NZ Automotive interim results for Half Year 2022

NZ Automotive
Investments Limited
17 Levene Pl,
Mt Wellington,
Auckland, 1060
+64 (9) 666 0158

info@nzautomotiveinvestments.co.nz
nzautomotiveinvestments.co.nz


29 November 2021
Market Announcement
NZX:NZA


NZAI declares interim dividend despite Covid-19 impacts

Performance highlights HY22 (All figures in NZD as of 30 September 2021. Comparisons are made
against HY21 which was also affected by COVID-19 restrictions).

 Revenue and income
1
increased 1.9% to $31.2 million for the full six-month period.
 The business was performing well prior to the Covid-19 lockdown beginning in mid-August, with
revenue up 27% on the same period last year.
 Net profit after tax: $1.4 million, within guidance range of $1.4 - $1.6 million, but a decrease of
$0.5 million largely due to the effects of Covid-19 related restrictions.
 EBITDA
2
including finance income: $3.2 million, decreased $0.8 million.
 Interim gross dividend of 2.2 cps declared, representing a gross annualised dividend yield of
5.2% (based on a share price of $0.86
3
), to be paid 23 December 2021.
 Earnings per share: 3.1 cps against 4.1
5
cps for the same period last year.
 39% of all 2 Cheap Cars' sales nationwide were through online sales channels during Covid-19
level 3 and 4 lockdowns.
 The automotive business is responding well since Covid-19 related restrictions have eased.

NZ Automotive Investments Limited (NZAI) (NZX:NZA) today reports half year earnings to 30 September
2021 (HY22), achieving NPAT within guidance and declaring an interim dividend.

NZAI was performing well in the first four and a half months in the lead up to the raising of Covid-19 alert
levels across the country in mid-August. 2 Cheap Cars’ vehicle sales were averaging 800 cars per month
over the period, an increase of 27% on the same Covid-19 affected period last year.

Like other retail businesses, NZAI’s operations and the broader automotive industry were impacted by
the lockdowns relating to Covid-19 during the latter part of HY22. NZAI’s subsidiaries, 2 Cheap Cars and
NZ Motor Finance could not fully trade for at least 45 days, or 24% of the period. The Company was
therefore impacted by reduced car sales and by vehicle processing restrictions due to the closure of the
vehicle processing hub in Mount Wellington under alert level 4. Throughout the period, the Company has
had to be agile in responding to the disruptions and uncertainty.

HY22 revenue and income
1
of $31.2m increased by 1.9% on HY21, despite an estimated $7.5 million of
lost opportunity in revenue
4
due to the effects of the Covid-19 related restrictions.

EBITDA
2
including finance income decreased from $4.0 million in HY21 to $3.2 million in HY22. The
effects of trading and operating restrictions brought about by the raised Covid-19 alert levels, as well as
additional corporate costs associated with becoming a listed company, contributed to the $0.8 million
reduction.

Net profit after tax (NPAT) decreased $0.5 million from $1.9 million in HY21 to $1.4m in HY22 and is
within the guidance provided in September, although at the lower end due to the extended nature of the
Covid-19 restrictions through the whole of September, particularly in Auckland.

The Board of Directors is pleased to declare a net interim dividend of 1.6 cents per share for HY22, to be
paid on 23 December 2021 (2.2 cps gross). The dividend represents 52% of NPAT in accordance with
the Group’s dividend policy. This represents a gross annualised dividend yield of approximately 5.2%
based on the share price of $0.86, being the closing price on 26 November 2021. The record date will be
16 December 2021.

CEO David Page says “This lockdown has been challenging, however we have taken the opportunity to
invest time enhancing key processes in the business and are confident this will lead to efficiencies and
improvement in the future, as the used automotive industry bounces back from Covid-19 impacts.”


AUTOMOTIVE RETAIL (2 CHEAP CARS)
Despite the last part of the half year being affected by Covid-19 related restrictions, revenue was up 3.4%
on the same Covid-19 affected period last year. Profit per car was up 11.6% on the same period last year,
with improved margins from increased sales of higher value cars and higher finance penetration.

2 Cheap Cars sold 3,864 cars in HY22, slightly down on HY21 when it sold 3,911. Through the Covid-19
Mid-August to September lockdown 39% of all cars sold were via a digital click and collect solution. For
the half year, 9% of all sales were undertaken through the digital solution. Last year the company did not
have this capability.

Supply of used vehicles from Japan remains consistent, however buyers have started to experience
increased competition at auctions due to the knock-on effect that the semiconductor shortage is having
on new car production. However, Toyota and Honda recently made some positive announcements that
they are commencing production again, indicating the semiconductor shortage may be improving.

2 Cheap Cars has seen sales of electric and hybrid electric vehicles (EV/HEV) more than double to 21%
of all sales in HY22, up from 8% over the same period last year. The company is well placed to service
the growing demand for this type of vehicle. The business continues to position itself to provide the
solutions that customers are seeking in response to the Government’s new clean car standard, meaning
63% of all cars sold over the half year not would not attract a penalty under the regime when introduced
in April 2022.

Reader’s Digest Quality Award - 2 years Running Readers digest quality award
2 Cheap Cars is again a winner of the Reader’s Digest Silver Quality Service Award in the used vehicle
dealership category. This award is voted by New Zealanders and this is the second year in a row the
company has won the award, demonstrating continued commitment of great service to our customers.

AUTOMOTIVE FINANCE (NZ MOTOR FINANCE)
NZ Motor Finance (NZMF) grew its loan book by 139% in HY22 (on an annualised basis), an increase
from $2.1 million to $4.9 million as at 30 September 2021. The number of loans in the book increased to

625.

NZMF continues to sell finance vertically through 2 Cheap Cars. The business has diversified and recently
signed two partnership agreements with third parties to grow lending and accelerate the build of the loan
book.

Selective lending to NZMF’s core audience has continued, and the business continues to maintain a low
arears rate of 2% and has a write off rate below 0.2%.

NZMF is in advanced stages of discussions to secure an additional $5m in debt funding to further grow
the loan book.

Outlook
Demand has remained strong for used vehicles outside of Auckland during the Covid-19 related
restrictions and Auckland has shown signs of recovery in recent weeks.

NZAI has a solid platform to continue to execute its strategy. Demand remains strong for used vehicles
across 2 Cheap Cars dealerships in November 2021 and the business expects to have an improved
second half of the year under the new Government ‘traffic light system’ (Covid-19 Protection Framework)
– which should mean that retail remains open for business.

