ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2017
On behalf of the Board and management, we are
On behalf of the Board and management, we are
pleased to present the Turners Automotive Group
pleased to present the Turners Automotive Group
Limited Annual Report for FY17.
Limited Annual Report for FY17.
Grant Baker
Chairman
Grant Baker
Chairman
Todd Hunter
Chief Executive Officer
Todd Hunter
Chief Executive Officer
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Business Highlights
Our Strategy
Strategic Progress
Chair and CEO’s Report
Financial Commentary
Board
Leadership Team
Financial Statements
Statutory Information
Governance Report
Directory
4
6
7
9
19
22
24
27
91
95
99
Our focus on growth is
continuing to deliver value.
3
BUSINESS HIGHLIGHTS
$24.6 million
Record net profit before tax
$17.6 million
13% increase in net profit after tax
47% increase
in revenue for the year
$171.7 million
Shareholder equity as at 31 March 2017
75% conversion
Conversion of 2014 bonds to equity
$13.4 million
Successful capital raise in October 2016
14.5 cents per share
Full year fully imputed dividends
4
5
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 OUR STRATEGY IS FOCUSED ON GROWTH
FY17 STRATEGIC PROGRESS AND KEY EVENTS
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
ORGANIC GROWTH: Identify opportunities to grow
each business: More customers, more products and
services, more channels, better technology
GROUP INTEGRATION: Cross selling product across
the group, and building a common operating and
funding platform for the finance businesses
MERGERS AND ACQUISITIONS: Target businesses
that build capability/scale and have sustainable
earnings and growth potential
OUR PEOPLE: Invest into upskilling and rewarding
our people to encourage them to strive for growth
ORGANIC
GROWTH
GROUP
INTEGRATION
DRIVEN BY
OUR PEOPLE
MERGERS &
ACQUISITIONS
WE ARE AN INTEGRATED AUTOMOTIVE FINANCIAL
SERVICES GROUP
Primarily operating in the automotive sector and providing strength in three key areas:
AUTOMOTIVE
RETAIL
FINANCE AND
INSURANCE
DEBT
MANAGEMENT
SYSTEMS
Controlling the buying
and selling of second hand
cars, trucks and machinery
to earn a transactional
margin and delivering
cross-sell opportunities for
Finance and Insurance.
Turners is the largest
second hand vehicle retailer
in New Zealand.
Helping customers with
simple and attractive
finance and insurance
products, and building
annuity revenue streams.
Turners has a portfolio
of reputable businesses
offering finance and
insurance products to
customers across New
Zealand, including
personal, motor vehicle
loans and insurance.
Helping businesses of
any size in New Zealand
and Australia with better
management of their
credit challenges.
Turners has a growing
presence in the debt
management sector in both
New Zealand and Australia
through its EC Credit
business.
ACQUISITIONS
•
•
•
Pacific Life Insurance May 2016
Buy Right Cars Group August 2016
Autosure Insurance March 2017
ORGANIC GROWTH
•
•
Launch of MTF non-recourse lending product
Expansion of Trucks and Machinery footprint with acquisition
of two new sites
Increase in retail ‘end user’ sales in Turners Cars
Launch of online car store Cartopia and Autoapp online loan
origination portal
Implementation of $150 million Securitisation Funding
programme
•
•
•
GROUP INTEGRATION (ongoing initiatives)
•
Finance companies to combine into a single operating entity
(technology platform, branding)
• Merge of insurance businesses into a single selling entity
•
•
(branding and technology platform)
Creation of a single selling platform for finance and insurance
Loan origination from Buy Right Cars now directed to Turners
owned finance companies
PEOPLE
•
•
•
•
Strengthening of Turners executive team
Transition to new CEO successfully completed from 1 July 2016
Staff engagement tracking well in Turners Group
Staff engagement measure to be implemented throughout
business (IBM Kenexa measure)
6
7
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
CHAIR AND CHIEF EXECUTIVE’S
REPORT
The 2017 financial year was another pleasing and positive one.
Our focus on executing the growth plan that was presented at the
last annual meeting continues to deliver value for our company
and our shareholders.
Strategic acquisitions have strengthened our offer and expanded
our footprint, while growth initiatives are expanding how and
what we sell to meet the needs of a growing number of customers.
Our vision remains the same – to build an integrated financial
services business, primarily focused in the automotive industry,
that provides valuable finance, insurance and debt management
products and services, and also has the ability to capture a large
and highly targeted group of customers at source.
We are benefitting from our vertically integrated business model,
which promotes the sale of insurance and finance products,
primarily to the motor vehicle industry where we have our own
retail operations providing control over customer origination.
This integrated model provides diversification of earnings through
building a unique combination of “Activity” based revenues
from Automotive Retail and Debt Management, and “Annuity”
revenues from our finance and insurance divisions. The growth
of our finance and insurance portfolio is delivering an increasing
percentage of annuity income, providing additional consistency
and security of earnings. In our Automotive Retail businesses,
where we own the vehicles we sell, we are earning better margins
and improving the customer experience.
We are able to move fast to deliver solutions to meet consumers’
changing needs, with multiple retail channels, an increasing online
presence and informed dealers and sales people that are able to
offer the complete package from sales to finance and insurance.
8
9
BUSINESS PERFORMANCE
Automotive Retail delivered a 64%
increase in revenue to $193 million and
achieved an operating profit of $15.4 million
for the year, an increase of 54%.
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
AUTOMOTIVE RETAIL
Revenue $193 million ▲ 64%
Operating profit $15.4 million ▲ 54%
Our share of the automotive sector continues to grow and allowed us to take advantage of a buoyant
market of used car sales in New Zealand in 2016. The Used Vehicle market, as measured by changes
in ownership, reached the highest level for over five years, with over 1.1 million used car and truck
transactions.
2016 USED VEHICLE SALES NEW ZEALAND
Cars and trucks’ changes of ownership transactions
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
2009
2010
2011
2012
2013
2014
2015
2016
Source: NZTA Registration Data
Automotive Retail delivered a 64% increase in revenue to $193 million and achieved an operating profit
of $15.4 million for the year, an increase of 54% (including a revaluation increase of $0.7 million in the
MTF shareholding).
The division consists of two businesses, Turners and Buy Right Cars (which was acquired at the end of
July 2016). Buy Right Cars is a leading Auckland-based used motor vehicle importer and dealership
network, with up to 2,000 vehicles in stock and eight locations across Auckland city. It significantly
increases Turners’ retail footprint, particularly in the key Auckland market where Turners is currently
underweight. It also achieves a number of our other strategic objectives for the group, including
stepping up our imports of used vehicles and achieving better control over the motor vehicle
compliance process.
Both businesses delivered a strong result with Buy Right Cars performing above expectation and
starting to originate a strong flow of consumer loans into the finance division. Further retail business
acquisitions are expected as we look to grow our share of the second hand vehicle market.
In Turners, an increased number of vehicles are selling to retail customers rather than dealers, and now
account for up to 65% of all car purchases. This creates a better opportunity for add-on sales of finance
and insurance with a 20% increase in loans written and a 34% in increase in Mechanical Breakdown
Insurance (MBI) policies sold in the last year.
10
11
In addition, the percentage of vehicles purchased and on sold by Turners has increased to almost
50% of transactions, up from 15% three years ago. These generate better margins and more finance
opportunity.
We have also invested further into our growing Trucks and Machinery business as we look to build a
specialised retail network, replicating the success we have had in the car market. An additional two
sites have been established (Tauranga and Palmerston North), and a new lease is about to be signed
in Hamilton. These add to Turners’ existing dedicated Trucks and Machinery locations in Auckland
and Christchurch.
THE CHANGING FACE OF TURNERS’ AUTOMOTIVE RETAIL GROUP
FY13 vs FY17
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Buy Right Cars’ dedicated
Compliance and Service
Centre is at the core of the
business, with every vehicle
disassembled, inspected,
cleaned and reassembled
before sale.
100%
80%
60%
40%
20%
0%
%
1
3
1
+
%
0
9
+
%
6
3
1
+
%
3
4
-
%
9
1
8
+
%
9
1
8
+
%
6
3
1
+
%
3
4
-
100%
100%
%
9
1
8
+
80%
60%
40%
20%
80%
%
3
4
60%
-
40%
20%
0%
0%
Vehicles sold through
w holesale channels
Vehicles sold through
retail channels
Fleet Sales
(% of Total Sales)
%
1
5000
3
1
+
4000
%
6
3
3000
1
+
2000
1000
%
0
9
+
%
1
3
1
+
%
0
9
+
5000
4000
3000
2000
1000
0
Finance contracts
0
M BI nu m ber of polices
5000
4000
3000
2000
1000
0
■ FY13 ■ FY17
■ FY13 ■ FY17
12
13
Buy Right Cars – the largest selection of European and
Japanese cars in Auckland with up to 2,000 vehicles and
more arriving daily at eight locations across the city
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
We are winning customers thanks to our ability to
offer the complete package from sales to finance
and insurance, in a place and manner that best suits
their needs.
FINANCE
Revenue $26.8 million ▲ 10%
Operating profit $10.2 million ▲ 4%
The automotive finance market remains competitive, particularly at the point of purchase, where
it is estimated more than 80% of retail buyers require finance of some kind. This is where Turner’s
integrated model really delivers value, with our Automotive Retail Group providing access to these
highly valued customers.
FIVE YEAR GROWTH IN FINANCE RECEIVABLES
S
N
O
I
L
L
I
M
$
250
200
150
100
50
0
FY13
FY14
FY15
FY16
FY17
Our finance book has grown 24% in the past year, with the majority of that growth from vehicle loans
to customers, arranged both directly and through motor vehicle dealers. A conservative approach to a
growing loan book has been adopted with lower risk, lower margin lending.
In addition to our own finance businesses and brands, Turners also has an 8% shareholding in Motor
Trade Finance (MTF). This partnership not only significantly increases our reach into the motor vehicle
finance sector, but also provides access to a number of new lending opportunities for all parties. One
example is the establishment of a non-recourse lending product which was officially launched in a
staged rollout from December 2016. Demand for this product is building quickly and over $16 million
in loans had been written by the end of March.
Technology is having a major impact on the financial services sector and customers are demanding
faster, easier and better solutions. In line with this, we launched our AutoApp online loan origination
platform in FY17 and are continually enhancing this to deliver a better customer experience.
Funding of our finance books is a significant cost and a large enabler of growth. In FY17, we completed
an important project to establish a securitised funding program with the BNZ. This strengthens our
funding base for our finance business and will reduce our cost of funds in the medium term.
In the next year, we are looking to combine our finance businesses into a single entity, with a single
technology platform, all operating under the Oxford Finance brand which has the largest distributed
dealer channel of all our finance businesses.
14
15
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
DEBT MANAGEMENT
Revenue $19.1 million ▲ 4%
Operating profit $6.2 million ▲ 3%
EC Credit Control is continuing to grow its market share in both New Zealand and Australia, with
a number of new corporate and SME clients won during the year. It is a profitable part of Turners
group and remains highly cash generative.
The focus on higher quality debt has resulted in lower debt loads (down 5% year on year) but has
translated into improved collections performance and commissions with debt collected up 9% on
last year.
The share of debt from New Zealand corporate clients has increased at the expense of
competitors, and in Australia, there have been strong sales of Terms of Trade systems and support.
The focus for the business is on building analytics capability and efficiencies in the contact centre
and continuing to attract new clients and build our share of debt loaded from existing clients.
INSURANCE
Revenue $12.3 million ▲ 34%
Operating profit $0.9 million ▼ 34%
Turners has a number of insurance brands, which provide mechanical breakdown and motor vehicle
insurance, as well as life and other non-life insurance products. Insurance is sold through a network
of dealers and brokers throughout New Zealand, with particularly strong sales through the Turners-
controlled Automotive Retail businesses.
The growth in gross written premium and new policy sales has continued for the fifth year in a row; and
sales of mechanical breakdown and motor vehicle insurance now exceed 1,000 policies per month.
ORGANIC GROWTH IN INSURANCE
I
M
U
M
E
R
P
N
E
T
T
I
R
W
S
S
O
R
G
S
N
O
I
L
L
I
M
$
12
10
8
6
4
2
0
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
S
E
I
C
I
L
O
P
W
E
N
F
O
R
E
B
M
U
N
FY13
FY14
FY15
FY16
FY17
Despite the increase in policies sold, operating profit for the insurance division decreased year on year.
The main cause of this was an increase in claims costs in the general insurance products which were
unusually low during FY16 (loss ratio of 32%). These returned to market norms (loss ratio of 59%) in FY17.
The Autosure Insurance acquisition, including the Autosure brand, mechanical breakdown and
payment protection insurance portfolios, was finalised as at 31 March 2017. This provides much needed
scale for our insurance group, and focuses our underwriting effort on core products – MBI and Loan
Repayment insurance. We have a 10-year partnership with Vero for underwriting our comprehensive
motor vehicle insurance policies.
Integration of Autosure into Turners’ portfolio is now complete, following approval from the Reserve
Bank of New Zealand at year end for the transfer of the existing policy portfolio to Turners. The business
is expected to contribute EBITDA of approximately $5.5m for the FY18 year. Additional synergies are also
expected to arise from utilisation of the Autosure repairer network by Turners’ existing insurance business
and from cross selling of insurance and finance to an extended dealer network and customer base.
As part of the group integration strategy, Turners’ insurance businesses will also combine into a single
operating unit, all operating under the Autosure brand.
16
17
FY18 AND BEYOND
FINANCIAL COMMENTARY
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Continuing growth is expected in FY18 as we look to build our market share, particularly in the
Automotive Retail sector, through both M&A and organic growth within each business.
We have a proven track record in successfully acquiring and integrating value accretive
businesses into our portfolio. We will look to continue this in FY18, with a number of M&A
opportunities under consideration. In particular, we are looking to grow our share of the second
hand vehicle market and further retail business acquisitions are anticipated.
Autosure was a significant acquisition for Turners and, following Reserve Bank approval for the
transfer of policies at the end of the financial year, we are now integrating this business into our
portfolio and have commenced commercial operations.
The acquisition of Buy Right Cars provided us with new capabilities in servicing and
maintenance, and we will be looking to build on these and other opportunities in FY18.
We are also actively looking for organic growth opportunities, by developing innovative
products and services, running our businesses well and delivering value to our customers. The
Cartopia online store and the MTF non-recourse partnership are good examples of this.
The strategy of having stand alone yards for Trucks & Machinery sales is working well and we are
looking to expand our network, with the addition of further strategically located sites.
A number of important initiatives that will continue to add value were undertaken in FY17 to
further strengthen our company. We have determined that there are benefits and value to be
gained from having a single technology and brand platform for both our Insurance and our
Finance businesses, and this will be commenced in FY18. This will enable the development of a
bundled approach to finance and insurance products, providing further value to our customers.
We are well positioned for continued growth in “Activity and Annuity” earnings and the delivery
of shareholder value. As previously advised, we are undertaking a foreign-exempt compliance
listing on the ASX in FY18, which will provide our company with access to a larger capital
market to support our growth strategy. Access to this wider capital base will support our goal
of continuing to build a company that delivers great products and services to customers along
with a great customer experience.
None of this would be possible without the dedication, efforts and hard work of our 800 staff
across the country. On behalf of management and the Board, we would like to thank staff,
shareholders and our customers for their ongoing support.
Grant Baker
CHAIRMAN
Todd Hunter
CHIEF EXECUTIVE OFFICER
18
The following commentary should be read in conjunction with the full financial statements and notes
to the financial statements in this Annual Report.
GROUP REVENUE UP 47% TO $251.0 MILLION
Recent acquisitions, growth in Automotive Retail,
and growth in the finance and insurance books
have positively impacted on the revenue mix, with
an increasing percentage of annuity income from
finance and insurance contracts providing additional
consistency and security of earnings.
Revenue increases were mainly driven by higher
vehicle sales activity, with acquisitions and organic
growth in Automotive Retail contributing $74.9
million in FY17.
Annuity income from finance and insurance
businesses was up 19% year on year to $51.8 million,
and this is providing additional earnings stability and
security.
The acquired businesses of Pacific Life (12 months)
and Buy Right Cars (8 months) both contributed
during the period. Contributions from the Autosure
Insurance business will flow from the start of FY18
following Reserve Bank approval in late March for the
transfer of policies and integration into the Turners’
portfolio.
OPERATING PROFIT UP 14% TO $24.6 MILLION
The result was slightly ahead of the company’s
March 2017 guidance, and reflects increased sales
of vehicles we own, with higher margins and a lift in
finance and insurance sales, as well as contributions
from acquired businesses.
The improved finance result was due to an increase
in the ledger; while insurance was impacted by the
change in loss ratios.
The EC Credit result included a release of $1.1 million
from unredeemed vouchers liability, compared to the
$1.8 million release in FY16.
S
N
O
I
L
L
I
M
$
300
250
200
150
100
50
0
S
N
O
I
L
L
I
M
$
29
27
25
23
21
19
17
15
S
N
O
I
L
L
I
M
$
20
18
16
14
12
10
8
6
4
2
0
REVENUE
FY13
FY14
FY15
FY16
FY17
6
1
Y
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FY13
FY14
FY15
FY16
FY17
FY13
FY14
FY15
FY16
FY17
S
N
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I
L
L
I
M
$
300
250
200
150
100
50
0
S
N
O
I
L
L
I
M
$
29
27
25
23
21
19
17
15
FY13
FY14
FY15
FY16
FY17
OPERATING PROFIT
6
1
Y
F
p
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$
300
250
200
150
100
50
0
29
27
25
23
21
19
17
15
S
N
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$
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Corporate costs were impacted by acquisition costs and reflect the increase in interest incurred on
acquisition funding.
The FY17 result was also impacted by the elimination at corporate level of $535k of finance
commissions for loans referred by Turners’ Automotive Retail businesses. With third party referrers the
commission costs are amortised over the life of the loan, whereas with internally originated loans the
commission costs are effectively expensed in the month the loan is originated.
PROFIT CONTINUES TO GROW STRONGLY, UP 13% TO $17.6 MILLION
20
FULL YEAR DIVIDENDS 14.5 CENTS PER SHARE
16
12
14
Based on the ongoing positive performance of the
group, Turners’ Directors have declared a final quarter
fully imputed dividend of 4.5 cents per share, taking
full year dividends to 14.5 cents per share, up from
S
N
13.0 cents in FY16.
O
I
L
L
I
This is in line with the Board’s divided policy of a pay-
M
$
out of between 50% and 55% of underlying tax paid
profit. The FY17 dividends have been fully imputed,
whereas earlier dividends were not imputed.
10
8
6
18
4
2
0
FY13
FY14
FY15
FY16
FY17
S
N
O
I
L
L
I
M
$
20
18
16
14
12
10
8
6
4
2
0
NET PROFIT ATER TAX
FY13
FY14
FY15
FY16
FY17
e
c
n
a
n
F
i
e
c
n
a
r
u
s
n
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C
STRENGTHENED BALANCE SHEET
Increase in cash balances due to transfer of
Autosure Insurance liabilities on 31 March
2017.
Majority of finance receivables growth was
in the last quarter of FY17.
Inventory increase due to Buy Right Cars
acquisition and higher Turners Fleet stock
Shareholder equity at 31 March 2017 was
$171.7 million, up 32% on the previous
year (FY16: $129.8 million). The increase
was primarily due to Turners bondholders
showing confidence in the company
performance and direction by converting
$17.5 million (75%) of $23.2 million 2014
Bonds to equity, and the subsequent capital
raise in October 2016 of $13.4 million.
$MILLIONS
Cash and cash equivalents
Finance Receivables
Inventory
Property, Plant and Equipment
Other Assets
Intangible Assets
TOTAL ASSETS
Borrowings
Other Payables
Deferred Tax
Insurance Contract Liabilities
Other Liabilities
TOTAL LIABILITIES
FY17
69.1
207.1
44.6
18.9
44.8
172.1
556.6
265.9
35.7
20.2
42.8
20.3
384.9
FY16
13.8
167.6
14.2
11.1
42.3
118.1
367.1
174.8
21.5
8.7
9.5
22.8
237.3
FUNDING MIX
7
1
Y
F
$MILLIONS
TOTAL ASSETS
Equity
Convertible bonds
Securitisation Funding (BNZ)
Bank Funding (Corporate BNZ & ASB)
MTF Finance Receivables Funding
Insurance Contract Liabilities
Life Investment Contract Liabilities
Payables and Deferred Revenue
Deferred Tax Liability
FY17
$M
%
OF TOTAL
FY16
$M
%
OF TOTAL
557
172
26
69
122
49
43
13
43
20
31%
5%
12%
22%
9%
8%
2%
8%
4%
367
130
23
0
108
42
10
16
29
9
35%
6%
0%
29%
11%
3%
4%
8%
2%
The securitisation programme is now fully implemented and
operating, with credit approval for an initial $150 million limit from
BNZ currently drawn to $87 million, with the balance of the finance
book funded by a mix of bank and equity funding. The securitisation
programme has been a significant project for Turners and will
reduce the cost of funds, provide headroom for finance growth and
strengthen Turners’ funding base for its finance business. The full
benefits will be realised from FY18.
MTF
Bonds
Bank
Securitisation
20
21
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
BOARD
Turners’ Board is focused on creating shareholder value as we continue our growth as an integrated
automotive financial services business. Each director brings valuable skills, expertise and experience to
the Board.
Grant Baker
Non-executive Chairman
Appointed September 2009
Paul Byrnes
Deputy Chairman and Executive
Director
Appointed February 2004
Matthew Harrison
Non-executive Director
Appointed December 2012
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Grant Baker
Non-executive Chairman
Grant Baker is a founding Partner of venture capital firm The Business Bakery, which together has a 16.34%
shareholding in Turners Automotive Group. He has wide experience at a senior level in both public and private
New Zealand companies. He has been Chairman since September 2009. Grant is also chairman of The Gastro
Intestinal Cancer Institute and a director of Trilogy International Ltd.
Paul Byrnes
Deputy Chairman and Executive Director
Paul Byrnes is a chartered accountant, and professional director and investor with 25 years’ experience in senior
and CEO roles in private and listed companies. His career has included the management buyout of previously
listed Holeproof Industries, consulting and participation in merger and acquisition opportunities and business
‘turnaround’ management. Paul was appointed CEO and Executive Director of Dorchester Pacific in May 2008
(now Turners Automotive Group), handing over the CEO role to Todd Hunter in June 2016 but retained in
an executive role focusing on merger and acquisition activity under a two year contract. Until recently, Paul
was Chairman of power company Top Energy and a director of listed Hellaby Holdings. Paul has a 4.44%
shareholding in Turners Automotive Group.
Matthew Harrison
Non-executive Director
Matthew Harrison has extensive management experience and a background in finance and business
administration. He is the former Managing Director of EC Credit Control, the debt recovery business acquired in
2012. He joined EC Credit Control in 1998 following senior management roles in the courier industry. Matthew
joined the Turners Automotive Group board in 2012 and represents his family interests, which have an 8.98%
combined holding in Turners Automotive Group. He is also a director of a number of private companies.
Alistair Petrie
Non-executive Director
Alistair Petrie has over 15 years of senior management experience in both private and listed companies in the
agribusiness sector. He has extensive knowledge in sales and marketing in both international and domestic
environments. He has a number of directorships and represents the interests of Bartel Holdings which has a
9.05% shareholding in Turners Automotive Group.
John Roberts
Independent Director
John Roberts has extensive experience in the financial services industry having held the role of Managing
Director of credit bureau Veda International for 10 years during which time the Veda Advantage business was
successfully listed on the ASX. John previously had over 15 years in advertising agencies with CEO roles with
Saatchi & Saatchi in New Zealand and Asia Pacific before heading up Master Card in New Zealand for three years.
Alistair Petrie
Non-executive Director
John Roberts
Independent Director
Anthony Vriens
Independent Director
Appointed February 2016
Appointed July 2015
Appointed January 2015
Mr Antony Vriens
Independent Director
Antony Vriens has been a director and Chairman of Turners’ insurance subsidiary DPL Insurance since 2012.
He joined the Turners Automotive Group board in January 2015. Antony is a highly experienced and commercial
financial service professional with demonstrated success as a senior executive and consultant in insurance and
wealth management businesses within Australia and New Zealand.
22
23
LEADERSHIP TEAM
Turners has restructured and strengthened its leadership team in the past year, with a new structure
to reflect the growth of the company. The team comprises individuals with the experience, skills and
qualities to help lead Turners into the future.
Todd Hunter
Chief Executive Officer
Aaron Saunders
Group Chief Financial Officer
Simon Gould-Thorpe
Group Chief Information
Officer
Sonya Rose
Group General Manager
Human Resources
Dion Jones
Group General Manager
Finance
James Searle
Group General Manager
Insurance
Campbell Smith
General Manager Sales and
Channel Development
David Wilson
Chief Executive Officer
EC Credit Control
General Manager Turners Automotive Retail – recruitment underway
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Todd Hunter – Chief Executive Officer
Todd is a strong and experienced senior executive, with a background in marketing, sales and accounting in
both large global and domestic businesses. He joined Turners Automotive Retail in 2006 and was appointed
CEO in August 2013. In 2015, he was appointed COO of the wider Turners Automotive Group and named CEO
in 2016. Todd is a chartered accountant and holds a Bachelor of Commerce degree from Auckland University.
Aaron Saunders – Group Chief Financial Officer
Aaron joined Turners Group NZ in 2006. He has a strong background in financial and management
accounting, at both a strategic and operating level in local and international markets. Over the last 20 years,
Aaron has worked across a broad range of company sizes and industries including vehicle importation and
distribution, broadcasting and the finance sector. Aaron is a full member of the New Zealand Institute of
Chartered Accountants and holds a Bachelor of Commerce degree from Auckland University.
Simon Gould-Thorpe – Group Chief Information Officer
Simon joined Turners Automotive Retail in 2010, with over 20 years of achievement and demonstrated
success in Information Technology. He has brought with him extensive experience in multiple industries
including finance & insurance, food production and automotive.
Sonya Rose – Group General Manager Human Resources
Sonya joined Turners in August 2012. She has over 12 years’ experience in all aspects of human resources,
with particularly strong knowledge of employment relations, change management employee engagement.
Sonya has worked across a range of industries and organisations including central and local government and
private enterprise.
Dion Jones – Group General Manager Finance
Dion joined Turners Group NZ in 2013 as the Head of Turners Finance. He was appointed to his current role
of Group GM – Finance in February 2017 and has oversight of all Finance Companies within the Turners
Automotive Group. Dion has a comprehensive understanding of the finance and insurance sector, ranging
from the development of credit qualifications through to holding senior sales and management positions.
Before joining Turners, Dion worked at APM, Sovereign and ASB Bank.
James Searle – Group General Manager Insurance
James is responsible for operational performance and development of life and consumer (vehicle and
finance related) insurance products. James has over 25 years’ experience in the New Zealand insurance
industry having worked across underwriting, portfolio management, relationship management and
marketing roles for major insurance companies including IAG and Lumley General Insurance.
Campbell Smith – General Manager Sales and Channel Development
Campbell joined Turners Limited in 2015, and is responsible for the development and management of the
Group’s sales and distribution network. Campbell has held senior sales and operation management positions
with a broad range of institutions in the finance and banking sector, most recently with Westpac Corporate
and Institutional Bank.
David Wilson – Chief Executive Officer EC Credit Control
Dave joined EC Credit in 2007 and was previously in the role of Group Sales Manager. He was appointed to
his current role in April 2015. Dave has worked in the credit management industry since 2001 and has over
20 years’ experience and held senior positions in banking, finance and recruitment industries.
24
25
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
FINANCIAL REPORTS
FOR THE YEAR ENDED 31 MARCH 2017
28
36
37
38
39
40
Independent Auditor’s Report
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Notes to the Financial Statements
26
27
INDEPENDENT AUDITOR’S REPORT
for the year ended 31 March 2017
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2017
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Level 9
45 Queen Street
Auckland 1010
New Zealand
PO Box 3899
Auckland 1140
New Zealand
T +64 9 309 0463
F +64 9 309 4544
E enquiries@staplesrodway.com
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Turners Automotive Group
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Turners Automotive Group (formerly ‘Turners
Limited’) and its subsidiaries ('the Group') on pages 36 to 90, which comprise the consolidated statement of
financial position as at 31 March 2017, and the consolidated statement of comprehensive income, consolidated
In addition to this, principals and employees of our firm deal with the Group on normal terms within the ordinary
course of trading activities of the business of the Group. This has not impaired our independence.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements of the current year. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. Key audit matters are selected from the matters
communicated with the Directors, but are not intended to represent all matters that were discussed with them.
statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes
Key Audit Matter
How our audit addressed the key audit matter
to the consolidated financial statements, including significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2017, and its consolidated financial performance and
its consolidated cash flows for the year then ended in accordance with New Zealand Equivalents to
International Financial Reporting Standards ('NZ IFRS') and International Financial Reporting Standards ('IFRS').
Our report is made solely to the Shareholders of Turners Automotive Group, in accordance with the Companies
Act 1993. Our audit work has been undertaken so that we might state those matters which we are required to
state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than Turners Automotive Group and the Shareholders of
Turners Automotive Group, for our audit work, for our report or for the opinions we have formed.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) ('ISAs (NZ)'). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report. We are independent of the Group in accordance with
Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New
Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (‘IESBA Code’), and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor and provider of other assurance services we have no relationship with, or
interests in, Turners Automotive Group or any of its subsidiaries. The provision of these other assurance services
has not impaired our independence.
Our audit procedures among others included:
Reading the sale and purchase and other agreements
relating to the acquisition to understand key terms and
conditions and confirming our understanding of the
transaction with Management.
Evaluating the measurement of the consideration
transferred.
Evaluating the identified assets and liabilities against
the terms of the sale and purchase agreements.
For the measurement of the identified assets and
liabilities, evaluating:
o
the fair values of the identified assets and liabilities
at acquisition date;
o
o
the cash flow forecasts used in the measurement
of the identifiable intangible assets, which included
assessing the appropriateness of future cash flow
forecasts and discount rates applied to those
forecasts against the historic performance of the
business and considering the impact and likelihood
of known future events; and
the competence, capabilities, objectivity and
expertise of Management's external valuation
experts and the appropriateness of their work as
audit evidence for the relevant assertions.
Evaluating the related disclosures about the acquisition
of the Autosure business included in Note 18 in the
Group’s consolidated financial statements.
Acquisition accounting for Autosure
As disclosed in Note 18 of the Group’s consolidated financial
statements the Group acquired the Autosure business during
the year ended 31 March 2017. The acquisition of the Autosure
business was significant to our audit due to the size of the
acquisition (consideration transferred of $34.8m) and the
subjectivity and complexity inherent in business acquisitions.
Management has completed a process to identify the
acquirer, determine the acquisition date, measure the
consideration transferred, and allocate the consideration
transferred to the identifiable assets acquired and the
liabilities assumed at their acquisition-date fair values.
Consideration transferred included cash and contingent
consideration (comprising cash). Identifiable assets also
include goodwill and separately identifiable intangible assets
such as acquired value of in-force insurance business, brand
names and corporate relationships.
This process involves complex and subjective estimation and
judgement by Management on the following:
the accounting treatment of the acquisition;
the determination of the acquisition date;
identification of the assets acquired and liabilities
assumed;
the future performance of the acquired business;
discount rates applied to future cash flow forecasts;
and
the valuation of brand assets, corporate relationships
and insurance contract liabilities (including the in-force
insurance business intangible asset).
Management has also engaged external experts to assist in:
the identification of brand assets and corporate
relationships acquired; and the determination their fair
values at acquisition date;
the identification of insurance contract liabilities
(including the in-force insurance business intangible
asset) assumed and determination of their fair values at
acquisition date; and
the determination of the accounting for the acquisition
of Autosure.
28
29
28
29
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2017
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2017
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Key Audit Matter
How our audit addressed the key audit matter
Key Audit Matter
How our audit addressed the key audit matter
Acquisition accounting for Buy Right Cars
As disclosed in Note 18 of the Group’s consolidated financial
statements the Group acquired the Buy Right Cars business
during the year ended 31 March 2017. The acquisition of the
Buy Right Cars business was significant to our audit due to the
size of the acquisition (consideration transferred of $37.5m)
and the subjectivity and complexity inherent in business
acquisitions.
Management has completed a process to identify the
acquirer, determine the acquisition date, measure the
consideration transferred, and allocate the consideration
transferred to the identifiable assets acquired and the
liabilities assumed at their acquisition-date fair values.
Consideration transferred included cash, the Group’s ordinary
equity instruments and contingent consideration (comprising
a combination of cash and the Group’s ordinary equity
instruments). Identifiable assets also include goodwill and
separately identifiable intangible assets such as brand
names/trademarks.
This process involves complex and subjective estimation and
judgement by Management on the following:
the accounting treatment of the acquisition;
the determination of the acquisition date;
identification of the assets acquired and liabilities
assumed;
the future performance of the acquired business;
discount rates applied to future cash flow forecasts;
and
the valuation of brand assets.
Management has also engaged an external valuation expert
to assist in the identification of the brand asset acquired and
the determination of its fair value at acquisition date.
Impairment testing of Goodwill and Other Indefinite Life
Intangible Assets
As disclosed in Note 20 of the Group’s consolidated financial
statements the Group has goodwill of $92.5m allocated
across six of the Group’s cash-generating units (‘CGUs’) and
brand assets of $71.4m allocated across three of the Group’s
CGUs. Goodwill and brand were significant to our audit due to
the size of the assets and the subjectivity, complexity and
uncertainty inherent in the measurement of the recoverable
amount of these CGUs’ for the purpose of the required annual
impairment test. The measurement of a CGUs recoverable
amount includes the assessment and calculation of its ‘value-
in-use’.
Management has completed the annual impairment test for
each of these six CGUs as at 31 March 2017.
This annual impairment test involves complex and subjective
estimation and judgement by Management on the future
performance of the CGUs, discount rates applied to future
cash flow forecasts, and future market or economic
conditions.
Our audit procedures among others included:
Reading the sale and purchase and other agreements
relating to the acquisition to understand key terms and
conditions and confirming our understanding of the
transaction with Management.
Evaluating the measurement of the consideration
transferred.
Evaluating the identified assets and liabilities against
the terms of the sale and purchase agreements.
