Turners delivers record earnings result for FY22

Company Announcement
24 May 2022

1

Turners delivers record earnings result for FY22

Turners Automotive Group (NZX: TRA) has reported record earnings for the financial year to March 31,
2022 (FY22), despite a COVID-19 disrupted year from lockdowns and more recent impact of Omicron on
consumer demand and operational resource. This resilience demonstrates the value of the strategic
initiatives implemented by Turners over recent years to de-risk, consolidate and build more sustainable
earnings.

Key Financial Highlights:
 Revenue $342.0m +15%
 EBIT $47.7m up 11%
1
 NPBT $43.1m +15%
 NPAT $31.3m +16%
 Underlying NPBT $44.1m +29%
2
 Full year dividend 23.0 cps + 15%
 Earnings per share 36.4cps +16%

Key Business Highlights:

 Final FY22 dividend declared at 7.0 cps bringing FY22 dividend to 23.0 cps (equating to a gross
yield of 8%+ per annum based on the current share price
 Record earnings from divisions (Auto Retail, Finance and Insurance) operating in the used car
market.
 Market share has continued to grow in Auto Retail Division, with good pipeline of new
branches building.
 Market share growth delivering improved annuity earnings from Finance and Insurance
divisions.
 Debt load returning slowly in credit management business but environment should be more
productive in FY23
 Employee engagement at an all-time high (top 5% of companies using Peakon tool) has
continued to increase at a time where retention and recruitment have been under significant
pressure.
 Macro headwinds (inflation and interest rates) starting to impact...speed of change biggest
challenge.

Much like the previous pandemic affected year, Turners not only demonstrated earnings resilience
during FY22 but strong growth credentials as well. Group revenue is up 15% to $342.0m and three of the
four segments have grown very strongly for a second year in a row delivering a record NPBT result of
$43.1m up 15% on FY21.

Demonstrating the benefits of the Group’s resilience and diversified earnings, profit rose in each of the
three largest businesses (representing 94% of divisional operating profit). Profit grew 24% in Insurance,
14% in Finance and 26% in Automotive Retail, contributing to strong and sustainable yield. Revenue in
the Credit Management business was down on last year’s result as consumer arrears traced down and
clients issued “no communication” instructions to “defaulters” during the lockdown. Profit in the Credit
Management business was also down 40%.

1
EBIT adjusted for interest expense in Finance (non-IFRS measure)
2
Underlying NPBT calculation available on slide 16 of the investor presentation

Company Announcement
24 May 2022

2

Todd Hunter, CEO, said: “Our team have continued to deliver for our customers and our shareholders.
Our focus on quality is paying off and our team’s engagement levels have never been higher at a time in
the economy where staff retention and recruitment is a real challenge. Our brand value is growing across
all our key business divisions, but the investment we have made in the Turners brand, in particular, has
created real tangible value both internally and externally. Whilst the near-term economic outlook is
looking much more uncertain, our business has never been in better shape and we are ready for whatever
comes next.

Financial results
Reported NPBT increased 15% to $43.1m. This compares to guidance established in March 22 for $42 -
$43m. Net profit after tax (NPAT) of $31.3m, up 16% on the same period last year. EBIT is $47.7m up
11% and Underlying NPBT was up 29% to $44.1m, with a reconciliation of reported and underlying
numbers available on slide 16 of the investor presentation, also released today.

Earnings per share for FY22 were 36.4 cps, up 16% on the previous year. A final 7.0 cps dividend has been
declared for FY22 (payable in July), taking FY22 dividends to 23.0 cps. This reflects the dividend policy
payout of 60-70% of net profit after tax (NPAT) and is yielding 8%+ per annum return based on the
current share price.
Grant Baker, Chairman, said: “The organic growth we have built in this business is a real success story.
Our internal confidence to keep expanding our Auto Retail footprint is very high, and combined with the
property investments we have made into network expansion, is delivering further gains to shareholders.
Unrecognised property gains across our property portfolio now add up to 22 cps, on top of the share
price growth and dividends they have received over the last 12 months.
Our company continues to extend its competitive moat and build scale. As we head into an economic
environment that will offer up different challenges and opportunities, the business has already been
significantly de-risked. The work we have done on local sourcing of vehicles, building quality into the
finance book, adding distribution to insurance, means the business is positioned to withstand or
potentially take advantage of some of these changing conditions. Furthermore, one of the most
attractive aspects of the used car market is that it is a needs-based purchase and therefore is less
affected by changing economic conditions. Our wider team continue to do a great job for our customers,
and I am very proud of the not just the record result, but the way the result has been achieved. Customer
experience metrics and team engagement metrics continue to lift, which gives us confidence about the
stability of the platform this business is built on.”

Results by division
The three core businesses of Auto Retail, Finance and Insurance divisions have all been able to build
market share, improve their customer experience and have delivered double-digit growth in earnings.
Meanwhile, Credit Management continues to be challenged by historically low market-wide consumer
arrears, although in the latter part of FY22 and the beginning of FY23 this has started to change.

Auto Retail: Revenue $242.5m +21%, NPBT $19.4m +26%
Auto retail has returned to being our most profitable business after being briefly overtaken by Finance.
Auto Retail has been both a margin and market share growth story. Gross margins on “owned” fleet have
continued to improve (up 8% over FY21 to $818) due to a number of buying improvement initiatives,
more retail sales and constrained supply of used cars nationally. Our market share has grown off the
back of our retail optimisation and expansion strategy with Retail (BuyNow) sales up 6% over FY21 and
improving retail market share. We launched a new branch in Rotorua during the year and are
redeveloping this site and developing a new site in Nelson. We have also secured new sites in Timaru,

Company Announcement
24 May 2022

3

and Napier and are working on further opportunities. Sourcing of vehicles in the local market has been
a top priority and our investment in the very popular Tina from Turners brand campaign has helped build
our inventory of locally owned cars, with “owned” inventory sales up 25% on FY21. Another goal is to
increase our Finance Attach rate and thus further realise the synergies of our related businesses. Despite
the disruption caused by the CCCFA changes in Dec-21, we have improved our finance attach rate to
32.7% (FY21 30.6%).