CEO David Page says “NZAI remains focused on executing its long-term strategy to leverage its retail
business to build a diversified automotive services group. Forecast demand for finance continues to be
strong and we expect this to continue to grow in the coming year.

“The management team are setting the business up for growth and are executing on the move to the new
vehicle processing hub in January next year, which is expected to increase processing capacity and
provide a safer and more engaging space for our people. Once set up, the business plans to expand its
retail footprint and has already secured one new site at Westgate in Auckland, with other sites being
actively pursued.

“The team will continue to digitalise and transform the business and its processes, as well as growing
and investing in our team, securing relevant partnerships and maximising operational efficiency.

“Electric and hybrid vehicles made up 21% of all 2 Cheap Cars’ sales for the past three quarters and the
company will continue to focus on the opportunity that this presents to grow market share.”

1
Includes finance income and the government wage subsidy and resurgence support received of $0.3m
2
EBITDA is a non-IFRS measure
3
NZAI share price as at close of trading, 26 November 2021
4
Based on 6 week run-rate prior to 17 August 2021
5
Normalised earnings per share based on comparable issued capital of 45,554,500

Shareholder enquiries:
David Page
CEO
+64 21 980 795
David.p@nzautomotiveinvestments.co.nz
Haydn Marks
CFO
+64 21 2211 040
Haydn.m@nzautomotiveinvestments.co.nz

About NZAI
NZAI is an integrated used automotive group operating throughout New Zealand via two subsidiaries:
Automotive Retail and Vehicle Finance. NZAI’s mission is to deliver quality cars and financing solutions
at the most affordable prices to the average New Zealander. Operating under the “2 Cheap Cars” brand,
its Automotive Retail company is one of the largest used vehicle sellers in New Zealand with 12
dealerships across the country. Its Vehicle Finance company operates under the “NZ Motor Finance”
brand. It was established in 2019 to diversify earnings and provide a further growth opportunity for NZAI.
It originates loans entirely from cross-selling to Automotive Retail customers, which allows NZ Motor
Finance to grow its finance book with minimal acquisition and administrative costs.
www.nzautomotiveinvestments.co.nz

---

HY22 RESULTS
PRESENTATION
HALF YEAR FINANCIAL RESULTS
TO SEPTEMBER 2021
29 NOV 2021
NZ AUTOMOTIVE INVESTMENTS
1

IMPORTANT NOTICE & DISCLAIMER
This presentation is given on behalf of NZ Automotive Investments Limited (NZAI), (NZX:NZA).
Information in this presentation is for general information purposes only and is not an offer or invitation for subscription or purchase of,
or a recommendation to invest in NZAI securities.
The presentation should be read in conjunction with, and is subject to, NZAI’s latest set of financial statements for the period ended 30
September 2021, released on the NZX.
The presentation includes forward looking statements about NZAI and the environment that it operates in, which are subject to
uncertainties outside of NZAI’s control. NZAI’s results or performance may vary from these statements. Also included are statements
relating to past performance, which should not be regarded as a reliable indicator of future performance.
The presentation may contain information from third parties believed to be reliable, but no representations or warranties are made as to
the accuracy or completeness of such information.
Non-GAAP and non-IFRS measures are used as management and the Board believe they provide useful information for readers to
assist in the understanding of NZAI’s financial performance. Non-GAAP and non-IFRS measures do not have a standardised meaning
and should not be viewed in isolation or be considered substitutes for measures reported in accordance with NZ IFRS. These measures
have not been independently audited or reviewed.
All information presented is current at 30 September 2021, unless otherwise stated. All currency amounts are presented in NZ dollars,
unless otherwise stated.
Authorised for release by the Board of Directors.
NZ AUTOMOTIVE INVESTMENTS | FY21 INVESTOR PRESENTATION
2

NZ AUTOMOTIVE INVESTMENTS | HY2 INVESTOR PRESENTATION2
AGENDA
1. BUSINESS HIGHLIGHTS | DAVID PAGE, CEO
2. FINANCIAL RESULTS | HAYDN MARKS, CFO
3. STRATEGY | DAVID PAGE, CEO
4. OUTLOOK
5. Q&A
3

1.BUSINESS
HIGHLIGHTS
DAVID PAGE
CHIEF EXECUTIVE OFFICER
4

BUSINESS PERFORMANCE – IMPACTED BY COVID-19
NZAI was performing well for the first four and a half months in the lead up to latest Covid-19 lockdown.
Vehicle sales at 2 Cheap Cars, NZAI’s retail subsidiary, were averaging 800 cars per month to mid August and up 27% on the
same Covid-19 affected period last year.
Like other retail businesses, NZAI’s operations were impacted by lockdowns relating to Covid-19 during HY22.
NZAI could not fully trade for at least 45 days, or 24% of the period.
2CC dealerships outside of Auckland operated at 90% sales capacity at alert level 2.
Throughout the period, the company has had to be agile in responding to the disruptions and uncertainty.
A focus on online sales channels during lockdown resulted in online sales contributing to 39% of all 2CC salesthroughout
the lockdown period. .
The used car import market in New Zealand for the six months to Sep-21 is up 12% on HY21 but remains down -15% on HY20 due
to Covid-19 disruptions. There was a higher impact of the COVID-19 restrictions on the Auckland used car market. (see appendix
A).
NZ AUTOMOTIVE INVESTMENTS | FY21 INVESTOR PRESENTATION
5

PERFORMANCE HIGHLIGHTS
$
1.4
M
down 25.0%
NPAT
$
3.2
M
down 20.7%
EBITDA
$
31.2
M
up 1.9%
REVENUE & INCOME
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
$
1.2
M
down $7.4m
NET OPERATING
CASHFLOW
2.2
CPS
Fully imputed interim dividend,
1.6 cps net
DIVIDEND (CPS)
10.1
%
down 2.9%
EBITDA MARGIN
NZAI RESULTS AFFECTED BY COVID-19 LOCKDOWNS AND IN LINE WITH GUIDANCE
6
Results for the six months ended 30 September 2021. All Comparisons to HY21.
ⁱIncludes finance income and Government subsidies.
ⁱⁱEBITDA is a non-IFRS measure and includes finance income.
ⁱⁱⁱ Net operating cashflow impacted by the timing of inventory purchasing in both periods and incremental corporate costs.
ⁱⁱⁱ
ⁱ
ⁱⁱ

