Turners delivers record HY result, driven by Auto Retail

Company Announcement
22 November 2023


Turners delivers record HY result, driven by Auto Retail.
Turners Automotive Group (NZX/ASX: TRA) achieved a record result for the six months to 30 September 2023,
despite a challenging macro environment. This demonstrates the resilience of Turners’ diversified business
underpinned by a strong team culture and a focus on implementing an effective strategy for organic growth.
Key HY24 financial metrics

 Revenue $214.2m (+16%)
 EBIT $30.2m (+16%)
 NPBT $25.7m (+10%)
 NPAT $18.5m (+8%)
 Earnings per share 21.2 cps (+7%)
 Q2 fully imputed dividend declared at 6.0 cps

Highlights

 Record net profit before tax of $25.7m for HY24 (HY23 $23.4m), 10% ahead of same period last year despite
material macro challenges.
 Reaffirming guidance from October, 2023, that after a strong HY, FY24 result is expected to be ahead of
FY23.
 Forecast fully imputed dividend at this level of profit will be at least 24 cps, up 4% on FY23
 Despite uncertain macro environment, diversification and resilience of the business continues to deliver
robust earnings and consistent dividends with Q1 dividend paid at 6.0 cps and Q2 dividend declared at
6.0cps.
 Three out of four divisions – Auto Retail, Insurance and Credit Management – well ahead of last year on
profit contributions.
 Headwinds for Finance Division from rising interest rates may become tail winds as interest rate
environment improves, lifting margins.
 Stand out performance from Auto Retail growing volume and market share in a NZ used car segment which
is up 6% year-to-date. Increased confidence in achieving 10% market share target.
 Turners auto retail network expansion and vehicle sourcing strategy underpins growth.
 Continued high levels of team engagement scores (top 5% of consumer businesses globally), coupled with
high take up of employee share scheme (~50%)

CEO Todd Hunter said, “Despite challenging macro conditions, Turners has demonstrated it has the right strategy to
maximise opportunity through the cycle, and is well-positioned as market conditions start to improve and the
interest rate environment stabilises. With the NZ used car market growing 6% year to date, Turners has grown
market share and volumes to produce a stand-out result. Meanwhile, the number of dealers in the market is down
18% from the 2017 peak. As market conditions stabilise, we are well placed to continue our strong growth
underpinned by our network expansion as well as our agile sourcing strategy that is driving additional sales. We are
also supporting emissions reductions by focussing on low emitting vehicles and have achieved a 39% reduction in
emissions for cars imported by Turners between 2019 and 2023.
“We expect to continue this momentum into our second half to deliver a full year result ahead of last year,
reiterating the guidance we provided in October, 2023.”

Company Announcement
22 November 2023


Financial results
Reported NPBT for HY24 rose 10% to $25.7m. Earnings per share for HY24 were 21.2 cps, up 7% on the same period
last year. The Board paid a fully imputed Q1 dividend of 6.0 cps, and has declared a fully imputed Q2 dividend of 6.0
cps, taking HY24 dividends to 12.0 cps, on track for a full year dividend of at least 24 cps.
Chairman Grant Baker said, “Turners has been growing dividends for almost a decade as we continue to refine our
diversified business platform to deliver robust earnings and returns for shareholders. Based on a projected 24 cps
full year dividend and a $4.25 share price, this reflects a gross yield of 7.8% per annum. This is built on a strong team
that focuses on continuous improvement. We are delighted with the uptake of our employee share scheme so that
our people are also rewarded for their investment in the business. Not only has the used car market proved resilient,
but we are seeing signs of an improving interest rate environment. Net Interest Margin has stabilised and will expand
once the OCR rate cycle reverses.”
Key Drivers of HY24 result
 Strong growth in auto retail revenues through increase in volume, margins and finance attached. Agile
sourcing driving additional sales along with expansion of our auto retail network.
 Continued growth in damaged and end of life vehicle units sold due to aging NZ vehicle fleet and weather
events.
 Interest rate environment continues to negatively impact finance net interest margin, however they have
now stabilised and we expect a gradual recovery.
 Finance arrears have increased as expected from historic lows but are performing significantly better than
market levels reflecting quality focus.
 Earnings diversification and resilience of business demonstrated in a challenging economic environment.
Divisional results
 Refer to appendix
Q3 Update
 Auto Retail: Volumes and margins holding up well in car sales. Damaged vehicle volumes still strong.
 Finance: Economic environment reducing SME’s cash buffer for shock events and the expectation is arrears
will increase if unemployment rate lifts. Oxford still hold an economic overlay provision buffer of $2M which
is unchanged from March 2023. Net interest margin and profit has stabilised.
 Insurance: Claims continue to track below expectations, investment returns improving and policy sales
holding up well.
 Credit: Corporate debt load recovering slower than expected, but SME debt load increasing quickly. NZ
Credit metrics continue to deteriorate.
Outlook
A strong first half performance, combined with Q3 outlook, provides confidence to reaffirm guidance that FY24 full
year result will be ahead of FY23 (reiterating guidance from October 2023). The full year dividend at this level of
profit is forecast to be at least 24 cents per share, which would represent a 4% improvement on last year.
ENDS

Company Announcement
22 November 2023


Appendix: Divisional Results
Auto Retail: Revenue $156.1M +20%, Segment Profit $18M +62%
 Market share continued to improve. Retail (BuyNow) unit sales up 8% to around 10,100. Wholesale auction
unit sales up 4% to c. 9,800 units.
 Total owned units sold in HY24 up 10% over HY23. Overall margin on owned cars up 66%. Average cost of a
unit in inventory down 8% to $8,300 per unit.
 HY24 Finance Attach rates improved to 34% up from 32% in HY23
 Damaged vehicle unit sales up 31% arising from tail end of weather events in Q423 as well as old fleet
reaching the end of life
 Agile sourcing driving additional sales. Vehicle sourcing capability continues to improve through lead
generation, frontline tools, and pricing strategies. Continued improvements in use of data has helped lock
in structural improvements in margin.
Finance: Revenue $30.2M +3%, Segment Profit $5.1M (-44%)
 Loan book starting to grow again off the back of stronger consumer lending
 Net interest margin has stabilised and is back growing, expected to gather pace as a reducing OCR cycle
begins
 Interest expense up 62% for HY24 compared to HY23 with loan book down 4% over the same period
 Controlled lending through own Turners and Direct channel up 24% in HY24 to $47m
 Loss on disposal of pre-GFC property security $300k.
 Credit policy continued to be tightened through HY24.
Insurance: Revenue $22.7M +5%, Segment Profit $7.1M +14%
 Market share gains drove growth in policy sales. MBI premium up 3% on prior year
 Claims cost inflation offset by reduction in claims due to motorists driving less
 Underwriting profit up 1%. Operating cost Ratio steady.
 AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating and affirmed
the Financial Strength Rating of B++ (Good)
 Google Rating and Customer Net Promoter Score continuing to increase.

Credit Management: Revenue $5.3M +8%, Segment Profit $1.8M +29%

 Current NZ wide arrears level is now tracking above 2018 levels after coming off historic lows, a trend
expected to worsen over coming months
 Debt value loaded increased by 32% to $83.7m as market wide credit metrics continue to deteriorate. NZ
SME debt load is up 45% year on year
 Debt value collected way up 10% to $20.5m with cost of living pressure resulting in longer settlement
arrangements to address outstanding debts
 Promises to Pay kept rate has also reduced from 73.1% in HY23 to 71.4% in HY24.

ENDS

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

For further information, please contact:
Todd Hunter, Chief Executive Officer, Turners Automotive Group Limited, Mob: 021 722 818

---

1• HY24 RESULTS PRESENTATION
HY24
Results
Presentation
For the sixmonthsending
30 September 2023

2• HY24 RESULTS PRESENTATION
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:
IV.Uncertainties relating to government and regulatory policies;
V.The occurrence of catastrophic events with a frequency or severity exceeding our estimates;
VI.The legal environment;
VII.Loss of services of any of the company’s officers;
VIII.General economic conditions; and
IX.The competitive environment in which the company, its subsidiaries and its customers operate; and other risks inherent in thecompany’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.

