Turners delivers 24% increase in HY22 earnings

Company Announcement
18 November 2021

1


Turners delivers 24% increase in HY22 earnings, despite COVID-19 disruption

Key Financial Metrics:
 Revenue $166.8m +13%
 Normalised NPBT $24.5m +55%
 NPBT $23.2m +24%
 NPAT $16.9m +26%
 Earnings per share 19.6 cps +25%
 Q2 dividend declared at 5.0 cps +25%

Highlights
 Used car market remains resilient, proven by better than expected consumer demand during
L3 lockdowns.
 Continued gains in margin and market share during Q1 led to another step up in profit
performance from April to July, followed by disrupted Q2 due to COVID-19 lockdowns.
 Benefitted again in most recent lockdown from geographic and earnings diversification.
 Despite COVID-19 lockdowns we have continued to invest and develop our competitive moat,
which is positioning us for an even stronger performance post lockdown.
 Expect net profit before tax for FY22 to be in the range of $40m - $42m (assuming current L3/L2
restrictions ease over the coming months).
 Based on the current dividend payout policy of 60-70% of NPAT we anticipate full year fully
imputed dividends of 22 cents per share based on full year profit before tax of $40m.
 Our conviction levels are very high to exceed our target for $45m of NPBT in FY24 and we will
revisit our FY24 target at year end.

Turners Automotive Group (NZX/ASX: TRA) delivered strong earnings growth in HY22 despite COVID-19
lockdowns disrupting the second quarter, with the results demonstrating the improvement that has
been made in the business over the last few years. The Group’s geographic and earnings diversification
have underpinned a 24% increase in NPBT and contributed to a strong and sustainable yield.

Todd Hunter, CEO, said: “The start to our FY22 year could not have been any better. Our plans were well
executed by the team and we experienced significant uplift in results up until August with record months
for operating profit. We had serious momentum, which was obviously curtailed with the COVID-19
lockdowns. However, we have seen results steadily improve from the second half of August through to
October and this gives us confidence that with further easing of restrictions we will see our business
perform similar to pre-lockdowns. Despite these current disruptions, our conviction levels are very high
to exceed our target of $45m of NPBT in FY24.”

Financial results
Reported NPBT, which is the basis for Turners’ full year guidance, increased 24% to $23.2m with net
profit after tax (NPAT) of $16.9m, up 26% on the same period last year. Normalised NPBT was up 55% to
$24.5m (refer to reconciliation of reported and normalised numbers on slide 13 of the investor
presentation, also published today).

Earnings per share for HY22 were 19.6 cps, up 25% on the previous year. The Board declared a Q1
dividend of 5.0 cps in October and a further 5.0 cps has been declared for Q2, taking HY22 dividends to

Company Announcement
18 November 2021

2

10.0 cps. This reflects the dividend policy to pay-out 60-70% of net profit after tax (NPAT) and represents
a 25% uplift on the same time last year.
Grant Baker, Chairman, commented: “We are really pleased with the first half results and that we
continue to demonstrate our ability to deliver strong and sustainable improvements. Our strategy is
working, we are growing our profits, delivering improved dividends to shareholders and growing a
property portfolio at the same time. It is interesting to look around the world and see investors sitting
up and taking notice of businesses that are operating in the used car market. It has reaffirmed what a
great business Turners Automotive Group is and how undervalued it is.
Yet again, our geographic diversification and earnings diversification has come to the fore. We have
stuck to our investment plans and I feel strongly that our competitive advantage is only increasing,
which gives us real confidence about our ability to keep growing in the future. Obviously, market
conditions remain somewhat uncertain, but as restrictions continue to ease we expect our business to
perform better than before. Our team have done another great job of navigating our way through this
latest set of challenges.”

Divisional results
Refer to Appendix.

Disruption extends Turners’ competitive advantages
Our commitment and multi-year investment into expanding our digital strategy continues to both build
our competitive advantage and deliver results for our bottom line, both in normal and extraordinary
operating conditions. Meanwhile, we see that the disruption caused by COVID-19 lockdowns is putting
significant pressure on fringe and sub-scale operators in all markets we operate in:

 Our Auto Retail strategy of sourcing well, building quality digital and physical networks to
deliver great customer outcomes is working very well. Our continued investment in both digital
and physical assets is widening our competitive moat further.

 In Finance our focus on quality lending, and a quality experience for our loan introducers is our
recipe for further growth. We are well prepared for the upcoming changes in consumer lending
regulation and what will be a changing interest rate environment.

 In Insurance we continue taking a disciplined approach to claims management process and
associated costs and ensuring policy pricing is regularly reviewed. System level integration
remain a critical part of the distribution and market share growth strategy.

 In Credit Management we know the debt load is going to build further. We are ensuring our
processes are scalable and the focus on repositioning the business and our processes to be
more customer focused in our collection practices (resolution not consequences).

Even through the lockdown period we have continued to develop and widen our competitive moat. This
positions us for an even stronger acceleration of performance over the coming years in the post COVID-
19 environment.

Company Announcement
18 November 2021

3


Outlook and Guidance

October trading: We saw another step change in FY22 results from April through to July. Our momentum
naturally stopped in mid-August due to the nationwide lockdown, and the extended regional lockdowns
in Auckland, Waikato and Northland. We did expect trading results to improve over coming months in-
line with the easing of restrictions and pleasingly October has already shown strong signs of early
recovery. A similar trend has continued into November. October tracked ahead of October 2020, a period
where Auckland was in Level 2 for only 7 days before joining the rest of NZ at Level 1:

o Auto retail: October vehicle unit sales ahead of Oct-20
o Finance: new lending materially ahead of Oct-20 levels and arrears at historic lows
o Insurance: new policy sales ahead of Oct-20 levels and claims below expectations.
o Credit: Debt load recovering but collections actions still impacted in lockdown regions

FY22 guidance $40m - $42m: Based on the particularly strong Q1, stronger trading following the L4
lockdown, and assuming L3/L2 restrictions ease over coming months, we expect FY22 NPBT to be
between $40m and $42m. On that basis and with our dividend payout policy of 60-70% of NPAT we
anticipate full year fully imputed dividends of a minimum of 22 cents per share.

High conviction on FY24 target: We continue to develop our competitive moat through this time, which
is positioning us for an even stronger performance in FY23 and FY24. Our conviction levels for exceeding
our medium-term term target for FY24 of $45m NPBT target are very high and we will revisit our FY24
target at year end.

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

Company Announcement
18 November 2021

4

Appendix: Divisional results

Auto Retail: Revenue $115.1m +20%, Segment Profit $10.2m +32%
 Revenue grew by 20% to $115.1m, reflecting the lift in market share and margins in Q1. Our
continued focus on “sourcing smarter” has been working well as has the “Tina” brand campaign
to help build both buyers and sellers. Investment in additional training and support resource in
the finance and insurance space has delivered a significant improvement in our finance
conversion rates which have improved to 36% in H1 FY22 cf 29% in H1 FY21.

