Turners delivers record FY23 earnings

Company Announcement
23 May 2023

1

Turners delivers record FY23 earnings

Turners Automotive Group (NZX: TRA) has reported record earnings for the financial year to March 31
2023 (FY23), demonstrating its sustainable earnings platform, and the strategic value of its diversification
and de-risking over recent years. While the company notes that the interest rate cycle may impact the
timing of its FY25 target of $50M NPBT, it continues to achieve strong results in challenging conditions
and to strengthen its position for the next upcycle.

Key Financial Highlights:
 Revenue $389.6M +13%
 EBIT $52.2M up 9%
1
 NPBT $45.5M +6%
 NPAT $32.6M +4%
 Full year dividend 23.0 cps (flat)
 Earnings per share 37.7cps +4%

Key Business Highlights:

 Final FY23 dividend declared at 7.0 cps bringing FY23 dividend to 23.0 cps, matching last year
and equating to a gross yield of 8.5% per annum based on the current share price of $3.75.
 Record earnings in Auto Retail and Insurance divisions more than offset Finance headwinds.
 Market share gains and margin improvement in Turner’s largest division, Auto Retail led to a
28% increase in profit, following 26% in FY22.
 Market share growth and improved claims ratios in Insurance business.
 Compression of net interest margin (NIM) in Finance. Interest expense materially up 110% to
$13.3m, reflecting the change in OCR. However, this impact was mitigated by finance margin
management and regular pricing increases.
Debt load increasing in Credit Management. Well positioned for the next stage of the NZ credit
cycle.
 The company’s strong culture remains a key advantage, ranking in the top 5% of consumer
businesses globally. Employee Share Scheme launched with almost 50% take up.
 Macro headwinds (inflation, interest rates, and economic conditions) likely to feature in the
year ahead with uncertainty and speed of change key features.
 Continue organic growth momentum in Auto Retail through branch expansion and shifting
more sales into retail channels, and further traction from award winning ’Tina’ marketing
campaign.


The company’s FY23 result demonstrated earnings resilience despite tough economic conditions,
including rapid interest rate rises, and lingering impacts of the COVID-19 pandemic in the first half. Group
revenue rose 13% to $390m with Auto Retail and Insurance divisions growing strongly for a third year in
succession, delivering a record NPBT result of $45.5m, up 6% on FY22.

Revenue rose strongly in each of the three largest businesses up 15% in Automotive Retail to $278.2M,
13% in Finance to $58.6M and 8% in Insurance to $43.6M. Profit grew 28% in Automotive Retail to
$25.0M, and 9% in Insurance to $12.6M. Finance Division’s profit was down 17% to $15M due to rapid

1
EBIT adjusted for interest expense in Finance (non-IFRS measure)

Company Announcement
23 May 2023

2

OCR increases that saw credit quality, regulatory compliance and margin management become the
priority during the year. Profit for Credit Management was largely unchanged at $2.9M.

Todd Hunter, CEO, said: “Two of our three major divisions continue to perform strongly with our third,
Finance, well positioned as market conditions change. This strong performance reflects the success of our
diversification strategy, our de-risking initiatives as well the quality of our team. The strength of our team
and culture is proving a durable competitive advantage at a time of scarcity of talent, and as economic
conditions become more difficult in the near term.

Our marketing and customer service are proving successful. Turners is increasingly seen as the leading
brand in the used car market and as the number of used car outlets across New Zealand continues to
contract, we see further opportunity to consolidate our position. While we are weathering tough
economic conditions, we expect these headwinds to intensify before we are through the current inflation
cycle. However, we are well-positioned and will continue to look for organic growth opportunities to
further our lead in what are uncertain and rapidly changing market conditions.”

Financial results
Reported NPBT increased 6% to $45.5M. Net profit after tax (NPAT) of $32.6M was up 4% on the same
period last year. EBIT is $52.2M up 9%.

Earnings per share for FY23 were 37.7 cps, up 4% on the previous year. A final 7.0 cps dividend has been
declared for FY23 (payable in July), taking FY23 dividends to 23.0 cps, matching last year’s strong result.
This reflects the dividend policy payout of 60-70% of net profit after tax (NPAT) and represents a yield of
8.5% per annum return based on a $3.75 share price. A dividend reinvestment plan (DRP) will be a feature
of the final dividend with a 2% discount applied for those taking up the DRP. Details of the plan will be
released shortly.
Grant Baker, Chairman, said: “This result underscores our well-founded confidence in the resilience of
the used car market through the cycle. Our leadership position for quality, technology, national
coverage, branding and customer service has created a robust growth platform that continues to
deliver. We have achieved these results at a time when retail generally has been under pressure. The
used car market is needs-based and stable through downturns, as we envisaged. Our diversified business
is well-placed to deliver further growth as well as offering solid returns to shareholders.”

Divisional results
Refer to Appendix

Advancing Turners’ strategy
The FY23 result reflects the company’s consistent and steady implementation of its FY22 - FY25
strategy that offers confidence in higher earnings growth through the cycle. Five key areas underpin
the company’s earnings growth. These are a combination of both physical network development and
digital expansion:

1. Auto – branch expansion
2. Auto – vehicle purchase decision-making
3. Auto – Retail optimization of unit sales from wholesale to retail
4. Brand- investing heavily into building our brand with ’Tina’ to all New Zealanders
5. Finance – growth in premium lending
6. Insurance – distribution

Company Announcement
23 May 2023

3



Award-winning Marketing and Most Trusted Dealership
Supporting this strategy has been Turners award-winning marketing, a key factor in consistent market
share growth across its divisions. The ‘Tina from Turners’ brand campaign claimed the Supreme Award
in the 2022 New Zealand Marketing Awards. In October 2022, the campaign won two ‘Effies’ –
Advertising Effectiveness Awards – in the categories of Best Strategic Thinking and Retail/Etail.

Our continued focus on service is translating into customers’ reported experience. We are proud to
announce that we’ve just won New Zealand’s Most Trusted Used Car Dealership for the fourth
consecutive year. We stand for trust and credibility in an industry that can sometimes represent the
opposite.

Outlook
While the impacts of the COVID-19 pandemic have diminished, market uncertainty continues to rise. We
see macro headwinds with economic uncertainty likely to intensify in the short term.

However, we are focussed on what we can control. In Auto Retail, we expect to see upside from our new
branches in the second half and expect those to follow the success of our branch expansion strategy over
the last couple of years. Domestic supply continues to be an advantage for Turners, and the transition of
wholesale auction units into retail sales channel will underpin further market share and margin growth.

