Turners Automotive Group (TRA) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, introduction of directors, CEO, CFO, senior managers, auditors, and advisors.

• Chair Grant Baker and CEO Todd Hunter addressed the meeting, with directors up for re-election also speaking.

• Agenda included presentations on business direction, opportunities, progress, Q&A, giveaways, auditor appointment, director re-elections, and general business.

Financial performance review

• Achieved record after-tax profits of NZD 97 million over three years, a 37% increase from the prior period.

• FY24 NPBT up 8% to $49.1M, NPAT up 1.5% to $33.0M, and revenue up 7% to $417.0M.

• Auto Retail profits grew 27%, Insurance 15%, Credit 9%, while Finance segment profit fell 18% due to interest rate headwinds.

• Dividends per share rose 40% over three years, with a 10-year track record of growing dividends except for 2020.

• Compounded annual growth rate over seven years is 11%.

Board and executive committee updates

• Board includes directors with expertise in finance, insurance, governance, and risk management.

• Board comprises Grant Baker (Chair), Matthew Harrison, Alistair Petrie, John Roberts, Lauren Quaintance, and Antony Vriens.

• CEO Todd Hunter awarded CEO of the Year at INFINZ Awards and provided a business update highlighting resilience and growth.

• No immediate plans for board refreshment; board believes current structure aligns with shareholder interests.