FY24 results - Record profit and dividend declared

24 May 2024

Market announcement
NZX:2CC

FY24 results
Record profit and dividend declared

2 Cheap Cars Group Limited (NZX:2CC) has today reported a record $6.2m net profit after tax (NPAT)
for the full year to 31 March 2024 (FY24), an increase of $4.9m over FY23.

Summary of key results
(Figures quoted are in NZ dollars. Comparisons are made against FY23.)

 Revenue and income: $86.8m, increased 5%
1
.
 Gross margin: $20.3m up 39%.
 Vehicle sales: Down 2% to 8,169.
 Underlying EBITDA
2
including finance income: $11.4m, up 105%.
 Net profit after tax (NPAT): $6.2m, up $4.9m.
 Underlying NPAT
2
: $6.2m, up 213%.
 Underlying earnings per share (EPS): 14 cents per share (cps) vs 4.4 cps.
 Final gross dividend: 5.78 cps.
 Total FY24 gross dividend: 11.56 cps vs 0 cps.

The Company achieved full year revenue and income of $86.8m, an increase of 5%, driven by higher
prices and improved finance and insurance (F&I) penetration rates which have offset slightly lower
volumes for the full year.

2CC’s gross margin expansion strategy has been extremely effective, strengthening 6% to 23% for the
full year. This has been achieved through optimised pricing, effective promotional activity, improved
finance and insurance penetration and the continued insourcing of compliance activities. The full year
gross margin is up 39% to $20.3m.

Operating costs have risen marginally by 1% to $8.9m, significantly below the rate of inflation.
Management continues to be strongly focused on both minimising cost increases and reducing reliance
on third parties throughout the value chain.

The Company’s focus on gross margin and tight control of operating costs has seen underlying EBITDA
including finance income increase 105% to $11.4m in FY24.

Underlying NPAT, excluding last year’s non-recurring costs, increased by 213% to a record $6.2m in
FY24.

Interest costs, excluding those associated with leases, were down 52% on FY23, reflecting changes in
finance facilities and prudent capital management.

Net operating cash inflow was $6.9, down $6.3m year on year, largely due to the strategic decision to
maintain stronger inventory levels. The Company is well positioned with inventory valued at a healthy
$13.9m, (up $5.5m over FY23 which was impacted by shipping constraints).

As at 31 March 2024, the Company is in compliance with all banking covenants and has cash of $4.7m,
no net debt and total equity of $20.4m.

1
Includes interest income derived from NZ Motor Finance.
2
Excludes restructuring costs associated with board changes and other non-recurring consulting costs.
Underlying EBITDA and underlying NPAT are non-IFRS measures.

CEO Paul Millward says the full year result underscores the success of the Company’s transformation
strategy.

“Despite wider pressure on consumer retail spending, 2CC is in great shape. The Company’s strong
brand position is now well supported thanks to the work undertaken to ensure robust vehicle supply,
attract capable people and a disciplined approach to revenue and cost management. And, the decision
to focus on gross margin means the business is now on a stable footing with a clear growth strategy.”

2 Cheap Cars

Despite priority being given to increasing gross margin, pleasingly 2 Cheap Cars also held its market
share at 4.5%
3
for FY24.

2 Cheap Cars continues to be well positioned to meet the ongoing demand for electric and hybrid
vehicles (EV/HEVs). Despite regulatory changes and removal of the clean car discount, the number of
EV/HEVs sold as a proportion of total vehicle sales increased to 56%, up 14% on the year prior. Demand
– particularly for cost effective HEVs – remains stable, accounting for 54% of total vehicle sales in the
last quarter of FY24.

While the impact of the Credit Contracts and Consumer Finance Act saw a significant increase in the
number of finance applicants declined, a penetration rate of 27.5% was achieved, and income increased
by 11% to $4.9m.

Insurance penetration rates grew strongly to 37.1%, with insurance income up 9% to $2.6m.

Overall, the FY24 results reflect the successful implementation of 2 Cheap Cars’ margin expansion
strategy which is achieved by leveraging its reliable source of used cars from Japan and increasing
prices where necessary to offset cost pressures. Utilising additional shipping providers to ensure
consistent vehicle supply, undertaking and insourcing more compliance and operations activity has also
had a positive impact.

NZ Motor Finance

NZ Motor Finance loan book remains in run down mode, reducing from $3.9m at 31 March 2023 to
$1.8m at 31 March 2024 and making a profit of $0.05m for the year.

Dividend

Reflecting the positive FY24 results and strong cash position, the Board is pleased to declare a final
gross dividend of 5.78 cents per share (cps), equal to the first half dividend and slightly above the stated
dividend policy.

This brings the total gross dividends for FY24 to 11.56 cps, representing a yield of approximately 14.5%
based on the share price of $0.80 as at 23 May 2024. The record date is 31 May 2024 and the dividend
will be paid on 14 June 2024.

Outlook for FY25

2 Cheap Cars has a very clear value proposition and strategy that continues to successfully meet
market conditions, as indicated by the strong FY24 results.

With the transformation now complete, the Company’s focus remains on delivering gross margin over
market share, continuous BAU improvement and profitable, sustainable growth through its property
strategy.


3
Source: Autofile – based on 2 Cheap Cars’ vehicle sales as a proportion of dealer-to-public used cars sold
between 1 April 2023 and 31 March 2024.

The property strategy is a key growth factor for 2CC, with positive steps being taken to identify and
develop new or better retail locations which benefit its scale model, particularly in Auckland.

Assuming favourable supply, currency and trading conditions, NPAT is expected to grow in FY25 by
focusing on gross margin expansion, prudent cost management, increasing direct control of the value
chain and sensible expansion in Auckland.
2 Cheap Cars Chair, Michael Stiassny said the FY25 outlook is strong, with the Company extremely
well positioned in the prevailing economic climate.

“It is incredibly tough going right now for very many New Zealanders, but they still need cars, and those
cars must be affordable. 2 Cheap Cars fulfils a vital need, and the full year results reflect that we are
doing that well, in large part due to the hard work of departing CEO, Paul Millward.

“Paul is leaving the Company in robust shape with a simple, proven strategy well-embedded and the
Board thanks him sincerely for his leadership and results. Future success will be found in continuing to
improve BAU and prudent expansion,” he said.

Founder and majority shareholder, David Sena takes over as CEO from 1 June 2024.

Ends

This announcement has been authorised by 2CC Chair, Michael Stiassny.

For shareholder enquiries, please contact:
Angus Guerin
CFO
Mobile: +64 21 998 708
Email: angus.guerin@2ccgroup.co.nz

About 2 Cheap Cars Group
2 Cheap Cars Group is an integrated used automotive group.  We are vertically integrated from procurement in Japan through
to our retail branches nationwide.  Operating under the “2 Cheap Cars” brand, our Automotive Retail company is one of the
largest used vehicle sellers in New Zealand with 12 dealerships across the country. Our mission is to deliver on our promise...
2 Cheap Cars, driving better deals, every day.

---

FINANCIAL
STATEMENTS
FOR THE
YEAR ENDED
31 MARCH 2024
DRIVING

BETTER

DEALS


EVERY DAY

2 CHEAP CARS GROUP LIMITED
Table of Contents
SectionPage(s)
Director's Report3
Consolidated Statement of Profit or Loss and Other Comprehensive Income4
Consolidated Statement of Changes in Equity5
Consolidated Statement of Financial Position6
Consolidated Statement of Cash Flows7
Notes to the Consolidated Financial Statements8 - 34
Audit Report35 - 37
Company Directory38
Page 2

2 CHEAP CARS GROUP LIMITED
Director's Report
For the Year ended 31 March 2024
Approved for and on behalf of the Board of Directors
Director
Director
Date
The Board of Directors of 2 Cheap Cars Group Ltd
present the consolidated financial statements of the Group
for the year ended 31 March 2024.
The Board of Directors of 2 Cheap Cars Group Ltd
authorised the issue of these consolidated financial statements
on this 23rd day of May 2024
23rd of May 2024
Page 3