In our Finance business, quality and margin management remain key priorities in the near term, with a
drag on earnings, especially until peak OCR is reached. After the OCR peak we will again focus on growth
initiatives and expect net interest margin to start expanding again. We expect sales in our Insurance
division to be buoyant based on our distribution and market share gains, and claims ratios to be stable.
Credit Management is expected to perform better in the coming year as consumer arrears worsen and
bad debts begin to be called in.

Looking beyond FY24 we remain confident that our FY22 – FY25 growth model is broadly on track.
However, the timing of peak OCR could affect the timing of achieving our FY25 target of $50M in
underlying NPBT, as outlined further in today’s investor presentation. FY24 has started well with April-
23 profit result showing positive growth against April-22.

Results Video
For further commentary on the FY23 results, a short video is available at
https://www.turnersautogroup.co.nz/investor-centre/


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

Appendix: Divisional Results

Company Announcement
23 May 2023

4


Auto Retail: Revenue $278.2M +15%, NPBT $25.0M +28%
Turners market share continued to grow throughout FY23. Retail unit sales were up 6% to around 19,500
units, and wholesale auction unit sales rose 25% to around 14,700 units. Total units sold through auction
were 18,500 compared to 14,730 the year prior, due to adding Fleet Partners ex-lease consignment
vehicles. ‘Owned’ unit sales in FY23 was up 9% on FY22 to 24,000, and margin on ‘owned’ sales rose 11%
in FY23. Nelson and Rotorua branches are now both fully operational and performing above
expectations. The success of Turners domestic sourcing strategy is evident in faster stock turn and the
business continues to operate off lower inventory levels. Increasing local sourcing versus used imports
has been beneficial. The government’s clean car program has reduced the number of imported cars
coming into the country which has increased the value of used car units and increased our margins. Our
Tina campaign continues to deliver record levels of sourcing leads. The team continues to work on
improving overall Finance attachment rates, to realise synergies from other divisions. For FY23 our
Finance attach rates were 31%, a slight fall on FY22’s 32.7%. Our committed development pipeline for
retail expansion in Christchurch, Napier and Timaru offers additional profit contributions from FY24 to
FY26. Turners Subscription has broken through 300 concurrent subscriptions (in February 2023), and the
offer moved into profit in Q4 FY23. Around 80% of subscription owned cars are low emission vehicles
(LEVs).

Finance: Revenue $58.6M +13%, NPBT $15.0M -17%
Solid revenue growth during FY23 was set against an additional $7m in interest expense over FY22 levels
due to the rapid rise in OCR. While the Finance division proactively reviewed pricing to mitigate OCR
rises, Oxford’s 12 base rate rises, lifting 4.10%, since October 2021, compares to an OCR movement of
5.0%. This meant that growth moderated as credit quality, regulatory compliance and margin became
higher priorities. That additional $7m in interest expense represents a 110% increase which has had a
material impact on profits on average loan book. Credit policy continually tightened throughout FY23
[check] with average credit score continuing to improve. Premium Tier business accounts for more than
50% of our new business per month. Oxford loan arrears continue to track at the half the levels of the
wider market. The strategy adopted in FY23 will ensure Turners Finance is well placed to grow again once
interest rates stabilise. The quality of Turners Finance book continues to improve.

Insurance: Revenue $43.6M +8%, NPBT $12.6M +9%
Further gains in market share were a feature of FY23. Despite challenging market conditions, Turners
Insurance Division achieved robust sales growth. Digital distribution arrangements are continuing to
work well with further opportunities in the pipeline. Inflation in the cost of claims was offset by frequency
of claims reducing due to changes in consumer behaviour, including working from home and cost of
living increases impacting mobility and vehicle use. The Division’s operating cost ratio was steady
between 20-21%. The pandemic alongside recent weather events have confirmed no catastrophic risk in
the portfolio, and the Division’s de-risking strategy is working effectively.

Company Announcement
23 May 2023

5

Credit Management: Revenue $9.2M -5%, NPBT $2.9M -6%
The Credit Management business saw debt value loaded increase by 20% ($22m) compared to FY22.
However, 80% of this ($18m) was from harder to contact and collect second placement debt. Debt value
collected was down 9% to $34.4m due to reduced customer payment capacity requiring lower
repayment amounts to be accepted. Our “kept rate” of payment arrangements was stable through the
year at more than 75%. Positive signs include credit card demand up 20% coupled with Buy-Now-Pay-
Later demand dropping 15% year on year, flowing through to increased arrears levels, but still lower
than pre-pandemic levels. By year end and into the start of the coming year there were indications that
the economic downturn was producing conditions that may support improved results for Credit
Management. NZ wide consumer arrears metrics at the end of March 2023 are on the increase according
to Centrix NZ, to 11.8% of the credit active population (11.3% in Mar-22). The number of people that are
behind on their payments has increased to 427,000. Consumer delinquencies are at the same level as
reported in March 2019. Around 4.9% of credit active consumers are currently 30+ days past due (up
from 4.1% for the same month last year).


ENDS

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Results announcement
Results for announcement to the market
Name of issuerTurners Automotive Group Limited
Report period12 months to 31 March 2023
Previous reporting period12 months to 31 March 2022
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing operations$389,02714%
Total revenue$389,63513%
Net profit from continuing operations$32,5664%
Total net profit $32,883-10%
Final dividend
Amount per quoted equity security$0.07000000
Imputed amount per quoted security$0.02722222
Record date
Dividend payment date
Current periodPrior comparable period
Net tangible assets per quoted security$1.40$1.18
A brief explanation of any of the figures
above necessary to enable the figures to
be understood
Please refer to accompanying Company Announcement
Authority for this announcement
Name of person authorised to make this
announcement
Barbara Badish
Contact person for this announcementTodd Hunter
Contact phone number021 722 818
Contact email addressTodd.Hunter@turners.co.nz
Date of release through MAP23/05/2023
This announcement is based on audited results.