For the measurement of the identified assets and
liabilities, evaluating:
o
the fair values of the identified assets and liabilities
at acquisition date;
o
o
the cash flow forecasts used in the measurement
of the identifiable intangible assets, which included
assessing the appropriateness of future cash flow
forecasts and discount rates applied to those
forecasts against the historic performance of the
business and considering the impact and likelihood
of known future events; and
the competence, capabilities, objectivity and
expertise of Management's external valuation
expert and the appropriateness of the expert's
work as audit evidence for the relevant assertions.
Evaluating the related disclosures about the acquisition
of the Buy Right Cars included in Note 18 in the Group’s
consolidated financial statements.
Our audit procedures among others included:
Evaluating Management’s determination of the Group’s
six CGUs based on our understanding of the nature of
the Group’s business and the economic environment in
which the segments operate. We also analysed the
internal reporting of the Group to assess how CGUs are
monitored and reported.
Challenging Management’s assumptions and estimates
used to determine the recoverable value of its
Indefinite Life Intangible Assets, including those relating
to forecasted revenue, cost, capital expenditure,
discount rates, by adjusting for future events and
corroborating the key market related assumptions to
external data. Procedures included:
o
Evaluating the logic of the value-in-use
calculations supporting their annual impairment
test and testing the mathematical accuracy of
these calculations;
Impairment testing of Goodwill and Other Indefinite Life
Intangible Assets (continued)
Management has also engaged an external valuation expert
to assist in the annual impairment testing of the six CGUs.
Valuation of Finance Receivables
As disclosed in Note 14 of the Group’s consolidated financial
statements the Group has finance receivable assets of
$207.1m. Finance receivable assets were significant to our
audit due to the size of the assets and the subjectivity,
complexity and uncertainty inherent in the timing of the
recognition of impairment in respect of finance receivables
and the amount of that impairment.
The assessment of impairment is made at both an individual
finance receivable level, for individually significant
receivables, and a collective level for groups of finance
receivables with similar credit risk characteristics.
Management has prepared impairment models to complete
its assessment of impairment for the Group’s finance
receivables as at 31 March 2017.
This assessment involves complex and subjective estimation
and judgement by Management on credit risk and the future
cash flows of the finance receivables.
o
Evaluating Management’s process regarding the
preparation and review of forecasts;
o Comparing forecasts to Board approved forecasts;
Evaluating the historical accuracy of the Group’s
o
forecasting to actual historical performance;
o
o
o
o
o
Evaluating the forecast growth assumptions;
Evaluating the inputs to the calculation of the
discount rates applied;
Engaging our own internal valuation experts to
evaluate the logic of the value-in-use calculation
and the inputs to the calculation of the discount
rates applied;
Evaluating Management’s sensitivity analysis’ for
reasonably possible changes in key assumptions;
and
Performing our own sensitivity analyses for
reasonably possible changes in key assumptions,
the two main assumptions being: the discount rate
and forecast growth assumptions.
Evaluating the related disclosures about indefinite life
intangible assets which are included in Note 20 in the
Group’s consolidated financial statements.
Our audit procedures among others included:
Evaluating the design and operating effectiveness of
the key controls over finance receivable origination,
ongoing administration and impairment model data and
calculations;
For individually assessed finance receivables,
examining those finance receivables and forming our
own judgements as to whether the impairment
provision recognised by Management was appropriate;
For the collectively assessed finance receivables,
challenging and evaluating the logic of Management’s
impairment models and the key assumptions used with
our own experience. Also, testing key inputs used in the
collective impairment models and the mathematical
accuracy of the calculations within the models;
Challenging key inputs used by Management in the
collective impairment models by performing sensitivity
analyses for reasonably possible changes in these
inputs; and
Evaluating the related disclosures about finance
receivables, and the risks attached to them which are
included in Note 14 in the Group’s consolidated financial
statements.
30
31
30
31
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2017
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2017
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Key Audit Matter
How our audit addressed the key audit matter
Valuation of Insurance Contract Liabilities
As disclosed in Note 34 of the Group’s consolidated financial
statements the Group has insurance contract liabilities of
$43.9m. The Group’s insurance contract liabilities were
significant to our audit due to the size of the liabilities and the
subjectivity, complexity and uncertainty inherent in estimating
the impact of claims events that have occurred but for which
the eventual outcome remains uncertain.
Management has engaged an external actuarial expert to
estimate the Group’s insurance contract liabilities as at 31
March 2017.
Our audit procedures among others included:
Evaluating the design and operating effectiveness of
the key controls over insurance contract origination,
ongoing administration, integrity of data provided to
Management's external actuarial expert used in the
estimation process and management’s review of the
estimates;
Evaluating the competence, capabilities, objectivity and
expertise of Management's external actuarial expert
and the appropriateness of the expert's work as audit
evidence for the relevant assertions;
Agreeing the data provided to Management's external
actuarial expert to the Group’s records;
Engaging our own actuarial expert to assist in
understanding and evaluating:
o
o
the work and findings of the Group’s external
actuarial expert engaged by Management;
the Group’s actuarial methods and assumptions to
assist us in challenging the appropriateness of
actuarial methods and assumptions used by
Management;
Assessing the selection of methods and assumptions
with a view to identifying management bias;
Evaluating the related disclosures about insurance
contract liabilities, and the risks attached to them which
are included in Note 34 in the Group’s consolidated
financial statements.
Other Information
The Directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 31 March 2017 (but does not include the consolidated
financial statements and our auditor’s report thereon).
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of the Directors for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
Directors determine is necessary to enable the preparation of the consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
32
33
32
33
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2017
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2017
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
As part of an audit in accordance with ISAs (NZ), we exercise professional judgement and maintain professional
From the matters communicated with the Directors, we determine those matters that were of most significance
scepticism throughout the audit. We also:
in the audit of the consolidated financial statements of the current year and are therefore the key audit matters.
Identify and assess the risks of material misstatement of the consolidated financial statements, whether
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
public interest benefits of such communication.
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
Conclude on the appropriateness of the use of the going concern basis of accounting by the Directors and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including
the disclosures, and whether the consolidated financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
Matters Relating to the Electronic Presentation of the Audited Consolidated Financial Statements
This audit report relates to the consolidated financial statements of Turners Automotive Group Limited and its
subsidiaries for the year ended 31 March 2017 included on Turners Automotive Group’s website. The Directors
of Turners Automotive Group are responsible for the maintenance and integrity of Turners Automotive Group’s
website. We have not been engaged to report on the integrity of Turners Automotive Group’s website. We
accept no responsibility for any changes that may have occurred to the consolidated financial statements since
they were initially presented on the website.
The audit report refers only to the consolidated financial statements named above. It does not provide an
opinion on any other information which may have been hyper linked to or from these consolidated financial
statements. If readers of this report are concerned with the inherent risks arising from electronic data
communication they should refer to the published hard copy of the audited consolidated financial statements
and related audit report dated 30 June 2017 to confirm the information included in the audited consolidated
financial statements presented on this website.
Legislation in New Zealand governing the preparation and dissemination of consolidated financial statements
may differ from legislation in other jurisdictions.
The engagement partner on the audit resulting in this independent auditor’s report is D I Searle.
STAPLES RODWAY AUCKLAND
Auckland, New Zealand
30 June 2017
34
35
34
35
Turners Automotive Group Limited
Consolidated statement of comprehensive income for the year ended 31 March 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2017
Turners Automotive Group Limited
Consolidated statement of changes in equity for the year en ded 31 March 2017
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2017
Revenue from continuing operations
Other income
Cost of goods sold
Interest expense
Impairment provision expense
Subcontracted services expense
Employee benefits (short term)
Commission
Advertising expense
Depreciation and amortisation expense
Property and related expenses
Systems maintenance
Claims
Movement in life insurance liabilities
Credit legal fee service expense
Other expenses
Profit before taxation
Taxation (expense)/benefit
Profit for the year
Other comprehensive income for the year (which may subsequently be reclassified to
profit/loss), net of tax
Cash flow hedges
Foreign currency translation differences
Total other comprehensive income
Total comprehensive income for the year
Earnings per share (cents per share)
Basic earnings per share
Diluted earnings per share
Notes
7 & 31
7
7
7
31
7
31
34
8
9
9
2017
$’000
2016
$’000
249,338
1,671
(116,997)
(11,350)
(2,026)
(8,520)
169,773
522
(58,964)
(11,436)
(1,041)
(6,960)
(40,862)
(33,424)
(7,446)
(3,431)
(2,863)
(9,391)
(1,468)
(6,491)
(1,056)
(838)
(6,194)
(2,118)
(2,144)
(8,877)
(1,152)
(3,501)
(953)
(806)
(13,639)
(11,174)
24,631
(7,057)
17,574
21,551
(5,949)
15,602
41
(6)
35
(35)
6
(29)
17,609
15,573
25.49
24.70
25.03
24.13
The accompanying notes form part of these financial statements
Share
Share Translation Cash flow Retained
Capital
options
Reserve
reserve
Earnings
Notes
$’000
$’000
Balance at 31 March 2015
135,294
Transactions with shareholders in their capacity as owners
Capital contributions (net of issue costs)
Share buy-back
Dividend paid
26
26
28
Total transactions with shareholders in their capacity as owners
Comprehensive income
Profit
Other comprehensive income
Total comprehensive income for the year, net of tax
1,161
(328)
-
833
-
-
-
Balance at 31 March 2016
136,127
Transactions with shareholders in their capacity as owners
Capital contributions (net of issue costs)
Share based payments
Dividend paid
26
27
28
32,682
-
-
Total transactions with shareholders in their capacity as owners
32,682
Comprehensive income
Profit
Other comprehensive income
Total comprehensive income for the year, net of tax
-
-
-
-
-
-
-
-
-
-
-
-
-
208
-
208
-
-
-
$’000
(23)
-
-
-
-
-
6
6
$’000
$’000
Total
$’000
-
-
-
-
-
-
(35)
(35)
(14,269)
121,002
-
-
(7,596)
(7,596)
1,161
(328)
(7,596)
(6,763)
15,602
15,602
-
(29)
15,602
15,573
(17)
(35)
(6,263)
129,812
-
-
-
-
-
(6)
(6)
-
-
-
-
-
41
41
-
-
(8,595)
(8,595)
32,682
208
(8,595)
24,295
17,574
17,574
-
35
17,574
17,609
Balance at 31 March 2017
168,809
208
(23)
6
2,716
171,716
The accompanying notes form part of these financial statements
The accompanying notes form part of these financial statements
The accompanying notes form part of these financial statements
36
37
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 Turners Automotive Group Limited
Consolidated statement of financial position for the year en ded 31 March 2017
TURNERS LIMITED
TURNERS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Consolidated statement of financial position for the year ended 31 March 2016
Consolidated statement of financial position for the year ended 31 March 2016
for the year ended 31 March 2017
Turners Automotive Group Limited
Consolidated Statement of Cash Flows for the year ended 31 March 2017
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 March 2017
Assets
Assets
Assets
Cash and cash equivalents
Cash and cash equivalents
Cash and cash equivalents
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss
Trade receivables
Trade receivables
Trade receivables
Inventory
Inventory
Inventory
Finance receivables
Finance receivables
Finance receivables
Derivative financial instruments
Notes
Notes
Notes
10
10
10
11
11
11
12 & 31
12
12
13
13
14
14
13
14
Other receivables and deferred expenses
Other receivables and deferred expenses
Other receivables and deferred expenses
Reverse annuity mortgages
Reverse annuity mortgages
Reverse annuity mortgages
Property, plant and equipment
Property, plant and equipment
Investment property
Tax receivables
Tax receivables
Property, plant and equipment
Deferred tax asset
Intangible assets
Deferred tax asset
Intangible assets
Total assets
Intangible assets
Total assets
Total assets
Liabilities
Liabilities
Other payables
Liabilities
Other payables
Other payables
Financial liability at fair value through profit or loss
Deferred revenue
Deferred revenue
Deferred revenue
Deferred tax
Tax payables
Tax payables
15
15
15 & 31
16
16
16
19
17
19
19
20
20 & 31
20
21
21
21 & 31
22
22
22
23
23
23
24 & 31
Tax payables
Derivative financial instruments
Derivative financial instruments
Borrowings
Derivative financial instruments
Borrowings
Borrowings
Life investment contract liabilities
Life investment contract liabilities
Life investment contract liabilities
Insurance contract liabilities
Insurance contract liabilities
Insurance contract liabilities
Total liabilities
Total liabilities
Total liabilities
24
32
24
25
32
34
32
32
31 & 34
2016
2017
2016
$’000
$’000
$’000
2016
2015
2015
$’000
$’000
$’000
9,575
18,455
13,810
14,156
69,069
13,810
10,320
18,455
12,663
9,575
44,642
14,156
207,143
167,598
167,598
88
8,505
8,505
8,489
9,734
9,222
11,108
4,000
11,108
9,734
-
18,909
-
4,024
172,088
4,024
105,338
556,633
105,338
362,303
362,303
12,339
13,810
12,339
18,455
17,350
8,834
17,350
7,394
7,394
14,156
8,984
167,598
142,827
8,984
142,827
-
5,946
5,946
5,306
13,253
9,734
13,253
8,319
8,319
-
11,108
433
433
8,532
8,532
103,595
118,106
367,107
103,595
328,972
328,972
28,091
21,529
49
990
6,049
22,270
7,611
22,270
5,624
6,049
20,173
990
1,808
49
-
174,816
174,816
265,889
15,629
12,847
12,688
42,874
232,491
384,917
232,491
15,629
12,688
-
17,790
17,790
6,049
7,476
7,476
8,744
71
71
-
990
-
49
156,995
156,995
174,816
16,378
16,378
15,629
9,260
9,260
207,970
9,489
207,970
237,295
Shareholders’ equity
Shareholders’ equity
Shareholders’ equity
Share capital
Share capital
Share capital
Other reserves
Other reserves
Other reserves
Retained earnings
Retained earnings
Retained earnings
Total shareholders’ equity
Total shareholders’ equity
Total shareholders’ equity
Total shareholders’ equity and liabilities
Total shareholders’ equity and liabilities
Total shareholders’ equity and liabilities
For and on behalf of the Board
For and on behalf of the Board
For and on behalf of the Board
G.K. Baker
G.K. Baker
G.K. Baker
Chairman Director
Chairman Director
Chairman Director
135,294
135,294
136,127
(23)
(23)
(52)
(14,269)
(14,269)
(6,263)
121,002
121,002
129,812
328,972
328,972
367,107
(52)
136,127
136,127
168,809
(52)
191
(6,263)
(6,263)
2,716
129,812
129,812
171,716
362,303
556,633
362,303
25
25
26
P.A. Byrnes
P.A. Byrnes
P.A. Byrnes
Executive Director
Executive Director
Executive Director
Cash flows from operating activities
Interest received
Receipts from customers
Interest paid
Payment to suppliers and employees
Income tax paid
Net cash outflow from operating activities before changes in operating assets and
liabilities
Net increase in finance receivables
Net decrease in reverse annuity mortgages
Net decrease of financial assets at fair value through profit or loss
Net (withdrawals)/contributions from life investment contracts
Changes in operating assets and liabilities arising from cash flow movements
Net cash (outflow)/inflow from operating activities
Cash flows from investing activities
Proceeds from sale of property, plant, equipment, intangibles and held for sale assets
Purchase of property, plant, equipment and intangibles
Purchase of subsidiaries and investments
Net cash inflow/(outflow) from investing activities
Cash flows from financing activities
Net bank loan advances/(repayments)
Proceeds from the issue of shares
Proceeds from the issue of bonds
Dividend paid
Net cash inflow/(outflow) from financing activities
Net movement in cash and cash equivalents
Add opening cash and cash equivalents
Cash included with purchase of subsidiaries
Translation difference
Closing cash and cash equivalents
Represented By:
Cash at bank
Notes
2017
$’000
2016
$’000
27,909
216,948
(8,237)
25,303
138,586
(7,712)
(216,489)
(136,694)
(5,044)
(659)
15,087
18,824
(36,403)
(11,638)
1,246
9,156
(2,645)
4,623
2,173
(992)
(28,646)
(5,834)
(13,559)
12,990
340
(8,401)
(63,346)
(71,407)
82,288
13,374
19,784
(8,595)
106,851
320
(5,141)
(6,715)
(11,536)
7,056
139
-
(7,596)
(401)
21,885
1,053
13,810
33,378
(4)
69,069
12,339
409
9
13,810
30
18
10
69,069
13,810
Closing cash and cash equivalents
69,069
13,810
Authorised for issue on 30 June 2017
Authorised for issue on 22 June 2016
Authorised for issue on 22 June 2016
The accompanying notes from part of these financial statements
The accompanying notes from part of these financial statements
The accompanying notes from part of these financial statements
The accompanying notes from part of these financial statements
The accompanying notes form part of these financial statements
The accompanying notes form part of these financial statements
38
39
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
1. REPORTING ENTITY
Turners Automotive Group Limited, (formerly Turners Limited) ('the Company') is incorporated and domiciled in New Zealand. Turners
Automotive Group Limited is registered under the Companies Act 1993.
Turners Automotive Group Limited is a FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013.
The consolidated financial statements of Turners Automotive Group Limited and its subsidiaries (together ‘the Group’) have been prepared
in accordance with the Companies Act 1993 and the Financial Markets Conduct Act 2013.
The Group is a for profit entity.
The Group's principal activities are:
•
•
•
automotive retail (second hand vehicle retailer)
finance and insurance (loans and insurance products); and
debt management (collection services).
The financial statements were authorised for issue by the directors on 30 June 2017.
2. BASIS OF PREPARATION
2.1 Statement of Compliance
These 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 Financial Reporting Standards ('NZ IFRS') and other applicable Financial
Reporting Standards, as appropriate for profit oriented entities. These financial statements also comply with International Financial
Reporting Standards ('IFRS').
2.2 Basis of measurement
The financial report has been prepared under the historical cost convention, as modified by revaluations for certain classes of assets and
liabilities to fair value and life insurance contract liabilities and related assets to net present value as described in the accounting policies
below.
2.3 Functional and Presentation Currency and Rounding
These financial statements are presented in New Zealand Dollars ($) which is the Company's functional currency. All values are rounded to
the nearest thousand ($000), except when otherwise indicated.
3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all periods presented in these financial statements, and have been
applied consistently by Group entities.
3.1 New standards and interpretation
The following new standards, amendments and interpretations are issued but not yet effective for the Group’s accounting periods beginning
on or after 1 April 2017 or later periods. The Group has not early adopted them.
NZ IFRS 9 Financial Instruments (effective date: periods beginning on or after 1 January 2018)
NZ IFRS 9 addresses the classification, measurement and recognition of financial assets and financial liabilities. The complete version of
NZ IFRS 9 was issued in September 2014. It replaces the guidance in NZ IAS 39, ‘Financial Instruments: recognition and measurement’,
that relates to the classification and measurement of financial instruments. NZ IFRS 9 retains but simplifies the mixed measurement model
and establishes three primary measurement categories of financial assets: amortised cost, fair value through other comprehensive income
and fair value through profit or loss. The basis of classification depends on the entity’s business model and the contractual cash flow
characteristics of the financial asset. Investments in equity instruments are required to measure at fair value through profit or loss with the
irrevocable option at inception to present changes in fair value in other comprehensive income not recycling. There is now a new expected
credit losses model that replaces the incurred loss impairment model used in NZ IAS 39. For financial liabilities there were no changes to
classification and measurement except for the recognition of changes in own credit risk in other comprehensive income, for liabilities
designated at fair value through profit or loss. NZ IFRS 9 relaxes the requirements for hedge effectiveness by replacing the bright line
hedge effectiveness tests. It requires an economic relationship between the hedged time and hedging instrument and for the ‘hedge ratio’ to
be the same as the one management actually use for risk management purposes. Contemporaneous documentation is still required but is
different to that currently prepared under NZ IAS 39.
The standard is effective for accounting periods beginning on or after 1 January 2018. Early adoption is permitted. The Group intends to
adopt NZ IFRS 9 on its effective date and there is a project plan place to assess the full impact of the standard.
NZ IFRS 15 Revenue from Contracts with Customers (effective date: periods beginning on or after 1 January 2018)
NZ IFRS 15 deals with revenue recognition and establishes principles for reporting useful information to users of financials statements about
the nature, amount, timing and uncertainty of revenue and cash flow arising from an entity’s contracts with customers. Revenue is
recognised when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the
good or service. The standard replaces NZ IAS 18 ‘Revenue’ and NZ IAS 11 ‘Construction contracts’ and related interpretations.
The standard is effective for annual periods beginning on or after 1 January 2018 and earlier application is permitted. The Group intends to
adopt NZ IFRS15 on its effective date and there is a project plan place to assess the full impact of the standard.
NZ IFRS 16 Leases (effective date: periods beginning on or after 1 January 2019)
NZ IFRS 16, ‘Leases’, replaces the current guidance under NZ IAS 17. Under NZ IFRS 16, a contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Under NZ IAS 17, a lessee was
required to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). NZ IFRS 16 now
requires a lessee to recognise a lease liability reflecting future lease payments and a ‘right-of-use asset’ for virtually all lease contracts.
Included is an optional exemption for certain short-term leases and leases of low-value assets; however, this exemption can only be applied
by lessees.
The standard is effective for accounting periods beginning on or after 1 January 2019. Early adoption is permitted but only in conjunction
with NZ IFRS 15, ‘Revenue from Contract with Customers’. The Group intends to adopt NZ IFRS 16 on its effective date and there is a
project plan in place to assess the full impact of the standard.
NZ IFRS 17 Insurance Contracts (effective date: periods beginning on or after 1 January 2021)
NZ IFRS 17, ‘Insurance Contracts’, will replace NZ IFRS 4, ‘Insurance Contracts’. Under the NZ IFRS 17, insurance contract liabilities will
be calculated at the present value of future insurance cash flows with a provision for risk. The discount rate applied will reflect current
interest rates. If the present value of future cash flows would produce a gain at the time an insurance contract is issued, the model would
also require a "contractual service margin" to offset the day 1 gain. The contractual service margin would be amortized over the life of the
insurance contract. There would also be a new income statement presentation for insurance contracts, including a revised definition of
revenue and additional disclosure requirements. NZ IFRS 17 will also have accommodations for certain specific types of insurance
contracts. Short-duration insurance contracts will be permitted to use a simplified unearned premium liability model until a claim is incurred.
For some contracts, in which the cash flows are linked to underlying items, the liability value will reflect that linkage.
The Group is yet to assess the impact of NZ IFRS 17. The Group intends to adopt NZ IFRS 17 no later than the financial year beginning 1
April 2021.
3.2 Basis of consolidation
Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an
entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity.
The Group measures goodwill at the acquisition date as:
•
the fair value of the consideration transferred; plus
•
the recognised amount of any non-controlling interests in the aquiree; plus
•
if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree; less
•
the net recognised amount of the identifiable assets acquired and liabilities assumed.
When an excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a
business combination are expensed as incurred.
Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity,
then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent
consideration are recognised in profit or loss or other comprehensive income as appropriate.
Acquisition of non-controlling interests
Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill
is recognised as a result. Adjustments to non-controlling interests arising from transactions that do not involve the loss of control are based
on a proportionate amount of the net assets of the subsidiary.
Subsidiaries
Subsidiaries are all entities controlled by the Group. The financial statements of subsidiaries are included in consolidated financial
statements from the date that control commences until the date that control ceases.
Loss of control
On loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other
components of equity related to the subsidiary. Any surplus or deficit arising on loss of control is recognised in profit or loss. If the Group
retains an interest in the previous subsidiary, the interest is measured at fair value at the date control is lost. Subsequently it is accounted
for as an equity-accounted investee or as an available for sale asset depending on the influence retained.
Investments in associates (equity accounted investees)
Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies.
Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity.
Investments in associates are accounted for using the equity method and are recognised initially at cost. The cost of the investment includes
transaction costs. The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of
equity accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant
influence commences until the date that significant influence ceases.
40
41
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in
preparing the consolidated financial statements.
3.3 Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currency of Group entities at exchange rates at the dates of the
transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional
currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in
the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in
foreign currency translated at the exchange rate at the end of the year.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional
currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured
based on historical costs are translated using the exchange rate at the date of the transaction.
Foreign currency differences arising on retranslation are recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to New
Zealand Dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to New Zealand
Dollars at exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve
(translation reserve) in equity. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the
cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on
disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the
relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its
investment in an associate or joint venture, that includes a foreign operation, while retaining significant influence or joint control, the relevant
proportion of the cumulative amount is reclassified to profit or loss.
When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable
future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign
operation and are recognised in other comprehensive income, and are presented in the translation reserve in equity.
3.4 Revenue and expense recognition
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Group and that the revenue can be reliably
measured. The principal sources of revenue are sales of goods, sales of service, interest income, fees, commissions, and insurance
premium income.
Sales of goods
Sales of goods comprise sales of motor vehicle and commercial goods owned by the Group. Sales of goods are recognised when the risks
and rewards of ownership are transferred, which is when the customer gains control of the goods.
Sales of service
Sales of service comprise auction commission and other auction revenue, collection income, fee and commission revenue. Sales of service
income is recognised in the accounting period in which the services are rendered, by reference to completion of the specific transaction
assessed on the basis of the actual service provided as a proportion of the total services to be provided.
Interest income and expense
Interest income and expense is recognised in the profit or loss using the effective interest method.
The effective interest method calculates the amortised cost of a financial asset or financial liability and allocates the interest income or
interest expense over the relevant period. The calculation includes all fees paid or received and directly related transaction costs that are an
integral part of the effective interest rate. The interest income or expense is allocated over the life of the instrument and is measured for
inclusion in profit and loss by applying the effective interest rate to the instruments amortised cost.
Lending and funding - fees and commissions
Lending fee income (such as booking and establishment fees) that is integral to the effective yield of a loan held at amortised cost is
capitalised as part of the amortised cost and deferred over the life of the loan using the effective interest method. Lending fees not directly
related to the origination of a loan (account maintenance fee) are recognised over the period of service.
Incremental and directly attributable costs (such as commissions) associated with the origination of a financial asset (such as loans) and
financial liabilities (such as borrowings) are capitalised as part of the amortised cost and deferred over the life of the financial instrument
using the effective interest method.
Premium income and acquisition costs
Recurring premiums on life insurance contracts are recognised as revenue when payable by the policyholder. Where policies provide for the
payment of amounts of premiums on specific due dates, such premiums are recognised as revenue when due. Unpaid premiums are only
recognised as revenue during the days of grace and are not recognised where policies are deemed to have lapsed at reporting date.
General insurance premiums comprise the total premiums payable for the whole period of cover provided by contracts entered into during
the reporting period and are recognised on the date on which the policy commences. Premiums include any adjustments arising in the
reporting period for premium receivables written in respect of business written in prior accounting periods. Premiums collected by
intermediaries, but not yet received, are assessed based on known sales and are included in written premium.
Unearned premiums are those proportion of premiums written in a year that relate to periods of risk after the reporting date. Unearned
premiums are calculated on a daily pro rata basis. The proportion attributable to subsequent periods is deferred as a provision for unearned
premiums.
Under life investment contracts deposits are received from policyholders which are then invested on behalf of the policyholders. No premium
income is recognised as revenue. Fees deducted from members' accounts are accounted for as fee income.
Those direct and indirect costs incurred during the financial period arising from the acquiring or renewing of insurance contracts are deferred
to the extent that these costs are recoverable out of future premiums from insurance contracts. All other acquisitions costs are recognised
as an expense when incurred.
Subsequent to initial recognition, the deferred acquisitions cost asset (DAC) for life insurance contacts is amortised over the expected life of
the contracts. DAC for general insurance contracts is amortised over the period in which the revenues are earned.
An impairment review is performed at each reporting date or more frequently when an indication of impairment arises. When the
recoverable amount is less than the carrying value, an impairment loss is recognised in profit or loss. DACs are also considered in the
liability adequacy test for each reporting period.
DACs are derecognised when the related contracts are either settled or disposed of.
Voucher income
Voucher income is initially recognised as an unredeemed voucher liability. Voucher income is recognised when the voucher is redeemed or
after a period of time based on historical non-redemption patterns. Estimates are readjusted as necessary based on movements in the
actual non-redemption patterns.
Other income
Dividend income is recorded in the profit or loss when the Group’s right to receive the dividend is established.
Claims expense
Claims expenses represent claim payments adjusted for the movement in the outstanding claims liability.
General insurance claims expenses are recognised when claims are notified with the exception of claims incurred but not reported for which
a provision is estimated. Life insurance contract claims are recognised when a liability has been established. Claims under life investment
contracts represent withdrawals of investment deposits and are recognised as a reduction in the life investment contract liabilities.
Other expense recognition
All other expenses are recognised in profit or loss as incurred.
3.5 Financial assets
The Group classifies its financial assets in the following categories: financial assets at fair value through profit or loss, loans and
receivables, held to maturity investments and available for sale financial assets. The classification depends on the purpose for which the
financial assets were acquired. Financial assets are classified as current assets if expected to be settled within 12 months, otherwise they
are classified as non-current.
Financial assets at fair value through profit or loss
This category has two sub categories: financial assets held for trading, and those designated at fair value through profit or loss at inception.
A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by
management. Derivatives are also categorised as held for trading unless they are designated as hedges.
The Group’s financial assets at fair value through profit or loss comprise investment in unitised funds, fixed interest securities, term deposits
and foreign exchange derivatives.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
The Group’s loans and receivables comprise cash and cash equivalents, trade receivables, finance receivables, reverse annuity mortgages
and other receivables.
Held to maturity investments
The Group does not have any financial assets classified as held to maturity.
Available for sale financial assets
The Group does not have any financial assets classified as available for sale.
Regular purchases and sales of financial assets are recognised on trade date – the date on which the Group commits to purchase or sell
the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit
or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed
through profit or loss. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or
42
43
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:29)(cid:26)(cid:25)(cid:24)(cid:30)(cid:31)(cid:23)(cid:22)(cid:23)(cid:31)(cid:21)(cid:20)(cid:27)(cid:25)(cid:19)(cid:29)(cid:23)(cid:30)(cid:18)(cid:25)(cid:17)(cid:21)(cid:22)(cid:21)(cid:31)(cid:27)(cid:16)(cid:25)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:29)(cid:30)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:23)(cid:21)(cid:24)(cid:22)(cid:20)(cid:26)(cid:27)(cid:29)(cid:22)(cid:29)(cid:28)(cid:19)(cid:28)(cid:23)(cid:29)(cid:27)(cid:26)(cid:25)(cid:30)(cid:18)(cid:26)(cid:29)(cid:17)(cid:28)(cid:26)(cid:16)(cid:28)(cid:22)(cid:18)(cid:26)(cid:28)(cid:23)(cid:15)(cid:28)(cid:15)(cid:26)(cid:14)(cid:13)(cid:26)(cid:12)(cid:22)(cid:18)(cid:21)(cid:17)(cid:26)(cid:11)(cid:10)(cid:13)(cid:9)(cid:26)
(cid:26)
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Available for sale financial assets
and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables and held to maturity
investments are carried at amortised cost using the effective interest method.
Realised and unrealised gains and losses arising from changes in the fair value of financial assets at fair value through profit or loss are
included in the profit or loss in the period in which they arise. Realised and unrealised gains and losses arising from changes in the fair
value of securities classified as available for sale are recognised in other comprehensive income, except for foreign exchange movements
on monetary assets, which are recognised in profit or loss. When securities classified as available for sale are sold or impaired, the
accumulated fair value adjustments are included in profit or loss as gains and losses from investment securities. Dividend income from
financial assets at fair value through profit or loss is recognised in the income statement as part of other income when the Group’s right to
receive payments is established.
The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial
assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective
evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss
event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably
estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial
difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial
reorganisation, and where observable data indicate that there is measurable decrease in the estimated future cash flows, such as changes
in economic conditions that correlate with defaults. For the loans and receivables category, the amount of the loss is measured as the
difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that
have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and
the amount of the loss is recognised through profit or loss. If a loan or held-to-maturity investment has a variable interest rate, the discount
rate for measuring any impairment loss is current effective interest rate determined under the contract. As a practical expedient, the Group
may measure impairment on the basis of an instrument’s fair value using an observable market price. If, in a subsequent period, the amount
of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised
(such as an improvement in the debtor’s credit rating), the reversal of previously recognised impairment loss is recognised in the through
profit or loss.
3.6 Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings on the statement of financial position.
3.7 Finance, trade and other receivables and reverse annuity mortgages
Receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less
provision for impairment.
Collectability of receivables is reviewed on an ongoing basis. Individual debts which are known to be uncollectible are written off. A provision
for impairment of receivables is established when there is objective evidence that the Group will not be able to collect all amounts due
according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter
bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered objective
evidence of impairment.
The amount of the provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows,
discounted at the original effective interest rate. The amount of the provision is recognised in profit or loss.
If, in a subsequent period, the amount of impairment loss decreases and the decrease can be related objectively to an event occurring after
the impairment was recognised (such as an improvement in the debtor's credit rating), the previously recognised impairment loss is
reversed and the reversal is recognised in profit or loss.
Subsequent recoveries of amounts written off are recognised in profit or loss.
3.8 Financial liabilities
Financial liabilities are classified at initial recognition, as financial liabilities at fair value through profit or loss, payables, borrowings or as
derivatives designated as hedging instruments in an effective hedge, as appropriate.
Financial liabilities at fair value through profit or loss
This category has two sub categories: financial liabilities held for trading, and those designated at fair value through profit or loss at
inception. A financial liability is classified in this category if acquired principally for the purpose of selling in the short term or if so designated
by management. Derivatives are also categorised as held for trading unless they are designated as hedges.
The Group’s financial liabilities at fair value through profit or loss comprise contingent consideration and foreign exchange derivatives.
Payables
The Group’s payables comprise trade and other payables.
Borrowings
The Group’s borrowings comprise borrowings.