Finance: Revenue $51.9m +8%, NPBT $18.0m +14%
Our risk pricing model and focus on premium borrowers has been very successful over the last 12 months
with the loan book growing 28% to $423m. Premium borrower lending now accounts for well over 50%
of monthly lending. We were pleased with how the business navigated the Dec-21 CCCFA changes which
generated further market share growth opportunities as other providers struggled to cope with the
change in process. Arrears continue to track down at historic low levels and at year end consumer
arrears at 2.0% at end of March (4.9% Mar-21) and Commercial arrears at 0.5% (1.8% Mar-21). The
business is still retaining a Covid-19 arrears provision buffer to allow for any unemployment increase in
future months.

Insurance: Revenue $40.4m -4%, NPBT $11.6m +24%
Strong market share gains and distribution agreements have helped drive strong policy sales with Gross
Written Premium up 6% on FY21 to $39.9m despite the impact of lockdown periods. Our distribution
arrangements are working well (MTF, Marac Finance and Motorcentral using Autosure API), and there is
a good pipeline of these opportunities ahead. Claims costs are 1.2% down on FY21, however parts price
inflation and labour rate increases are offsetting our parts procurement initiatives and less vehicle
movement in lockdown periods. Operating cost ratios are continuing a decreasing trend FY22 – 20% cf.
FY21 – 25%. During the year AM Best reaffirmed the Financial Strength Rating at B++ (good).

Credit Management: Revenue $9.7m -24%, NPBT $3.0m -40%
The Credit Management business continues to have lower debt load levels due to the historically low
consumer arrears and corporates working back into recovery action post pandemic. Debt load in FY22 is
down 54% on pre-pandemic levels and debt collected down 35%. This is a significant hit to revenues.
Although debt load is down, we are seeing positive signs in debt recovery rates due to the new
“resolution” collections strategy that was implemented during the year (FY22 34% v FY19 24%). Also the
payment arrangement commitments are being met more often under the new resolution collections
strategy (FY22 76%, FY21 74%, FY20 70%). With the economic environment expected to deteriorate, we
expect debt load levels to increase as a result. A similar pattern was experienced post GFC, prior to a
busy collection period.

Unrecognised property gains of $18.8m
3
We have continued to build our portfolio of property over the last seven years and generated
unrecognised gains on the seven developed sites of just under $19m or 22c per share over this time and
5.6c per share in the FY22 year alone. Combining the 7 developed sites with the new sites in Rotorua and

3
Unrecognised property gains are generated from group owned properties that are subject to annual
independent valuations and the unrecognised gain is the difference between the valuation as at 31 March 2022
and the original cost of the properties.

Company Announcement
24 May 2022

4

Nelson along with the 3 committed sites in Napier, Timaru and Tauranga (Tauriko) we have just under
$95m worth of property in the portfolio. We also have offers and negotiations under way in East
Auckland, Tauranga and Christchurch. We continue to see property ownership as a key strategy that will
ensure the long term resilience of the business.

Our plan centres on organic growth

Four key areas will underpin our earnings growth. These will be a combination of both physical and digital
investments.
1. Retail Optimisation and Expansion across people, property and processes. Expanding the
physical branch network with two new sites already acquired in Rotorua and Nelson; and three
new sites to develop in FY23 and further investment in our ‘Tina from Turners’ brand campaign.
2. Vehicle purchasing decision-making using data and tools to help identify new sourcing
opportunities, and leveraging our brand strength to generate local sourcing leads;
3. Margin management and Premium lending within Finance;
4. Continued investment in digital and improving our omni-channel customer experience which
allows customers to engage with us however, whenever and wherever they want.

Outlook
Despite the Omicron impacts still being felt, the year has started well, with April-22 results ahead of
April-21. However, whilst pandemic uncertainty has decreased, NZ’s economic uncertainty has
increased.

In Automotive Retail, we expect to see upside from our new branches in H2 and the supply-constrained
market to continue primarily due to impacts on the new car supply chain and government regulation.
With the rapidly changing interest rate environment, our priority in Finance shifts to margin
management. In Insurance, we expect new policy sales to be buoyant based on our distribution and
market share gains and claims ratios to stabilise. Lastly, in Credit Management, levels of bad debt
recovery are slowly starting to build.

We are confident that we have good growth prospects in Auto Retail and Insurance. Finance margins will
be impacted in the short term as we deal with the rapidly changing interest rate environment. Credit
Management is expected to perform better as the economic conditions worsen and the resultant impact
on consumer arrears.

Looking beyond FY23 we remain very confident about further growth over the medium to longer term
and we have updated our three-year rolling target to cross over $50m of profit before tax by FY25.
Overall, we are ready for what is next and the business is in the best shape it has ever been.

A short video is available at https://www.turnersautogroup.co.nz/invest summarising the FY22 results.

ENDS

Company Announcement
24 May 2022

5

Results Video
For further commentary on the FY22 results, a short video is available at
https://www.turnersautogroup.co.nz/invest


About Turners
Turners Automotive Group Limited is an integrated financial services group, primarily operating in the
automotive sector www.turnersautogroup.co.nz

For further information, please contact:

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

---

FY22
Results
Presentation
For the twelve months ending
31 March 2022
1••FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Disclaimer
2• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP
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.

Record result
Robust model
Ready for what’s next

Agenda
1.FY22 Results
2.Segment results
3.Looking forward ...
4• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Delivering on our plan for growth ...
1.We achieved 15% growth in PBT in FY22...another record year for the business, and 48%
growth in profits since FY19
2.Full year dividend at 23.0 cps versus guidance of 22.0 cps.Based on current share price this is
a gross yield of over 8.0% pa.
3.Our plan for growth has been proven up and de-risked over the last three years:
1.Building out an omni-channel experience in Auto Retail
2.Auto Retail optimisation
3.Focus on growth in premium borrower segment
4.Digitised distribution in Insurance
4.There are clear NZ and global economic challenges over the next 12-24 months, but we still
see opportunities in the markets we operate in, and are well positioned to take advantage of
these.
5.Our updated target is $50m in Underlying NPBT in FY25
5• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