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2023
20232022
Note$'000$'000
Revenue3
389,027
342,029
Other income 3
608
2,487
Cost of goods sold
(173,986)
(153,173)
Interest expense
(19,933)
(10,932)
Impairment provision expense
(3,740)
(3,024)
Subcontracted services expense
(11,927)
(10,940)
Employee benefits
(60,709)
(56,030)
Commission
(12,024)
(12,925)
Advertising expense
(4,934)
(4,140)
Depreciation and amortisation expense
(11,478)
(10,702)
Systems maintenance
(5,109)
(3,399)
Claims
(21,785)
(21,024)
Other expenses
(18,465)
(15,107)
Profit before taxation45,545
43,120
Taxation expense
(12,979)
(11,839)
Profit from continuing operations 32,566
31,281
Other comprehensive income for the period (which may subsequently be
reclassified to profit/loss), net of tax
Cash flow hedges
415
5,429
Revaluation of financial assets at fair value through OCI
(91)
(345)
Foreign currency translation differences
(7)
(6)
Total comprehensive income for the period32,883
36,359
Earnings per share (cents per share)
Basic earnings per share
37.67
36.39
Diluted earnings per share
37.77
36.45

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2023

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 2021 204,297 255 (26) (740) 48 29,736 233,570
Transactions with shareholders in their capacity as owners
Employee share based payments1,185217---- 1,402
Dividend paid-----(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
Transactions with shareholders in their capacity as owners
Employee share based payments
1,594(188)---296 1,702
Dividend paid/payable
(14,732)(14,732)
1,594 (188) - - - (14,436) (13,030)
Comprehensive income
Profit----32,566
32,566
Other comprehensive income--(7)(91)415-
317
Total comprehensive income for the period, net of tax - - (7) (91) 415 32,566 32,883
Balance at 31 March 2023
207,076 284 (39) (1,176) 5,892 60,213 272,250

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2023
20232022
Note$'000$'000
Assets
Cash and cash equivalents1
11,845
13,373
Financial assets at fair value through profit or loss1
66,730
70,199
Trade receivables
7,800
7,581
Inventories
26,057
31,980
Finance receivables
424,621
422,870
Other receivables, deferred expenses and contract assets
8,271
9,340
Derivative financial instruments
5,887
5,414
Financial assets at fair value through OCI
230
225
Reverse annuity mortgages
2,925
3,242
Property, plant and equipment
105,993
67,569
Right-of-use assets
22,226
23,497
Investment property
5,800
5,950
Intangible assets
163,556
164,453
Total assets
851,941
825,693
Liabilities
Other payables
56,008
50,103
Contract liabilities
1,562
1,848
Deferred tax
13,077
13,191
Tax payable
6,773
4,016
Borrowings
412,035
412,761
Lease liabilities
27,120
28,209
Life investment contract liabilities
7,042
8,153
Insurance contract liabilities
56,074
55,015
Total liabilities
579,691
573,296
Shareholders' equity
Share capital
207,076
205,482
Other reserves
4,961
4,832
Retained earnings
60,213
42,083
Total shareholders' equity
272,250
252,397
Total shareholders' equity and liabilities
851,941
825,693
Total assets per share ($)9.83 9.59
Net tangible assets ($)1.40 1.18
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 2023 were $2.0m (2022:$1.5m) and term deposits at 31 March 2023 were $59.4m (2022: $61.9m).
Cash and cash equivalents at 31 March 2023 of $4.3m (2022: $3.4m) 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 2023 were $7.3m (2022: $8.3m).

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2023
20232022
$'000$'000
Cash flows from operating activities
Interest received 52,400 44,429
Receipts from customers 333,344 297,032
Receipt of government subsidies 100 1,580
Interest paid - borrowings(17,653) (6,676)
Interest paid - lease liabilities(1,284) (1,774)
Payment to suppliers and employees(285,522) (274,022)
Income tax paid(10,394) (9,326)
Net cash inflow/(outflow) from operating activities before
changes in operating assets and liabilities 70,991 51,243
Net increase in finance receivables(6,814) (93,992)
Net decrease in reverse annuity mortgages 572 1,164
Net increase of financial assets at fair value through profit or loss 3,872 (2,482)
Net (withdrawal)/contribution from life investment contracts(304) 126
Changes in operating assets and liabilities arising from
cash flow movements(2,674) (95,184)
Net cash inflow/(outflow) from operating activities 68,317 (43,941)
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and intangibles 942 636
Purchase of property, plant, equipment and intangibles(44,177) (16,121)
Purchase of investments(96) -
Sale of investments - 3,420
Net cash inflow/(outflow) from investing activities(43,331) (12,065)
Cash flows from financing activities
Net bank loan (repayments)/advances(553) 100,660
Principal elements of lease payments(7,501) (5,563)
Bond repayments - (25,000)
Proceeds from the issue of shares 1,436 1,185
Dividend paid(19,896) (13,770)
Net cash inflow/(outflow) from financing activities(26,514) 57,512
Net movement in cash and cash equivalents(1,528) 1,506
Add opening cash and cash equivalents 13,373 11,867
Closing cash and cash equivalents11,845 13,373

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONT)
For the year ended 31 March 2023
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
20232022
$'000$'000
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) 32,566 31,281
Adjustment for non-cash items
Impairment charge on finance receivables, reverse annuity mortgages
and other receivables 3,659 3,108
Net loss/(profit) on sale fixed assets(290) (306)
Depreciation and amortisation 11,478 10,702
Capitalised reverse annuity mortgage interest(287) (294)
Deferred revenues 628 1,500
Fair value adjustments on assets/liabilities at fair value through profit and loss(444) (297)
Net annuity and premium change to policyholders accounts(807) (89)
Non-cash adjustments to finance receivables effective interest rates(3) (14)
Deferred expenses 1,135 (4,136)
Revaluation loss on investment property 150 -
Gain on modification of a lease - (60)
Covid 19 rent concessions - (92)
Adjustment for movements in working capital
Net decrease/(increase) receivables and pre-payments 937 (1,506)
Net (increase)/decrease in inventories 5,923 (1,792)
Net increase in payables 14,105 11,190
Net increase/(decrease) in contract liabilities(345) (465)
Net increase in finance receivables(6,814) (93,992)
Net decrease in reverse annuity mortgages 572 1,164
Net increase of insurance assets at fair value through profit or loss 3,872 (2,482)
Net contributions/(withdrawals) from life investment contracts(304) 126
Net increase in deferred tax liability(174) 1,952
Net increase in tax payable 2,760 561
Net cash inflow/(outflow) from operating activities 68,317 (43,941)