(cid:31)(cid:30)(cid:29)(cid:28) (cid:27)(cid:26)(cid:25)(cid:24)(cid:23)(cid:28)(cid:25)(cid:22)(cid:24)(cid:28)(cid:21)(cid:20)(cid:19)(cid:23)(cid:26)(cid:28)(cid:18)(cid:25)(cid:17)(cid:25)(cid:16)(cid:15)(cid:23)(cid:14)(cid:31)
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(cid:23)(cid:22)(cid:19)(cid:26)(cid:15)(cid:17)(cid:7)(cid:31) (cid:30)(cid:20)(cid:26)(cid:17)(cid:28)(cid:31) (cid:26)(cid:22)(cid:17)(cid:31) (cid:24)(cid:21)(cid:29)(cid:28)(cid:20)(cid:31) (cid:19)(cid:26)(cid:9)(cid:26)(cid:14)(cid:16)(cid:28)(cid:27)(cid:31) (cid:26)(cid:20)(cid:28)(cid:31) (cid:20)(cid:28)(cid:18)(cid:24)(cid:12)(cid:22)(cid:15)(cid:27)(cid:28)(cid:17)(cid:31) (cid:15)(cid:22)(cid:15)(cid:21)(cid:15)(cid:26)(cid:16)(cid:16)(cid:9)(cid:31) (cid:26)(cid:21)(cid:31)(cid:13)(cid:26)(cid:15)(cid:20)(cid:31)(cid:11)(cid:26)(cid:16)(cid:23)(cid:28)(cid:31) (cid:26)(cid:22)(cid:17)(cid:31) (cid:27)(cid:23)(cid:14)(cid:27)(cid:28)(cid:6)(cid:23)(cid:28)(cid:22)(cid:21)(cid:16)(cid:9)(cid:31) (cid:25)(cid:28)(cid:26)(cid:27)(cid:23)(cid:20)(cid:28)(cid:17)(cid:31) (cid:26)(cid:21)(cid:31) (cid:26)(cid:25)(cid:24)(cid:20)(cid:21)(cid:15)(cid:27)(cid:28)(cid:17)(cid:31) (cid:18)(cid:24)(cid:27)(cid:21)(cid:31) (cid:23)(cid:27)(cid:15)(cid:22)(cid:12)(cid:31) (cid:21)(cid:29)(cid:28)(cid:31) (cid:28)(cid:13)(cid:13)(cid:28)(cid:18)(cid:21)(cid:15)(cid:11)(cid:28)(cid:31)
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(cid:28)
(cid:31)(cid:30)(cid:13)(cid:12)(cid:28)(cid:11)(cid:21)(cid:22)(cid:20)(cid:10)(cid:22)(cid:9)(cid:23)(cid:22)(cid:20)(cid:28)(cid:8)(cid:21)(cid:22)(cid:14)(cid:10)(cid:24)(cid:23)(cid:26)(cid:25)(cid:20)(cid:10)(cid:21)(cid:22)(cid:28)
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(cid:31)
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(cid:31)
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(cid:31)
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(cid:28)(cid:6)(cid:23)(cid:15)(cid:21)(cid:9)(cid:31)(cid:15)(cid:27)(cid:31)(cid:15)(cid:25)(cid:25)(cid:28)(cid:17)(cid:15)(cid:26)(cid:21)(cid:28)(cid:16)(cid:9)(cid:31)(cid:21)(cid:20)(cid:26)(cid:22)(cid:27)(cid:13)(cid:28)(cid:20)(cid:20)(cid:28)(cid:17)(cid:31)(cid:21)(cid:24)(cid:31)(cid:19)(cid:20)(cid:24)(cid:13)(cid:15)(cid:21)(cid:31)(cid:24)(cid:20)(cid:31)(cid:16)(cid:24)(cid:27)(cid:27)(cid:7)(cid:31)
(cid:27)
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(cid:1)(cid:28)(cid:20)(cid:21)(cid:26)(cid:15)(cid:22)(cid:31)(cid:17)(cid:28)(cid:20)(cid:15)(cid:11)(cid:26)(cid:21)(cid:15)(cid:11)(cid:28)(cid:31)(cid:15)(cid:22)(cid:27)(cid:21)(cid:20)(cid:23)(cid:25)(cid:28)(cid:22)(cid:21)(cid:27)(cid:31)(cid:17)(cid:24)(cid:31)(cid:22)(cid:24)(cid:21)(cid:31)(cid:6)(cid:23)(cid:26)(cid:16)(cid:15)(cid:13)(cid:9)(cid:31)(cid:13)(cid:24)(cid:20)(cid:31)(cid:29)(cid:28)(cid:17)(cid:12)(cid:28)(cid:31)(cid:26)(cid:18)(cid:18)(cid:24)(cid:23)(cid:22)(cid:21)(cid:15)(cid:22)(cid:12)(cid:31)(cid:24)(cid:20)(cid:31)(cid:29)(cid:28)(cid:17)(cid:12)(cid:28)(cid:31)(cid:26)(cid:18)(cid:18)(cid:24)(cid:23)(cid:22)(cid:21)(cid:15)(cid:22)(cid:12)(cid:31)(cid:29)(cid:26)(cid:27)(cid:31)(cid:22)(cid:24)(cid:21)(cid:31)(cid:14)(cid:28)(cid:28)(cid:22)(cid:31)(cid:26)(cid:17)(cid:24)(cid:19)(cid:21)(cid:28)(cid:17)(cid:31)(cid:15)(cid:22)(cid:31)(cid:20)(cid:28)(cid:16)(cid:26)(cid:21)(cid:15)(cid:24)(cid:22)(cid:31)(cid:21)(cid:24)(cid:31)(cid:21)(cid:29)(cid:28)(cid:25)(cid:7)(cid:31)(cid:1)(cid:29)(cid:26)(cid:22)(cid:12)(cid:28)(cid:27)(cid:31)
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(cid:28)
(cid:31)(cid:30)(cid:13)(cid:31)(cid:28)(cid:129)(cid:22)(cid:14)(cid:1)(cid:26)(cid:25)(cid:22)(cid:8)(cid:23)(cid:28)(cid:8)(cid:21)(cid:22)(cid:20)(cid:26)(cid:25)(cid:8)(cid:20)(cid:14)(cid:28)
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‡ˆ(cid:31) ‰Š‹(cid:31)Œ(cid:31) (cid:22)(cid:27)(cid:23)(cid:20)(cid:26)(cid:22)(cid:18)(cid:28)(cid:31)(cid:1)(cid:24)(cid:22)(cid:21)(cid:20)(cid:26)(cid:18)(cid:21)(cid:27)(cid:7)(cid:31)(cid:30)(cid:29)(cid:28)(cid:31)(cid:10)(cid:20)(cid:24)(cid:23)(cid:19)(cid:31)(cid:15)(cid:27)(cid:27)(cid:23)(cid:28)(cid:27)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)(cid:13)(cid:24)(cid:16)(cid:16)(cid:24)(cid:8)(cid:15)(cid:22)(cid:12)(cid:31)(cid:15)(cid:22)(cid:27)(cid:23)(cid:20)(cid:26)(cid:22)(cid:18)(cid:28)(cid:31)(cid:18)(cid:24)(cid:22)(cid:21)(cid:20)(cid:26)(cid:18)(cid:21)(cid:27)Ž(cid:31)
•(cid:31)
‘(cid:24)(cid:22)(cid:12)(cid:129)(cid:21)(cid:28)(cid:20)(cid:25)(cid:31)(cid:15)(cid:22)(cid:27)(cid:23)(cid:20)(cid:26)(cid:22)(cid:18)(cid:28)(cid:31)(cid:18)(cid:24)(cid:22)(cid:21)(cid:20)(cid:26)(cid:18)(cid:21)(cid:27)(cid:31)(cid:8)(cid:15)(cid:21)(cid:29)(cid:31)(cid:13)(cid:15) (cid:28)(cid:17)(cid:31)(cid:26)(cid:22)(cid:17)(cid:31)(cid:12)(cid:23)(cid:26)(cid:20)(cid:26)(cid:22)(cid:21)(cid:28)(cid:28)(cid:17)(cid:31)(cid:21)(cid:28)(cid:20)(cid:25)(cid:27)(cid:2)(cid:31)(cid:21)(cid:29)(cid:28)(cid:27)(cid:28)(cid:31)(cid:18)(cid:24)(cid:22)(cid:21)(cid:20)(cid:26)(cid:18)(cid:21)(cid:27)(cid:31)(cid:15)(cid:22)(cid:27)(cid:23)(cid:20)(cid:28)(cid:31)(cid:28)(cid:11)(cid:28)(cid:22)(cid:21)(cid:27)(cid:31)(cid:26)(cid:27)(cid:27)(cid:24)(cid:18)(cid:15)(cid:26)(cid:21)(cid:28)(cid:17)(cid:31)(cid:8)(cid:15)(cid:21)(cid:29)(cid:31)(cid:29)(cid:23)(cid:25)(cid:26)(cid:22)(cid:31)(cid:16)(cid:15)(cid:13)(cid:28)(cid:31)(cid:144)(cid:13)(cid:24)(cid:20)(cid:31)(cid:28) (cid:26)(cid:25)(cid:19)(cid:16)(cid:28)(cid:2)(cid:31)
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‹(cid:29)(cid:24)(cid:20)(cid:21)(cid:31)(cid:21)(cid:28)(cid:20)(cid:25)(cid:31)(cid:25)(cid:24)(cid:21)(cid:24)(cid:20)(cid:31)(cid:11)(cid:28)(cid:29)(cid:15)(cid:18)(cid:16)(cid:28)(cid:31)(cid:18)(cid:24)(cid:22)(cid:21)(cid:20)(cid:26)(cid:18)(cid:21)(cid:27)(cid:31)(cid:18)(cid:24)(cid:11)(cid:28)(cid:20)(cid:15)(cid:22)(cid:12)(cid:31)(cid:18)(cid:24)(cid:25)(cid:19)(cid:20)(cid:28)(cid:29)(cid:28)(cid:22)(cid:27)(cid:15)(cid:11)(cid:28)(cid:2)(cid:31)(cid:21)(cid:29)(cid:15)(cid:20)(cid:17)(cid:31)(cid:19)(cid:26)(cid:20)(cid:21)(cid:9)(cid:31)(cid:26)(cid:22)(cid:17)(cid:31)(cid:25)(cid:28)(cid:18)(cid:29)(cid:26)(cid:22)(cid:15)(cid:18)(cid:26)(cid:16)(cid:31)(cid:14)(cid:20)(cid:28)(cid:26)(cid:141)(cid:17)(cid:24)(cid:8)(cid:22)(cid:31)(cid:20)(cid:15)(cid:27)(cid:141)(cid:27)(cid:7)(cid:31)
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(cid:25)(cid:26)(cid:22)(cid:26)(cid:12)(cid:28)(cid:17)(cid:31)(cid:26)(cid:22)(cid:17)(cid:31)(cid:20)(cid:28)(cid:19)(cid:24)(cid:20)(cid:21)(cid:28)(cid:17)(cid:31)(cid:15)(cid:22)(cid:31)(cid:26)(cid:18)(cid:18)(cid:24)(cid:20)(cid:17)(cid:26)(cid:22)(cid:18)(cid:28)(cid:31)(cid:8)(cid:15)(cid:21)(cid:29)(cid:31)(cid:26)(cid:31)(cid:25)(cid:26)(cid:22)(cid:17)(cid:26)(cid:21)(cid:28)(cid:31)(cid:26)(cid:19)(cid:19)(cid:20)(cid:24)(cid:11)(cid:28)(cid:17)(cid:31)(cid:14)(cid:9)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)€“‘(cid:31) (cid:22)(cid:27)(cid:23)(cid:20)(cid:26)(cid:22)(cid:18)(cid:28)(cid:31)‘(cid:15)(cid:25)(cid:15)(cid:21)(cid:28)(cid:17)’(cid:27)(cid:31)(cid:143)(cid:24)(cid:26)(cid:20)(cid:17)(cid:7)(cid:31)
(cid:31)
(cid:30)(cid:29)(cid:28)(cid:31)(cid:16)(cid:15)(cid:26)(cid:14)(cid:15)(cid:16)(cid:15)(cid:21)(cid:9)(cid:31)(cid:13)(cid:24)(cid:20)(cid:31)(cid:16)(cid:15)(cid:13)(cid:28)(cid:31)(cid:15)(cid:22)(cid:27)(cid:23)(cid:20)(cid:26)(cid:22)(cid:18)(cid:28)(cid:31)(cid:18)(cid:24)(cid:22)(cid:21)(cid:20)(cid:26)(cid:18)(cid:21)(cid:27)(cid:31)(cid:15)(cid:27)(cid:31)(cid:17)(cid:28)(cid:21)(cid:28)(cid:20)(cid:25)(cid:15)(cid:22)(cid:28)(cid:17)(cid:31)(cid:15)(cid:22)(cid:31)(cid:26)(cid:18)(cid:18)(cid:24)(cid:20)(cid:17)(cid:26)(cid:22)(cid:18)(cid:28)(cid:31)(cid:8)(cid:15)(cid:21)(cid:29)(cid:31)(cid:5)(cid:19)(cid:19)(cid:28)(cid:22)(cid:17)(cid:15) (cid:31)(cid:1)(cid:31)(cid:24)(cid:13)(cid:31)‡ˆ(cid:31) ‰Š‹(cid:31)Œ(cid:31) (cid:22)(cid:27)(cid:23)(cid:20)(cid:26)(cid:22)(cid:18)(cid:28)(cid:31)(cid:1)(cid:24)(cid:22)(cid:21)(cid:20)(cid:26)(cid:18)(cid:21)(cid:27)(cid:31)(cid:26)(cid:22)(cid:17)(cid:31)“(cid:20)(cid:24)(cid:13)(cid:28)(cid:27)(cid:27)(cid:15)(cid:24)(cid:22)(cid:26)(cid:16)(cid:31)
‹(cid:21)(cid:26)(cid:22)(cid:17)(cid:26)(cid:20)(cid:17)(cid:31) ‡(cid:24)(cid:31)„(cid:3)(cid:31)(cid:24)(cid:13)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)‡(cid:28)(cid:8)(cid:31) ˆ(cid:28)(cid:26)(cid:16)(cid:26)(cid:22)(cid:17)(cid:31) ‹(cid:24)(cid:18)(cid:15)(cid:28)(cid:21)(cid:9)(cid:31) (cid:24)(cid:13)(cid:31) (cid:5)(cid:18)(cid:21)(cid:23)(cid:26)(cid:20)(cid:15)(cid:28)(cid:27)(cid:7)(cid:31) (cid:22)(cid:31) (cid:21)(cid:28)(cid:20)(cid:25)(cid:27)(cid:31)(cid:24)(cid:13)(cid:31)(cid:21)(cid:29)(cid:28)(cid:27)(cid:28)(cid:31) (cid:27)(cid:21)(cid:26)(cid:22)(cid:17)(cid:26)(cid:20)(cid:17)(cid:27)(cid:2)(cid:31) (cid:21)(cid:29)(cid:28)(cid:31)(cid:16)(cid:15)(cid:26)(cid:14)(cid:15)(cid:16)(cid:15)(cid:21)(cid:9)(cid:31)(cid:15)(cid:27)(cid:31)(cid:17)(cid:28)(cid:21)(cid:28)(cid:20)(cid:25)(cid:15)(cid:22)(cid:28)(cid:17)(cid:31) (cid:23)(cid:27)(cid:15)(cid:22)(cid:12)(cid:31) (cid:21)(cid:29)(cid:28)(cid:31) (cid:25)(cid:28)(cid:21)(cid:29)(cid:24)(cid:17)(cid:24)(cid:16)(cid:24)(cid:12)(cid:9)(cid:31)
(cid:20)(cid:28)(cid:13)(cid:28)(cid:20)(cid:20)(cid:28)(cid:17)(cid:31) (cid:21)(cid:24)(cid:31) (cid:26)(cid:27)(cid:31) ”(cid:26)(cid:20)(cid:12)(cid:15)(cid:22)(cid:31) (cid:24)(cid:22)(cid:31) ‹(cid:28)(cid:20)(cid:11)(cid:15)(cid:18)(cid:28)(cid:31) (cid:144)”(cid:24)‹(cid:157)(cid:7)(cid:31) •(cid:22)(cid:17)(cid:28)(cid:20)(cid:31) ”(cid:24)‹(cid:31) (cid:21)(cid:29)(cid:28)(cid:31) (cid:28) (cid:18)(cid:28)(cid:27)(cid:27)(cid:31) (cid:19)(cid:20)(cid:28)(cid:25)(cid:15)(cid:23)(cid:25)(cid:31) (cid:20)(cid:28)(cid:18)(cid:28)(cid:15)(cid:11)(cid:28)(cid:17)(cid:31) (cid:24)(cid:11)(cid:28)(cid:20)(cid:31) (cid:18)(cid:16)(cid:26)(cid:15)(cid:25)(cid:27)(cid:31) (cid:26)(cid:22)(cid:17)(cid:31) (cid:28) (cid:19)(cid:28)(cid:22)(cid:27)(cid:28)(cid:27)(cid:2)(cid:31) –(cid:21)(cid:29)(cid:28)(cid:31) (cid:19)(cid:20)(cid:24)(cid:13)(cid:15)(cid:21)(cid:31) (cid:25)(cid:26)(cid:20)(cid:12)(cid:15)(cid:22)–(cid:2)(cid:31) (cid:15)(cid:27)(cid:31)
(cid:20)(cid:28)(cid:18)(cid:24)(cid:12)(cid:22)(cid:15)(cid:27)(cid:28)(cid:17)(cid:31)(cid:24)(cid:11)(cid:28)(cid:20)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)(cid:16)(cid:15)(cid:13)(cid:28)(cid:31)(cid:24)(cid:13)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)(cid:18)(cid:24)(cid:22)(cid:21)(cid:20)(cid:26)(cid:18)(cid:21)(cid:31)(cid:15)(cid:22)(cid:31)(cid:26)(cid:31)(cid:25)(cid:26)(cid:22)(cid:22)(cid:28)(cid:20)(cid:31)(cid:21)(cid:29)(cid:26)(cid:21)(cid:31)(cid:20)(cid:28)(cid:13)(cid:16)(cid:28)(cid:18)(cid:21)(cid:27)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)(cid:19)(cid:26)(cid:21)(cid:21)(cid:28)(cid:20)(cid:22)(cid:31)(cid:24)(cid:13)(cid:31)(cid:20)(cid:15)(cid:27)(cid:141)(cid:31)(cid:26)(cid:18)(cid:18)(cid:28)(cid:19)(cid:21)(cid:28)(cid:17)(cid:31)(cid:13)(cid:20)(cid:24)(cid:25)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)(cid:19)(cid:24)(cid:16)(cid:15)(cid:18)(cid:9)(cid:29)(cid:24)(cid:16)(cid:17)(cid:28)(cid:20)(cid:31)–(cid:21)(cid:29)(cid:28)(cid:31)(cid:27)(cid:28)(cid:20)(cid:11)(cid:15)(cid:18)(cid:28)–(cid:7)(cid:31)‘(cid:24)(cid:22)(cid:12)(cid:28)(cid:20)(cid:129)(cid:21)(cid:28)(cid:20)(cid:25)(cid:31)
(cid:16)(cid:15)(cid:22)(cid:28)(cid:27)(cid:31)(cid:24)(cid:13)(cid:31)(cid:14)(cid:23)(cid:27)(cid:15)(cid:22)(cid:28)(cid:27)(cid:27)(cid:31)(cid:144)(cid:26)(cid:22)(cid:22)(cid:23)(cid:15)(cid:21)(cid:15)(cid:28)(cid:27)(cid:2)(cid:31)(cid:13)(cid:23)(cid:22)(cid:28)(cid:20)(cid:26)(cid:16)(cid:31)(cid:19)(cid:16)(cid:26)(cid:22)(cid:157)(cid:31)(cid:26)(cid:20)(cid:28)(cid:31)(cid:11)(cid:26)(cid:16)(cid:23)(cid:28)(cid:17)(cid:31)(cid:23)(cid:27)(cid:15)(cid:22)(cid:12)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)(cid:19)(cid:20)(cid:24)…(cid:28)(cid:18)(cid:21)(cid:15)(cid:24)(cid:22)(cid:31)(cid:25)(cid:28)(cid:21)(cid:29)(cid:24)(cid:17)(cid:2)(cid:31)(cid:26)(cid:22)(cid:17)(cid:31)(cid:27)(cid:29)(cid:24)(cid:20)(cid:21)(cid:28)(cid:20)(cid:129)(cid:21)(cid:28)(cid:20)(cid:25)(cid:31)(cid:16)(cid:15)(cid:13)(cid:28)(cid:31)(cid:26)(cid:22)(cid:17)(cid:31)(cid:16)(cid:24)(cid:22)(cid:12)(cid:28)(cid:20)(cid:129)(cid:21)(cid:28)(cid:20)(cid:25)(cid:31)(cid:16)(cid:15)(cid:13)(cid:28)(cid:31)(cid:18)(cid:24)(cid:22)(cid:21)(cid:20)(cid:26)(cid:18)(cid:21)(cid:27)(cid:31)(cid:8)(cid:20)(cid:15)(cid:21)(cid:21)(cid:28)(cid:22)(cid:31)
(cid:24)(cid:22)(cid:31)(cid:9)(cid:28)(cid:26)(cid:20)(cid:16)(cid:9)(cid:31)(cid:20)(cid:28)(cid:22)(cid:28)(cid:8)(cid:26)(cid:14)(cid:16)(cid:28)(cid:31)(cid:19)(cid:20)(cid:28)(cid:25)(cid:15)(cid:23)(cid:25)(cid:27)(cid:2)(cid:31)(cid:26)(cid:20)(cid:28)(cid:31)(cid:11)(cid:26)(cid:16)(cid:23)(cid:28)(cid:17)(cid:31)(cid:23)(cid:27)(cid:15)(cid:22)(cid:12)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)(cid:26)(cid:18)(cid:18)(cid:23)(cid:25)(cid:23)(cid:16)(cid:26)(cid:21)(cid:15)(cid:24)(cid:22)(cid:31)(cid:25)(cid:28)(cid:21)(cid:29)(cid:24)(cid:17)(cid:2)(cid:31)(cid:26)(cid:27)(cid:31)(cid:19)(cid:20)(cid:24)(cid:11)(cid:15)(cid:17)(cid:28)(cid:17)(cid:31)(cid:13)(cid:24)(cid:20)(cid:31)(cid:15)(cid:22)(cid:31)‡ˆ(cid:31) ‰Š‹(cid:31)Œ(cid:7)(cid:31)
(cid:31)
(cid:10)(cid:28)(cid:22)(cid:28)(cid:20)(cid:26)(cid:16)(cid:31)(cid:15)(cid:22)(cid:27)(cid:23)(cid:20)(cid:26)(cid:22)(cid:18)(cid:28)(cid:31)(cid:18)(cid:24)(cid:22)(cid:21)(cid:20)(cid:26)(cid:18)(cid:21)(cid:31)(cid:16)(cid:15)(cid:26)(cid:14)(cid:15)(cid:16)(cid:15)(cid:21)(cid:15)(cid:28)(cid:27)(cid:31)(cid:15)(cid:22)(cid:18)(cid:16)(cid:23)(cid:17)(cid:28)(cid:31)(cid:18)(cid:16)(cid:26)(cid:15)(cid:25)(cid:27)(cid:31)(cid:19)(cid:20)(cid:24)(cid:11)(cid:15)(cid:27)(cid:15)(cid:24)(cid:22)(cid:31)(cid:26)(cid:22)(cid:17)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)(cid:19)(cid:20)(cid:24)(cid:11)(cid:15)(cid:27)(cid:15)(cid:24)(cid:22)(cid:31)(cid:13)(cid:24)(cid:20)(cid:31)(cid:23)(cid:22)(cid:28)(cid:26)(cid:20)(cid:22)(cid:28)(cid:17)(cid:31)(cid:19)(cid:20)(cid:28)(cid:25)(cid:15)(cid:23)(cid:25)(cid:7)(cid:31)(cid:30)(cid:29)(cid:28)(cid:31)(cid:24)(cid:23)(cid:21)(cid:27)(cid:21)(cid:26)(cid:22)(cid:17)(cid:15)(cid:22)(cid:12)(cid:27)(cid:31)(cid:18)(cid:16)(cid:26)(cid:15)(cid:25)(cid:27)(cid:31)(cid:19)(cid:20)(cid:24)(cid:11)(cid:15)(cid:27)(cid:15)(cid:24)(cid:22)(cid:31)(cid:15)(cid:27)(cid:31)
(cid:14)(cid:26)(cid:27)(cid:28)(cid:17)(cid:31) (cid:24)(cid:22)(cid:31) (cid:21)(cid:29)(cid:28)(cid:31) (cid:28)(cid:27)(cid:21)(cid:15)(cid:25)(cid:26)(cid:21)(cid:28)(cid:17)(cid:31) (cid:23)(cid:16)(cid:21)(cid:15)(cid:25)(cid:26)(cid:21)(cid:28)(cid:31) (cid:18)(cid:24)(cid:27)(cid:21)(cid:31) (cid:24)(cid:13)(cid:31) (cid:26)(cid:16)(cid:16)(cid:31) (cid:18)(cid:16)(cid:26)(cid:15)(cid:25)(cid:27)(cid:31)(cid:15)(cid:22)(cid:18)(cid:23)(cid:20)(cid:20)(cid:28)(cid:17)(cid:31) (cid:14)(cid:23)(cid:21)(cid:31) (cid:22)(cid:24)(cid:21)(cid:31) (cid:27)(cid:28)(cid:21)(cid:21)(cid:16)(cid:28)(cid:17)(cid:31) (cid:26)(cid:21)(cid:31) (cid:21)(cid:29)(cid:28)(cid:31) (cid:20)(cid:28)(cid:19)(cid:24)(cid:20)(cid:21)(cid:15)(cid:22)(cid:12)(cid:31) (cid:17)(cid:26)(cid:21)(cid:28)(cid:2)(cid:31) (cid:8)(cid:29)(cid:28)(cid:21)(cid:29)(cid:28)(cid:20)(cid:31) (cid:20)(cid:28)(cid:19)(cid:24)(cid:20)(cid:21)(cid:28)(cid:17)(cid:31) (cid:24)(cid:20)(cid:31) (cid:22)(cid:24)(cid:21)(cid:2)(cid:31) (cid:21)(cid:24)(cid:12)(cid:28)(cid:21)(cid:29)(cid:28)(cid:20)(cid:31) (cid:8)(cid:15)(cid:21)(cid:29)(cid:31)
(cid:20)(cid:28)(cid:16)(cid:26)(cid:21)(cid:28)(cid:17)(cid:31) (cid:18)(cid:16)(cid:26)(cid:15)(cid:25)(cid:27)(cid:31) (cid:29)(cid:26)(cid:22)(cid:17)(cid:16)(cid:15)(cid:22)(cid:12)(cid:31) (cid:18)(cid:24)(cid:27)(cid:21)(cid:31) (cid:26)(cid:22)(cid:17)(cid:31) (cid:26)(cid:31) (cid:20)(cid:28)(cid:17)(cid:23)(cid:18)(cid:21)(cid:15)(cid:24)(cid:22)(cid:31) (cid:13)(cid:24)(cid:20)(cid:31) (cid:21)(cid:29)(cid:28)(cid:31) (cid:28) (cid:19)(cid:28)(cid:18)(cid:21)(cid:28)(cid:17)(cid:31) (cid:11)(cid:26)(cid:16)(cid:23)(cid:28)(cid:31) (cid:24)(cid:13)(cid:31) (cid:27)(cid:26)(cid:16)(cid:11)(cid:26)(cid:12)(cid:28)(cid:31) (cid:26)(cid:22)(cid:17)(cid:31) (cid:24)(cid:21)(cid:29)(cid:28)(cid:20)(cid:31) (cid:20)(cid:28)(cid:18)(cid:24)(cid:11)(cid:28)(cid:20)(cid:15)(cid:28)(cid:27)(cid:7)(cid:31) €(cid:28)(cid:16)(cid:26)(cid:9)(cid:27)(cid:31) (cid:18)(cid:26)(cid:22)(cid:31) (cid:14)(cid:28)(cid:31) (cid:28) (cid:19)(cid:28)(cid:20)(cid:15)(cid:28)(cid:22)(cid:18)(cid:28)(cid:17)(cid:31) (cid:15)(cid:22)(cid:31) (cid:21)(cid:29)(cid:28)(cid:31)
(cid:22)(cid:24)(cid:21)(cid:15)(cid:13)(cid:15)(cid:18)(cid:26)(cid:21)(cid:15)(cid:24)(cid:22)(cid:31)(cid:26)(cid:22)(cid:17)(cid:31)(cid:27)(cid:28)(cid:21)(cid:21)(cid:16)(cid:28)(cid:25)(cid:28)(cid:22)(cid:21)(cid:31)(cid:24)(cid:13)(cid:31)(cid:18)(cid:16)(cid:26)(cid:15)(cid:25)(cid:27)(cid:2)(cid:31)(cid:21)(cid:29)(cid:28)(cid:20)(cid:28)(cid:13)(cid:24)(cid:20)(cid:28)(cid:31)(cid:21)(cid:29)(cid:28)(cid:31)(cid:23)(cid:16)(cid:21)(cid:15)(cid:25)(cid:26)(cid:21)(cid:28)(cid:31)(cid:18)(cid:24)(cid:27)(cid:21)(cid:31)(cid:24)(cid:13)(cid:31)(cid:21)(cid:29)(cid:28)(cid:27)(cid:28)(cid:31)(cid:18)(cid:26)(cid:22)(cid:22)(cid:24)(cid:21)(cid:31)(cid:14)(cid:28)(cid:31)(cid:141)(cid:22)(cid:24)(cid:8)(cid:22)(cid:31)(cid:26)(cid:21)(cid:31)(cid:20)(cid:28)(cid:19)(cid:24)(cid:20)(cid:21)(cid:15)(cid:22)(cid:12)(cid:31)(cid:17)(cid:26)(cid:21)(cid:28)(cid:31)(cid:26)(cid:22)(cid:17)(cid:31)(cid:26)(cid:20)(cid:28)(cid:31)(cid:28)(cid:27)(cid:21)(cid:15)(cid:25)(cid:26)(cid:21)(cid:28)(cid:17)(cid:31)(cid:14)(cid:26)(cid:27)(cid:28)(cid:17)(cid:31)(cid:24)(cid:22)(cid:31)
44
45
(cid:31)
(cid:31)
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
The provision for unearned premiums represent the portion of premiums received or receivable that relates to risks that have not yet expired
at the reporting date. The provision is recognised when contracts are entered into and premiums are charged, and is brought to account as
premium income over the term of the contract in accordance with the pattern of insurance service provided under the contract.
Liability adequacy testing is performed in terms of NZ IFRS 4 in order to test the adequacy of all insurance liabilities recorded in the
statement of financial position, net of deferred acquisition costs. Liability adequacy testing is performed at a portfolio level of contracts that
are subject to broadly similar risks and are managed together as a single portfolio.
3.14 Life investment contracts
Life investment contracts are those contracts with minimal insurance risk and are accounted for in accordance with NZ IAS 18 Revenue
(refer note 3.4) and NZ IAS 39 Financial instruments: Recognition and Measurement (refer note 3.5). The life investment contacts are unit-
linked and fair value of a unit linked contract is determined using the current unit values that reflect the fair value of the financial assets
backing the contract, multiplied by the number of units attributable to the contract holder.
3.15 Inventories
Inventories comprise primarily motor vehicles held for sale and are stated at the lower of cost or net realisable value. Cost comprises
purchase price, shipping cost, compliance cost and other sundry related costs. Estimated selling prices are based upon recent observed
vehicle sales prices for comparable vehicles. Net realisable value is the estimated selling price in the ordinary course of business less the
estimated costs of completion and the estimated costs necessary to make the sale.
3.16 Investment property
Investment property is held for capital appreciation and comprises land that was transferred from finance receivables through the exercise
Group’s security interest in a finance receivable that was in default.
Investment property is initially recognised at cost (fair value on date of transfer) and subsequently carried at fair value .The fair value of
investment properties is determined by a qualified independent external valuer (refer note 17).
Any gains or losses arising from a change in fair value of the investment property is recognised in profit or loss. Subsequent expenditure is
charged to the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group
and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the period in
which they are incurred.
Investment properties are not depreciated for accounting purposes.
3.17 Property, plant and equipment
Property, plant and equipment are recognised in the statement of financial position at cost less accumulated depreciation and impairment
losses. Land is not depreciated. Depreciation is calculated on all other property, plant and equipment on a diminishing value or straight-line
basis to allocate the costs, net of any residual amounts, over their useful lives.
The rates for the following asset classes are:
Diminishing value
Straight line
Leasehold improvements, furniture and
fittings, office equipment
Computer equipment
Motor vehicles and equipment
Signs and flags
7.5 - 60.0%
31.2 - 48.0%
26.0 – 31.2%
-
3 - 15 years
3 - 5 years
3 -7 years
3 – 12 years
3.18 Intangible assets
Intangible assets comprise goodwill, acquired separable corporate brands, acquired customer relationships and computer software.
Goodwill and corporate brands are indefinite life intangibles subject to annual impairment testing.
Goodwill represents the excess of fair value attributed to investments in subsidiaries over the fair value of the underlying net assets,
including intangible assets, at the date of acquisition.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units
or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose, identified
according to operating segment.
Corporate brands and customer relationships acquired as part of a business combination are capitalised separately from goodwill as
intangible assets if their value can be measured reliably on initial recognition and it is probable that the expected future economic benefits
that are attributable to the asset will flow to the Group.
Corporate relationship assets are amortised on the straight line basis over the expected life (3 – 5 years) of the relationship and are
recognised in the statement of financial position at cost less accumulated amortisation and impairment losses.
Computer software is recognised in the statement of financial position at cost less accumulated amortisation and impairment losses.
Direct costs associated with the purchase and installation of software licences and the development of software for internal use are
capitalised where project success is probable and the capitalisation criteria is met. Cost associated with planning and evaluating computer
software and maintaining a system after implementation are expensed. Computer software costs are amortised on a diminishing value basis
(rate of 50%) or on a straight-line basis (one to five years).
3.19 Leases in which the Group is lessee
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases.
Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis
over the period of the lease.
3.20 Taxation
Income tax for the period comprises current and deferred tax. Current and deferred tax are recognised as an expense or income in the profit
or loss, except when they relate to items that are recognised outside profit or loss (whether in other comprehensive income or directly in
equity), in which case the tax is also recognised outside profit or loss.
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at balance
date after taking advantage of all allowable deductions under current taxation legislation and any adjustment to tax liabilities in respect of
previous years.
Deferred tax is provided using the liability method, providing for temporary differences between the amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the amount of assets and liabilities, using tax rates enacted or substantively enacted as at balance
date.