3• HY24 RESULTS PRESENTATION
Agenda
1
Overview of HY24
2
HY24 Financial Performance
3
Segment Results
4
Outlook

4• HY24RESULTS PRESENTATION
1 Overview of HY24

5• HY24 RESULTS PRESENTATION
Key highlights:
Turners continues to grow earnings despite macro
challenges...
1.Record net profit before tax of $25.7M for HY24, 10% ahead of HY23 ($23.4M NPBT) despite a challenging macro environment
2.Reaffirm guidance from Oct-23 that after a strong H1 our FY24 result will be ahead of record FY23 result and forecasted dividendat
this level of profit will be at least 24 cents per share (+4%).
3.Despite the macro context, the resilience and diversification of the group continue to deliver robust earnings and consistentdividends
for Turners’ shareholders. Q1 dividend paid at 6.0 cps and Q2 declared at 6.0 cps (both fully imputed).
4.The wider NZ used car market is up 6% year to date (Apr to Sept) however this is skewed by a large number of used imports being pre-
registered in June-23 in advance of changes to the Clean car Discount program.
5.3 out of 4 business divisions (Auto Retail, Insurance and Credit Management) are well ahead of prior year profit contributions with
stand out performance from Auto Retail division growing volume and market share in used car segment. Finance has experienced
significant headwinds from rising interest rates, but expect to see interest rates become a tailwind in due course.
6.Turners’ Auto Retail network expansion, highly effective marketing and vehicle sourcing strategy continues to drive growth for the
business and offset the impact of the interest rate headwinds being experienced by Oxford Finance.
7.Continued high levels of employee engagement being super charged with high take up of employee share scheme.

6• HY24 RESULTS PRESENTATION
•Transaction levels continue to track well behind pre-
Covidlevels due torising interest rates, and increased
government regulation.
•Used car Change of Ownership transactions up 6% from
April to September.
•Further change expected to Clean Car Discount program
with new government, with National calling for the
scheme to be scrapped.
•Demand for higher value cars continues to moderate
and also strengthen at lower price point segments.
Source: NZTA Total Change of Ownerships for Used Vehicles in NZ by HY
NZ used car transaction volumes (Apr to Sep)
300,000
350,000
400,000
450,000
500,000
550,000
600,000
HY18HY19HY20HY21HY22HY23HY24
Change of Ownerships
NZ used car market off the bottom

7• HY24 RESULTS PRESENTATION
2,700
2,800
2,900
3,000
3,100
3,200
3,300
3,400
3,500
3,600
Google search terms used cars v Turners carsRegistered dealer numbers NZ (source MBIE)
18% drop
3,518
Feb-18
2,891
Sep-23
0
10
20
30
40
50
60
70
80
90
100
Month
Dec-11Dec-12Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22
Search interest in topic
'Turners Cars''Used Cars'
Turners digital strategy working and dealer
numbers dropping

8• HY24 RESULTS PRESENTATION
~92k EVs are registered in NZ out of a total light vehicle fleet of ~4.4M cars
Total number of BEVs and PHEVs in NZ vehicle fleet
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2017201820192020202120222023 Sep
YTD
Market share of EVs as % of total fleet
Actual Number of Electric Vehicles
PHEVBEVMarkt Share of Evs
9%
of total cars sold by Turners in Sept-23 were
Hybrid or EV powered
123
Grams/km of C02 emissions
a 39% reduction for cars imported by Turners
from 2019 to 2023
Source:
Turners supporting the transition of the NZ fleet

9• HY24 RESULTS PRESENTATION
HY24 and Q3 Summary
•Revenue $214.2M +16%
•EBIT $30.2M +16%
•NPBT $25.7M +10%
•NPAT $18.5M +8%
•Q2 dividend declared at 6.0 cps
•Earnings per share 21.2 cps +7%
•Auto Retail revenue grew strongly due to
increased volume, margins and finance attach
•Continued sales growth for damaged and end
of life vehicle units
•Finance Interest rate environment continues
to negatively impacting finance net interest
margin but margins have stabilised.
•Finance arrears performing significantly better
than market levels.
•Earnings diversification and resilience of
business demonstrated in a challenging
economic environment.
Financials
Key Drivers for HY24Q3 Update
•Auto Retail: Volumes and margins
holding up well in car sales. Damaged
vehicle volumes still strong.
•Finance: Economic environment
reducing SME’s cash buffer for shock
events. Expect arrears to increase if
unemployment rate lifts.
•Insurance:Claims continue to track
below expectations, improving
investment returns
•Credit: Corporate debt load recovering
slower than expected, but SME debt
load increasing quickly. NZ Credit
metrics continue to deteriorate.

10• HY24RESULTS PRESENTATION
2 HY24 Financial
Performance

11• HY24 RESULTS PRESENTATION
Revenue
$214.2M+16%
Shareholders’Equity
$279.6Mas at 30Sept2023
EBIT
$30.2M+16%
Q2 Fully Imputed Dividend6.0cps
ProjectedFY fully imputed Div
of at least 24.0cps
Net Profit BeforeTax
$25.7M+10%
H1 Earnings PerShare
21.2 cps
(HY23 19.8 cps,+7%)
Net Profit After Tax
$18.5M+8%
Revenue
Net profit aftertax
0
50
100
150
200
250
300
350
400
450
FY18FY19FY20FY21FY22FY23FY24
NZ$M
2H
1H
0
5
10
15
20
25
30
35
FY18FY19FY20FY21FY22FY23FY24
NZ$M
2H
1H
HY24 Results snapshot

12• HY24 RESULTS PRESENTATION
•Revenue growth in Auto Retail reflects
overall increase in car units sold (both
“owned” and consignment units), and
increase in Damaged and End of Life
vehicles sold.
•Finance revenue growth reflects repricing
strategy
•Insurance revenue gains from higher levels
of policy sales and repricing.
•Credit management revenue increasing
off higher levels of debt loaded
16% increase in revenue, predominantly driven by Auto
Retail
Revenue bridge HY23 to HY24
HY23: HY24 Revenuebridge

13• HY24 RESULTS PRESENTATION
•Auto Retail result underpinned by
growth in car units sold, improved
finance attach and higher numbers of
damaged vehicle units. Market share
gains and new branch growth will lock
these gains in.
•Finance impact of rising interest costs.
•Insurance result reflects improvement
in investment returns and continued
efficiencies in claims.
•Credit performance improvement
from increasing levels of debt load as
economy goes under pressure.
•Corporate cost up off back off higher
interest rates.
NPBT increased from $23.4M to $25.7M, up 10%
HY23: HY24 Net profit before tax (NPBT)bridge
NPBT Bridge HY23 to HY24

14• HY24 RESULTS PRESENTATION
•Super growth from Auto Retaildivision which
makes up ~56% of group profits.
•Financecontinues to be materially impacted by
the fastest ever tightening cycle in interest
rates, however we have seen margins stabilise
and expect interest rates to become a tail wind
once the easing cycle begins.
•Insuranceis consistently growing through more
policy sales, better risk pricing and the benefit
of increasing interest rates on investment
returns.
•The mix of activity and annuity businesses
provides the earnings diversification to protect
earnings stability during difficult times.
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
HY20HY21HY22HY23HY24
NZ$M
Auto RetailFinanceInsuranceCredit management
Operating profit contribution by segment
The business has a diverse and resilient earnings base

15• HY24 RESULTS PRESENTATION
0.10
0.13
0.145
0.155
0.17
0.14
0.20
0.230.23
0.24
0.00
0.05
0.10
0.15
0.20
0.25
0.30
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24 (F)
Note -Dividends fully imputed from FY17 onwards
•Proven track record of delivering consistency
and growth in dividends.
•Dividend payout ratio is 60-70% of NPAT.
•Quarterly dividend payments
•Q1 fully imputed dividend declared at 6.0 cps
paid on the 27
th
Oct.
•Based on the projected “at least” 24.0 cents
per share dividendand a share price of $4.25
this is a gross yield of 7.8% pa.
•Dividend Reinvestment Plan (DRP) will
continue.
COVID
impacted year
Growing dividends for almost a decade
Dividend per share ($)

16• HY24 RESULTS PRESENTATION
•Inventory levels are down due to faster
stock turn and a deliberate strategy to
acquire lower priced cars to reflect
where demand in the market is. Units in
stock have increased slightly to 3,103
up 1% despite overall stock value being
down 9%.
•Finance receivables have reduced from
Sep-22 high point due to our deliberate
strategy to prioritise quality and margin
over loan book growth.
•Property, plant and equipment
increase due to acquisition and
development of new sites in Timaru
and Napier.
•Borrowings have mirrored the
reduction in finance receivables.
NZ$MHY24HY23
Cash and cash equivalents
12.617.7
Financial assets at fair value
67.566.2
Inventory
23.826.2
Finance receivables
420.9443.1
Property, plant and equipment
109.174.2
Other Assets
34.833.0
Right of use asset
20.8
24.6
Intangible assets
163.4
164.4
Total Assets
852.9849.4
Borrowings
417.4430.8
Trade & other payables
49.242.4
Deferred tax
12.112.7
Insurance contract liabilities
58.156.5
Lease liabilities
25.630.1
Other Liabilities
10.811.9
Total Liabilities
573.2584.4
Robust balance sheet