2 CHEAP CARS GROUP LIMITED
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 31 March 2024
NoteMAR 2024 MAR 2023
$'000$'000
Revenue
Revenue and Income486,783 82,704
Sundry Income5(0) 33
Expenses
Cost of sales(66,118) (67,905)
Administration expenses(2,949) (3,265)
Advertising expenses(1,487) (1,738)
Depreciation expenses(2,332) (2,134)
Employee benefits(3,777) (4,105)
Finance expenses8(702) (1,090)
Property expenses(695) (680)
Profit before Income Tax8,722 1,820
Income Tax Expense20(2,481) (528)
Profit for the period6,241 1,292
Other Comprehensive Income
Items that may be reclassified subsequently to profit or loss
Translation of foreign operations(147) 77
Total Other Comprehensive Income(147) 77
Total Comprehensive Income for the Period6,095 1,369
Earnings per share
Basic earnings per share 100.14 0.03
Diluted earnings per share 100.14 0.03
The accompanying notes form part of these consolidated financial statements
Page 4

2 CHEAP CARS GROUP LIMITED
Consolidated Statement of Changes in Equity
For the Year Ended 31 March 2024
Share
Capital
Retained
Earnings
Foreign
Currency
Translation
Reserve
Amalgamation
Reserve
Total Equity/
(Accumulated
Losses)
$'000$'000$'000$'000$'000
Balance as at 1 April 202239,365 11,789 (85) (35,956) 15,113
Profit for the Period- 1,292 - - 1,292
Translation of Foreign Operations- - 77 - 77
Total Comprehensive Income for the Period- 1,292 77 - 1,369
Share options recognised at fair value net of options lapsed(21) - - - (21)
Dividends paid- (287) - - (287)
Total transactions with owners of the Group(21) (287) - - (308)
Balance as at 31 March 202339,344 12,794 (8) (35,956) 16,174
Balance as at 1 April 202339,344 12,794 (8) (35,956) 16,174
Profit for the Period- 6,241 - - 6,241
Translation of Foreign Operations- - (147) - (147)
Total Comprehensive Income for the Period- 6,241 (147) - 6,095
Share options recognised at fair value net of options lapsed- - - -
Dividends paid- (1,895) - - (1,895)
Total transactions with owners of the Group- (1,895) - - (1,895)
Balance as at 31 March 202439,344 17,140 (155) (35,956) 20,373
The accompanying notes form part of these consolidated financial statements
Page 5

2 CHEAP CARS GROUP LIMITED
Consolidated Statement of Financial Position
As At 31 March 2024
MAR 2024 MAR 2023
Note$'000$'000
Equity
Share Capital2339,344 39,344
Amalgamation Reserve(35,956) (35,956)
Foreign Currency Translation Reserve(155) (8)
Retained Earnings17,141 12,794
Total Equity20,373 16,174
Current Liabilities
Trade and Other Payables162,259 2,743
Employee Benefit liabilities19840 834
Borrowings221,500 900
Income tax Payable2,055 91
Derivative financial liabilities18(13) 55
Related Party Payable2510 10
Lease liability171,689 1,856
Other Current Liabilities36 81
Total Current Liabilities8,375 6,570
Non-Current Liabilities
Lease Liability175,617 6,078
Total Non-Current Liabilities5,617 6,078
Total equity and liabilities34,365 28,822
Current assets
Cash and cash equivalents124,673 3,767
Trade and other receivables15514 380
Other current assets152,602 2,871
Loans receivable14990 1,767
Inventories1313,873 8,377
Total current assets22,652 17,162
Non-current assets
Other non-current assets 1,843 289
Plant, property and equipment271,787 1,319
Intangible assets75 5
Loans receivable 14831 2,142
Deferred tax asset20474 445
Right-of-use assets 176,702 7,461
Total non-current assets11,713 11,660
Total assets 34,365 28,822
Approved on behalf of the Board on 23th May 2024
DirectorDate23 May 2024
DirectorDate23 May 2024
The accompanying notes form part of these consolidated financial statements
Page 6

2 CHEAP CARS GROUP LIMITED
Consolidated Statement of Cash Flows
For The Year Ended 31 March 2024
MAR 2024 MAR 2023
$'000$'000
Cash flows from operating activities
Cash receipts from customers86,779 82,768
Government Grants Received0 31
Cash paid to suppliers and employees(80,947) (71,470)
Interest received3 130
Interest paid - retail operations(362) (700)
Tax paid(548) (161)
Net cash inflow from operating activities before Changes in
Operating Assets and Liabilities
4,925 10,598
Loan receivables advanced- (1,785)
Proceeds from loan receivables1,995 4,450
Net cash inflow / (outflow) from operating activities6,921 13,263
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
7 138
Purchase of property, plant and equipment
(812) (305)
Lease Guarantee
(1,544) -
Net cash outflow from investing activities(2,349) (167)
Cash flows from financing activities
Dividend paid
(1,896) (287)
Interest paid - finance operations
(214) (310)
Principal elements of lease payments
(1,935) (1,699)
Trade finance advance / (repayments)
600 (10,900)
Net cash inflow / (outflow) from financing activities(3,445) (13,196)
Net increase/(decrease) in cash and cash equivalents
1,126 (100)
Cash and cash equivalents at beginning of period
3,767 3,790
Effect of exchange rate
(220) 77
Cash and cash equivalents at end of period4,673 3,767
The accompanying notes form part of these consolidated financial statements
Page 7

Notes to the Financial Statements
1. Reporting entity
2. Basis of preparation
(a) Statement of compliance
(b) Basis of measurement
• Derivative financial instruments (Note 18)
• Loans receivable (Note 14)
(c) Functional and presentation currency
(d) Going Concern
(e) Critical accounting estimates and judgements
(f) Changes in accounting policies
None during the period.
(g) Changes in accounting estimates
(h) New / amended acct standards
The preparation of the consolidated financial statements, requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised
in the period in which the estimates are revised and in any future periods affected.
During the year management updated its estimates of expected loss provisions and the discount rate applied to loans, refer
to Note 14 for further information.
2 Cheap Cars Group Ltd (the Company) is a company domiciled in New Zealand.
The Company is incorporated in New Zealand, registered under the Companies Act 1993 and is publicly traded on the New
Zealand Stock Exchange.
These consolidated financial statements comply with the requirements of the Companies Act 1993 and the Financial Markets
Conduct Act 2013.
These consolidated financial statements as at 31 March 2024 comprise the Company and its subsidiaries:
2 Cheap Cars Limited, NZ Motor Finance Limited, 2CC International Limited, 2 Cheap Rental Cars Limited, Car Safety NZ
Limited and Car Plus K.K. (collectively, the Group).
These consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Practice in
New Zealand (GAAP) and the requirements of the Financial Markets Conduct Act 2013.
These financial statements comply with New Zealand equivalents of International Financial Reporting Standards (NZ IFRS).
As such, they also comply with International Financial Reporting Standards (IFRS).
The consolidated financial statements have been prepared on the historical cost basis except that certain assets and
liabilities are measured at fair value where stated under their specific accounting policies.
These consolidated financial statements for the Group are presented in New Zealand dollars ($), which is the Group's
functional and the Group's presentation currency. All financial information presented has been rounded to the nearest
thousand dollars.
The Directors consider that the Group is a going concern and the consolidated financial statements have been prepared on
that basis.
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the
External Reporting Board ('XRB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
New Zealand equivalents to International Financial Reporting Standards ('NZ IFRS') that have recently been issued or
amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting
period ended 31 March 2024. The consolidated entity has not yet assessed the impact of these new or amended
Accounting Standards and Interpretations.
Page 8

3. Significant Accounting Policies
Details of the Group’s significant accounting policies are provided below.
a) Basis of consolidation
Subsidiaries
Name
MAR 2024 MAR 2023
2 Cheap Cars LimitedNew Zealand
100%100%
NZ Motor Finance LimitedNew Zealand
100%100%
2CC International LimitedNew Zealand
100%100%
2 Cheap Rental Cars LimitedNew Zealand
100%100%
Car Safety NZ LimitedNew Zealand
100%
Car Plus K.KJapan100%100%
(b) Foreign currency
(i) Foreign currency transactions
The Group has applied the same accounting policies and methods of computation in these financial statements as its
previous annual financial statements, except for those detailed in note 2(f) and (g) above.
In preparing the consolidated financial statements, all intercompany balances, transactions, unrealised gains and losses
resulting from intra-group transactions and dividends have been eliminated in full.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The
financial statements of subsidiaries are included in the consolidated financial statements from the date that control
commences.
The consolidated financial statements present the results of the Company and its subsidiaries (“the Group”) as if they formed
a single entity. Intra-group transactions and balances are therefore eliminated in full.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from
the date that control ceases.
The subsidiaries of 2 Cheap Cars Group Ltd, all of which have been included in these consolidated financial statements, are
as follows:
Country of incorporation and
principal place of business
Proportion of ownership
interest
Transactions in foreign currencies are translated to the functional currency at exchange rates at the dates of the transactions.
Foreign currency differences arising from settlement at a different exchange rate are recognised in profit or loss.
(ii) Foreign currency monetary assets and liabilities
At balance date, foreign monetary assets and liabilities are translated to the functional currency at the closing rate and
exchange variations are recognised in profit or loss.
(iii) Foreign currency non-monetary assets and liabilities
Foreign non-monetary assets and liabilities that are measured based on historical costs are translated using the exchange
rate at the date of the transactions. Any foreign currency difference arising due to translating to functional currency are
recognised in profit or loss.
Page 9