We have made great progress in 3 years...
KPIFY19FY22Progress
Finance conversion
30.3%
32.7%+
No. of owned cars sold
16,179
22,170+
BuyNow sales %
48%
56%+
Auto retail market share
4.85%
6.55%+
Avg GP per owned unit
$470
$818+
Average monthly premium lending
$2m$14m+
Consumerarrears
10.6%2%+
Insurance Claims Ratio MBI
72%53%+
GrossWritten Premium MBI
$32.6m$31.9m-
Debt Collected
$56.8m$36.7m-
Reported Net Profit Before Tax$29.0m$43.1m+
Earnings per Share
26.3 cps36.4 cps+
Dividends Paid per Share
$0.17$0.23+
6• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

FY22 Results overview
•NPBT $43.1m +15%
•NPAT $31.3m +16%
•EBIT $47.7m up 11%
1
•Underlying NPBT $44.1m +29%
2
•Revenue $344.5m +14%
•Dividend 23.0 cps +15%
•Earnings per share 36.4cps +16%
•Unrealised property gains per share 22
cps (measured from carrying value)
•Strong Q1 followed by disruption from Covid
lockdowns and Omicron outbreak
•Consumer demand better than expected
during L3 lockdowns but worse than
expected in Omicron outbreak
•Continued gains in margin and market share
in Auto
•Geographic and earnings diversification
demonstrated
•Macro headwinds (inflation and interest
rates) starting to impact...speed of
change biggest challenge
Financials
Key Drivers for FY22
FY22
•FY22 result a record...employee
engagement at all time high
•Auto retail: supply constrained market
expected to continue for 12-18 months
•Finance: new lending strong and arrears still
at historic lows...margin focus required going
forward
•Insurance:new policy sales strong, claims
ratios improving
•Credit: debt load returning slowly and
environment should be more productive in
FY23
7• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP
1
EBITadjusted for interest expense in Finance (non-IFRS
measure)
2
Underlying NPBT calculation available on slide 16

Turners building a strong and sustainable business with a
proven track record...
* Dividends fully imputed from FY17 onwards
-8.5
45.5
84.7
109.6
15.1
41.9
63.7
79.2
-20.0
-
20.0
40.0
60.0
80.0
100.0
120.0
FY11 - FY13FY14 - FY16FY17 - FY19FY20 - FY22
Total NPBT/NPAT over 3 year period ($m)
NPBTNPAT
0.00
0.23
0.47
0.57
0.0
0.1
0.2
0.3
0.4
0.5
0.6
FY11 - FY13FY14 - FY16FY17 - FY19FY20 - FY22
Aggregate dividends paid over 3 year period (cps)*
8• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

NZ used car market transactions down in FY22...
•Overall transaction levels in late 2021 and early 2022 tracking behind
pre-covidlevels (down 4.4% on FY21).
•The exception was March 2022 where a significant number of pre-
registrations occurred to pre-empt fees under government’s Clean
Car Discount scheme.
•Still expecting supply constrained market for next few years due to
impact of semi-conductors, disruption to material supply, and impact
of government regulation
•Used car prices rose ~10% since April 2020 but now stabilised.
•Registered dealer numbers at lowest point in the last 5 years
(3k), down 14% from peak in 2017...we expect to track down
further due to challenges in supply and impact of government
regulation.
Source: NZTA
0
20,000
40,000
60,000
80,000
100,000
120,000
JanFebMarAprMayJunJulAugSepOctNovDec
2019202020212022
Impact of Govt
FeebateScheme
NZ Used Car Change of Ownerships (Source NZTA)
Registered Dealer Numbers NZ (source MBIE)
3000
3100
3200
3300
3400
3500
3600
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
Oct-21
Jan-22
9• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

EVs and Subscription (ESG #1)
•Turners have a role to play to help the NZ fleet
transition, in partnership with EECA we have expanded
our EV fleet.
•We currently have 100 vehicles on subscription of which
44 are EVs or Hybrids. There is high demand for these
subscription cars...and helps with “try before you buy”
•Used EVs continue to be difficult to source...Japan is
the major source of used vehicles for NZ. There are
303k EVs in vehicle fleet out of a total of 78m cars. New
EV sales in 2021 were 20k against new car sales of
4.4m
•Older low range EVs have a good fit in the subscription
business
•EV and Hybrid sales are growing as a % of total cars
sold in Turners, and as more corporate and government
fleets transition we will see these numbers grow further.
EV/Hybrid sales as % of total sales
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
CY18CY19CY20CY21
10• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Environmental Social Governance (ESG #2)
•The focus through 2021 has been on delivering on the “social” pillar
of our ESG strategy.
•Employee engagement has continued to increase at a time where
retention and recruitment has been under significant pressurein the
wider economy.
•Turners Auto group rank in top 5% of consumer businesses using
Peakon.
•Dealing with 2,200+ customer hardship situations in Oxford Finance
and successfully rehabilitating 99% of these over the last 24
months.
•Introduced customer experience measures across all business
divisions part of our “good customer outcomes” focus.
•In process of establishing and measuring emissions targets and a
number of initiatives underway already.
PeakonEmployee Engagement Scores
Across nearly 700 employees we are averaging
9/10 to the question “How likely is it that you
would recommend Turners Auto Group as a
place to work?”
7.5
7.7
7.9
8.1
8.3
8.5
8.7
8.9
9.1
Aug-20Oct-20Dec-20Mar-21Jun-21Sep-21Nov-21Mar-22
11• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

12• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP
1. FY22 Results

FY22 Results snapshot
Revenue
Net profit aftertax
Revenue
$344.5m+14%
Shareholders’Equity
$252m as at 31March 22
Underlying Net Profit BeforeTax
$44.1m+29%
Final Dividend7.0cps
FY Div23.0cps+15%
Net Profit BeforeTax
$43.1m+15%
FY22 Earnings PerShare
36.4cps
(FY21 31.4cps,+16%)
EBIT*
$47.7m+11%
Net Profit After Tax
$31.3m+16%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY16FY17FY18FY19FY20FY21FY22
Millions
2H
1H
13• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP
0
100
200
300
400
FY16FY17FY18FY19FY20FY21FY22
Millions
2H
1H
* EBIT adjusted for interest expense in Finance
(non-IFRS measure)

