Resilient business continues to grow through the cycle

Company Announcement
25 November 2024



1
Resilient, diversified business model continues to grow value through the cycle

Key HY24 financial metrics

• Revenue $209.0m (- 2%)
• EBIT $31.0m (+3%)
• NPBT $26.9m (+5%)
• NPAT $19.3m (+4%)
• Earnings per share 21.8 cps (+2%)
• Q2 dividend declared at 7.0 cps

Highlights

• Record net profit before tax (NPBT) of $26.9m for HY24 (HY23 $25.7m), 5% higher than the same period
last year, proving resilience through the cycle during a significant retail downturn
• Reaffirm September 2024 guidance that the business is on track for another record result for FY25,
exceeding $50m NPBT target, which was first communicated in [xx date]
• Forecast FY25 dividend of at least 27 cps up 6% on pcp and capping a decade of strongly growing
dividends from 10 cps in FY15
• Earning diversification proven again, with lower Auto Retail revenue offset by strong results for Finance,
Insurance and Credit Management, as expected
• Consumer sentiment downturn put pressure on vehicle prices, reducing margins during the period, but
now showing signs of recovery
• Resilient used car volumes, despite new car demand plummeting
• Motivated team with high levels of employee engagement and share ownership
• Sustained high performance acknowledged by a range of awards for the company, including finalist in
Company of the Year 2024 in Deloitte Top 200 Awards
Turners Automotive Group (NZX/ASX: TRA) produced a strong result for the six months to September 30, 2024, in
the face of extremely challenging macro market conditions, demonstrating that the company’s strategy to enable
it to grow through the cycle, thanks to its diversified business model, and to maintain healthy dividends, is
proving effective.
CEO Todd Hunter said, “During one of the deepest downturns in New Zealand retail, that required us to reduce
used car prices between March and August to meet the market, the agility and resilience of the business showed
through with the natural stabilisers of our annuities businesses in finance and insurance, offsetting the pressure
on Auto Retail. This demonstrates that our strategy to build a business that can grow and deliver value through
the cycle is paying off. This result reflects not only the effectiveness of our diversified model, but also the quality
and skill of our team which responded in an agile fashion to market conditions to ensure that, while margins were
squeezed in Auto Retail, volumes were slightly up and we continued to grow market share and deliver value for
our customers.”
Financial results
Group Revenue of $209.0m was down -2% on PCP, driven by a 6% decline in Auto retail somewhat offset by an
increases in Finance, Insurance and Credit Management. Our diversified business model supported EBIT growth
of +3% on PCP to $31.0m. Segment profit from Finance (+59%), Insurance (+8%) and Credit Management (+2%),
offset a -18% decline in Auto Retail. This again proves the resilience of our model.
Reported NPBT for the six months to September, 2024, rose 5% to $26.9m (HY24: $25.7m). Earnings per share for
HY25 was 21.8M up 2% (HY24 21.2 cps). The Board paid a Q1 dividend of 6.0 cps, and has declared a Q2 dividend
of 7.0 cps, projecting a full year imputed dividend of at least 27 cps, based on our dividend policy to pay out 60-
70% of net profit after tax (NPAT).

Company Announcement
25 November 2024



2
Chairman Grant Baker said, “Growing profit in this environment is a considerable achievement, and Turners has
demonstrated it can improve returns to shareholders over time thanks to its consciously-developed, diversified
business model that offers upside in downturns as well as periods of economic expansion. We have more than
doubled dividends over the past decade, continuously striving for record results, as well as continuing to invest
for future growth. We have considerable opportunity still before us as a trusted partner for customers in the life
cycle of vehicle ownership.”
Key Drivers of HY25 result
• Auto Retail: volumes up but margins on owned stock down as market demand weakened sharply,
prompting a material pricing contraction from March through August, although this is now recovering
• Finance: The interest rate environment is becoming a tail wind in Finance with net interest margin
rebuilding, and arrears (2.8%) performing significantly better than market levels (6.4%)
• Insurance: Gross Written Premium was flat on PCP but margins continue to improve. Claims ratio is
being well managed. Claims cost inflation has dissipated.
Q3 Update
• Auto retail: Vehicle pricing strengthening and vehicle margins improving.
• Finance: Arrears performing well and originations starting to lift. Benefit of easing OCR still to come in
the second half of the year.
• Insurance: Claims continue to track below expectations, with policy sales holding up well.
• Credit: Corporate debt load recovering slower than expected, but SME debt load increasing quickly. NZ-
wide credit metrics continue to deteriorate which amounts to a tail wind for second half.
Outlook - H2 trading expected to be more positive for all divisions
With signs that Auto Retail is through the sharp pricing contraction (March – August, 2024), the second half of
FY25 offers more positive trading and margin conditions than the first half. The pipeline of branch expansion
opportunities is growing, and development phase of new branches is going well whilst the incremental benefit
won’t accrue in this financial year.
A strong Auto Retail business is proving to have a great halo effect for Finance and Insurance. The interest cycle is
moving into a phase that will provide a tail wind for Finance. The strength of the Turners brand continues to
grow, along with continuous improvement in systems, technology and people. Our acquisition of My Auto Shop,
as well as distribution agreements in Insurance, is proving there is opportunity for considerable further leverage
across the network.
The company is on track for a record result for FY25, expected to exceed its $50m NPBT target.
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

Company Announcement
25 November 2024



3
Appendix: Divisional Results
Auto Retail: Revenue $146.3m -6%, Segment Profit $14.7m -18%
• Increased market share from our enhanced brand and growing footprint
• Retail (Buy Now) unit sales up 9% to circa 11,050 units; wholesale auction units up 3% to circa 10,050
units
• Margin pressure as prices dropped with overall margin on owned vehicles down 28% for HY25
• Total owned units sold in HY25 up 6% over HY24
• Entering a build phase for next growth push which will benefit future periods
• My Auto Shop proving a compelling and synergistic investment
Finance: Revenue $33.6m +11%, Segment Profit $8.1m +58%
• Despite industry contraction, total ledger expanding again and up to $426m (HY24 $418m)
• Consumer lending up and commercial lending down. Credit policy tightened to focus on cars, vans and
utes and move away from trucks and machinery lending
• Quality now stress-tested: arrears are substantially below industry norms, and quality lending continuing
to improve (credit scores and less commercial lending)
• Net interest margin expanding as OCR turns from headwind to tailwind
• Turners-controlled ledger up to $98m from $86m
• Heavy lifting done on pricing over last 18 months is paying off
Insurance: Revenue $23.7m +4%, Segment Profit $7.7m +8%
• Gross Written Premium (GWP) flat at $20.6m for HY25, but margins improving
• Claims ratio is being well managed (overall claims costs flat HY25 v HY24)
• Claims cost inflation has dissipated
• Total overheads down $300k to $4.3m; investment income up $400k to $1.9m, and MVI commission up
$300k to $1.1m
• MVI premium portfolio with VeroNZ now at $35m per annum and growing at circa 40%, demonstrating
opportunity for further leverage of our network for high growth, high margin distribution plays
• Digital direct platform just launched, offering material upside over time.
Credit Management: Revenue $5.4m +2%, Segment Profit $1.8m +2%
• Debt referred and collected slowly growing as business recovers
• Tightening economy supports growth – our customers are still ‘reputation sensitive’ but that is starting
to change
• Economic pressures represent a growing tailwind
• Growing demand from small businesses where economic pain is greatest
• Payment bank being rebuilt.