(c) Revenue
(i) Vehicles sold
(ii) Insurance policies
(iii) Sale of scrap parts
(iv) Commissions received (booking fee, sales, finance)
(v) Interest revenue calculated using the effective interest method
Performance obligations and timing of revenue recognition
The specific revenue recognition policies associated with the Group’s distinct performance obligations (as presented in Note
4) are detailed below:
Revenue is recognised at a point-in-time, with the transfer of control determined as the point purchaser takes final physical
possession of the vehicle.
Commission revenue is recognised on an agent basis at a point-in-time , with the transfer of control determined at the point
the end customer enters into a signed insurance policy with the insurance provider (principal). As the uncertainty associated
with any commission clawbacks is resolved, previously deferred revenue recognised as contract liabilities is released and
recognised as revenue.
Revenue is recognised at a point-in-time, with the transfer of control determined as the point that the purchaser takes final
physical possession of the scrap parts.
Revenue is recognised on an agent basis at a point-in-time , with the transfer of control determined as the point the end
customer enters into a signed finance agreement with the finance provider (principal). As the uncertainty associated with any
commission clawbacks is resolved, previously deferred revenue recognised as contract liabilities is released and recognised
as revenue.
Interest revenue comprises interest on loans receivable and cash and cash equivalents. Interest revenue is recognised
based on the effective interest method.
Revenue is measured based on the consideration to which the Group expects to be entitled to, excluding amounts collected
on behalf of third parties and net of rebates, discounts and payments to customers that are not in consideration for separate
goods or services provided. This represents the fair value of total consideration payable, including both cash and in the case
of vehicles sold, any vehicle trade-ins.
Where the ultimate transaction price receivable is subject to variability (such as in the case of vehicle returns or clawbacks
on commissions) revenue is recognised only to the extent that it is highly probable that the revenue recognised would not be
subsequently reversed.
Revenue is recognised when the control associated with a good or service (or in aggregate thereof) representing a distinct
performance obligation is transferred from the Group to the customer.
Where a single contract contains two or more distinct performance obligations, the total transaction price of the contract is
allocated between the separate performance obligations based on their stand-alone-sales-prices, and represents the
revenue to be recognised with respect to that separate performance obligation.
Revenue is recognised on an over-time basis subject to meeting specific criteria, otherwise, revenue is recognised at a point-
in-time , being the point that the customer obtains control of the good or service subject to various indicators.
Payment received from customers before revenue is recognised and presented as a “Contract liability” in the consolidated
statement of financial position.
Receivables resulting from revenue being recognised before the Company is able to contractually invoice for the goods or
services provided is recognised and presented as a “Other current asset” in the consolidated statement of financial position.
Page 10

(d) Insurance contracts
NZ IFRS 17 Insurance contracts becomes effective for annual reporting periods commencing on or after 1 January 2023.
- Use of interest-bearing borrowings (interest rate risk); and:
- Purchases in foreign currencies (foreign currency risk).
(e) Tax
(i)
(ii) temporary differences arising on the initial recognition of goodwill; and
(iii)
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax also
includes any tax liability arising from the declaration of dividends.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:
temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit or loss,
temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that the
timing of the reversal of the temporary differences is controlled by the Group and it is probable that they will not
reverse in the foreseeable future.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using
tax rates enacted or substantively enacted at the reporting date.
In determining the amount of current and deferred tax the Group takes into account the impact of uncertain tax positions and
whether additional taxes and interest may be due. The Group believes that its accruals for tax liabilities are adequate for all
open tax years based on its assessment of many factors, including interpretations of tax law and prior experience.
This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New
information may become available that causes the Group to change its judgement regarding the adequacy of existing tax
liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.
NZ IFRS 17 Insurance contracts provides a scope exception for certain contracts that provide waivers (forgiveness) of loan
balances upon the occurrence of specified events. Rather than accounting for these waivers as insurance contracts, the
scope exemptions permits the Group to elect to account for such loans entirely as financial instruments.
The Group has elected to apply this scope exemption. Further details of the accounting policy relating to Loans receivable to
which the scope exemption directly effects can be found in Note 7.
Tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss, except to the
extent that they relate to items recognised directly in equity or in other comprehensive income. In such cases, the tax is also
recognised directly in equity or in other comprehensive income, respectively.
(ii) when it does not assume the (inventory) risk of the goods or services, and/or
(iii) it does not have discretion in setting the price payable by the end customer.
Page 11

(f) Employee benefits
(i) Short-term employee benefits
(ii) Defined contribution plans (Kiwisaver etc.)
(iii) Share-based payment arrangements
(g) Property, plant and equipment
(i) Recognition and measurement
Cost includes expenditure that is directly attributable to the acquisition of the asset.
(ii) Subsequent expenditure
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets,
and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but
they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised
simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that
it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed
at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items
(major components) of property, plant and equipment.
Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net
proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.
Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the
expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred.
Liabilities for wages and salaries, including non-monetary benefits and accumulating annual leave that are expected to be
settled wholly within 12 months after the end of the period in which the employees render the related service are recognised
in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid
when the liabilities are settled.
These include salaries and wages accrued up to the reporting date and annual leave earned, but not yet taken at the
reporting date. The Group recognises a liability and an expense for bonuses where they are contractually obliged or where
there is a past practice that has created a constructive obligation.
Contributions to defined contribution plans are recognised in the consolidated statement of profit or loss and other
comprehensive income in the year to which they relate.
Equity Settled Transactions.
The Group has provided benefits to key management personnel in the form of share-based payments, whereby employees
render services in exchange for shares or rights over shares (equity-settled transactions). The cost of these equity-settled
transactions with employees is measured by reference to the fair value benefit of the equity instruments at the date at which
they are granted. In valuing equity-settled transactions, conditions linked to the price of the shares of 2 Cheap Cars Group
Ltd (NZX:2CC - market conditions) are considered where applicable. The cost of equity-settled transactions is recognised,
together with a corresponding increase in equity, over the period in which the performance and/or service conditions are
fulfilled (the vesting period), ending on the date on which the relevant employees become fully entitled to the award (the
vesting date).
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment
losses.
Page 12

(iii) Depreciation
The useful lives and depreciation method used for significant items of property, plant and equipment are as follows:
Leasehold improvements 6.7% - 20.0% SL
Furniture and fittings 6.3% - 50.0% SL
Motor vehicles 10.0% - 50.0% SL
Computer equipment 20.0% - 100% SL
Workshop equipment 10.0% - 50.0% SL
Depreciation methods, useful lives and residual values are reviewed at reporting date and adjusted if appropriate.
(h) Inventories
Vehicles acquired via trade-in from car sales with customers are initially measured at their trade-in date fair value.
(i) Financial instruments
The Group recognises financial instruments when it becomes a party to the contractual provisions of the instrument.
(i) Financial assets – classification and subsequent measurement
At Amortised cost
Impairment allowances for Trade receivables
Impairment allowances for Loans receivable
Financial assets are classified based on whether their repayments represent solely payments of principal and interest (SPPI),
and whether the instrument is held to collect those repayments, and/ or to be sold.
These financial assets represent those held to collect SPPI, and include: Trade and other receivables; Loans receivable
(those that do not include waiver clauses); Cash and cash equivalents (including cash in hand, deposits held at call with
banks).
These financial assets are subsequently measured at amortised cost using the effective interest rate method, less
impairment.
Are recognised based on the simplified approach within NZ IFRS 9 using a provision matrix in the determination of the
lifetime expected credit losses. On confirmation that the trade receivable will not be collectible, the gross carrying value of the
asset is written off against the associated impairment allowance.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an
item of property, plant and equipment.
Inventories are measured at the lower of cost and net realisable value with due allowance for any damaged and obsolete
stock items. The cost of inventories is based on the first-in first-out principle and includes expenditure incurred in acquiring
the inventories and other costs incurred in bringing them to their existing location and condition.
Financial instruments are initially measured at fair value. For those financial instruments that are classified as amortised cost
this includes directly attributable transaction costs. For those financial instruments classified as at fair value through profit or
loss, any directly attributable transaction costs are expensed in profit or loss as incurred. Financial liabilities are measured
net of transaction costs.
For plant and equipment, depreciation is based on the cost of an asset less its residual value. Significant components of
individual assets that have a useful life that is different from the remainder of those assets are depreciated separately.
Are recognised based on a forward-looking expected credit loss (“ECL”) model. The methodology used to determine the
amount of the allowance is based on whether there has been a significant increase in credit risk since initial recognition of the
financial asset.
For those where the credit risk has not increased significantly since initial recognition of the financial asset, twelve month
expected credit losses along with gross interest income are recognised (“Stage 1”).
For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income
are recognised (“Stage 2”). The Group assumes that the credit risk on a financial asset has increased significantly if it is
more than 30 days past due.
Page 13