TURNERS AUTOMOTIVE GROUP LIMITED
2 SEGMENTAL INFORMATION
OPERATING SEGMENTS
RevenueRevenueRevenue
TotalInter-fromTotalInter-from
segmentsegmentexternalsegmentsegmentexternal
revenuerevenuecustomersrevenuerevenuecustomers
202320232023202220222022
$'000$'000$'000$'000$'000$'000
Automotive retail 283,354 (5,189) 278,165 249,236 (6,707) 242,529
Finance 58,634 - 58,634 51,898 - 51,898
Insurance 45,282 (1,717) 43,565 43,269 (2,897) 40,372
Credit management 9,259 (36) 9,223 9,671 - 9,671
Corporate & other 48 - 48 46 - 46
396,577 (6,942) 389,635 354,120 (9,604) 344,516
Operating profit20232022
$'000$'000
Automotive retail 24,985 19,447
Finance 14,956 17,987
Insurance 12,588 11,580
Credit management 2,865 3,033
Corporate & other(9,850) (8,927)
Profit/(loss) before taxation45,54543,120
Income tax(12,979) (11,839)
Profit attributable to shareholders 32,566 31,281
202320222023202220232022
$'000$'000$'000$'000$'000$'000
Automotive retail225199(2,349)(1,531)(9,141)(8,126)
Finance51,50844,782(13,281)(6,322)(725)(842)
Insurance2,1381,020(61)(72)(1,211)(1,240)
Credit management41(11)(21)(258)(330)
Corporate & other201(4,261)(2,994)(143)(164)
53,89546,003(19,963)(10,940)(11,478)(10,702)
Eliminations(30)(8)308--
53,86545,995(19,933)(10,932)(11,478)(10,702)
Other material non-cash items
20232022
$'000$'000
Automotive retail - gain on modification of a lease-60
Automotive retail - impairment provisions33151
Finance - impairment provisions(3,741)(3,135)
Insurance - reverse annuity mortgage interest287 294
SEGMENT ASSETS AND LIABILITIES
2023202220232022
$'000$'000$'000$'000
Automotive retail155,850116,43873,68966,679
Finance453,869451,504344,786353,313
Insurance147,701139,09176,86675,544
Credit management34,03531,5143,9433,476
Corporate & other238,577187,74984,61876,181
1,030,032926,296583,902575,193
Eliminations(178,091)(100,603)(4,211)(1,897)
851,941825,693579,691573,296
Depreciation and
amortisation expenses
Revenue/(expenses)
Segment liabilitiesSegment assets
Interest revenueInterest expense

TURNERS AUTOMOTIVE GROUP LIMITED
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.
3. REVENUE
Revenue from continuing operations includes:20232022
$'000$'000
Interest income
53,865 45,995
Sales of goods
205,916 182,435
Commission and other sales revenue
74,980 58,962
Loan fee income
2,988 3,659
Insurance and life investment contract income
38,514 38,149
Collection income
9,204 9,519
Bad debts recovered
1,832 1,147
Other revenue
1,728 2,163
389,027 342,029
Other income includes:
Gain on sale of investments
-502
Dividend income
545
Gain on sale of property, plant and equipment
378 270
Government subsidies
100 1,580
Gain on modification of a lease
- 60
Other
125 30
608 2,487
4. DIVIDEND
20232022
$’000
$’000
6,0625,164
4,3354,303
4,3354,303
-5,164
14,73218,934
Dividends not recognised at year end
In addition to the above dividends, after year end the directors recommended the payment of the following dividend:
5,202-
6,0696,062
Final dividend of $0.07 (31 March 2022: $0.07) per fully paid ordinary share, imputed, payable on 28 July 2023 (2022: 28 July 2022).
Quarterly dividend for the year ended 31 March 2022: $0.06 per fully paid ordinary share, imputed, paid on 20 April 2022.
Quarterly dividend for the year ended 31 March 2023 of $0.05 (31 March 2022: $0.05) per fully paid ordinary share, imputed, paid on 26 January
2023 (2022: 27 January 2022).
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 2022 of $0.07 (31 March 2021: $0.06) per fully paid ordinary share, imputed paid on 28 July 2022
(2021: 24 July 2021).
Quarterly dividend for the year ended 31 March 2023 of $0.05 (31 March 2022: $0.05) per fully paid ordinary share, imputed, paid on 27 October
2022 2022 (2022: 28 October 2021).
Quarterly dividend for the year ended 31 March 2023 of $0.06 per fully paid ordinary share, imputed, paid on 27 April 2023 .

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1• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
FY23 Results
Presentation
For the twelve months ending
31 March 2023

2• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
We love cars
2• TURNERS AUTOMOTIVE GROUP FY23
RESULTS

3• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Disclaimer
Turners Automotive Group the (company) is solely responsible for the content of this document. This document is not an investment
statement or prospectus and does not constitute an offer of securities.
This document or any other written or oral statements made by, or on behalf of, the company may include forward-looking statements that
reflect the company’s current views with respect to future events and financial performance. These forward-looking statements are subject to
uncertainties and other factors that could cause actual results to differ materially from such statements. These uncertainties and other factors
include, but are not limited to:
I. Uncertainties relating to government and regulatory policies;
II. The occurrence of catastrophic events with a frequency or severity exceeding our estimates;
III. The legal environment;
IV. Loss of services of any of the company’s officers;
V. General economic conditions; and
VI. The competitive environment in which the company, its subsidiaries and its customers operate; and other risks inherent inthe company’s
industry
The words “believe,” “anticipate,” “investment,” “plan,” “estimate,” “expect,” “intend,” “will likely result,” or “will continue” and other
similar expressions identify forward-looking statements. Recipients of this document are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates. The company undertakes no obligation to update or revise any forwardlooking
statements, whether as a result of new information, future events or otherwise.

4• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Record result
Resilient model
Ready for what’s next
4• TURNERS AUTOMOTIVE GROUP FY23
RESULTS

5• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Agenda
1.FY23 Results
2.Segment results
3.Looking forward ...

6• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Delivering on our plan for growth ...
1.Record result despite macro headwinds of interest rates and a supply constrained used car market
2.Auto Retail Division grows profits 28%, Insurance 9% helping to offset material impact from increasing
interest rates in Finance Division.
3.Full year dividend at 23.0 cps.Based on current share price this is a gross yield of over 9%+ pa.
4.Our plan for growth has been proven up and de-risked over the last three years:
1.Auto Retail market share and margin gains due to focus on domestic sourcing and retail optimisation
2.Auto Retail branch expansion pipeline building
3.Finance quality metrics continue to improve
4.Insurance distribution improving
5.EC Credit debt load increasing as wider environment deteriorates
5.NZ and global economic challenges will persist over the next 12-24 months. still see opportunities in the
markets we operate in, and are well positioned to take advantage of these.

7• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
FY23 Results overview
•EBIT $52.2M up 9%
1
•NPBT $45.5M +6%
•NPAT $32.6M +4%
•Revenue $389.6M +13%
•Dividend 23.0 cps 0%
•Earnings per share 37.7cps +4%
•Continued gains in margin and market share
in Auto
•Government regulation has led to fewer used
imports from Japan meaning overall used car
supply has been constrained
•Speed and size of interest rate increases
material ~110% increase in interest expense
for Oxford Finance over FY22
•Employee engagement levels remain at
record levels and are a core part of the
competitive advantage of Turners Auto Group
Financials
Key Drivers for FY23
FY23
•FY23 result a record...
•Auto retail: supply constrained market,
expecting further gains in market share as
branch network expands
•Finance: Continued focus on interest margins
and credit quality
•Insurance:new policy sales strong in a
declining market, investment returns improving
•Credit: debt load recovering and inbound
customer inquiry lifting.
1
EBITadjusted for interest expense in Finance (non-IFRS
measure)
In an environment where costs are up significantly, interest rates have never increased faster, there has been more
government regulation in finance and vehicle markets than ever before, and market demand is down...Turners
business has continued to perform.

8• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
We have made great progress in 4 years...
KPIFY19FY23Progress
Finance conversion
30.3%
30.7%+
No. of locally sourced vehicles purchased
16,179
24,089+
BuyNowsales %
48%
51%+
Auto retail market share
4.9%
8.7%+
Avg GP per owned unit
$470
$839+
Average monthly premium lending
$2M$11M+
Consumerarrears
10.6%2.6%+
Finance net interest margin
13.2%9.0%-
Insurance Claims Ratio MBI72%53%
+
GrossWritten Premium MBI
$32.6M$31.5M-
Debt Collected
$56.8M$34.4M -
Reported Net Profit Before Tax$29.0M$45.5M+
Earnings per Share
26.2 cps37.7 cps+
Dividends Paid per Share
$0.17$0.23+

9• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Turners building a strong and sustainable business with a
proven track record...
* Dividends fully imputed from FY17 onwards
3.4
65.2
89.2
126.0
8.3
51.3
67.1
91.0
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
FY12 - FY14FY15 - FY17FY18 - FY20FY21 - FY23
Total NPBT/NPAT over 3 year period ($M)
NPBTNPAT
0.0
37.5
46.5
66.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
FY12 - FY14FY15 - FY17FY18 - FY20FY21 - FY23
Aggregate dividends paid over 3 year period (cps)

10• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Regulatory changes driving drop in used car market sales...
•Government regulation Clean car Standard and Clean Car Discount
continuing to constrain the supply of used vehicles in NZ.
•Overall transaction levels down 10% FY22 v FY23.
•34% reduction in used overseas imports to 90k units.
•Demand for higher value cars is moderating and shifting into the
lower price point segments.
•Turners car unit sales up 14% FY23 v FY22.
NZ Used Car Change of Ownerships (000s)
Source NZTA
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
0
200
400
600
800
1,000
1,200
FY19FY20FY21FY22FY23
Turners cars Sales
NZ Used car Market Transations
NZ MarketTurners Sales

11• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Registered dealer numbers continue to decline...
•Registered dealer numbers at lowest point since Feb-
2014.
•We expect to track down further due to challenges in
supply and impact of government regulation.
•Scale, digital capability and vehicle sourcing
capability are critical to growing in this environment.
Source: MBIE
Registered Dealer Numbers NZ (source MBIE)
2,700
2,800
2,900
3,000
3,100
3,200
3,300
3,400
3,500
3,600
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
18% drop
3,518
2,875

12• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Turners brand becoming synonymous with used car
sales in NZ (rolling 12-months)
0
10
20
30
40
50
60
70
80
90
100
2011201320152017201920212023
Search interest in topic
'Turners Cars''Used Cars'
Source -Google search trends
Combined effect of branch expansion, customer experience, brand investment, digital marketing
capability
Most trusted winner for 4th year in a row all
building our “ownership” of brand category

13• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
The rate of change of the OCR is having a material impact
on our finance business...
Oxford base rate price movements v OCR actual and forecasted
•Oxford base rates have increased 12 times
since Oct-21 but pricing remains ultra-
competitive.
•Our strategy has been to proactively review
pricing to mitigate the OCR impact, however
interest expense is up ~110% (or $7m) over
FY22.
•This strategy will ensure we are well placed to
grow again once interest rates stabilise.

14• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
1. FY23 Results

15• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
FY23 Results snapshot
Revenue
Net profit aftertax
Revenue
$389.6M+13%
Shareholders’Equity
$272Mas at 31March 23
Net Profit BeforeTax
$45.5M+6%
Final Dividend7.0cps
FY Div23.0cps0%
EBIT*
$52.2M +9%
FY22 Earnings PerShare
37.7cps
(FY22 36.4cps,+4%)
Net Profit After Tax
$32.6M+4%
* EBIT adjusted for interest expense in Finance
(non-IFRS measure)
0
50
100
150
200
250
300
350
400
450
FY16FY17FY18FY19FY20FY21FY22FY23
Millions
2H
1H
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY16FY17FY18FY19FY20FY21FY22FY23
Millions
2H
1H

16• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
FY22 to FY23 Revenuebridge
•Auto revenues have grown off increased car and
damaged vehicle unit sales, new branches and more
owned stock flowing through the business has helped
grow our cars market share.
•Finance book revenues reflect higher average loan
book over FY23 with growth in premium borrower
segment.
•Insurance revenues up off strong policy sales and
improved investment returns.
•Credit Management revenues have dropped as a result
of less debt load and lower levels of payment
arrangements.
Revenue increased from $345M to $390M
Revenue Bridge FY22 to FY23 ($M)

17• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
FY22 to FY23 Net profit before tax(NPBT)bridge
•Auto Retail profit growth from increased unit sales, better
margins, more owned stock and new branches.
•Finance result impacted driven by increasing interest
rates and impact on net interest margin, and prioritising
credit quality and margin management over loan book
growth.
•In H2 we added an additional $0.5M to our provision
buffer.
•Insurance result reflects improvements in risk pricing,
claims ratios and cost base.
•Credit management result is driven off reduced
commissions from less debt loaded.
NPBT increased from $43.1M to $45.5M
NPBT Bridge FY22 to FY23 ($M)

18• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Turners has a strong and sustainable yield
Dividend per Share ($)
Note -Dividends fully imputed from FY17 onwards
•Proven track record of delivering strong, sustainable and
growing dividends in the business.
•Directors have declared a final dividend of 7.0 cents per
share taking full FY23 dividends to 23.0 cents per share.
•Dividend payoutratio is 60-70% of NPAT.
•Based on the projected 23.0 cents per share dividend
and a share price of $3.75 this is a gross yield of 8.5%
pa.
•A dividend reinvestment plan (DRP) will be a feature of
the final dividend with a 2% discount applied for those
taking up the DRP
COVID
impacted year
0.10
0.13
0.145
0.155
0.17
0.14
0.20
0.230.23
0.00
0.05
0.10
0.15
0.20
0.25
FY15FY16FY17FY18FY19FY20FY21FY22FY23

19• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Balance sheet has capacity to support growth
•Inventory levels have reduced further as we improve
processing times and overall stock turn metrics.
•Finance Receivables remain flat year on year due to
prioritising margin and credit quality over growth in
Oxford.
•Property, plant and equipment increase due to
development of sites in Rotorua, Nelson, and
acquisition of sites in Tauranga, Napier, and
Christchurch.
•Borrowings have remained flat despite investing in
$35M of property over FY23.
($M)FY23FY22
Cash and cash equivalents1213
Financial assets at fair value6770
Inventory2632
Finance receivables425423
Property, plant and equipment10668
Right of use Assets2223
Intangible asset164164
Other assets3032
Total Assets852825
Borrowings412413
Other payables5650
Deferred tax1313
Insurance contract liabilities5655
Lease liabilities2728
Other Liabilities1614
Total Liabilities580573
Shareholders Equity272252

20• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
425
105
26
330
75
7
0
50
100
150
200
250
300
350
400
450
Finance Receivables
(80% of total borrowings)
Property
(18% of total borrowings)
Inventory
(2% of total borrowings)
AssetBorrowings
Fundingmixoptimised to support growth
Borrowings
Borrowings byAsset Class ($M)
•Inventory funding broadened to provide flexibility for local purchasing as well as imports.
•BNZ Securitisation notes now consist of Class 1 notes only after 2022 refinance of Class 2 and 3 notes by Turners.
•Oxford capacity expected to support lending over the next 12-24 months.
•Corporate funding capacity more than sufficient to support current committed branch expansion plans in Auto.
($M)LimitDrawn
Receivables –Securitisation(BNZ)
316295
Receivables –Banking Syndicate(ASB/BNZ)
50 35
Less Cash
(5)
Net Receivables Funding
366325
Receivables Funding Capacity
41
Corporate & Property
11075
Working Capital (ASB& BNZ)
30 7
Less Cash
(7)
Net Corporate Borrowings
14075
Corporate and Property Funding Capacity
65

21• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Our strong culture is a key advantage for our business
•Turners rank in the top 5% of consumer businesses
globally using the Peakon survey tool
•Having a strong culture and an engaged team is very
important to us, particularly at a time when recruitment
and retention is challenging
•We continue to invest in training, remuneration, and
other benefits eg.in FY23 we launched an Employee
Share Scheme with just under 50% take up
•Turners scores 9.4 for Diversity and Inclusion. This
measures ourefforts to maintain a diverse workforce
and create an environment where every individual
feels included.
•Turners scores 9.1 for Health and Wellbeing. This
measures how satisfied employees are with Turners
efforts to help them cope with stress and stay
mentally, socially, and physically healthy.
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
7.5
8
8.5
9
9.5
Aug-20Oct-20Dec-20Mar-21Jun-21Sep-21Nov-21Mar-22Jul-22Oct-22Mar-23

22• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
2. Segment Results

23• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
FY23 by segment
($M)Automotive RetailFinanceInsuranceCredit
Revenue278.215%58.613%43.68%9.2(5%)
Segment Profit25.028%15.0(17%)12.69%2.9(6%)

24• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
FY23 Update by segment
AutoRetail
•Market share gains and margin improvement through
brand promotion and retail optimisation initiatives.
•Stock turn improving through “speed to sale” operational
efficiencies.
•Damaged vehicle unit sales increased by 24% over
FY22.
Finance
•Finance margin management through regular pricing increases.
•Credit policy regularly reviewed and tightened to continue
improving credit quality metrics.
•Interest expense up materially 110% to $13.1m resulting in
expected compression in net interest margin.
Credit/Management
•Debt load increasing and well positioned for the next stage of the
NZ credit cycle.
•Market wide credit defaults starting to lift off historical lows.
•Customer experience scores very pleasing confirming resolution
focus right strategy.
Insurance
•Market share gains.
•Claims ratios continue to improve, and less cars moving
in working from home arrangements.
•Core technology system replacement development
completed.

25• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Automotiveretail
Revenue 278M +15%, Segment Profit $25M+28%
•Turners “retail” market share has continued to grow throughout
FY23. Retail (BuyNow) unit sales up 6% to ~19,500, wholesale
auction unit sales up 25% to ~14,700 units.
•Total “owned” units sold in FY23 up 9% over FY22 to 21,700,
overall margin on cars we own is up 11% for FY23.
•Nelson and Rotorua now both fully operational and performing
above expectations.
•Overall finance attach rates are tracking behind FY22 (FY23 31%
v FY22 33%) as a result of both CCCFA changes (Q3 FY22) and
credit policy tightening.
•Business continues to operate off lower inventory levels, with
faster stock turn as a result of successful domestic sourcing
strategy.
•Flood damaged vehicle sales and replacement vehicle demand
has contributed an ~$1M in additional operating profit.
Turners Retail Quarterly Market Share
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%

26• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Conversion of wholesale auction units to retail channel
material opportunity
•51% of sales in FY23 through the retail
channel.
•18,500 units sold through auction in FY23
v 14,700 sold in FY22, largely due to
adding Fleet Partners ex-lease
consignment vehicles.
•For each additional vehicle sold through
retail (not auction) Turners makes
another $1,000 per vehicle, every 1%
uplift in retail % generates ~$400k in
additional profit.
•We have generated more owned stock
and consignment, and we are increasing
our retail % and capacity through branch
expansion.
•Internal target to get to 70% of sales
through retail channels by FY26.
SOURCING
Owned local
Owned import
Consignment
19,200
(51%)
2,500
(7%)
16,300
(42%)
SELLING
Retail
Auction
19,500
(51%)
18,500
(49%)

27• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Retail expansion pipeline
LocationSizeTiming
Expected additional
profit contribution
Timaru4,000m2Q4 FY24$500k
Napier (site expansion)8,000m2Q4 FY24$500k
Christchurch -Hornby15,500m2Q4 FY25$400k
Christchurch –Burnside
(Airport precinct)
8,000m2Q4 FY25$300k
Christchurch –City Centre6,000m2Q1 FY26$500k
New locations
•Takanini/Drury
•Whanganui
•North East Christchurch
•Lower Hutt
•Albany north
Existing locations expansion
•Invercargill
•New Plymouth
•Tauranga
Committed development pipeline
“Opportunities” pipeline

28• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Improving our speed to sale has improved our stock turn and
reduced inventory levels
•Data tools have enabled accurate measurement of the
process.
•Vehicle preparation process has been re-engineered and
optimised for specific vehicle requirements, which has
removed a number of time critical bottlenecks.
•Outcome has been higher sales off lower inventory
investment, and reduced exposure to market pricing
changes.
•Upweighting local sourcing versus used imports has
been beneficial.
Key IndicatorSept-21Mar-22Sep-22Mar-23
Speed to sale
(days to
advertise)
35251414
Stock value
($M)
34.032.027.726.1
Stock units4,2653,7973,0673,021

29• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Focus on local sourcing continues to deliver...
•Positive impact on volume and margins from focus on local
sourcing in FY23, use of data, branch network, lead
generation, customer experience and conversion.
•Improvements in use of data, higher proportion of domestic
buying have helped to lock in structural improvements in
margin over pre-pandemic levels as well as stock turn
improvements.
•Cut through of Tina campaign continues to deliver record
levels of sourcing leads.
•Local sourcing allows business to direct purchasing to high
demand vehicle categories faster.
Average Margin
1
($) and Units of “owned” cars sold
1
Margin calculated after selling fees
0
100
200
300
400
500
600
700
800
900
0
5,000
10,000
15,000
20,000
25,000
30,000
FY19FY20FY21FY22FY23
Stock turn
Units Sold
Local Units soldImport units soldMargin

30• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Turners Subscription moves into profit
•Turners Subscription has broken through the milestone of
300 concurrent subscriptions in February 2023.
•The average subscription period has reduced due to a
spike in short term Xmas subscriptions over Dec-22/Jan-
23.
•Daily rates have firmed over last year with FY22 day rates
averaging $21 and FY23 at $32 per day.
•~80% of the Subscription owned cars are Low Emitting
Vehicles (LEVs).
15
65
115
165
215
265
315
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
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
Profitable months
Turners Subscription snapshot by month

31• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Finance
Revenue $58.6M +13%, Segment Profit $15.0M (17%)
Total Receivables (ex impairments)
•Growth has moderated as credit quality, regulatory compliance
and margin becomehigher priorities.
•A 110% or ~$7M increase in interest expense has had a material
impact on profits on average loan book.
•Credit policy continually tightened throughout HY23, with
average credit score continuing to improve. Premium Tier
business accounts for 50%+ of our new business per month.
•Controlled lending through our own Turners and Direct channel
up 8% in FY23 to $77M.
•Oxford loan arrears continue to track at ~half the levels of the
wider market (see Centrix data on slide 34).
200
250
300
350
400
450
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
Millions

32• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
The quality of the finance book continues to improve...
Total New Lending with Premium Tier Risk
Split
Average Credit Score
Average Centrix
autoloanportfolio
score
560
580
600
620
640
660
680
700
720
740
Average consumer CENTRIX credit score
3%
26%
47%
48%
48%
49%
51%
54%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23H2 FY23
OtherPremium

33• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
0.0%
5.0%
10.0%
15.0%
20.0%
Non-Consumer Total Arrears Percentage
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Total consumer arrearsIndustry arrears (Centirx)
Quality lending strategy resulting in arrears at well below
industry benchmarks
2.6%
2.0%
1.8%
Consumer arrears
Commercial arrears
•Oxford loan arrears continue to track better than market data
published by Centrix (see chart at top left).
•Our large proportion of premium borrower business combined with
tightening credit policy means arrears still tracking well below pre-
Covid
•Oxford has continued to tighten credit policy during FY23.
•Consumer total arrears has increased slightly from 2.0% to 2.6% at
Mar-23, driven by uplift in short term arrears. However 90+day arrears
have actually reduced to 0.4% in Mar-23 from 0.6% in Mar-22.
•There is a material buffer ($2M) over and above BAU arrears
provisioning to allow for further economic uncertainty.
0.5%
HardshipAs at FY23As at HY23COVID peak
in FY22
Number4547511
Balance$760,000$971,000$12,260,000
5.4%

34• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
The impact of rising OCR on interest expense has been material
•Average loan book growth from FY22 to FY23
was 13% against interest expense growing at
110% over the same period.
•To combat the fastest rising OCR in history we
have implemented 12 base rate movements since
Oct-21 for lift of 4.10%.
•Increased hedged portion of borrowings to over
~60%.
•Net Interest Margin expansion expected to
resume once OCR peaks.
% growth in Oxford interest expense and average loan book size
5%
-20%
15%
110%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
FY20FY21FY22FY23
Year on year % Var
FY
Loan Book SizeInterest Expense

35• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
66%
60%
58%
58%
FY20FY21FY22FY23
Insurance
•Market share gains continuing to provide robust policy sales
despite challenging market conditions.
•Digital distribution arrangements continuing to work well with
further opportunities in pipeline.
•Claims Costs inflation being offset by frequency of claims
reducing due to changes in consumer behavior (WFH and cost
of living).
•Operating Cost Ratio steady between 20-21%.
•Pandemic and weather events have confirmed no catastrophe
risk in portfolio, and our de-risking strategy has worked
effectively.
•Core system replacement project ready for implementation.
Revenue $43.6M +8%, Segment Profit $12.6M +9%
Net Earned Premium FY22 to FY23 ($000’s)
MBI Loss Ratio Performance

36• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Creditmanagement
•Debt value loaded increased by 20% ($22M) over FY22 however
80% ($18M) of this increase was from harder to contact and collect
second placement debt.
•Debt value collected was down 9% to $34.4M due to diminished
customer payment capacity requiring lower repayment amounts to
be accepted, and payment arrangements being extended.
•Promises to Pay kept rate has remained stable through the last 12
months at over 75%.
•Positive signs are being seen for Credit Card demand up 20%
(coupled with BNPL demand dropping 15%) year on year flowing
through to increased arrears levels, but still lower than pre-pandemic
levels –Centrix data April 2023.
Revenue $9.2M (5%), Segment Profit $2.9M (6%)
Total Debt Collected ($M)
Total Debt Loaded ($M)
$237m
$225m
$119m
$108m
$130m
$0m
$50m
$100m
$150m
$200m
$250m
FY19FY20FY21FY22FY23
$57m
$65m
$40m
$37m
$34m
$0
$10
$20
$30
$40
$50
$60
$70
FY19FY20FY21FY22FY23

37• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Debt load increasing as NZ credit arrears metrics deteriorate
Centrix NZ Credit Metrics
•Consumer arrears are on the increase
to 11.8% of the credit active population
(11.3% in Mar-22).
•Number of people that are behind on
their payments has increased to
427,000.
•The current arrears level is 8% higher
on a year-on-year basis as the cost of
living pressures persist. Consumer
delinquencies are at the same level as
reported in March 2019.
•4.9% of credit active consumers are
currently 30+ days past due (up from
4.1% for the same month last year).
Consumer Arrears Trend
Source –Centrix Credit Bureau

38• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
3. Looking forward ...

39• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Resilient and well diversified, poised for further growth ahead
1.Used car market is resilient...20% of the vehicle fleet
over 20 years old. Replacement demand underpins
transaction volumes.
2.Diversified business –geographic diversity and earnings
diversity across the group.
3.High “trust” brands –consumers move to high trust
brand in times of uncertainty...our brands continue to
grow in strength.
4.Quality –we have de-risked in a number of areas with
quality metrics improving in finance and insurance.
5.Growth –good track record of organic growth delivery
with further opportunity to come. Halo effect from Auto
Retail expansion includes positive uplift for Finance and
Insurance divisions.
Thebusiness benefits from strong geographical and earnings diversification during
restrictions.
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
0304050607080910111213141516171819202122
% Change Yr on Yr, New Car vs Used Car Sales
Used Car % Change Y on Y

40• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Challenges have concentrated on economy and interest
rates...
ChallengeMitigationFY23 risk rating for TRAFY24 risk rating for TRA
Rapid increases
in interest and
Inflation rates
•Diversifying funding sources by introducing new funders into
Securitisation Warehouse
•Increase volume of direct lending
•Increase hedging
HighHigh
Recession
•Repositioning stock levels and price point of cars for “in
demand” segments
•Local (domestic sourcing)
•Tightening of credit policy and continued focus on margins and
credit quality in finance book
HighMedium
Supply Chain
•Focus on local vehicle sourcing
•Investing more resource in parts procurementin Insurance
•Increase number of mobile claims assessors
MediumLow
Recruitmentand
retention of
people
•Employee share scheme launched
•Parental leave benefit strengthened
•High employee engagement scores
•Employment brand of Turners higher quality
HighLow
Regulatory
•Continued focus on good customer outcomes by measuring and
improving customer experience
•Continueto engage constructively with regulators directly and
through industry associations
MediumLow

41• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Growth model: FY24
AutoRetail
•Stock acquisition –Keep building domestic sourcing
•Retail optimisation and expansion –develop new sites and build retail volumes
•Transition wholesale auction transactions to retail
Finance
•Pricing and margin management
•Focus on credit quality
•Growth focus will return when interest rates stabilise
CreditManagement
•Rebuild payment bank by building on “resolution” focused collections strategy
•Continue working closely with corporates to manage reputational risk
•Well positioned for the next stage of the NZ credit cycle.
Insurance
•Expand distribution through partnership strategy
•Core insurance system replacement
•Continue to enhance risk pricing and product features

42• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Growth model: FY23 –FY25
1.Auto -Branch expansion
2.Auto -Vehicle purchasing decision-making
3.Auto -Retail optimisation of unit sales from wholesale to retail
4.Finance –growth in premium lending
5.Insurance –execute distribution opportunities
The model gives us confidence in higher earnings growth through the cycle.
We have found the right formula, and will optimise further ...
Five key areas underpin our earnings growth, a combination of both physical and digital:

43• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
31.1
29.0
29.1
37.4
43.1
45.5
45.0
50.0
20
25
30
35
40
45
50
55
FY18FY19FY20FY21FY22FY233 Year FY24
target set in
FY21
3 year FY25
target set in
FY22
We are ready for what’s next ... $50M PBT by FY25
The broader economic environment and specifically the OCR track could have a
timing impact on achieving our FY25 goal
Net Profit Before Tax ($M)
1
3yr FY21
target
3yr FY22
target
FY21 target of $45M by FY24
•Achieved 12 months ahead of time.
FY22 target of $50M by FY25
•Scenario 1–OCR peak of 5.50% by June 2023 and interest
rates start down cycle in H2 CY23 then on track to achieve
$50M target by FY25.
•Scenario 2–OCR peaks higher than 5.50% and increasing
cycle continues into 23/24 then more likely to achieve $50M
target by FY26.

44• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Roadmap to $50M NPBT...
•Business is highly cash generative, leading to growth + yield for
shareholders.
•Auto retail growth continues to come from retail optimisation and
branch expansion. We are targeting a 10% market share.
•Margin expansion in Auto Retail out of transition of unit sales from
auction into retail channels.
•Headwinds in finance offset by growth driven out of direct lending
and improvements in distribution.
•Insurance growth to come from direct and digital distribution.
•Credit delivers growth as low pandemic level arrears return to more
long term run rate levels.
Net Profit Before Tax Bridge ($M)

45• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
•Whilst the pandemic uncertainty has decreased, NZ’s economic uncertainty has increased. In an environment where costs are up
significantly, interest rates have never increased faster, there has been more government regulation in finance and vehicle markets
than ever before, and Turners business has continued to perform.
•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 the
transition of wholesale auction units into retail sales channel will underpin further market share growth.
•Finance-Quality and margin management remain key priorities within the finance division in the short term however once peak
OCR has been reached net interest margin will start expanding.
•Insurance -we expect new policy sales to be buoyant based on our distribution and market share gains and claims ratios to be
stable.
•Credit Management -is expected to perform better as the economic conditions worsen and the resultant impact on consumer
arrears. We are well positioned for the next stage of the NZ credit cycle.
•Solid start to FY24 with April-23 profit result showing positive growth against prior period.
Outlook + guidance

46• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Results Video
A short video is available summarising the FY23 results at...
https://www.turnersautogroup.co.nz/investor-centre

47• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
Questions
47• TURNERS AUTOMOTIVE GROUP FY23 RESULTS

48• TURNERS AUTOMOTIVE GROUP FY23 RESULTS
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
48• TURNERS AUTOMOTIVE GROUP FY23 RESULTS

---

Distribution Notice
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relevant box/es)
DRP applies
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Totalmoniesassociatedwiththe
distribution
6,069,017.29$
Source of distribution
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Gross distribution
Total cash distribution
Excluded amount (applicable to listed
PIEs)
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Is the distribution imputed
Iffullyorpartiallyimputed,please
state imputation rate as % applied
Imputationtaxcreditsperfinancial
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financial product
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Start date and end date for
determining market price for DRP
10 July 202317 July 2023
Date strike price to be announced (if
not available at this time)
Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
Name of person authorised to make
this announcement
Contact person for this
announcement
Contact phone number
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Date of release through MAP
Todd Hunter
021 722 818
Todd.Hunter@turners.co.nz
23 May 2023
Fully imputed
28%
$0.02722222
$0.00486111
Section 4: Authority for this announcement
Barbara Badish
Section 4: Distribution re-investment plan (if applicable)
2%
18 July 2023
12 July 2023
To be calculated under terms to be advised
Section 3: Imputation credits and Resident Withholding Tax
11 July 2023
10 July 2023
28 July 2023
Retained earnings
NZD
Section 2: Distribution amounts per financial product
$0.09722222
$0.07000000
n/a
$0.01235294
Section 1: Issuer information
Turners Automotive Group Limited
Ordinary shares
TRA
NZVNLE0001S1