 Late in Q2 we secured a large supply contract of approximately 3,500 additional units pa with
Fleet Partners NZ who have chosen to close down their “AutoSelect” retail yards and
transitioned this supply to Turners Cars. This is a material lift in additional consignment units
for the Auto Retail division.

 The Auto Retail Division continues to benefit from a diverse geographic footprint, which has
been demonstrated during the recent regional Level 3 lockdowns. With a solid plan of new
branches coming on stream we expect to see further market share gains over the next 2-3
years.

Finance: Revenue $25.2m +9%, Segment Profit $9.9m +30%
 Finance had another outstanding 6 months with loan book growth of 24% over the 12 months
to Sept 30 2021. Revenue for HY22 was $25.2m, up 9% on last year. NPBT was $9.9m up 30%
on the year prior, benefitting from the continued improvement in loan book quality.

 Lending was impacted during August and September ($21m per month compared to an average
of $27m per month for April through July, including the new monthly lending record of $32m
in July). Hardships increased as expected during the recent lockdowns but peaked at levels of
less than 1/3
rd
of the hardships approved during the 2020 lockdowns. We expect most of these
customers to rehabilitate back to full payments within 6 months.

 We have maintained the COVID-19 buffer in arrears provisioning ($1.4m) to allow for any
unexpected degradation in impairment losses in future months.

 Arrears continue to improve as expected due to the structural improvements in the quality of
the loan book. Consumer arrears are at historic low levels of 2.7% (6% H1 FY21) and commercial
arrears are at 1.2% (3.9% H1 FY21). Based on current trends we expect arrears to track down
to 2% over the next year.

Insurance: Revenue $20.8m -2%, Segment Profit $5.8m +28%
 Market share gains drove strong policy sales in Q1, but sales were impacted during Q2
lockdown period meaning revenue decreased 2% to $20.8m. However, NPBT was up 28% to
$5.8m on higher margins, reducing overhead costs and less claims due to less motor vehicle
movements in lockdown.

Company Announcement
18 November 2021

5


 Claims costs were 13% down on H1 FY21, however emerging signs of parts price inflation and
labour rate increases will require adjustments to policy pricing over the coming months. AM
Best reaffirmed their Financial Strength rating to B++ (good).

 We have continued to make good progress with distribution agreements and have added MTF
as another system integrated partner for reselling the Autosure products. Further opportunities
are being actively worked on.

Credit Management: Revenue $5.7m -19%, Segment Profit $2.1m -31%
 Revenue decreased 19% to $5.7m, with the impact of COVID-19 again visible in our collections
results. Debt load is up 9% for HY22 to $61m, as particularly NZ Corporate debt load customers
get back to the business of collecting. Overall debt collected is in-line with prior year despite
the higher debt load, due to restrictions imposed by large customers on collecting from debtors
in L3 regions.

 There is an increasing level of commentary about business debt defaults increasing. Credit
bureau Centrix reporting Auckland business debt defaults being up 18 per cent this year
compared to 2019 in pre-COVID times. This combined with the levels of debt being loaded gives
us confidence that we are moving forward into an environment where bad debts are likely to
increase and debt collection services will see increasing demand.

 Our transition to a digital-based business is continuing as well as a transforming our collections
approach to be more focused on resolution rather than consequence.

---

Results announcement
Results for announcement to the market
Name of issuerTurners Automotive Group Limited
Report period6 months to 30 September 2021
Previous reporting period6 months to 30 September 2020
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing operations$164,58517%
Total revenue$166,75613%
Net profit from continuing operations$16,86726%
Total net profit $18,37537%
Interim dividend
Amount per quoted equity security$0.05000000
Imputed amount per quoted security$0.01944444
Record date18/01/2022
Dividend payment date27/01/2022
Interim dividendCurrent periodPrior comparable period
Net tangible assets per quoted security$1.10$0.87
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 announcementTodd Hunter
Contact phone number021 722 818
Contact email addressTodd.Hunter@turners.co.nz
Date of release through MAP18/11/2021
Unaudited financial statements accompany this announcement

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2021
Six monthsSix monthsYear
endedendedended
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
Note$'000$'000$'000
Revenue3
164,585
141,024296,512
Other income 3
2,171
6,5247,015
Cost of goods sold
(66,563)
(54,864)(116,036)
Interest expense
(5,228)
(5,731)(11,266)
Impairment provision expense
(894)
(2,089)(3,986)
Subcontracted services expense
(9,841)
(6,583)(14,888)
Employee benefits (short term)
(27,865)
(26,382)(52,023)
Commission
(5,400)
(5,887)(12,721)
Advertising expense
(2,108)
(806)(2,349)
Depreciation and amortisation expense
(5,248)
(5,771)(11,418)
Systems maintenance
(1,491)
(874)(2,365)
Claims
(10,082)
(11,583)(21,843)
Other expenses
(8,837)
(8,263)(17,257)
Profit before taxation23,199
18,71537,375
Taxation expense
(6,332)
(5,281)(10,511)
Profit from continuing operations 16,867
13,43426,864
Other comprehensive income for the period (which may subsequently be
reclassified to profit/loss), net of tax
Cash flow hedges
1,811
(42)1,023
Revaluation of financial assets at fair value through OCI
(270)
-(430)
Foreign currency translation differences
(33)
2733
Total comprehensive income for the period18,375
13,41927,490
Earnings per share (cents per share)
Basic earnings per share 4
19.64
15.7031.40
Diluted earnings per share 4
19.60
15.7931.54

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2021

Share
Capital
Share
Options
Reserve
Translation
Reserve
Revaluation of
financial
assets at
fair value
through OCI
Cash flow
hedge
reserve
Retained
EarningsTotal
Note
$’000$’000$’000$’000$’000$’000$’000
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 paid9-----(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
Transactions with shareholders in their capacity as owners
Capital buy-back(30) - - - - - (30)
Employee share based payments - 162 - - - - 162
Dividend paid9-----(12,038)(12,038)
(30) 162 - - - (12,038) (11,906)
Comprehensive income
Profit
----13,430 13,430
Other comprehensive income
--6(430)1,065- 641
Total comprehensive income for the period, net of tax
- - 6 (430) 1,065 13,430 14,071
Balance at 31 March 2021 (audited) 204,297 255 (26) (740) 48 29,736 233,570
Transactions with shareholders in their capacity as owners
Employee share based payments
1,185(23)----
1,162
Dividend paid9
-----(5,162)
(5,162)
1,185 (23) - - - (5,162) (4,000)
Comprehensive income
Profit----16,867
16,867
Other comprehensive income--(33)(270)1,811-
1,508
Total comprehensive income for the period, net of tax - - (33) (270) 1,811 16,867 18,375
Balance at 30 September 2021 (unaudited) 205,482 232 (59) (1,010) 1,859 41,441 247,945