ENDS

---

1• HY25 RESULTS PRESENTATION
HY25
Results
Presentation
For the sixmonthsending
30 September 2024

2 • HY25 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:
1.Uncertainties relating to government and regulatory policies;
2.The occurrence of catastrophic events with a frequency or severity exceeding our estimates;
3.The legal environment;
4.Loss of services of any of the company’s officers;
5.General economic conditions; and
6.The competitive environment in which the company, its subsidiaries, and its customers operate; and other risks inherent in the company’s
industry
The words “believe,” “anticipate,” “investment,” “plan,” “estimate,” “expect,” “intend,” “will likely result,” or “will continue” and other
similar expressions identify forward-looking statements. Recipients of this document are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates. The company undertakes no obligation to update or revise any forward looking
statements, whether as a result of new information, future events or otherwise.

3 • HY25 RESULTS PRESENTATION
Agenda
1
Overview of HY25
2
HY25 Financial Performance
3
Segment Results
4
Outlook

4 • HY25 RESULTS PRESENTATION
1 Overview of HY25

5 • HY25 RESULTS PRESENTATION
Key highlights
Outstanding result given very challenging macro
•Record NPBT of $26.9M for HY25, +5% YoY despite very challenging macro environment.
•Reaffirm Sept-24 guidance to exceed the $50M NPBT goal in FY25.
•Forecasted FY24 dividend of at least 27 cents per share.
•Profit composition changed as expected – with Auto Retail down, Finance up.
•Resilient used car volumes, despite new car demand plummeting.
•Used car pricing pressure from March to August. Some recovery in pricing from September.
•Finance arrears remain significantly below industry norms.
•Motivated team. High levels of employee engagement and share ownership.
•Diversified business model and “natural stabilisers” means stable, growing profits.
•2H25 trading expected to strengthenacross all divisions.

6 • HY25 RESULTS PRESENTATION
Brand investment rewarded...
Tina from Turners
winner of the
2020s
NZ Marketing Award 2024 for
Excellence in Long-Term
Marketing Strategy2024
Advertising Effectiveness
Gold Award for Sustained
Success 2024
Finalist in
Company of the
Year for 2024
GREATEST AD
CAMPAIGN OF THE
LAST 50 YEARS

7 • HY25 RESULTS PRESENTATION
Source: NZTA Total Change of Ownerships for Used Vehicles in NZ by HY
NZ used car transaction volumes (Apr to Sep)
Used car market continues to show resilience
300,000
350,000
400,000
450,000
500,000
550,000
600,000
HY18HY19HY20HY21HY22HY23HY24HY25
Change of Ownerships
•​Overall used car transaction levels for FY25 YTD in-
line with FY24.
•Used imports down 14% on HY23.
•Demand for higher-value cars continues to moderate.
Demand for lower-value cars growing.
•Pressure on car pricing through Q1, with signs of lift in
Q2/Q3.

8 • HY25 RESULTS PRESENTATION
-30%
-20%
-10%
0%
10%
20%
30%
40%
20032005200720092011201320152017201920212023
Used Car % Change Y on YNew Car & LCV % Change Y on Y
New car vs used car performance
% Change Year on Year, New Car vs Used Car Sales
•Used car sector proving more resilient than
new cars
•New car segmentremains more
“discretionary” and sensitive to economic
cycles.
•Vehicle pricing pressure persistedthrough
Q1 with signs of improvement in Q2/Q3
Source: NZTA

9 • HY25 RESULTS PRESENTATION
•Across nearly 700 employees
weaverage 9/10 on the question
“How likely is it that you would
recommend Turners Auto Group as
a place to work?”
•Turners ranks in the top 5% of
consumer businesses globally for
engagement, diversity and inclusion,
health and wellbeing.
•Employee Share Scheme with a 53%
take up
•High engagementand an ownership
mindset form a powerful
combination in retention,
recruitment and delivering an
exceptional customer experience.
Peakon employee engagement scores
High engagement + ownership mindset is a powerful
combination
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-Oct24-Feb24-Jun24-Oct
How likely is it that you would recommend Turners Automotive
Group as a place to work?

10 • HY25 RESULTS PRESENTATION
2 HY25 Financial
Performance

11 • HY25 RESULTS PRESENTATION
HY25 and Q3 Summary
•Revenue $209.0M -2%
•EBIT
1
$31.0M +3%
•NPBT $26.9M +5%
•NPAT $19.3M +4%
•Q2 dividend declared at 7.0 cps
•Earnings per share 21.8 cps +2%
•Auto Retail volume up but vehicle
margins on owned stock declined as
demand dropped with economy.
•Significant pricing transition from March
through to July as consumer spending
moderated.
•Finance Interest rate environment
becoming a tailwind with net interest
margin rebuilding.
•Finance arrears performing significantly
better than market levels.
•Earnings diversification and business
resiliencedemonstrated in a challenging
economic environment.
Financials
Key Drivers for HY25Q3 Update
•Auto Retail: Volumes elevated with
margins improving.
•Finance: Arrears continue to perform
well with originations starting to lift.
The benefit of easing OCR is
expected in H2.
•Insurance: Claims continue to track
below expectations, GWP holding up
well.
•Credit: Corporate debt load
recovering slower than expected, but
SME debt load increasing quickly. NZ
wide credit metrics continue to
deteriorate which will be tailwind.
1
EBITadjusted for interest expense in Finance
(non-IFRS measure)

12 • HY25 RESULTS PRESENTATION
Revenue
$209.0M-2%
Shareholders’Equity
$287.7Mas at 30Sept2024
EBIT
1
$31.0M+3%
Q2 Fully Imputed Dividend 7.0cps
ProjectedFY fully imputed Div
of at least 27.0cps +6%
Net Profit BeforeTax
$26.9M+5%
H1 Earnings PerShare
21.8 cps
(HY24 21.3 cps,+2%)
Net Profit After Tax
$19.3M+4%
Revenue
Net profit aftertax
HY25 Results snapshot
0
50
100
150
200
250
300
350
400
450
FY19FY20FY21FY22FY23FY24FY25
NZ$M
2H
1H
0
5
10
15
20
25
30
35
FY19FY20FY21FY22FY23FY24FY25
NZ$M
2H
1H
1
EBITadjusted for interest expense in Finance
(non-IFRS measure)

13 • HY25 RESULTS PRESENTATION
•Revenue drop in Auto Retail reflects shift
to lower value cars and impact of lower
consumer demand on vehicle pricing and
margins.
•Finance revenue growth reflects
successful repricing strategy, and growing
origination.
•Insurance revenue gains from higher levels
of policy sales and repricing.
2% drop in revenue, driven by market conditions in Auto Retail
Revenue bridge HY24 to HY25
HY24: HY25 Revenue bridge

14 • HY25 RESULTS PRESENTATION
•Auto Retail impacted by pressure on owned car
margins in Q1 and no weather event boost.
Market share improved due to an increase in
volume of cars sold.
•Finance net interest margin expanding and
originations starting to grow off market share
gains.
•Insurance result reflects improvement in
investment returns and continued efficiencies
in claims.
•Credit Management profit flat but tailwinds of
recession and worsening arrears expected to
increase debt load.
•Corporate costs have decreased due toi lower
interest rates.
NPBT increased +5% to $26.9M
HY24: HY25 Net profit before tax (NPBT) bridge
NPBT Bridge HY23 to HY24

15 • HY25 RESULTS PRESENTATION
•Auto Retail impacted by pressure on owned car
margins in Q1 and no weather event boost, but
still largest contributor to overall group profit at
45% .
•Finance profits rebuilding as interest margin
rebuilds and contributes 25% of group profits
•Insurance is consistently growing and
contributes 24% of group profits
•The mix of activity-based and annuity
businesses provides earnings diversification
that supports stability during challenging times.
Operating profit contribution by segment ($M)
The business has a diverse and resilient earnings base
7.3
7.8
10.2
11.1
18.0
14.7
6.5
7.6
9.9
9.1
5.1
8.1
2.6
4.5
5.8
6.3
7.1
7.7
3.6
3.0
2.1
1.4
1.8
1.8
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
HY20HY21HY22HY23HY24HY25
NZ$M
Auto RetailFinanceInsuranceCredit management