FY21 to FY22 Revenuebridge
•Revenue still impacted by Delta lockdowns in Q2 and
andOmicron in Q4
•Auto revenues have grown off increased market share,
new branches and more owned stock flowing through
the business.
•Finance book revenues reflect strong loan book growth
from premium borrower segment.
•Insurance revenues marginally down on FY21,
reflecting downward movement in used car market and
CCCFA impact.
•Credit Management revenues have dropped as a result
of less market arrears and “no communication” periods
with debtors.
Revenue increased from $297m to $345m
Revenue Bridge FY21 to FY22
($Millions)
14• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

FY21 to FY22 Net profit before tax(NPBT)bridge
•Auto Retail result underpinned by better finance
penetration, better margins, more owned stock and new
branches.
•Finance driven by loan book growth and taking market
share in premium borrower segment
•Insurance result reflects improvement in claims ratios and
cost base
•Credit management result is driven off reduced
commissions from less debt loaded.
NPBT increased from $37.4m to $43.1m
NPBT Bridge FY21 to FY22
($Millions)
15• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Reconciliation: NPBT to underlyingNPBT
16• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP
•Significant improvement in underlying profit
reflects improved 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
•H1 Delta lockdown caused profit impact of $3.3M,
bounce back in Q3 of $1.1M offset by Omicron
impact in Feb/Mar $0.9M
$MillionsFY22FY21Var
Reported profit before tax43.137.415%
Profit on sale of MTF shares(0.5)
NZ Government Covid Support(1.6)(5.1)
Covid Restriction Profit Normalisation3.13.5
Property exit and lease adjustments(1.3)
Staff Restructuring(0.2)
Underlying net profit before tax44.134.329%

Turners has a strong and sustainable yield
Dividend per Share ($)
Dividends fully imputed from FY17 onwards
•Proven track record of delivering strong and
growing dividends in the business
•Directors declared a final dividend of 7.0 cents
per share (fully imputed) taking YTD dividends
to 23.0 cents per share.
•Based on the current share price the gross
yield 8%+ pa
0.10
0.13
0.145
0.155
0.17
0.14
0.20
0.23
0.00
0.05
0.10
0.15
0.20
0.25
FY15FY16FY17FY18FY19FY20FY21FY22
17• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Balance sheet has capacity to support growth
•Inventory levels have remained stable as we improve
processing times and overall turn metrics
•Increase in Finance Receivables reflects growth in
Oxford.
•Property, plant and equipment increase due to
acquisition of sites in Rotorua and Nelson.
•Increase in borrowings reflect ongoing growth in
Oxford receivables
$MillionsFY22FY21
Cash and cash equivalents1312
Financial assets at fair value7070
Inventory3230
Finance receivables423330
Property, plant and equipment6860
Right of use Assets2324
Intangible asset164166
Other assets3226
Total Assets825718
Borrowings413340
Other payables5038
Deferred tax1311
Insurance contract liabilities5553
Lease liabilities2829
Other Liabilities1414
Total Liabilities573485
Shareholders Equity252233
18• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Fundingmixoptimised to support growth
Borrowings
Borrowings byUtilisation($Millions)
As at 30 March 2022
•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 H1 FY23
$MillionsLimitDrawn
Receivables –Securitisation(BNZ)
320 302
Receivables –Banking Syndicate(ASB/BNZ)
50 39
Less Cash
(5)
Net Receivables Funding
370336
Receivables Funding Capacity
34
Corporate & Property
90 68
Working Capital (ASB& BNZ)
30 4
Less Cash
(8)
Net Corporate Borrowings
64
Corporate and Property Funding Capacity
56
Finance
receivables
$341m (83%)
Corporate &
Property
$68m (16%)
Inventory
$4m (1%)
19• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

20• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP
2. Segment Results

FY22 by segment
$ MillionsAutomotive RetailFinanceInsuranceCredit
Revenue242.521%51.98%40.4(4%)9.7(24%)
Segment Profit19.426%18.014%11.624%3.0(40%)
21• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

FY22 Update by segment
AutoRetail
•Market share gains through brand promotion and
retail optimisation initiatives
•Covid recovery and cost management
•Margin improvement through improved buying
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
•Navigating CCCFA changes well
Credit/Management
•Debt load recovering slowly
•Collections work impacted in lockdown regions
•Good progress on cultural transition and focus on
rehabilitation of debtors
Insurance
•Good progress building out distribution using APIs
•Claims ratios continue to improve, + less cars moving
during lockdowns and outbreaks
22• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Automotiveretail
Revenue 242.5m +21%, Segment Profit $19.4m+26%
•Margins on “owned” fleet have continued to improve due to a
number of buying improvement initiatives, more retail sales and
constrained supply of used cars nationally. GP per unit on owned
stock up 8% over FY21 to $818.
•Focus on our retail optimisation strategy working with Retail
(BuyNow) sales up 6% over FY21 and improving retail market
share.
•Focus on sourcing delivering results with total owned units sold up
25% on FY21.
•Finance strike rate up to 32.7% (FY21 30.6%) despite disruption
caused by CCCFA changes in Dec-21
•Inventory levels maintained within a $29m-$32m range, around
30% lower than peak at beginning of April-20. $32.0m at end of
Mar-22
•Significant improvement in commercial business with damaged
and end of life vehicles sold up 13%
Turners Retail Market Share (3 Month Rolling
Average)
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
11.00%
12.00%
Apr 12
Sep 12Feb 13
Jul 13
Dec 13
May 14
Oct 14
Mar 15
Aug 15
Jan 16
Jun 16
Nov 16
Apr 17
Sep 17Feb 18
Jul 18
Dec 18
May 19
Oct 19
Mar 20
Aug 20
Jan 21
Jun 21
Nov 21
Apr 22
Rolling 3 Month Average
Online sales
during lockdown
in 2020
Huge pre-
registration of
used imports
April-22
market share
at 7.3%
.
23• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Site
Purchase
Date
Original
Cost ($m)
Mar-21
Valuation
Mar-22
Valuation
Unrealised
Gain/Loss
Developed sites
John Seddon Drive, Porirua
Mar-177,8009,70010,4002,600
160 Roscommon Road, Auckland
Jul-166,60010,70012,5005,900
Walton Street, Whangarei
Oct-175,4006,5007,6002,200
Francella St, Christchurch
Mar-191,8002,7002,8001,000
Archers Road, Auckland
Nov-1713,60017,00017,6004,000
Mt Richmond, Auckland
Jun-1911,30013,60014,0002,700
Matipo Lane, Palmerston North
Mar-178001,1001,200400
Total Developed sites
47,30061,30066,10018,800
Development sites
Nelson Mar-214,500
RotoruaApr-216,000
Commitments
NapierOct-2111,700
Timaru Dec-212,000
Tauranga (Tauriko)Dec-214,000
Total Property Value 75,50094,300
Property asset “unrecognised gain” growing...22c of gains per
share
•We have continued to build our portfolio of property over
the last 7 years
•These properties are on the balance sheet at cost at
$47.3m compared to independent valuations of $66.1m
resulting in an unrealised gain of $18.8m over the cost
price.
•This has generated 22c per share of unrecognised
value for shareholders and 5.6c per share in the FY22
year
•Committed sites for
Napier –expanded cars site
Timaru –new cars branch
Tauranga (Tauriko) –new commercial branch
•Offers and negotiations under way in East Auckland,
Tauranga and Christchurch
24• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP
Note -Unrecognised property gains are generated from group owned properties that are subject to annual independent valuations and the unrecognised
gain is the difference between the valuation as at 31 March 2022 and the original cost of the properties.