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2021
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
Note$'000$'000$'000
Assets
Cash and cash equivalents5
14,195
18,864 11,867
Financial assets at fair value through profit or loss
- Insurance
65,436
62,095 67,465
- Other
13
3,002 2,931
Trade receivables
7,189
8,116 7,155
Inventories
31,924
29,814 30,189
Finance receivables6
372,315
300,749 330,165
Other receivables, deferred expenses and contract assets
7,958
8,993 8,116
Derivative financial instruments
1,864
- 40
Financial assets at fair value through OCI
300
1,000 570
Reverse annuity mortgages
3,313
4,556 4,152
Property, plant and equipment
66,592
53,623 60,258
Right-of-use assets
21,200
22,711 23,559
Investment property
5,950
5,650 5,950
Intangible assets
165,329
166,630 166,034
Total assets
763,578
685,803 718,451
Liabilities
Other payables
35,098
35,826 38,243
Contract liabilities
2,289
2,355 2,313
Deferred tax
12,231
9,794 11,297
Tax payable
2,894
3,475 3,453
Derivative financial instruments
-
999 -
Borrowings7
374,337
314,392 339,611
Lease liabilities
26,181
27,979 28,747
Life investment contract liabilities
8,412
8,112 8,116
Insurance contract liabilities
54,191
51,466 53,101
Total liabilities
515,633
454,398 484,881
Shareholders' equity
Share capital
205,482
204,327 204,297
Other reserves
1,022
(1,266) (463)
Retained earnings
41,441
28,344 29,736
Total shareholders' equity
247,945
231,405 233,570
Total shareholders' equity and liabilities
763,578
685,803 718,451
Total assets per share ($)8.87 8.02 8.40
Net tangible assets ($)1.10 0.87 0.92

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2021
Six monthsSix monthsYear
endedendedended
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
Note$'000$'000$'000
Cash flows from operating activities
Interest received 22,980 21,268 41,598
Receipts from customers 143,065 116,170 256,676
Receipt of government subsidies 1,515 5,342 5,247
Interest paid(4,211) (4,813) (9,193)
Interest paid - lease liabilities(742) (844) (1,461)
Payment to suppliers and employees(140,639) (90,802) (222,063)
Income tax paid(5,960) (4,705) (8,166)
Net cash inflow/(outflow) from operating activities before
changes in operating assets and liabilities 16,008 41,616 62,638
Net increase in finance receivables(42,158) (16,105) (48,654)
Net decrease in reverse annuity mortgages 974 501 1,134
Net decrease of financial assets at fair value through profit or loss 2,477 733 (4,090)
Net contribution from life investment contracts 16 221 (150)
Changes in operating assets and liabilities arising from
cash flow movements(38,691) (14,650) (51,760)
Net cash inflow/(outflow) from operating activities(22,683) 26,966 10,878
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and intangibles 550 137 563
Purchase of fixed assets and intangible assets(8,548) (3,818) (8,641)
Purchase of investments(176) - -
Sale of investments 3,420 158 234
Net cash (outflow)/inflow from investing activities(4,754) (3,523) (7,844)
Cash flows from financing activities
Net bank loan advances/(repayments) 61,571 (29,469) (392)
Repayment of bond(25,000) - -
Principal elements of lease payments(2,687) (2,719) (6,346)
Proceeds from the issue of shares 1,043 - -
Dividend paid(5,162) (5,162) (17,200)
Net cash inflow/(outflow) from financing activities 29,765 (37,350) (23,938)
Net movement in cash and cash equivalents 2,328 (13,907) (20,904)
Add opening cash and cash equivalents 11,867 32,771 32,771
Closing cash and cash equivalents514,195 18,864 11,867

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2021
Six monthsSix monthsYear
endedendedended
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
$'000$'000$'000
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) 16,867 13,434 26,864
Adjustment for non-cash items
Impairment charge on finance receivables, reverse annuity mortgages
and other receivables 894 2,089 3,986
Net loss/(profit) on sale fixed assets(544) 52 (689)
Depreciation and amortisation 5,248 5,771 11,418
Capitalised reverse annuity mortgage interest(150) (219) (403)
Deferred revenues 986 (639) 52
Fair value adjustments on assets/liabilities at fair value through profit and loss(520) (1,043) (1,582)
Net annuity and premium change to policyholders accounts 280 819 1,194
Non-cash long term employee benefits - 93 -
Non-cash adjustments to finance receivables effective interest rates(13) (56) (86)
Deferred expenses(2,926) (680) (1,850)
Fair value adjustment on investment property - - (300)
Gain on modification of a lease(23) (1,133) (1,132)
COVID-19 rent concessions(139) (780) (780)
Adjustment for movements in working capital
Net decrease/(increase) receivables and pre-payments 186 464 1,515
Net decrease/(increase) in inventories 1,150 14,557 14,182
Net increase/(decrease) in payables(5,127) 7,008 6,955
Net increase/(decrease) in contract liabilities(531) 1,462 1,365
Net increase in finance receivables(42,158) (16,105) (48,654)
Net decrease in reverse annuity mortgages 974 501 1,134
Net decrease of insurance assets at fair value through profit or loss 2,477 733 (4,090)
Net contributions/(withdrawals) from life investment contracts 16 221 (150)
Net decrease in deferred tax liability 934 (286) 1,248
Net increase/(decrease) in tax payable(564) 703 681
Net cash inflow/(outflow) from operating activities(22,683) 26,966 10,878

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
30/09/202130/09/202130/09/202130/09/202030/09/202030/09/202031/03/202131/03/202131/03/2021
UnauditedUnauditedUnauditedUnauditedUnauditedUnauditedAuditedAuditedAudited
$'000$'000$'000$'000$'000$'000$'000$'000$'000
Automotive retail 117,994 (2,850) 115,144 98,044 (1,896) 96,148 204,991 (4,080) 200,911
Finance 25,190 - 25,190 23,164 - 23,164 47,862 - 47,862
Insurance 21,527 (776) 20,751 21,696 (548) 21,148 43,175 (1,262) 41,913
Credit management 5,655 - 5,655 7,022 - 7,022 12,762 - 12,762
Corporate & other 16 - 16 66 - 66 82 (3) 79
170,382 (3,626) 166,756 149,992 (2,444) 147,548 308,872 (5,345) 303,527
Operating profit30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
$'000$'000$'000
Automotive retail 10,225 7,773 15,415
Finance 9,949 7,629 15,816
Insurance 5,813 4,539 9,350
Credit management 2,050 2,986 5,087
Corporate & other(4,838) (4,212) (8,293)
Profit/(loss) before taxation23,19918,71537,375
Income tax(6,332) (5,281) (10,511)
Profit attributable to shareholders 16,867 13,434 26,864
The same accounting policies included in the Group’s Annual Report for the year ended 31 March 2021 have been applied when preparing these financial statements.
Thesamesignificantjudgments,estimatesandassumptions(includingbasisofsegmentationandthefairvaluemeasurement)includedinthenotestothefinancialstatementsintheGroup'sAnnualReportfortheyearto31March2021havebeen
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 2021.
TheseconsolidatedcondensedfinancialstatementshavebeenpreparedinaccordancewithGenerallyAcceptedAccountingPracticeinNewZealand('NZGAAP').TheycomplywithNewZealandequivalentstoInternationalAccountingStandard34
Interim Financial reporting ('NZ IAS 34') and International Accounting Standard 34 Interim Financial Reporting ('IAS 34'). The Group is a Tier 1 for-profit entity in accordance with XRB A1 Application of the Accounting Standards Framework.