Deferred taxation assets arising from temporary differences or income tax losses, are recognised only to the extent that it is probable that a
future taxable profit will be available against which the asset can be utilised. Deferred taxation assets are reduced to the extent that it is no
longer probable that the related tax asset will be realised. Any reduction is recognised in profit or loss.
3.21 Impairment of non-financial assets
Intangible assets that have an indefinite useful life are not subject to amortisation and are tested for impairment annually or more frequently
if events or changes in circumstances indicate that they might be impaired. Intangible assets not yet available for use are tested for
impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired.
Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. The Group conducts an annual internal review of asset values, which is used as a source of information to assess for any
indicators of impairment. External factors, such as changes in expected future processes, technology and economic conditions, are also
monitored for indicators of impairment. If any indication of impairment exists, an estimate of the asset’s recoverable amount is calculated.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset’s fair value less costs to sell and value in use. Value in use is determined by estimating future cash flows
from the use and ultimate disposal of the asset and discounting these to their present value using a pre-tax discount rate that reflects
current market rates and the risks specific to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels
for which there are separately identifiable cash flows (cash-generating units). Impairment losses directly reduce the carrying amount of
assets and are recognised in profit or loss.
Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting
date.
3.22 Managed funds and other fiduciary activities
DPL Insurance Limited, a wholly owned subsidiary, acted as a promoter for a number of superannuation funds with assets managed by a
third party investment manager. The assets and liabilities of these funds are included in the financial statements.
Arrangements exist to ensure the activities of the superannuation funds are managed independently from the other activities of the
company.
3.23 Employee benefits
Wages, salaries and annual leave Liabilities for wages, salaries and annual leave are recognised in respect of employees' services up to the
reporting date. They are measured at the amounts expected to be paid when the liabilities are settled.
Long service leave
The liability for long service leave is recognised in the provision for employee benefits and measured at the present value of expected future
payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method.
Consideration is given to future wage and salary levels, experience of employee departures and periods of service. Expected future
payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that
match, as closely as possible, the estimated future cash outflows.
Profit sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit
attributable to the Company’s shareholders after certain adjustments. The Group recognises an accrual where contractually obliged or
where there is a practice that has created a constructive obligation.
Share based payments
The cost of options issued to employees under the Group’s share option plan is measured by reference to fair value of the options at the
date on which they are granted. Service and non-market performance conditions are not taken into account when determining the grant date
46
47
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
fair value, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments
that will ultimately vest. Market conditions are reflected within the grant date fair value.
The cost of equity settled transactions is recognised over the vesting period. If the service condition is not met during the vesting period the
expense is revised to reflect the best available estimate of the number of equity instruments expected to vest. Where awards include market
and non-vesting conditions, the transactions are treated as vested irrespective of whether the market or non-vesting conditions is satisfied,
provided that all other performance and/or service conditions are satisfied.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share refer note 9).
Superannuation plans
The Group pays contributions to superannuation plans, such as Kiwisaver. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. Prepaid contributions
are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
3.24 Statement of cash flows
The statement of cash flows has been prepared using the direct approach modified by netting certain cash flows in order to provide more
meaningful disclosure to better reflect the activities of the Group's customers or the party providing funding to the Group than those of the
Group. These include reverse annuity mortgages, finance receivables and borrowings.
3.25 Comparatives
Where necessary, comparative information has been reclassified and represented for consistency with current year disclosures (refer note
31 for further details).
4. Use of Estimates and Judgements
In preparing the financial statements in accordance with NZ IFRS, IFRS and applicable reporting standards management has made
judgements, estimates and assumptions that affect the application of accounting policies and about the future that affect the reported
amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the
period. Actual results could differ from those estimates.
Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances. The principal areas of judgement in preparing these financial
statements are set out below.
Provision for impairment on loan receivables
An impairment loss is recognised when there is objective evidence that a financial asset is impaired. Management specifically reviews its
loan and receivables financial assets and analyses historical bad debts, customer concentrations, customer creditworthiness, current
economic trends and changes in the customer payment terms when making a judgment to evaluate the adequacy of the allowance for
impairment losses. Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on
historical loss experience for assets with similar credit risk characteristics and adjusted as necessary on the basis of current observable data
to reflect the effect of current conditions. If the expectation is different from the estimation, such difference will impact the carrying value of
receivables (refer notes 7 and 14).
Impairment of goodwill
The carrying value of goodwill is assessed at least annually to ensure that it is not impaired. Performing this assessment generally requires
management to estimate future cash flows to be generated by the related investment or cash-generating unit, which entails making
judgements, including the expected rate of growth of revenues, margins expected to be achieved and the appropriate discount rate to apply
when valuing future cash flows (refer note 20).
Liabilities arising from claims made under insurance contracts
Liabilities arising from claims made under insurance contracts are estimated based on the terms of cover provided under an insurance
contract.
The estimation of the ultimate liability arising from claims made under insurance contracts is based on a number of actuarial techniques that
analyse experience, trends and other relevant factors. The estimate process involves using Group specific data, relevant industry data and
general economic data, including but not limited to, claim frequencies, average claim sizes and historical trends (refer note 34A).
Impairment of corporate brands
The carrying values of brands are assessed at least annually to ensure that it is not impaired. Performing this assessment generally requires
management to estimate future cash flows to be generated by the related investment or a cash-generating unit, which entails making
judgements, including the expected rate of growth of revenues, margins expected to be achieved and the appropriate discount rate to apply
when valuing future cash flows (refer note 20).
Unredeemed voucher liabilities
The Group's estimate of the unredeemed voucher liability is based on historic redemption patterns. Changes in the redemption pattern of
unredeemed vouchers could affect the reported value of this liability. At year end, the Group readjusted the unredeemed prepaid collection
voucher liability write off methodology based on movements in the actual redemption patterns to reflect the continued decline in the
redemption of historically issued prepaid collection vouchers. The change in accounting estimate resulted in a $0.7m (2016: $1.8m)
decrease in the unredeemed voucher liability (note 23).
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(cid:25)
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(cid:4)(cid:16)(cid:26)(cid:31)(cid:157)(cid:13)(cid:18)(cid:23)(cid:6)(cid:31)(cid:12)(cid:18)(cid:20)(cid:20)(cid:18) (cid:22)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:27)(cid:23)(cid:19)(cid:14)(cid:29)(cid:28)(cid:17)(cid:26)(cid:31)(cid:19)(cid:28)(cid:31)(cid:127) (cid:31)(cid:20)€‚(cid:31)ƒ„(cid:141)(cid:31)…†(cid:19)(cid:28)(cid:29)(cid:28)(cid:17)(cid:19)(cid:29)(cid:20)(cid:31)‡(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)ˆ(cid:31)‰(cid:26)(cid:17)(cid:18)(cid:27)(cid:28)(cid:19)(cid:24)(cid:19)(cid:18)(cid:28)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:30)(cid:26)(cid:29)(cid:22)(cid:23)(cid:13)(cid:26)(cid:25)(cid:26)(cid:28)(cid:24)…(cid:141)(cid:31)(cid:19)(cid:28)(cid:31)(cid:24)(cid:13)(cid:29)(cid:28)(cid:22)(cid:29)(cid:17)(cid:24)(cid:19)(cid:18)(cid:28)(cid:22)(cid:31) (cid:16)(cid:26)(cid:13)(cid:26)(cid:31)(cid:22)(cid:23)(cid:11)(cid:22)(cid:24)(cid:29)(cid:28)(cid:24)(cid:19)(cid:29)(cid:20)(cid:20)(cid:3)(cid:31)(cid:29)(cid:20)(cid:20)(cid:31)
(cid:24)(cid:16)(cid:26)(cid:31)(cid:13)(cid:19)(cid:22)(cid:143)(cid:22)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:13)(cid:26) (cid:29)(cid:13)(cid:14)(cid:22)(cid:31)(cid:18)(cid:12)(cid:31)(cid:18) (cid:28)(cid:26)(cid:13)(cid:22)(cid:16)(cid:19)(cid:6)(cid:31)(cid:18)(cid:12)(cid:31)(cid:29)(cid:31)(cid:12)(cid:19)(cid:28)(cid:29)(cid:28)(cid:17)(cid:19)(cid:29)(cid:20)(cid:31)(cid:29)(cid:22)(cid:22)(cid:26)(cid:24)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)(cid:28)(cid:26)(cid:19)(cid:24)(cid:16)(cid:26)(cid:13)(cid:31)(cid:13)(cid:26)(cid:24)(cid:29)(cid:19)(cid:28)(cid:26)(cid:14)(cid:31)(cid:28)(cid:18)(cid:13)(cid:31)(cid:24)(cid:13)(cid:29)(cid:28)(cid:22)(cid:12)(cid:26)(cid:13)(cid:13)(cid:26)(cid:14)(cid:141)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:157)(cid:13)(cid:18)(cid:23)(cid:6)(cid:31)(cid:14)(cid:26)(cid:13)(cid:26)(cid:17)(cid:18)(cid:27)(cid:28)(cid:19)(cid:22)(cid:26)(cid:22)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:24)(cid:13)(cid:29)(cid:28)(cid:22)(cid:12)(cid:26)(cid:13)(cid:13)(cid:26)(cid:14)(cid:31)(cid:29)(cid:22)(cid:22)(cid:26)(cid:24)(cid:31)(cid:19)(cid:12)(cid:31)
(cid:17)(cid:18)(cid:28)(cid:24)(cid:13)(cid:18)(cid:20)(cid:31)(cid:18)(cid:21)(cid:26)(cid:13)(cid:31)(cid:24)(cid:16)(cid:29)(cid:24)(cid:31)(cid:29)(cid:22)(cid:22)(cid:26)(cid:24)(cid:31)(cid:19)(cid:22)(cid:31)(cid:13)(cid:26)(cid:20)(cid:19)(cid:28)(cid:15)(cid:23)(cid:19)(cid:22)(cid:16)(cid:26)(cid:14)(cid:10)(cid:31)(cid:4)(cid:16)(cid:26)(cid:31)(cid:13)(cid:19)(cid:27)(cid:16)(cid:24)(cid:22)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:18)(cid:11)(cid:20)(cid:19)(cid:27)(cid:29)(cid:24)(cid:19)(cid:18)(cid:28)(cid:22)(cid:31)(cid:13)(cid:26)(cid:24)(cid:29)(cid:19)(cid:28)(cid:26)(cid:14)(cid:31)(cid:19)(cid:28)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:24)(cid:13)(cid:29)(cid:28)(cid:22)(cid:12)(cid:26)(cid:13)(cid:141)(cid:31)(cid:22)(cid:23)(cid:17)(cid:16)(cid:31)(cid:29)(cid:22)(cid:31)(cid:22)(cid:26)(cid:13)(cid:21)(cid:19)(cid:17)(cid:19)(cid:28)(cid:27)(cid:31)(cid:29)(cid:22)(cid:22)(cid:26)(cid:24)(cid:22)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:20)(cid:19)(cid:29)(cid:11)(cid:19)(cid:20)(cid:19)(cid:24)(cid:19)(cid:26)(cid:22)(cid:141)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)
(cid:13)(cid:26)(cid:17)(cid:18)(cid:27)(cid:28)(cid:19)(cid:22)(cid:26)(cid:14)(cid:31)(cid:22)(cid:26)(cid:6)(cid:29)(cid:13)(cid:29)(cid:24)(cid:26)(cid:20)(cid:3)(cid:31)(cid:29)(cid:22)(cid:31)(cid:29)(cid:22)(cid:22)(cid:26)(cid:24)(cid:22)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:20)(cid:19)(cid:29)(cid:11)(cid:19)(cid:20)(cid:19)(cid:24)(cid:19)(cid:26)(cid:22)(cid:141)(cid:31)(cid:29)(cid:22)(cid:31)(cid:29)(cid:6)(cid:6)(cid:13)(cid:18)(cid:6)(cid:13)(cid:19)(cid:29)(cid:24)(cid:26)(cid:10)(cid:31)‡(cid:12)(cid:31)(cid:17)(cid:18)(cid:28)(cid:24)(cid:13)(cid:18)(cid:20)(cid:31)(cid:18)(cid:21)(cid:26)(cid:13)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:29)(cid:22)(cid:22)(cid:26)(cid:24)(cid:31)(cid:19)(cid:22)(cid:31)(cid:13)(cid:26)(cid:24)(cid:29)(cid:19)(cid:28)(cid:26)(cid:14)(cid:141)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:157)(cid:13)(cid:18)(cid:23)(cid:6)(cid:31)(cid:17)(cid:18)(cid:28)(cid:24)(cid:19)(cid:28)(cid:23)(cid:26)(cid:22)(cid:31)(cid:24)(cid:18)(cid:31)(cid:13)(cid:26)(cid:17)(cid:18)(cid:27)(cid:28)(cid:19)(cid:22)(cid:26)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)
(cid:29)(cid:22)(cid:22)(cid:26)(cid:24)(cid:31)(cid:24)(cid:18)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:26)(cid:7)(cid:24)(cid:26)(cid:28)(cid:24)(cid:31)(cid:18)(cid:12)(cid:31)(cid:19)(cid:24)(cid:22)(cid:31)(cid:17)(cid:18)(cid:28)(cid:24)(cid:19)(cid:28)(cid:23)(cid:19)(cid:28)(cid:27)(cid:31)(cid:19)(cid:28)(cid:21)(cid:18)(cid:20)(cid:21)(cid:26)(cid:25)(cid:26)(cid:28)(cid:24)(cid:141)(cid:31) (cid:16)(cid:19)(cid:17)(cid:16)(cid:31)(cid:19)(cid:22)(cid:31)(cid:14)(cid:26)(cid:24)(cid:26)(cid:13)(cid:25)(cid:19)(cid:28)(cid:26)(cid:14)(cid:31)(cid:11)(cid:3)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:26)(cid:7)(cid:24)(cid:26)(cid:28)(cid:24)(cid:31)(cid:24)(cid:18)(cid:31) (cid:16)(cid:19)(cid:17)(cid:16)(cid:31)(cid:19)(cid:24)(cid:31)(cid:13)(cid:26)(cid:25)(cid:29)(cid:19)(cid:28)(cid:22)(cid:31)(cid:26)(cid:7)(cid:6)(cid:18)(cid:22)(cid:26)(cid:14)(cid:31)(cid:24)(cid:18)(cid:31)(cid:17)(cid:16)(cid:29)(cid:28)(cid:27)(cid:26)(cid:22)(cid:31)(cid:19)(cid:28)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:26)(cid:31)(cid:18)(cid:12)(cid:31)
(cid:24)(cid:16)(cid:26)(cid:31)(cid:24)(cid:13)(cid:29)(cid:28)(cid:22)(cid:12)(cid:26)(cid:13)(cid:13)(cid:26)(cid:14)(cid:31)(cid:29)(cid:22)(cid:22)(cid:26)(cid:24)(cid:10)(cid:31)(cid:4)(cid:16)(cid:19)(cid:22)(cid:31)(cid:14)(cid:26)(cid:24)(cid:26)(cid:13)(cid:25)(cid:19)(cid:28)(cid:29)(cid:24)(cid:19)(cid:18)(cid:28)(cid:31)(cid:18)(cid:12)(cid:31) (cid:16)(cid:26)(cid:24)(cid:16)(cid:26)(cid:13)(cid:31)(cid:13)(cid:19)(cid:22)(cid:143)(cid:22)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:13)(cid:26) (cid:29)(cid:13)(cid:14)(cid:22)(cid:31)(cid:18)(cid:12)(cid:31)(cid:18) (cid:28)(cid:26)(cid:13)(cid:22)(cid:16)(cid:19)(cid:6)(cid:31)(cid:18)(cid:12)(cid:31)(cid:29)(cid:31)(cid:12)(cid:19)(cid:28)(cid:29)(cid:28)(cid:17)(cid:19)(cid:29)(cid:20)(cid:31)(cid:29)(cid:22)(cid:22)(cid:26)(cid:24)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)(cid:28)(cid:26)(cid:19)(cid:24)(cid:16)(cid:26)(cid:13)(cid:31)(cid:13)(cid:26)(cid:24)(cid:29)(cid:19)(cid:28)(cid:26)(cid:14)(cid:31)(cid:28)(cid:18)(cid:13)(cid:31)(cid:24)(cid:13)(cid:29)(cid:28)(cid:22)(cid:12)(cid:26)(cid:13)(cid:13)(cid:26)(cid:14)(cid:31)
(cid:13)(cid:26)(cid:15)(cid:23)(cid:19)(cid:13)(cid:26)(cid:22)(cid:31)(cid:22)(cid:19)(cid:27)(cid:28)(cid:19)(cid:12)(cid:19)(cid:17)(cid:29)(cid:28)(cid:24)(cid:31)(cid:144)(cid:23)(cid:14)(cid:27)(cid:26)(cid:25)(cid:26)(cid:28)(cid:24)(cid:31)(cid:8)(cid:13)(cid:26)(cid:12)(cid:26)(cid:13)(cid:31)(cid:28)(cid:18)(cid:24)(cid:26)(cid:31)(cid:2)Š(cid:5)(cid:10)(cid:31)
(cid:31)
(cid:8)(cid:20)(cid:28)(cid:13)(cid:25)(cid:15)(cid:20)(cid:17)(cid:30)(cid:26)(cid:25)(cid:22)(cid:26)(cid:20)(cid:29)(cid:30)(cid:13)(cid:26)(cid:22)(cid:26)(cid:27)(cid:19)(cid:25)
(cid:4)(cid:16)(cid:26)(cid:31) (cid:12)(cid:29)(cid:19)(cid:13)(cid:31) (cid:21)(cid:29)(cid:20)(cid:23)(cid:26)(cid:31) (cid:18)(cid:12)(cid:31) (cid:12)(cid:19)(cid:28)(cid:29)(cid:28)(cid:17)(cid:19)(cid:29)(cid:20)(cid:31) (cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)(cid:31) (cid:24)(cid:16)(cid:29)(cid:24)(cid:31) (cid:29)(cid:13)(cid:26)(cid:31) (cid:28)(cid:18)(cid:24)(cid:31) (cid:15)(cid:23)(cid:18)(cid:24)(cid:26)(cid:14)(cid:31) (cid:19)(cid:28)(cid:31) (cid:29)(cid:17)(cid:24)(cid:19)(cid:21)(cid:26)(cid:31) (cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:22)(cid:31) (cid:29)(cid:13)(cid:26)(cid:31) (cid:14)(cid:26)(cid:24)(cid:26)(cid:13)(cid:25)(cid:19)(cid:28)(cid:26)(cid:14)(cid:31) (cid:23)(cid:22)(cid:19)(cid:28)(cid:27)(cid:31) (cid:14)(cid:19)(cid:22)(cid:17)(cid:18)(cid:23)(cid:28)(cid:24)(cid:26)(cid:14)(cid:31) (cid:17)(cid:29)(cid:22)(cid:16)(cid:31) (cid:12)(cid:20)(cid:18) (cid:31) (cid:25)(cid:18)(cid:14)(cid:26)(cid:20)(cid:22)(cid:10)(cid:31) (cid:4)(cid:18)(cid:31) (cid:24)(cid:16)(cid:26)(cid:31)
(cid:26)(cid:7)(cid:24)(cid:26)(cid:28)(cid:24)(cid:31)(cid:6)(cid:13)(cid:29)(cid:17)(cid:24)(cid:19)(cid:17)(cid:29)(cid:20)(cid:141)(cid:31)(cid:25)(cid:18)(cid:14)(cid:26)(cid:20)(cid:22)(cid:31)(cid:23)(cid:22)(cid:26)(cid:31)(cid:18)(cid:11)(cid:22)(cid:26)(cid:13)(cid:21)(cid:29)(cid:11)(cid:20)(cid:26)(cid:31)(cid:14)(cid:29)(cid:24)(cid:29)(cid:31)(cid:16)(cid:18) (cid:26)(cid:21)(cid:26)(cid:13)(cid:31)(cid:28)(cid:18)(cid:13)(cid:25)(cid:29)(cid:20)(cid:31)(cid:21)(cid:18)(cid:20)(cid:29)(cid:24)(cid:19)(cid:20)(cid:19)(cid:24)(cid:19)(cid:26)(cid:22)(cid:31)(cid:13)(cid:26)(cid:15)(cid:23)(cid:19)(cid:13)(cid:26)(cid:31)(cid:25)(cid:29)(cid:28)(cid:29)(cid:27)(cid:26)(cid:25)(cid:26)(cid:28)(cid:24)(cid:31)(cid:24)(cid:18)(cid:31)(cid:25)(cid:29)(cid:143)(cid:26)(cid:31)(cid:26)(cid:22)(cid:24)(cid:19)(cid:25)(cid:29)(cid:24)(cid:26)(cid:22)(cid:10)(cid:31)‹(cid:16)(cid:29)(cid:28)(cid:27)(cid:26)(cid:22)(cid:31)(cid:19)(cid:28)(cid:31)(cid:29)(cid:22)(cid:22)(cid:23)(cid:25)(cid:6)(cid:24)(cid:19)(cid:18)(cid:28)(cid:22)(cid:31)
(cid:29)(cid:11)(cid:18)(cid:23)(cid:24)(cid:31)(cid:24)(cid:16)(cid:26)(cid:22)(cid:26)(cid:31)(cid:12)(cid:29)(cid:17)(cid:24)(cid:18)(cid:13)(cid:22)(cid:31)(cid:17)(cid:18)(cid:23)(cid:20)(cid:14)(cid:31)(cid:29)(cid:12)(cid:12)(cid:26)(cid:17)(cid:24)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:13)(cid:26)(cid:6)(cid:18)(cid:13)(cid:24)(cid:26)(cid:14)(cid:31)(cid:12)(cid:29)(cid:19)(cid:13)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:26)(cid:22)(cid:31)(cid:18)(cid:12)(cid:31)(cid:12)(cid:19)(cid:28)(cid:29)(cid:28)(cid:17)(cid:19)(cid:29)(cid:20)(cid:31)(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)(cid:31)(cid:8)(cid:13)(cid:26)(cid:12)(cid:26)(cid:13)(cid:31)(cid:28)(cid:18)(cid:24)(cid:26)(cid:31)(cid:2)(cid:2)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)ŒŒ(cid:5)(cid:10)(cid:31)
(cid:31)
(cid:4)(cid:16)(cid:26)(cid:31)(cid:12)(cid:29)(cid:19)(cid:13)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:26)(cid:31)(cid:18)(cid:12)(cid:31)(cid:12)(cid:19)(cid:28)(cid:29)(cid:28)(cid:17)(cid:19)(cid:29)(cid:20)(cid:31)(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)(cid:31)(cid:24)(cid:13)(cid:29)(cid:14)(cid:26)(cid:14)(cid:31)(cid:19)(cid:28)(cid:31)(cid:29)(cid:17)(cid:24)(cid:19)(cid:21)(cid:26)(cid:31)(cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:22)(cid:31)(cid:19)(cid:22)(cid:31)(cid:11)(cid:29)(cid:22)(cid:26)(cid:14)(cid:31)(cid:18)(cid:28)(cid:31)(cid:15)(cid:23)(cid:18)(cid:24)(cid:26)(cid:14)(cid:31)(cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:31)(cid:6)(cid:13)(cid:19)(cid:17)(cid:26)(cid:22)(cid:31)(cid:29)(cid:24)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:11)(cid:29)(cid:20)(cid:29)(cid:28)(cid:17)(cid:26)(cid:31)(cid:22)(cid:16)(cid:26)(cid:26)(cid:24)(cid:31)(cid:14)(cid:29)(cid:24)(cid:26)(cid:10)(cid:31)€(cid:31)(cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:31)(cid:19)(cid:22)(cid:31)
(cid:13)(cid:26)(cid:27)(cid:29)(cid:13)(cid:14)(cid:26)(cid:14)(cid:31)(cid:29)(cid:22)(cid:31)(cid:29)(cid:17)(cid:24)(cid:19)(cid:21)(cid:26)(cid:31)(cid:19)(cid:12)(cid:31)(cid:15)(cid:23)(cid:18)(cid:24)(cid:26)(cid:14)(cid:31)(cid:6)(cid:13)(cid:19)(cid:17)(cid:26)(cid:22)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)(cid:13)(cid:26)(cid:29)(cid:14)(cid:19)(cid:20)(cid:3)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:13)(cid:26)(cid:27)(cid:23)(cid:20)(cid:29)(cid:13)(cid:20)(cid:3)(cid:31)(cid:29)(cid:21)(cid:29)(cid:19)(cid:20)(cid:29)(cid:11)(cid:20)(cid:26)(cid:31)(cid:12)(cid:13)(cid:18)(cid:25)(cid:31)(cid:29)(cid:28)(cid:31)(cid:26)(cid:7)(cid:17)(cid:16)(cid:29)(cid:28)(cid:27)(cid:26)(cid:141)(cid:31)(cid:14)(cid:26)(cid:29)(cid:20)(cid:26)(cid:13)(cid:141)(cid:31)(cid:11)(cid:13)(cid:18)(cid:143)(cid:26)(cid:13)(cid:141)(cid:31)(cid:19)(cid:28)(cid:14)(cid:23)(cid:22)(cid:24)(cid:13)(cid:3)(cid:31)(cid:27)(cid:13)(cid:18)(cid:23)(cid:6)(cid:141)(cid:31)(cid:6)(cid:13)(cid:19)(cid:17)(cid:19)(cid:28)(cid:27)(cid:31)(cid:22)(cid:26)(cid:13)(cid:21)(cid:19)(cid:17)(cid:26)(cid:141)(cid:31)(cid:18)(cid:13)(cid:31)
(cid:13)(cid:26)(cid:27)(cid:23)(cid:20)(cid:29)(cid:24)(cid:18)(cid:13)(cid:3)(cid:31)(cid:29)(cid:27)(cid:26)(cid:28)(cid:17)(cid:3)(cid:141)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:24)(cid:16)(cid:18)(cid:22)(cid:26)(cid:31)(cid:6)(cid:13)(cid:19)(cid:17)(cid:26)(cid:22)(cid:31)(cid:13)(cid:26)(cid:6)(cid:13)(cid:26)(cid:22)(cid:26)(cid:28)(cid:24)(cid:31)(cid:29)(cid:17)(cid:24)(cid:23)(cid:29)(cid:20)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:13)(cid:26)(cid:27)(cid:23)(cid:20)(cid:29)(cid:13)(cid:20)(cid:3)(cid:31)(cid:18)(cid:17)(cid:17)(cid:23)(cid:13)(cid:13)(cid:19)(cid:28)(cid:27)(cid:31)(cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:31)(cid:24)(cid:13)(cid:29)(cid:28)(cid:22)(cid:29)(cid:17)(cid:24)(cid:19)(cid:18)(cid:28)(cid:22)(cid:31)(cid:18)(cid:28)(cid:31)(cid:29)(cid:28)(cid:31)(cid:29)(cid:13)(cid:25)Ž(cid:22)(cid:31)(cid:20)(cid:26)(cid:28)(cid:27)(cid:24)(cid:16)(cid:31)(cid:11)(cid:29)(cid:22)(cid:19)(cid:22)(cid:10)(cid:31)(cid:4)(cid:16)(cid:26)(cid:31)(cid:15)(cid:23)(cid:18)(cid:24)(cid:26)(cid:14)(cid:31)
(cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:31)(cid:6)(cid:13)(cid:19)(cid:17)(cid:26)(cid:31)(cid:23)(cid:22)(cid:26)(cid:14)(cid:31)(cid:12)(cid:18)(cid:13)(cid:31)(cid:12)(cid:19)(cid:28)(cid:29)(cid:28)(cid:17)(cid:19)(cid:29)(cid:20)(cid:31)(cid:29)(cid:22)(cid:22)(cid:26)(cid:24)(cid:22)(cid:31)(cid:16)(cid:26)(cid:20)(cid:14)(cid:31)(cid:11)(cid:3)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:27)(cid:13)(cid:18)(cid:23)(cid:6)(cid:31)(cid:19)(cid:22)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:17)(cid:23)(cid:13)(cid:13)(cid:26)(cid:28)(cid:24)(cid:31)(cid:11)(cid:19)(cid:14)(cid:31)(cid:6)(cid:13)(cid:19)(cid:17)(cid:26)(cid:10)(cid:31)(cid:4)(cid:16)(cid:26)(cid:22)(cid:26)(cid:31)(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)(cid:19)(cid:28)(cid:17)(cid:20)(cid:23)(cid:14)(cid:26)(cid:14)(cid:31)(cid:19)(cid:28)(cid:31)‘(cid:26)(cid:21)(cid:26)(cid:20)(cid:31)(cid:2)(cid:10)(cid:31)
(cid:31)
(cid:4)(cid:16)(cid:26)(cid:31)(cid:12)(cid:29)(cid:19)(cid:13)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:26)(cid:31)(cid:18)(cid:12)(cid:31)(cid:12)(cid:19)(cid:28)(cid:29)(cid:28)(cid:17)(cid:19)(cid:29)(cid:20)(cid:31)(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)(cid:31)(cid:24)(cid:16)(cid:29)(cid:24)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)(cid:28)(cid:18)(cid:24)(cid:31)(cid:24)(cid:13)(cid:29)(cid:14)(cid:26)(cid:14)(cid:31)(cid:19)(cid:28)(cid:31)(cid:29)(cid:28)(cid:31)(cid:29)(cid:17)(cid:24)(cid:19)(cid:21)(cid:26)(cid:31)(cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:31)(cid:8)(cid:12)(cid:18)(cid:13)(cid:31)(cid:26)(cid:7)(cid:29)(cid:25)(cid:6)(cid:20)(cid:26)(cid:141)(cid:31)(cid:18)(cid:21)(cid:26)(cid:13)’(cid:24)(cid:16)(cid:26)’(cid:17)(cid:18)(cid:23)(cid:28)(cid:24)(cid:26)(cid:13)(cid:31)(cid:14)(cid:26)(cid:13)(cid:19)(cid:21)(cid:29)(cid:24)(cid:19)(cid:21)(cid:26)(cid:22)(cid:5)(cid:31)(cid:19)(cid:22)(cid:31)(cid:14)(cid:26)(cid:24)(cid:26)(cid:13)(cid:25)(cid:19)(cid:28)(cid:26)(cid:14)(cid:31)(cid:11)(cid:3)(cid:31)
(cid:23)(cid:22)(cid:19)(cid:28)(cid:27)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:29)(cid:24)(cid:19)(cid:18)(cid:28)(cid:31)(cid:24)(cid:26)(cid:17)(cid:16)(cid:28)(cid:19)(cid:15)(cid:23)(cid:26)(cid:22)(cid:10)(cid:31)(cid:4)(cid:16)(cid:26)(cid:22)(cid:26)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:29)(cid:24)(cid:19)(cid:18)(cid:28)(cid:31)(cid:24)(cid:26)(cid:17)(cid:16)(cid:28)(cid:19)(cid:15)(cid:23)(cid:26)(cid:22)(cid:31)(cid:25)(cid:29)(cid:7)(cid:19)(cid:25)(cid:19)(cid:22)(cid:26)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:23)(cid:22)(cid:26)(cid:31)(cid:18)(cid:12)(cid:31)(cid:18)(cid:11)(cid:22)(cid:26)(cid:13)(cid:21)(cid:29)(cid:11)(cid:20)(cid:26)(cid:31)(cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:31)(cid:14)(cid:29)(cid:24)(cid:29)(cid:31) (cid:16)(cid:26)(cid:13)(cid:26)(cid:31)(cid:19)(cid:24)(cid:31)(cid:19)(cid:22)(cid:31)(cid:29)(cid:21)(cid:29)(cid:19)(cid:20)(cid:29)(cid:11)(cid:20)(cid:26)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:13)(cid:26)(cid:20)(cid:3)(cid:31)(cid:29)(cid:22)(cid:31)(cid:20)(cid:19)(cid:24)(cid:24)(cid:20)(cid:26)(cid:31)(cid:29)(cid:22)(cid:31)
(cid:6)(cid:18)(cid:22)(cid:22)(cid:19)(cid:11)(cid:20)(cid:26)(cid:31)(cid:18)(cid:28)(cid:31)(cid:26)(cid:28)(cid:24)(cid:19)(cid:24)(cid:3)(cid:31)(cid:22)(cid:6)(cid:26)(cid:17)(cid:19)(cid:12)(cid:19)(cid:17)(cid:31)(cid:26)(cid:22)(cid:24)(cid:19)(cid:25)(cid:29)(cid:24)(cid:26)(cid:22)(cid:10)(cid:31)‡(cid:12)(cid:31)(cid:29)(cid:20)(cid:20)(cid:31)(cid:22)(cid:19)(cid:27)(cid:28)(cid:19)(cid:12)(cid:19)(cid:17)(cid:29)(cid:28)(cid:24)(cid:31)(cid:19)(cid:28)(cid:6)(cid:23)(cid:24)(cid:22)(cid:31)(cid:13)(cid:26)(cid:15)(cid:23)(cid:19)(cid:13)(cid:26)(cid:14)(cid:31)(cid:24)(cid:18)(cid:31)(cid:12)(cid:29)(cid:19)(cid:13)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:26)(cid:31)(cid:29)(cid:28)(cid:31)(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)(cid:18)(cid:11)(cid:22)(cid:26)(cid:13)(cid:21)(cid:29)(cid:11)(cid:20)(cid:26)(cid:141)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:31)(cid:19)(cid:22)(cid:31)(cid:19)(cid:28)(cid:17)(cid:20)(cid:23)(cid:14)(cid:26)(cid:14)(cid:31)(cid:19)(cid:28)(cid:31)
(cid:20)(cid:26)(cid:21)(cid:26)(cid:20)(cid:31)Œ(cid:10)(cid:31)
(cid:31)
‡(cid:12)(cid:31)(cid:18)(cid:28)(cid:26)(cid:31)(cid:18)(cid:13)(cid:31)(cid:25)(cid:18)(cid:13)(cid:26)(cid:31)(cid:18)(cid:12)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:22)(cid:19)(cid:27)(cid:28)(cid:19)(cid:12)(cid:19)(cid:17)(cid:29)(cid:28)(cid:24)(cid:31)(cid:19)(cid:28)(cid:6)(cid:23)(cid:24)(cid:22)(cid:31)(cid:19)(cid:22)(cid:31)(cid:28)(cid:18)(cid:24)(cid:31)(cid:11)(cid:29)(cid:22)(cid:26)(cid:14)(cid:31)(cid:18)(cid:28)(cid:31)(cid:18)(cid:11)(cid:22)(cid:26)(cid:13)(cid:21)(cid:29)(cid:11)(cid:20)(cid:26)(cid:31)(cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:31)(cid:14)(cid:29)(cid:24)(cid:29)(cid:141)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:31)(cid:19)(cid:22)(cid:31)(cid:19)(cid:28)(cid:17)(cid:20)(cid:23)(cid:14)(cid:26)(cid:14)(cid:31)(cid:19)(cid:28)(cid:31)‘(cid:26)(cid:21)(cid:26)(cid:20)(cid:31)ƒ(cid:10)(cid:31)(cid:4)(cid:16)(cid:26)(cid:31)(cid:12)(cid:29)(cid:19)(cid:13)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:26)(cid:31)(cid:18)(cid:12)(cid:31)(cid:20)(cid:26)(cid:21)(cid:26)(cid:20)(cid:31)ƒ(cid:31)
(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)(cid:14)(cid:26)(cid:24)(cid:26)(cid:13)(cid:25)(cid:19)(cid:28)(cid:26)(cid:14)(cid:31)(cid:11)(cid:3)(cid:31)(cid:23)(cid:22)(cid:19)(cid:28)(cid:27)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:29)(cid:24)(cid:19)(cid:18)(cid:28)(cid:31)(cid:24)(cid:26)(cid:17)(cid:16)(cid:28)(cid:19)(cid:15)(cid:23)(cid:26)(cid:22)(cid:31)(cid:11)(cid:29)(cid:22)(cid:26)(cid:14)(cid:31)(cid:18)(cid:28)(cid:31)(cid:29)(cid:31)(cid:13)(cid:29)(cid:28)(cid:27)(cid:26)(cid:31)(cid:18)(cid:12)(cid:31)(cid:23)(cid:28)(cid:18)(cid:11)(cid:22)(cid:26)(cid:13)(cid:21)(cid:29)(cid:11)(cid:20)(cid:26)(cid:31)(cid:19)(cid:28)(cid:6)(cid:23)(cid:24)(cid:22)(cid:10)(cid:31)(cid:4)(cid:16)(cid:26)(cid:31)(cid:157)(cid:13)(cid:18)(cid:23)(cid:6)(cid:31)(cid:26)(cid:22)(cid:24)(cid:29)(cid:11)(cid:20)(cid:19)(cid:22)(cid:16)(cid:26)(cid:22)(cid:31)(cid:12)(cid:29)(cid:19)(cid:13)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:26)(cid:31)(cid:11)(cid:3)(cid:31)
(cid:23)(cid:22)(cid:19)(cid:28)(cid:27)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:29)(cid:24)(cid:19)(cid:18)(cid:28)(cid:31)(cid:24)(cid:26)(cid:17)(cid:16)(cid:28)(cid:19)(cid:15)(cid:23)(cid:26)(cid:22)(cid:10)(cid:31)(cid:4)(cid:16)(cid:26)(cid:22)(cid:26)(cid:31)(cid:19)(cid:28)(cid:17)(cid:20)(cid:23)(cid:14)(cid:26)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:23)(cid:22)(cid:26)(cid:31)(cid:18)(cid:12)(cid:31)(cid:13)(cid:26)(cid:17)(cid:26)(cid:28)(cid:24)(cid:31)(cid:29)(cid:13)(cid:25)Ž(cid:22)(cid:31)(cid:20)(cid:26)(cid:28)(cid:27)(cid:24)(cid:16)(cid:31)(cid:24)(cid:13)(cid:29)(cid:28)(cid:22)(cid:29)(cid:17)(cid:24)(cid:19)(cid:18)(cid:28)(cid:22)(cid:141)(cid:31)(cid:13)(cid:26)(cid:12)(cid:26)(cid:13)(cid:26)(cid:28)(cid:17)(cid:26)(cid:31)(cid:24)(cid:18)(cid:31)(cid:18)(cid:24)(cid:16)(cid:26)(cid:13)(cid:31)(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)(cid:31)(cid:24)(cid:16)(cid:29)(cid:24)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)(cid:22)(cid:23)(cid:11)(cid:22)(cid:24)(cid:29)(cid:28)(cid:24)(cid:19)(cid:29)(cid:20)(cid:20)(cid:3)(cid:31)
(cid:24)(cid:16)(cid:26)(cid:31)(cid:22)(cid:29)(cid:25)(cid:26)(cid:141)(cid:31)(cid:14)(cid:19)(cid:22)(cid:17)(cid:18)(cid:23)(cid:28)(cid:24)(cid:26)(cid:14)(cid:31)(cid:17)(cid:29)(cid:22)(cid:16)(cid:31)(cid:12)(cid:20)(cid:18) (cid:31)(cid:29)(cid:28)(cid:29)(cid:20)(cid:3)(cid:22)(cid:19)(cid:22)(cid:141)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:18)(cid:6)(cid:24)(cid:19)(cid:18)(cid:28)(cid:31)(cid:6)(cid:13)(cid:19)(cid:17)(cid:19)(cid:28)(cid:27)(cid:31)(cid:25)(cid:18)(cid:14)(cid:26)(cid:20)(cid:22)(cid:31)(cid:13)(cid:26)(cid:12)(cid:19)(cid:28)(cid:26)(cid:14)(cid:31)(cid:24)(cid:18)(cid:31)(cid:13)(cid:26)(cid:12)(cid:20)(cid:26)(cid:17)(cid:24)(cid:31)(cid:24)(cid:16)(cid:26)(cid:31)(cid:19)(cid:22)(cid:22)(cid:23)(cid:26)(cid:13)Ž(cid:22)(cid:31)(cid:22)(cid:6)(cid:26)(cid:17)(cid:19)(cid:12)(cid:19)(cid:17)(cid:31)(cid:17)(cid:19)(cid:13)(cid:17)(cid:23)(cid:25)(cid:22)(cid:24)(cid:29)(cid:28)(cid:17)(cid:26)(cid:22)(cid:10)(cid:31)‡(cid:28)(cid:21)(cid:26)(cid:22)(cid:24)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)(cid:31)(cid:19)(cid:28)(cid:31)
(cid:26)(cid:15)(cid:23)(cid:19)(cid:24)(cid:3)(cid:31)(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)(cid:31)(cid:24)(cid:16)(cid:29)(cid:24)(cid:31)(cid:14)(cid:18)(cid:31)(cid:28)(cid:18)(cid:24)(cid:31)(cid:16)(cid:29)(cid:21)(cid:26)(cid:31)(cid:29)(cid:31)(cid:15)(cid:23)(cid:18)(cid:24)(cid:26)(cid:14)(cid:31)(cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:31)(cid:6)(cid:13)(cid:19)(cid:17)(cid:26)(cid:31)(cid:19)(cid:28)(cid:31)(cid:29)(cid:28)(cid:31)(cid:29)(cid:17)(cid:24)(cid:19)(cid:21)(cid:26)(cid:31)(cid:25)(cid:29)(cid:13)(cid:143)(cid:26)(cid:24)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31) (cid:16)(cid:18)(cid:22)(cid:26)(cid:31)(cid:12)(cid:29)(cid:19)(cid:13)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:26)(cid:22)(cid:31)(cid:17)(cid:29)(cid:28)(cid:28)(cid:18)(cid:24)(cid:31)(cid:11)(cid:26)(cid:31)(cid:13)(cid:26)(cid:20)(cid:19)(cid:29)(cid:11)(cid:20)(cid:3)(cid:31)(cid:25)(cid:26)(cid:29)(cid:22)(cid:23)(cid:13)(cid:26)(cid:14)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)
(cid:13)(cid:26)(cid:17)(cid:18)(cid:27)(cid:28)(cid:19)(cid:22)(cid:26)(cid:14)(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:22)(cid:23)(cid:11)(cid:22)(cid:26)(cid:15)(cid:23)(cid:26)(cid:28)(cid:24)(cid:20)(cid:3)(cid:31)(cid:17)(cid:29)(cid:13)(cid:13)(cid:19)(cid:26)(cid:14)(cid:31)(cid:29)(cid:24)(cid:31)(cid:17)(cid:18)(cid:22)(cid:24)(cid:10)(cid:31)
(cid:31)
‚(cid:6)(cid:26)(cid:17)(cid:19)(cid:12)(cid:19)(cid:17)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:29)(cid:24)(cid:19)(cid:18)(cid:28)(cid:31)(cid:24)(cid:26)(cid:17)(cid:16)(cid:28)(cid:19)(cid:15)(cid:23)(cid:26)(cid:22)(cid:31)(cid:23)(cid:22)(cid:26)(cid:14)(cid:31)(cid:24)(cid:18)(cid:31)(cid:21)(cid:29)(cid:20)(cid:23)(cid:26)(cid:31)(cid:12)(cid:19)(cid:28)(cid:29)(cid:28)(cid:17)(cid:19)(cid:29)(cid:20)(cid:31)(cid:19)(cid:28)(cid:22)(cid:24)(cid:13)(cid:23)(cid:25)(cid:26)(cid:28)(cid:24)(cid:22)(cid:31)(cid:19)(cid:28)(cid:31)(cid:26)(cid:29)(cid:17)(cid:16)(cid:31)(cid:20)(cid:26)(cid:21)(cid:26)(cid:20)(cid:31)(cid:29)(cid:13)(cid:26)(cid:31)(cid:14)(cid:26)(cid:24)(cid:29)(cid:19)(cid:20)(cid:26)(cid:14)(cid:31)(cid:19)(cid:28)(cid:31)(cid:28)(cid:18)(cid:24)(cid:26)(cid:22)(cid:31)“(cid:10)“(cid:31)(cid:29)(cid:28)(cid:14)(cid:31)(cid:2)(cid:129)(cid:10)(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
48
49
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
5. Risk Management
The financial condition and operating results of the Group are affected by a number of key financial and non-financial risks. Financial risks
include credit risk, liquidity risk and market risk. The non-financial risks include insurance risk, which is covered in note 34, and fair value
risk relating to the Group’s Investment property.
