For personal use only

Results announcement

Results for announcement to the market

Name of issuer

Turners Automotive Group Limited

Report period

12 months to 31 March 2022

Previous reporting period

12 months to 31 March 2021

Currency

NZD

Amount (000s)

Percentage change

Revenue from continuing operations

$342,029

15%

Total revenue

$344,516

14%

Net profit from continuing operations

$31,281

16%

Total net profit

$36,359

32%

Final dividend

Amount per quoted equity security

$0.07000000

Imputed amount per quoted security

$0.02722222

Record date

19/07/2022

Dividend payment date

28/07/2022

Current period

Prior comparable period

Net tangible assets per quoted security

$1.18

$0.92

A brief explanation of any of the figures

above necessary to enable the figures to

Please refer to accompanying Company Announcement

be understood

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

24/05/2022

This announcement is based on audited results.

For personal use only

TURNERS AUTOMOTIVE GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2022

Revenue

Other income

Cost of goods sold

Interest expense

Impairment provision expense

Subcontracted services expense

Employee benefits

Commission

Advertising expense

Depreciation and amortisation expense

Systems maintenance

Claims

Other expenses

Profit before taxation

Taxation expense

Profit from continuing operations

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

Cash flow hedges

Revaluation of financial assets at fair value through OCI

Foreign currency translation differences

Total comprehensive income for the period

Earnings per share (cents per share)

Basic earnings per share

Diluted earnings per share

2022

2021

$'000

$'000

342,029

296,512

2,487

7,015

(153,173)

(121,748)

(10,932)

(11,266)

(3,024)

(3,986)

(10,940)

(9,176)

(56,030)

(52,023)

(12,925)

(12,721)

(4,140)

(2,349)

(10,702)

(11,418)

(3,399)

(2,365)

(21,024)

(21,843)

(15,107)

(17,257)

43,120

37,375

(11,839)

(10,511)

31,281

26,864

5,429

1,023

(345)

(430)

(6)

33

36,359

27,490

36.39

31.40

36.45

31.54

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

For personal use only

Revaluation of

financial

Share

assets at

Share

Options

Translation

fair value

Cash flow

Retained

Capital

Reserve

Reserve

through OCI

reserve

Earnings

Total

$'000

$'000

$'000

$'000

$'000

$'000

$'000

Balance at 31 March 2020

204,327

-

(59)

(310)

(975)

20,072

223,055

Transactions with shareholders in their capacity as owners

Capital buy back

(30)

-

-

-

-

-

(30)

Employee share based payments

-

255

-

-

-

-

255

Dividend paid

-

-

-

-

-

(17,200)

(17,200)

(30)

255

-

-

-

(17,200)

(16,975)

Comprehensive income

Profit

-

-

-

-

26,864

26,864

Other comprehensive income

-

-

33

(430)

1,023

-

626

Total comprehensive income for the period, net of tax

-

-

33

(430)

1,023

26,864

27,490

Balance at 31 March 2021

204,297

255

(26)

(740)

48

29,736

233,570

Transactions with shareholders in their capacity as owners

Employee share based payments

1,185

217

-

-

-

-

1,402

Dividend paid/payable

-

-

-

-

-

(18,934)

(18,934)

1,185

217

-

-

-

(18,934)

(17,532)

Comprehensive income

Profit

-

-

-

-

31,281

31,281

Other comprehensive income

-

-

(6)

(345)

5,429

-

5,078

Total comprehensive income for the period, net of tax

-

-

(6)

(345)

5,429

31,281

36,359

Balance at 31 March 2022

205,482

472

(32)

(1,085)

5,477

42,083

252,397

TURNERS AUTOMOTIVE GROUP LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 March 2022