- significant financial difficulty of the borrower;
- a breach of contract, such as a default or being more than 90 days past due;
- it is probable that the borrower will enter bankruptcy or other financial reorganisation.
Impairment allowances for Cash and cash equivalents
Balances held with “investment grade” counterparties a significant increase in credit risk is deemed not be present.
At Fair value through profit or loss (non-derivatives)
Accordingly, these balances are classified and measured subsequently as at fair value through profit or loss.
At Fair value through profit or loss (derivatives)
(ii) Financial liabilities - classification and subsequent measurement
At Amortised cost
Includes; Trade and other payables; Borrowings; Lease liabilities.
These financial liabilities are subsequently measured at amortised cost using the effective interest rate method.
At Fair value through profit or loss (derivatives)
(iii) Derecognition of financial assets and financial liabilities
Financial assets
For those that are determined to be credit impaired (in default), lifetime expected credit losses along with interest income on
a net basis are recognised (“Stage 3”). The Group considers a financial asset to be in default when the financial asset is
more than 90 days past due, as well as observable evidence with respect to:
- granting to the borrower a concession for economic or contractual reasons relating to the borrower’s financial difficulty; that
the Group would not consider otherwise; or
When determining whether there has been a significant increase in credit risk since initial recognition of the financial asset,
and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available
without undue cost or effort.
This includes both qualitative and quantitative information and analysis, based on the Group’s historical experience and
informed credit assessment and includes forward looking information.
The gross carrying amount of Loans receivable is written off when the Group has no reasonable expectation of recovering
the balance in its entirety or a portion thereof.
These financial assets represent Loans receivable (that include waiver clauses). In applying the scope exemption in NZ IFRS
17 Insurance Contracts to these contracts, such that they are accounted for as financial assets in their entirety, the presence
of the waiver clauses results in repayments not representing SPPI. Loans receivable includes loans on which customers
voluntarily elect to opt for additional Asset Waiver and/or Income Waiver products which are offered by the Group.
Repayments of these loans are recognised as reductions in the carrying amount, with fair value gains or losses at each
reporting date recognised in profit or loss.
Financial liabilities are classified as at fair value through profit or loss if it is held-for-trading, it is a derivative or it is
designated as such on initial recognition, otherwise the it is classified as At Amortised cost.
Derivatives financial liabilities represent “out of the money” derivative contracts that are classified and measured
subsequently as At Fair value through profit or loss, with fair value gains or losses at each reporting date recognised in profit
or loss.
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it
transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of
ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks
and rewards of ownership and it does not retain control of the financial asset.
Derivatives financial assets represent “in the money” derivative contracts that are classified and measured subsequently as
at fair value through profit or loss, with fair value gains or losses at each reporting date recognised in profit or loss.
Page 14

Financial liabilities
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.
(iv) Impairment of non-financial assets
(j) Share capital
Ordinary shares
(k) Goods and services tax
With the exception of trade payables and receivables, all items are stated exclusive of Goods and Services Tax.
(l) Reserves
Amalgamation reserve
(m) Leases
• Leases of low value assets; and
• Leases with a duration of 12 months or less.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid
(including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
The carrying amounts of the Group’s non-financial assets, other than deferred tax assets and inventories, are reviewed at
each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s
recoverable amount is estimated.
An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment
losses directly reduce the carrying amount of assets and are recognised in profit or loss.
The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are
substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.
The estimated recoverable amount of non-financial assets is the greater of their fair value less costs to sell and value in use.
Value in use is determined by estimating future cash flows from the use and ultimate disposal of the asset and discounting
these to their present value using a pre-tax discount rate that reflects current market rates and the risks specific to the asset.
For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-
generating unit to which the asset belongs.
A cash-generating unit is the smallest group of assets that generates cash inflows from continuing use that are largely
independent of the cash inflows of the other assets or groups of assets.
Impairment losses are reversed when there is a change in the estimate used to determine the recoverable amount and there
is an indication that the impairment loss has decreased or no longer exists. An impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation
or amortisation, if no impairment loss had been recognised. All impairment losses are reversed through profit or loss.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised
as a deduction from equity, net of any tax effects.
The amalgamation reserve represents the difference between the fair value of consideration paid and the carrying amount of
net assets in a business combination where the acquirer and acquiree are controlled by the same (ultimate) party (business
combination under common control).
All leases in which the Group is a lessee are accounted for by recognising a Right-of-use asset and a Lease liability except
for:
Payments associated with all leases of low-value assets and short-term leases of equipment and vehicles are recognised on
a straight-line basis as an expense in profit or loss.
Page 15

(i) Initial measurement
Other variable lease payments are expensed in the period to which they relate.
On initial recognition, the carrying value of the Lease liability also includes:
• amounts expected to be payable under any residual value guarantee;
• Lease payments made at or before commencement of the lease;
• Initial direct costs incurred; and
(ii) Subsequent measurement
(iii) Remeasurement
(iv) Modifications to lease agreements
Increases in scope:
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the
discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily
determinable, in which case the Group’s incremental borrowing rate on commencement of the lease is used. Variable lease
payments are only included in the measurement of the lease liability if they depend on an index or rate, however in such
cases the initial present value determination assumes that the variable element will remain unchanged throughout the lease
term.
• the exercise price of any purchase option granted in favour of the Group if it is reasonable certain to assess that option;
• any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination
option being exercised.
Right-of-use assets are initially measured at the amount of the Lease liability, reduced for any lease incentives received, and
increased for:
• The amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the
leased asset (typically make-good provisions on buildings).
Subsequent to initial measurement Lease liabilities increase as a result of interest charged at a constant rate on the balance
outstanding and are reduced for lease payments made.
Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining
economic life of the asset if, rarely, this is judged to be shorter than the lease term. Right-of-use assets are also subject to
impairment assessment at reporting date.
When the Group revises its determination of the use (or non-use) of renewal and/or termination options, the carrying amount
of the lease liability is adjusted to reflect the payments to make over the revised term, which are discounted at the revised
discount rate.
The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a
rate or index is revised, however this is discounted at the original discount rate.
In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying
amount being amortised over the remaining (revised) lease term.
For changes in lease payments as a result of COVID-19, the carrying value of lease liabilities is revised and discounted at
the original discount rate, with a corresponding adjustment to profit or loss (variable lease payment).
When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the
modification:
• If the renegotiation results in one or more additional assets being leased for an amount commensurate with the stand-alone
price (i.e. market rate) for the additional rights-of-use obtained, the modification is accounted for as a separate lease in
accordance with the above policy.
• In all other cases (whether that is an extension to the lease term, or one or more additional assets being leased), the lease
liability is remeasured using the revised discount rate applicable on the modification date, with the right-of-use asset being
adjusted by the same amount.
Page 16

Decreases in scope:
The right-of-use asset is adjusted by the same amount.
(n) Government grants
(o) Finance income and finance expenses
Interest income is recognised as it accrues in profit or loss, using the effective interest method.
Finance expenses comprise interest expense on borrowings.
(p) Intangible assets
The estimated useful lives for the current and comparative periods are as follows:
- Trademarks 10 years
Amortisation methods and useful lives are reviewed at each reporting date and adjusted if appropriate.
(q) Cash and cash equivalents
Finite Intangible assets are amortised on a straight-line basis in profit or loss over their estimated useful lives, from the date
that they are available for use.
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits
held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or
less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value,
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the consolidated statement of
financial position.
• Both the carrying amount of the lease liability and right-of-use asset are reduced by the same proportion to reflect the partial
of full termination of the lease with any difference recognised in profit or loss.
Grants that compensate the Group for expenses incurred are recognised as income in profit or loss on a systematic basis in
the periods in which the associated expenses are recognised.
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are
recognised in profit or loss using the effective interest method.
The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments
over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date.
Page 17