5.1 Financial instrument by category
Carrying value
Financial assets
Financial assets at fair value through profit or loss
Loans and receivables
Cash and cash equivalents
Trade receivables
Finance receivables
Other receivables and deferred expenses
Reverse annuity mortgages
Financial liabilities
Other payables
Financial liability at fair value through profit or loss
Borrow ings
2017
$’000
2016
$’000
10,320
18,455
69,069
12,663
207,143
6,015
9,222
314,432
19,485
7,611
265,889
292,985
13,810
8,834
167,598
3,843
9,734
222,274
15,061
-
174,816
189,877
5.2 Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations, and
arises principally from the Group's cash and cash equivalents, derivative financial instruments, financial assets at fair value through profit or
loss (excluding equities held in unitised funds), trade receivables, finance receivables, reverse annuity mortgages, and other receivables.
The Group’s cash and cash equivalents, derivative financial instruments and financial assets at fair value through profit or loss (excluding
equities in unitised funds) are placed with registered banks.
Management assesses the credit quality of trade customers, taking into account their financial position, past experience and other factors.
Individual risk limits are set based on these assessments. The use of credit limits by trade customers is regularly monitored by
management. Sales to public customers are settled in cash, bank cheques or using major credit cards, mitigating the credit risk.
To manage credit on finance receivables the Group performs credit evaluations on all customers requiring advances. The approval process
considers a number of factors including: borrower’s past performance, ability to repay, amount of money to be borrowed against the security
and the creditworthiness of the guarantor/co-borrower involved.
The Group operates a lending policy with various levels of authority depending on the size of the loan. A lending and credit committee
operates and overdue loans are assessed on a regular basis by this body.
Risk grades categorise loans according to the degree of risk of financial loss faced and focuses management on the attendant risks. The
current risk grading framework consists of three grades reflecting varying degrees of risk of default and the availability of collateral or other
credit risk mitigation. They are as follows:
•
•
neither past due or impaired - compliance with all terms, good security value, and no adverse events affecting the borrower;
past due but not impaired - payments past due, compliance with most of the terms, concerns over security value, concerns over future
events that may affect the borrower; and
impaired - non-compliance with terms or evidence of impairment of security held, or adverse event affecting the borrower.
•
The Group implements guidelines on the acceptability of specific classes of collateral or credit risk mitigation. The principal collateral types
for finance receivables are:
•
•
•
•
•
•
mortgages over properties, with the maximum loan to value rate being 75%;
mortgages over houses for reverse annuity mortgages;
charges over vehicle stock for dealer floorplans;
chattel paper where the Group acts as a wholesale funder;
charges over business assets such as equipment; and
charges over motor vehicles.
For motor vehicle and equipment finance receivables, estimates of the value of collateral are assessed at the time of borrowing, and are not
updated unless the receivable is being assessed for specific impairment. The allowance for impairment includes the Group's estimate of the
value of collateral held.
For Life investment linked contracts the investments credit risk is appropriate for each particular product and the risk is borne by the policy
holder. There is no significant risk assumed by the Group.
5.3 Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its obligations associated with financial liabilities as they fall due.
The Group endeavours to maintain sufficient funds to meet its commitments based on forecasted cash flow requirements. Due to the
dynamic nature of the underlying businesses, flexibility is maintained by having diverse funding sources and adequate committed credit
facilities. Management has internal control processes and contingency plans to actively manage the lending and borrowing portfolios to
ensure the net exposure to liquidity risk is minimised. The exposure is reviewed on an on-going basis from daily procedures to monthly
reporting as part of the Group's liquidity management process.
The liquidity risk for cash flows payable on the life investment contracts liabilities that are unit linked contracts is managed by holding a pool
of readily tradable investment assets (included in financial assets at fair value through profit or loss) and deposits on call. The liability and
supporting assets have been excluded from the maturity analysis below because there is no contractual or expected maturity date for the
life investment contracts and the readily tradable investment assets offset any liquidity risk. The liquidity risk on other insurance cash flows
is managed by holding designated percentages of insurance reserves in liquid assets such as cash and cash equivalents.
The table below analyses the Group’s financial liabilities and net settled derivative financial instruments into relevant maturity groupings
based on the remaining period at reporting date to contractual maturity date. The amounts disclosed in the tables are the contractual and
the expected undiscounted cash flows.
2017
Other payables
Derivative cash flow hedges
Borrow ings
Expected undiscounted cash flows:
Other payables
Derivative cash flow hedges
Borrow ings
2016
Other payables
Derivative cash flow hedges
Borrow ings
Expected undiscounted cash flows:
Other payables
Derivative cash flow hedges
Borrow ings
0-6 months
$’000
7-12
months
$’000
13-24
months
$’000
25-60
months
$’000
60+ months
$’000
Total
$’000
19,485
4,958
18,750
43,193
19,485
4,958
18,750
43,193
15,061
1,393
115,679
132,133
15,061
1,393
37,833
54,287
-
-
50,998
50,998
-
-
51,002
51,002
-
-
10,984
10,984
-
-
12,393
12,393
-
-
172,340
172,340
-
-
60,132
60,132
-
-
22,423
22,423
-
-
20,187
20,187
-
-
50,440
50,440
-
-
62,102
62,102
-
-
37,106
37,106
-
-
46,223
46,223
-
-
-
-
-
-
131,645
131,645
-
-
-
-
-
-
129,802
129,802
19,485
4,958
292,528
316,971
19,485
4,958
323,631
348,074
15,061
1,393
186,192
202,646
15,061
1,393
246,438
262,892
5.4 Market Risk
Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices, will affect the Group's
income or the value of its holdings of financial instruments.
5.4.1 Insurance business
For the investment linked policies the market risk is transferred to the policy holder. The Group earns fees on investment linked policies that
are based on the amount of assets invested and it may receive lower fees should markets fall. Asset allocation for investment linked policies
is decided by the Policy Holder.
In the other insurance business, market risk arises when there is a mismatch between the insurance policy liabilities and the assets backing
those liabilities. Refer to note 34K for insurance liabilities interest rate sensitivity. The insurance business has no significant currency and
equity risk.
5.4.2 Interest rate risk
Interest rate risk is the risk of loss to the Group arising from adverse changes in interest rates. The Group's financing activities are exposed
to interest rate risk in respect of its interest earning assets and interest bearing liabilities. Changes to interest rates can impact the Group's
financial results by affecting the interest spread earned on these assets and liabilities.
Interest rates are managed by assessing the demand for funds, new lending, expected debt repayments and maintaining a portfolio of
financial assets and liabilities with a sufficient spread between the Group's lending and borrowing activities. Exposure to interest rates is
monitored by the Board of Directors on a monthly basis.
50
51
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:29)(cid:26)(cid:25)(cid:24)(cid:30)(cid:31)(cid:23)(cid:22)(cid:23)(cid:31)(cid:21)(cid:20)(cid:27)(cid:25)(cid:19)(cid:29)(cid:23)(cid:30)(cid:18)(cid:25)(cid:17)(cid:21)(cid:22)(cid:21)(cid:31)(cid:27)(cid:16)(cid:25)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:29)(cid:30)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:23)(cid:21)(cid:24)(cid:22)(cid:20)(cid:26)(cid:27)(cid:29)(cid:22)(cid:29)(cid:28)(cid:19)(cid:28)(cid:23)(cid:29)(cid:27)(cid:26)(cid:25)(cid:30)(cid:18)(cid:26)(cid:29)(cid:17)(cid:28)(cid:26)(cid:16)(cid:28)(cid:22)(cid:18)(cid:26)(cid:28)(cid:23)(cid:15)(cid:28)(cid:15)(cid:26)(cid:14)(cid:13)(cid:26)(cid:12)(cid:22)(cid:18)(cid:21)(cid:17)(cid:26)(cid:11)(cid:10)(cid:13)(cid:9)(cid:26)
(cid:26)
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:29)(cid:26)(cid:25)(cid:24)(cid:30)(cid:31)(cid:23)(cid:22)(cid:23)(cid:31)(cid:21)(cid:20)(cid:27)(cid:25)(cid:19)(cid:29)(cid:23)(cid:30)(cid:18)(cid:25)(cid:17)(cid:21)(cid:22)(cid:21)(cid:31)(cid:27)(cid:16)(cid:25)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:29)(cid:30)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:23)(cid:21)(cid:24)(cid:22)(cid:20)(cid:26)(cid:27)(cid:29)(cid:22)(cid:29)(cid:28)(cid:19)(cid:28)(cid:23)(cid:29)(cid:27)(cid:26)(cid:25)(cid:30)(cid:18)(cid:26)(cid:29)(cid:17)(cid:28)(cid:26)(cid:16)(cid:28)(cid:22)(cid:18)(cid:26)(cid:28)(cid:23)(cid:15)(cid:28)(cid:15)(cid:26)(cid:14)(cid:13)(cid:26)(cid:12)(cid:22)(cid:18)(cid:21)(cid:17)(cid:26)(cid:11)(cid:10)(cid:13)(cid:9)(cid:26)
(cid:26)
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:28)(cid:26)(cid:29)(cid:25) (cid:27)(cid:24)(cid:29)(cid:28)(cid:26)(cid:25) (cid:24)(cid:27)(cid:28)(cid:25) (cid:23)(cid:24)(cid:30)(cid:24)(cid:22)(cid:28)(cid:21)(cid:25) (cid:20)(cid:19)(cid:25) (cid:24)(cid:26)(cid:26)(cid:28)(cid:26)(cid:26)(cid:18)(cid:30)(cid:22)(cid:25) (cid:29)(cid:17)(cid:28)(cid:25) (cid:21)(cid:28)(cid:23)(cid:24)(cid:30)(cid:21)(cid:25)(cid:16)(cid:15)(cid:27)(cid:25) (cid:16)(cid:14)(cid:30)(cid:21)(cid:26)(cid:13)(cid:25) (cid:30)(cid:28)(cid:12)(cid:25) (cid:11)(cid:28)(cid:30)(cid:21)(cid:18)(cid:30)(cid:22)(cid:13)(cid:25) (cid:28)(cid:10)(cid:9)(cid:28)(cid:8)(cid:29)(cid:28)(cid:21)(cid:25) (cid:21)(cid:28)(cid:20)(cid:29)(cid:25) (cid:27)(cid:28)(cid:9)(cid:24)(cid:19)(cid:23)(cid:28)(cid:30)(cid:29)(cid:26)(cid:25) (cid:24)(cid:30)(cid:21)(cid:25) (cid:23)(cid:24)(cid:18)(cid:30)(cid:29)(cid:24)(cid:18)(cid:30)(cid:18)(cid:30)(cid:22)(cid:25) (cid:24)(cid:25) (cid:9)(cid:15)(cid:27)(cid:29)(cid:16)(cid:15)(cid:11)(cid:18)(cid:15)(cid:25) (cid:15)(cid:16)(cid:25)
(cid:16)(cid:18)(cid:30)(cid:24)(cid:30)(cid:8)(cid:18)(cid:24)(cid:11)(cid:25)(cid:24)(cid:26)(cid:26)(cid:28)(cid:29)(cid:26)(cid:25)(cid:24)(cid:30)(cid:21)(cid:25)(cid:11)(cid:18)(cid:24)(cid:20)(cid:18)(cid:11)(cid:18)(cid:29)(cid:18)(cid:28)(cid:26)(cid:25)(cid:12)(cid:18)(cid:29)(cid:17)(cid:25) (cid:24)(cid:25)(cid:26)(cid:14)(cid:16)(cid:16)(cid:18)(cid:8)(cid:18)(cid:28)(cid:30)(cid:29)(cid:25)(cid:26)(cid:9)(cid:27)(cid:28)(cid:24)(cid:21)(cid:25) (cid:20)(cid:28)(cid:29)(cid:12)(cid:28)(cid:28)(cid:30)(cid:25)(cid:29)(cid:17)(cid:28)(cid:25)(cid:7)(cid:27)(cid:15)(cid:14)(cid:9)(cid:6)(cid:26)(cid:25) (cid:11)(cid:28)(cid:30)(cid:21)(cid:18)(cid:30)(cid:22)(cid:25)(cid:24)(cid:30)(cid:21)(cid:25)(cid:20)(cid:15)(cid:27)(cid:27)(cid:15)(cid:12)(cid:18)(cid:30)(cid:22)(cid:25)(cid:24)(cid:8)(cid:29)(cid:18)(cid:5)(cid:18)(cid:29)(cid:18)(cid:28)(cid:26)(cid:4)(cid:25)(cid:3)(cid:10)(cid:9)(cid:15)(cid:26)(cid:14)(cid:27)(cid:28)(cid:25) (cid:29)(cid:15)(cid:25)(cid:18)(cid:30)(cid:29)(cid:28)(cid:27)(cid:28)(cid:26)(cid:29)(cid:25)(cid:27)(cid:24)(cid:29)(cid:28)(cid:26)(cid:25) (cid:18)(cid:26)(cid:25)
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(cid:13)(cid:16)(cid:16)(cid:12)
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(cid:29)(cid:14)(cid:16)(cid:9)(cid:16)
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(cid:16)(cid:15)(cid:29)
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(cid:29)(cid:14)(cid:16)(cid:10)(cid:15)
(cid:15)(cid:31)
(cid:13)(cid:28)(cid:16)(cid:12)
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(cid:13)(cid:31)(cid:14)(cid:31)(cid:28)(cid:31)(cid:12)
(cid:29)(cid:31)(cid:6)
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(cid:18)‚ †ˆ
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(cid:11)(cid:15)(cid:10)
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(cid:29)(cid:14)(cid:31)(cid:29)(cid:16)
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(cid:13)(cid:6)(cid:6)(cid:12)
(cid:13)(cid:6)(cid:30)(cid:12)
(cid:13)(cid:29)(cid:14)(cid:16)(cid:9)(cid:16)(cid:12)
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(cid:27)(cid:26)(cid:25)(cid:24)(cid:25)(cid:23)(cid:26)(cid:24)(cid:22)(cid:21)(cid:8)(cid:26)(cid:24)(cid:7)(cid:26)(cid:22)(cid:26)(cid:17)(cid:26)(cid:18)(cid:19)
(cid:143)(cid:4)(cid:29)(cid:27)(cid:3)(cid:30)(cid:20)(cid:27)(cid:3)(cid:4)(cid:24)(cid:5)(cid:30)(cid:8)(cid:7)(cid:24)(cid:15)(cid:2)(cid:22)(cid:144) (cid:24)(cid:7)(cid:4)(cid:6)(cid:25)(cid:4)(cid:8)
(cid:157)(cid:22)(cid:29)(cid:29)(cid:22)(cid:144) (cid:27)(cid:26)(cid:25)(cid:8)
(cid:4)(cid:3)(cid:17)(cid:24)(cid:22)(cid:21)(cid:26)(cid:25)(cid:23)(cid:2)(cid:18)(cid:24)(cid:19)(cid:18)(cid:1)(cid:13)(cid:127)(cid:18)(cid:23)(cid:2)(cid:18)(cid:24)(cid:19)(cid:18)(cid:12)
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(cid:31)(cid:30)(cid:29)(cid:30)(cid:28)(cid:27) (cid:26)(cid:25)(cid:24)(cid:24)(cid:23)(cid:22)(cid:21)(cid:20)(cid:27)(cid:24)(cid:19)(cid:18)(cid:17)(cid:27)
(cid:127)(cid:17)(cid:28)(cid:25)(cid:7)(cid:27)(cid:15)(cid:14)(cid:9)(cid:25)(cid:18)(cid:26)(cid:25)(cid:28)(cid:10)(cid:9)(cid:15)(cid:26)(cid:28)(cid:21)(cid:25)(cid:29)(cid:15)(cid:25)(cid:8)(cid:14)(cid:27)(cid:27)(cid:28)(cid:30)(cid:8)(cid:19)(cid:25)(cid:27)(cid:18)(cid:26)(cid:141)(cid:25)(cid:24)(cid:27)(cid:18)(cid:26)(cid:18)(cid:30)(cid:22)(cid:25)(cid:16)(cid:27)(cid:15)(cid:23)(cid:25)(cid:5)(cid:24)(cid:27)(cid:18)(cid:15)(cid:14)(cid:26)(cid:25)(cid:8)(cid:14)(cid:27)(cid:27)(cid:28)(cid:30)(cid:8)(cid:19)(cid:25)(cid:28)(cid:10)(cid:9)(cid:15)(cid:26)(cid:14)(cid:27)(cid:28)(cid:26)(cid:13)(cid:25)(cid:9)(cid:27)(cid:18)(cid:23)(cid:24)(cid:27)(cid:18)(cid:11)(cid:19)(cid:25)(cid:12)(cid:18)(cid:29)(cid:17)(cid:25)(cid:27)(cid:28)(cid:26)(cid:9)(cid:28)(cid:8)(cid:29)(cid:25)(cid:29)(cid:15)(cid:25)(cid:29)(cid:17)(cid:28)(cid:25) (cid:14)(cid:26)(cid:29)(cid:27)(cid:24)(cid:11)(cid:18)(cid:24)(cid:30)(cid:25)(cid:1)(cid:15)(cid:11)(cid:11)(cid:24)(cid:27)(cid:26)(cid:25) € ‚(cid:1)(cid:157)ƒ(cid:25)(cid:24)(cid:30)(cid:21)(cid:25)
„(cid:24)(cid:9)(cid:24)(cid:30)(cid:28)(cid:26)(cid:28)(cid:25)…(cid:28)(cid:30)(cid:25) €„†…(cid:157)ƒ(cid:4)(cid:25)‡(cid:14)(cid:27)(cid:27)(cid:28)(cid:30)(cid:8)(cid:19)(cid:25)(cid:27)(cid:18)(cid:26)(cid:141)(cid:25)(cid:24)(cid:27)(cid:18)(cid:26)(cid:28)(cid:26)(cid:25)(cid:16)(cid:27)(cid:15)(cid:23)(cid:25)(cid:29)(cid:17)(cid:28)(cid:25)(cid:16)(cid:14)(cid:29)(cid:14)(cid:27)(cid:28)(cid:25)(cid:8)(cid:15)(cid:23)(cid:23)(cid:28)(cid:27)(cid:8)(cid:18)(cid:24)(cid:11)(cid:25)(cid:29)(cid:27)(cid:24)(cid:30)(cid:26)(cid:24)(cid:8)(cid:29)(cid:18)(cid:15)(cid:30)(cid:26)(cid:13)(cid:25)(cid:27)(cid:28)(cid:8)(cid:15)(cid:22)(cid:30)(cid:18)(cid:26)(cid:28)(cid:21)(cid:25)(cid:24)(cid:26)(cid:26)(cid:28)(cid:29)(cid:26)(cid:25)(cid:24)(cid:30)(cid:21)(cid:25)(cid:11)(cid:18)(cid:24)(cid:20)(cid:18)(cid:11)(cid:18)(cid:29)(cid:18)(cid:28)(cid:26)(cid:25)(cid:24)(cid:30)(cid:21)(cid:25)(cid:30)(cid:28)(cid:29)(cid:25)(cid:18)(cid:30)(cid:5)(cid:28)(cid:26)(cid:29)(cid:23)(cid:28)(cid:30)(cid:29)(cid:25)(cid:18)(cid:30)(cid:25)
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(cid:127)(cid:15)(cid:25)(cid:28)(cid:30)(cid:26)(cid:14)(cid:27)(cid:28)(cid:25)(cid:29)(cid:17)(cid:28)(cid:25)(cid:30)(cid:28)(cid:29)(cid:25)(cid:28)(cid:10)(cid:9)(cid:15)(cid:26)(cid:14)(cid:27)(cid:28)(cid:25)(cid:29)(cid:15)(cid:25)(cid:3)‡(cid:25)‡(cid:27)(cid:28)(cid:21)(cid:18)(cid:29)(cid:25)‡(cid:15)(cid:30)(cid:29)(cid:27)(cid:15)(cid:11)(cid:25) (cid:14)(cid:26)(cid:29)ƒ(cid:25)†(cid:29)(cid:19)(cid:25)(cid:144)(cid:29)(cid:21)(cid:13)(cid:25)(cid:12)(cid:17)(cid:18)(cid:8)(cid:17)(cid:25)(cid:17)(cid:24)(cid:26)(cid:25) ‚(cid:1)(cid:25)(cid:24)(cid:26)(cid:25)(cid:18)(cid:29)(cid:26)(cid:25)(cid:16)(cid:14)(cid:30)(cid:8)(cid:29)(cid:18)(cid:15)(cid:30)(cid:24)(cid:11)(cid:25)(cid:8)(cid:14)(cid:27)(cid:27)(cid:28)(cid:30)(cid:8)(cid:19)(cid:13)(cid:25)(cid:18)(cid:26)(cid:25)(cid:141)(cid:28)(cid:9)(cid:29)(cid:25)(cid:29)(cid:15)(cid:25)(cid:24)(cid:30)(cid:25)(cid:24)(cid:8)(cid:8)(cid:28)(cid:9)(cid:29)(cid:24)(cid:20)(cid:11)(cid:28)(cid:25)(cid:11)(cid:28)(cid:5)(cid:28)(cid:11)(cid:13)(cid:25)(cid:29)(cid:17)(cid:28)(cid:25)
(cid:7)(cid:27)(cid:15)(cid:14)(cid:9)(cid:25)(cid:17)(cid:24)(cid:26)(cid:25)(cid:24)(cid:25)(cid:8)(cid:15)(cid:23)(cid:9)(cid:27)(cid:28)(cid:17)(cid:28)(cid:30)(cid:26)(cid:18)(cid:5)(cid:28)(cid:25)(cid:29)(cid:27)(cid:24)(cid:30)(cid:26)(cid:16)(cid:28)(cid:27)(cid:25)(cid:9)(cid:27)(cid:18)(cid:8)(cid:18)(cid:30)(cid:22)(cid:25)(cid:9)(cid:15)(cid:11)(cid:18)(cid:8)(cid:19)(cid:25)(cid:24)(cid:30)(cid:21)(cid:25)(cid:8)(cid:15)(cid:30)(cid:5)(cid:28)(cid:27)(cid:29)(cid:26)(cid:25)(cid:29)(cid:17)(cid:28)(cid:25) ‚(cid:1)(cid:25)(cid:14)(cid:30)(cid:27)(cid:28)(cid:21)(cid:28)(cid:28)(cid:23)(cid:28)(cid:21)(cid:25)(cid:5)(cid:15)(cid:14)(cid:8)(cid:17)(cid:28)(cid:27)(cid:25)(cid:11)(cid:18)(cid:24)(cid:20)(cid:18)(cid:11)(cid:18)(cid:29)(cid:19)(cid:25) (cid:27)(cid:28)(cid:16)(cid:28)(cid:27)(cid:25)(cid:30)(cid:15)(cid:29)(cid:28)(cid:25)ˆ‰ƒ(cid:25)(cid:18)(cid:30)(cid:29)(cid:15)(cid:25)(cid:24)(cid:25)Š‹(cid:1)(cid:25)(cid:11)(cid:18)(cid:24)(cid:20)(cid:18)(cid:11)(cid:18)(cid:29)(cid:19)(cid:25)(cid:20)(cid:19)(cid:25)
(cid:26)(cid:28)(cid:11)(cid:11)(cid:18)(cid:30)(cid:22)(cid:25) (cid:29)(cid:17)(cid:28)(cid:25) ‚(cid:1)(cid:25) (cid:11)(cid:18)(cid:24)(cid:20)(cid:18)(cid:11)(cid:18)(cid:29)(cid:19)(cid:25) (cid:29)(cid:15)(cid:25) (cid:29)(cid:17)(cid:28)(cid:25) Š(cid:28)(cid:12)(cid:25) ‹(cid:28)(cid:24)(cid:11)(cid:24)(cid:30)(cid:21)(cid:25) (cid:28)(cid:30)(cid:29)(cid:18)(cid:29)(cid:19)(cid:25) (cid:29)(cid:17)(cid:24)(cid:29)(cid:25) (cid:12)(cid:18)(cid:11)(cid:11)(cid:25) (cid:20)(cid:28)(cid:25) (cid:9)(cid:27)(cid:15)(cid:5)(cid:18)(cid:21)(cid:18)(cid:30)(cid:22)(cid:25) (cid:29)(cid:17)(cid:28)(cid:25) (cid:27)(cid:28)(cid:11)(cid:28)(cid:5)(cid:24)(cid:30)(cid:29)(cid:25) (cid:26)(cid:28)(cid:27)(cid:5)(cid:18)(cid:8)(cid:28)(cid:26)(cid:25) (cid:29)(cid:15)(cid:25) (cid:26)(cid:28)(cid:29)(cid:29)(cid:11)(cid:28)(cid:25) (cid:29)(cid:17)(cid:28)(cid:25) (cid:11)(cid:18)(cid:24)(cid:20)(cid:18)(cid:11)(cid:18)(cid:29)(cid:19)(cid:25) (cid:12)(cid:17)(cid:28)(cid:30)(cid:25) (cid:29)(cid:17)(cid:28)(cid:25) (cid:5)(cid:15)(cid:14)(cid:8)(cid:17)(cid:28)(cid:27)(cid:25) (cid:18)(cid:26)(cid:25)
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52
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(cid:23)(cid:22)(cid:24)(cid:21)(cid:29)(cid:20)(cid:19)(cid:18)(cid:17)(cid:16)(cid:15) (cid:23)(cid:22)(cid:24)(cid:21)(cid:29)(cid:14)(cid:13)(cid:12)(cid:16)(cid:15)(cid:11) (cid:10)(cid:22)(cid:24)(cid:21)(cid:29)(cid:20)(cid:19)(cid:18)(cid:17)(cid:16)(cid:15) (cid:10)(cid:22)(cid:24)(cid:21)(cid:29)(cid:14)(cid:13)(cid:12)(cid:16)(cid:15)(cid:11)
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(cid:2)(cid:22)(cid:141)(cid:143)(cid:127)
(cid:31)
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ƒ„…(cid:19)(cid:157) ƒ„…(cid:19)€(cid:31) †…(cid:143)‡ˆ(cid:31)ƒ††(cid:19)(cid:157) ƒ††(cid:19)€€(cid:8)(cid:31)(cid:31)
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53
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Financial liability at fair value through profit or loss – contingent consideration
The fair value of the contingent consideration was determined using estimates of the expected pay out discounted at current borrowing
rates.