2 CHEAP CARS
AUTOMOTIVE RETAIL
VEHICLE SALES AND REVENUE
• Revenue up 3.4% on the same Covid-19 affected period last year.
• Profit per car up 11.6% on the same period last year with improved margins from increased
sales of higher value cars and improved finance penetration which is up 600 bps to 36%.
• Vehicle sales bounced back in the earlier part of the half and were up 27% in the period to
mid-August, on the same Covid-19 affected period last year.
• Sold 3,864 cars in HY22, down slightly on HY21 sales of 3,911.
• Through the level 3 and 4 lockdown 39% of all cars sold were via its digital click and collect
solution and 9% of all sales for the half year were through online sales channels.
PRODUCTION CAPACITY
• Gearing up for the move to the new vehicle processing hub in Onehunga in January 2022.
• Hired new operations manager and customer care team.
READERS DIGEST QUALITY AWARD TWO YEARS RUNNING
• 2 Cheap Cars is again a winner of the Reader’s Digest Silver Quality Service Award in the
used vehicle dealership category. This award is voted by New Zealanders and is the
second year in a row that the company has won the award.
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
12
$
1.57
k
9%
Dealerships
Digital sales
Cars sold in HY22
Average profit per car
3,864
7

$4.9
M
36%
HY22 Finance book
size
Percentage of automotive
retail customers that
require finance
625
Number of loans
4.3%
Percentage of retail car
sales financed by NZMF
NZMF
AUTOMOTIVE FINANCE
GROWTH IN LOAN BOOK
• NZMF grew its loan book approximately 139% in HY22 (annualised).
• Signed two partnerships with third party automotive retail dealers.
• Low write-off rate on loan book less than 0.2%.
FUTURE GROWTH FROM:
• In advanced stages of discussions to secure $5m in additional funding to grow
loan book.
• Increased finance penetration rate within the Group.
• Exploring opportunities for acquisition growth.
DEMAND FOR FINANCE CONTINUES TO BE STRONG, THIS IS A FOCUS AREA FOR GROWTH.
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
8

INDUSTRY TREND
ELECTRIC & HYBRID ELECTRIC VEHICLES (EV/HEV)
CLEAN CAR IMPORT STANDARD
- NZAI SALES
NZAI HAS A LONG-TERM STRATEGY WHEN IT COMES TO EV/HEVS. WE ARE WELL POSITIONED TO MEET DEMAND
32,781
Electric vehicles on the road in
NZ (as at Sep 2021).
780
No. of EV/HEVs 2 Cheap Cars
sold in HY22.
EV/HEV SALES MIX GROWS TO 21% OF TOTAL
SALES
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
9

SHAREHOLDER NEWS | LIQUIDITY
Following a liquidity event in September, involving a
founder sell down, NZAI now has over 3,500
shareholders and an uplift in daily share trading
volumes.
While we have seen an impact on the share price,
we believe that the liquidity created from this event
will support the company in the long term.
The founder sell-down was in alignment with the
business strategy of increasing liquidity and broader
engagement in the stock.
We also welcomed our first institutional investor.
Dividend declared of 2.2 cents per share (fully
imputed).
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
10

HAYDN MARKS
CHIEF FINANCIAL OFFICER
FINANCIAL
RESULTS
2.
11

HY22 RESULTS UPDATE
NZAI DECLARES INTERIM DIVIDEND DESPITE COVID-19 IMPACTS
•$31.2m total revenue and incomeⁱ, representing growth of 1.9% on HY21.
•3.4% increase in 2 Cheap Cars revenue on the same period last year⁴. Gross margins improved to 20%, up from 19% in HY21.
•139% growth in NZMF loan book - grew to $4.9m, on an annualised basis, finance income growing 42% on HY21 to $0.6m.
•$0.8m decrease in EBITDAⁱⁱon HY21. Higher margin contributions from the underlying business, offset by lower Govt. subsidies and
incremental listed company costs contributed to the decrease in EBITDA.
• The impacts of Covid-19 affected EBITDA (including finance income) of $3.2m and is lower than the business normally would expect to return.
•25% decrease in NPAT to $1.4m, on the same period last year, and within guidance provided in September.
•$7.4m decrease in net operating cashflow to $1.2m largely due to the timing of inventory payments and incremental corporate costs.
•3.1 cps earnings per share for the period.
•2.2 cps interim fully imputed dividend declared.
.
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
12
ⁱIncludes finance income and Government subsidies
ⁱⁱEBITDA is a non-IFRS measure and includes finance income
⁴ HY21 was also affected by COVID-19 restrictions

DRIVERS OF HY22 PERFORMANCE
REVENUE AND INCOME WAS AFFECTED BY THE COVID-19 PANDEMIC
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
• Despite Covid-19 impacts revenue & income across the
Group of $31.2m, was up 1.9% against HY21.
• Covid-19 impacted the retail business by an estimated
$7.5m in lost revenue
5
(includes $0.3m offset of Govt.
subsidies received).
• HY21 was also Covid-19 affected which contributed to an
estimated $6.7m loss in revenue
6
for that period.
• The Group received $0.3m less wage subsidy than in
HY21.
• Offset by higher retail priced cars, increased finance
penetration as well as growing the NZMF loan book.
• Digital sales made up 9% of all sales for the period through
“buy-now” functionality via the 2CC website.
13
5
Estimated based on 6 week run-rate prior to 17 August 2021
6
Estimated reduction of vehicle sales caused by COVID from Apr-May-20 and Aug-20 restrictions

HY22 CASHFLOW
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
NZAI MAINTAINED CASH TO WEATHER STORM AND BE IN POSITION TO PAY INTERIM DIVIDEND
• Operating cashflow decreased to $1.2m due to the
timing of payments for inventory, incremental
corporate costs and net loan book lending.
• NZMF lent $2.5m to customers in HY22.
• 2 Cheap Cars invested in new plant & equipment
during the period to enhance operational efficiency.
14
Cash flow summaryH1 FY22H1 FY21Change
Net operating cash flow 1.2 8.6 (7.4)
Investing cash flow (0.3) (0.1) (0.2)
Financing cash flow (2.1) (2.0) (0.2)
Net cash flow (1.3)6.5 (7.8)
Cash equivalents7.0 8.3 (1.3)