TURNERS AUTOMOTIVE GROUP LIMITED
Interest revenueInterest expense
30/09/202130/09/202031/03/202130/09/202130/09/202031/03/202130/09/202130/09/202031/03/2021
UnauditedUnauditedAuditedUnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000$'000$'000$'000
Automotive retail1608321,208(799)(1,209)(2,144)(3,962)(4,524)(8,891)
Finance21,50719,93940,466(2,707)(2,723)(5,503)(385)(412)(782)
Insurance5189361,654(37)(42)(82)(651)(596)(1,286)
Credit management1-1(12)(17)(30)(168)(153)(289)
Corporate & other-33(1,673)(1,743)(3,510)(82)(86)(170)
22,18621,71043,332(5,228)(5,734)(11,269)(5,248)(5,771)(11,418)
Eliminations-(3)(3)-33---
22,18621,70743,329(5,228)(5,731)(11,266)(5,248)(5,771)(11,418)
Other material non-cash items
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
$'000$'000$'000
Automotive retail - gain on modification of a lease231,1331,132
Automotive retail - impairment provisions(65)152229
Finance - impairment provisions(814)(2,226)(4,185)
Insurance - reverse annuity mortgage interest150219403
2.2 SEGMENT ASSETS AND LIABILITIES
30/09/202130/09/202031/03/202130/09/202130/09/202031/03/2021
UnauditedUnauditedAuditedUnauditedUnauditedAudited
$'000$'000$'000$'000$'000$'000
Automotive retail114,103110,056110,81866,30169,94267,552
Finance397,254321,778351,185308,208248,717271,383
Insurance136,447137,034139,58375,64072,66475,022
Credit management31,91541,32031,1514,6088,4295,298
Corporate & other204,037188,914190,43981,05272,06671,134
883,756799,102823,176535,809471,818490,389
Eliminations(120,178)(113,299)(104,725)(20,176)(17,420)(5,508)
763,578685,803718,451515,633454,398484,881
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
Revenue/(expenses)

TURNERS AUTOMOTIVE GROUP LIMITED
3. REVENUE
Revenue includes:
Six monthsSix monthsYear
endedendedended
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
$'000$'000$'000
Interest income
22,186 21,707 43,329
Sales of goods
85,003 65,747 143,065
Commission and other sales revenue
28,906 25,468 54,237
Loan fee income
1,872 1,403 3,320
Insurance and life investment contract income
19,025 18,674 37,248
Collection income
5,519 6,293 12,198
Bad debts recovered
618 430 937
Other revenue
1,456 1,302 2,178
164,585 141,024 296,512
Other income includes:
Gain on sale of investments
502 610
Revaluation gain on investment property
--300
Dividend income
45 4172
Gain of sale of property, plant and equipment
86 39 154
Government subsidies
1,515 5,342 5,247
Gain on modification of a lease
23 1,133 1,132
2,171 6,524 7,015
Revenue from contracts with customers
Over time
Automotive retail
Commission and other sales revenue
17,573 13,458 23,352
Insurance
Motor vehicle insurance commissions
500 940 1,731
18,073 14,398 25,083
At a point in time
Automotive retail
Sales of goods
85,003 65,747 143,065
Auction commissions
11,333 12,010 23,313
Credit management
Collection income
3,772 5,470 10,021
Voucher income
40 734 495
100,148 83,961 176,894
4. SHARE CAPITAL AND EARNINGS PER SHARE
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
Number of ordinary shares
Opening balance
85,544,248
85,554,71085,554,710
Shares issued for staff options
525,000
--
Shares purchased and cancelled under the share buy back
-
-(10,462)
86,069,24885,554,71085,544,248

TURNERS AUTOMOTIVE GROUP LIMITED
Basic earnings per share
Six monthsSix monthsYear
endedendedended
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
Profit for the Period ($'000) 16,867 13,434 26,864
Weighted average number of ordinary shares at the end of the period
85,868,428
85,554,71085,551,356
Basic earnings per share (cents per share)
19.64
15.7031.40
Weighted number of shares
Opening balance
85,544,248
85,554,71085,554,710
Shares issued for staff options
324,180
--
Shares purchased and cancelled under the share buy back
-
-(3,354)
85,868,42885,554,71085,551,356
Diluted earnings per share
Six monthsSix monthsYear
endedendedended
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
Continuing operations ($'000) 16,867 13,434 26,864
Add: Long term incentive expense relation to options ($'000)
118 93 255
Profit for the year ($'000)
16,985 13,527 27,119
Weighted number of ordinary shares (diluted)
Weighted average number of shares (basic)
85,868,428
85,554,71085,551,356
Effect of the exercise of options 798,736122,943 420,482
Weighted average number of shares (diluted)86,667,16485,677,65385,971,838
Diluted earnings per share (cents per share)
19.60
15.7931.54
5. CASH AND CASH EQUIVALENTS
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
$'000$'000$'000
Cash and cash equivalents
14,195 18,864 11,867
6. FINANCE RECEIVABLES
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
$'000$'000$'000
Gross finance receivables
375,520 311,851 337,613
Deferred fee revenue and commission expenses
11,871 8,154 9,742
Provision for impairment
(13,665) (18,245) (15,779)
COVID-19 impairment provision
(1,411) (1,011) (1,411)
372,315 300,749 330,165
Fair value
370,009 300,282 328,675
Thecalculationofbasicearningspershareat30Septemberand31Marchwasbasedontheprofitattributabletoordinaryshareholdersandweightedaverage
number of ordinary shares outstanding, as follows:
Thecalculationofdilutedearningspershareat30Septemberand31Marchwasbasedonthedilutedprofitattributabletoshareholdersandadilutedweighted
average number of ordinary shares outstanding as follows:
TheGroup'sinsurancebusinessisrequiredtocomplywiththesolvencystandardsforlicensedinsurersissuedbytheReserveBankofNewZealand.The
solvencystandardsspecifythelevelofassetstheinsurancebusinessisrequiredtoholdinordertomeetsolvencyrequirements,consequentlyallcashandcash
equivalentsheldintheinsurancebusinessmaynotbeavailableforusebythewiderGroup.TheGroup'sinsurancebusiness'cashandcashequivalentsat30
September 2021 were $1.7m (30 September 2020: $4.7m; 31 March 2021: $0.7m).
Cashandcashequivalentsat30September2021of$3.3m(30September2020:$4.3m;31March2021:$3.6m)belongstotheTurnersMarqueWarehouse
Trust 1 and is not available to the Group.
The fair values are based on cash flows discounted using a weighted average interest rate of 11.42 (30 September 2020: 12.98%; 31 March 2021: 13.81%).