16 • HY25 RESULTS PRESENTATION
Note - Dividends fully imputed from FY17 onwards
•Proven track record of delivering consistent
and growing dividends.
•Dividend payout ratio is 60-70% of NPAT.
•Quarterly dividend payments are in place.
•Q2 fully imputed dividend declared at 7.0 cps
•Based on the projected “at least” 27.0 cents
per share dividendand a share price of $4.50
this is a gross yield of 8.3% pa.
•Our Dividend Reinvestment Plan (DRP) will
continue.
COVID
impacted year
Growing dividends for almost a decade
Dividend cents per share ($)
0.10
0.13
0.145
0.155
0.17
0.14
0.20
0.230.23
0.255
0.27
0.00
0.05
0.10
0.15
0.20
0.25
0.30
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25 (F)

17 • HY25 RESULTS PRESENTATION
•Inventory levels are down due to tight
supply conditions and a deliberate strategy
to acquire lower priced cars to reflect
market demand.
•Finance receivables have increased slightly
due to higher premium lending volumes,
with priorities remaining on quality and
margin over loan book growth.
•Property, plant and equipment increase
due to acquisition and development of new
sites in Napier, Tauranga and Christchurch.
•Borrowings have mirrored the increase in
finance receivables.
NZ$MHY25HY24
Cash and cash equivalents
16.7 12.7
Financial assets at fair value
72.7 67.5
Inventory
16.1 23.8
Finance receivables
430.9 420.9
Property, plant and equipment
130.3 109.1
Other Assets
25.8 36.7
Right of use asset
19.9 20.8
Intangible assets
163.1 163.4
Total Assets
875.5 854.9
Borrowings
425.6 417.4
Trade & other payables
47.4 49.2
Deferred tax
14.8 12.1
Insurance contract liabilities
61.1 60.1
Lease liabilities
23.9 25.6
Other Liabilities
15.0 10.9
Total Liabilities
587.8 575.3
Robust balance sheet

18 • HY25 RESULTS PRESENTATION
Fundingmix optimised to support growth
Borrowings
Borrowings by asset class (NZ$M)
•A new securitisation warehouse created for new funders ($100M ABS Trust in September 2023) has amortised down to $55M by September 2024.
•Oxford capacity is expected to support lending over the next 6-12 months.
•Corporate funding capacity is sufficient to support current committed branch expansion plans in Auto Retail.
(NZ$M)LimitDrawn
Receivables –SecuritisationTrusts
355 312
Receivables –Banking Syndicate(ASB/BNZ)
50 24
Less Cash
(9)
Net Receivables Funding
405 327
Receivables Funding Capacity
78
Corporate & Property
110 90
Working Capital (ASB & BNZ)
20 -
Less Cash
(8)
Net Corporate Borrowings
130 82
Corporate Funding Capacity
48
430.9
118
16.4
$336
$90
0
0
50
100
150
200
250
300
350
400
450
500
Finance Receivables
(79% of total borrowings)
Property
(21% of total borrowings)
Inventory
(0% of total borrowings)
AssetBorrowings

19 • HY25 RESULTS PRESENTATION
3 Segment Results

20 • HY25 RESULTS PRESENTATION
HY24 by segment
Note – HY25 reported NPBT of $26.9M includes corporate costs of $5.4M
NZ$MAutomotive RetailFinanceInsuranceCredit
Revenue
146.3-6%33.611%23.74%5.42%
Segment Profit
14.7-18%8.159%7.78%1.82%

21 • HY25 RESULTS PRESENTATION
Auto Retail Division
Strong brand
Smarter sourcing
Operational efficiency

22 • HY25 RESULTS PRESENTATION
Auto Retail - Summary
Revenue 146.3M -6%, Segment Profit $14.7M -18%
•Increased market share from our enhanced brand and growing footprint.
•Margin pressure as vehicle prices dropped; however, pricing and margins have stabilised over the past two months.
•Damaged/end-of-life segment remains strong but is down compared to last year’s weather-driven demand.
•In the “build phase” for new sites that will drive future growth.
•My Auto Shop represents a compelling and highly synergistic investment.

23 • HY25 RESULTS PRESENTATION
3%
4%
5%
6%
7%
8%
9%
10%
1Q131Q141Q151Q161Q171Q181Q191Q201Q211Q221Q231Q241Q25
•Market share has continued to grow.
•Retail (BuyNow) unit sales +9% to ~11,050,
wholesale auction unit sales +3% to ~10,050
units. Same store BuyNow units +6%.
•Total “owned” units sold up 6% over HY24,
overall margin on cars we own is down 28% for
HY25.
•Demand for lower-priced stock remains steady,
and the business continues to reposition
inventory
•HY25 finance attach rates at 32% down, from
34% in HY24.
Turners retail market share % (Quarterly)
Source – NZTA Dealer to Public Registrations + Ex-Overseas Registrations
Clean Car
Discount
Impact
Line of sight on 10% market share

24 • HY25 RESULTS PRESENTATION
Transition of wholesale to retail remains a big opportunity
•BuyNow units increased by 9% to 11,048 in
HY25.
•Lease unit BuyNow percentage rose to 38% in
1H25 from 33% in 1H24.
•For each additional vehicle sold through retail
(excluding auction), Turners generates an
additional $1,000 per vehicle in revenue.
•We have generated more owned stock, and we
are increasing our retail percentage and
capacity through branch expansion.
HY24HY25
11,37111,629
57%55%
SOURCINGSELLING
RETAIL
OWNED
CONSIGNMENT
HY24HY25
8,5499,506
43%45%
HY24HY25
10,10211,048
51%52%
HY24HY25
9,81810,087
49%48%
WHOLESALE
Note – Additional “owned” sales through Damaged and End
of Life Vehicle Division 1,239 HY24 and 1,876 HY25

25 • HY25 RESULTS PRESENTATION
•Pressure on vehicle pricing and margins during
Q1, with strong signs of recovery through
second half of Q2 and early part of Q3.
•We continue to position stock acquisition to
align with areas of strongest market demand
through our use of data analytics.
•Average BuyNow sales price for 'owned stock'
decreased by 11% in 1H25 to $11,600.
1
Cost price of inventory excl GST
Agile sourcing strategy driving additional sales
Average margin
1
($) and units of “owned” vehicles sold
HY19HY20HY21HY22HY23HY24HY25
Import Units Sold
1,1431,4439511,9151,5308591,034
Local Units Sold
6,8477,1675,2908,44310,01511,90412,538
Average Margin ($)
4554406868736881,026695
-
200
400
600
800
1,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Avergae Margin ($)
Units Sold
Local Units SoldImport Units SoldAverage Margin ($)

26 • HY25 RESULTS PRESENTATION
DEL volumes down with no material weather events
Damaged and end of life (DEL) vehicle units sold through Turners
•HY24 had a one-off impact from Cyclone
Gabrielle. HY25 damaged vehicle (DEL) unit
sales declined by 8% to 17,250 due to the
absence of a one-off large weather event
spike in written-off vehicles.
•The overall trend shows increasing flows of
damaged and end-of-life vehicles from New
Zealand's aging fleet.
•Twenty percent of the NZ vehicle fleet are
more than 20 years old​.
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
HY15HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Insurance Written Off VehiclesGeneral End of Life Vehicles

27 • HY25 RESULTS PRESENTATION
Entering a “build” phase for next growth push
LocationBranchSizeTiming
Expected additional
profit contribution
Timaru (COMPLETED)Cars4,000m2Q4 FY24$500k
Napier (COMPLETED)Cars8,000m2Q4 FY24$500k
Tauranga – Tauriko
(COMPLETED)
Trucks &
Damaged
Vehicles
7,900m2Q2 FY25$400k
Christchurch – HornbyCars15,500m2Q4 FY25$400k
1
Christchurch – Burnside
(Airport precinct)
Cars8,000m2Q4 FY25$300k
1
Christchurch – City CentreCars6,000m2Q1 FY26$500k
1
Tauranga - GreertonCars7,600m2Q4FY27$600k
New locations
•Takanini/Drury
•Whanganui
•North East Christchurch
•Lower Hutt
•Albany north
Existing locations expansion
•Invercargill
•New Plymouth
Committed development pipeline
“Opportunities” pipeline
1
additional profit contribution over and above the current
operating profit of Christchurch operations of ~$4M
We own 15 of our sites
with a cost value of $118M
More opportunities to purchase sites at attractive valuations (stage of interest rate cycle).