Notes to and Forming part of the Consolidated the Financial Statements
4. Revenue from Contracts with Customers
MAR 2024MAR 2023
$'000$'000
Sale of cars78,764 74,902
Fair value gain/(loss) on revaluation(86)(222)
Contractual income earned on loans at fair value through profit or loss - 508
Interest on bank accounts, short term deposits and investments588 693
Agent commissions received
- Interest agent commissions4,899 4,427
- Insurance agent commissions2,619 2,396
Total revenue from contracts with customers86,783 82,704
Timing of transfer of goods and services
Point of sale income86,281 82,564
Over time income502 139
Total Revenue86,783 82,704
5. Sundry Income
MAR 2024MAR 2023
$'000$'000
Gain/(loss) on sale of property, plant and equipment - 2
Government grants received
1
- 37
Other - (6)
Total sundry income - 33
1
During FY23 the period the Group received government grants in the form of COVID-19 related Wage subsidies from the New Zealand
Government.
Page 18

6. Segment reporting
Description of segments
Reportable segments have been identified as follows:
Operating Segments
As at 31 March 2024Automotive RetailFinanceTotal
$'000$'000$'000$'000$'000
Revenue including interest86,306 423 11,005 (10,950) 86,784
Sundry Income(5) - 25 (20) (0)
Cost of sale(68,773) 1 (8,296) 10,950 (66,118)
Interest expense - finance- - - - -
Operating expense(7,621) (203) (3,418) - (11,242)
Operating profit9,907 222 (685) (20) 9,424
Dividend received- - - - -
Interest expense - trading(570) (169) (6) 43 (702)
Net profit before tax9,337 53 (691) 23 8,722
As at 31 March 2023Automotive RetailFinanceTotal
$'000$'000$'000$'000$'000
Revenue including interest81,990 909 1,979 (2,174) 82,704
Sundry Income(22) 3 50 2 33
Cost of sale(68,871) 2 (1,008) 1,972 (67,905)
Interest expense - finance- (222) - - (222)
Operating expense(8,112) (510) (3,299) 1 (11,920)
Operating profit4,985 181 (2,278) (199) 2,689
Dividend received- - 287 (287) -
Interest expense - trading(781) (336) (7) 255 (869)
Net profit before tax4,204 (155) (1,998) (231) 1,820
Management has determined the operating segments based on the components of the Group that engage in business activities, which
have discrete financial information available and whose operating results are regularly reviewed by the Group's chief operating decision
maker. The chief operating decision maker has been identified as the Board of Directors. The Board of Directors makes decisions about
how resources are allocated to the segments and assesses their performance. Geographically the Group's business activities are located
in New Zealand.
Other
Entities
Inter-entity
transactions
Other
Entities
Inter-entity
transactions
Page 19

7. Determination of fair values
CarryingFair value
31 March 2024NoteAmount(level 3)
$'000$’000
Assets
Cash and cash equivalents124,673 4,673
Trade receivables at amortised cost15514 514
Other receivables152,602 2,602
Loans receivable - Amortised Cost141,113 1,044
Loans receivable - Fair Value through Profit or Loss14816 816
Total9,719 9,649
Current Liabilities
Trade and Other Payables162,259 2,259
Borrowings221,500 1,500
Derivative financial liabilities18(13)(13)
Related Party Payable2510 10
Total3,756 3,756
CarryingFair value
31 March 2023NoteAmount(level 3)
$'000$’000
Assets
Cash and cash equivalents123,767 3,767
Trade receivables at amortised cost15380 380
Other receivables152,871 2,871
Loans receivable - Amortised Cost142,240 2,248
Loans receivable - Fair Value through Profit or Loss141,769 1,769
Total11,027 11,035
Current Liabilities
Trade and Other Payables162,743 2,743
Borrowings22900 900
Derivative financial liabilities1855 55
Related Party Payable2510 10
Total3,708 3,708
Borrowings relate to facilities that are repaid within a short timeframe.
Refer to Note 14 for fair value measurement information regarding Loans receivable.
Face value versus carrying amounts
The fair value of financial assets and liabilities, together with the carrying amounts shown in the Consolidated Statement
of Financial Position, are as follows.
The carrying amount of cash and cash equivalents, trade and other receivables and trade and other payables has been determined to be a
reasonable approximation of the fair value of the financial instrument given the short-term nature of these financial instruments.
Page 20

The sensitivity analysis of a reasonably possible change in one significant unobservable input, holding other inputs constant,
of level 3 financial instruments is provided below:
Significant unobservable inputsIncreases Decreases IncreasesDecreases
$’000$’000$’000$’000
Discount rate used
(+/- 5%)40 (37)29 (27)
Default provision used
(+/- 5%)46 (46)33 (33)
Waiver provision rate used
(+/- 5%)33 (33)24 (24)
8. Finance Expenses
NoteMAR 2024MAR 2023
$'000$'000
Interest expense on financial liabilities measured at amortised cost(214)(715)
Interest expense on lease liabilities17(362)(310)
Other(126)(66)
Finance Expenses(702)(1,090)
9. Key operating expenses
Key operating expenses includes the following:NoteMAR 2024MAR 2023
$'000
$'000
Audit fees(103)(104)
Depreciation - property, plant and equipment27(261)(211)
Depreciation - right-of-use assets17(2,065)(1,924)
Wages and salaries, Including kiwisaver contributions(3,669)(2,673)
Expenses related to restructuring business - (977)
Profit or loss
Other comprehensive income
(net of tax)
Page 21

10. Earnings Per Share
Basic earnings per share (EPS) is calculated by dividing the profit attributable to shareholders of the Group by the weighted average
number of ordinary shares on issue during the year, excluding shares held as treasury stock.
Diluted earnings per share assumes conversion of all dilutive potential ordinary shares in determining the denominator.
MAR 2024MAR 2023
Numerator $'000
$'000
Profit for the period
6,241
1,292
Denominator
Weighted average number of shares
45,554,500
45,554,500
EPS basic
0.14 0.03
EPS Diluted
0.14 0.03
11. Dividends
MAR 2024MAR 2023
$'000
$'000
Final Dividend
- 287
Interim Dividend
1,895 -
Total1,895 287
12. Cash and Cash Equivalents
Cash and cash equivalents in the Consolidated Statement of Financial Position comprise cash at bank and short term deposits
with an original maturity of three months or less which are subject to an insignificant risk of changes in value.
Held withCredit Rating InterestInterestMAR 2024MAR 2023
Credit Rating31 Mar 2024 31 Mar 2023$'000
$'000
31 Mar 2024
Cash at BankASB BankAA-5.36%4.61%3,422
3,337
ANZ BankAA---120
84
Mitsui BankA-0.02%0.00%871
275
XeBBB--260
71
As cash and cash balances are held with counterparties with “investment grade” credit ratings, there is not deemed to be a significant
increase in credit risk associated with the Group’s Cash and cash equivalents balance. Credit rating is as per Standard & Poor.
Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition and are
repayable with 24 hours’ notice with no loss of interest. See note 3(q) for the group’s other accounting policies on cash and cash
equivalents.
13. Inventories
MAR 2024MAR 2023
$'000
$'000
Gross stock on hand14,094 8,664
Inventory provision(221) (288)
Total inventories13,873 8,377
Page 22