These financial liabilities are exposed to interest rate risk as disclosed above.
Buy Right Cars
At acquisition date, contingent consideration of $6.3m was recognised and re-measured to $6.8m on the reporting date.
The fair value estimate, at acquisition date, of the contingent consideration was determined by discounting the probability adjusted earn out
consideration of $6.8m by 4.8%.
This is a level 3 fair value measurement and the key unobservable assumptions used in determining the probability adjusted earn out
consideration was the probability of achieving 65% to 150% of the annual net profit performance target established in the sales and
purchase agreement for the two earn periods.
At 31 March 2017, a charge of $0.5m was recognised in profit or loss for the contingent consideration arrangement as the assumed
probability adjusted earn out consideration was increased from $3.4m to $3.5m and the discount rate changed from 4.8%to 4.55%.
Assuming all other variables are held constant, and an increase in net profit before tax of 1% each year, the contingent consideration would
increase by $68,000.
Autosure
At acquisition date contingent consideration of $0.8m was recognised and not re-measured as the acquisition took place on the reporting
date. The maximum consideration to be paid is $1.0m.
The fair value estimate, at acquisition date, of the contingent consideration was determined by discounting the probability adjusted earn out
consideration of $ 0.8m by 4.55%.
This is a level 3 fair value measurement and the key unobservable assumptions used in determining the probability adjusted earn out
consideration was the probability of achieving 96% to 100% of the gross written premium target established in the sales and purchase
agreement.
Future development may require further revisions to the contingent considerations for Buy Right Cars and Autosure.
Derivative cash flow hedge
The fair value of forward exchange contracts is determined using forward exchange rates at balance date, with the resulting value
discounted to present value.
Reconciliation of recurring level 3 fair value movements:
Assets
Opening balance
Transfer from finance receivables (exercise security interest)
Revaluation at reporting date - investment property
Closing balance
Liabilities
Opening balance
On acquisition contingent consideration - Buy Right Cars
On acquisition contingent consideration - Autosure
Revaluation at reporting date - Buy Right Cars
Closing balance
During the year there were no movements of fair value assets or liabilities between levels of the fair value hierarchy.
2017
$'000
-
3,500
500
4,000
-
6,342
775
494
7,611
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
6. SEGMENTAL INFORMATION
6.1 DESCRIPTION OF SEGMENTS
Management has determined the operating segments based on the components of Turners Automotive Group Limited and its subsidiaries (the
Group) that engage in business activities, which have discrete financial information available and whose operating results are regularly reviewed
by the Group's chief operating decision maker. The chief operating decision maker has been identified as the Board of Directors. The Board of
Directors makes decisions about how resources are allocated to the segments and assesses their performance. Geographically the Group's
business activities are located in New Zealand and Australia.
During the financial year the Group acquired the business of Buy Right Cars and Autosure (refer Acquisitions of businesses) (2016: Southern
Finance Limited). Buy right Cars has been aggregated into the 'Automotive retail' segment as Buy Right Cars, together with Turners Group NZ
Limited, operate in the automotive sector remarketing motor vehicles and other related activity. Autosure has been aggregated into the 'Insurance
segment' as Autosure, together with DPL Insurance Limited, operate in the insurance market, marketing and administering consumer insurance
products and other related activity (2016: Southern Finance Limited was aggregated into the Finance segment as Southern Finance Limited,
together with Dorchester Finance Limited and Oxford Finance Limited, operate in the finance industry providing asset based finance to
consumers and SME's).
Five reportable segment have been identified as follows:
Automotive retail - remarketing ( motor vehicles, trucks, heavy machinery and commercial goods) and purchasing goods for sale
(motor vehicles and commercial goods) and related asset based finance to consumers.
Collection services - collection services, credit management and debt recovery services to the corporate and SME sectors.
Geographically the collections services segment business activities are located in New Zealand and Australia.
Finance - provides asset based finance to consumers and SME's.
Insurance - marketing and administration of a range of life and consumer insurance and superannuation products.
Corporate & other - corporate centre.
OPERATING SEGMENTS
Revenue
Automotive retail
Finance
Collection services - New Zealand
Collection services - Australia
Insurance
Corporate & other
Total
segment
revenue
2017
$’000
193,472
26,818
13,127
9,783
12,255
466
255,921
Inter-
segment
revenue
2017
$’000
(783)
-
(3,804)
-
-
(325)
(4,912)
Revenue
from
external
customers
2017
$’000
192,689
26,818
9,323
9,783
12,255
141
251,009
Total
segment
revenue
2016
$’000
117,774
24,388
13,014
8,555
9,155
735
173,621
Inter-
segment
revenue
2016
$’000
-
-
(3,238)
-
-
(88)
(3,326)
Revenue
from
external
customers
2016
$’000
117,774
24,388
9,776
8,555
9,155
647
170,295
Revenue from external customers reported to the Board of Directors is measured on the same basis as revenue reported in the profit or loss.
Inter-segment transactions are done on an arms length basis. The Group has no customers representing 10% or more of the Group's revenues.
Operating profit
Automotive retail
Finance
Collection services - New Zealand
Collection services - Australia
Insurance
Corporate & other
Profit/(loss) before taxation
Income tax
Net profit attributable to shareholders
2017
$’000
15,397
10,156
6,006
239
928
(8,095)
24,631
(7,057)
17,574
2016
$’000
10,009
9,786
5,823
213
1,398
(5,678)
21,551
(5,949)
15,602
54
55
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
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(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:29)(cid:30)(cid:26)(cid:29)(cid:25)(cid:28)(cid:26)(cid:24)(cid:23)(cid:22)(cid:21)(cid:22)(cid:20)(cid:23)(cid:21)(cid:19)(cid:26)(cid:27)(cid:29)(cid:21)(cid:29)(cid:28)(cid:18)(cid:28)(cid:22)(cid:29)(cid:27)(cid:26)(cid:24)(cid:30)(cid:17)(cid:26)(cid:29)(cid:25)(cid:28)(cid:26)(cid:16)(cid:28)(cid:21)(cid:17)(cid:26)(cid:28)(cid:22)(cid:15)(cid:28)(cid:15)(cid:26)(cid:14)(cid:13)(cid:26)(cid:12)(cid:21)(cid:17)(cid:20)(cid:25)(cid:26)(cid:11)(cid:10)(cid:13)(cid:9)
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
(cid:5)(cid:23)(cid:18)(cid:16)(cid:18)(cid:127)(cid:23)(cid:17)(cid:16)(cid:18)(cid:19)(cid:18)(cid:5)(cid:24)(cid:18)
(cid:5)(cid:23)(cid:18)(cid:16)(cid:18)(cid:127)(cid:23)(cid:17)(cid:18)‰ (cid:18)(cid:5)(cid:127)(cid:18)
(cid:15)(cid:21)(cid:22)(cid:16)(cid:23)(cid:20)(cid:127)(cid:15)(cid:23)(cid:20)(cid:22)(cid:5)(cid:17)(cid:18)‰ (cid:18)(cid:5)(cid:127)(cid:18)
Œ(cid:18) (cid:16)(cid:18)(cid:4)(cid:20)(cid:15)(cid:23)(cid:20)(cid:22)(cid:5)(cid:17)(cid:15)(cid:5)(cid:157)(cid:17)
Automotive retail segment analysis
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(cid:6)(cid:20)(cid:5)(cid:15)(cid:5)(cid:4)(cid:18)
(cid:1)(cid:22)(cid:14)(cid:14)(cid:18)(cid:4)(cid:23)(cid:20)(cid:22)(cid:5)(cid:17)(cid:127)(cid:18)(cid:16)(cid:19)(cid:20)(cid:4)(cid:18)(cid:127)(cid:17)(cid:129)(cid:17)(cid:141)(cid:18)(cid:143)(cid:17)(cid:144)(cid:18)(cid:15)(cid:14)(cid:15)(cid:5)(cid:157)
(cid:1)(cid:22)(cid:14)(cid:14)(cid:18)(cid:4)(cid:23)(cid:20)(cid:22)(cid:5)(cid:17)(cid:127)(cid:18)(cid:16)(cid:19)(cid:20)(cid:4)(cid:18)(cid:127)(cid:17)(cid:129)(cid:17)(cid:25)(cid:24)(cid:127)(cid:23)(cid:16)(cid:15)(cid:14)(cid:20)(cid:15)
(cid:5)(cid:127)(cid:24)(cid:16)(cid:15)(cid:5)(cid:4)(cid:18)
(cid:1)(cid:22)(cid:16) (cid:22)(cid:16)(cid:15)(cid:23)(cid:18)(cid:17)€(cid:17)(cid:22)(cid:23)‚(cid:18)(cid:16)
ƒ(cid:14)(cid:20)(cid:21)(cid:20)(cid:5)(cid:15)(cid:23)(cid:20)(cid:22)(cid:5)(cid:127)
„(cid:23)‚(cid:18)(cid:16)(cid:17)(cid:21)(cid:15)(cid:23)(cid:18)(cid:16)(cid:20)(cid:15)(cid:14)(cid:17)(cid:5)(cid:22)(cid:5)(cid:129)(cid:4)(cid:15)(cid:127)‚(cid:17)(cid:20)(cid:23)(cid:18)(cid:21)(cid:127)
(cid:25)(cid:24)(cid:23)(cid:22)(cid:21)(cid:22)(cid:23)(cid:20)(cid:19)(cid:18)(cid:17)(cid:16)(cid:18)(cid:23)(cid:15)(cid:20)(cid:14)(cid:17)(cid:129)(cid:17)(cid:20)(cid:21) (cid:15)(cid:20)(cid:16)(cid:21)(cid:18)(cid:5)(cid:23)(cid:17) (cid:16)(cid:22)(cid:19)(cid:20)(cid:127)(cid:20)(cid:22)(cid:5)(cid:127)
(cid:6)(cid:20)(cid:5)(cid:15)(cid:5)(cid:4)(cid:18)(cid:17)(cid:129)(cid:17)(cid:20)(cid:21) (cid:15)(cid:20)(cid:16)(cid:21)(cid:18)(cid:5)(cid:23)(cid:17) (cid:16)(cid:22)(cid:19)(cid:20)(cid:127)(cid:20)(cid:22)(cid:5)(cid:127)
(cid:5)(cid:127)(cid:24)(cid:16)(cid:15)(cid:5)(cid:4)(cid:18)(cid:17)(cid:129)(cid:17)(cid:20)(cid:21) (cid:15)(cid:20)(cid:16)(cid:21)(cid:18)(cid:5)(cid:23)(cid:17) (cid:16)(cid:22)(cid:19)(cid:20)(cid:127)(cid:20)(cid:22)(cid:5)(cid:127)
(cid:1)(cid:22)(cid:16) (cid:22)(cid:16)(cid:15)(cid:23)(cid:18)(cid:17)€(cid:17)(cid:22)(cid:23)‚(cid:18)(cid:16)(cid:17)(cid:129)(cid:17)(cid:20)(cid:21) (cid:15)(cid:20)(cid:16)(cid:21)(cid:18)(cid:5)(cid:23)(cid:17) (cid:16)(cid:22)(cid:19)(cid:20)(cid:127)(cid:20)(cid:22)(cid:5)(cid:127)
(cid:1)(cid:22)(cid:14)(cid:14)(cid:18)(cid:4)(cid:23)(cid:20)(cid:22)(cid:5)(cid:17)(cid:127)(cid:18)(cid:16)(cid:19)(cid:20)(cid:4)(cid:18)(cid:127)(cid:17)(cid:129)(cid:17)(cid:141)(cid:18)(cid:143)(cid:17)(cid:144)(cid:18)(cid:15)(cid:14)(cid:15)(cid:5)(cid:157)(cid:17)(cid:129)(cid:17)(cid:157)(cid:18)…(cid:18)(cid:16)(cid:16)(cid:18)(cid:157)(cid:17)(cid:16)(cid:18)(cid:19)(cid:18)(cid:5)(cid:24)(cid:18)
(cid:5)(cid:127)(cid:24)(cid:16)(cid:15)(cid:5)(cid:4)(cid:18)(cid:17)(cid:129)(cid:17)(cid:16)(cid:18)(cid:19)(cid:18)(cid:16)(cid:127)(cid:18)(cid:17)(cid:15)(cid:5)(cid:5)(cid:24)(cid:20)(cid:23)†(cid:17)(cid:21)(cid:22)(cid:16)(cid:23)‡(cid:15)‡(cid:18)(cid:17)(cid:20)(cid:5)(cid:23)(cid:18)(cid:16)(cid:18)(cid:127)(cid:23)
(cid:1)(cid:22)(cid:16) (cid:22)(cid:16)(cid:15)(cid:23)(cid:18)(cid:17)€(cid:17)(cid:22)(cid:23)‚(cid:18)(cid:16)(cid:17)(cid:129)(cid:17)(cid:16)(cid:18)(cid:19)(cid:18)(cid:16)(cid:127)(cid:18)(cid:17)(cid:15)(cid:5)(cid:5)(cid:24)(cid:20)(cid:23)†(cid:17)(cid:21)(cid:22)(cid:16)(cid:23)‡(cid:15)‡(cid:18)(cid:17)(cid:20)(cid:5)(cid:23)(cid:18)(cid:16)(cid:18)(cid:127)(cid:23)
(cid:15)(cid:14)(cid:13)(cid:12)(cid:14)(cid:11)(cid:10)(cid:9)(cid:8)(cid:7)(cid:7)(cid:14)(cid:10)(cid:7)(cid:9)(cid:8)(cid:11)(cid:6)(cid:9)(cid:5)(cid:4)(cid:8)(cid:3)(cid:4)(cid:5)(cid:4)(cid:10)(cid:4)(cid:14)(cid:7)
(cid:25)(cid:24)(cid:23)(cid:22)(cid:21)(cid:22)(cid:23)(cid:20)(cid:19)(cid:18)(cid:17)(cid:16)(cid:18)(cid:23)(cid:15)(cid:20)(cid:14)
(cid:6)(cid:20)(cid:5)(cid:15)(cid:5)(cid:4)(cid:18)
(cid:1)(cid:22)(cid:14)(cid:14)(cid:18)(cid:4)(cid:23)(cid:20)(cid:22)(cid:5)(cid:17)(cid:127)(cid:18)(cid:16)(cid:19)(cid:20)(cid:4)(cid:18)(cid:127)(cid:17)(cid:129)(cid:17)(cid:141)(cid:18)(cid:143)(cid:17)(cid:144)(cid:18)(cid:15)(cid:14)(cid:15)(cid:5)(cid:157)
(cid:1)(cid:22)(cid:14)(cid:14)(cid:18)(cid:4)(cid:23)(cid:20)(cid:22)(cid:5)(cid:17)(cid:127)(cid:18)(cid:16)(cid:19)(cid:20)(cid:4)(cid:18)(cid:127)(cid:17)(cid:129)(cid:17)(cid:25)(cid:24)(cid:127)(cid:23)(cid:16)(cid:15)(cid:14)(cid:20)(cid:15)
(cid:5)(cid:127)(cid:24)(cid:16)(cid:15)(cid:5)(cid:4)(cid:18)
(cid:1)(cid:22)(cid:16) (cid:22)(cid:16)(cid:15)(cid:23)(cid:18)(cid:17)€(cid:17)(cid:22)(cid:23)‚(cid:18)(cid:16)
ƒ(cid:14)(cid:20)(cid:21)(cid:20)(cid:5)(cid:15)(cid:23)(cid:20)(cid:22)(cid:5)(cid:127)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:28)(cid:24)(cid:23)(cid:22)(cid:30)
(cid:31)(cid:31)(cid:24)(cid:22)(cid:30)(cid:28)
(cid:29)(cid:20)
(cid:16)
(cid:17)(cid:28)(cid:23)
(cid:18)(cid:29)(cid:17)
(cid:20)(cid:29)(cid:24)(cid:17)(cid:30)(cid:20)
(cid:21)(cid:20)(cid:31)(cid:23)(cid:19)
(cid:20)(cid:29)(cid:24)(cid:18)(cid:28)(cid:17)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:27)(cid:26)(cid:30)(cid:30)(cid:30)
(cid:13)(cid:12)(cid:31)(cid:28)(cid:29)
(cid:31)(cid:29)(cid:12)(cid:29)(cid:7)(cid:31)
(cid:28)
(cid:129)
(cid:7)(cid:31)(cid:31)
(cid:3)(cid:3)(cid:7)
(cid:31)(cid:2)(cid:12)(cid:13)(cid:29)(cid:2)
(cid:11)(cid:7)(cid:7)(cid:8)
(cid:31)(cid:2)(cid:12)(cid:28)(cid:10)(cid:29)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:11)(cid:10)(cid:12)(cid:13)(cid:9)(cid:10)(cid:8)
(cid:11)(cid:10)(cid:12)(cid:28)(cid:3)(cid:7)(cid:8)
(cid:129)
(cid:129)
(cid:129)
(cid:11)(cid:3)(cid:12)(cid:31)(cid:13)(cid:3)(cid:8)
(cid:11)(cid:29)(cid:29)(cid:12)(cid:28)(cid:13)(cid:9)(cid:8)
(cid:10)(cid:31)(cid:9)
(cid:11)(cid:29)(cid:29)(cid:12)(cid:10)(cid:9)(cid:30)(cid:8)
ˆ(cid:18)(cid:19)(cid:18)(cid:5)(cid:24)(cid:18)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:16)
(cid:16)
(cid:16)
(cid:16)
(cid:29)(cid:24)(cid:30)(cid:27)(cid:29)
(cid:17)(cid:31)(cid:23)
(cid:27)(cid:30)
(cid:29)(cid:24)(cid:22)(cid:18)(cid:27)
(cid:2)(cid:7)(cid:7)(cid:14)(cid:10)(cid:7)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:29)(cid:20)(cid:18)(cid:24)(cid:29)(cid:27)(cid:30)
(cid:29)(cid:28)(cid:18)(cid:24)(cid:29)(cid:20)(cid:18)
(cid:31)(cid:23)(cid:24)(cid:22)(cid:28)(cid:18)
(cid:29)(cid:24)(cid:22)(cid:30)(cid:17)
(cid:29)(cid:29)(cid:17)(cid:24)(cid:28)(cid:31)(cid:31)
(cid:31)(cid:27)(cid:27)(cid:24)(cid:18)(cid:30)(cid:20)
(cid:28)(cid:31)(cid:29)(cid:24)(cid:20)(cid:30)(cid:29)
(cid:21)(cid:29)(cid:27)(cid:18)(cid:24)(cid:27)(cid:27)(cid:17)(cid:19)
(cid:23)(cid:23)(cid:27)(cid:24)(cid:27)(cid:20)(cid:20)
(cid:31)(cid:30)(cid:29)(cid:27)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:21)(cid:20)(cid:24)(cid:20)(cid:22)(cid:20)(cid:19)
(cid:21)(cid:18)(cid:24)(cid:20)(cid:28)(cid:22)(cid:19)
(cid:21)(cid:29)(cid:27)(cid:29)(cid:19)
(cid:21)(cid:29)(cid:31)(cid:19)
(cid:21)(cid:31)(cid:19)
(cid:21)(cid:20)(cid:24)(cid:23)(cid:28)(cid:28)(cid:19)
(cid:21)(cid:29)(cid:29)(cid:24)(cid:23)(cid:31)(cid:18)(cid:19)
(cid:17)(cid:17)
(cid:21)(cid:29)(cid:29)(cid:24)(cid:18)(cid:20)(cid:27)(cid:19)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:27)(cid:26)(cid:30)(cid:30)(cid:30)
(cid:129)
(cid:129)
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(cid:129)
(cid:29)(cid:12)(cid:7)(cid:29)(cid:29)
(cid:13)(cid:31)(cid:13)
(cid:10)(cid:7)(cid:9)
(cid:31)(cid:12)(cid:2)(cid:31)(cid:10)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:27)(cid:26)(cid:30)(cid:30)(cid:30)
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(cid:29)(cid:9)(cid:31)(cid:12)(cid:10)(cid:31)(cid:30)
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(cid:29)(cid:12)(cid:28)(cid:3)(cid:29)
(cid:10)(cid:9)(cid:12)(cid:7)(cid:29)(cid:7)
(cid:31)(cid:29)(cid:2)(cid:12)(cid:29)(cid:29)(cid:3)
(cid:9)(cid:29)(cid:13)(cid:12)(cid:9)(cid:29)(cid:7)
(cid:11)(cid:29)(cid:9)(cid:30)(cid:12)(cid:3)(cid:29)(cid:29)(cid:8)
(cid:10)(cid:28)(cid:13)(cid:12)(cid:29)(cid:30)(cid:13)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:11)(cid:31)(cid:12)(cid:31)(cid:7)(cid:28)(cid:8)
(cid:11)(cid:10)(cid:31)(cid:2)(cid:8)
(cid:11)(cid:2)(cid:31)(cid:8)
(cid:129)
(cid:11)(cid:2)(cid:29)(cid:8)
(cid:11)(cid:28)(cid:9)(cid:8)
(cid:11)(cid:31)(cid:12)(cid:7)(cid:28)(cid:10)(cid:8)
(cid:129)
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ƒ‰ (cid:18)(cid:5)(cid:127)(cid:18)(cid:127)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:21)(cid:31)(cid:22)(cid:28)(cid:19)
(cid:21)(cid:29)(cid:24)(cid:28)(cid:29)(cid:30)(cid:19)
(cid:21)(cid:29)(cid:27)(cid:19)
(cid:16)
(cid:16)
(cid:16)
(cid:21)(cid:20)(cid:19)
(cid:21)(cid:31)(cid:24)(cid:30)(cid:31)(cid:27)(cid:19)
‚(cid:4)(cid:8)(cid:3)(cid:4)(cid:5)(cid:4)(cid:10)(cid:4)(cid:14)(cid:7)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:29)(cid:30)(cid:20)(cid:24)(cid:17)(cid:31)(cid:29)
(cid:29)(cid:31)(cid:27)(cid:24)(cid:23)(cid:31)(cid:17)
(cid:22)(cid:24)(cid:31)(cid:18)(cid:27)
(cid:17)(cid:22)(cid:30)
(cid:27)(cid:27)(cid:24)(cid:23)(cid:30)(cid:20)
(cid:28)(cid:22)(cid:24)(cid:29)(cid:27)(cid:22)
(cid:20)(cid:17)(cid:27)(cid:24)(cid:29)(cid:23)(cid:28)
(cid:21)(cid:29)(cid:24)(cid:31)(cid:18)(cid:30)(cid:19)
(cid:20)(cid:17)(cid:18)(cid:24)(cid:22)(cid:29)(cid:28)
(cid:2)(cid:1)(cid:127)(cid:129)(cid:4)(cid:7)(cid:4)(cid:10)(cid:4)(cid:141)(cid:11)(cid:9)(cid:141)(cid:143)(cid:9)(cid:144)(cid:157)(cid:141)(cid:144)(cid:14)(cid:157)(cid:10) (cid:24)(cid:9)(cid:144)(cid:5)(cid:8)(cid:11)(cid:10)(cid:9) (cid:9)(cid:14)(cid:127)(cid:129)(cid:4)(cid:144)(cid:12)(cid:14)(cid:11)(cid:10)(cid:24)(cid:9)(cid:4)(cid:11)(cid:10)(cid:8)(cid:11)(cid:13)(cid:4)(cid:3)(cid:5)(cid:14)(cid:9)(cid:8)(cid:7)(cid:7)(cid:14)(cid:10)(cid:7)(cid:9)(cid:8)(cid:11)(cid:6)(cid:9)(cid:141)(cid:10)€(cid:14)(cid:157)(cid:9)(cid:11)(cid:141)(cid:11)(cid:16)(cid:1)(cid:129)(cid:157)(cid:157)(cid:14)(cid:11)(cid:10)(cid:9)(cid:8)(cid:7)(cid:7)(cid:14)(cid:10)(cid:7)
(cid:25)(cid:24)(cid:23)(cid:22)(cid:21)(cid:22)(cid:23)(cid:20)(cid:19)(cid:18)(cid:17)(cid:16)(cid:18)(cid:23)(cid:15)(cid:20)(cid:14)
(cid:6)(cid:20)(cid:5)(cid:15)(cid:5)(cid:4)(cid:18)
(cid:1)(cid:22)(cid:14)(cid:14)(cid:18)(cid:4)(cid:23)(cid:20)(cid:22)(cid:5)(cid:17)(cid:127)(cid:18)(cid:16)(cid:19)(cid:20)(cid:4)(cid:18)(cid:127)(cid:17)(cid:129)(cid:17)(cid:141)(cid:18)(cid:143)(cid:17)(cid:144)(cid:18)(cid:15)(cid:14)(cid:15)(cid:5)(cid:157)
(cid:1)(cid:22)(cid:14)(cid:14)(cid:18)(cid:4)(cid:23)(cid:20)(cid:22)(cid:5)(cid:17)(cid:127)(cid:18)(cid:16)(cid:19)(cid:20)(cid:4)(cid:18)(cid:127)(cid:17)(cid:129)(cid:17)(cid:25)(cid:24)(cid:127)(cid:23)(cid:16)(cid:15)(cid:14)(cid:20)(cid:15)
(cid:5)(cid:127)(cid:24)(cid:16)(cid:15)(cid:5)(cid:4)(cid:18)
(cid:1)(cid:22)(cid:16) (cid:22)(cid:16)(cid:15)(cid:23)(cid:18)(cid:17)€(cid:17)(cid:22)(cid:23)‚(cid:18)(cid:16)
Š(cid:24)(cid:127)(cid:20)(cid:5)(cid:18)(cid:127)(cid:127)(cid:17)(cid:4)(cid:22)(cid:21)‹(cid:20)(cid:5)(cid:15)(cid:23)(cid:20)(cid:22)(cid:5)(cid:127)
„(cid:23)‚(cid:18)(cid:16)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:29)(cid:24)(cid:22)(cid:23)(cid:17)
(cid:16)
(cid:16)
(cid:16)
(cid:17)(cid:17)(cid:28)
(cid:16)
(cid:31)(cid:24)(cid:17)(cid:18)(cid:23)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:27)(cid:26)(cid:30)(cid:30)(cid:30)
(cid:129)
(cid:29)(cid:13)(cid:29)
(cid:129)
(cid:129)
(cid:129)
(cid:129)
(cid:29)(cid:13)(cid:29)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:28)(cid:24)(cid:23)(cid:28)(cid:17)
(cid:18)(cid:30)(cid:20)
(cid:17)(cid:31)
(cid:16)
(cid:20)(cid:28)(cid:28)
(cid:27)(cid:29)
(cid:17)(cid:24)(cid:23)(cid:30)(cid:29)
(cid:31)(cid:30)(cid:29)(cid:27)
(cid:26)(cid:25)(cid:30)(cid:30)(cid:30)
(cid:21)(cid:29)(cid:24)(cid:28)(cid:27)(cid:22)(cid:19)
(cid:21)(cid:29)(cid:28)(cid:20)(cid:19)
(cid:21)(cid:27)(cid:17)(cid:19)
(cid:21)(cid:31)(cid:19)
(cid:21)(cid:28)(cid:17)(cid:19)
(cid:21)(cid:23)(cid:18)(cid:19)
(cid:21)(cid:31)(cid:24)(cid:29)(cid:18)(cid:18)(cid:19)
(cid:16)
(cid:21)(cid:31)(cid:24)(cid:29)(cid:18)(cid:18)(cid:19)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:27)(cid:26)(cid:30)(cid:30)(cid:30)
(cid:11)(cid:3)(cid:28)(cid:13)(cid:8)
(cid:11)(cid:9)(cid:9)(cid:3)(cid:8)
(cid:11)(cid:29)(cid:30)(cid:8)
(cid:11)(cid:29)(cid:30)(cid:8)
(cid:129)
(cid:129)
(cid:129)
(cid:11)(cid:29)(cid:12)(cid:30)(cid:3)(cid:29)(cid:8)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:27)(cid:26)(cid:30)(cid:30)(cid:30)
(cid:28)(cid:31)(cid:12)(cid:28)(cid:31)(cid:9)
(cid:29)(cid:29)(cid:10)(cid:12)(cid:13)(cid:10)(cid:28)
(cid:29)(cid:10)(cid:12)(cid:2)(cid:2)(cid:29)
(cid:29)(cid:12)(cid:10)(cid:3)(cid:28)
(cid:31)(cid:13)(cid:12)(cid:29)(cid:29)(cid:30)
(cid:9)(cid:30)(cid:12)(cid:28)(cid:28)(cid:7)
(cid:31)(cid:28)(cid:2)(cid:12)(cid:3)(cid:13)(cid:28)
(cid:11)(cid:10)(cid:31)(cid:12)(cid:29)(cid:7)(cid:29)(cid:8)
(cid:31)(cid:10)(cid:13)(cid:12)(cid:31)(cid:2)(cid:9)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:27)(cid:26)(cid:30)(cid:30)(cid:30)
(cid:28)(cid:12)(cid:9)(cid:9)(cid:9)
(cid:29)(cid:13)(cid:28)
(cid:13)(cid:9)
(cid:129)
(cid:29)(cid:30)(cid:7)
(cid:7)(cid:7)
(cid:13)(cid:12)(cid:30)(cid:30)(cid:31)
Auctions
Finance
Fleet
Buy Right Cars
Operating profit
Auctions
Finance
Fleet
Buy Right Cars
Division assets and liabilities
Auctions
Finance
Fleet
Buy Right Cars
Eliminations
Total
division
revenue
2017
$’000
38,169
12,700
97,858
44,745
193,472
Inter-
division
revenue
2017
$’000
(272)
-
-
(511)
(783)
Revenue
from
external
customers
2017
$’000
37,897
12,700
97,858
44,234
192,689
Total
division
revenue
2016
$’000
37,173
10,134
70,467
-
117,774
Inter-
division
revenue
2016
$’000
-
-
-
-
-
2017
$’000
2,442
4,916
4,932
3,107
15,397
Assets
2017
$’000
30,386
55,506
20,546
29,450
135,888
(1,728)
134,160
2016
$’000
23,005
47,375
14,458
-
84,838
(1,746)
83,092
Liabilities
2017
$’000
13,044
50,694
14,876
25,724
104,338
(517)
103,821
Revenue
from
external
customers
2016
$’000
37,173
10,134
70,467
-
117,774
2016
$’000
3,048
3,027
3,934
-
10,009
2016
$’000
9,978
43,888
9,381
-
63,247
(622)
62,625
56
57
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
7. PROFIT BEFORE TAX
Revenue from continuing operations includes:
Interest income
Bank accounts, short term deposits and investments
Finance receivables
Reverse annuity mortgages
Total Interest Income
Other revenue
Sales of goods
Commission and other auction revenue
Finance related insurance commissions
Loan fee income
Insurance and life investment contract income
Collection income
Bad debts recovered
Other revenue
Total Other Revenue
Total Operating Revenue
Other income comprises:
Revaluation gain on investments
Dividend income
Gain of sale of property, plant and equipment
Interest expense
Bank borrowings and other
Bonds
Total Interest Expense
Movement in impairment provisions
Provisions for:
Specific impaired finance receivables
Collective impairment provision for finance receivables
Collective impairment on reverse annuity mortgages
Finance receivables bad debts written off
Movement
Net operating profit includes the following specific expenses
Depreciation
- Plant, equipment & motor vehicles
- Leasehold improvements, furniture, fittings & offi ce equipment
- Computer equipment
- Signs & flags
Amortisation of software
Tax advisory fees
Donations
Directors’ fees
Post-employment benefits
Loss on sale of property, plant and equipment
Notes
2017
$’000
2016
$’000
31
14
14
16
206
30,387
885
31,478
139,153
37,942
6,839
2,187
10,467
19,093
1,058
1,121
217,860
249,338
1,229
358
84
1,671
9,357
1,993
11,350
282
285
17
1,442
2,026
490
824
313
92
1,144
2,863
221
10
458
738
53
353
28,166
1,112
29,631
70,457
37,829
1,666
2,041
8,354
18,325
1,199
271
140,142
169,773
200
252
70
522
9,316
2,120
11,436
(544)
526
18
1,041
1,041
413
500
273
89
869
2,144
160
7
458
755
30
Fees paid to auditor
Staples Rodway Auckland (auditor of the Group)
Audit of financial statements
Audit of annual financial statements
Other services
Other assurance services
- audit of DPL Insurance Limited solvency return
- audit of Turners Automotive Group Limited share reg istry
- Agreed Upon Procedures in relation to the EC Credit Control Limited trust account
Total other services
Total fees paid to Staples Rodway Auckland
8. TAXATION
Net operating profit before taxation
Income tax expense at prevailing rates
Tax impact of income not subject to tax
Tax impact of expenses not deductible for tax purpos es
Under provision in prior years
Taxation (expense)/benefit
Comprising:
Current
Deferred
Under provision in prior years
9. EARNINGS PER SHARE
2017
$’000
2016
$’000
372
308
5
-
3
8
3
1
3
7
380
315
2017
$’000
24,631
(6,900)
239
(520)
124
(7,057)
(5,790)
(1,391)
124
(7,057)
2016
$’000
21,551
(6,038)
128
(160)
121
(5,949)
(4,275)
(1,795)
121
(5,949)
Basic earnings per share
The calculation of basic earnings per share at 31 March was ba sed on the profit attributable to ordinary shareholders and weighted average
number of ordinary shares outstanding, as follows:
Profit for the year ($'000)
Weighted average number of ordinary shares at 31 Marc h
Basic earnings per share (cents per share)
Weighted number of shares
Opening balance
Shares issued under the staff share scheme
Shares issued for the purchase of Buy Right Cars
Shares issued for the conversion of bonds
Shares issued as share placement
Treasury shares
2017
17,574
68,931,984
25.49
2016
15,602
63,160,163
24.70
2017
2016
63,431,637
-
410,795
2,906,378
2,183,174
-
68,931,984
63,078,516
160,480
-
-
-
(78,833)
63,160,163
58
59
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Diluted earnings per share
The calculation of diluted earnings per share at 31 March was based on the diluted profit attributable to shareholders an d a diluted weighted
average number of ordinary shares outstanding as fo llows:
Continuing operations
Add: interest expense relating to optional converti ble bonds, net of tax
Add: Long term incentive expense relation to options
Profit for the year
Weighted number of ordinary shares (diluted)
Weighted average number of shares (basic)
Effect of the conversion of bonds
Effect of the exercise of the options
Weighted average number of shares (diluted)
Diluted earnings per share (cents per share)
10. CASH AND CASH EQUIVALENTS
The carrying value of cash and cash equivalents are denominated in the following currencies:
Australian dollars
New Zealand dollars
2017
$’000
17,574
1,196
208
18,978
2016
$’000
15,602
1,505
-
17,107
68,931,984
6,816,220
61,845
75,810,049
63,160,163
7,743,526
-
70,903,689
25.03
24.13
2017
$’000
632
68,437
69,069
2016
$’000
278
13,532
13,810
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 hol d in order to meet solvency requirements,
consequently all cash and cash equivalents held in the insurance business may not be available for use by the wider Group. Following the
transfer of the acquired Autosure in-force portfoli o from Vero Insurance New Zealand Limited (refer note 18), Group's insurance business' cash
and cash equivalents at 31 March 2017 were $55,600, 000 (2016: $7,600,000).
