# Turners 2021 Annual Meeting Update (TRA)



## divs4ever (9 September 2021)

Turners 2021 Annual Meeting Update Turners Automotive Group (NZX: TRA) will be announcing at its 2021 Annual Shareholders Meeting (ASM) today that it has improved profit momentum, widened competitive advantages and is pleased with progress towards both its FY22 and FY24 targets.
 The August Delta lockdown will have a material near-term impact, but it is too early to quantify this effect. The ASM presentation is appended to this announcement, and the Chair and CEO’s speech will be released after the meeting. Highlights include:
 FY22 momentum: Prior to lock down the year has started well and the business was tracking comfortably ahead of the profit run rate during H2 21.
 FY22 Guidance: Prior to lock down we were on track to deliver a 15% uplift in net profit before tax for FY22. However short-term performance will be impacted by the level and duration of Covid-19 restrictions on trading. We will revisit guidance in November.
 L4 National lock down: Biggest impact in Auto Retail division, burns cash at $1m per week. However, this is offset somewhat by annuity revenue streams in finance and insurance. Based on experience, we do expect another “bounce back” in Auto Retail once restrictions are eased.
 Quality of earnings: Monthly and six-monthly profit run rates have become much more consistent over the last two years.
 Valuable property assets: Details of Turners $61m property portfolio are outlined in the presentation. We see our property portfolio as underappreciated by the market and the book value excludes $14m of unrealised valuation gains.
 Advantaged digital assets: Turners digital assets represent a substantial and growing competitive advantage, underpinned by 28 million visits to www.turners.co.nz over the last 12 months.
 Industry consolidation: Registered dealers are down ~10% in 2021 from 2019 levels and ~10% less used imports have come into NZ (June YTD v 2019).
 FY24 Target: Our trajectory over the last two years and pre-lock down YTD performance gives us strong conviction levels around our strategy. We are well on track to exceeding our target of $45m PBT in FY24.

 DYOR


 i hold TRA ( bought on the ASX )

 CAUTION this is a very illiquid share ( there might be no easy exit , via the ASX )

Trade History ( for the last year )​Download CSV
Trade History table

SORTDATE IN ASCENDING ORDERSORTOPEN $IN ASCENDING ORDERSORTHIGH $IN ASCENDING ORDERSORTLOW $IN ASCENDING ORDERSORTCLOSE $IN ASCENDING ORDERSORTCHANGE $IN ASCENDING ORDERSORTCHANGE %IN ASCENDING ORDERSORTVOLUMEIN ASCENDING ORDER12/04/20212.8502.8502.8502.8500.0000.0070426/02/20212.8502.8502.8502.8500.0000.008,00016/02/20212.8502.8502.8502.850-0.050-1.7219005/01/20212.9002.9002.9002.900-0.100-3.331,66104/01/20212.8003.0002.8003.0000.2509.0916,66121/12/20202.7502.7502.7502.7500.0000.004,88418/12/20202.7402.7502.7402.7500.0000.0018115/12/20202.7002.7502.7002.7500.0000.0049703/12/20202.7502.7502.7502.7500.0501.859,82026/11/20202.6902.7002.6902.7000.0000.003,91525/11/20202.5502.7002.5502.7000.50022.733,49029/10/20202.2002.2002.2002.2000.20010.00500

 i bought in late 2018 and during 2019


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## divs4ever (30 June 2022)

Dear Shareholder
The Turners Limited Annual Report for the year ended 31 March 2022 is now available. We invite you to
read this on our website at https://www.turnersautogroup.co.nz/Investor+Centre/Investor+Reports.html
The FY22 year delivered another record result for our business, with Turners not only demonstrating
earnings resilience but strong growth credentials as well. We are confident we have found the right
formula and that our actions will deliver continuing growth over the next three years.
Our growing returns are driving much improved outcomes for our shareholders, and we were pleased to
deliver record dividends of 23.0 cents per share in FY22.
With another record year of results, a stronger and de-risked business, a clear strategy and a near-term
economic outlook that is looking more uncertain, our business has never been in better shape. We are
ready for whatever comes next.
Our Three Year Plan
Our three-year plan centres on organic growth and is focused on four
key areas, comprising both physical and digital investments.
1. Retail Optimisation and Expansion across people, property and
processes.
2. Vehicle purchasing decision-making using data and tools to help
identify new sourcing opportunities, and leveraging our brand
strength to generate local sourcing leads.
3. Margin management and Premium lending within Finance.
4. Continued investment in digital and improving our omni-channel
customer experience which allows customers to engage with us
however, whenever and wherever they want.
Looking beyond FY23, we remain very confident about further growth
over the medium to longer term. We have updated our three-year rolling
target to grow to more than $50m of underlying profit before tax by
FY25.
On behalf of the Board and management, we would like to thank our
shareholders for your continued support.
FY22 AT A GLANCE
FY22 FINANCIAL SNAPSHOT
■ Record earnings from
divisions operating in
the used car market
(Auto Retail, Finance and
Insurance)
■ Record NPBT up 15% to
$43.1m
■ NPAT up 16% to $31.3m
■ EBIT up 11% to $47.7m1
■ Underlying NPBT up 29%
to $44.1m2
■ Revenue up 14% to
$344.5m
■ Dividends up 15% to 23.0
cents per share
■ Earnings per share up 16%
to 36.4 cents per share
■ Unrealised property gains
per share 22 cents per
share (measured from
carrying value)
More information on Turners
FY22 financial results can be
read in Turners FY22 Annual
Report.
■ Strong consumer demand despite continued disruption
from COVID-19 lockdowns and Omicron outbreak
■ Employee engagement at an all-time high (top 5% of
companies using Peakon tool); continued to increase at
a time where retention and recruitment have been under
significant pressure
■ Auto Retail: Market share continued to grow in Auto Retail
with a good pipeline of new branches
■ Finance: Quality lending strategy resulting in arrears at
record lows
■ Insurance: Strong new policy sales with improving claims
ratios
■ Credit Management: Debt load
returning slowly but environment
should be more productive in FY23
■ Macro headwinds (inflation and
interest rates) starting to
impact… speed of change
biggest challenge
1 Earnings Before Interest and Tax (EBIT) adjusted for interest expense in Finance (non-IFRS measure).
2 Underlying Net Profit Before Tax (NPBT) is a non-GAAP measure and excludes one-off or non-cash costs including property sales
and acquisitions, covid-related support and remuneration sacrifice, review and restructure costs and profit normalisation (Turners’
estimated profit had the business not been shut during lockdown). In FY22, these totalled $1.0 million. A reconciliation can be viewed
in Turners FY22 Annual Report.

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DYOR

i hold TRA

be careful it is a rarely traded share in Australia (on the ASX )


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