TURNERS AUTOMOTIVE GROUP LIMITED
Securitisation
7. BORROWINGS
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
$'000$'000$'000
Secured bank borrowings
373,466 282,851 311,928
Deferred borrowing costs
-(62)(4)
373,466 282,789 311,924
Non-bank borrowings
Motor Trade Finance 871 6,751 2,761
Bonds
- 25,000 25,000
Deferred issue costs-(148)(74)
- 24,852 24,926
Total borrowings 374,337 314,392 339,611
Fair value 374,337 314,602 339,700
Secured bank borrowings
Motor Trade Finance
Bonds
TurnersFinanceLimitedisashareholderofamotortradebasedcompanycalledMotorTradeFinanceLimited(MTF).MTFprovidestheservicesofafinance
company, including funding, on a full recourse basis back to its shareholders.
On1October2018TurnersAutomotiveGroupissuedsecuredsubordinatedfixedratebondsandwerefullyrepaidon30September2021.Interestwasfixedat
5.5%andwaspaidquarterlyinarrearsinequalamounts.Thebondsrankedbehindtheindebtednessowingunderthebankfacilitiesandwereguaranteedby
TurnersAutomotiveGroupLimited,OxfordFinanceLimited,BuyRightCars(2016)Limited,ECCredit(NZ)Limited,EstateManagementServicesLimited,
Payment Management Services Limited, EC Web Services Limited, Turners Group NZ Limited, Turners Fleet Limited and Turners Property Holdings Limited.
TheGrouphasawholesalefundingfacilitywiththeBankofNewZealand(BNZ)underwhichitsecuritisesfinancereceivablesthroughTheTurnersMarque
WarehouseTrust1(theTrust).Underthefacility,BNZprovidesfundingtotheTrustsecuredbyfinancereceivablessoldtotheTrustfromthefinancesegment.
The facility is for a 24 month term that will be renewed annually. The facility is for $276m.
TheTrustisaspecialpurposeentitysetupsolelyforthepurposeofpurchasingfinancereceivablesfromthefinancesectorwiththeBNZfundingupto92%of
thepurchasepricewiththebalancefundedbysub-ordinatednotesfromtheGroup.TheNewZealandGuardianTrustCompanyLimitedhasbeenappointed
Trustee for the Trust and NZGT Security Trustee Limited as the security trustee. The Company is the sole beneficiary.
TheGrouphasthepowerovertheTrust,exposure,orrights,tovariablereturnsfromitsinvolvementwiththeTrustandtheabilitytouseitspowerovertheTrust
toaffecttheamountoftheGroup'sreturnsfromtheTrust.ConsequentlytheGroupcontrolstheTrustandhasconsolidatedtheTrustintotheGroup'sfinancial
statements.
TheGroupretainssubstantiallyalltherisksandrewardsrelatingtothefinancereceivablessoldandthereforethefinancereceivablesdonotqualifyfor
derecognition and remain on the Group's consolidated statement of financial position.
Duringthereportingperiod$116.0mfinancereceivablesweresoldtotheTrust(30September2020:$58.4m;31March2021:$187.4m).Asat30September
2021 the carrying value of financial receivables in the Trust was $296.8m (30 September 2020: $211.0m; 31 March 2020: $266.8m).
TheGrouphasasyndicatedfundingfacilitywiththeBankofNewZealandandASBBank,aselfliquidatingtradefinancefacilityandatermloanwithASBBank
and securitisation facility with the Bank of New Zealand.
Thebankborrowingsaresecuredbyafirst-rankinggeneralsecurityagreementovertheassetsoftheCompanyanditssubsidiaries,excludingDPLInsurance
Limited, Turners Finance Limited and EC Credit (Aust.) Limited. The Group's securitisation financing arrangement is described under finance receivables.
MTFprovidesfinancetoTurnersFinanceLimitedtofundthefinancereceivables.TheMTFfundingissecuredbyachattelsecurityovertheTurnersFinance
Limited's customer's asset securing the finance receivable and by a general security over the assets of Turners Finance Limited.
TurnersFinanceLimitedhasalsogivenundertakingstoMTFasthenatureandconductofitsbusiness,andoverallqualityofthefinancereceivablesand
aggregate. Turners Finance has complied with these undertakings in the current and prior financial year.

TURNERS AUTOMOTIVE GROUP LIMITED
8. ASSETS AND LIABILITIES CARRIED AT FAIR VALUE
Level 1Level 2Level 3Total
$'000$'000$'000$'000
30/09/2021 (unaudited)
Fair value assets:
Financial assets at fair value through profit or loss - insurance- 8,436- 8,436
Financial assets at fair value through profit or loss - investment in equities- 13- 13
Financial assets at fair value through profit or loss - term deposits 57,000-- 57,000
Investment property-- 5,950 5,950
Derivative financial instruments- 1,864- 1,864
57,000 10,313 5,950 73,263
30/09/2020 (unaudited)
Fair value assets:
Financial assets at fair value through profit or loss - insurance- 8,262- 8,262
Financial assets at fair value through profit or loss - investment in equities- 3,002- 3,002
Financial assets at fair value through profit or loss - term deposits 53,833-- 53,833
Investment property-- 5,650 5,650
53,833 11,264 5,650 70,747
Fair value liabilities:
Derivative financial instruments- 999- 999
31/03/2021 (audited)
Fair value assets:
Financial assets at fair value through profit or loss - insurance- 8,254- 8,254
Financial assets at fair value through profit or loss - investment in equities- 2,931- 2,931
Financial assets at fair value through profit or loss - term deposits 59,211-- 59,211
Investment property-- 5,950 5,950
Derivative financial instruments
- 40- 40
59,211 11,225 5,950 76,386
9. DIVIDENDS
Six monthsSix monthsYear
endedendedended
30/09/202130/09/202031/03/2021
UnauditedUnauditedAudited
$'000$'000$'000
5,162 5,162 5,162
-- 3,440
-- 3,438
-- 5,160
Total dividends provided for or paid 5,162 5,162 17,200
Dividends not recognised at the end of the half year:
-- 5,162
4,328 3,440-
4,303 3,438-
10. CONTINGENT LIABILITY
Buy Right Cars
TheclaimbroughtagainsttheCompanybythevendorofthebusinessdisputingthequantumofthefinalearnoutwasdismissed.Thecasewasappealedand
settled on 4 November 2021.
Quarterly dividend for the year ended 31 March 2021 of $0.06 per fully paid ordinary share, imputed,
paid on 30 March 2021
Quarterly dividend for the year ended 31 March 2022 of $0.05 (31 March 2021: $0.04) per fully paid
ordinary share, imputed, payable on 28 October 2021(2021: 22 October 2020).
Quarterly dividend for the year ended 31 March 2022 of $0.05 (31 March 2021: $0.04) per fully paid
ordinary share, imputed, payable on 27 January 2022 (2021: 28 January 2021).
Quarterly dividend for the year ended 31 March 2021 of $0.04 per fully paid ordinary share, imputed,
paid on 22 October 2020.
Quarterly dividend for the year ended 31 March 2021 of $0.04 per fully paid ordinary share, imputed,
paid on 28 January 2021.
Final dividend of $0.06 for the year ended 31 March 2021 (31 March 2020 of $0.06) per fully paid
ordinary share, imputed paid on 28 July 2021 (24 July 2020).
The fair value of financial assets and liabilities carried at fair value are summarised in the table below. The methods used to calculate fair value are the same as
those applied when preparing the Group's Annual Report for the year ended 31 March 2021 (refer note 5.5 in the Annual Report for the year ended 31 March
2021.
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 2021 (30 September 2020; 31 March 2021, but not recognised as a liability at the end of the period:
Final dividend for the year ended 31 March 2021: $0.06 per fully paid ordinary share, imputed,
payable on 28 July 2021.