17• HY24 RESULTS PRESENTATION
Fundingmixoptimised to support growth
Borrowings
Borrowings byasset class (NZ$M)
•Inventory funding broadened to provide flexibility for local purchasing as well as imports.
•New securitisation warehouse created for new funders ($100M), Fitch AAA rating achieved as part of transaction process
•Oxford capacity expected to support lending over the next 12 months.
•Corporate funding capacity sufficient to support committed branch expansion plans in Auto Retail.
(NZ$M)LimitDrawn
Receivables –SecuritisationTrusts
351281
Receivables –Banking Syndicate(ASB/BNZ)
50 42
Less Cash
(8)
Net Receivables Funding
401315
Receivables Funding Capacity
78
Corporate & Property
11087
Working Capital (ASB& BNZ)
30 8
Less Cash
(7)
Net Corporate Borrowings
14088
Corporate Funding Capacity
45
421
95
24
323
87
7
0
50
100
150
200
250
300
350
400
450
Finance Receivables
(77% of total borrowings)
Property
(21% of total borrowings)
Inventory
(2% of total borrowings)
AssetBorrowings

18• HY24RESULTS PRESENTATION
3 Segment Results

19• HY24 RESULTS PRESENTATION
HY24 by segment
Note –HY24 reported NPBT of $25.7M includes corporate costs of $6.3M
NZ$MAutomotive RetailFinanceInsuranceCredit
Revenue156.1+20%30.2+3%22.7+5%5.38%
Segment Profit18.0+62%5.1(44%)7.1+14%1.829%

20• HY24 RESULTS PRESENTATION
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
1Q131Q141Q151Q161Q171Q181Q191Q201Q211Q221Q231Q24
•Market share has continued to improve subject
to high levels of pre-registered used imports
when Clean car Discount changes made in June.
•Retail (BuyNow) unit sales up 8% to ~10,100,
wholesale auction unit sales up 4% to ~9,800
units.
•Total “owned” units sold in HY24 up 10% over
HY23, overall margin on cars we own is up 66%
for HY24.
•Demand for lower priced stock is holding up
and business continues to reposition inventory.
•HY24 finance attach rates have improved to
34% up from 32% in HY23.
•Damaged vehicle unit sales up 31% from tail
end of weather events in Q4 FY23 and
continued growth in old fleet reaching end of
life status
Turners retail market share % (Quarterly)
Source –NZTA Dealer to Public Registrations + Ex-Overseas Registrations
Clean Car
Discount
Impact
AutomotiveRetail
Revenue 156.1M +20%, Segment Profit $18.0M +62%

21• HY24 RESULTS PRESENTATION
•Vehicle sourcing capability continues
to improve through lead generation
investment, pricing tools, pricing
strategies.
•We continue to position stock
acquisition for where demand in the
market is strongest through use of
our data analytics.
•Continued improvements in use of
data have helped to lock in structural
improvements in margin over pre-
pandemic levels.
•Average cost of an owned stock unit
down 8% to $8,300
1
per unit
reflecting demand moving down
price points. (87% of our inventory
<$15k)
1
Cost price of inventory exclGST
HY19HY20HY21HY22HY23HY24
Import Units Sold
1,1431,4439511,9151,530859
Local Units Sold
6,8477,1675,2908,44310,01511,904
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Units Sold
Local Units SoldImport Units Sold
Agile sourcing strategy driving additional sales
Average margin1 ($) and units of “owned” cars sold

22• HY24 RESULTS PRESENTATION
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
HY15HY16HY17HY18HY19HY20HY21HY22HY23HY24
Insurance Written Off VehiclesGeneral End of Life Vehicles
Damaged and End of Life vehicle volumes on the rise
Damaged and end of life vehicle units sold through Turners
•20% of the NZ vehicle fleet are more
than 20 years old​
•​Accident damaged vehicles and older
vehicles getting more expensive to
repair (parts/labour), vehicles more
technical​
•​Insurers are writing off more vehicles
as uneconomic to repair​
•Weather events leading to more cars
being written off​ by insurers

23• HY24 RESULTS PRESENTATION
LocationSizeTiming
Expected additional
profit contribution
Timaru (Cars)4,000m2Open –Nov 23$500k
Napier (Cars site expansion)8,000m2Q4 FY24$500k
Tauranga –Tauriko(Trucks
and Machinery)
7,900m2Q4 FY25$300k
Christchurch –Hornby (Cars)15,500m2Q4 FY25$400k
Christchurch –Airport
precinct (Cars)
8,000m2Q4 FY25$300k
Christchurch –City Centre
(Cars)
6,000m2Q1 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
We own 14/31of our sites
with a cost value of $95M
Retail expansion pipeline
Ready for expansion. We have a balance of committed sites and future opportunities​

24• HY24 RESULTS PRESENTATION
Updated Photo of Timaru

25• HY24 RESULTS PRESENTATION
Updated Photo of Napier

26• HY24 RESULTS PRESENTATION
200
250
300
350
400
450
NZ$M
Receivables growth by month (exclimpairments)
Finance
Revenue $30.2M +3%, Segment Profit $5.1M (44%)
•Loan book starting to grow again off
the back of stronger premium
consumer lending.
•Margins have stabilisedand we
expect these to expand once interest
rates start to fall, and as the ledger
continues to re-price upwards.
•Controlled lending through our own
Turners and Direct channel up 24% in
HY24 to $47M.
•Credit policy continued to be
tightened through HY24.
•Loss on disposal of pre-GFC property
security $300k.
•Economic provision buffer maintained
at the $2M level set in Mar-23.

27• HY24 RESULTS PRESENTATION
•Net Interest Margin has stabilised
and is back growing but will gather
pace as a reducing OCR cycle
begins.
•Interest expense up 62% HY24 v
HY23 with loan book down 4% over
the same period.
•Increased hedged portion of Oxford
borrowings to over ~74%.
NIM % after originator commission
The impact of rising OCR is starting to slow down...
7.4%
6.8%
6.6%
5.9%
5.4%
4.8%
4.6%
5.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
1H212H211H222H221H232H231H242H24 Forecast

28• HY24 RESULTS PRESENTATION
Total new lending with premium tier risk split
Average consumer CENTRIX credit score
Avg NZ auto loan
portfolio
Improvement in underwriting quality
Average Centrix credit score for loans on-boarded
3%
26%
47%
48%
48%
49%
51%
54%
53%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1H202H201H212H211H222H221H232H231H24
OtherPremium

29• HY24 RESULTS PRESENTATION
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Total consumer arrearsIndustry arrears (Centrix)
Consumer arrears vs auto-loan industry
•Oxford loan arrears continue to track materially better
than market data published by Centrix (see chart at
left).
•Hardship applications have remained stable despite
economic conditions getting tougher
•Oxford has continued to refine credit policy over the
last 18 months.
•There is also a material buffer ($2M) over and above
BAU arrears provisioning to allow for further economic
uncertainty.
HardshipAs at HY24As at HY23COVID peak in
FY22
Number5047511
Balance$1,012,000$971,000$12,260,000
5.4%
3.0%
Quality lending strategy resulting in arrears at
well below industry benchmarks
1+ day
arrears

30• HY24 RESULTS PRESENTATION
•Market share gains continuing to provide
growth in policy sales...MBI premium up 3% on
prior year.
•Claims costs inflation being offset by reduction
in claims frequency due to people driving less
(WFH and fuel prices)
•Underwriting profit (excl investment income)
up 1%
•Operating Cost Ratio has increased slightly to
22% (20% HY23) due to costs associated with
core system replacement.
•AM Best has revised the outlook to positive
from stable for the Long-Term Issuer Credit
Rating (Long-Term ICR) and affirmed the
Financial Strength Rating (FSR) of B++ (Good)
•Google Rating and Customer Net Promoter
Score continuing to increase.
Net earned premium HY23 to HY24 ($000s)
Average claims cost and claims frequency
$970
$1,017
$1,071
$1,211
16.8%
16.4%16.4%
14.6%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
HY21HY22HY23HY24
Average Claims Frequency
Average Claims Cost ($)
Average Claims Cost - MBI ($)R12 Frequency (%)
MBI –Mechanical Breakdown Insurance
GAP –Guaranteed Asset Protection Insurance
PPI –Payment Protection Insurance
Insurance
Revenue $22.7M +5%, Segment Profit $7.1M +14%

31• HY24 RESULTS PRESENTATION
•Debt value loaded increased by 32% to
$83.7M as market wide credit metrics
continue to deteriorate.NZ SME debt load
is up 45% year on year.
•Debt value collected was up 10% to
$20.5M with cost of living pressure
resulting in longer settlement
arrangements to address outstanding
debts.
•“Promises to pay kept” rate has also
reduced from 73.1% in HY23 to 71.4% in
HY24.
•The current NZ wide arrears level is now
tracking above 2018 levels after coming
off historic lows. This trend is expected to
continue to worsen over coming months.
Debt loadedHY23 to HY24($M)
Centrix consumer arrears trend –Sep 23
Creditmanagement
Revenue $5.3M +8%, Segment Profit $1.8M +29%