Cash and cash equivalents at 31 March 2017 of $2.1m ( 2016: $nil) belong to the Turners Marque Warehouse T rust 1 (refer note 14) and are
not available to the Group.
11. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Insurance:
Investments in unitised funds
Other:
Term deposits
Investment in equities
Total
Investments in unitised funds comprise:
New Zealand and overseas equities
Fixed Interest securities
Cash
New Zealand and overseas property securities
Total
2017
$’000
7,190
122
3,008
10,320
2,857
1,293
1,264
1,776
7,190
2016
$’000
15,813
365
2,277
18,455
5,673
2,390
3,128
4,622
15,813
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(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:29)(cid:30)(cid:26)(cid:29)(cid:25)(cid:28)(cid:26)(cid:24)(cid:23)(cid:22)(cid:21)(cid:22)(cid:20)(cid:23)(cid:21)(cid:19)(cid:26)(cid:27)(cid:29)(cid:21)(cid:29)(cid:28)(cid:18)(cid:28)(cid:22)(cid:29)(cid:27)(cid:26)(cid:24)(cid:30)(cid:17)(cid:26)(cid:29)(cid:25)(cid:28)(cid:26)(cid:16)(cid:28)(cid:21)(cid:17)(cid:26)(cid:28)(cid:22)(cid:15)(cid:28)(cid:15)(cid:26)(cid:14)(cid:13)(cid:26)(cid:12)(cid:21)(cid:17)(cid:20)(cid:25)(cid:26)(cid:11)(cid:10)(cid:13)(cid:9)
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
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(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:28)(cid:26)(cid:29)(cid:25)(cid:27)(cid:24)(cid:29)(cid:28)(cid:25)(cid:24)(cid:30)(cid:23)(cid:25)(cid:22)(cid:21)(cid:27)(cid:27)(cid:28)(cid:30)(cid:22)(cid:20)(cid:25)(cid:27)(cid:19)(cid:26)(cid:18)
(cid:127) (cid:7)(cid:5)(cid:11)(cid:11)(cid:21)(cid:129)(cid:12)(cid:7)(cid:23)(cid:10) (cid:21)(cid:24)(cid:21)(cid:141)‘(cid:7)(cid:12)(cid:7) (cid:143)€ (cid:20)(cid:19)(cid:23) (cid:7)(cid:23)(cid:24)(cid:7)(cid:12)(cid:20)(cid:12)‹(cid:12)(cid:20)‘ (cid:143)€ €(cid:12)(cid:24)(cid:21)(cid:24)…(cid:12)(cid:21)(cid:141) (cid:21)(cid:7)(cid:7)(cid:23)(cid:20)(cid:7) (cid:21)(cid:20) €(cid:21)(cid:12)(cid:129) ‹(cid:21)(cid:141)(cid:5)(cid:23) (cid:20)(cid:19)(cid:129)(cid:143)(cid:5)ƒ(cid:19) „(cid:129)(cid:143)€(cid:12)(cid:20) (cid:143)(cid:129) (cid:141)(cid:143)(cid:7)(cid:7)(cid:3) (cid:23)”…(cid:141)(cid:5)(cid:10)(cid:12)(cid:24)ƒ (cid:12)(cid:24)‹(cid:23)(cid:7)(cid:20)(cid:11)(cid:23)(cid:24)(cid:20)(cid:7) (cid:12)(cid:24) (cid:5)(cid:24)(cid:12)(cid:20)(cid:12)(cid:7)(cid:23)(cid:10) €(cid:5)(cid:24)(cid:10)(cid:7) (cid:17)(cid:21)(cid:7)
(cid:11)(cid:21)(cid:129)‚(cid:23)(cid:20)(cid:18)(cid:129)(cid:12)(cid:7)‚(cid:18)(cid:143)(cid:24)(cid:18)(cid:5)(cid:24)(cid:12)(cid:20)(cid:12)(cid:7)(cid:23)(cid:10)(cid:18)€(cid:5)(cid:24)(cid:10)(cid:7)(cid:18)(cid:12)(cid:7)(cid:18)(cid:20)(cid:129)(cid:21)(cid:24)(cid:7)€(cid:23)(cid:129)(cid:129)(cid:23)(cid:10)(cid:18)(cid:20)(cid:143)(cid:18)(cid:20)(cid:19)(cid:23)(cid:18)„(cid:143)(cid:141)(cid:12)…‘(cid:18)(cid:19)(cid:143)(cid:141)(cid:10)(cid:23)(cid:129)(cid:14)(cid:3)(cid:18)(cid:20)(cid:143)(cid:18)(cid:12)(cid:24)(cid:20)(cid:23)(cid:129)(cid:23)(cid:7)(cid:20)(cid:18)(cid:129)(cid:21)(cid:20)(cid:23)(cid:18)(cid:129)(cid:12)(cid:7)‚(cid:18)(cid:21)(cid:24)(cid:10)(cid:18)…(cid:5)(cid:129)(cid:129)(cid:23)(cid:24)…‘(cid:18)(cid:129)(cid:12)(cid:7)‚(cid:18)…(cid:21)(cid:24)(cid:18)ˆ(cid:23)(cid:18)€(cid:143)(cid:5)(cid:24)(cid:10)(cid:18)(cid:12)(cid:24)(cid:18)(cid:24)(cid:143)(cid:20)(cid:23)(cid:18)(cid:4)‡(cid:144)‡
(cid:17)(cid:27)(cid:28)(cid:23)(cid:19)(cid:29)(cid:25)(cid:27)(cid:19)(cid:26)(cid:18)
Œ(cid:19)(cid:23) (cid:11)(cid:21)”(cid:12)(cid:11)(cid:5)(cid:11) (cid:23)”„(cid:143)(cid:7)(cid:5)(cid:129)(cid:23) (cid:20)(cid:143) …(cid:129)(cid:23)(cid:10)(cid:12)(cid:20) (cid:129)(cid:12)(cid:7)‚ (cid:21)(cid:20) (cid:20)(cid:19)(cid:23) (cid:129)(cid:23)„(cid:143)(cid:129)(cid:20)(cid:12)(cid:24)ƒ (cid:10)(cid:21)(cid:20)(cid:23) (cid:12)(cid:7) (cid:20)(cid:19)(cid:23) …(cid:21)(cid:129)(cid:129)‘(cid:12)(cid:24)ƒ ‹(cid:21)(cid:141)(cid:5)(cid:23) (cid:143)€ €(cid:12)(cid:24)(cid:21)(cid:24)…(cid:12)(cid:21)(cid:141) (cid:21)(cid:7)(cid:7)(cid:23)(cid:20)(cid:7) (cid:21)(cid:20) €(cid:21)(cid:12)(cid:129) ‹(cid:21)(cid:141)(cid:5)(cid:23) (cid:20)(cid:19)(cid:129)(cid:143)(cid:5)ƒ(cid:19) „(cid:129)(cid:143)€(cid:12)(cid:20) (cid:143)(cid:129) (cid:141)(cid:143)(cid:7)(cid:7)(cid:3) (cid:23)”…(cid:141)(cid:5)(cid:10)(cid:12)(cid:24)ƒ
(cid:12)(cid:24)‹(cid:23)(cid:7)(cid:20)(cid:11)(cid:23)(cid:24)(cid:20)(cid:7) (cid:12)(cid:24) (cid:5)(cid:24)(cid:12)(cid:20)(cid:12)(cid:7)(cid:23)(cid:10) €(cid:5)(cid:24)(cid:10)(cid:7)‡ Œ(cid:19)(cid:23) €(cid:12)(cid:24)(cid:21)(cid:24)…(cid:12)(cid:21)(cid:141) (cid:21)(cid:7)(cid:7)(cid:23)(cid:20)(cid:7) (cid:12)(cid:24) (cid:20)(cid:19)(cid:12)(cid:7) …(cid:21)(cid:20)(cid:23)ƒ(cid:143)(cid:129)‘ (cid:21)(cid:129)(cid:23) (cid:12)(cid:24)‹(cid:23)(cid:7)(cid:20)(cid:23)(cid:10) (cid:12)(cid:24) ƒ(cid:143)‹(cid:23)(cid:129)(cid:24)(cid:11)(cid:23)(cid:24)(cid:20) ˆ(cid:143)(cid:24)(cid:10)(cid:7) (cid:143)(cid:129) (cid:20)(cid:23)(cid:129)(cid:11) (cid:10)(cid:23)„(cid:143)(cid:7)(cid:12)(cid:20)(cid:7) (cid:157)(cid:12)(cid:20)(cid:19) ˆ(cid:21)(cid:24)‚(cid:7)‡ (cid:6)(cid:143)(cid:129) (cid:13)(cid:12)€(cid:23)
(cid:12)(cid:24)‹(cid:23)(cid:7)(cid:20)(cid:11)(cid:23)(cid:24)(cid:20) (cid:141)(cid:12)(cid:24)‚(cid:23)(cid:10) …(cid:143)(cid:24)(cid:20)(cid:129)(cid:21)…(cid:20)(cid:7) (cid:17)(cid:12)(cid:24)‹(cid:23)(cid:7)(cid:20)(cid:11)(cid:23)(cid:24)(cid:20) (cid:12)(cid:24) (cid:5)(cid:24)(cid:12)(cid:20)(cid:12)(cid:7)(cid:23)(cid:10) €(cid:5)(cid:24)(cid:10)(cid:7)(cid:14) (cid:20)(cid:19)(cid:23) (cid:12)(cid:24)‹(cid:23)(cid:7)(cid:20)(cid:11)(cid:23)(cid:24)(cid:20)(cid:7) …(cid:129)(cid:23)(cid:10)(cid:12)(cid:20) (cid:129)(cid:12)(cid:7)‚ (cid:12)(cid:7) ˆ(cid:143)(cid:129)(cid:24)(cid:23) ˆ‘ (cid:20)(cid:19)(cid:23) „(cid:143)(cid:141)(cid:12)…‘ (cid:19)(cid:143)(cid:141)(cid:10)(cid:23)(cid:129)(cid:3) (cid:20)(cid:19)(cid:23)(cid:129)(cid:23) (cid:12)(cid:7) (cid:24)(cid:143) (cid:7)(cid:12)ƒ(cid:24)(cid:12)€(cid:12)…(cid:21)(cid:24)(cid:20) …(cid:129)(cid:23)(cid:10)(cid:12)(cid:20)
(cid:129)(cid:12)(cid:7)‚(cid:18)(cid:21)(cid:7)(cid:7)(cid:5)(cid:11)(cid:23)(cid:10)(cid:18)ˆ‘(cid:18)(cid:20)(cid:19)(cid:23)(cid:18)†(cid:129)(cid:143)(cid:5)„‡
(cid:23)€(cid:23)(cid:129)(cid:18)(cid:20)(cid:143)(cid:18)(cid:24)(cid:143)(cid:20)(cid:23)(cid:18)(cid:4)(cid:18)€(cid:143)(cid:129)(cid:18)(cid:11)(cid:143)(cid:129)(cid:23)(cid:18)(cid:12)(cid:24)€(cid:143)(cid:129)(cid:11)(cid:21)(cid:20)(cid:12)(cid:143)(cid:24)(cid:18)(cid:143)(cid:24)(cid:18)(cid:20)(cid:19)(cid:23)(cid:18)(cid:129)(cid:12)(cid:7)‚(cid:18)(cid:11)(cid:21)(cid:24)(cid:21)ƒ(cid:23)(cid:11)(cid:23)(cid:24)(cid:20)(cid:18)„(cid:143)(cid:141)(cid:12)…(cid:12)(cid:23)(cid:7)(cid:18)(cid:143)€(cid:18)(cid:20)(cid:19)(cid:23)(cid:18)†(cid:129)(cid:143)(cid:5)„‡
(cid:29)(cid:31)(cid:5)(cid:18)(cid:18)(cid:4)(cid:3)(cid:2)(cid:1)(cid:127)(cid:18)(cid:3)(cid:127)(cid:129)(cid:127)(cid:25)(cid:141)(cid:2)(cid:143)(cid:144)(cid:127)(cid:157)
(cid:16)(cid:23)(cid:12)(cid:20)(cid:19)(cid:23)(cid:129)(cid:18)„(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)(cid:24)(cid:143)(cid:129)(cid:18)(cid:12)(cid:11)„(cid:21)(cid:12)(cid:129)(cid:23)(cid:10)
(cid:22)(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)ˆ(cid:5)(cid:20)(cid:18)(cid:24)(cid:143)(cid:20)(cid:18)(cid:12)(cid:11)„(cid:21)(cid:12)(cid:129)(cid:23)(cid:10)
‰(cid:11)„(cid:21)(cid:12)(cid:129)(cid:23)(cid:10)
‰(cid:11)„(cid:21)(cid:12)(cid:129)(cid:11)(cid:23)(cid:24)(cid:20)(cid:18)„(cid:129)(cid:143)‹(cid:12)(cid:7)(cid:12)(cid:143)(cid:24)
(cid:16)(cid:23)(cid:20)(cid:18)(cid:20)(cid:129)(cid:21)(cid:10)(cid:23)(cid:18)(cid:129)(cid:23)…(cid:23)(cid:12)‹(cid:21)ˆ(cid:141)(cid:23)(cid:7)
Œ(cid:129)(cid:21)(cid:10)(cid:23)(cid:18)(cid:129)(cid:23)…(cid:23)(cid:12)‹(cid:21)ˆ(cid:141)(cid:23)(cid:7)(cid:18)(cid:12)(cid:7)(cid:18)(cid:21)(cid:18)…(cid:5)(cid:129)(cid:129)(cid:23)(cid:24)(cid:20)(cid:18)(cid:21)(cid:7)(cid:7)(cid:23)(cid:20)‡
(cid:16)(cid:143)(cid:20)(cid:23)
(cid:1)(cid:29)
(cid:1)(cid:29)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:27)(cid:26)(cid:30)(cid:30)(cid:30)
(cid:29)(cid:29)(cid:9)(cid:29)(cid:7)(cid:31)
(cid:29)(cid:9)(cid:7)(cid:29)(cid:29)
(cid:31)(cid:30)(cid:6)
(cid:29)(cid:31)(cid:9)
€(cid:31)(cid:30)(cid:6)‚
(cid:29)(cid:31)(cid:9) (cid:6)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:27)(cid:26)(cid:30)(cid:30)(cid:30)
(cid:3)(cid:28)(cid:4)(cid:1)
(cid:29)(cid:3)(cid:29)(cid:2)(cid:29)
(cid:31)(cid:30)(cid:144)
Š(cid:3)(cid:30)(cid:1)(cid:2)
(cid:17)(cid:31)(cid:30)(cid:144)(cid:14)
(cid:2)(cid:3)(cid:2)(cid:1)(cid:144)
(cid:31)(cid:16)(cid:15)(cid:24)(cid:19)(cid:27)(cid:28)(cid:23)(cid:25)(cid:27)(cid:28)(cid:22)(cid:28)(cid:19)(cid:14)(cid:24)(cid:13)(cid:12)(cid:28)(cid:26)
‰€ (cid:21) (cid:20)(cid:129)(cid:21)(cid:10)(cid:23) (cid:129)(cid:23)…(cid:23)(cid:12)‹(cid:21)ˆ(cid:141)(cid:23) €(cid:21)(cid:141)(cid:141)(cid:7) (cid:143)‹(cid:23)(cid:129)(cid:10)(cid:5)(cid:23) (cid:21)(cid:24)(cid:10) (cid:20)(cid:19)(cid:23) †(cid:129)(cid:143)(cid:5)„ (cid:12)(cid:7) (cid:5)(cid:24)(cid:21)ˆ(cid:141)(cid:23) (cid:20)(cid:143) (cid:23)(cid:24)(cid:20)(cid:23)(cid:129) (cid:12)(cid:24)(cid:20)(cid:143) (cid:21)(cid:24) (cid:21)(cid:129)(cid:129)(cid:21)(cid:24)ƒ(cid:23)(cid:11)(cid:23)(cid:24)(cid:20) (cid:20)(cid:143) (cid:129)(cid:23)…(cid:143)‹(cid:23)(cid:129) (cid:20)(cid:19)(cid:23) (cid:21)(cid:11)(cid:143)(cid:5)(cid:24)(cid:20) (cid:143)(cid:157)(cid:23)(cid:10) (cid:20)(cid:19)(cid:23)(cid:24) (cid:20)(cid:19)(cid:23) (cid:129)(cid:23)…(cid:23)(cid:12)‹(cid:21)ˆ(cid:141)(cid:23) (cid:12)(cid:7)
…(cid:141)(cid:21)(cid:7)(cid:7)(cid:12)€(cid:12)(cid:23)(cid:10)(cid:18)(cid:21)(cid:7)(cid:18)(cid:12)(cid:11)„(cid:21)(cid:12)(cid:129)(cid:23)(cid:10)‡
Œ(cid:19)(cid:23)(cid:18)(cid:21)ƒ(cid:23)(cid:18)(cid:143)€(cid:18)(cid:12)(cid:11)„(cid:21)(cid:12)(cid:129)(cid:23)(cid:10)(cid:18)(cid:20)(cid:129)(cid:21)(cid:10)(cid:23)(cid:18)(cid:129)(cid:23)…(cid:23)(cid:12)‹(cid:21)ˆ(cid:141)(cid:23)(cid:7)(cid:18)(cid:12)(cid:7)(cid:18)(cid:21)(cid:7)(cid:18)€(cid:143)(cid:141)(cid:141)(cid:143)(cid:157)(cid:7)Ž
(cid:22)(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)(cid:5)„(cid:18)(cid:20)(cid:143)(cid:18)(cid:1)(cid:30)(cid:18)(cid:10)(cid:21)‘(cid:7)
(cid:22)(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)(cid:1)(cid:30)(cid:18)’(cid:18)(cid:28)(cid:30)(cid:18)(cid:10)(cid:21)‘(cid:7)
(cid:22)(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)(cid:28)(cid:30)(cid:18)’(cid:18)Š(cid:30)(cid:18)(cid:10)(cid:21)‘(cid:7)
(cid:22)(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)Š(cid:30)“(cid:18)(cid:10)(cid:21)‘(cid:7)
Œ(cid:19)(cid:23)(cid:18)(cid:21)ƒ(cid:23)(cid:18)(cid:143)€(cid:18)„(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)ˆ(cid:5)(cid:20)(cid:18)(cid:24)(cid:143)(cid:20)(cid:18)(cid:12)(cid:11)„(cid:21)(cid:12)(cid:129)(cid:23)(cid:10)(cid:18)(cid:18)(cid:20)(cid:129)(cid:21)(cid:10)(cid:23)(cid:18)(cid:129)(cid:23)…(cid:23)(cid:12)‹(cid:21)ˆ(cid:141)(cid:23)(cid:7)(cid:18)(cid:12)(cid:7)(cid:18)(cid:21)(cid:7)(cid:18)€(cid:143)(cid:141)(cid:141)(cid:143)(cid:157)(cid:7)Ž
(cid:22)(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)(cid:5)„(cid:18)(cid:20)(cid:143)(cid:18)(cid:1)(cid:30)(cid:18)(cid:10)(cid:21)‘(cid:7)
(cid:22)(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)(cid:1)(cid:30)(cid:18)’(cid:18)(cid:28)(cid:30)(cid:18)(cid:10)(cid:21)‘(cid:7)
(cid:22)(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)(cid:28)(cid:30)(cid:18)’(cid:18)Š(cid:30)(cid:18)(cid:10)(cid:21)‘(cid:7)
(cid:22)(cid:21)(cid:7)(cid:20)(cid:18)(cid:10)(cid:5)(cid:23)(cid:18)Š(cid:30)“(cid:18)(cid:10)(cid:21)‘(cid:7)
(cid:29)(cid:28)(cid:29)
(cid:31)ƒ
(cid:29)
(cid:28)
(cid:31)(cid:30)(cid:6)
(cid:31)(cid:28)(cid:28)
(cid:29)(cid:7)(cid:28)
(cid:31)(cid:7)(cid:7)
(cid:31)(cid:31)
(cid:29)(cid:9)(cid:7)(cid:29)(cid:29)
(cid:31)(cid:2)
(cid:1)
(cid:9)
(cid:29) (cid:1)
(cid:31)(cid:30)(cid:144)
(cid:31)(cid:2)(cid:2)
(cid:29)(cid:31)(cid:2)
(cid:31)(cid:29)(cid:31)
(cid:4)(cid:4)(cid:1)
(cid:29)(cid:3)(cid:29)(cid:2)(cid:29)
60
61
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Movement in the impairment provision:
Opening balance
Acquisition impairment balance
Impairment charge/(release) included in other operati ng expenses
Amounts written off
2017
$’000
204
-
1
(2)
203
Amounts charged to the impairment provision are genera lly written off when there is no expectation of rec overing additional cash.
The carrying amounts of the Group's trade receivable s are denominated in the following currencies:
Australian dollars
New Zealand dollars
918
11,745
12,663
Currency risk
A summarised analysis of the sensitivity of financial liabilities included in other payables to currency risk can be found in note 5.4.
2016
$’000
111
-
(70)
163
204
990
7,844
8,834
Fair value and credit risk
Due to the short-term nature of trade receivables, their carr ying value is assumed to approximate their fair value. The maximu m exposure to
credit risk at the reporting date is the carrying amount of tra de receivables. Credit risk is concentrated predominantly in New Zealand within the
motor trade sector and private household sector, the re is no concentration of credit risk on any indivi dual customer.
Refer to note 5 for more information on the risk manage ment policies of the Group.
13. INVENTORIES
Motor vehicles
Commercial goods
Less provision for stock obsolescence
Inventories are a current asset.
Movement in provisions
Opening balance
Movement
Closing balance
14. FINANCE RECEIVABLES
Commercial loans
Consumer loans
Property development & investment loans
Gross finance receivables
Specific impairment provision
Collective impairment provision
Deferred fee revenue and commission expenses
Current
Non-current
2017
$’000
45,402
16
45,418
(776)
44,642
2016
$’000
14,624
-
14,624
(468)
14,156
468
308
776
444
24
468
2017
$’000
28,476
180,908
3,746
213,130
(973)
(5,055)
41
207,143
99,349
107,794
207,143
2016
$’000
20,116
147,490
8,069
175,675
(1,952)
(4,824)
(1301)
167,598
75,735
91,863
167,598
2017
$’000
2016
$’000
Impaired finance receivables
Gross finance receivables are summarised as follows:
Neither past due nor impaired
Past due but not impaired
Impaired
Gross
The age of impaired finance receivables is as follow s:
Past due up to 30 days
Past due 30 – 60 days
Past due 60 – 90 days
Past due 90+ days
The age of past due but not impaired finance receiva bles is as follows:
Past due up to 30 days
Past due 30 – 60 days
Past due 60 – 90 days
Past due 90+ days
Specific impaired financial receivables
Opening balance
Additions
Amounts now collectively assessed
Amounts recovered
Amounts written off
Movement in the impairment provisions:
Specific impairment provision
Opening balance
Impairment charge/(release) through profit or loss
Amounts written off
Collective impairment provision
Opening balance
Acquisition impairment balance
Impairment charge/(release) through profit or loss
Amounts written off
Total impairment provision
197,885
11,244
4,001
213,130
333
92
60
3,516
4,001
5,442
2,444
775
2,583
11,244
6,400
1,904
-
(2764)
(1539)
4,001
1,952
282
(1261)
973
4,824
-
285
(54)
5,055
6,028
Interest rate and foreign exchange risk
A summarised analysis of the sensitivity of finance r eceivables to interest rate risk can be found in no te 5.4.2.
The Group's finance receivables are all denominated in NZD.
Fair value and credit risk
Carrying
amount
2017
$’000
Fair
value
2017
$’000
Carrying
amount
2016
$’000
154,111
15,164
6,400
175,675
298
54
109
5,939
6,400
7,378
2,281
1,088
4,417
15,164
5,572
1,957
(25)
(672)
(432)
6,400
2,505
(544)
(9)
1,952
4,481
159
526
(342)
4,824
6,776
Fair
value
2016
$’000
Finance receivables
207,143
206,786
167,598
166,786
The fair values are based on cash flows discounted using a weighted average interest rate of 15.51% (2 016: 15.40%).
The maximum exposure to credit risk is represented by the carrying amount of finance receivables which is net of any provisio n for impairment.
The reported credit risk exposure does not take into account the fair value of any collateral, in event of the counterpart ies failing to meet their
contractual obligation.
Refer to note 5 for more information on the risk manage ment policies of the Group.
62
63
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Securitisation
The Group has a wholesale funding facility with the Bank of New Zealand (BNZ) under which it securtises finance receivables through The
Turners Marque Warehouse Trust 1 (the Trust). Under the facility, BNZ provide funding to the Trust secured by finance receivables sold to the
Trust from the finance sector. The facility is for a 24 month term that will be renewed annually. The facility is for $150m.
The Trust is a special purpose entity set up solely for the purpose of purchasing finance receivables from the finance sector with the BNZ
funding up to 92% of the purchase price with the balance funded by sub-ordinated notes from the Group. The New Zealand Guardian Trust
Company Limited has been appointed Trustee for the Trust and NZGT Security Trustee Limited as the security trustee. The Company is the
sole beneficiary.
The Group has the power over the Trust, exposure, or rights, to variable returns from its involvement with the Trust and
the ability to use its power over the Trust to affect the amount of the Group's returns from the Trust. Consequently the Group controls the Trust
and has consolidated the Trust into the Group financial statements.
The Group retains substatially 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.
During the financial year $74.8m finance receivables were sold to the Trust (2016: $nil). As at 31 March 2017 the carrying value of financial
receivables in the Trust was $73.0m (2016: $nil).
15. OTHER RECEIVABLES AND DEFERRED EXPENSES
Deferred acquisition costs
Other receivables and prepayments
Current
Non-current
Note
31
31
2017
$’000
1,353
7,136
8,489
5,234
3,255
8,489
2016
$’000
666
4,640
5,306
4,149
1,157
5,306
Carrying amount of financial assets included in other receivables
6,015
3,843
The carrying amounts of the financial assets included in other receivables are denominated in the following currencies:
Australian dollars
New Zealand dollars
6
6,009
6,015
6
3,837
3,843
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
16. REVERSE ANNUITY MORTGAGES
Reverse annuity mortgages - encumbered securing bank b orrowing (refer note 25)
Reverse annuity mortgages - DPL Insurance Limited (unen cumbered)
Total reverse annuity mortgages
Deferred fee revenue and commission expenses
Provision for impairment
Current
Non-current
Movement in provisions for impairment
Opening balance
Impairment charge/(release) through profit or loss
Closing balance
Interest rate
2017
$’000
-
9,291
9,291
-
(69)
9,222
1,892
7,330
9,222
52
17
69
2016
$’000
2,820
6,966
9,786
-
(52)
9,734
1,366
8,368
9,734
34
18
52
A summarised analysis of the sensitivity of reverse a nnuity mortgages to interest rate risk can be found in note 5.4.2.
The Group's reverse mortgage annuities are all denomi nated in NZD.
Fair value and credit risk
Carrying
amount
2017
$’000
Fair
value
2017
$’000
Carrying
amount
2016
$’000
Fair
value
2016
$’000
Reverse annuity mortgages
9,222
10,721
9,734
11,400
The fair value of reverse annuity mortgages is estimated using a discounted cash flow model based on a current market interest rate for similar
products after making allowances for impairment.
The maximum exposure to credit risk is represented by the carrying amount of reverse annuity mortgages which is net of any prov ision for
impairment. The reported credit risk exposure does not take in to account the fair value of any collateral, in event of the co unterparties failing to
meet their contractual obligation. All reverse annu ity mortgages are secured by residential property in New Zealand.
Fair value and credit risk
The carrying value of these receivables is assumed to approximate their fair value. The maximum exposure to credit risk at the reporting date
is the fair value of the financial assets included in other receivables. There is no concentration of credit risk to any individual customer or sector.
17. INVESTMENT PROPERTY
Refer to note 5 for more information on the risk management policies of the Group.
Investment property
Movements in carrying amounts
Opening balance
Transfer from finance receivables (exercise security interest)
Net change in fair value
Closing balance
The investment property is 26.8 hectares of resident ially zoned land at Sanctuary Hill, 358 Worsleys Road, Christchurch.
2017
$’000
4,000
-
3,500
500
4,000
2016
$’000
-
-
-
-
-
64
65
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
The investment property was valued at reporting date by a Property Institute of New Zealand registered valuer, Jones Lang LaSalle Limited,
Valuation & Advisory. Jones Lang LaSalle Limited, an external independent valuation company, having appropriate recognised professional
qualifications and recent experience in the location and category of property being valued. Fair values have been determined using a
comparable sales approach methodology, having regard to current market conditions and comparable sales within the locality. Subjective
adjustments have been applied where necessary to account for variations in location, land, improvements, time adjustment and overall quality.
No income has been earned and no direct operating expenses, other than council rates, have been incurred on the investment property. There
are no restrictions on the disposoal or the remittance of proceeds on disposal.
18. INVESTMENT IN SUBSIDIARIES
Subsidiary
DPL Insurance Limited
Turners Group NZ Limited
EC Credit Control (NZ) Limited
EC Credit Control (Aust) Pty Limited
Estate Management Services Limited
Payment Management Services Limited
Dorchester Finance Limited
Oxford Finance Limited
Southern Finance Limited
Turners Finance Limited
Emerald Gisborne Hotel Property Trust Management Limited
Dorchester RAMS Limited
Dorchester Staff Share Plan Trustees Limited
Dorchester Life Trustees Limited
Buy Right Cars (2016) Limited (formerly Dorchester Life
Management Limited)
Turners Fleet Limited
EC Web Services Limited
Turners Property Holdings Limited (formerly Turners Technology
Solutions Limited)
Smart Group Services Limited
Turners International Holdings Limited
Turners Auto Auctions Incorporated
Turners Smart Auto Centre Limited
Insurance
Auctions
Collection services
Collection services
Collection services
Collection services
Finance
Finance
Finance
Finance
Hotel property management
Reverse annuity mortgages
Trustee
Trustee for retirement plans
Vehicle trade
Vehicle and commercial goods trade
Web services
Property
Dormant
Dormant
Dormant
Dormant
Ownership
Interest Held
2017
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
66.6%
100.0%
100.0%
100.0%
100.0%
100.0%
2016
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
66.6%
100.0%
100.0%
100.0%
100.0%
100.0%
All subsidiaries have a balance date of 31 March and, with the exception of EC Credit Control (Aust) Pty Limited (incorporated in Australia) and
Turners Auto Auctions Incorporated (incorporated in Canada), all subsidiaries are incorporated in New Zealand.
The Group has a wholesale funding facility with the Bank of New Zealand (BNZ) under which it securtises finance receivables through The
Turners Marque Warehouse Trust 1 (the Trust). The Group has the power over the Trust, exposure, or rights, to variable returns from its
involvement with the Trust and the ability to use its power over the Trust to affect the amount of the Group's returns from the Trust.
Consequently the Group controls the Trust and has consolidated the Trusts into the Group financial statements.
Emerald Gisborne Hotel Property Trust Trading Limited ("EGHPTTL") is a wholly owned subsidiary of Emerald Gisborne Hotel Property Trust
Management Limited . EGHPTTL was established to manage the operations of the property held by the Emerald Gisborne Property Trust
(EGPT) and does not meet the control test under NZ IFRS 10. It is therefore not a subsidiary and is not included in the Group financial
statements. During the financial year the last of the properties in the EGPT was sold, proceeds distributed to unitholders and the EGPT was
terminated on 26 August 2016.
Acquisition of businesses in the year ending 31 March 2017
ACQUISITION OF BUY RIGHT CARS
On 29 July 2016, the Group purchased the business of Buy Right Cars Limited, an Auckland based used motor vehicle import and dealership
network . The acquisition significantly increases the Group's footprint and presence in the key Auckland market and achieves a number of the
Group's strategic objectives, including stepping up imports of used vehicle, achieving better control of the motor vehicle compliance process
and control over origination in the finance and insurance businesses as a high percentage of their car sales are financed.