---

HY22
Results
Presentation
For the sixmonthsending
30 September 2021
1••HY22 RESULTSPRESENTATION

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 forwardlooking
statements, whether as a result of new information, future events or otherwise.
2• HY22 RESULTS PRESENTATION

Agenda
1.Overview of HY22
2.HY22 Results
3.Segment results
4.Our business in context
5.Outlook
3• HY22 RESULTS PRESENTATION

4• HY22 RESULTS PRESENTATION
1 Overview of HY22

Key highlights: Delivering growth despite lockdown ...
1.We achieved 24% growth in NPBT in HY22 ... a step change in the business performance
despite the COVID-19 lockdown
2.Business tracking well in the conditions, expect profit to accelerate as restrictions ease
3.Strategic and competitive advantages widened relative to competitors during this time
(diversification of geography, earnings and sourcing; digital advantage; funding advantage)
4.Outlook for $40-$42m NPBT and a minimum of 22.0 cps dividend for FY22
5.On track to materially exceed FY24 target of $45m NPBT. Will revisit FY24 target at year end.
5• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

NZ used car market continues to be robust
•Auckland region transaction levels now recovering
under extended L3
•Oct YTD total market transaction levels are tracking
6% below FY21 (Apr to Oct) and 12% below FY20
(Apr to Oct)
•Still expecting significant delays in the supply chain
for new cars caused by Covid and the demand for
semi-conductors and now shortage of magnesium.
This enhances margins for used cars
•Used car prices rose ~10% since April 2020 but now
stabilised. We expect them to hold at these levels.
•Registered dealer numbers at lowest point in the
last 5 years (3,044), down 14% from peak in 2017
Source: NZTA
6• HY22 RESULTS PRESENTATION
0
20,000
40,000
60,000
80,000
100,000
120,000
JanFebMarAprMayJunJulAugSepOctNovDec
NZ Used Car Change of Ownerships
201920202021

HY22 Results overview
•NPBT $23.2m +24%
•NPAT $16.9m +26%
•Normalised NPBT $24.5m +55%
•Revenue $166.8m +13%
•Q2 dividend declared at 5.0 cps
•Earnings per share 19.6 cps +25%
•Strong first 4 months to FY22 followed by
disruption from Covid lockdowns
•However, consumer demand better than
expected during L3 lockdowns
•Continued gains in margin and market
share over the half
•Geographic and earnings diversification
again shown in this lockdown
•Finance hardship applications have
peaked at less than 1/3rd of 2020 levels
Financials
Key Drivers for HY22
Q3 Update
•Auto retail: October vehicle unit
sales ahead of Oct-20
•Finance: new lending materially
ahead of Oct-20 levels. Arrears at
historic lows
•Insurance:new policy sales ahead
of Oct-20 levels. Claims below
expectations
•Credit: Debt load recovering but
collections actions still impacted in
lockdown regions
7• HY22 RESULTS PRESENTATION

Monthly operating profit update
FY22 started with a step change from April through to July
•Impact of August nationwide lockdown and extended
Auckland lockdown was significant
•Substantial recovery in October reflects easing restrictions in
Auckland and market share gains across NZ
By segment:
•Auto: Continued growth in market share and margins
•Finance: Strong ledger growth in high quality borrowers and
improving arrears profile
•Insurance: Strong growth pre-lockdown, sales impacted
through L4 and L3, but claims down
•Credit: Recovery in NZ Corp debt load but still being
restricted in collections actions in L3 regions
Group Profit excl Wage Subsidy ($m) CY21 v CY20
8• HY22 RESULTS PRESENTATION
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
JanFebMarAprMayJunJulAugSepOctNovDec
CY22CY21
FY21 –wage subsidy $5.1m
FY22 –wage subsidy $1.5m

9• HY22 RESULTS PRESENTATION
2 HY22 Results

HY22 Results snapshot
Revenue
$166.8m+13%
Shareholders’Equity
$248m as at 30Sept2021
Normalised Net Profit BeforeTax
$24.5m+55%
Q1 Dividend5.0cps
ProjectedFY Div22.0cps
Net Profit BeforeTax
$23.2m+24%
H1 Earnings PerShare
19.6 cps
(HY21 15.7 cps,+25%)
Net Profit After Tax
$16.9m+26%
10• HY22 RESULTS PRESENTATION
Revenue
Net profit aftertax
0
50
100
150
200
250
300
350
400
FY16FY17FY18FY19FY20FY21FY22
Millions
2H
1H
-
5.0
10.0
15.0
20.0
25.0
30.0
FY16FY17FY18FY19FY20FY21FY22
Millions
2H
1H

HY21:HY22Revenuebridge
•Revenue growth in Auto Retail reflects gains
made in first 4 months of FY22.
•NZ used car market has demonstrated continued
resilience despite Covid lockdowns.
•Finance revenue growth reflects market share gains
in high quality borrower segment.
•Credit management revenue impacted by Covid-19
restrictions in both NZ and Australia.
Revenue increased from $148m to $167m
11• HY22 RESULTS PRESENTATION

HY21: HY22 Net profit before tax(NPBT)bridge
12• HY22 RESULTS PRESENTATION
•Auto Retail result underpinned by market share
gains and improved margins on owned inventory
•Finance growth driven by writing higher quality new
business and the resulting improved arrears
performance
•Insurance result reflects improvement in claims
ratios and cost base
•Credit performance reflects inability to collect in
lockdown regions
NPBT increased from $18.6m to $23.2m

Reconciliation: NPBT to normalisedNPBT
•Significant improvement in underlying profit
reflects improved efficiencies and margins,
increased market share in auto, finance and
insurance, combined with improved group
resilience in lockdown trading conditions
•Sale of residual MTF shares back to MTF for a
total of $3.4m (above carrying value)in June 21
•Covid Restriction profit normalisation is based
on the April 21 to July 21 operating profit run
rate.
$MillionsHY22HY21Var
Profit before tax actual23.218.724%
Profit on sale of MTF shares(0.5)
Property exit and lease adjustments(1.3)
NZ Government Covid Support(1.5)(5.1)
Covid Restriction Profit Normalisation3.33.5
Normalised operating result24.515.855%
13• HY22 RESULTS PRESENTATION

0.00
0.05
0.10
0.15
0.20
0.25
FY15FY16FY17FY18FY19FY20FY21FY22
Projected
Cents per Share paid
Financial Year
DividendPayments and Policy
14• HY22 RESULTS PRESENTATION
Dividend per Share ($)
•Strong track record of growing dividends for
shareholders over time
•Q1 FY22 dividend declared at 5.0 cps in Oct, Q2 FY22
dividend = 5.0 cps.
•Based on the current dividend payoutpolicy of 60-70%
of NPAT we anticipate full year fully imputed dividends
of 22 cents.
•Based on the projected 22.0 cents per share dividend
and a share price of $4.40 this is a gross yield of 6.9%
pa
**
*Dividends fully imputed from FY17 onwards
**Covid-19 related cancellation of final dividend
*