32• HY24 RESULTS PRESENTATION
Great shareholder
experience
Great employee
experience
+
Great customer
experience
=

33• HY24 RESULTS PRESENTATION
•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?”
•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.Have
now had two annual rounds of our Employee
Share Scheme with ~50% take up
•High engagement + ownership mindset is a
powerful combination in retention,
recruitment and delivering great customer
experience.
Peakon employee engagement scores
7.0
7.5
8.0
8.5
9.0
9.5
Aug-20Oct-20Dec-20Mar-21Jun-21Sep-21Nov-21Mar-22Jul-22Oct-22Mar-2323-Jun23-Oct
High engagement + ownership mindset is a
powerful combination

34• HY24RESULTS PRESENTATION
4 Outlook

35• HY24 RESULTS PRESENTATION
ChallengeMitigationFY23 rating for TRAFY24 rating for TRAHY24 rating for TRA
Rapid increases
in interest and
Inflation rates
•Diversifying funding sources
•Increase volume of direct lending
•Increase hedging
•Tightening cycle at or close to end
HighMediumLow
Recession
•Targeting lower value cars <$15k for
resale to meet where demand is
•Continued tightening of credit policy
HighMediumMedium
Regulatory
•Continueto engage constructively with
regulators directly
•Likely to see walking back of some
regulation with new government
MediumLowLow
Supply Chain
•Focus on local vehicle sourcing
•Investing more resource in parts
procurementin Insurance
•Increase number of mobile claims
assessors
MediumLowRemoved
Recruitment
and retention
of people
•Employee share scheme launched
•Parental leave benefit strengthened
•Investment in training and development
HighLowRemoved
Our key risks are narrowing...

36• HY24 RESULTS PRESENTATION
Division Commentary
Auto Retail
•Upside in Q4 from our new branches.Timaru now open and trading well, and Napier to open Jan-24
•Supply of low cost vehicles critical to operating in market segments with demand.
•The transition of wholesale auction units into retail sales channel to underpin further market share growth.​
Finance
•Quality metrics remain key priorities as economic conditions likely to impact arrears more acutely. Margins
expected to expand in near term although still some sensitivity to the OCR track moving up.
Insurance
•Expect claims ratios to be stable, drop in frequency to offset claims costs inflation. Policy sales expected to
remain at current levels.
Credit Management
•Already seeing benefit from worsening economic conditions and the resultant lift in debt loads from corporate
and SME clients. We arewell positioned for the next stage of the NZ credit cycle.​
Outlook –FY24 Guidance

37• HY24 RESULTS PRESENTATION
Guidance
August 2023
•Positive results for FY24 year to date, and on track for our FY24 result to be ahead of record FY23 result.
•Forecast dividend at this level of profit will be 24 cents per share (+4%), and Directors have declared a Q1
dividend of 6.0 cents per share fully imputed.
October 2023
•HY24 net profit after tax will be at least $25M (up 8% in actual result)
•After a strong H1 comfortable to reaffirm that our FY24 result will be ahead of record FY23 result.
•Forecast fully imputed dividend at this level of profit will be 24 cents per share (+4%).
November 2023
•Reaffirming October guidance
Outlook –FY24 Guidance affirmed

38• HY24 RESULTS PRESENTATION
•Business continues to show great resilience in the face of challenging market conditions.
•Turners is building genuine ownership of the used car category in NZ.
•On track to achieve our 10% market share goal in Auto Retail in the near term...Timaru and Napier opening in H2 FY24
•Increasing number of strategic property acquisition opportunities available in key locations as land holders evaluate
options in phase of interest rate cycle.
•Still so much opportunity in the used car space, 20% of registered cars in NZ 20+ years old. Replacement demand +
supply for damaged and end of life division.
•A strong Auto Retail business has a great halo effect for finance and insurance. When interest rate cycle moves down
this becomes a tail wind for finance.
•We have huge strength in the Turners brand, systems, technology and people, we are evaluating options for what else
we can do with this brand.
•Membership into the “NZX50 club” is close, as is our $50M profit target.
What’s next...

39• HY24 RESULTS PRESENTATION
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
Contact

---

Results announcement
Results for announcement to the market
Name of issuerTurners Automotive Group Limited
Report period6 months to 30 September 2023
Previous reporting period6 months to 30 September 2022
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing operations$213,85616%
Total revenue$214,23316%
Net profit from continuing operations$18,5068%
Total net profit $18,020-4%
Interim dividend
Amount per quoted equity security$0.06000000
Imputed amount per quoted security$0.02333333
Record date
9 January 2024
Dividend payment date
26 January 2024
Interim dividendCurrent periodPrior comparable period
Net tangible assets per quoted security$1.47$1.31
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 address
Todd.Hunter@turners.co.nz
Date of release through MAP
22 November 2023
Unaudited financial statements accompany this announcement

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2023
Six monthsSix monthsYear
endedendedended
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
Note$'000$'000$'000
Revenue3
213,856
185,021389,027
Other income 3
377
256608
Cost of goods sold
(93,069)
(80,527)(173,986)
Interest expense
(13,402)
(8,251)(19,933)
Impairment provision expense3
(2,448)
(1,177)(3,740)
Subcontracted services expense
(7,973)
(6,352)(11,927)
Employee benefits
(33,587)
(30,341)(60,709)
Commission
(6,481)
(6,999)(12,024)
Advertising expense
(3,088)
(2,131)(4,934)
Depreciation and amortisation expense3
(5,635)
(5,387)(11,478)
Systems maintenance
(2,392)
(2,039)(5,109)
Claims
(10,484)
(10,680)(21,785)
Other expenses
(10,002)
(7,956)(18,536)
Profit before taxation25,672
23,43745,474
Taxation expense
(7,166)
(6,342)(12,956)
Profit from continuing operations 18,506
17,09532,518
Other comprehensive income for the period (which may subsequently be
reclassified to profit/loss), net of tax
Cash flow hedges
(418)
1,664415
Revaluation of financial assets at fair value through OCI
(73)
(53)(91)
Foreign currency translation differences
5
52(7)
Total other comprehensive income for the period(486)
1,663317
Total comprehensive income for the period18,020
18,75832,835
Earnings per share (cents per share)
Basic earnings per share 4
21.27
19.8037.59
Diluted earnings per share 4
21.23
19.7737.69

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2023

Share
Capital
Share
Options
Reserve
Translation
Reserve
Revaluation of
financial
assets at
fair value
through OCI
Cash flow
hedge
reserve
Retained
EarningsTotal
Note
$’000$’000$’000$’000$’000$’000$’000
Balance at 31 March 2022 (audited) 205,482 472 (32) (1,085) 5,477 42,083 252,397
Adjustments on initial application of NZ IFRS 17, net of tax - - - - - (1,753) (1,753)
Restated & unaudited balance at 1 April 2022 205,482 472 (32) (1,085) 5,477 40,330 250,644
Transactions with shareholders in their capacity as owners
Employee share based payments4 1,602 56 - - - - 1,658
Dividend paid9-----(6,062)(6,062)
1,602 56 - - - (6,062) (4,404)
Comprehensive income
Profit----17,095 17,095
Other comprehensive income--52(53)1,664- 1,663
Total comprehensive income for the period, net of tax - - 52 (53) 1,664 17,095 18,758
Balance at 30 September 2022 (restated & unaudited) 207,084 528 20 (1,138) 7,141 51,363 264,998
Transactions with shareholders in their capacity as owners
Employee share based payments4(8) (244) - - - 296 44
Dividend paid9-----(8,670)(8,670)
(8) (244) - - - (8,374) (8,626)
Comprehensive income
Profit----15,423 15,423
Other comprehensive income--(59)(38)(1,249)-(1,346)
Total comprehensive income for the period, net of tax - - (59) (38) (1,249) 15,423 14,077
Balance at 31 March 2023 (restated & unaudited) 207,076 284 (39) (1,176) 5,892 58,412 270,449
Transactions with shareholders in their capacity as owners
Dividend reinvestment plan4
1,485 - - - - - 1,485
Employee share based payments4
1,040(64)---- 976
Dividend paid9
-----(11,287)(11,287)
2,525 (64) - - - (11,287) (8,826)
Comprehensive income
Profit
----18,506
18,506
Other comprehensive income
--5(73)(418)-
(486)
Total comprehensive income for the period, net of tax
- - 5 (73) (418) 18,506 18,020
Balance at 30 September 2023 (unaudited)
209,601 220 (34) (1,249) 5,474 65,631 279,643

