TURNERS AUTOMOTIVE G

TRA
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Turners Automotive : Results Announcement HY21

11/24/2020 | 03:59pm

Results announcement

Results for announcement to the market

Name of issuer

Turners Automotive Group Limited

Report period

6 months to 30 September 2020

Previous reporting period

6 months to 30 September 2019

Currency

NZD

Amount (000s)

Percentage change

Revenue from continuing operations

$141,024

-17%

Total revenue

$147,548

-14%

Net profit from continuing operations

$13,434

25%

Total net profit

$13,419

31%

Interim dividend

Amount per quoted equity security

$0.04000000

Imputed amount per quoted security

$0.05555556

Record date

14/01/2021

Dividend payment date

28/01/2021

Interim dividend

Current period

Prior comparable period

Net tangible assets per quoted security

$0.87

$0.75

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

25/11/2020

Unaudited financial statements accompany this announcement

1

TURNERS AUTOMOTIVE GROUP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 September 2020

Six months

Six months

Year

ended

ended

ended

30/09/2020

30/09/2019

31/03/2020

Unaudited

Unaudited

Audited

Note

$'000

$'000

$'000

Revenue from continuing operations

3

141,024

170,555

332,174

Other income

3

6,524

144

500

Cost of goods sold

(54,864)

(72,589)

(135,003)

Interest expense

(5,731)

(7,729)

(14,853)

Impairment provision expense

(2,149)

(2,617)

(6,044)

Subcontracted services expense

(6,583)

(7,166)

(17,149)

Employee benefits (short term)

(26,382)

(27,790)

(55,458)

Commission

(5,887)

(7,070)

(13,368)

Advertising expense

(806)

(1,484)

(2,743)

Depreciation and amortisation expense

(5,771)

(5,865)

(11,919)

Systems maintenance

(874)

(612)

(1,747)

Claims

(11,583)

(13,094)

(25,952)

Movement in life insurance liabilities

(583)

(633)

(836)

Insurance deferred acquisition costs

(563)

(178)

(701)

Other expenses

(7,057)

(9,071)

(17,836)

Profit before taxation

18,715

14,801

29,065

Taxation expense

(5,281)

(4,077)

(8,112)

Profit from continuing operations

13,434

10,724

20,953

Other comprehensive income for the period (which may subsequently be

reclassified to profit/loss), net of tax

Cash flow hedges

(42)

(466)

()

Revaluation of financial assets at fair value through OCI

-

-

(310)

Foreign currency translation differences

27

12

(12)

Total comprehensive income for the period

13,419

10,270

20,184

Earnings per share (cents per share)

Basic earnings per share

4

15.70

12.39

24.35

Diluted earnings per share

4

15.79

12.39

24.35

2

TURNERS AUTOMOTIVE GROUP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 September 2020

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 2019 (audited)

Note

206,395

1,027

(47)

-

(528)

19,527

226,374

Change in accounting policy

Impact implementation of NZ IFRS 16

-

-

-

-

-

(5,666)

(5,666)

-

-

-

-

(5,666)

(5,666)

Balance at 1 April 2019 (restated)

206,395

1,027

(47)

-

(528)

13,861

220,708

Transactions with shareholders in their capacity as owners

Capital contributions (net of issue costs)

97

-

-

-

-

-

97

Capital buy back

(3,192)

-

-

-

-

-

(3,192)

Cancellation of options

1,027

(1,027)

-

-

-

-

-

Dividend paid

8

-

-

-

-

-

(7,855)

(7,855)

(2,068)

(1,027)

-

-

-

(7,855)

(10,950)

Comprehensive income

Profit

-

-

-

-

10,724

10,724

Other comprehensive income

-

-

12

(466)

-

(454)

Total comprehensive income for the period, net of tax

-

-

12

-

(466)

10,724

10,270

Balance at 30 September 2019 (unaudited)

204,327

-

(35)

(994)

16,730

220,028

Transactions with shareholders in their capacity as owners

Dividend paid

8

-

-

-

-

-

(6,887)

(6,887)

-

-

-

-

-

(6,887)

(6,887)

Comprehensive income

Profit

-

-

-

-

10,229

10,229

Other comprehensive income

-

-

(24)

(310)

19

-

(315)

Total comprehensive income for the period, net of tax

-

-

(24)

(310)

19

10,229

9,914

Balance at 31 March 2020 (audited)

204,327

-

(59)

(310)

(975)

20,072

223,055

Transactions with shareholders in their capacity as owners

Employee share based payments

-

93

-

-

-

-

93

Dividend paid

8

-

-

-

-

-

(5,162)

(5,162)

-

93

-

-

-

(5,162)

(5,069)

Comprehensive income

Profit

-

-

-

-

13,434

13,434

Other comprehensive income

-

-

27

-

(42)

-

(15)

Total comprehensive income for the period, net of tax

-

-

27

-

(42)

13,434

13,419

Balance at 30 September 2020 (unaudited)

204,327

93

(32)

(310)

(1,017)

28,344

231,405

3

TURNERS AUTOMOTIVE GROUP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 September 2020

30/09/2020

30/09/2019

31/03/2020

Unaudited

Unaudited

Audited

Note

$'000

$'000

$'000

Assets

Cash and cash equivalents

5

18,864

14,592

32,771

Financial assets at fair value through profit or loss

- Insurance

62,095

59,934

61,834

- Other

3,002

3,500

3,154

Trade receivables

8,116

11,856

8,609

Inventories

29,814

36,492

44,371

Finance receivables

6

300,749

285,686

293,037

Other receivables, deferred expenses and contract assets

8,993

13,052

8,572

Reverse annuity mortgages

4,556

5,859

4,913

Investment property

5,650

5,650

5,650

Financial assets at fair value through OCI

1,000

1,310

1,000

Property, plant and equipment

53,623

52,648

52,788

Right-of-use assets

22,711

26,768

24,850

Intangible assets

166,630

166,629

166,843

Total assets

685,803

683,976

708,392

Liabilities

Other payables

35,826

34,967

28,048

Contract liabilities

2,355

1,771

2,085

Deferred tax

9,794

11,122

10,080

Tax payable

3,475

1,073

2,772

Derivative financial instruments

999

992

985

Borrowings

7

314,392

319,588

350,364

Lease liabilities

27,979

34,641

32,511

Life investment contract liabilities

8,112

7,853

7,072

Insurance contract liabilities

51,466

51,941

51,420

Total liabilities

454,398

463,948

485,337

Shareholders' equity

Share capital

204,327

203,300

204,327

Other reserves

(1,266)

(1,029)

(1,344)

Retained earnings

28,344

17,757

20,072

Total shareholders' equity

231,405

220,028

223,055

Total shareholders' equity and liabilities

685,803

683,976

708,392

Total assets per share ($)

8.02

7.99

8.28

Net tangible assets ($)

0.87

0.75

0.77

4

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Disclaimer

Turners Automotive Group Limited published this content on 25 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2020 20:58:06 UTC

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