•Inventory levels have remained stable as we
improve processing times and overall turn metrics
•Increasein Finance Receivables reflects growth in
Oxford offset by rundown in MTF funded
receivables
•Property, plant and equipmentincrease due to
acquisition of sites in Rotorua and Nelson and
completion of Otahuhusite.
•Increase in borrowings reflect ongoing growth
in Oxford receivables
•More efficient working capital utilisation with
increased undrawn funding facilities (see next
slide)
Balancesheet
15• HY22 RESULTS PRESENTATION
$MillionsHY22HY21
Cash and cash equivalents
14.2
18.9
Financial assets at fair value
65.4
65.1
Inventory
31.9
29.8
Finance receivables
372.3
300.7
Property, plant and equipment
66.6
53.6
Other Assets
26.7
28.4
Right of use asset
21.2
22.7
Intangible assets
165.3
166.6
Total Assets
763.6
685.8
Borrowings
374.3
314.4
Other payables
35.1
35.8
Deferred tax
12.2
9.8
Insurance contract liabilities
54.2
51.5
Lease liabilities
26.2
28.0
Other Liabilities
13.6
14.9
Total Liabilities
515.6
454.4

Fundingmix
Borrowings
Borrowings byUtilisation($Millions)
As at 30 September 2021
•Corporate Bond has been repaid with new ASB term loan facility at
significantly reduced interest rate
•Securitisation funding facility limit to be extended in November to
$320m (excluding capital contribution from TRA).
•Commenced term out process to introduce 3
rd
party funders to
Oxford securitisation warehouse and targeting transaction in Q1
2022
Inventory
Securitisation
Banking
Syndication
MTF
16• HY22 RESULTS PRESENTATION
$MillionsLimitDrawnUndrawn
Receivables –Securitisation(BNZ)
2762697
Receivables –Banking Syndicate
(ASB/BNZ)
502327
Receivables –MTF
11-
Corporate & Property
906525
Inventory(ASB/ BNZ)
301614
Totals
44737473
Finance
Receivables,
$293m
Property and
Corporate,
$65m
Inventory,
$16m

17• HY22 RESULTS PRESENTATION
3 Segment Results

HY22 by segment
18• HY22 RESULTS PRESENTATION
$Millions
Automotive
Retail
FinanceInsuranceCredit
Revenue115.120%25.29%20.8(2%)5.7(19%)
Segment Profit10.232%9.930%5.828%2.1(31%)
Note –HY22 reported NPBT of $23.2m includes corporate costs of $4.8m

HY22 by segment
AutoRetail
•Market share gains through brand promotion and
retail optimisation initiatives
•Covid recovery and cost management
•Margin improvement through supply initiatives
and supply constraints
Finance
•Finance continued focus on targeting high quality
borrowers, attracting 50%+ of new lending in
premium risk business
•Arrears continuing to improve and borrower
resilience higher than 2020
Credit/Management
•Debt load recovering
•Collections work impacted in lockdown regions
•Good progress on cultural transition
Insurance
•Good progress building out distribution using APIs
•Claims ratios continue to improve, + less cars
moving during COVID-19 lockdowns
19• HY22 RESULTS PRESENTATION

Automotiveretail
Revenue 115.1m +20%, Segment Profit $10.2m+32%
•“Tina” brand campaign working well, market share
continues to grow in key retail segment
•Secured large vehicle supply contract (~3,500 additional
units pa) with Fleet Partners NZ closing down their
“AutoSelect” retail yards and transitioning to Turners
•Margins continue to remain elevated due to constraints
in supply
•Total “owned” units sold in HY22 up 30% over HY21,
average gross margin up 29%
•Rotorua Phase 1 opening underway with October sales
at 68 vehicles (double expectation)
•HY22 Finance attach rates improved to 36% (HY21:
29%)
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
11.00%
Oct 15
Jan 16
Apr 16
Jul 16
Oct 16
Jan 17
Apr 17
Jul 17
Oct 17
Jan 18
Apr 18
Jul 18
Oct 18
Jan 19
Apr 19
Jul 19
Oct 19
Jan 20
Apr 20
Jul 20
Oct 20
Jan 21
Apr 21
Jul 21
5.09%
Turners Public Market Share (3 Month Rolling Average)
20• HY22 RESULTS PRESENTATION

Rotorua –Phase 1
21• HY22 RESULTS PRESENTATION

Property asset keeps growing with a $14M unrealised valuation
gain
22• HY22 RESULTS PRESENTATION
•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 $14m as
at 31 March 2021 and which is expected to
increase.
•We have an unconditional agreement on a new site
in Napier which will double the footprint of the
existing site. It is a development property to be
settled in late FY23.
Site
Original31-Mar-21Unrealised
Cost ($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
Napiertbc

Finance
Revenue $25.2m +9%, Segment Profit $9.9m +30%
Receivables growth by month
23• HY22 RESULTS PRESENTATION
New monthly lending by Risk Tier
•Growth and improvement in quality of the loan book
continues
•Lockdown lending has held up well
•Premium Tier business growing strongly and accounts for
50%+ of our new business per month
•Arrears continue to track down at historic low levels, 2.7%
(6% H1FY21) in consumer and 1.2% (3.9% H1 FY21) in
commercial. There is a material buffer in arrears
provisioning to allow for further COVID-19 disruptions.
•Hardships peak at less than 1/3
rd
of 2020 peak levels
250
270
290
310
330
350
370
390
Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21
20%
25%
30%
35%
40%
45%
50%
55%
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
% of Premium Lending
Total Monthly New Lending ($m)
Other TiersPremiumPremium %
Premium credit
criteria tightened
Dec-20
CovidHardship PeakFY21FY22
Number1,750511
Balance$32,000,000$12,260,000

Insurance
•Market share gains driving strong policy sales in Q1,
but impacted during Q2 lockdown period
•Claims costs 13% down on H1 FY21, however
emerging signs of parts price inflation and labour
rate increases will require adjustments in policy
pricing.
•Operating cost ratios are continuing a decreasing
trend H1 FY22 –21% cf. H1 FY21 –25%
•Good growth in distribution and pipeline of
opportunities
•Reaffirmed AM Best credit rating for Insurance.
Financial strength rating improving to B++ (good).
Revenue $20.8m -2%, Segment Profit $5.8m +28%
24• HY22 RESULTS PRESENTATION
Gross Written Premium FY21 v FY20 ($M)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
AprMayJunJulAugSep
$M
H1 FY22H1 FY21
MBI Claims Loss Ratios
75%
66%
60%
55%
FY19 AFY20 AFY21 AFY22 YTD