HY22 FINANCIAL POSITION & FUNDING
NZAI REMAINS WELL POSITIONED FINANCIALLY TO
CARRY OUT STRATEGY
• The business halted shipping from Japan in September and extended some
short-term trade facility contracts to November to preserve cash and hold
inventory levels.
• Inventory turnover increased to 98 days from 92 due to holding additional
inventory as the result of Covid-19 disruptions.
• Loan book grew to $4.9m, with no write-offs for the period.
• Net debt increased by $2.3m largely due to financing the loan book.
• Debt facility provisionally increased to $10.0m to provide funding for FY22
loan book growth.
• NZMF had $10.6m of funding available for new loans as at 30 September
2021.
15
Balance sheet summaryHY22FY20
Cash equivalents7.0 8.3
Inventories13.6 11.9
Loan receivables4.9 3.8
Other assets8.5 10.5
Total assets34.0 34.4
Borrowings9.5 8.4
Other liabilities9.8 10.4
Total liabilities19.3 18.8
Equity14.7 15.6
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION

DAVID PAGE
CHIEF EXECUTIVE OFFICER
STRATEGY3.
16

OUR STRATEGY EXECUTION
1. EXPAND
SUPPLY CHAIN
Expand our HUB car
processing to unlock
growth.
Actively increase supply
of affordable EV &
HEVS.
Leverage our scale to
drive efficiencies.
2. GROW RETAIL
DISTRIBUTION
Expansion of national
dealership footprint.
Upgrade and modernise
physical dealerships.
3. GROW
FINANCE LOAN
BOOK
Increase financial
penetration.
Implement digital
application and
fulfilment.
Explore acquisition
opportunities.
4. IMPROVE
DIGITAL
OFFERING
Refine full end-to-end
online buying process.
Automate internal
processes.
5. CUSTOMER
EXPERIENCE
Deepen our connection
with our 130,000
followers on social
media.
Invest in customer care
team.
Uplift net promoter
score.
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
17

EXPANSION OF DEALERSHIP FOOTPRINT
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
18
WE ARE PLEASED TO ANNOUNCE THE RECENT COMMITTED TO A NEW DEALERSHIP AT 79 ROTU DRIVE, WESTGATE AUCKLAND
This will allow us to have a presence in the fast-growing high traffic area and we expect to open in January.

STRATEGIC EXECUTION – NEW HOME FOR NZAI
WORK IS UNDERWAY TO MOVE TO THE NEW EXPANDED VEHICLE PROCESSING HUB AND HEAD OFFICE FOR 2 CHEAP CARS
19
Benefits
•Pre-tax $0.8m one off gain from
leases negotiations.
•Increased processing capacity.
•Functional layout enabling
automation.
•Approx. 1.5 x current foot print.
•More attractive location for staff
and suppliers.
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION

OUTLOOK4.
DAVID PAGE
CHIEF EXECUTIVE OFFICER
19

~
145k
3%
Used passenger vehicles
imported annually
1
Growth of used import
light vehicle fleet annually
1
~
17
years
Average fleet age of a NZ
used imported vehicle
2
4.8%
Average annual increase
in fuel prices over the past
5 years
3
Market Dynamics
THE CURRENT NZ VEHICLE FLEET AND MARKET
• The average age of vehicles on New Zealand roads is increasing.
• There is an estimated 800k light passenger vehicles nearing ‘scrapping’ age.
• Used passenger vehicle imports make up 58% of the entire passenger vehicle
market.
GOVERNMENT AND ENVIRONMENTAL FORCES
• Over 80% of commuters use a light passenger vehicle to get to work.
4
• The release of the clean car programme earlier this year is creating demand for
more fuel-efficient vehicles, especially hybrid petrol-electric and fully electric
vehicles.
• Rising fuel costs are pushing consumers towards more fuel-efficient vehicles.
MARKET DYNAMICS CONTINUE TO INDICATE ONGOING DEMAND FOR USED VEHICLES
Sources:
1 Ministry of Transport, NZ Vehicle Fleet data, Past 5 year averages and latest available periods
2 Motor Vehicle traders Register
3 Ministry of Business, Innovation and Employment, weekly fuel price monitoring, 2016 – 2021 data
4 2018 Census of population
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
20

OUTLOOK
NZAI HAS A SOLID PLATFORM TO CONTINUE TO EXECUTE STRATEGY
Lockdown in Auckland has been challenging. NZAI has taken the opportunity to invest time to improve the business.
• NZAI is confident this will lead to improvement in the future, as the used automotive industry bounces back from Covid-19.
• Demand has remained strong for used vehicles outside of Auckland during lockdown, and Auckland is back to 85% demand in recent
weeks.
Forecast demand for finance continues to be strong, NZAI expects this to grow in the coming year.
NZAI continues to leverage the opportunity presented by EV/HEVs under recent Government reforms.
Management are working to mitigate longer term risks.
• Supply of vehicles from Japan remains consistent, however buyers have started to experience increased competition at auctions.
• Deliver uplift in worker engagement / retention.
Setting up for growth.
• Execute on move to the new vehicle processing hub, embedding lean processes and expanding capacity.
• Plan to expand retail footprint to grow business, and have secured new site in Westgate Auckland, with further sites being actively pursued.
• In advanced stages of discussions to secure funding to support loan book growth.
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
21

Q&A5.
22

APPENDIX
23

APPENDIX A | TOTAL MONTHLY USED PASSENGER VEHICLE REGISTRATIONS
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
24
Source: NZTA and Autofile.
USED CAR IMPORT MARKET IN NEW ZEALAND IS UP 12% ON HY21 BUT REMAINS DOWN -15% ON HY20 DUE TO COVID

APPENDIX B | HY22 PERFORMANCE
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
NZAI ACHIEVED 10.1% EBITDA MARGIN AFTER RESPONDING TO FURTHER COVID-19 DISRUPTIONS
29
HY22HY21Change
Revenue and income30.8 29.9 3.3%
Sundry income0.4 0.8 (51.9%)
Total revenue and income31.2 30.7 1.9%
Operating expenses28.1 26.7 5.2%
EBITDA inc finance income3.2 4.0 (20.7%)
EBITDA Margin10.1%12.9%-2.9%
D&A0.9 1.0 (8.0%)
EBIT2.2 3.0 (25.0%)
Interest expense0.3 0.2 27.9%
NPBT2.0 2.8 (28.7%)
Tax0.6 0.9 (36.5%)
NPAT1.4 1.9 (25.0%)
NPAT Margin4.5%6.1% (1.6%)