14. Loans Receivable
Fair value through
Opening balance (1 Apr 2022)Amortised Costprofit and loss Total
Gross carrying value3,455 3,442 6,897
Less: Impairment allowance (73) - (73)
Total Loans receivable3,382 3,442 6,824
Movements during the period
Advances of loans to customers 622 707 1,329
Repayments of loans by customers(2,292) (2,158) (4,450)
Movement in accrued interest456 - 456
Movement in Impairment Allowance(28) - (28)
Fair value gain/(loss) on revaluation- (222) (222)
Total Movements(1,242) (1,673) (2,915)
Gross carrying value2,241 1,769 4,010
Less: Impairment allowance (101) - (101)
Total Loans receivable2,140 1,769 3,909
Closing balance (31 March 2023)
Current portion1,029 839 1,868
Non-current portion1,212 930 2,142
Less: Impairment allowance (101) - (101)
Total Loans receivable2,140 1,769 3,909
Fair value through
Opening balance (1 Apr 2023)Amortised Costprofit and loss Total
Gross carrying value2,241 1,769 4,010
Less: Impairment allowance (101) - (101)
Total Loans receivable2,140 1,769 3,909
Movements during the period
Advances of loans to customers - - -
Repayments of loans by customers(1,585) (864) (2,448)
Movement in accrued interest442 - 442
Other accrued repayments15 0 15
Movement in Impairment Allowance(7) - (7)
Fair value gain/(loss) on revaluation- (89) (89)
Fair value gain/(loss) from contractual income- - -
Total Movements(1,135) (953) (2,088)
Gross carrying value1,113 816 1,930
Less: Impairment allowance (109) - (109)
Total Loans receivable1,005 816 1,821
Closing balance (31 March 2024)
Current portion603 496 1,099
Non-current portion510 321 831
Less: Impairment allowance (109) - (109)
Total Loans receivable1,005 816 1,821
The effective interest rate on Loans receivable at Amortised cost are 9.95% - 17.95%. (2023: 9.95% - 17.95%)
Page 23

Gross financeNet finance
receivablereceivables
$'000$'000$'000
31 Mar 2024
Current2%746 (15) 731
Past due up to 30 days7%169 (12) 157
Past due 30 - 60 days17%56 (10) 46
Past due 60 - 90 days27%12 (3) 9
91 days and over53%131 (69) 61
9.8%1,113 (109)1,005
31 Mar 2023
Current2%1,948 (46)1,902
Past due up to 30 days7%157 (11)146
Past due 30 - 60 days17%72 (12)60
Past due 60 - 90 days27%6 (2)4
91 days and over53%57 (30)27
4.6%2,241 (101)2,140
MAR 2024MAR 2023
$'000
$'000
Movement in the impairment provisions:
Specific impairment provision
Opening balance(102) (73)
Impairment Movement through profit or loss(26) (46)
Amounts written off19 17
(109)(102)
The following table details the risk profile of the Group’s provision matrix for loan receivables collectively assessed for impairment. The
provision disclosed relates to loans assured at amortised cost only. Provision on loans valued at fair value are included in the fair value
gain or loss.
Collective
impairment
provision
Expected
loss rate
Loans receivable measured at fair value (financial instruments that include waiver based clauses) are modelled at fair value and include an
effective default risk impairment rate of 9.8% (2023: 4.6%), collection costs of 1%, and a discount rate of 11.2% which are factored into the
inputs of the valuation.
Loans Receivable measured at amortised cost (financial assets representing solely payments of principal and interest) have been impaired
at 9.8% (2023: 4.6%), using the expected credit loss model.
Page 24

15. Trade and other Receivables
MAR 2024MAR 2023
$'000
$'000
Trade receivables601 463
Less: Impairment allowance(87)(83)
Net trade receivables514 380
Trade receivables generally have terms of 30 days and are interest free. Trade receivables of a short-term duration are not discounted.
These financial assets are subsequently measured at amortised cost using the effective interest rate method, less impairment.
Prepayments2,184 2,600
Other current assets418 271
Other receivables2,602 2,871
16. Trade and other payables
MAR 2024MAR 2023
$'000
$'000
Trade payables1,621 2,210
Financial liabilities At Amortised cost1,621 2,210
Contract liabilities185 152
Other payables453 381
Total trade and other payables2,259 2,743
Trade payables generally have terms of 30 days and are interest free. Trade payable of a short-term duration are not discounted.
Page 25

17. Leases
The Group leases a number of properties and equipment in the jurisdiction from which it operates.
(i) Right of use AssetsMAR 2024MAR 2023
$'000
$'000
Opening Balance7,461 7,056
Additions and modifications1,331 2,406
Less:
Depreciation(2,065)(1,924)
Terminations(25)(78)
Closing Balance6,702 7,461
(ii) Lease Liabilities
Opening Balance7,935 7,317
Additions and modifications1,352 2,402
Interest362 310
Gain on changes to leases(14)(12)
Less:
Terminations(28)(78)
Repayments(2,297)(2,009)
COVID Relief - -
Effects of movements in exchange rates(5)3
Closing Balance7,306 7,934
Current portion1,689 1,856
Non-current portion5,617 6,078
Total lease liabilities7,306 7,934
(iii) Balance sheet and cash flow statementMAR 2024MAR 2023
$'000
$'000
Carrying amount of RoU asset (by asset class)
• Premises6,702 7,461
• Equipment- -
Total cash outflow related to leases (principal repayments)(1,935)(1,699)
Total cash outflow related to leases (interest)(362)(310)
(i) Variable lease payments
(ii) Lease term – use of renewal and termination options
(iii) Short term leases
As at 31 March 2024 Short-term lease expense (excluding leases of 1 month or less) being $39,600
As standard industry practice, several of the Groups property leases are subject to periodic CPI increases and/or market rent reviews. A
1% increase in these payments would result in an additional $23,130 (2023: $20,090) cash outflow compared to the current period’s cash
outflow. (2023: 1%)
The Group’s property leases typically include renewal and termination options. The Group must assess whether it reasonably expects (or
not) to exercise these when determining the lease term.
These are all leases that exclude 1 month or less in duration, which management have assessed do not qualify as a lease under NZ
IFRS16 leases and have not been capitalised as a result.
Page 26

18. Derivative financial instruments
19. Employee benefit liabilities
MAR 2024MAR 2023
$'000
$'000
Liability for annual leave631 560
Wages payables209 274
Total840 834
20. Income tax
(a) Income tax recognised in profit or loss and other comprehensive incomeMAR 2024MAR 2023
$'000
$'000
Income tax recognised in profit or loss
Current tax2,510 540
Deferred tax(29)(12)
Total income tax expense2,481 528
(b) Reconciliation of income tax expense
MAR 2024MAR 2023
Income tax recognised in profit or loss$'000
$'000
Profit before income tax expense8,722 1,820
Tax expense at the domestic tax rate (28%)2,442 510
Permanent differences10 17
Intergroup eliminations(4)
Effects of tax rate in foreign jurisdictions29 6
Income tax expense2,481 528
(c) Deferred tax
MAR 2024MAR 2023
Income tax recognised in profit or loss$'000
$'000
Balance at the beginning of the period445 433
Current period movement29 12
Deferred tax asset474 445
Made Up Of:
Deferred tax asset2,440 2,411
Deferred tax liability(1,966)(1,966)
Net balance as per above474 445
Forward contracts were taken out during the year to provide cover for risks that could potentially arise from foreign currency fluctuations in
the buying & selling of inventories. If the contracts are realised at fair market value at the balance date, this would result in a foreign
exchange gain on derivatives of $13k as at 31 March 2024 (31 March 2023: Foreign exchange loss of $55k).
Page 27

Deferred tax assets are attributable to the following:
Inventory provision62 81
Employee benefits155 143
Doubtful debt24 51
Others24 -
Contract liabilities41 37
Lease liabilities2,044 2,215
Right-of-use asset(1,875)(2,082)
Total474 445
21. Imputation Credits
MAR 2024MAR 2023
$'000
$'000
Imputation credits at 1 April(3,625)(3,595)
New Zealand Tax payments, net of refunds(452)(142)
Imputation credits attached to dividends received (1) -
Imputation credits attached to dividends paid737 112
(3,341) (3,625)
The imputation credits are available to shareholders of the group:
- Through the company
- Through subsidiaries
22. Borrowings
MAR 2024MAR 2023
$'000
$'000
Motor Vehicle Finance Credit Facility - 900
Retail Trade Finance Facility1,500 -
Total Trade finance facility1,500 900
During the year, the motor vehicle finance credit facility was fully repaid.
As indicated in last year's subsequent events, a new trade facility of $5.0m was in place prior to the signing of the FY23 financial statements.
Page 28

23. Share capital
MAR 2024MAR 2023
Number of Ordinary Shares
Opening balance45,554,500 45,554,500
Total issued and authorised capital45,554,500 45,554,500
Dollar value of Ordinary SharesMAR 2024MAR 2023
$'000
$'000
Opening balance39,344 39,365
Share Option Scheme - (21)
Total issued and authorised capital39,344 39,344
24. Share-based payment arrangements
31 March 2024
The share option programme was discontinued in FY2023.
31 March 2023
The share option programme has been discontinued in FY2023 with the departure of the previous CEO.
All issued shares are fully paid and have no par value. The holders of ordinary shares are entitled to receive dividends as declared from
time to time and are entitled to one vote per share at meetings of the Group and rank equally with regard to the Group’s residual assets.
Page 29