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2023
30/09/202330/09/202231/03/20231/04/2022
Unaudited
Restated &
unaudited
Restated &
unaudited
Restated &
unaudited
Note$'000$'000$'000$'000
Assets
Cash and cash equivalents5
12,639
17,711 11,845 13,373
Financial assets at fair value through profit or loss
- Insurance
67,441
66,093 66,655 70,199
- Other
75
75 75 75
Trade receivables
10,581
5,529 7,800 7,506
Inventories
23,803
26,214 26,057 31,980
Finance receivables6
420,940
443,057 424,621 422,870
Other receivables, deferred expenses and contract assets
15,786
11,552 7,137 7,259
Derivative financial instruments
5,474
7,146 5,887 5,414
Financial assets at fair value through OCI
157
172 230 225
Reverse annuity mortgages
2,685
2,851 2,925 3,242
Property, plant and equipment
109,122
74,180 105,993 67,569
Right-of-use assets
20,781
24,557 22,226 23,497
Investment property
-
5,950 5,800 5,950
Intangible assets
163,394
164,359 163,556 164,453
Total assets
852,878
849,446 850,807 823,612
Liabilities
Other payables
49,229
42,442 56,008 50,103
Contract liabilities
1,453
1,808 1,562 1,848
Tax payable
2,485
2,999 6,773 4,016
Deferred tax
12,133
12,716 12,426 12,563
Borrowings7
417,385
430,827 412,035 412,761
Lease liabilities
25,619
30,107 27,120 28,209
Life investment contract liabilities
6,878
7,039 7,042 8,153
Insurance contract liabilities
58,053
56,510 57,392 55,315
Total liabilities
573,235
584,448 580,358 572,968
Shareholders' equity
Share capital
209,601
207,084 207,076 205,482
Other reserves
4,411
6,551 4,961 4,832
Retained earnings
65,631
51,363 58,412 40,330
Total shareholders' equity
279,643
264,998 270,449 250,644
Total shareholders' equity and liabilities
852,878
849,446 850,807 823,612
Total assets per share ($)9.75 9.80 9.81 9.57
Net tangible assets per share ($)1.47 1.31 1.38 1.15

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2023
Six monthsSix monthsYear
endedendedended
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
Note$'000$'000$'000
Cash flows from operating activities
Interest received 26,918 25,958 51,639
Receipts from customers 183,474 158,139 334,105
Receipt of government subsidies 13 69 100
Interest paid(12,453) (7,189) (17,653)
Interest paid - lease liabilities(692) (737) (1,548)
Payment to suppliers and employees(170,628) (143,449) (286,783)
Income tax paid(11,752) (7,268) (10,394)
Net cash inflow/(outflow) from operating activities before
changes in operating assets and liabilities 14,880 25,523 69,466
Net increase in finance receivables 81 (21,091) (6,814)
Net decrease in reverse annuity mortgages 391 520 572
Net decrease of financial assets at fair value through profit or loss(752) 3,170 3,872
Net contribution from life investment contracts 12 (87) (304)
Changes in operating assets and liabilities arising from
cash flow movements(268) (17,488) (2,674)
Net cash inflow/(outflow) from operating activities14,612 8,035 66,792
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and intangibles 1,761 479 942
Purchase of fixed assets and intangible assets(8,743) (9,826) (44,177)
Purchase of investments - - (96)
Net cash (outflow)/inflow from investing activities(6,982) (9,347) (43,331)
Cash flows from financing activities
Net bank loan advances/(repayments) 5,350 18,238 (553)
Principal elements of lease payments(3,076) (2,964) (5,976)
Proceeds from the issue of shares 2,177 1,602 1,436
Dividend paid(11,287) (11,226) (19,896)
Net cash inflow/(outflow) from financing activities(6,836) 5,650 (24,989)
Net movement in cash and cash equivalents 794 4,338 (1,528)
Add opening cash and cash equivalents 11,845 13,373 13,373
Closing cash and cash equivalents12,639 17,711 11,845
Represented by:5 12,639 17,711 11,845
Cash at bank
Closing cash and cash equivalents12,639 17,711 11,845

TURNERS AUTOMOTIVE GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2023
Six monthsSix monthsYear
endedendedended
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
$'000$'000$'000
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) 18,506 17,095 32,518
Adjustment for non-cash items
Impairment charge on finance receivables, reverse annuity mortgages
and other receivables 2,448 1,099 3,659
Net loss/(profit) on sale fixed assets(70) (187) (290)
Depreciation and amortisation 5,635 5,814 11,478
Capitalised reverse annuity mortgage interest(151) (144) (287)
Deferred revenues 993 416 628
Fair value adjustments on assets/liabilities at fair value through profit and loss(54) 840 (444)
Net annuity and premium change to policyholders accounts(176) (1,027) (807)
Non-cash adjustments to finance receivables effective interest rates - (3) (3)
Deferred expenses 657 (441) 1,206
Revaluation loss on investment property - - 150
Adjustment for movements in working capital
Net (increase)/decrease in receivables and pre-payments(4,690) (86) 937
Net increase in inventories 2,255 5,766 5,923
Net (decrease/increase in payables(6,126) (1,185) 12,580
Net increase/(decrease) in contract liabilities 233 (1,931) (345)
Net (decrease)/increase in finance receivables 81 (21,091) (6,814)
Net decrease in reverse annuity mortgages 391 520 572
Net increase/(decrease) of insurance assets at fair value through profit or loss(752) 3,170 3,872
Net contributions/(withdrawals) from life investment contracts 12 (87) (304)
Net (decrease)/increase in deferred tax liability(293) 229 (197)
Net (decrease)/increase in tax payable(4,287) (732) 2,760
Net cash inflow/(outflow) from operating activities 14,612 8,035 66,792

TURNERS AUTOMOTIVE GROUP LIMITED
1. ACCOUNTING POLICIES AND SIGNIFICANT JUDGEMENT, ESTIMATES AND ASSUMPTIONS
2. SEGMENTAL INFORMATION
OPERATING SEGMENTS
RevenueRevenueRevenueRevenue
TotalInter-fromTotalInter-fromTotalInter-from
segmentsegmentexternalsegmentsegmentexternalsegmentsegmentexternal
revenuerevenuecustomersrevenuerevenuecustomersrevenuerevenuecustomers
30/09/202330/09/202330/09/202330/09/202230/09/202230/09/202231/03/202331/03/202331/03/2023
UnauditedUnauditedUnauditedRestated & unaudited Restated & unaudited Restated & unaudited Restated & unaudited Restated & unaudited Restated & unaudited
$'000$'000$'000$'000$'000$'000$'000$'000$'000
Automotive retail 161,025 (4,939) 156,086 133,201 (3,575) 129,626 283,354 (5,189) 278,165
Finance 30,154 30,154 29,157 - 29,157 58,634 - 58,634
Insurance 23,617 (897) 22,720 22,471 (846) 21,625 45,282 (1,717) 43,565
Credit management 5,260 5,260 4,862 - 4,862 9,259 (36) 9,223
Corporate & other 13 13 7 - 7 48 - 48
220,069 (5,836) 214,233 189,698 (4,421) 185,277 396,577 (6,942) 389,635
Operating profit30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
$'000$'000$'000
Automotive retail 17,957 11,061 24,985
Finance 5,089 9,061 14,956
Insurance 7,128 6,262 12,517
Credit management 1,782 1,386 2,865
Corporate & other(6,284) (4,333) (9,849)
Profit/(loss) before taxation25,67223,43745,474
Income tax(7,166) (6,342) (12,956)
Profit attributable to shareholders 18,506 17,095 32,518
The same accounting policies included in the Group’s Annual Report for the year ended 31 March 2023 have been applied when preparing these consolidated condensed financial statements, except for the adoption of NZ IFRS 17 Insurance Contracts as set out in note 11.
The same significant judgments, estimates and assumptions (including basis of segmentation and the fair value measurement) included in the notes to the financial statements in the Group's Annual Report for the year to 31 March 2023 have been applied to these financial
statements. The business does not experience notable seasonal variations. There has been no change to the basis of segmentation from that applied at 31 March 2023.
These consolidated condensed financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand ('NZ GAAP'). They comply with New Zealand equivalents to International Accounting Standard 34 Interim Financial reporting
('NZ IAS 34') and International Accounting Standard 34 Interim Financial Reporting ('IAS 34'). The Group is a Tier 1 for-profit entity in accordance with XRB A1 Application of the Accounting Standards Framework.