APPENDIX C | BOARD AND MANAGEMENT PROFILES
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
KARL SMITH
CHAIRMAN
Karl is a professional independent director who has over 40 years’ extensive executive and governance experience. His current
directorships include Hamilton Jet, FortHill Property Limited (Chair) and VetNZ Limited. Karl previously held directorships in Ports of
Auckland, Lyttleton Port Company and the Crusaders Franchise Limited. Prior to becoming a professional director, Karl served as
Chief Executive Officer of Gough Group Limited and previously held senior executive positions in PDL Holdings, Progressive
Enterprises, Crane Group and Citibank N.A. Karl was appointed as Director and Chairman of NZAI in September 2020. Karl holds a
Bachelor of Commerce from the University of Canterbury, is a graduate of the Advanced Management Program at Harvard Business
School, is a Fellow of Chartered Accountants Australia and New Zealand and is a chartered member of the Institute of Directors
.
EUGENE WILLIAMS
EXECUTIVE DIRECTOR, CO-FOUNDER
Prior to founding 2CC in 2011 with David Sena, Eugene had been a successful small business owner in the education and FMCG
sectors. Eugene is responsible for sales and marketing and overall strategy of NZAI. He has been a Director of NZAI since its
inception.
DAVID (YUSUKE) SENA
EXECUTIVE DIRECTOR, CO-FOUNDER
David founded 2CC in 2011 with Eugene Williams. He is responsible for all procurement and supply chain aspects of the Company
including compliance, re-conditioning, and logistics. David was born in Japan and has been influential in developing and maintaining
relationships with vehicle suppliers. He has been a Director of NZAI since its inception.
25

APPENDIX C | BOARD AND MANAGEMENT PROFILES
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
TRACY ROWSELL
DIRECTOR
Tracy is an advisory partner at BDO Auckland, with more than 20 years of experience in providing business advisory and taxation
services to a wide array of local and overseas clients. She has provided advice to 2CC since 2012 and has a close understanding and
knowledge of the business. Tracy has been a Director of NZAI since December 2020.
CHARLES BOLT
INDEPENDENT DIRECTOR
Charles has a background in corporate law and as a senior executive in a major listed company. Beginning his career in capital markets
regulation with the NZX, he then worked for New Zealand law firm Bell Gully before joining Fletcher Building where he most recently
held the role of Group General Counsel and Company Secretary until 2019. He is currently General Counsel for TIL Logistics Group
Limited. Charles holds an LLB from Victoria University and has completed the Senior Executive Programme at Columbia University,
New York. Charles has been a Director of NZAI since December 2020.
MICHELE KERNAHAN
INDEPENDENT DIRECTOR
Michele is the former Chief Executive Officer of New Zealand’s largest temperature-controlled transport and logistics business, Hall’s
Group. Prior to joining Hall’s Group in 2019 she held various Executive roles at Fletcher Building over 21 years, including as Chief
Executive of the Building Products division. She holds a Master of Business Administration and Bachelor of Arts from the University of
Canterbury and has completed the Advanced Management Programme at Harvard Business School and other Executive programmes
at Wharton Business School, Stanford School of Business and Melbourne Business School. Michele has been a Director of NZAI since
February 2021.
26

APPENDIX C | BOARD AND MANAGEMENT PROFILES
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
DAVID PAGE
CEO
David has worked across a diverse range of industries, holding a range of large-scale general management roles and corporate
governance responsibilities. David has over 25 years’ asset finance and banking experience, which includes a comprehensive
knowledge of consumer, motor vehicle and commercial asset finance. David recently spent 10 years at ASB, where he was responsible
for setting up the Asset Finance business and growing the Specialist Industries business which included Asset Finance, Franchise
Banking, Healthcare Banking, Professional Services Banking, Maori Financial Solutions, Industry Development and Strategic
Partnerships. David joined NZAI as CEO in December 2020.
HAYDN MARKS
CFO
Haydn has over 20 years of financial management and leadership experience across financial services and technology sectors, including
most recently four years as CFO with a listed technology company, Straker Translations (ASX:STG), where he took the company to IPO
on the ASX in 2018. After starting his career in advisory services in New Zealand, Haydn spent 10 years working in London, most
notably, in a commercial group finance role with banking software company Temenos (TEMN:SWX) and prior to that held finance roles at
Credit Suisse and Visa card. Haydn is a member of Chartered Accountants Australia and New Zealand and holds a Bachelor of
Business from Massey University. Haydn joined the NZAI Group in November 2020.
27

NZAI is an integrated used automotive group operating throughout New Zealand via two divisions:
Automotive Retail and Vehicle Finance.
Automotive Finance
Automotive Retail
30
NZ AUTOMOTIVE INVESTMENTS | HY22 INVESTOR PRESENTATION
APPENDIX D | COMPANY STRUCTURE

THANK YOU
17 Levene Place, Mt Wellington, Auckland 1060
www.nzautomotiveinvestments.co.nz | Ph: +64 9 869 3330
30

---

Template
Distribution Notice

Updated as at 18 December 2019



Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer NZ Automotive Investments Limited
Financial product name/description Ordinary Shares
NZX ticker code NZA
ISIN (If unknown, check on NZX
website)
NZNZAE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 16/12/2021
Ex-Date (one business day before the
Record Date)
15/12/2021
Payment date (and allotment date for
DRP)
23/12/2021
Total monies associated with the
distribution
1

$728,872.00
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02222222
Total cash distribution
3
$0.01600000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
4

Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
5

28%
Imputation tax credits per financial
product
$0.00622222

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
5
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Resident Withholding Tax per
financial product
$0.00111111
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
David Page, CEO
Contact person for this
announcement
Haydn Marks, CFO
Contact phone number 0212211040
Contact email address haydnmarks@nzautomotiveinvestments.co.nz
Date of release through MAP 29/11/2021

---

NZ AUTOMOTIVE INVESTMENTS LIMITED
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the 6 Month Period Ended September 2021
Unaudited Unaudited
NoteSEP 2021SEP 2020
$'000$'000
Revenue
Revenue and Income30,846 29,855
Sundry Income390 811
Expenses
Cost of sales(23,932) (23,588)
Administration expenses(1,355) (1,098)
Advertising expenses(513) (485)
Depreciation expenses(931) (1,011)
Employee benefits(1,873) (1,169)
Finance expenses(247) (196)
Property expenses(415) (355)
Profit before Income Tax31,970 2,764
Income Tax Expense(570) (897)
Profit for the period1,400 1,867
Other Comprehensive Income
Items that may be reclassified subsequently to profit or loss
Translation of foreign operations(6) (28)
Total Other Comprehensive Income(6) (28)
Total Comprehensive income for the Period1,394 1,839
Earnings per share
Basic earnings per share 60.03 0.12
Diluted earnings per share 60.03 0.12
The accompanying notes form part of these interim consolidated financial statements
2