25. Related parties
Identity of related parties
The group has a related party relationship with its key management personnel being the Directors and Executive Officers.
Key management personnel
MAR 2024MAR 2023
$'000
$'000
Short-term employee benefits1,301 1,460
Director fees290 261
Defined contribution plans38 33
Termination benefits51 250
Total key management personnel remuneration1,680 2,004
Transactions with related parties
MAR 2024 MAR 2023MAR 2024MAR 2023
$'000
$'000
$'000
$'000
Yusuke Sena - - 10 10
- - 10 10
Key management personnel represent the Board of Directors, and the Senior Leadership team including the Managing Directors, Chief
Executive Officer and Chief Financial Officer.
Balance outstanding at balance
dateTransactions for the period
Page 30

26. Financial instruments - risk management
Through its operations, the Group is exposed to the following financial risks:
(a) Credit risk
(b) Market risk
(c) Liquidity risk
(d) Currency risk
(a) Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty to a financial asset fails to meet their contractual obligations.
The Group’s exposure to credit risk is represented by the carrying amount of cash and cash equivalents and investments.
As cash and cash balances are held with counterparties with “investment grade” credit ratings, there is not deemed to be a significant
increase in credit risk associated with the Group’s Cash and cash equivalents balance. Credit rating is as per Standard & Poor.
The Group has an Audit & Risk Committee that monitors credit risk as part of its wider duties.
Cash and cash equivalents held with financial institutions are presented in the table below:
31 March 2024Credit rating * Cash and cash InvestmentsTotal
equivalents
$’000$’000$’000
ASB BankAA-3,422 - 3,422
ANZ BankAA-120 - 120
Mitsui BankA-871 - 871
XeBBB260 - 260
4,673 - 4,673
31 March 2023Credit rating * Cash and cash InvestmentsTotal
equivalents
$’000$’000$’000
ASB BankAA-3,337 - 3,337
ANZ BankAA-84 - 84
Mitsui BankA-275 - 275
XeBBB-71 - 71
3,767 - 3,767
* Standard & Poor’s
Interest rates on interest bearing cash and cash equivalents and investments range between 0.02% - 5.36% (2022: 0.86% - 0.4.61%).
The Board has overall responsibility for the determination of the Group’s risk management objectives and policies and, whilst retaining
ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective
implementation of the objectives and policies to the Group’s finance function. The Board receives monthly reports from the Chief Financial
Officer through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it
sets. The Group’s internal finance team also review the risk management policies and processes and report their findings to the Audit
Committee.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Groups
competitiveness and flexibility. Further details regarding these policies as they relate to the specific financial risks that the Group is
exposed to are set out below.
Page 31

(b) Market risk
Market risk arises from the Group’s:
- Use of interest-bearing borrowings (interest rate risk); and
- Purchases in foreign currencies (foreign currency exchange risk).
i. Interest rate risk
ii. Foreign currency exchange risk
There are open forward exchange contracts of $4.0m at the end of the reporting period (2023: $5.2m).
The net foreign exchange loss recognised for the year was $0.79m (2023: $0.32m loss).
(c) Liquidity risk
The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:
Up to Between 3 Between 1 Between 2 Over 5 yearsTotal
As at 31 March 20243 months and 12 months and 2 years and 5 years$’000$’000
$’000$’000$’000$’000
Trade and other payables1,541 651 21 46 - 2,259
Borrowings1,500 - - - - 1,500
Lease liabilities559 1,470 1,861 3,553 743 8,186
Total3,600 2,121 1,882 3,599 743 11,945
Up to Between 3 Between 1 Between 2 Over 5 yearsTotal
As at 31 March 20233 months and 12 months and 2 years and 5 years$’000$’000
$’000$’000$’000$’000
Trade and other payables2,357 339 20 27 - 2,743
Borrowings900 - - - - 900
Lease liabilities569 1,628 1,538 3,771 1,532 9,038
Total3,826 1,967 1,558 3,798 1,532 12,681
To mitigate foreign exchange risk on significant purchases, the Group enters into forward exchange contracts to match the timing and
amount of payments due. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are
subsequently remeasured to their fair value at the end of each reporting period.
The Group does not apply hedge accounting to these transactions, and they are classified as held for trading for accounting purposes and
are accounted for at fair value through profit or loss. They are presented as current assets or liabilities to the extent they are expected to be
settled within 12 months after the end of the reporting period. They are considered level 2 fair value measurements being based on the
present value of future cash flows based on the forward exchange rates at the reporting date.
Liquidity risk arises from the Group’s management of working capital. It is the risk that the Group will encounter difficulty in meeting its
financial obligations as they fall due.
The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve
this the Group maintains a monthly forecast on its future cash position to ensure it can meet financial obligations when they fall due.
The Board receives monthly financial statements which include statements of financial position, performance and cash flows, as well as
budget/forecast variance reports, to ensure it holds or will hold cash equivalents to meet its obligations.
Interest rate risk is the risk that the fair value or future cash flows of a financial instruments will fluctuate because of changes in market
interest rates.
The Group is exposed to fair value interest rate risk from its fixed / variable rate borrowing and lease liabilities, with rates between 9.3% -
3.3% (2023: 9.4% - 3.75%).
The Group currently does not have any sales transactions denominated in foreign currencies, however, the Group has purchases
transactions denominated in foreign currencies.
During the current reporting period, the Group has purchased used cars with purchase prices denominated in foreign currencies (YEN).
Page 32

27. Property, plant and equipment
LeaseholdMotor Furniture and ComputerWorkshopTotal
improvementsvehiclesfittings equipmentequipment
Cost$’000$’000$’000$’000$’000$’000
Balance at 1 April 2023636 525 718 610 117 2,606
Additions254 357 19 40 112 782
Disposals(1)(25) - (1)(26)(53)
Balance at 31 March 2024889 857 737 649 203 3,335
Accumulated depreciation
Balance at 1 April 2023(158)(266)(337)(487)(38)(1,286)
Depreciation(55)(78)(45)(64)(19)(261)
Disposals - 3 - - - 3
Effect of exchange rate - (4) - - - (4)
Balance at 31 March 2024(213)(345)(382)(551)(57)(1,548)
Net Book Value
As at 31 March 2024676 512 355 98 146 1,787
The Group has reviewed each items of property, plant and equipment and no impairment charge was recognised for the year ended
31 March 2024 (March 2023: Nil).
LeaseholdMotor Furniture and ComputerWorkshopTotal
improvementsvehiclesfittings equipmentequipment
Cost$’000$’000$’000$’000$’000$’000
Balance at 1 April 2022511 593 644 578 112 2,438
Additions125 26 102 44 8 305
Disposals - (94)(28)(12)(4)(138)
Balance at 31 March 2023636 525 718 610 117 2,605
Accumulated depreciation
Balance at 1 April 2022(115)(238)(297)(429)(24)(1,103)
Depreciation(43)(52)(42)(59)(14)(211)
Disposals - 15 2 1 1 19
Effect of exchange rate - 9 - - - 9
Balance at 31 March 2023(158)(266)(337)(487)(38)(1,286)
Net Book Value
As at 31 March 2023477 259 381 123 79 1,319
Depreciation Methodology
The group recognises depreciation on a Straight line basis.
Page 33

28. Notes supporting statement of cash flows
Reconciliation of Profit after tax with Net Cash Flow from Operating Activities
MAR 2024MAR 2023
$'000
$'000
Net Profit for the year6,241 1,292
Non-cash / Non-operating items:
Depreciation of property, plant and equipment2,332 2,134
Amortisation of intangible fixed assets
Stock Provision(67)
Provisions and fair value gains242
Loss/(gain) on sale of property, plant and equipment - (2)
Foreign exchange - 77
Income tax expense2,481 528
Finance expense214 (255)
Impairment of related parties - -
5,202 3,774
Movements in working capital:
(Increase)/decrease in trade and other receivables2,182 4,528
Increase/(decrease) in trade and other payables(732)491
(Increase)/decrease in Inventory(5,430)4,631
(3,979)9,650
Cash generated from operations7,464 13,424
Income taxes paid(544)(161)
Net cash flows from operating activities6,921 13,263
29. Contingent liabilities
ASB Bank Limited has given a guarantee to the landlord on behalf of the Group to secure premises.
The maximum guarantee is for $2,368,014 (March 2023: $1,316,959).
30. Subsequent events
On 22 April 2024, the company announced the resignation of CEO,Paul Millward, with founder and majority shareholder, David Sena
taking over as CEO from 1 June 2024. (2023: The trade finance facility was due to expire on 30 April and has been extended until 31 May
2023 to provide the buisness time to execute a new trade facility. The new trade facility for $5.0m was in place prior to the signing of the
financial statements.)
Page 34