TURNERS AUTOMOTIVE GROUP LIMITED
Interest revenueInterest expense
30/09/202330/09/202231/03/202330/09/202330/09/202231/03/202330/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unauditedUnauditedRestated & unaudited Restated & unauditedUnauditedRestated & unaudited Restated & unaudited
$'000$'000$'000$'000$'000$'000$'000$'000$'000
Automotive retail290103225(1,717)(770)(2,349)(4,499)(4,199)(9,141)
Finance26,26925,54451,508(8,894)(5,564)(13,281)(384)(356)(725)
Insurance1,6627712,138(26)(32)(61)(569)(627)(1,211)
Credit management214(10)(8)(11)(103)(132)(258)
Corporate & other13720(2,934)(1,877)(4,261)(80)(73)(143)
28,23626,42653,895(13,581)(8,251)(19,963)(5,635)(5,387)(11,478)
Eliminations(179)-(30)179-30---
28,05726,42653,865(13,402)(8,251)(19,933)(5,635)(5,387)(11,478)
Other material non-cash items
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
$'000$'000$'000
Finance - impairment provisions(2,428)(1,128)(3,741)
Insurance - reverse annuity mortgage interest151144287
2.2 SEGMENT ASSETS AND LIABILITIES
30/09/202330/09/202231/03/202330/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unauditedUnauditedRestated & unaudited Restated & unaudited
$'000$'000$'000$'000$'000$'000
Automotive retail161,408124,164155,850136,48872,27873,689
Finance453,108478,118453,869340,733372,065344,786
Insurance134,849133,186134,89076,39975,89177,533
Credit management34,56932,83934,0353,1963,7723,943
Corporate & other252,911203,758238,57797,20683,89484,618
1,036,845972,0651,017,221654,022607,900584,569
Eliminations(183,967)(122,619)(166,414)(80,787)(23,452)(4,211)
852,878849,446850,807573,235584,448580,358
Five reportable segments have been identified as follows:
Automotive retail - remarketing (motor vehicles, trucks, heavy machinery and commercial goods) and purchasing goods for sale.
Finance - provides asset based finance to consumers and SME's.
Credit management - collection services, credit management and debt recovery services to the corporate and SME sectors. Geographically the collections services segment business activities are located in New Zealand and Australia.
Insurance - marketing and administration of a range of life and consumer insurance and saving products.
Corporate & other - corporate centre.
Segment assetsSegment liabilities
Depreciation and
amortisation expenses
Revenue/(expenses)

TURNERS AUTOMOTIVE GROUP LIMITED
3. REVENUE & EXPENSES
Revenue includes:
Six monthsSix monthsYear
endedendedended
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
$'000$'000$'000
Interest income
28,057 26,426 53,865
Sales of goods
112,674 94,841 205,916
Commission and other sales revenue
45,293 36,068 74,980
Loan fee income
1,348 1,595 2,988
Insurance and life investment contract income
19,694 19,393 38,514
Collection income
5,258 4,861 9,204
Bad debts recovered
988 885 1,832
Other revenue
544 952 1,728
213,856 185,021 389,027
Other income includes:
Dividend income
5-5
Gain of sale of property, plant and equipment
106 187 378
Government subsidies
13 69 100
Other
253- 125
377 256 608
Revenue from contracts with customers
Over time
Automotive retail
Commission and other sales revenue
11,4747,41216,425
Finance
Other sales revenue
1,5231,1342,434
At a point in time
Automotive retail
Sales of goods
112,674 94,841 205,916
Auction commissions
31,476 26,956 54,922
Credit management
Collection income
5,108 4,611 8,704
Voucher income
150 250 500
Insurance
Motor vehicle insurance commissions
8205661,199
Net operating profit includes the following specific expenses
Depreciation
- Buildings
186 142 299
- Plant, equipment & motor vehicles
678 432 1,118
- Leasehold improvements, furniture, fittings & office equipment
523 468 1,075
- Computer equipment
593 593 1,274
- Signs & flags
73 74 198
Intangible amortisation
Amortisation of software
380 593 1,099
Amortisation of customer relationships
260 260 520
Amortisation of right-of-use asset
2,942 2,825 5,895
5,635 5,387 11,478
Movement in impairment provisions
Provisions for:
Specific impaired finance receivables
327 149 (446)
Collective impairment provision for finance receivables
1,923 1,213 2,784
Movement in COVID-19 overlay
-- (1,682)
Movement in economic overlay provision
- (200) 1,965
Collective impairment on reverse annuity mortgages
20 32 32
Finance receivables bad debts written off
178 (17) 1,087
Movement
2,448 1,177 3,740

TURNERS AUTOMOTIVE GROUP LIMITED
4. SHARE CAPITAL AND EARNINGS PER SHARE
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
Number of ordinary shares
Opening balance
86,700,247
86,069,248
86,069,248
Shares issued for staff options
300,000
525,000
525,000
Shares issued for employee share scheme
95,305
105,999105,999
Shares issued under dividend reinvestment plan
420,981
--
87,516,53386,700,24786,700,247
Basic earnings per share
Six monthsSix monthsYear
endedendedended
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
Profit for the Period ($'000) 18,506 17,095 32,518
Weighted average number of ordinary shares at the end of the period
86,992,394
86,337,40086,518,327
Basic earnings per share (cents per share)
21.27
19.8037.59
Weighted number of shares
Opening balance
86,700,247
86,069,24886,069,248
Shares issued for staff options
127,732
246,721385,479
Shares issued for employee share scheme
17,186
21,43163,599
Shares issued for Dividend Reinvestment Plan
147,228
--
86,992,39486,337,40086,518,326
Diluted earnings per share
Six monthsSix monthsYear
endedendedended
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
Continuing operations ($'000) 18,506 17,090 32,518
Add: Long term incentive expense relation to options ($'000)
32 72 265
Profit for the year ($'000)
18,538 17,162 32,783
Weighted number of ordinary shares (diluted)
Weighted average number of shares (basic)
86,992,394
86,337,40086,518,326
Effect of the exercise of options 329,832482,541 467,052
Weighted average number of shares (diluted)87,322,22686,819,94186,985,378
Diluted earnings per share (cents per share)
21.23
19.7737.69
5. CASH AND CASH EQUIVALENTS
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
$'000$'000$'000
Cash and cash equivalents
12,639 17,711 11,845
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 held in
the insurance business may not be available for use by the wider Group. The Group's insurance business' cash and cash equivalents at 30 September 2023 were $1.5m (30
September 2022: $1.2m; 31 March 2023: $2.0m).
Cash and cash equivalents at 30 September 2023 of $7.4m (30 September 2022 :$3.9m; 31 March 2023: $4.3m) belongs to the Turners Marque Warehouse Trust 1 and the
Turners Marque ABS 2023-1 Trust and are not all available to the Group.
The calculation of basic earnings per share at 30 September and 31 March was based on the profit attributable to ordinary shareholders and weighted average number of
ordinary shares outstanding, as follows:
The calculation of diluted earnings per share at 30 September and 31 March was based on the diluted profit attributable to shareholders and a diluted weighted average
number of ordinary shares outstanding as follows:

TURNERS AUTOMOTIVE GROUP LIMITED
6. FINANCE RECEIVABLES
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
$'000$'000$'000
Gross finance receivables
420,554 438,556 422,014
Deferred fee revenue and commission expenses
10,024 13,915 11,276
Provision for impairment
(7,673) (7,932) (6,704)
Economic overlay provision
(1,965) (1,482) (1,965)
420,940 443,057 424,621
Fair value
420,938 433,162 425,900
Securitisation
Turners Marque Warehouse Trust 1 (the Trust)
Turners Marque ABS 2023-1 Trust (the 2023-1 Trust)
7. BORROWINGS
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
$'000$'000$'000
Secured bank borrowings
347,385 430,827 412,035
Non bank borrowings 70,000--
Total borrowings 417,385 430,827 412,035
Fair value 412,328 423,700 406,127
Secured bank borrowings
Non bank borrowings
The Group's non bank securitisation arrangement is described under finance receivables.
The Trust has a wholesale funding facility with the Bank of New Zealand (BNZ) which is secured by finance receivables sold to the Trust. The facility is for $281m and with a
1 year term that will be renewed annually. BNZ fund up to 90% (30 September 2022: 89%; 31 March 2023: 85%) of the purchase price of the finance receivables with the
balance funded by sub-ordinated notes from the Group.
During the reporting period $96.4m finance receivables were sold to the Trust (30 September 2022: $125.6m; 31 March 2023: $215.5m) and the Trust sold $100.0m finance
receivables to the Turners Marque ABS 2023-1 Trust. As at 30 September 2023 the carrying value of finance receivables in the Trust was $247.6m (30 September 2022:
$354.2m; 31 March 2023: $314.4m).
At September 2023 the Group has a syndicated funding facility, including a 1 year working capital facility, with the Bank of New Zealand and ASB Bank, a self liquidating
trade finance facility and three year term facility with ASB Bank and a securitisation facility with the Bank of New Zealand.
The bank borrowings are secured by a first-ranking general security agreement over the assets of the Company and its subsidiaries, excluding DPL Insurance Limited,
Turners Finance Limited and EC Credit (Aust.) Limited. The bank funded securitisation financing arrangement is described under finance receivables.
The fair values are based on cash flows discounted using a weighted average interest rate of 13.45% (30 September 2022: 11.40%; 31 March 2023: 11.81%).
During the period the Group created the 2023-1 Trust. The 2023-1 Trust, is a closed pool trust, and issued $100m notes comprising $70m Class A1 notes and $20.7m Class
A2 notes both rated AAAsf (Fitch) and $9.3m unrated Class B notes, the Class A2 notes and B notes are held by the Group. The 2023-1 Trust purchased $100.0m finance
receivables from the Trust. As at the 30 September 2023 the carrying value of finance receivables in the 2023-1 Trust was $96.4m.
The Group has two Trusts under which it securitises finance receivables. The Trusts are special purpose entities set up solely for the purpose of purchasing finance
receivables originated by the finance sector. The New Zealand Guardian Trust Company Limited has been appointed Trustee and NZGT Security Trustee Limited as the
security trustee for both Trusts. The Company is the sole beneficiary of both Trusts.
The Group has the power over the Trusts, exposure, or rights, to variable returns from its involvement with the Trusts and the ability to use its power over the Trusts to affect
the amount of the Group's returns from the Trusts. Consequently the Group controls the Trusts and has consolidated the Trusts into the Group's financial statements.
The Group retains substantially all the risks and rewards relating to the finance receivables sold and therefore the finance receivables do not qualify for derecognition and
remain on the Group's consolidated statement of financial position.