NZ AUTOMOTIVE INVESTMENTS LIMITED
Consolidated Statement of Changes in Equity
For the 6 Month Period Ended September 2021
Share
Capital
Retained
Earnings
Foreign
Currency
Translation
Reserve
Amalgamation
Reserve
Total
attributable to
equity holders
of Parent
Non-
Controlling
Interests
Total Equity/
(Accumulated
Losses)
$'000$'000$'000$'000$'000$'000$'000
Balance as at 1 April 202015,442 10,061 91 (35,442) (9,848) 67 (9,781)
Profit for the Period- 3,199 - - 3,199 - 3,199
Translation of Foreign Operations- - (86) (86) - (86)
Total Comprehensive Income for the Period- 3,199 (86) - 3,113 - 3,113
Transactions with owners of the Group in their capacity as owners
Movement in NCI- 24 - - 24 (67) (43)
Movement in Share Capital23,902 - - - 23,902 - 23,902
Movement in Amalgamation- - - (514) (514) - (514)
Dividends paid- (1,064) - - (1,064) - (1,064)
Total transactions with owners of the Group23,902 (1,040) - (514) 22,348 (67) 22,281
Balance as at 31 March 202139,344 12,220 5 (35,956) 15,613 - 15,613
Balance as at 1 April 202139,344 12,220 5 (35,956) 15,613 - 15,613
Profit for the Period- 1,400 - - 1,400 - 1,400
Translation of Foreign Operations- - (6) - (6) - (6)
Total Comprehensive Income for the Period- 1,400 (6) - 1,394 - 1,394
Transactions with owners of the Group in their capacity as owners
Dividends paid- (2,296) - - (2,296) - (2,296)
Total transactions with owners of the Group- (2,296) - - (2,296) - (2,296)
Balance as at 30 September 202139,344 11,324 (1) (35,956) 14,711 - 14,711
The accompanying notes form part of these interim consolidated financial statements
3

NZ AUTOMOTIVE INVESTMENTS LIMITED
Interim Consolidated Statement of Financial Position
As At 30 September 2021
UnauditedAudited
SEP 2021 MAR 2021
Note$'000$'000
Equity
Share Capital39,344 39,344
Amalgamation Reserve(35,956) (35,956)
Foreign Currency Translation Reserve(1) 5
Retained Earnings11,324 12,220
Total Equity14,711 15,613
Current Liabilities
Trade and Other Payables2,414 2,095
Employee Benefit liabilities727 871
Borrowings9,450 8,420
Income tax Payable589 724
Derivative financial liabilities- 43
Related Party Payable10 20
Lease liability1,453 1,600
Other Current Liabilities58 35
Total Current Liabilities14,701 13,808
Non-Current Liabilities
Lease Liability4,596 5,003
Total Non-Current Liabilities4,596 5,003
Total equity and liabilities34,008 34,424
Current assets
Cash and cash equivalents6,984 8,267
Trade and other receivables941 2,559
Derivative financial assets20 -
Loans receivable42,242 1,591
Inventories13,631 11,892
Total current assets23,818 24,309
Non-current assets
Plant, property and equipment51,346 1,176
Intangible assets5 4
Loans receivable 42,634 2,212
Deferred tax asset508 477
Right-of-use assets 5,697 6,246
Total non-current assets10,190 10,115
Total assets 34,008 34,424
Approved on behalf of the Board on 26th November 2021
DirectorDate
DirectorDate
The accompanying notes form part of these interim consolidated financial statements
4

NZ AUTOMOTIVE INVESTMENTS LIMITED
Interim Consolidated Statement of Cash Flows
For The Six Months Ended 30 September 2021
Unaudited Unaudited
SEP 2021SEP 2020
$'000$'000
Cash flows from operating activities
Cash receipts from customers30,087 29,979
Government Grants Received316 588
Cash paid to suppliers and employees(27,684) (21,318)
Loan receivables advanced(2,471) (1,011)
Proceeds from loan receivables1,841 580
Interest received8 143
Interest paid(138) (120)
Extraordinary items(45) -
Tax paid(736) (264)
Net cash inflow from operating activities1,178 8,577
Cash flows from investing activities
Proceeds from sale of property, plant and equipment- 44
Purchase of property, plant and equipment(308) (108)
Net cash outflow from investing activities(308) (64)
Cash flows from financing activities
Dividend paid(2,296) (1,077)
Repayments from related parties- 3
Interest paid(81) (77)
Principal elements of lease payments(800) (717)
Trade finance advance1,030 (129)
Net cash outflow from financing activities(2,147) (1,997)
Net increase/(decrease) in cash and cash equivalents(1,277) 6,516
Cash and cash equivalents at beginning of period8,267 1,775
Effect of exchange rate(6) 13
Cash and cash equivalents at end of period6,984 8,304
The accompanying notes form part of these interim consolidated financial statements
5