Level | 1 York Street | Sydney | NSW | 2000
GPO Box 4137 | S ydney | NSW | 2001
t: +61 2 9256 6600 | f: +61 2 9256 6611
sydney@uhyhnsyd.com.au
www.uhyhnsydney.com.au
An association of independent Ƃ rms in Australia and New Zealand and a member
of UHY International, a network of independent accounting and consulting Ƃ rms.
UHY Haines Norton—ABN 85 140 758 156 NSWBN 98 133 826
Liability limited by a scheme approved under Professional Standards Legislation.
Passion beyond numbers
9
Independent Auditor’s Report
To the Shareholders of 2 Cheap Cars Group Limited
Opinion
I have audited the consolidated financial statements of 2 Cheap Cars Group Limited (“the Company”)
and its subsidiaries (“the Group”), which comprise:
•the consolidated statement of financial position as at 31 March 2024;
•the consolidated statement of profit or loss and other comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash flows for the year then
ended; a
nd
•t
he notes to the consolidated financial statements including a summary of significant
accounting policies.
I am a partner with UHY Haines Norton Chartered Accountants Sydney (the Firm) and I have used the
staff and resources of the Firm to perform the audit of the Group.
In my opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the consolidated financial position of the Group as at 31 March 2024, and its consolidated
financial performance and its consolidated cash flows for the year then ended in accordance with New
Zealand Equivalents to International Financial Reporting Standards (“NZ IFRS”) issued by the New
Zealand Accounting Standards Board.
Basis for Opinion
I conducted my audit in accordance with International Standards on Auditing (New Zealand) (“ISAs
(NZ)”) issued by the New Zealand Auditing and Assurance Standards Board. My responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of my report.
I am independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code), and I have fulfilled my other ethical
responsibilities in accordance with these requirements and the IESBA Code.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my
opinion.
Other than in my capacity as auditor, neither myself, the firm or the firm’s staff have no relationship
with, or interests in, the Group.
Key Audit Matters
Key audit matters are those matters that, in my professional judgement, were of most significance in
my audit of the consolidated financial statements of the current year. These matters were addressed
in the context of my audit of the consolidated financial statements as a whole, and in forming my
opinion thereon, and I do not provide a separate opinion on these matters.
Page 35

An association of independent Ƃ rms in Australia and New Zealand and a member
of UHY International, a network of independent accounting and consulting Ƃ rms.
UHY Haines Norton—ABN 85 140 758 156 NSWBN 98 133 826
Liability limited by a scheme approved under Professional Standards Legislation.
Passion beyond numbers
Why the audit matter is significant How myaudit addressed the key audit matter
Revenue recognition
The Group has recognised revenue of
$86.8m (FY 2022: $82.7m) (Note 4). 2CC
Group’s net sales comprises revenue
from the sale of cars, insurance agent
commissions and finance agent
commissions.
Revenue is recognised when the control
associated with a good or service (or in
aggregate thereof) representing a
distinct performance obligation is
transferred from the Group to the
customer.
There are a number of factors that could
affect this reported amount, including
the risk for revenue recognition policies
being incorrectly applied or recognised
in an incorrect period. This presents a
key audit matter due to the financial
significance and nature of net sales in
the financial statements.
To address the risk associated with revenue
recognition, the following audit procedures were
carried out:
•Evaluated the design of management's internal
controls related to revenue recognition.
•Reviewed revenue recognition policies for
appropriateness and compliance with relevant
accounting standards.
•Selected a sample of transactions and
inspected supporting sales documentation,
cash received and assessed whether all criteria
related to revenue recognition has been met
before being recognised as revenue.
•Reviewed credit notes posted after year end to
ascertain revenue recognition during the year.
•Performed revenue cut off procedures by
selecting revenue samples before and after
year end and testing that revenue is recorded
in the correct period.
•Performed analytical procedures by comparing
average gross margins by make of the cars on
a year on year basis, and by analysing the
movement of gross margins relative to the
prior period and on a monthly basis.
•Reviewed manual revenue journals as part of
the journal entry testing process.
•Assessed the reasonability and completeness
of the revenue related disclosures to test
compliance with the requirements of the
accounting standards.
I
nformation Other than the Consolidated Financial Statements and Auditor’s Report thereon
The Directors are responsible for the other information. The other information comprises the annual
report. The annual report is expected to be made available to me after the date of this auditor’s report.
My opinion on the consolidated financial statements does not cover the other information and I do
not and will not express any form of audit opinion or assurance conclusion thereon.
In connection with my audit of the consolidated financial statements, my responsibility is to read the
other information identified above when it becomes available and, in doing so, consider whether the
other information is materially inconsistent with the consolidated financial statements or my
knowledge obtained in the audit, or otherwise appears to be materially misstated.
When I read the annual report, if I conclude that there is a material misstatement therein, I am
required to report that fact.
Page 36

An association of independent Ƃ rms in Australia and New Zealand and a member
of UHY International, a network of independent accounting and consulting Ƃ rms.
UHY Haines Norton—ABN 85 140 758 156 NSWBN 98 133 826
Liability limited by a scheme approved under Professional Standards Legislation.
Passion beyond numbers
Directors’ Responsibilities for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS, and for such internal control as the
Directors determine is necessary to enable the preparation of consolidated financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do
so.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
My objective is to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance but is not
a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the consolidated financial
statements is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/.
This description forms part of my auditor’s report.
Restriction on use of my report
This report is made solely to the Group’s shareholders, as a body. My audit work has been undertaken
so that I might state to the Group’s shareholders, as a body those matters which I am required to state
to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, I do
not accept or assume responsibility to anyone other than the Group and the Group’s shareholders, as
a body, for my audit work, for this report or for the opinion I have formed.
Vikas Gupta
Audit Partner - UHY Haines Norton Chartered Accountants Sydney
Signed at Sydney, Australia on 23 May 2024
Page 37

2 CHEAP CARS GROUP LIMITED
Company Directory
Nature of Business
Used automotive vehicle retailer and motor vehicle finance provider
Registered Office
102 Mays Road
Onehunga
Auckland 1061
Head Office
102 Mays Road
Onehunga
Auckland 1061
Directors
Michael Stiassny
Gordon Shaw
Yusuke Sena
Bankers
ANZ Bank
Solicitors
MinterEllisonRuddWatts
Independent Auditors
UHY Haines Norton Sydney
Share Register
Computershare
Page 38

---

Distribution Notice




Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Section 1: Issuer information
Name of issuer 2 Cheap Cars Group Limited
Financial product name/description Ordinary Shares
NZX ticker code 2CC
ISIN (If unknown, check on NZX
website)
NZNZAE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 31/05/2024
Ex-Date (one business day before the
Record Date)
30/05/2024
Payment date (and allotment date for
DRP)
14/06/2024
Total monies associated with the
distribution
1

$ 1,895,067.20
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.05777778
Gross taxable amount
3
$ 0.05777778
Total cash distribution
4
$ 0.04160000
Excluded amount (applicable to listed
PIEs)
$ N/A
Supplementary distribution amount $ 0.00734118


1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.

Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed


If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.01617778
Resident Withholding Tax per
financial product
$ 0.00288889


Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Paul Millward, CEO
Contact person for this
announcement
Angus Guerin, CFO
Contact phone number 021998708
Contact email address Angus.guerin@2ccgroup.co.nz
Date of release through MAP

24/05/2024






5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.



6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Results announcement



Results for announcement to the market
Name of issuer 2 Cheap Cars Group Limited
Reporting Period 12 months to 31 March 2024
Previous Reporting Period 12 months to 31 March 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$86,783 5%
Total Revenue $86,783 5%
Net profit/(loss) from
continuing operations
$6,241 383%
Total net profit/(loss) $6,095 345%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.04160000
Imputed amount per Quoted
Equity Security
$ 0.01617778
Record Date 31/05/2024
Dividend Payment Date 14/06/2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.44 $0.35
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to accompanying Results Announcement
Authority for this announcement
Name of person

authorised
to make this announcement
Paul Millward, CEO
Contact person for this
announcement
Angus Guerin, CFO
Contact phone number 021 998 708
Contact email address angus.guerin@2ccgroup.co.nz
Date of release through MAP

24/05/2024

Audited financial statements accompany this announcement.