For personal use only

2022

2021

Note

$'000

$'000

Assets

Cash and cash equivalents

1

13,373

11,867

Financial assets at fair value through profit or loss

- Insurance

1

70,199

67,465

- Other

-

2,931

Trade receivables

7,581

7,155

Inventories

31,980

30,189

Finance receivables

422,870

330,165

Derivative financial instruments

5,414

40

Other receivables, deferred expenses and contract assets

9,340

8,116

Reverse annuity mortgages

3,242

4,152

Investment property

5,950

5,950

Financial assets at fair value through OCI

225

570

Property, plant and equipment

67,569

60,258

Right-of-use assets

23,497

23,559

Intangible assets

164,453

166,034

Total assets

825,693

718,451

Liabilities

Other payables

50,103

38,243

Contract liabilities

1,848

2,313

Deferred tax

13,191

11,297

Tax payable

4,016

3,453

Borrowings

412,761

339,611

Lease liabilities

28,209

28,747

Life investment contract liabilities

8,153

8,116

Insurance contract liabilities

55,015

53,101

Total liabilities

573,296

484,881

Shareholders' equity

Share capital

205,482

204,297

Other reserves

4,832

(463)

Retained earnings

42,083

29,736

Total shareholders' equity

252,397

233,570

Total shareholders' equity and liabilities

825,693

718,451

Total assets per share ($)

9.59

8.40

Net tangible assets ($)

1.18

0.92

Note 1

The Group's insurance business is required to comply with the solvency standards for licensed insurers issued by the Reserve Bank of New Zealand. The solvency standards specify the level of assets the insurance business is required to hold in order to meet solvency requirements, consequently all cash and cash equivalents and term deposits, disclosed in financial assets at fair value through the profit or loss, held in the insurance business may not be available for use by the wider Group. DPL Insurance's cash and cash equivalents at 31 March 2022 were $1.5m (2021:$0.7m) and term deposits at 31 March 2022 were $61.9m (2021: $59.2m).

Investments in unitised funds, disclosed in financial assets at fair value through the profit or loss, underwrite the Life investment policies and are not available for use by the wider Group. Investments in unitised funds at 31 March 2022 were $8.3m (2021: $8.3m).

Cash and cash equivalents at 31 March 2022 of $3.4m (2021: $3.6m) belongs to the Turners Marque Warehouse Trust 1 and is not all available to the Group.

For personal use only

TURNERS AUTOMOTIVE GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 March 2022

Cash flows from operating activities

Interest received

Receipts from customers

Receipt of government subsidies

Interest paid - borrowings

Interest paid - lease liabilities

Payment to suppliers and employees

Income tax paid

Net cash inflow/(outflow) from operating activities before changes in operating assets and liabilities

Net increase in finance receivables

Net decrease in reverse annuity mortgages

Net increase of financial assets at fair value through profit or loss Net contribution/(withdrawal) from life investment contracts

Changes in operating assets and liabilities arising from cash flow movements

Net cash inflow/(outflow) from operating activities

Cash flows from investing activities

Proceeds from sale of property, plant, equipment and intangibles Purchase of property, plant, equipment and intangibles

Sale of investments

Net cash inflow/(outflow) from investing activities

Cash flows from financing activities

Net bank loan advances/(repayments)

Principal elements of lease payments

Bond repayments

Proceeds from the issue of shares

Dividend paid

Net cash inflow/(outflow) from financing activities

Net movement in cash and cash equivalents

Add opening cash and cash equivalents

Closing cash and cash equivalents

2022

2021

$'000

$'000

44,429

41,598

297,032

256,676

1,580

5,247

(6,676)

(9,193)

(1,774)

(1,461)

(274,022)

(222,063)

(9,326)

(8,166)

51,243

62,638

(93,992)

(48,654)

1,164

1,134

(2,482)

(4,090)

126

(150)

(95,184)

(51,760)

(43,941)

10,878

636

563

(16,121)

(8,641)

3,420

234

(12,065)

(7,844)

100,660

(392)

(5,563)

(6,346)

(25,000)

-

1,185

-

(13,770)

(17,200)

57,512

(23,938)

1,506

(20,904)

11,867

32,771

13,373

11,867

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Turners Automotive Group Limited published this content on 23 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2022 21:47:04 UTC.