28 • HY25 RESULTS PRESENTATION
Turners have invested $3.35M for 50% of My Auto Shop.
•Vehicle repair platform with 300+ MTA approved repairers plus a fleet of My
Auto Shop branded mobile repair vans.
•The goal is simple, to make vehicle repairs easier.
•Turners supports growth by integrating My Auto Shop into its Auto Retail
network, creating significant synergies by conducting servicing work onsite at
Turners branches.
•After just five weeks of ownership, My Auto Shop has opened in Hamilton,
Tauranga, Wellington and grown FTE count by 50%.
•Confidence is building around a significant opportunity to develop a scaled
player in the $3b, highly fragmented auto repair market.

29 • HY25 RESULTS PRESENTATION
Finance Division
Weathered the interest rate shock
Credit quality continue to improve
Benefiting from Turners market share growth

30 • HY25 RESULTS PRESENTATION
Finance - Summary
Revenue $33.6M +11%, Segment Profit $8.1M, +59%
•Total ledger is growing again.
•Quality has now been stress-tested. Arrears are substantially below industry norms.
•Quality continues to improve with credit scores lifting and reduced commercial lending.
•Net interest margin is expanding as OCR shifts from headwind to tailwind.
•Increased percentage of Turners “controlled” lending.

31 • HY25 RESULTS PRESENTATION
Receivables by month (excl. impairments)
Lending book starting to grow again
•Despite industry contraction, the total ledger has
increased to $430.9M, from $418M in September 2023.
•Consumer lending has increased while commercial lending
has decreased. Credit policy has been tightened to focus
on cars, vans, and utes, moving away from trucks and
machinery lending.
•Turners “controlled” lending ledger up to $98M from
$86M.
•Weighted Average Interest Rate (WAIR) on the ledger is
13.5%, up from 12.4% in September 2023.
•Increased conversion rate from application to paid-out
loan, demonstrating positive operating leverage.
200
250
300
350
400
450
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
NZ$M

32 • HY25 RESULTS PRESENTATION
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
DifferenceTotal consumer arrearsIndustry arrears (Centrix)
6.40%
3.60%
2.80%
Consumer arrears vs auto-loan industry (Centrix)
•Loan arrears continue to perform materially better than
market data (see chart at left).
•Hardship applications have consistently increased through
CY24, peaking in August 2024. Applications have since
dropped.
•Total arrears are at 3.1% down from 3.2% at HY24.
•We have set aside a material buffer of $2.1M, above BAU
arrears provisioning, to allow for further economic
uncertainty.
HardshipAs at HY25As at HY24COVID peak
in FY22
Number10850511
% of total
customers
0.4%0.2%2%
Balance
(NZ$M)
2.21.012.2
Arrears well below industry due to quality lending

33 • HY25 RESULTS PRESENTATION
560
580
600
620
640
660
680
700
720
740
1H172H171H182H181H192H191H202H201H212H211H222H221H232H231H242H241H25
Average consumer CENTRIX credit score
Avg NZ auto loan
portfolio
Underwriting quality continues to improve
Average Centrix credit score for loans on-boarded
•In September 2024 Premium Tier lending (CCR score
of 735+ made up 60% of our new lending.
•Our credit policy has continually been refined over
the last 18 months.

34 • HY25 RESULTS PRESENTATION
•NIM has stabilised and now returned to expansion,
with rate headwinds starting to turn into tailwinds.
•The heavy lifting on pricing done over last 18
months is paying off
•The pace of recovery is expected to be slower than
the pace of decline.
•The hedged portion of Finance borrowings has
increased to approximately 80%.
NIM % (after originator commission)
Net interest margin (NIM) on the rise
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
H121H221H122H222H123H223H124H224H125

35 • HY25 RESULTS PRESENTATION
Improving conversion demonstrates operating leverage
•Cost to income ratio has reduced from
68% to 62%, as a result of operational
efficiency gains
•Loan conversion rates have increased
+15% in HY25 vs HY24
•This improvement was driven by system
enhancements, process adjustments and
improved lending quality
Opened loans as a percentage of total applications (above 500 CCR)
30%
32%
34%
36%
38%
40%
42%
44%
46%
48%
50%
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24

36 • HY25 RESULTS PRESENTATION
Insurance Division
Stable and consistent business
Distribution networks strategically important
Digital direct platform live

37 • HY25 RESULTS PRESENTATION
Insurance - Summary
Revenue $23.7M +4%, Segment Profit $7.7M, +8%
•Gross Written Premium (GWP) remains flat, but margins are improving.
•Claims ratio is being well managed.
•Claims cost inflation has eased.
•The digital direct platform has launched and offers substantial upside over time.
•Distribution strategy focuses on a high-growth, high-margin MVI premium portfolio.

38 • HY25 RESULTS PRESENTATION
Earned premium lifting and margins improving
•Gross written premium (GWP) remains flat at $20.6M for HY25 with
Earned Premium (GEP) up slightly at $19.7M v $19.5M for HY24.
•Total overheads decreased by $300k to $4.3M, investment income up
$400k to $1.9M, overall claims costs flat HY25 v HY24.
•On track to meet regulatory requirements under COFI.
•Risk pricing is becoming more sophisticated. Leading to improving
claims ratios and quality of the portfolio.
•Significant progress in distribution with digital direct platform
launched in partnership with NZ AA.
•MVI premium portfolio with Vero NZ is now at $35M pa and growing
at ~40% pa.
•Interest rate easing cycle is expected to become a headwind for
insurance.
Earned Premium HY24 to HY25 ($000’s)

39 • HY25 RESULTS PRESENTATION
55%
58%
59%
58%
HY22HY23HY24HY25
MBI Loss Ratio
$1,017
$1,071
$1,211
$1,275
HY22HY23HY24HY25
Average Claims Cost - MBI ($)
•Risk pricing remains strategically important in managing loss ratios. Autosure introduced eight new layers of risk pricing in 1H25 to enhance the
sophistication and granularity of its risk pricing.
Mechanical Breakdown Insurance (MBI) Loss
Ratio Performance
Claims are being well managed
Mechanical Breakdown Insurance (MBI) Average
Claims Cost

40 • HY25 RESULTS PRESENTATION
Credit Management Division
Business recovering
Tightening economy supports growth
Payment bank being rebuilt

41 • HY25 RESULTS PRESENTATION
Credit Management - Summary
Revenue $5.4M +2%, Segment Profit $1.8M, +2%
•Debt referred and collected is growing slowly.
•Our customers remain “reputation-sensitive”, though this is starting to change.
•Increasing economic pressures are expected to create a tailwind.
•Demand is growing among small businesses, where economic challenges are concentrated.