Notes to the Financial Statements
1. Reporting entity
2. Basis of preparation
(a) Statement of compliance
(b) Basis of measurement
• Derivative financial instruments
• Loans receivable (Note 3)
(c) Functional and presentation currency
(d) Going Concern and COVID-19
The COVID-19 pandemic has continued to disrupt economic activity in New Zealand due to Government introduced restrictions, put in
place to reduce the spread of the virus. As a result, there remains a level of uncertainty of the on-going impact of COVID-19.
During the six month period, 2 Cheap Cars could not fully trade for 45 days in Auckland and 22 days in the rest of New Zealand.
The New Zealand Government made available a wage subsidy and COVID resurgence support payments to affected eligible
businesses. The Group was eligible for these subsidies for a number of weeks during August and September 2021, which was duly
claimed to offset expenses during the period where the group was unable to trade to its normal capacity.
Based on these factors, the Directors consider that the Group is a going concern and the interim consolidated financial statements have
been prepared on that basis.
The Group enacted a COVID recovery plan, which included; negotiating an extension to trade finance contracts in order conserve cash
during the period. All measures were taken to ensure staff were safe and still being paid. Rent relief was sought and other cost saving
measures were implemented during this time. The Group did not experience any significant issues with regards to finance customers
meeting debt repayment obligations and there are no significant uncertain estimates or unusual provisions at balance date.
Demand for used cars in New Zealand was strong in the lead up to 17th August 2021. The business was performing solidly to this point
and ahead of the same Covid-affected period last year. On 17 August 2021 due to the Covid-19 alert system in New Zealand having
moved to level 4, all twelve 2 Cheap Cars dealerships and the company’s car processing hub in Auckland closed for a period of time.
The business was able to trade, but only on a limited basis through online channels during any move to alert level 3 and then on a more
complete basis when regions out of Auckland moved to level 2.
The Directors have assessed the likely impact of COVID-19 on the Group and have concluded that, for the 12 months from the date of
signing the financial statements, COVID-19 is not expected to impact the Group’s ability to continue operating as a going concern. The
main drivers of this conclusion are due to the business‘ past performance of navigating COVID disruptions and due to the fact, the
Government is implementing the new COVID response plan, with high population vaccination rates and the introduction of the traffic light
system is expected to see retail business less affected by restrictive lockdowns moving forward. Trading in October has also increased
with Auckland at alert level 3 and the regions at level 2 and the company is maintaining a conservative cash balance to assist in the
event of further restrictive lockdowns.
NZ Automotive Investments Limited (the Company) is a company domiciled in New Zealand.
The Company is incorporated in New Zealand, registered under the Companies Act 1993 and is publicly traded on the New Zealand
Stock Exchange.
These interim consolidated financial statements comply with the requirements of the Companies Act 1993 and the Financial Markets
Conduct Act 2013.
These interim consolidated financial statements as at 30 September 2021 comprise the Company and its subsidiaries:
2 Cheap Cars Limited, NZ Motor Finance Limited, 2CC International Limited, 2 Cheap Rental Cars Limited, 2CC (Canada) Inc. and Car
Plus K.K. (collectively, the Group).
These unaudited interim consolidated financial statements have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (GAAP) and the requirements of the Financial Markets Conduct Act 2013. They have been prepared in
accordance with IAS 34 'Interim financial reporting'. They do not include all of the required information in annual financial statements in
accordance with IFRS and should be read in conjunction with the consolidated financial statements for the year ended 31 March 2021.
The interim consolidated financial statements have been prepared on the historical cost basis except that certain assets and liabilities
are measured at fair value where stated under their specific accounting policies.
These interim consolidated financial statements for the Group are presented in New Zealand dollars ($), which is the Group's functional
and the Group's presentation currency. All financial information presented has been rounded to the nearest thousand dollars.
6

(e) Critical accounting estimates and judgements
(f) Changes in accounting policies
There were no accounting policy changes during the period.
3. Segment reporting
Description of segments
Reportable segments have been identified as follows:
Operating Segments
NZ Motor
2 Cheap CarsFinance
As at 30 September 2021LimitedLimitedOthersTotal
$'000$'000$'000$'000$'000
Revenue including interest30,467 582 1,083 (1,286) 30,846
Sundry Income350 16 24 - 390
Cost of sale(24,415) - (600) 1,083 (23,932)
Interest expense - finance- (37) - - (37)
Operating expense(3,459) (307) (1,413) 92 (5,087)
Operating profit2,943 254 (906) (111) 2,180
Dividend received- - 2,296 (2,296) -
Interest expense - trading(182) (236) - 208 (210)
Net profit before tax2,761 18 1,390 (2,199) 1,970
NZ Motor
2 Cheap CarsFinance
As at 30 September 2020LimitedLimitedOthersTotal
$'000$'000$'000$'000$'000
Revenue including interest29,472 410 659 (653) 29,888
Sundry Income711 - 67 - 778
Cost of sale(23,974) - (159) 545 (23,588)
Interest expense - finance- - - - -
Operating expense(3,156) (198) (659)
(105) ( 4,118)
Operating profit3,053 212 (92) (213) 2,960
Dividend received- - 1,435 (1,435) -
Interest expense - trading(192) (179) (4)
179 (196)
Net profit before tax2,861 33 1,339 (1,469) 2,764
Elimination -
Inter-entity
transactions
Elimination -
Inter-entity
transactions
Management has determined the operating segments based on the components of the Group that engage in business activities, which
have discrete financial information available and whose operating results are regularly reviewed by the Group's chief operating decision
maker. The chief operating decision maker has been identified as the Board of Directors. The Board of Directors makes decisions about
how resources are allocated to the segments and assesses their performance. Geographically the Group's business activities are
located in New Zealand.
The preparation of the consolidated financial statements, requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates.
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised and in any future periods affected.
7

4. Loans Receivable
Determination of fair values
Loans and receivables – At Amortised cost Book valueBook value
Loans and receivables – At Fair Value throughDiscounted cash flow
Fair value through
Amortised Costprofit and loss Total
Opening balance (1 Apr 2020)
Gross carrying value463 1,148 1,611
Less: Impairment allowance (9) - (9)
Total Loans receivable454 1,148 1,602
Movements during the period
Advances of loans to customers 711 2,374 3,085
Repayments of loans by customers(431) (1,059) (1,490)
Movement in accrued interest86 - 86
Movement in Impairment Allowance(15) - (15)
Fair value gain/(loss)- 535 535
Total Movements351 1,850 2,201
Closing balance (31 Mar 2021)
Current portion406 1,209 1,615
Non-current portion423 1,789 2,212
Less: Impairment allowance (24) - (24)
Total Loans receivable805 2,998 3,803
Fair value through
Amortised Costprofit and loss Total
Opening balance (1 Apr 2021)
Gross carrying value829 2,998 3,827
Less: Impairment allowance (24) - (24)
Total Loans receivable805 2,998 3,803
Movements during the period
Advances of loans to customers 1,003 988 1,991
Repayments of loans by customers(425) (1,030) (1,455)
Movement in accrued interest93 - 93
Movement in Impairment Allowance(11)
Fair value gain/(loss)- 455 455
Total Movements660 413 1,084
Gross carrying value1,500 3,411 4,911
Less: Impairment allowance (35) - (35)
Total Loans receivable1,465 3,411 4,876
Closing balance (30 Sep 2021)
Current portion723 1,554 2,277
Non-current portion777 1,857 2,634
Less: Impairment allowance (35) (35)
Total Loans receivable1,465 3,411 4,876
The effective interest rate on Loans receivable at Amortised cost are 10.9% - 17.95%
Loans receivable measured at fair value (financial instruments that include waiver based clauses) are modelled at fair value and include
an effective default risk impairment rate of 2% which is factored into the inputs of the valuation.
The impairment rate used is higher than the current actual current rate of impairment, which stood at nil at 30 September 2021 (12
months to March 2021: 0.11%). Consideration was made with reference to additional default risks that could be caused from the effects
that COVID-19 could have on borrowers ability to repay debt and was taken into account when determining the impairment rate.
Loans Receivable measured at amortised cost (financial assets which represent solely payments of principal and interest) have been
impaired at 2%, using the expected credit loss model.
8