Rotorua –on track for completion of development by end of Q2
•Performance on track for delivering $1m+ in operating profit
•Market share tracking at ~10%+ within6 months of operation
25• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Nelson operational H2 FY23
26• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Finance
Revenue $51.9m +8%, Segment Profit $18.0m +14%
Total Receivables (ex impairments)
•Loan book has grown 28% over FY21 to $423m, driven out
of strong premium borrower lending now accounting for 1/2
of monthly lending.
•Navigated CCCFA changes in Dec-21 well which led to
further market share growth
•Total arrears continue to track down at historic low levels,
Consumer arrears at 2.0% at end of March (4.9% Mar-21)
and Commercial arrears at 0.5% (1.8% Mar-21).
•Still carrying a material Covid-19 arrears provisionbuffer to
allow for future uncertainty and performance of loans that
have been in hardship status.
•Margin and pricing management critical focus for FY23
200
250
300
350
400
450
Millions
27• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

The quality of the finance book continues to improve...
Total New Lending with Premium Tier Risk
Split
Average Credit Score
560
580
600
620
640
660
680
700
720
Avergae consumer CENTRIX
credit score
28• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP
-
20
40
60
80
100
120
140
160
180
200
H1FY20H2FY20H1FY21H2FY21H1FY22H2FY22
Premium RiskOther Risk

Quality lending strategy resulting in arrears at record lows
•Our large proportion of premium borrower business
combined with the run-off of legacy loan book leads to
structural improvement in arrears
•Affordability calculations have been a core part of Oxford
credit process for 5 years...with continued review and
tightening of our risk pricing categories over this time.
•Since Aug-19 we have written $312m of consumer
business of which 77% (or $241m) of lending has been in
Premium and Tier 1 (our two top risk pricing categories).
There is $683k (or 0.2%) in 31+ days arrears.
•Since Aug-19 we have written $80m in commercial loans
of which 87% (or $70m) of lending has been in Premium
and Tier 1 (our two top risk pricing categories). There is
$85k (or 0.1%) in 31+ days arrears.
Consumer Customer +3 Day Arrears (Loan
Balance)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Total consumer arrears
Commercial Customer +3 Day Arrears (Loan
Balance)
0.0%
5.0%
10.0%
15.0%
20.0%
29• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Actual movement in base rates
OCROxford
Pricing and margin management are a top priority...
•Oxford Finance base rates have been increased 6
times for a total of 1.74% since Oct 2021 v OCR
movement of 1.25%
•The OCR is forecast by BNZ to have further increases
of 2%+ over the next 12 months
•We expect NIM to reduce over the next 18 months as
we manage the tension between market share and
margin.
•Our strategy is to proactively reviewing pricing to
mitigate the impact, and ensure we are well placed to
grow when interest rates stabilise.
•Some competitors continue to price aggressively, auto
loan pricing has not moved as far or as fast as the
mortgage pricing.
Oxford base rate price movements v OCR actual and forecasted
Forecast
30• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

75%
66%
60%
58%
FY19 AFY20 AFY21 AFY22 A
Insurance
•Market share gains driving strong policy sales, with
Gross Written Premium up 6% on FY21 to $39.9m
despite impact of lockdown periods.
•Distribution arrangements working well (MTF, Marac
Finance and Motorcentral using Autosure API), and
pipeline of opportunities ahead.
•Claims costs 1.2% down on FY21, however parts
price inflation and labour rate increases offsetting
better procurement and less vehicle movement in
lockdown periods.
•Operating cost ratios are continuing a decreasing
trend FY22 –20% cf. FY21 –25%
•Reaffirmed AM Best credit rating for Insurance and
Financial strength rating at B++ (good).
Revenue $40.4m -4%, Segment Profit $11.6m +24%
Net Earned Premium FY21 to FY22 ($000's
MBI Loss Ratio Performance
31• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Creditmanagement
•Business continues to be hampered by historically low
consumer arrears and corporates working back into
recovery action
•Debt loaded down 54% on pre-pandemic levels and debt
collected down 35%.
•Recovery rates have continued to improve after change
to “resolution” collections focus FY22 34% cf. FY19 24%
•Payment arrangement commitments met up to 76%
(74% FY21 and 70% FY20).
•Economic environment expected to deteriorate which will
mean increased debt loads
Revenue $9.7m -24%, Segment Profit $3.0m -40%
Recovery Rate on Debt Loaded
236,711
225,044
119,409
107,820
0
50,000
100,000
150,000
200,000
250,000
FY19FY20FY21FY22
Total Debt Loaded ($000s)
24%
29%
33%
34%
15%
20%
25%
30%
35%
40%
FY19FY20FY21FY22
32• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

33• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP
3. Looking forward ...