42 • HY25 RESULTS PRESENTATION
$0
$5
$10
$15
$20
$25
$30
$35
$40
FY18FY19FY20FY21FY22FY23FY24FY25
Debt referred/collected growing, steadily
•Increase in first referral debt loaded in HY25 +19%
•Higher yielding SME clients debt loaded +22% in HY25 reflecting
where recession most acutely impacting.
•Debt value collected -2% to $20M. Lower repayment amounts,
extended payment arrangements due to diminished customer
payment capacity.
•Tail winds from worsening economy means EC Credit in strong
position to assist clients. Material increase in debt load in H2 from
corporate clients.
Total debt collected for HY25 (NZ$M)
Total debt referred for HY25 (NZ$M)
$0
$20
$40
$60
$80
$100
$120
$140
FY18FY19FY20FY21FY22FY23FY24FY25

43 • HY25 RESULTS PRESENTATION
4000
4200
4400
4600
4800
5000
5200
5400
5600
5800
Sep 18
Mar 19
Sep 19
Mar 20
Sep 20
Mar 21
Sep 21
Mar 22
Sep 22
Mar 23
Sep 23
Mar 24
Sep 24
•Total debt loaded up 2% to $85M. Driven by growth in
SME of 22% to $23M.
•Cost-of-living pressures are resulting in longer
settlement arrangements to address outstanding debts.
•The 'promises to pay kept' rate has improved to 77.5%
from 75.4% in HY24, reflecting a robust affordability
assessment process.
•The current nationwide arrears level is now tracking
above 2018 levels after reaching historic lows. This trend
is expected to continue worsening over the coming
months.
Payment arrangement bank rebuilding
EC Credit debts under repayment arrangement
One-off closure of
NZTA debt
arrangements

44 • HY25 RESULTS PRESENTATION
Tailwinds for EC Credit from deteriorating NZ wide credit metrics
Consumer arrears trend
Source – Centrix Credit Bureau

45 • HY25 RESULTS PRESENTATION
4 Outlook

46 • HY25 RESULTS PRESENTATION
ChallengeMitigationMar-22Mar-23Sept-23Mar-24Sept-24
Rapid
increases in
interest and
Inflation
rates
•Diversifying funding sources
•Increase volume of direct
lending
•Increase hedging
•Tightening cycle at or close to
end
HighMediumLowLowLow
Recession
•Targeting lower value cars
<$15k for resale to meet where
demand is
•Continued tightening of credit
policy and conservative
provisioning
HighMediumMediumMedium +Medium
Regulatory
•Continue to engage
constructively with regulators
directly
•Likely to see walking back of
some regulation with new
government
MediumLowLowLowLow
Our key risks are narrowing...

47 • HY25 RESULTS PRESENTATION
•Automotive Retail – we are in a build phase over the next 18 months as several new sites are under development. We will continue to push hard
for the transition of wholesale to retail and see upside coming from this strategy. Vehicle pricing has stabilised and seems to be lifting in Q3 and
margins improving. Overall sales volumes continue to track ahead of FY24.
•Finance – Maintaining credit discipline remains a key priority. We are seeing the expected improved performance in FY25 as a result of lower
than expected impairments and credit losses and improvements in interest margin. Seeing growth in origination in 3Q25.
•Insurance – Earned premium holding up very well and claims ratios stable. Contribution from new distribution arrangements and direct sales
expected in 2H25.
•Credit Management – Our payment bank is rebuilding as debt load increases from the tightening economic conditions and the resultant impact
on consumer arrears. We are well positioned for the next stage of the NZ credit cycle.
Segment Outlook

48 • HY25 RESULTS PRESENTATION
We expect to exceed our $50M NPBT goal in FY25 and deliver another record full year profit result.
Some risks remain regarding the pace of recovery in consumer demand and the speed of economic rebuild.
Guidance

49 • HY25 RESULTS PRESENTATION
•A very strong result despite challenging macroeconomic conditions, and on track for a record result in FY25 and set to
exceed the $50m NPBT target.
•The deliberate work to strengthen the business has paid off, including investments in resilience, agile stock purchasing,
branch expansion, loan book quality, and cost discipline.
•H1 has played out as expected, with profit composition changing due to previously signaled headwinds in Auto Retail (lower
car margins and no weather-related boost this half), but largely offset by gains in Oxford Finance (recovering interest
margins and stable-to-improving arrears).
•Trading conditions in H2 are expected to be more favourable than H1.
•The pipeline of branch expansion opportunities is growing, and the development phase of new branches is progressing
well.
•A strong Auto Retail business has a positive halo effect on finance and insurance. The easing interest rate cycle serves as
a tailwind for Finance and a headwind for Insurance but remains an overall positive for the group.
•Turners has created significant strength in its brand, systems, technology, and people, and we look forward to leveraging
these assets to grow My Auto Shop.
Summary...

50 • HY25 RESULTS PRESENTATION
ToddHunter
Group CEO
T: 64 21 722818
E: todd.hunter@turners.co.nz
Aaron Saunders
Group CFO
T: 64 27 493 8794
E: aaron.saunders@turners.co.nz
Contact

---

1



Results
announcement

Results for announcement to the market

Name of issuer Turners Automotive Group Limited
Report period 6 months to 30 September 2024
Previous reporting period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $208,551 -2%
Total revenue $208,986 -2%
Net profit from continuing operations $19,300 4%
Total net profit $13,857
Interim dividend

Amount per quoted equity security $0.07000000
Imputed amount per quoted security $0.02722200
Record date
10 January 2025
Dividend payment date
29 January 2025

Interim dividend Current period Prior comparable period
Net tangible assets per quoted
security $1.53 $1.47
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Please refer to accompanying Company Announcement
Authority for this announcement

Name of person authorised to make
this announcement Barbara Badish
Contact person for this
announcement Todd Hunter
Contact phone number 021 722 818
Contact email address Todd.Hunter@turners.co.nz
Date of release through MAP
25 November 2024


Unaudited financial statements accompany this announcement

Turners Automotive Group Limited
Condensed consolidated statement of comprehensive income
for the six months ended 30 September 2024

2



Six months
Six months Year

ended
ended ended

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited
Notes
$’000
$’000 $’000


Revenue

4
208,551
213,856 416,145
Other income

4
435
377 823

Cost of goods sold

(85,248)
(93,069) (177,175)
Interest expense

(13,957)
(13,402) (27,842)
Impairment provision expense

4
(1,615)
(2,448) (4,616)
Subcontracted services expense

(8,950)
(7,973) (15,466)
Employee benefits

(34,572)
(33,587) (66,365)
Commission

(6,139)
(6,481) (11,070)
Advertising expense

(2,794)
(3,088) (5,650)
Depreciation and amortisation expense

4
(5,719)
(5,635) (11,968)
Systems maintenance

(2,706)
(2,392) (5,384)
Claims

(11,031)
(10,484) (21,901)
Other expenses

(9,322)
(9,974) (20,392)
Profit before taxation

26,933
25,700 49,139
Taxation expense

(7,633)
(7,174) (16,173)
Profit for the year

19,300
18,526 32,966

Other comprehensive income/(loss) for the year (which may subsequently be
reclassified to profit/loss), net of tax

Cash flow hedges

(5,286)
(418) (4,118)
Revaluation of financial assets at fair value through OCI

(157)
(73) (73)
Foreign currency translation differences

-
5 21
Total other comprehensive income/(loss) (5,443)
(486) (4,170)

Total comprehensive income for the year 13,857
18,040 28,796


Earnings per share (cents per share)

Basic earnings per share

7.2
21.79
21.30 37.71

Diluted earnings per share

7.2
21.72
21.24 37.61

Turners Automotive Group Limited
Condensed consolidated statement of changes in equity
for the six months ended 30 September 2024

3



Share capital
Share
options
Translation
reserve
Revaluation
of financial
assets at FV
though OCI
Cash flow
hedge
reserve
Retained
earnings Total

Notes $’000 $’000 $’000 $’000 $’000 $’000 $’000
Balance at 31 March 2023 (audited)

207,076 284 (39) (1,176) 5,892 58,376 270,413

Transactions with shareholders in their capacity as owners

Dividend reinvestment plan 7.1 1,489 - - - - - 1,489
Employee share-based payments 7.1 1,036 (64) - - - - 972
Dividend paid 7.3 - - - - - (11,287) (11,287)
Total transactions with shareholders in their capacity as owners 2,525 (64) - - - (11,287) (8,826)
Comprehensive income