Creditmanagement
•Total debt load up 9% for H1 FY22 to $61m, largely
driven by improved debt load from NZ corporate
customers.
•AU customers still holding back on debt load due to
extended lockdowns in VIC and NSW
•Debt collected in line with prior year due to
restrictions imposed on collecting from L3 regions.
•Auckland business debt defaults are up 18 per cent
this year compared to 2019 in pre-Covid times,
according to credit bureau Centrix.
Revenue $5.7m -19% Segment Profit $2.1m -31%
Debt Collected HY21to HY22($000s)
25• HY22 RESULTS PRESENTATION

26• HY22 RESULTS PRESENTATION
4 Putting our
business in context

Source
smarter
More retail
cars for sale
Digital
audience +
branch
expansion
More retail
market share
More F&I
opportunity
Higher
transaction
margins
The “flywheel” for our Auto ecosystem
Data enabledsourcing
Use of data and tools to source cars we
can move quickly at the right price
Keep our diversified sources of supply
Secure the right cars at right price
Surety in supply of good cars
means more cars advertised
leading to larger audiences
Supply + Customer Data builds reach
Use of customer data platform means we
can target the right consumers through
online and offline channels
Building “retail” market share
Larger digital reach + retail presence
means more retail sales and higher market
share, meaning more cashflow to fund
branch expansion and marketing activity
Higher X-Sell + Margins
More retail sales means
more opportunity for sales
of finance and insurance
and higher customer
profitability
27• HY22 RESULTS PRESENTATION
More margin = more competitive
Higher transaction profitability
provides opportunity to pay “fair”
price to secure more cars

Our omni-channel model is at the intersection of physical + digital
Typicallyoffline, heavily
dependent on physical stores
and walk-in traffic
TRADITIONAL
PLAYERS
EMERGING
DISRUPTORS
Little to no physical presence:
majorityof sales originated and
closed online
Global examples:
Local examples:
We’ve built a true competitive
advantage with: Our full omni-
channel model, economies of
scale & technology
3,000 Independent
Dealerships in NZ
Global examples:
Local examples:
Customer-centric: Our customers
choose how and where they want
to transact, whether face-to-face,
online or any combination
Lead with technology: We invest
majorly in technology /
innovation to enhance customer
experience, future-proof and
mitigate threat of new entrants
Lack digital/data knowledge
and expertise, especially when
it comes to digital marketing
Predominately sub-scale&
independent. Unable to benefit
from economies of scale
No F+I attach: Use third parties
for finance and insurance
Digital and data savvy and
know how to acquire and
convert customers online
Still largely appealing to a
younger demographic and
cannot serve the broader
market (many people want to
go physical car shopping)
Typicallyrequires a huge
upfront investmentand a
strong tolerance for losses
over the medium/long term
TURNERS
TRADITIONAL
EMERGING
28• HY22 RESULTS PRESENTATION

Disruption is enabling Turners to extend our competitive
advantages...
•High trust “Turners” brand
•Biggest buyer and seller of cars in NZ
•Unmatched national footprint
•Diversified sources of cars
29• HY22 RESULTS PRESENTATION
•Agility in finance and insurance systems
•Technology capability and data advantages
•Geographic diversification
•Strong balance sheet
Despite Covid lockdowns we have continued to develop our competitive moat, which
is positioning us for an even stronger performance post lockdown

30• HY22 RESULTS PRESENTATION
5 Outlook

20
25
30
35
40
45
50
FY18FY19FY20FY21FY24
On track to exceed our FY24 target
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 respective Annual 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.
2
Covid-19 related cancellation of final dividend
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
26.0
FY18FY19FY20FY21FY24
31• HY22 RESULTS PRESENTATION
2

•Prior to the most recent lockdowns, we were on trackto deliver a 15% uplift in NPBT for FY22
(~$43m)
•Assuming current L3/L2 restrictions continue to gradually ease over coming months, we expect a
FY22 NPBT to be within the range of $40-$42m (~10% growth).
•Based on the current dividend payout policy of 60-70% of NPAT we anticipate full year fully imputed
dividends of a minimum of 22 cents per share
•We continue through this time to develop our competitive moat. This positions us for an even stronger
performance in FY23 and FY24.We will revisit FY24 target at year end results announcement.
Outlook –FY22 Guidance
32• HY22 RESULTS PRESENTATION

MaluaTipi and family -“Wheel of Immunity” Winner on TV3’s The Project

Questions
34• HY22 RESULTS PRESENTATION

35• HY22 RESULTS PRESENTATION
Appendix

Subscription uptake growing strongly pre-lockdown
36• HY22 RESULTS PRESENTATION
0
10
20
30
40
50
60
70
80
Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21
Snapshot of Active Subscriptions by Month
•Prior to lockdown strong growth, lockdown has impacted
due to stock largely located in Auckland
•Demand rebuilding as restrictions ease
•Looking to acquire more cars for subscription
fleet...confident there is an addressable market for this
service
•30 EVs in the fleet , see EVs playing a strong part in the
make up of the fleet mix...try before you buy to help with
fleet transition
•Majority of demand at price point of less than $200 per
week subscription.

Our focus for FY22 -by business
AutoRetail
•Stock acquisition
•Continue to invest in promoting the Turners brand, further building market share
•Retail optimisation –launch and develop Rotorua, develop Nelson, identify further
opportunities
Finance
•Keep improving credit quality through data driven risk pricing
•Continued focus on arrears and rehabilitation
•Anticipation and preparedness for regulatory changes
Credit/Management
•Invest in digital lead generation
•Build digital efficiencies in customer processes –eg debtor self service portal
•Continue to build on cultural shift (resolution not consequence)
Insurance
•Cost and claims management discipline
•Increasing distribution through partnership strategy and sales integration into other
businesses
•Continue to enhance risk pricing
37• HY22 RESULTS PRESENTATION

Resilient and well diversified, poised for further growth ahead
1.Used car market is resilient –strong sales expected out of
lockdown
2.Diversified business –geographic diversity and earnings
diversity (annuity earnings more than 55% of profits)
3.High “trust” brands –consumers move to high trust brand in
times of uncertainty
4.Digital has become a competitive advantage -already
demonstrated in both lockdown and normal periods
5.Business has a strong balance sheet and supportive banks
38• HY22 RESULTS PRESENTATION
25%
30%
35%
40%
45%
50%
55%
60%
FY16FY17FY18FY19FY20FY21HY22
Annuity businesses
Annuity business profits as a % of total
operating profits
Thebusiness benefits from strong geographical and earnings diversification during
restrictions. We expect stronger profit performance once restrictions ease

Contact
ToddHunter
CEO TurnersAutomotive Group
Limited
T: 64 21 722818
E:todd.hunter@turners.co.nz
39• HY22 RESULTS PRESENTATION

---

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(onebusinessdaybeforethe
Record Date)
Payment date
Totalmoniesassociatedwiththe
distribution
4,303,462.40$
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
18 January 2022
17 January 2022
27 January 2022
Retained earnings
NZD
Section 2: Distribution amounts per financial product
$0.06944444
$0.05000000
n/a
$0.00882353
Todd Hunter
021 722 818
Todd.Hunter@turners.co.nz
18 November 2021
Fully imputed
28%
$0.01944444
$0.00347222
Section 4: Authority for this announcement
Barbara Badish