Resilient and well diversified, poised for further growth ahead
1.Used car market is resilient...proven over time
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...we are building market
share
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
Thebusiness benefits from strong geographical and earnings diversification during
restrictions.
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
03040506070809101112131415161718192021
% Change Yr on Yr, New Car vs Used Car Sales
Used Car % Change Y on YNew Car & LCV % Change Y on Y
34• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

There are some challenges on the horizon...
We are across the challenges in the macro environment and are working proactively
to minimise their impact...
ChallengeWhat we are doing now...What arestill to do...
Rapid increases in interest and
Inflation rates
•Increased buyerand seller fees in Auto
•Adding more resource in parts procurement and claims
management for Insurance
•Investing in property
•Increasingpricing in finance business
•Prioritising margin management in finance over loan book growth
•Investing in digital initiatives to drive productivity improvements eg.
coreinsurance application, vehicle processing speed in auto, redesign
of loan origination application in Finance
•Diversifying funding sources by introducing new funders into
Securitisation Warehouse
•Increase volume of direct lending
Supply Chain
•Focus on local vehicle sourcing
•Investing more resource in parts procurementin Insurance
•Continued focus on local sourcing, and driving up conversion of
purchasing opportunities
•Building mobile insurance claims assessing resource
Recruitmentand retention of
people
•Implemented salary benchmarking data and tool across the group
•Employee engagement tool drives improvement to employment
experience
•Introduced new staff benefits eg. Team Bonuses
•Employeeshare scheme rollout (have 50% of team registered interest)
•More investment in learning and development opportunities
Regulatory
•Keep investing in digital initiatives to ensure system agility
•Engage constructively with regulators directly and through FSF, VIA
•Focus on good customer outcomes
•Increasinglocal vehicle sourcing to minimise impact of changes to
import regulations
•Continued focus on good customer outcomes by measuring and
improving customer experience
•Continueto engage constructively with regulators directly and through
industry associations
35• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Growth model: FY23
AutoRetail
•Stock acquisition –Keep building domestic sourcing
•Improve speed to sale –operational cadence
•Retail optimisation and expansion –develop new sites and build retail volumes
Finance
•Pricing and margin management
•Improve credit decision turnaround timing
•Early settlement and loan application conversion
CreditManagement
•Grow SME lead generation capability
•Build on “resolution” focused collections strategy
•Continue working closely with corporates to manage reputational risk
Insurance
•Expand distribution through partnership strategy
•Core insurance system replacement
•Continue to enhance risk pricing and product features
36• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Growth model: FY22 –FY25
The model gives us confidence in higher earnings growth through the cycle.
We have found the right formula, and will optimise further ...
Four key areas underpin our earnings growth. These are a combination of both physical and digital:
1.Retail optimisation and branch expansion
2.Vehicle purchasing decision-making
3.Margin management and premium lending
4.Invest in digital and omni-channel customer experience
37• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

20
25
30
35
40
45
50
55
FY18FY19FY20FY21FY22FY23FY24FY25
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
26.0
28.0
FY18FY19FY20FY21FY22FY23FY24FY25
$50M PBT by FY25...
The broader economic environment is expected to moderate the rate of growth we
have experienced over the last 3 years.
Underlying Net Profit Before Tax ($M)
1
COVID
impacted
Dividends Paid (cps)
1
Underlying NPBT is a non-GAAP measure
Reported NPBT ($m) for FY18 31.1, FY19 29.0, FY20 29.1, FY21 37.4, FY22 $43.1
Reconciliations for each of the periods can be found in the respective Annual Results Presentation
38• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Roadmap to $50M NPBT...
•Business is highly cash generative, leading to growth + yield
for shareholders
•Auto retail growth continues to come from retail optimisation
and branch expansion. We are targeting a 10% market
share.
•Margin expansion in Auto Retail out of supply side
initiatives
•Headwinds in finance offset by growth driven out of direct
lending and improvements in distribution
•Insurance growth to come from direct and digital
distribution
Net Profit Before Tax Bridge ($M)
39• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

•Whilst the pandemic uncertainty has decreased, NZ’s economic uncertainty has increased. The used
car market is “needs” based and stable through downturns.
•In Automotive Retail, we expect to see upside from our new branches in H2 and the supply-constrained
market to continue primarily due to impacts on the new car supply chain and government regulation.
Domestic supply will be an advantage for Turners and underpin further market share growth.
•With the rapidly changing interest rate environment, our priority in Finance shifts to margin
management. Our quality and de-risking focus will prove beneficial.
•In Insurance, we expect new policy sales to be buoyant based on our distribution and market share
gains and claims ratios to stabilise.
•Credit Management is expected to perform better as the economic conditions worsen and the resultant
impact on consumer arrears .
•Despite the Omicron impact April-22 result ahead of April-21
Outlook + guidance
40• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Results Video
A short video is available summarising the FY22 results at...
https://www.turnersautogroup.co.nz/invest

Questions
42• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

Contact
ToddHunter
Group CEO
T: 64 21 722818
E:todd.hunter@turners.co.nz
Aaron Saunders
Group CFO
T: 64 27 4938794
E: aaron.saunders@turners.co.nz
43• FY22 RESULTS PRESENTATION –TURNERS AUTO
GROUP

---

Results announcement
Results for announcement to the market
Name of issuerTurners Automotive Group Limited
Report period12 months to 31 March 2022
Previous reporting period12 months to 31 March 2021
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing operations$342,02915%
Total revenue$344,51614%
Net profit from continuing operations$31,28116%
Total net profit $36,35932%
Final dividend
Amount per quoted equity security$0.07000000
Imputed amount per quoted security$0.02722222
Record date19/07/2022
Dividend payment date28/07/2022
Current periodPrior comparable period
Net tangible assets per quoted security$1.18$0.92
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 announcement Todd Hunter
Contact phone number021 722 818
Contact email addressTodd.Hunter@turners.co.nz
Date of release through MAP24/05/2022
This announcement is based on audited results.