Profit

- - - - - 18,526 18,526
Other comprehensive income/(loss)

- - 5 (73) (418) - (486)
Total comprehensive income for the year, net of tax - - 5 (73) (418) 18,526 18,040
Balance at 30 September 2023 (unaudited) 209,601 220 (34) (1,249) 5,474 65,615 279,627
Transactions with shareholders in their capacity as owners

Dividend reinvestment plan 7.1 3,645 - - - - - 3,645
Employee share-based payments 7.1 (24) 23 - - - - (1)
Dividend paid/payable 7.3 - - - - - (15,803) (15,803)
Total transactions with shareholders in their capacity as owners

3,621 23 - - - (15,803) (12,159)
Comprehensive income

Profit

- - -

- 14,440 14,440
Other comprehensive income/(loss)

- - 16 - (3,700) - (3,684)
Total comprehensive income for the year, net of tax

- - 16 - (3,700) 14,440 10,756

Balance at 31 March 2024 (audited) 213,222 243 (18) (1,249) 1,774 64,252 278,224

Transactions with shareholders in their capacity as owners

Dividend reinvestment plan
7.1
1,594 - - - - - 1,594
Employee share-based payments
7.1
701 - - - - - 701
Dividend paid/payable
7.3
- - - - - (6,634) (6,634)
Total transactions with shareholders in their capacity as owners 2,295 - - - - (6,634) (4,339)
Comprehensive income

Profit

- - -

- 19,300 19,300
Other comprehensive income/(loss)

- (66) - (157) (5,286) - (5,509)
Total comprehensive income for the year, net of tax - (66) - (157) (5,286) 19,300 13,791

Balance at 30 September 2024 (unaudited) 215,517 177 (18) (1,406) (3,512) 76,918 287,676

Turners Automotive Group Limited
Condensed consolidated statement of financial position
as at 30 September 2024
4


30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited

Notes $’000 $’000 $’000
Assets

Cash and cash equivalents

8
16,680
12,639 17,523
Financial assets at fair value through profit or loss

- Insurance

72,694
67,441 69,483
- Other

75
75 75
Trade receivables

6,874
10,581 7,277
Inventories

16,115
23,803 25,051
Finance receivables

5
430,852
420,940 430,299
Other receivables, deferred expenses and contract assets

13,317
17,818 13,782
Derivative financial instruments

-
5,474 1,774
Financial assets at fair value through OCI

1,000
157 157
Reverse annuity mortgages

1,351
2,685 2,489
Investment in associate

9
3,350
- -
Property, plant and equipment

130,271
109,122 113,948
Right-of-use assets

19,885
20,781 20,716
Intangible assets

163,059
163,394 163,084
Total assets 875,523
854,910 865,658

Liabilities

Other payables

47,443
49,229 48,352
Contract liabilities

972
1,453 1,297
Tax payables

3,186
2,485 5,183
Deferred tax

14,808
12,127 15,037
Derivative financial instruments

3,507
- -
Borrowings

6
425,574
417,385 425,318
Lease liabilities

23,851
25,619 24,924
Life investment contract liabilities

7,361
6,878 7,188
Insurance contract liabilities

61,145
60,107 60,135
Total liabilities 587,847
575,283 587,434

Shareholders’ equity

Share capital

7.1
215,517
209,601 213,222
Other reserves

(4,759)
4,411 750
Retained earnings

76,918
65,615 64,252
Total shareholders’ equity 287,676
279,627 278,224
Total shareholders’ equity and liabilities 875,523
854,910 865,658

Total assets per share ($)

9.84 9.77 9.80

Net tangible assets per share ($)

1.53 1.47 1.47

Turners Automotive Group Limited
Condensed consolidated statement of cash flows
for the six months ended 30 September 2024

5


Six months
Six months Year

ended
ended ended

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited


Notes
$’000
$’000 $’000

Cash flows from operating activities

Interest received

31,404
26,918 56,183
Receipts from customers

220,709
183,474 359,265
Receipt of government subsidies

-
13 13
Interest paid - borrowings

(13,509)
(12,453) (25,954)
Interest paid - lease liabilities

(728)
(692) (1,483)
Payment to suppliers and employees

(197,202)
(170,628) (330,265)
Income tax paid

(9,890)
(11,752) (15,259)
Net cash outflow from operating activities before changes in operating assets
and liabilities 30,784
14,880 42,500


Net increase in finance receivables

(2,215)
81 (11,117)
Net decrease in reverse annuity mortgages

1,235
391 673
Net (increase)/decrease of financial assets at fair value through profit or loss
(2,917)
(752) (2,293)
Net (withdrawals)/contributions from life investment contracts

36
12 (92)
Changes in operating assets and liabilities arising from cash flow movements (3,861)
(268) (12,829)

Net cash (outflow)/inflow from operating activities

2
26,923
14,612 29,671

Cash flows from investing activities

Proceeds from sale of property, plant, equipment and intangibles

2,456
1,761 3,180
Purchase of property, plant, equipment and intangibles

(18,403)
(8,743) (18,641)
Purchase of investments

(4,350)
- -
Sale of investments

-
- 5,526
Net cash inflow/(outflow) from investing activities

(20,297)
(6,982) (9,935)

Cash flows from financing activities

Net bank loan advances/(repayments)

16,630
(64,650) (38,325)
Net non-bank loan advances/(repayments)

(16,374)
70,000 51,608
Principal elements of lease payments

(3,217)
(3,076) (6,303)
Proceeds from the issue of shares

534
2,177 918
Dividend paid

(5,042)
(11,287) (21,956)
Net cash inflow/(outflow) from financing activities

(7,469)
(6,836) (14,058)

Net movement in cash and cash equivalents

(843)
794 5,678
Add opening cash and cash equivalents

17,523
11,845 11,845
Closing cash and cash equivalents

16,680
12,639 17,523

Represented By:

Cash at bank

8
16,680
12,639 17,523

Closing cash and cash equivalents

16,680
12,639 17,523

Turners Automotive Group Limited
Notes to the condensed financial statements
for the six months ended 30 September 2024

6

1. Accounting policies and significant judgement, estimates and assumptions
The same accounting policies included in the Group’s Annual Report for the year ended 31 March 2024 have been applied when preparing
these consolidated condensed financial statements.

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.

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 2024 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 2024.

2. Cash flow reconciliation

Six months
Six months Year

ended
ended ended

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited
$’000
$’000 $’000
Reconciliation of net surplus with cash flows from operating activities


Profit for the year

19,300 18,526 32,966

Adjustment for non-cash and other items

Impairment charge on finance receivables, reverse annuity mortgages and other
receivables 1,613 2,448 4,627
Net loss/(profit) on sale fixed assets

(136) (70) (204)
Depreciation and amortisation

5,719 5,635 11,968
Capitalised bank interest

(422) - -
Capitalised reverse annuity mortgage interest

(97) (151) (291)
Deferred revenues

1,140 993 713
Fair value adjustments on assets/liabilities at fair value through profit and loss (294) (54) (573)
Net annuity and premium change to policyholders' accounts

205 (176) 394
Deferred expenses

(233) 629 765

Adjustment for movements in working capital

Net (increase)/decrease receivables and pre-payments

(1,446) (4,690) (1,870)
Net decrease in inventories

8,936 2,255 389
Net (decrease)/increase in payables

(919) (6,126) (7,033)
Net decrease in contract liabilities

(325) 233 (265)
Net increase in finance receivables

(2,215) 81 (11,117)
Net decrease in reverse annuity mortgages

1,235 391 673
Net (increase)/decrease of insurance assets at fair value through profit or loss (2,917) (752) (2,293)
Net withdrawals from life investment contracts

36 12 (92)
Net increase/(decrease) in deferred tax liability

(261) (285) 2,327
Net (decrease)/ increase in tax payable

(1,996) (4,287) (1,413)
Cash flows from operating activities
26,923 14,612 29,671

Turners Automotive Group Limited
Notes to the condensed financial statements
for the six months ended 30 September 2024

7

3. Segment information
Five reportable segments have been identified as follows:
 Auto retail - remarketing (motor vehicles, trucks, heavy machinery and commercial goods) and purchasing goods for sale.
 Finance - provides asset-based finance to consumers and SME's.
 Insurance - marketing and administration of a range of life and consumer insurance products.
 Credit management - collection services, credit management and debt recovery services to the corporate and SME sectors. Geographically the collections services segment business
activities are in New Zealand and Australia.
 Corporate & other - corporate centre.

