANNUAL SHAREHOLDERS MEETING –TURNERS AUTO
GROUP