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2022
20222021
$'000$'000
Revenue
342,029
296,512
Other income
2,487
7,015
Cost of goods sold
(153,173)
(121,748)
Interest expense
(10,932)
(11,266)
Impairment provision expense
(3,024)
(3,986)
Subcontracted services expense
(10,940)
(9,176)
Employee benefits
(56,030)
(52,023)
Commission
(12,925)
(12,721)
Advertising expense
(4,140)
(2,349)
Depreciation and amortisation expense
(10,702)
(11,418)
Systems maintenance
(3,399)
(2,365)
Claims
(21,024)
(21,843)
Other expenses
(15,107)
(17,257)
Profit before taxation43,120
37,375
Taxation expense
(11,839)
(10,511)
Profit from continuing operations 31,281
26,864
Other comprehensive income for the period (which may subsequently be
reclassified to profit/loss), net of tax
Cash flow hedges
5,429
1,023
Revaluation of financial assets at fair value through OCI
(345)
(430)
Foreign currency translation differences
(6)
33
Total comprehensive income for the period36,359
27,490
Earnings per share (cents per share)
Basic earnings per share
36.39
31.40
Diluted earnings per share
36.45
31.54

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2022

Share
Capital
Share
Options
Reserve
Translation
Reserve
Revaluation of
financial
assets at
fair value
through OCI
Cash flow
reserve
Retained
EarningsTotal
$’000$’000$’000$’000$’000$’000$’000
Balance at 31 March 2020 204,327 - (59) (310) (975) 20,072 223,055
Transactions with shareholders in their capacity as owners
Capital buy back(30) - - - - - (30)
Employee share based payments-255---- 255
Dividend paid-----(17,200)(17,200)
(30) 255 - - - (17,200) (16,975)
Comprehensive income
Profit----26,864 26,864
Other comprehensive income--33(430)1,023- 626
Total comprehensive income for the period, net of tax - - 33 (430) 1,023 26,864 27,490
Balance at 31 March 2021 204,297 255 (26) (740) 48 29,736 233,570
Transactions with shareholders in their capacity as owners
Employee share based payments
1,185217---- 1,402
Dividend paid/payable
-----(18,934)(18,934)
1,185 217 - - - (18,934) (17,532)
Comprehensive income
Profit
----31,281
31,281
Other comprehensive income
--(6)(345)5,429-
5,078
Total comprehensive income for the period, net of tax
- - (6) (345) 5,429 31,281 36,359
Balance at 31 March 2022
205,482 472 (32) (1,085) 5,477 42,083 252,397

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2022
20222021
Note$'000$'000
Assets
Cash and cash equivalents1
13,373
11,867
Financial assets at fair value through profit or loss
- Insurance1
70,199
67,465
- Other
-
2,931
Trade receivables
7,581
7,155
Inventories
31,980
30,189
Finance receivables
422,870
330,165
Derivative financial instruments
5,414
40
Other receivables, deferred expenses and contract assets
9,340
8,116
Reverse annuity mortgages
3,242
4,152
Investment property
5,950
5,950
Financial assets at fair value through OCI
225
570
Property, plant and equipment
67,569
60,258
Right-of-use assets
23,497
23,559
Intangible assets
164,453
166,034
Total assets
825,693
718,451
Liabilities
Other payables
50,103
38,243
Contract liabilities
1,848
2,313
Deferred tax
13,191
11,297
Tax payable
4,016
3,453
Borrowings
412,761
339,611
Lease liabilities
28,209
28,747
Life investment contract liabilities
8,153
8,116
Insurance contract liabilities
55,015
53,101
Total liabilities
573,296
484,881
Shareholders' equity
Share capital
205,482
204,297
Other reserves
4,832
(463)
Retained earnings
42,083
29,736
Total shareholders' equity
252,397
233,570
Total shareholders' equity and liabilities
825,693
718,451
Total assets per share ($)9.59 8.40
Net tangible assets ($)1.18 0.92
Note 1
The Group's insurance business is required to comply with the solvency standards for licensed insurers issued by the Reserve Bank of
New Zealand. The solvency standards specify the level of assets the insurance business is required to hold in order to meet solvency
requirements, consequently all cash and cash equivalents and term deposits, disclosed in financial assets at fair value through the profit
or loss, held in the insurance business may not be available for use by the wider Group. DPL Insurance's cash and cash equivalents at
31 March 2022 were $1.5m (2021:$0.7m) and term deposits at 31 March 2022 were $61.9m (2021: $59.2m).
Cash and cash equivalents at 31 March 2022 of $3.4m (2021: $3.6m) belongs to the Turners Marque Warehouse Trust 1 and is not all
available to the Group.
Investments in unitised funds, disclosed in financial assets at fair value through the profit or loss, underwrite the Life investment policies
and are not available for use by the wider Group. Investments in unitised funds at 31 March 2022 were $8.3m (2021: $8.3m).

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2022
20222021
$'000$'000
Cash flows from operating activities
Interest received 44,429 41,598
Receipts from customers 297,032 256,676
Receipt of government subsidies 1,580 5,247
Interest paid - borrowings(6,676) (9,193)
Interest paid - lease liabilities(1,774) (1,461)
Payment to suppliers and employees(274,022) (222,063)
Income tax paid(9,326) (8,166)
Net cash inflow/(outflow) from operating activities before
changes in operating assets and liabilities 51,243 62,638
Net increase in finance receivables(93,992) (48,654)
Net decrease in reverse annuity mortgages 1,164 1,134
Net increase of financial assets at fair value through profit or loss(2,482) (4,090)
Net contribution/(withdrawal) from life investment contracts 126 (150)
Changes in operating assets and liabilities arising from
cash flow movements(95,184) (51,760)
Net cash inflow/(outflow) from operating activities(43,941) 10,878
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and intangibles 636 563
Purchase of property, plant, equipment and intangibles(16,121) (8,641)
Sale of investments 3,420 234
Net cash inflow/(outflow) from investing activities(12,065) (7,844)
Cash flows from financing activities
Net bank loan advances/(repayments) 100,660 (392)
Principal elements of lease payments(5,563) (6,346)
Bond repayments(25,000) -
Proceeds from the issue of shares 1,185 -
Dividend paid(13,770) (17,200)
Net cash inflow/(outflow) from financing activities 57,512 (23,938)
Net movement in cash and cash equivalents 1,506 (20,904)
Add opening cash and cash equivalents 11,867 32,771
Closing cash and cash equivalents13,373 11,867