3.1 Operating Segments
Revenue Total Inter-segment Customer
Total
Inter-
segment Customer Total
Inter-
segment Customer

30/09/2024 30/09/2024 30/09/2024
30/09/2023 30/09/2023 30/09/2023 31/03/2024 31/03/2024 31/03/2024

Unaudited Unaudited Unaudited
Unaudited Unaudited Unaudited Audited Audited Audited
$'000 $'000 $'000
$'000 $'000 $'000 $'000 $'000 $'000
Automotive retail
147,094 (799) 146,295
161,025 (4,939) 156,086 300,366 (1,750) 298,616
Finance
33,560 - 33,560
30,154 - 30,154 62,416 - 62,416
Insurance
24,539 (868) 23,671
23,617 (897) 22,720 47,838 (1,765) 46,073
Credit management
5,368 - 5,368
5,260 - 5,260 9,794 (10) 9,784
Corporate & other
92 - 92
13 - 13 79 - 79

210,653 (1,667) 208,986
220,069 (5,836) 214,233 420,493 (3,525) 416,968

Operating profit

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited

$'000
$'000 $'000
Automotive retail

14,694
17,957 31,807
Finance

8,081
5,089 12,228
Insurance

7,739
7,156 14,287
Credit management

1,823
1,782 3,121
Corporate & other
(5,404)
(6,284) (12,304)
Profit/(loss) before taxation

26,933
25,700 49,139
Income tax

(7,633)
(7,174) (16,173)
Profit attributable to shareholders
19,300
18,526 32,966

Turners Automotive Group Limited
Notes to the condensed financial statements
for the six months ended 30 September 2024

8


Interest
revenue

Interest
expense

Depreciation and amortisation expenses

30/09/2024
30/09/2023 31/03/2024
30/09/2024
30/09/2023 31/03/2024
30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited
Unaudited
Unaudited Audited
Unaudited
Unaudited Audited
$'000
$'000 $'000
$'000
$'000 $'000
$'000
$'000 $'000
Automotive retail
273
290 687
(1,806)
(1,717) (3,583)
(4,632)
(4,499) (9,700)
Finance
29,385
26,269 54,551
(9,923)
(8,894) (18,399)
(423)
(384) (775)
Insurance
1,990
1,662 3,505
(20)
(26) (50)
(476)
(569) (1,173)
Credit management
25
2 5
(17)
(10) (9)
(103)
(103) (162)
Corporate & other
66
13 31
(2,253)
(2,934) (6,174)
(85)
(80) (158)

31,739
28,236 58,779
(14,019)
(13,581) (28,215)
(5,719)
(5,635) (11,968)
Eliminations
(62)
(179) (373)
62
179 373
-
- -

31,677
28,057 58,406
(13,957)
(13,402) (27,842)
(5,719)
(5,635) (11,968)

Other material non-cash items


30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited




$'000
$'000 $'000
Finance - impairment provisions




(1,615)
(2,428) (4,562)

3.2 Segment assets and liabilities

Assets

Liabilities

30/09/2024
30/09/2023 31/03/2024
30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited
Unaudited
Unaudited Audited


$'000
$'000 $'000
$'000
$'000 $'000
Automotive retail

160,584
161,408 163,917
138,647
136,488 96,478
Finance

457,237
453,108 457,041
352,568
340,733 340,080
Insurance

152,004
136,881 151,002
80,271
78,447 78,511
Credit management

37,337
34,569 35,432
3,737
3,196 2,927
Corporate & other


260,354
252,911 255,178
89,388
97,206 100,174

1,067,516
1,038,877 1,062,570
664,611
656,070 618,170
Eliminations

(191,993)
(183,967) (196,912)
(76,764)
(80,787) (30,736)



875,523
854,910 865,658
587,847
575,283 587,434

Turners Automotive Group Limited
Notes to the condensed financial statements
for six months ended 30 September 2024

9

4. Revenue and expenses

Six months
Six months Year

ended
ended ended

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited
$’000
$’000 $’000
Revenue from continuing operations includes:


Interest income

31,677 28,057 58,406
Sales of goods

100,614 112,674 215,054
Commission and other sales revenue

48,022 45,293 87,549
Loan fee income

1,382 1,348 2,669
Insurance and life investment contract income

19,715 19,694 39,181
Collection income

5,343 5,258 9,810
Bad debts recovered

956 988 1,879
Other revenue


842 544 1,597
208,551 213,856 416,145

Other income comprises:

Gain on sale of property, plant and equipment

264 106 233
Rental income

148 193 386
Other

23 78 204
435 377 823

Revenue from contracts with customers

Over time

Auto retail

Commission and other sales revenue

11,362 11,474 21,874
Finance

Other sales revenue

1,837 1,523 3,306

At a point in time

Auto retail

Sales of goods

100,614 112,674 215,054
Auction commissions

33,699 31,476 60,640
Credit management

Collection income

5,043 5,108 9,510
Voucher income

300 150 300
Insurance

Motor vehicle insurance commissions

1,124 820 1,729

Movement in impairment provisions

Provisions for:

Specific impaired finance receivables

311 327 1,333
Collective impairment provision for finance receivables

1,340 1,923 2,699
Movement in economic overlay provision

(196) - 345
Collective impairment on reverse annuity mortgages

- 20 57
Finance receivables bad debts written off

160 178 182
Movement
1,615 2,448 4,616

Turners Automotive Group Limited
Notes to the condensed financial statements
for six months ended 30 September 2024

10


Six months
Six months Year

ended
ended ended

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited
$’000
$’000 $’000
Depreciation

- Buildings

211 186 380
- Plant, equipment & motor vehicles

726 678 1,456
- Leasehold improvements, furniture, fittings & office equipment

472 523 1,027
- Computer equipment

436 593 1,427
- Signs & flags

80 73 145

Amortisation of right-of-use asset

3,116 2,942 6,179

Intangible amortisation

- Amortisation of software

418 380 834
- Amortisation of customer relationships

260 260 520
5,719 5,635 11,968

5. Finance receivables

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited
$’000
$’000 $’000
Gross finance receivables

429,221 420,554 429,400
Deferred fee revenue and commission expenses

10,120 10,024 10,111
Impairment provisions

(6,375) (7,673) (6,902)
Economic overlay provision

(2,114) (1,965) (2,310)

430,852 420,940 430,299

Fair value

432,915 420,938 432,065

Securitisation
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 Group is the sole beneficiary of both
Trusts.

The Group has 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 Marque Warehouse Trust 1 (the Trust)
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 $355m and with a 1-year term that will be renewed annually. BNZ fund up to 90% (30 September 2023 & 31 March 2024:
90%) of the purchase price of the finance receivables with the balance funded by sub-ordinated notes from the Group.