TURNERS AUTOMOTIVE GROUP LIMITED
8. ASSETS AND LIABILITIES CARRIED AT FAIR VALUE
Level 1Level 2Level 3Total
$'000$'000$'000$'000
30/09/2023 (unaudited)
Fair value assets:
Financial assets at fair value through profit or loss - insurance- 7,041- 7,041
Financial assets at fair value through profit or loss - term deposits 60,400-- 60,400
Derivative financial instruments- 5,474- 5,474
60,400 12,515- 72,915
30/09/2022 (restated & unaudited)
Fair value assets:
Financial assets at fair value through profit or loss - insurance- 7,193- 7,193
Financial assets at fair value through profit or loss - term deposits 58,975-- 58,975
Investment property-- 5,950 5,950
Derivative financial instruments- 7,146- 7,146
58,975 14,339 5,950 79,264
31/03/2023 (restated & audited)
Fair value assets:
Financial assets at fair value through profit or loss - insurance- 7,305- 7,305
Financial assets at fair value through profit or loss - term deposits 59,425-- 59,425
Investment property-- 5,800 5,800
Derivative financial instruments
- 5,887- 5,887
59,425 13,192 5,800 78,417
9. DIVIDENDS
Six monthsSix monthsYear
endedendedended
30/09/202330/09/202231/03/2023
UnauditedRestated & unaudited Restated & unaudited
$'000$'000$'000
6,085 6,062 6,062
-- 4,335
-- 4,335
5,202--
Total dividends provided for or paid 11,287 6,062 14,732
Dividends not recognised at the end of the half year:
-- 5,202
-- 6,085
5,251 4,335-
5,268 4,335-
10. COMMITMENTS
Capital Expenditure
At balance date, the Group has committed to the purchase of one property and the development of two sites. This has resulted in capital commitments of $10,449,000 (30
September 2022: $15.7m, purchase of three properties; 31 March 2023: $4.4m development of one site).
In addition to the above dividends, since the end of the period the directors have recommended the payment of the following dividends expected to be paid out of retained
earnings at 30 September 2023 (30 September 2022; 31 March 2023), but not recognised as a liability at the end of the period:
Final dividend of $0.07 per fully paid ordinary share, imputed, payable on 28 July 2023.
Quarterly dividend for the year ended 31 March 2024 of $0.05 (31 March 2023: $0.05) per fully paid
ordinary share, imputed, payable on 27 October 2023 (2022: 27 October 2022).
Quarterly dividend for the year ended 31 March 2024 of $0.06 (31 March 2023: $0.05) per fully paid
ordinary share, imputed, payable on 27January 2024 (2023: 26 January 2023).
Quarterly dividend for the year ended 31 March 2023 of $0.05 per fully paid ordinary share, imputed,
paid on 26 January 2023.
Quarterly dividend for the year ended 31 March 2023: $0.06 per fully paid ordinary share, imputed,
paid on 27 April 2023.
Quarterly dividend for the year ended 31 March 2023 of $0.05 per fully paid ordinary share, imputed,
paid on 27 October 2022.
The fair value of financial assets and liabilities carried at fair value are summarised in the table below. The methods used to calculate fair value are the same as those applied
when preparing the Group's Annual Report for the year ended 31 March 2023 (refer note 5.5 in the Annual Report for the year ended 31 March 2023). During the period there
were no movements of fair value assets or liabilities between levels of the fair value hierarchy.
Final dividend for the year ended 31 March 2023 of $0.07 (31 March 2022: $0.07) per fully paid
ordinary share, imputed paid on 28 July 2023 (2022: 28 July 2022).
Quarterly dividend for the year ended 31 March 2023 of $0.06 per fully paid ordinary share, imputed,
paid on 27 April 2023.

Turners Automotive Group Limited
11. CHANGE IN ACCOUNTING POLICY

This note explains the impact of the adoption of NZ IFRS 17 Insurance Contracts on the Group’s financial statements and discloses the new accounting
policies that have been applied from 1 April 2023.

The Group has adopted NZ IFRS 17 retrospectively from 1 April 2023 and has restated certain comparative amounts, the retrospective restatement does not
have a material effect on the information in the statement of financial position at the beginning of the preceding period.

A. Recognition, measurement and presentation of insurance contracts
NZ IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts, reinsurance contracts and investment
contracts with discretionary participation features. It introduces a model that measure groups of contracts based on the Group’s estimates of the present
value of future cash flows that are expected to arise as the Group fulfils the contracts, an explicit risk adjustment for non-financial risk and a contractual
service margin (CSM).

Under NZ IFRS 17, insurance revenue in each reporting period represents the changes in the liabilities for remaining coverage that relate to services for
which the Group expects to receive consideration and an allocation of premiums that relate to recovering insurance acquisition cash flows. In addition,
investment components are no longer included in insurance revenue and insurance service expenses.

The Group applies the premium allocation approach (PAA) to simplify the measurement of certain contracts.

Under NZ IFRS 17, only directly attributable insurance acquisition cash flows that arise before the recognition of the related insurance contracts are recognised
as separate assets and are tested for recoverability. These assets are presented in the carrying amount of the related portfolio of contracts and are
derecognised once the related contracts have been recognised.

B. Transition
Changes in accounting policies resulting from the adoption of NZ IFRS 17 have been applied using the fair value approach as the Group cannot obtain
reasonable and supportable information necessary to apply the full or modified retrospective approach.

The change in accounting policy only relates to the insurance segment and has affected the following items in the Statement of financial position:



C. Accounting policy – Insurance contracts
Insurance contracts are those contracts that transfer significant insurance risk and are accounted for in accordance with the requirements of NZ IFRS 17
Insurance Contracts. The Group issues the following insurance contracts:
• Long-term insurance contracts with fixed and guaranteed terms, these contracts insure events associated with human life (for example, death) over a
long duration;
• Temporary life insurance contracts covering death disablement, disability and redundancy risks; and
• Short term motor vehicle contracts covering mechanical breakdown risks.

Aggregation and recognition of insurance contracts
Insurance contracts
Insurance contracts are aggregated into groups for measurement purposes. Groups of insurance contracts are determined by identifying portfolios of
insurance contracts, each comprising contracts subject to similar risks and managed together, and dividing each portfolio into annual cohorts (i.e. by year of
issue) and each annual cohort into three groups based on the profitability of contracts:
• any contracts that are onerous on initial recognition;
• any contracts that, on initial recognition, have no significant possibility of becoming onerous subsequently; and
• any remaining contracts in the annual cohort.

An insurance contract issued by the Group is recognised from the earliest of:
• the beginning of its coverage period (i.e. the period during which the Group provides services in respect of any premiums within the boundary of the
contract);
• when the first payment from the policyholder becomes due or, if there is no contractual due date, when it is received from the policyholder; and
• when facts and circumstances indicate that the contract is onerous.

When the contract is recognised, it is added to an existing group of contracts or, if the contract does not qualify for inclusion in an existing group, it forms a
new group to which future contracts are added. Groups of contracts are established on initial recognition and their composition is not revised once all
contracts have been added to the group.