5. Property, plant and equipment
There were no other significant changes to PPE.
6. Earnings Per Share
The number of Shares on Issue at 30 September 2021 is 45,554,500 (30 September 2020: 15,000,000)
The new shares were issued in February 2021.
SEP 2021SEP 2020
Basic earnings per share:
0.03 0.12
Diluted earnings per share:
0.03 0.12
7. Contingent liabilities
ASB Bank Limited has given a guarantee to the landlord on behalf of the Group to secure premises.
The maximum guarantee is for $658,055 (March 2021: $541,145)
8. Subsequent events
No other significant event have occurred subsequent to Balance date.
The normalised EPS for the prior period is 4.1 cps when adjusted for equity movements between the periods. Please note this is a Non-
IFRS measure and is included as a relevant comparison.
The Group has implemented a long-term incentive plan for its Chief Executive Officer, David Page. Under the terms of the Plan David
has been issued with 419,230 options on the 1st of October 2021.
2 Cheap Cars plans to relocate to a new vehicle processing Hub in Auckland. There is a non recurring pre-tax gain expected of
approximately $0.8m in FY22 as a result of the rearrangement of the Company’s leases. The Financial Impact has not materialised at 30
September 2021.
During the period, 2 Cheap Cars purchased a Vehicle Transporter for $239,600, making up the majority of the additions to Property Plant
and Equipment during the period.
9

Grant Thornton New Zealand Audit Limited
L4, Grant Thornton House
152 Fanshawe Street
P O Box 1961
Auckland 1140

T +64 9 308 2570
F +64 9 309 4892
www.grantthornton.co.nz






Chartered Accountants and Business Advisers
Member of Grant Thornton International Ltd.







To the shareholders of NZ Automotive Investments Limited
Report on the Consolidated Interim Financial Statements
We reviewed the accompanying consolidated interim financial statements of NZ Automotive Investments Limited on pages 2 to
9 which comprise the consolidated interim statement of financial position as at 30 September 2021, and the consolidated
interim statement of comprehensive income, consolidated interim statement of changes in equity and consolidated interim
statement of cash flows for the period then ended, and notes to the consolidated interim financial statements, including a
summary of significant accounting policies.
Director’s Responsibility for the Consolidated Interim Financial Statements
The Directors are responsible for the preparation and fair presentation of these consolidated interim financial statements in
accordance with New Zealand equivalents to International Financial Reporting Standards issued in New Zealand by the New
Zealand Accounting Standards Board, and for such internal control as the Directors determine is necessary to enable the
preparation and fair presentation of consolidated interim financial statements that are free from material misstatement, whether
due to fraud or error.
Our Responsibility
Our responsibility is to express a conclusion on the consolidated interim financial statements. We conducted our review in
accordance NZ SRE 2410, Review of Historical Financial Statements Performed by the Independent Auditor of the Entity. NZ
SRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the consolidated
interim financial statements, taken as a whole, are not prepared in all material respects in accordance with New Zealand
equivalents to International Financial Reporting Standards issued in New Zealand by the New Zealand Accounting Standards
Board. As the auditor of NZ Automotive Investments NZ SRE 2410 requires that we comply with the ethical requirements
relevant to the audit of the consolidated interim financial statements.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 is a limited assurance engagement.
The auditor performs procedures, primarily consisting of making enquiries of management and others within the entity, as
appropriate and applying analytical procedures, and evaluates the evidence obtained.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand). Accordingly, we do not express an audit opinion on these consolidated
interim financial statements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Entity.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these consolidated interim financial
statements on pages 2 to 9 do not present fairly, in all material respects, the consolidated interim financial position of NZ
Automotive Investments Limited as at 30 September 2021, and its consolidated interim financial performance and
consolidated interim cash flows for the period then ended, in accordance with New Zealand equivalents to International
Financial Reporting Standards issued in New Zealand by the New Zealand Accounting Standards Board.


Independent Review Report

Chartered Accountants and Business Advisers
Member of Grant Thornton International Ltd.
Restriction on use of our report
This report on the consolidated interim financial statements is made solely to the shareholders. Our limited assurance work
has been undertaken so that we might state to the shareholders those matters which we are required to state to them in an
independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the NZ Automotive Investments and the shareholders for our work, for this report or for the
opinion we have formed.
Grant Thornton New Zealand Audit Limited



VJ Black
Partner
Auckland
26 November 2021

NZ AUTOMOTIVE INVESTMENTS LIMITED
Company Directory
Nature of Business
Used car retail and motor vehicle finance
Registered Office
Head Office
17 Levene Place
Mt Wellington
Auckland 1060
Directors
Karl Smith
Eugene Williams
Yusuke Sena
Michele Margaret Kernahan
Charles Bolt
Tracy Rowsell
Bankers
ASB Bank
Solicitors
Lowndes Jordan
Advisors
BDO Auckland
Independent Auditors
Grant Thornton New Zealand Limited
Auckland
Share Register
Computershare
BDO Auckland
Level 4, 4 Graham Street
Auckland, 1010 , New Zealand
12

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Results announcement


Results for announcement to the market
Name of issuer NZ Automotive Investments Limited
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$30,846 3%
Total Revenue $31,236 2%
Net profit/(loss) from
continuing operations
$1,400 -25%
Total net profit/(loss) $1,400 -25%
Interim Dividend
Amount per Quoted Equity
Security
$0.01600000
Imputed amount per Quoted
Equity Security
$0.00622222
Record Date 16/12/2021
Dividend Payment Date 23/12/2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.31 -$0.63
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Additional shares issued during the FY21 year, after the half
year period
Authority for this announcement
Name of person

authorised
to make this announcement
David Page, CEO
Contact person for this
announcement
Haydn Marks, CFO
Contact phone number 0212211040
Contact email address haydnmarks@nzautomotiveinvestments.co.nz
Date of release through MAP

29/11/2021

Unaudited financial statements accompany this announcement.