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONT)
For the year ended 31 March 2022
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
20222021
$'000$'000
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) 31,281 26,864
Adjustment for non-cash items
Impairment charge on finance receivables, reverse annuity mortgages
and other receivables 3,108 3,986
Net loss/(profit) on sale fixed assets(306) (689)
Depreciation and amortisation 10,702 11,418
Capitalised reverse annuity mortgage interest(294) (403)
Deferred revenues 1,500 52
Fair value adjustments on assets/liabilities at fair value through profit and loss(297) (1,582)
Net annuity and premium change to policyholders accounts(89) 1,194
Non-cash adjustments to finance receivables effective interest rates(14) (86)
Deferred expenses(4,136) (1,850)
Revaluation gain on investment property - (300)
Gain on modification of a lease(60) (1,132)
Covid 19 rent concessions - (780)
Adjustment for movements in working capital
Net decrease/(increase) receivables and pre-payments(1,506) 1,515
Net (increase)/decrease in inventories(1,792) 14,182
Net increase in payables 11,098 6,955
Net increase/(decrease) in contract liabilities(465) 1,365
Net increase in finance receivables(93,992) (48,654)
Net decrease in reverse annuity mortgages 1,164 1,134
Net increase of insurance assets at fair value through profit or loss(2,482) (4,090)
Net contributions/(withdrawals) from life investment contracts 126 (150)
Net increase in deferred tax liability 1,952 1,248
Net increase in tax payable 561 681
Net cash inflow/(outflow) from operating activities(43,941) 10,878

TURNERS AUTOMOTIVE GROUP LIMITED
SEGMENTAL INFORMATION
OPERATING SEGMENTS
RevenueRevenueRevenue
TotalInter-fromTotalInter-from
segmentsegmentexternalsegmentsegmentexternal
revenuerevenuecustomersrevenuerevenuecustomers
202220222022202120212021
$'000$'000$'000$'000$'000$'000
Automotive retail 249,236 (6,707) 242,529 204,991 (4,080) 200,911
Finance 51,898 - 51,898 47,862 - 47,862
Insurance 43,269 (2,897) 40,372 43,175 (1,262) 41,913
Credit management 9,671 - 9,671 12,762 - 12,762
Corporate & other 46 - 46 82 (3) 79
354,120 (9,604) 344,516 308,872 (5,345) 303,527
Operating profit20222021
$'000$'000
Automotive retail 19,447 15,415
Finance 17,987 15,816
Insurance 11,580 9,350
Credit management 3,033 5,087
Corporate & other(8,927) (8,293)
Profit/(loss) before taxation43,12037,375
Income tax(11,839) (10,511)
Profit attributable to shareholders 31,281 26,864
202220212022202120222021
$'000$'000$'000$'000$'000$'000
Automotive retail1991,208(1,531)(2,144)(8,126)(8,891)
Finance44,78240,466(6,322)(5,503)(842)(782)
Insurance1,0201,654(72)(82)(1,240)(1,286)
Credit management11(21)(30)(330)(289)
Corporate & other13(2,994)(3,510)(164)(170)
46,00343,332(10,940)(11,269)(10,702)(11,418)
Eliminations(8)(3)83--
45,99543,329(10,932)(11,266)(10,702)(11,418)
Other material non-cash items
20222021
$'000$'000
Automotive retail - gain on modification of a lease601,132
Automotive retail - impairment provisions151229
Finance - impairment provisions(3,315)(4,185)
Insurance - reverse annuity mortgage interest294 403
Depreciation and
amortisation expenses
Revenue/(expenses)
Interest revenueInterest expense

TURNERS AUTOMOTIVE GROUP LIMITED
SEGMENT ASSETS AND LIABILITIES
2022202120222021
$'000$'000$'000$'000
Automotive retail116,438110,81866,67967,552
Finance451,504351,185353,313271,383
Insurance139,091139,58375,54475,022
Credit management31,51431,1513,4765,298
Corporate & other187,749190,43976,18171,134
926,296823,176575,193490,389
Eliminations(100,603)(104,725)(1,897)(5,508)
825,693718,451573,296484,881
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.
Insurance -
Credit management -
Corporate & other -corporate centre.
DIVIDEND
2022
2021
$’000
$’000
5,1645,162
4,3033,440
4,3033,438
5,1645,160
18,93417,200
Dividends not recognised at year end
In addition to the above dividends, after year end the directors recommended the payment of the following dividend:
6,0255,162
Final dividend of $0.07 (31 March 2021: $0.06) per fully paid ordinary share, imputed, payable on 28 July 2022 (2021: 24 July 2021).
Quarterly dividend for the year ended 31 March 2022 of $0.06 (31 March 2021: $0.06) per fully paid ordinary share, imputed, paid on 20 April 2022
(31 March 2021: 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, paid on 27 January
2022 (2021: 28 January 2021).
Segment liabilitiesSegment assets
marketing and administration of a range of life and consumer insurance and saving products.
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.
Final dividend for the year ended 31 March 2021 of $0.06 (31 March 2020: $0.06) per fully paid ordinary share, imputed paid on 28 July 2021
(2020: 24 July 2020).
Quarterly dividend for the year ended 31 March 2022 of $0.05 (31 March 2021: $0.04) per fully paid ordinary share, imputed, paid on 28 October
2021 (2020: 22 October 2020).

TURNERS AUTOMOTIVE GROUP LIMITED
REVENUE
Revenue from continuing operations includes:
20222021
$'000$'000
Interest income
45,995 43,329
Sales of goods
182,435 143,065
Commission and other sales revenue
58,962 54,237
Loan fee income
3,659 3,320
Insurance and life investment contract income
38,149 37,248
Collection income
9,519 12,198
Bad debts recovered
1,147 937
Other revenue
2,163 2,178
342,029 296,512
Other income includes:
Gain on sale of investments
50210
Revaluation gain on investment property
-300
Dividend income
45172
Gain on sale of property, plant and equipment
270 154
Government subsidies
1,580 5,247
Gain on modification of a lease
60 1,132
Other
30-
2,487 7,015

---

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
6,024,847.36$
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
19 July 2022
18 July 2022
28 July 2022
Retained earnings
NZD
Section 2: Distribution amounts per financial product
$0.09722222
$0.07000000
n/a
$0.01235294
Todd Hunter
021 722 818
Todd.Hunter@turners.co.nz
24 May 2022
Fully imputed
28%
$0.02722222
$0.00486111
Section 4: Authority for this announcement
Barbara Badish