Contract boundaries
The measurement of a group of contracts includes all of the future cash flows within the boundary of each contract in the group, determined as follows.


30/09/20221/04/2022
$'000$'000
Decrease in Other receiv ables, deferred ex penses and contract assets
1,1561,031
Increase in Insurance contract liabilities1,2281,350
Decrease in deferred tax impact
636628
Decrease in Retained earnings1,7481,753

Turners Automotive Group Limited
Insurance contracts
Cash flows are within the contract boundary if they arise from substantive rights and obligations that exist during the reporting period in which the Group
can compel the policyholder to pay premiums or has a substantive obligation to provide services (including insurance coverage and investment services). A
substantive obligation to provide services ends when:
• the Group has the practical ability to reassess the risks of the particular policyholder and can set a price or level of benefits that fully reflects those
reassessed risks; or
• the Group has the practical ability to reassess the risks of the portfolio that contains the contract and can set a price or level of benefits that fully
reflects the risks of that portfolio, and the pricing of the premiums up to the reassessment date does not take into account risks that relate to periods
after the reassessment date.

Measurement – Contracts not measure under the PAA
On initial recognition, the Group measures a group of contracts as the total of (a) the fulfilment cash flows, which comprise estimates of future cash flows,
adjusted to reflect the time value of money and the associated financial risks, and a risk adjustment for non-financial risk; and (b) the CSM.

The risk adjustment for non-financial risk for a group of insurance contracts, determined separately from the other estimates, is the compensation required
for bearing uncertainty about the amount and timing of the cash flows that arises from non-financial risk.

The CSM of a group of insurance contracts represents the unearned profit that the Group recognises as it provides services under those contracts. On
initial recognition of a group of insurance contracts, the Group determines the net present value of future cash-flows expected to arise under those
contracts, with an allowance for non-financial risk. If the result is positive (i.e. a net inflow), the group is not onerous, and a CSM is established equal to the
present value of the net inflow, hence no profit is recognised in profit or loss at contract inception. If the result is negative, the CSM is zero, and the
negative value reflects the loss on those contracts recognised at inception and is recognised as a loss in profit or loss.

Subsequently, the carrying amount of a group of contracts at each reporting date is the sum of the liability for remaining coverage and the liability for
incurred claims. The liability for remaining coverage comprises (a) the fulfilment cash flows that relate to services that will be provided under the contracts
in future periods and (b) any remaining CSM at that date. The liability for incurred claims includes the fulfilment cash flows for incurred claims and expenses
that have not yet been paid, including claims that have been incurred but not yet reported.

The fulfilment cash flows of groups of contracts are measured at the reporting date using current estimates of future cash flows, current discount rates and
current estimates of the risk adjustment for non-financial risk. Changes in fulfilment cash flows are recognised as follows.

Changes relating to future services Adjusted against the CSM (or recognised in the insurance service result
in profit or loss if the group is onerous)
Changes relating to current or past services Recognised in the insurance service result in profit or loss
Effects of the time value of money, financial risk and changes therein on
estimated future cash flows
Recognised as insurance finance income or expenses

The CSM is adjusted subsequently only for changes in fulfilment cash flows that relate to future services and other specified amounts and is recognised in
profit or loss as services are provided. The CSM at each reporting date represents the profit in the group of contracts that has not yet been recognised in
profit or loss because it relates to future service.

This approach is applied to the Group’s Funeral Plan and Annuity Insurance Life contracts.

Measurement – Contracts measured under the PAA
The Group uses the PAA to simplify the measurement of groups of contracts when the Group reasonably expects that such simplification would produce a
measurement of the liability for remaining coverage for the group that would not differ materially from the result of applying the accounting policies
described above.

On initial recognition of each group of insurance contracts, the carrying amount of the liability for remaining coverage is measured at the premiums received
on initial recognition. The Group has elected to recognise insurance acquisition cash flows as expenses when they are incurred.

Subsequently, the carrying amount of the liability for remaining coverage is increased by any further premiums received and decreased by the amount
recognised as insurance revenue for services provided. The liability for remaining coverage for in-force policies will reduce in line with the underlying
pattern of insurance risk over the duration of the contracts in the group.

If at any time before and during the coverage period, facts and circumstances indicate that a group of contracts is onerous, then the Group will recognise a
loss in profit or loss and increase the liability for remaining coverage to the extent that the current estimates of the fulfilment cash flows that relate to
remaining coverage exceed the carrying amount of the liability for remaining coverage.

The Group recognise the liability for incurred claims of a group of contracts at the amount of the fulfilment cash flows relating to incurred claims. The
liability for incurred claims is derived from undiscounted fulfilment cash flows as the Group writes only lines of business with claims that are virtually all
settled within 12 months.

This approach is applied to all the Group’s insurance contracts, except for the Group’s Funeral Plan and Annuity Insurance Life contracts.

The Group applies the same accounting policies to measure a group of reinsurance contracts, adapted where necessary to reflect features that differ from
those of insurance contracts.

Derecognition
The Group derecognises a contract when it is extinguished – i.e. when the specified obligations in the contract expire or are discharged or cancelled.

Presentation
Portfolios of insurance contracts that are assets and those that are liabilities, and portfolios of reinsurance contracts that are assets and those that are
liabilities, are presented separately in the statement of financial position. All rights and obligations arising from a portfolio of contracts are presented on a
net basis; therefore, balances such as insurance receivables and payables are no longer presented separately. Any assets or liabilities recognised for cash

Turners Automotive Group Limited
flows arising before the recognition of the related group of contracts (including any assets for insurance acquisition cash flows) are also presented in the
same line item as the related portfolios of contracts.

Amounts recognised in the statement of profit or loss and OCI are disclosed by the nature of the item.

Insurance contracts
For contracts not measured using the PAA, insurance revenue for each year includes the changes in the liabilities for remaining coverage that relate to
services for which the Group expects to receive consideration and an allocation of premiums that relate to recovering insurance acquisition cash flows.
For contracts measured using the PAA, insurance revenue is recognised based on an allocation of expected premium receipts to each period of coverage,
which is based on the passage of time.

Transition
Changes in accounting policies resulting from the adoption of NZ IFRS 17 have been applied using the fair value approach as the Group cannot obtain
reasonable and supportable information necessary to apply the full or modified retrospective approach.

The following items have not be applied retrospectively:
• The risk mitigation option in NZ IFRS 17 have not been applied prospectively from 1 April 2022. Certain groups of contracts to which the risk
mitigation option is applied have been measured under the fair value approach at 1 April 2022 (see below).
• The consequential amendments to NZ IFRS 3 Business Combinations introduced by NZ IFRS 17 require the Group to classify contracts acquired as
insurance contracts based on the contractual terms and other factors at the date of acquisition. This requirement has not been applied to business
combinations before 1 April 2023, for which the Group classified contracts acquired as insurance contracts based on the conditions at contract.

Reinsurance of onerous underlying contracts
For groups of reinsurance contracts covering onerous underlying contracts that were entered into before or at the same time as the onerous underlying
contracts, the Group has established a loss-recovery component at 1 April 2022.

Fair value approach
Under the "Fair Value" method of transition, the Group determines the price that an independent party would pay to take over the insurance contract
liabilities, allowing for:
• the future net cash-flows arising under those contracts;
• the time value of money; and
• the compensation that the purchaser would require for the uncertainty relating to those cash-flows.

Non-performance risk of the contract issuer is taken into account in determining the fair value. In the valuation of portfolios of insurance contracts, the non-
performance risk is normally taken as zero as it is assumed that policyholder obligations will be met with certainty.

The opening value of Contractual Service Margins is then equal to the difference between the Fair Value, and the value of fulfilment cash-flows determined
under NZ IFRS 17.

---

Distribution Notice (updated)
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 appliesX
Record date
Ex-Date(onebusinessdaybeforethe
Record Date)
Payment date
Totalmoniesassociatedwiththe
distribution
5,267,540.88$
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
DRP % discount (if any)
Start date and end date for
determining market price for DRP
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
Contact email address
Date of release through MAP
Todd.Hunter@turners.co.nz
22 November 2023
Fully imputed
28%
$0.02333333
$0.00416667
Section 4: Authority for this announcement
Barbara Badish
Section 4: Distribution re-investment plan (if applicable)
2%
15 January 2024
10 January 2024
8 January 202412 January 2024
Todd Hunter
021 722 818
Section 3: Imputation credits and Resident Withholding Tax
9 January 2024
8 January 2024
26 January 2024
Retained earnings
NZD
Section 2: Distribution amounts per financial product
$0.08333333
$0.06000000
n/a
$0.01058824
Section 1: Issuer information
Turners Automotive Group Limited
Ordinary shares
TRA
NZVNLE0001S1