During the reporting period $105.6m finance receivables were sold to the Trust (30 September 2023: $96.4m; 31 March 2024: $202.4m)
and in the six months ended 30 September 2023, the Trust sold $100.0m finance receivables to the Turners Marque ABS 2023-1 Trust.
As at 30 September 2024 the carrying value of finance receivables in the Trust was $307.4m (30 September 2023: $247.6m; 31 March
2023: $281.2m).

Turners Marque ABS 2023-1 Trust (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. In the six months ended 30
September 2023, the 2023-1 Trust purchased $100.0m finance receivables from the Trust. As at the 31 September 2024 the carrying
value of finance receivables in the 2023-1 Trust was $52.1m (30 September 2023: $96.4m; 31 March 2024: $72.9m).

Turners Automotive Group Limited
Notes to the condensed financial statements
for six months ended 30 September 2024

11

6. Borrowings

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited
$’000
$’000 $’000
Secured bank borrowings

390,340 347,385 373,710
Non-bank borrowings 35,234 70,000 51,608
Total borrowings 425,574 417,385 425,318

Fair value

429,128 412,328 423,539

Secured bank borrowings
At September 2024, the Group has a syndicated funding facility, including an 18 month working capital facility, with the Bank of New
Zealand, ASB Bank and Westpac New Zealand 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.

Non-bank borrowings
The Group's non-bank securitisation arrangement with the Accident Compensation Corporation is described under finance receivables.

7. Shareholders’ equity

7.1 Share capital

30/09/2024
30/09/2023 31/03/2024
Unaudited
Unaudited Audited
Number of ordinary shares

Opening balance

88,353,689 86,700,247 86,700,247
Shares issued for staff options

175,000 300,000 300,000
Shares issued for employee share scheme

70,352 95,305 95,305
Shares issued under DRP

377,773 420,981 1,258,137
Total issued and authorised capital
88,976,814 87,516,533 88,353,689

Dollar value of ordinary shares ($,000)

Opening balance

213,222 207,076 207,076
Shares issued for staff options

423 696 696
Shares issued for employee share scheme

310 340 340
Shares issued under DRP

1,594 1,489 5,134
Share issue costs

(32) - (24)
Total issued capital
215,517 209,601 213,222

7.2 Earnings per share

Basic earnings per share
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:

30/09/2024
30/09/2023 31/03/2024
Unaudited
Unaudited Audited
Profit for the year ($'000)

19,300 18,526 32,966
Weighted average number of ordinary shares at 31 March

88,584,975 86,992,394 87,423,305
Basic earnings per share (cents per share)

21.79 21.30 37.71


Weighted number of shares


Opening balance

88,353,689 86,700,247 86,700,247
Shares issued for staff options

81,585 127,732 211,858
Shares issued for employee share scheme

13,455 17,186 56,246
Shares issued under DRP

136,246 147,229 454,954
88,584,975 86,992,394 87,423,305

Turners Automotive Group Limited
Notes to the condensed financial statements
for six months ended 30 September 2024

12

Diluted earnings per share
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:

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited

$’000 $’000 $’000
Continuing operations

19,300 18,526 32,966
Add: Long term incentive expense related to options

8 32 55
Profit for the year 19,308 18,558 33,021

Weighted number of ordinary shares (diluted)

Weighted average number of shares (basic)

88,584,975 86,992,394 87,423,305
Effect of the exercise of options

305,249 392,832 376,944
Weighted average number of shares (diluted) 88,890,224 87,385,226 87,800,249

Diluted earnings per share (cents per share)

21.72 21.24 37.61

7.3 Dividends

Six months
Six months Year

ended
ended ended

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited
$’000
$’000 $’000
Quarterly dividend for the year ended 31 March 2023 of $0.06 per fully paid ordinary
share, imputed, paid on 27 April 2023. - 5,202 5,202

Final dividend for the year ended 31 March 2024 of $0.075 (31 March 2023: $0.07)
per fully paid ordinary share, imputed paid on 26 July 2024 (2023: 28 July 2023). 6,634 6,085 6,085

Quarterly dividend for the year ended 31 March 2024 of $0.06 per fully paid ordinary
share, imputed, paid on 27 October 2023. - - 5,251

Quarterly dividend for the year ended 31 March 2024 of $0.06 per fully paid ordinary
share, imputed, paid on 26 January 2024. - - 5,267

Quarterly dividend for the year ended 31 March 2024: $0.06 per fully paid ordinary
share, imputed, paid on 27 March 2024. - - 5,285
6,634 11,287 27,090

Dividend not recognised at 30 September:
In addition to the above dividends, after 30 September directors have recommended the payment of the following dividends:
Final dividend of $0.075 for the year ended 31 March 2024 per fully paid ordinary
share, imputed, payable on 26 July 2024.
-
- 6,642

Quarterly dividend for the year ended 31 March 2025 of $0.06 (31 March 2024: $0.06)
per fully paid ordinary share, imputed, paid on 30 October 2024 (2024: 27 October
2023).
5,337 5,251 -

Quarterly dividend for the year ended 31 March 2025 of $0.07 (31 March 2024: $0.06)
per fully paid ordinary share, imputed, paid on 29 January 2025 (2024: 26 January
2024).
6,249 5,267 -

Turners Automotive Group Limited
Notes to the condensed financial statements
for six months ended 30 September 2024

13

8. Cash and cash equivalents

30/09/2024
30/09/2023 31/03/2024

Unaudited
Unaudited Audited

$’000 $’000 $’000
DPL Insurance Limited

873 1,459 2,060
Turners Marque Warehouse Trust 1

4,669 3,085 3,020
Turners Marque ABS 2023-1 Trust

3,537 4,305 3,704
Other

7,601 3,790 8,739

16,680 12,639 17,523

Cash and cash equivalents in the Group’s insurance business and securitisation trusts may not be available for use by the wider Group.

9. Investment in associate
On 6 September 2024, the Group acquired a 50% ownership interest in My Auto Shop for $3.35 million. My Auto Shop, a vehicle repair
booking platform with an in-house mobile repair service, is incorporated and operates in New Zealand. The Group exercises joint control
and significant influence over My Auto Shop. Consequently, the investment has been classified as an associate and is accounted for
using the equity method.

10. Assets and liabilities carried at fair value
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 2024 (refer note 12.5 in the
Annual Report for the year ended 31 March 2024). During the period there were no movements of fair value assets or liabilities between
levels of the fair value hierarchy.

Level 1 Level 2 Level 3 Total

$’000 $’000 $’000 $’000
30/09/2024

Fair value assets:

Financial assets at fair value through profit or loss - insurance

- 7,569 - 7,569
Financial assets at fair value through profit or loss - term deposits 65,125 - - 65,125
65,125 7,569 - 72,694

Fair value liabilities:

Derivative financial instruments

- 3,507 - 3,507

30/09/2023

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

31/03/2024

Fair value assets:

Financial assets at fair value through profit or loss - insurance

- 7,508 - 7,508
Financial assets at fair value through profit or loss - term deposits 61,975 - - 61,975
Derivative financial instruments

- 1,774 - 1,774
61,975 9,282 - 71,257

11. Commitments

Capital expenditure:
At the reporting date the Group had commitment for $4.5m for the development of one site (2024: $10.4m for the purchase of one property
and the development of two sites).

---

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
6,249,017.25$
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
25 November 2024
Fully imputed
28%
$0.02722222
$0.00486111
Section 4: Authority for this announcement
Barbara Badish
Section 4: Distribution re-investment plan (if applicable)
2%
16 January 2025
13 January 2025
9 January 202515 January 2025
Todd Hunter
021 722 818
Section 3: Imputation credits and Resident Withholding Tax
10 January 2025
9 January 2025
29 January 2025
Retained earnings
NZD
Section 2: Distribution amounts per financial product
$0.09722222
$0.07000000
n/a
$0.01235294
Section 1: Issuer information
Turners Automotive Group Limited
Ordinary shares
TRA
NZVNLE0001S1