Fair value of consideration transferred
Cash
Ordinary shares (612,000)
Contingent consideration
Identified assets acquired and liabilities assumed
Inventories
Property, plant and equipment
Other assets
Intangible assets - brand value
Payables
Deferred tax
Identifiable net assets
Goodwill on acquisition
Consideration transferred settled in cash
Acquisition costs charged to expenses
Net cash paid relating to acquisition
29/07/2016
$'000
29,344
1,854
6,342
37,540
26,980
1,958
12
4,300
(5,366)
(1,204)
26,680
10,860
29,344
169
29,516
Contingent consideration
At acquisition date contingent consideration of $6.3m was recognised. The contingent consideration arrangement requires the Group to make
earn out payments on the first and second anniversary of the acquisition, in cash and shares (maximum of 30% of earn out payment), to Buy
Right Cars Limited. The earn out payments are based on the earn out consideration adjusted by the performance percentage. The
performance percentage is calculated by comparing the actual annual net profit before tax (NPBT) to the target annual NPBT included in the
sale and purchase agreement.
The potential undiscounted amount of all future payments to Buy Rights Cars Limited is between $6.8m and $7.4m.
Identified assets acquired and liabilities assumed
The fair value of the brand has been determined using the income approach and by applying the relief from royalty method. The fair value of
all other assets and liabilities was determined using the cost approach.
Goodwill
The goodwill of $10.9m is primarily related to growth expectation, expected future profitability, synergistic opportunities, particularly in finance
and insurance and extended foot print in the used car market and brand.
Contribution to Group results
In the eight months to 31 March 2017 the business contributed revenue of $44.2 million and profit of $2.1 million to the Group's consolidated
results. If the acquisition had occurred on 1 April 2016, management estimates that the Group consolidated revenue would have been
$272.9m and the Group consolidated profit for the year would have been $18.6m.
ACQUISITION OF AUTOSURE
In November 2016 the Group entered in to an agreement to purchase part of the Autosure business from Vero Insurance New Zealand
Limited. This acquisition included the Autosure brand, corporate relationships and the in-force portfolio of mechanical breakdown, guaranteed
assed protection, payment protection, credit contract indemnity and extended warranty insurance contract liabilities. The acquisition was
completed on 31 March 2017 being the date on which the transfer of in-force Autosure insurance portfolio received approval from the Reserve
Bank of New Zealand. The purchase of Autosure aligns with the Group's strategy of building on organic growth with acquisitions of reputable
businesses and brands that build capability and scale in the integrated automotive financial services market.
66
67
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Fair value of consideration transferred
Cash
Contingent consideration
Identified assets acquired and liabilities assumed
Cash
Receivables
Property, plant and equipment
Intangible asset - brand
Intangible asset - corporate relationships
Intangible asset - software
Trade and other payables
Deferred tax
Insurance liabilities
Less: intangible asset- portfolio-in-force
Identifiable net assets
Goodwill on acquisition
Consideration transferred settled in cash
Cash received on portfolio transfer
Net cash outflow on acquisition
Acquisition costs charged to expenses
Net cash paid relating to acquisition
$'000
31/03/2017
$'000
34,000
775
34,775
33,378
400
523
21,500
5,200
400
(971)
(8,792)
(28,615)
23,023
11,752
34,000
(33,378)
622
446
1,068
(33,315)
4,700
Contingent consideration
At acquisition date contingent consideration of $0. 8m was recognised. The contingent consideration arr angement requires the Group to make
an earn out payment on the first anniversary of the acquisition, in cash, to Vero Insurance New Zealand Limited. The earn out payment is
based on the earn out consideration adjusted by the performance percentage. The performance percentage is calculated by comparing the
actual annual gross written premium to the target ann ual gross written premium included in the sale and pu rchase agreement.
The potential undiscounted amount of all future payme nts to Vero Insurance New Zealand Limited is between $0.8m and $1.0m.
Identified assets acquired and liabilities assumed
The fair value of corporate relationships was deter mined using the income approach, discounting future e stimated cash flows by a risk adjusted
weighted average cost of capital. The fair value o f the portfolio-in-force intangible asset represent s the difference between the assumed
insurance liabilities, measured in accordance with the Group’s existing accounting policies, and the fa ir value of the future claim and
administration obligations arising in respect of tho se contracts. The fair value of the brand has been determined using the income approach
and by applying the relief from royalty method. The fair value of all other assets and liabilities was determined using the cost approach.
Goodwill
Goodwill of $11.8 million is primarily related to growth expectations, expected future profitability, th e substantial skill, expertise of the work force
and synergies arising from the ustilisation of Autos ure's repairer network by our existing insurance business and from cross selling on
insurance and finance to an extended dealer network and customer base.
Contribution to Group results
As the effective date of the purchase was 31 March 2017, the business has made no material net contribut ion to the Group's consolidated
results. If the acquisition had occurred on 1 April 2016, management estimates that the Group consolidate d revenue would have been
$283.6m and the Group consolidated profit before acq uisition amortisation for the year would have been $ 23.0m.
Acquisition of businesses in the year ending 31 Mar ch 2016
ACQUISITION OF SOUTHERN FINANCE
On 31 July 2015, the Group acquired 100% of the equ ity in Southern Finance Limited, a Christchurch based finance company. The acquisition
strengthens the Group's Finance business with loan portfolio metrics in line with the Group's receivables book and significantly increases the
Group's Finance business geographic presence in the South Island.
Fair value of consideration transferred
Amount settled in cash on settlement date
Identified assets acquired and liabilities assumed
Cash and cash equivalents
Finance receivables
Trade and other receivables
Fixed assets
Intangible assets
Trade and other payables
Borrowings
Identifiable net assets
Goodwill on acquisition
Consideration transferred settled in cash
Cash and cash equivalent acquired
Net cash outflow on acquisition
Acquisition costs charged to expenses
Net cash paid relating to acquisition
31 July 2015
$'000
4,856
409
9,527
56
171
69
(253)
(6,800)
3,179
1,677
4,856
(409)
4,447
56
4,503
Borrowings
Borrowings represents bank borrowing with a first ranking security deed over the assets of the Souther n Finance Limited.
Identified assets acquired and liabilities assumed
The fair value of finance receivables and borrowing s was determined using the income approach, discounti ng future estimated cash flows by
an appropriate discount factor. The fair value of all other assets and liabilities was determined usin g the cost approach.
Goodwill
Goodwill of $1,677,000 is primarily related to growth expectations, expected future profitability and t he substantial skill and expertise of the work
force. Goodwill is not deductible for tax purposes .
Contribution to Group results
In the eight months to 31 March 2016 the business co ntributed revenue of $1.2 million and profit of $350 ,000 to the Group's consolidated
results. If the acquisition had occurred on 1 Apri l 2015, management estimates that the contribution to the Group consolidated revenue would
have been $1.8 million and the contribution to the G roup consolidated profit for the year would have be en $525,000. In determining these
amounts, management has assumed the fair value adjustmen ts, determined provisionally, that arose on the date of acquisition would have
been the same if the acquisition had occurred on 1 A pril 2015.
68
69
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
19. PROPERTY, PLANT & EQUIPMENT
20. INTANGIBLE ASSETS
Leasehold
improvements,
furniture, fittings
& office
equipment
Plant,
equipment &
motor vehicles
Computer
equipment
Signs & flags
$’000
$’000
$’000
$’000
2,002
(639)
1,363
640
878
(315)
(490)
2,076
3,169
(1,093)
2,076
1,419
(226)
1,193
51
789
(257)
(413)
1,363
2,002
(639)
1,363
4,155
(1,389)
2,766
1,805
968
(2)
(824)
4,713
6,866
(2,153)
4,713
2,946
(902)
2,044
120
1,118
(16)
(500)
2,766
4,155
(1,389)
2,766
1,827
(1,331)
496
-
557
-
(313)
740
1,735
(995)
740
1,992
(1,456)
536
0
234
(1)
(273)
496
1,827
(1,331)
496
416
(145)
271
-
48
(2)
(92)
225
462
(237)
225
340
(56)
284
0
76
-
(89)
271
416
(145)
271
Land
$’000
6,212
-
6,212
-
4,943
-
-
11,155
11,155
-
11,155
4,262
-
4,262
0
1,950
-
-
6,212
6,212
-
6,212
Total
$’000
14,612
(3,504)
11,108
2,445
7,394
(319)
(1,719)
18,909
23,387
(4,478)
18,909
10,959
(2,640)
8,319
171
4,167
(274)
(1,275)
11,108
14,612
(3,504)
11,108
2017
At cost
Accumulated depreciation
Opening carrying amount
Additions - business combinations
Additions
Disposals, transfers & translation
difference
Depreciation
Closing carrying amount
At cost
Accumulated depreciation
Closing carrying amount
2016
At cost
Accumulated depreciation
Opening carrying amount
Additions - business combinations
Additions
Disposals, transfers & translation
difference
Depreciation
Closing carrying amount
At cost
Accumulated depreciation
Closing carrying amount
Brand
Opening carrying amount at cost
Additions (refer note 18)
Closing carrying amount
Goodwill
Opening carrying amount at cost
Additions (refer note 18)
Foreign exchange adjustment
Closing carrying amount
Software
At cost
Accumulated amortisation
Opening carrying amount
Additions - business combinations (refer note 18)
Additions
Disposals and transfers
Amortisation
Closing carrying amount
At cost
Accumulated amortisation
Closing carrying amount
Corporate relationships
At cost
Accumulated amortisation
Opening carrying amount
Additions - business combinations (refer note 18)
Closing carrying amount
At cost
Accumulated amortisation and impairment provision
Closing carrying amount
Notes
31
31
2017
$’000
45,600
25,800
71,400
69,888
22,612
9
92,509
4,256
(2,024)
2,232
400
1,105
-
(1,144)
2,593
5,646
(3,053)
2,593
1,089
(703)
386
5,200
5,586
6,289
(703)
5,586
2016
$’000
45,600
-
45,600
68,252
1,677
(41)
69,888
3,844
(1,719)
2,125
-
976
-
(869)
2,232
4,256
(2,024)
2,232
1,089
(703)
386
-
386
1,089
(703)
386
Total intangible assets carrying amount
172,088
118,106
The impairment and amortisation is recognised in other operating expenses in profit or loss.
Impairment testing for cash-generating units (CGU) containing brands and goodwill
The aggregate carrying amounts of brands and goodwill allocated to the cash generating units are outlined below. Goodwill primarily relates to
growth expectations, expected future profitability and the substantial skill and expertise of the work force of the cash generating unit.
Management have assessed that there is no foreseeable limit to the period of time over which the goodwill and brand is expected to generate
net cash inflows for the Group, and as such goodwill and brand have been assessed as having an indefinite useful life.
Goodwill
Allocated to the insurance CGU/segment
Allocated to collection services CGU/segment
Allocated to the finance CGU/segment
Allocated to the automotive retail CGU/segment
12,777
23,973
9,272
46,487
92,509
1,025
23,964
9,272
35,627
69,888
31
70
71
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Brand
Allocated to the insurance CGU/segment
Allocated to the automotive retail CGU/segment -Turners Group (NZ)
Allocated to the automotive retail CGU/segment - Buy Right Cars
21,500
45,600
4,300
71,400
-
45,600
-
45,600
The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use pre-tax cash flow
projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period are
extrapolated using the estimated long term growth rates stated below. The growth rate does not exceed the long-term average growth rate for
the products, industries, or country or countries in which the entity operates in which the CGU operates. For each of the CGUs with goodwill and
brand the key assumptions, long term growth rate and discount rate used in the value-in-use calculations are as follows.
Insurance CGU
The year 1 forecast cash flows were extrapolated using the following growth rates; year 2 - 10%; year 3 - 7.5%, years 4 to 5 - 5.0% and a
terminal rate of 2.0% (2016: 2.0% for all years and 2% terminal rate). A pre-tax discount rate of 11.2% (2016: 8.13% ) was applied in
determining the recoverable amount. The discount rate was established based on weighted average cost of capital taking into account the
specific attributes and size of the CGU (2016: weighted average cost of capital of similar listed companies).
In assessing the impairment of the goodwill and brand value in the insurance CGU, a sensitivity analysis for reasonably possible changes in key
assumptions was performed. This included reducing the year 3 - 5 growth rates by 1.5%, increasing and reducing the terminal growth rate by
1% (2016: 0%) and increasing and decreasing the discount rate by 1% (2016: 10.41%). These reasonably possible changes in rates did not
cause any impairment.
Collection services CGU
The year 1 forecast cash flows were extrapolated using the following growth rates; year 2 - 10%; year 3 - 7.5%, years 4 to 5 - 5.0% and a
terminal rate of 2.0% (2016: 2.0% for all years and 2% terminal rate). A pre-tax discount rate of 14.8% (2016: 8.13% ) was applied in
determining the recoverable amount. The discount rate was established based on weighted average cost of capital taking into account the
specific attributes and size of the CGU (2016: weighted average cost of capital of similar listed companies).
In assessing the impairment of the goodwill
in the collection services CGU, a sensitivity analysis for reasonably possible changes in key
assumptions was performed. This included reducing the year 2 - 5 growth rates by 2.0%, increasing and reducing the terminal growth rate by
1% (2016: 0%) and increasing and decreasing the discount rate by 1% (2016: 10.41%). These reasonably possible changes in rates did not
cause any impairment.
Finance CGU
Oxford Finance (OFL)
The year 1 forecast cash flows were extrapolated using the following growth rates; year 2 - 10%; year 3 - 7.5%, years 4 to 5 - 5.0% and a
terminal rate of 2.0% (2016: 2.0% for all years and 2% terminal rate). A pre-tax discount rate of 16.9% (2016: 8.13% ) was applied in
determining the recoverable amount. The discount rate was established based on the cost of equity of OFL taking into account the specific
attributes and size of OFL (2016: weighted average cost of capital of similar listed companies).
In assessing the impairment of the goodwill in OFL, a sensitivity analysis for reasonably possible changes in key assumptions was performed.
This included reducing the year 2 - 5 growth rates by 2.0%, increasing and reducing the terminal growth rate by 1% (2016: 0%) and increasing
and decreasing the discount rate by 1% (2016: 10.41%). These reasonably possible changes in rates did not cause any impairment.
Southern Finance (SFL)
The year 1 forecast cash flows were extrapolated using the following growth rates; year 2 to 5 - 5.0% and a terminal rate of 2.0% (2016: 2.0% for
all years and 2% terminal rate). A pre-tax discount rate of 24.5% (2016: 8.13% ) was applied in determining the recoverable amount. The
discount rate was established based on the cost of equity of SFLtaking into account the specific attributes and size of SFL (2016: weighted
average cost of capital of similar listed companies).
In assessing the impairment of the goodwill in SFL, a sensitivity analysis for reasonably possible changes in key assumptions was performed.
This included reducing the year 3 - 5 growth rates by 2.0%, increasing and reducing the terminal growth rate by 1% (2016: 0%) and increasing
and decreasing the discount rate by 1% (2016: 10.41%). These reasonably possible changes in rates did not cause any impairment.
Automotive retail CGU
Turners Group (NZ) (TGNZ)
The year 1 forecast cash flows were extrapolated using the following growth rates; year 2 - 10%; year 3 - 7.5%, years 4 to 5 - 5.0% and a
terminal rate of 2.0% (2016: 2.0% for all years and 2% terminal rate). A pre-tax discount rate of 17.4% (2016: 8.13% ) was applied in
determining the recoverable amount. The discount rate was established based on the cost of equity of TGNZ taking into account the specific
attributes and size of TGNZ (2016: weighted average cost of capital of similar listed companies).
In assessing the impairment of the goodwill and brand value in TGNZ, a sensitivity analysis for reasonably possible changes in key assumptions
was performed. This included reducing the year 2 - 5 growth rates by 2.0%, increasing and reducing the terminal growth rate by 1% (2016: 0%)
and increasing and decreasing the discount rate by 1% (2016: 10.41%). These reasonably possible changes in rates did not cause any
impairment.
Buy Right Cars (BRC)
The year 1 forecast cash flows were extrapolated using the following growth rates; year 2 - 10%; year 3 - 7.5%, years 4 to 5 - 5.0% and a
terminal rate of 2.0%. A pre-tax discount rate of 13.5% was applied in determining the recoverable amount. The discount rate was established
based on weighted average cost of capital taking into account the specific attributes and size of BRC.
In assessing the impairment of the goodwill and brand value in BRC, a sensitivity analysis for reasonably possible changes in key assumptions
was performed. This included reducing the year 2 - 5 growth rates by 2.0%, increasing and reducing the terminal growth rate by 1% and
increasing and decreasing the discount rate by 1%. These reasonably possible changes in rates did not cause any impairment.
21. OTHER PAYABLES
Accounts payable
Employee entitlements (short term)
Employee entitlements (long term)
Other payables and accruals
Note
31
2017
$’000
14,147
4,080
475
9,389
28,091
2016
$’000
11,680
2,153
642
7,054
21,529
Carrying value of financial liabilities in other payables
19,485
15,061
The carrying amounts of the Group's financial liabilities in other payables are denominated in the following currencies:
Japanese Yen
Australian dollars
New Zealand dollars
3,249
899
15,337
19,485
1,393
433
13,235
15,061
Currency risk
A summarised analysis of the sensitivity of financial liabilities included in other payables to currency risk can be found in note 5.4.
Fair value
Due to the short-term nature of the financial liabilities in other payables, their carrying value is assumed to approximate their fair value.
22. FINANCIAL LIABILITY AT FAIR VALUE THROUGH PROFIT OR LOSS
Contingent consideration
2017
$’000
7,611
2016
$’000
-
Interest rate and foreign exchange risk
A summarised analysis of the sensitivity of Financial liability at fair value through profit or loss to interest rate risk can be found in note 5.4.2.
The Group's deferred consideration liability is denominated in NZD.
72
73
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
23. DEFERRED REVENUE
Unredeemed vouchers
Prepaid income
24. DEFERRED TAXATION
2017
$’000
2,226
3,398
5,624
2016
$’000
3,306
2,743
6,049
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current assets against current liabilities and
when the deferred income taxes relate to the same fiscal authority. The movement on the deferred tax account is as follows:
Opening balance
Deferred tax acquired
Tax losses utilised
Deferred tax on brands
Prepaid tax refunded
Charge to hedging reserve
Charge to profit or loss
Closing balance
The charge to profit or loss is attributable to the following items:
Tax losses
Prepaid tax
Loan impairment provision
Insurance deductible reserves
Provisions and accruals
Deferred tax (assets)/liabilities to be recovered after more than 12 months
Deferred tax (assets)/liabilities to be recovered within 12 months
Closing balance
The deferred tax asset/liabilities have been recognised at 28%, the tax rate at which it is expected to reverse.
Deferred tax relates to the following:
Deferred tax assets:
Tax losses
Loan impairment provision
Provisions and accruals
Total deferred tax asset
Deferred tax liabilities:
Brand
Deferred expenses and accruals
Net deferred tax liabilities
Imputation credit memorandum account
Opening balance
Income tax payments/(refunds received)
Imputation credits utilised
Closing balance
Policy holder tax losses
The policy holder tax losses carried forward at 31 March 2017 are $4,424,000 (2016: $4,136,000).
The policy holder taxation losses are only available to be offset against future policy holder income.
2017
$’000
8,744
-
26
9,996
-
16
1,391
20,173
994
-
188
55
154
1,391
(2,591)
22,764
20,173
-
1,729
1,417
3,146
22,764
555
23,319
2016
$’000
4,236
(69)
-
-
2,796
(14)
1,795
8,744
2,025
9
84
(144)
(179)
1,795
(3,030)
11,774
8,744
994
1,916
1,217
4,127
12,768
103
12,871
20,173
8,744
3,111
4,212
(1,616)
5,707
2,452
659
-
3,111
25. BORROWINGS
Secured bank borrowings
Deferred borrowing costs
Non-bank borrowings - Motor Trade Finance
Bonds
Deferred issue costs
Total borrowings
Current
Non-current
2017
$’000
191,708
(143)
191,565
2016
$’000
109,420
(93)
109,327
49,021
42,300
25,561 23,231
(42)
23,189
(258)
25,303
265,889
174,816
51,861 121,351
53,465
214,028
174,816
265,889
Secured bank borrowings
The bank borrowings, together with trade and lease premise guarantees of $4.1 million (2016: $3.0 million), are secured by a first-ranking
general security agreement over the assets of the Company and its subsidiaries, excluding DPL Insurance Limited and Turners Finance Limited.
The Group has entered into the a securitisation financing arrangement with the Bank of New Zealand as described in note 14. Current interest
rates are variable and average 3.91% (2016: 4.97%).
Motor Trade Finance
Turners Finance Limited is a shareholder of a motor trade based company called Motor Trade Finance Limited (MTF). MTF provides the
services of a finance company, including funding, on a full recourse basis back to its shareholders. The carrying value of the investment is
$3,008,000 and is included in Financial asset at fair value through profit or loss (2016: $2,277,000).
MTF provides finance to Turners Finance Limited to fund the finance receivables. The MTF funding is secured by a chattel security over the
Turners Finance Limited's customer's asset securing the finance receivable and by a general security over the assets of Turners Finance
Limited.
Turners Finance Limited has also given undertakings to MTF as the nature and conduct of its business, and overall quality of the finance
receivables and aggregate. Turners Finance has complied with these undertakings in the current and prior financial year.
Bonds
On 30 September 2016 (2016: 30 September 2014) Turners Limited issued bonds with a fixed maturity on 30 September 2018 (2016: 30
September 2016) and a fixed return with the option to convert to shares in Turners Limited or repayment in cash. The interest on the bonds is
fixed at 6.5% (2016: 9.0%). The bonds are secured by a general security agreement over the assets of certain subsidiaries of the Turners
Limited and rank behind secured bank borrowings. The Guarantors are Dorchester Turners Limited, Dorchester Finance Limited, Buy Right
Cars (2016) Limited (formerly Dorchester Life Management Limited), Dorchester Life Trustees Limited, EC Credit Control (NZ) Limited, Estate
Management Services Limited, Payment Management Services Limited, EC Web Services Limited, Oxford Finance Limited, Dorchester Oxford
Limited, Dorchester RAMS Limited, Turners Group NZ Limited, Smart Group Services Limited, Turners Fleet Limited, Turners International
Holdings Limited, Turners Property Holdings Limited and Turners Smart Autocentre Limited.
Borrowing covenants
The Group has complied with all borrowing covenants in the both the current and prior financial year.
Foreign currency risk
All the Group's borrowings are in NZD.
Fair value
Borrowings
Carrying
amount
2017
$’000
265,889
Fair
value
2017
$’000
266,416
Carrying
amount
2016
$’000
174,816
Fair
value
2016
$’000
175,131
The fair values are based on cash flows discounted using a weighted average borrowing rate of 4.65% (2016: 6.07%).
74
75
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Contractual repricing dates
1 year or less
Over 1 to 2 years
Over 2 to 5 years
26. SHARE CAPITAL
Number of ordinary shares
Opening balance
Shares issued under the staff share scheme
Shares issued for the purchase of Buy Right Cars
Shares issued for the conversion of bonds
Shares issued as share placement
Treasury shares
Shares cancelled as a result of share consolidation
Total issued and authorised capital
Dollar value of ordinary shares
Opening balance
Shares issued under the staff share scheme
Shares issued for the purchase of Buy Right Cars
Shares issued for the conversion of bonds
Shares issued as share placement
Treasury shares
Share issue costs
Total issued capital
2017
$’000
2016
$’000
212,049 126,687
42,526 14,144
11,715 34,120
266,290 174,951
2017
2016
63,431,637
-
612,000
5,926,413
4,553,477
-
-
74,523,527
630,765,588
4,642,864
-
-
-
(1,093,663)
(570,883,152)
63,431,637
2017
$'000
136,127
-
1,854
17,453
13,410
-
(35)
168,809
2016
$'000
135,294
1,161
-
-
-
(328)
-
136,127
On 22 March 2016, every 10 shares held in the Company was consolidated into 1 share, with all fractional entitlements rounded to the nearest
whole number of shares (and fractional entitlement to half a share being rounded up).
If a participant in the Group Share Option Plan leaves (by any means and for any reason) the employment of the Company or any applicable
subsidiary, the participant’s options which have reached their vesting date, together with any other options as may be nominated at the
discretion of the Board of Directors of the Company in extraordinary circumstances (such as the redundancy, permanent disablement or death
lapse) and the participant's other Options will lapse
of a Participant), may be exercised within a period of 60 days (following which they will
immediately.
The weighted average fair value of the options granted, using the Binomial Tree option pricing model, was $0.75 per option. The significant
inputs in the model were, the share price at grant date of $3.79, the exercise price of $2.99195, volatility of 30%, an expected option life for
tranche 1 of 2.5 years, tranche 2 of 3.5 years, tranche 3 of 4.5 years, tranche 4 of 5.5 years and an annual risk free rate of 2.43%.Volatility is
measured as the standard deviation of changes in the Company's share price over a 12 month period. The share based payment for the
current financial year is $208,000 (2016: $nil).
Movement in the number of share options outstanding and their related weighted average exercise prices are as follows:
Opening balance
Granted
Closing balance
Exercise
price
2017
$
-
2.99195
2.99195
Share options outstanding at balance sheet have the following expiry dates and exercise prices:
Expiry date
31 May 2019
31 May 2020
31 May 2021
31 May 2022
28. DIVIDENDS
Options
2017
000's
-
1,003
1,003
Exercise
price
$
2.99195
2.99195
2.99195
2.99195
Exercise
price
2016
$
-
-
-
Options
2017
000's
251
251
251
250
Options
2016
000's
-
-
-
Options
2016
000's
-
-
-
-
2017
$’000
4,440
2016
$’000
3,784
Ordinary shares are fully paid with no par value. All ordinary shares have equal voting rights and share equally in dividends and surplus on
winding up.
Final dividend for the year ended 31 March 2016 of $0.07 (31 March 2015: $0.006) per fully
paid ordinary share, un-imputed, paid on 28 July 2016 (17 July 2015)
Capital management
The Group’s capital consists of share capital, share option reserve, translation reserve, cash flow reserve and retained earnings. The Board
seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowing and the advantages and security
afforded by a sound capital position. The allocation of capital between its specific business operations and activities is, to a large extent, driven
by optimisation of the return on the capital allocated. The process of allocating capital to specific operations and activities is undertaken
independently of those responsible for the operation. The Group’s strategies in respect of capital management and allocation are reviewed
regularly by the Board of Directors.
The Group's funding covenants include minimum equity ratios. There have been no breaches of covenants.
insurance company is required to retain equity for solvency purposes, refer note 34F.
In addition to the above, the life
27. SHARE OPTIONS
In November 2016, the Chief Executive Officer of the Company was granted 1,002,692 options at an exercise price of $2.99195 under the
Group's Share Option Plan. The grant is split into four tranches of 250,673 options with the following vesting dates; 1 June 2017, 1 June 2018, 1
June 2019 and 1 June 2020. Each tranche expires two year after the vesting date.
Interim dividend for the year ended 31 March 2017 of $0.03 (31 March 2016: $nil) per fully
paid ordinary share, imputed, paid on 30 September 2016.
1,921
-
Interim dividend for the year ended 31 March 2017 of $0.03 (31 March 2016: $0.006) per fully
paid ordinary share, imputed, paid on 23 December 2016 (un-imputed, 15 December 2015)
2,234
8,595
3,812
7,596
Dividends not recognised at year end
In addition to the above dividends, in 2017 after year end the directors recommended the payment of the following dividend:
Interim dividend of $0.04 (31 March 2016: $nil) per fully paid ordinary share, imputed, payable
on 12 April 2017.
Final dividend of $0.045 (31 March 2016: $0.07) per fully paid ordinary share, imputed,
payable on 21 July 2017 (un-imputed ,28 July 2016).
2,980
-
3,354
4,440
76
77
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Bonds
During the financial year the following major shareholder, close members of the family of major shareholders and partners in the Business
Bakery LP (major shareholder) earned interest on the 30 September 2016 bonds:
Profit for the year
29. TRANSACTIONS WITH RELATED PARTIES
Major shareholders, directors and closely related persons to them are considered related parties of the Group.
Shares
During the year the following shares were issued to major shareholders and a partner in the Business Bakery LP (major shareholder):
Conversion of 30 September 2016 bonds
Bartel Holdings Limited
Montezemolo Holdings Limited
Sinclair Investment Trust
Share placement
Harrigens Trustees Limited
Number of
shares issued
2,322,853
655,049
67,911
169,779
Bartel Holdings Limited
Hugh Green Investments Limited
Montezemolo Holdings Limited
Harrigens Trustees Limited
Sinclair Investment Trust
Sam and William Harrison
Action
on maturity
Converted to shares
Repaid in cash
Converted to shares
Sold 15 April 2016
Converted to shares
Sold 15 April 2016
Interest paid on
bonds
2016
$'000
308
108
Interest paid on
bonds
2015
$'000
612
216
87
-
9
-
204
174
72
18
5
485
Number of
bonds
6,840,804
2,400,000
1,929,120
800,000
200,000
50,000
5,379,120
During the financial year, Bartel Holdings Limited (major shareholder) subscribed for $8,000,000 6.5% bonds (note 25) with a maturity date of 30
September 2018. Interest of $260,000 was paid to Bartel Holding Limited on the bonds during the year.
Turners Automotive Group Limited Employee Share Scheme
During the financial year ending 31 March 2016, the Company issued 4,642,864 (464,286 share post share consolidation refer note 25) shares
pursuant to an offer under the Turners Automotive Group Limited Employee Share Scheme ('Scheme'), the shares were issued for $0.25, the
market value of the shares on that date was $0.28. 750,000 (75,000 shares post share consolidation) shares were settled by a share based
payment to executives, 1,887,652 (188,765 post share consolidation) were settled by taking a loan from Turners Automotive Group Limited and
the balance settled in cash. Participants in the Scheme may not sell their shares for 18 months following issue or until their loans are repaid,
whichever comes later. No shares were issued under the scheme in the current financial year.
As at 31 March 2017, 139,675 shares (2016: 453,686) were allocated to employees under the scheme and 12,000 shares (2016: 10,000) held
as unallocated shares.
At 31 March 2017 balance on the loans outstanding to the share scheme were $120,455 (2016: $347,000). The loans bear interest at 5%, are
for a 3 year term with fortnightly repayments and the Group has unlimited recourse against the participants in the Scheme.
Key management personnel compensation
The key management personnel are all the Directors of the Company and Group General Managers. Compensation of key management
personnel for the years ended 31 March 2017 and 31 March 2016 was as follows:
($'000)
Short-
term
benefits
$'000
Post-
Other long-
employment
benefits
$'000
term
benefits
$'000
Share-based
payments
$'000
Total
$'000
Year ended 31 March 2017
3,352
- 58 208 3,618
Year ended 31 March 2016
1,832
- 29 156 2,017
A loan of $125,000 (2016: $375,000) made to the executive director bearing interest at 7% (2015:$125,000 at 7% and $250,000 at 5%),the
loan was repaid on 19 June 2017, at balance date.
Key management personnel that resigned during the year received no termination benefits and were paid only contractual employment
obligations. Key management do not have any post employment entitlements.
Directors that resigned during the year did not receive any termination benefits and directors do not have any post employment entitlements.
The Group has no transactions or loans with key management personnel, other than what is reported above and detailed in the statutory
information section on pages 91 to 94. Directors fees are detailed in note 7 and in the shareholder and statutory information section. The details
of the director share purchases are included in the statutory and shareholder information section.
30. RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
Adjustment for non-cash items
Impairment (charge)/ release on finance receivables, reverse annuity mortgages and other receivables
Net (profit)/loss on sale fixed assets
Depreciation and amortisation
Capitalised reverse annuity mortgage interest
Deferred revenues
Fair value adjustments on assets/liabilities at fair value through profit and loss
Net annuity and premium change to policyholder accounts
Non-cash long term employee benefits
Non-cash adjustment to finance receivables effective interest rates
Deferred expenses
Adjustment for movements in working capital
Net (increase)/decrease in receivables and pre-payments
Net (increase)/decrease in inventories
Net (increase)/decrease in current tax receivables
Net increase/(decrease) in payables
Net increase in finance receivables
Net decrease in reverse annuity mortgages
Net decrease of insurance assets at fair value through profit or loss
Net (withdrawals)/contributions from life investment contracts
Net increase in deferred tax
Net increase in provisions
Cash flows from operating activities
2017
$’000
17,574
2,026
(84)
2,863
(885)
4,678
(1,012)
(137)
179
83
(3,901)
(6,518)
(3,585)
2,159
1,575
(36,403)
1,246
9,156
(2,645)
76
(4)
(13,559)
2016
$’000
15,602
1,041
(40)
2,144
(1,112)
1,468
(1,201)
243
25
129
(244)
(4,799)
(5,172)
10
5,473
(11,638)
4,623
2,173
(992)
5,280
(23)
12,990
31. RECLASSIFICATION AND PRESENTATION OF COMPARATIVE INFORMATION
General insurance premium income
In the prior year, the retail premium for general insurance products was included in insurance and life investment contract income (included in
revenue from continuing operations) with the difference between the retail and wholesale insurance premium reflected as a commission
expense. In the current year, the wholesale premium received on general insurance products has been included in insurance and life investment
contract income to match the cash flow from the intermediary. The prior year comparative amounts of investment contract income and
commission expense have been restated (decrease in insurance and life investment contract income of $1.7m, decrease in commission of
$1.7m, decrease in other receivables and deferred expenses of $2.9m and a decrease in insurance contract liabilities of $2.9m) to conform with
current year presentation. The reclassification has not had a material impact on the financial performance ($nil effect on profit before and after
tax) or financial position ($nil effect on net assets) of the prior year comparative amounts presented.
78
79
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Reinsurance recoveries included in claims expense
the prior year, reinsurance recoveries were netted off against the insurance claims expense. In the current year, the Group has included
reinsurance recoveries in insurance and life investment contract income (included in revenue from continuing operations) . The prior year
comparative amounts of insurance and life investment contract income and claims expense have been restated (increase in insurance and life
investment contract income of $0.3k and increase in claims expense of $0.3k) to conform with current year presentation. The reclassification
has not had a material impact on the financial performance ($nil effect on profit before and after tax) or financial position ($nil effect on net
assets) of the prior year comparative amounts presented.
Deferred tax liability on the Turners Group NZ brand asset
In the prior year, the Group had not recognised deferred tax liability of $12.8m associated with the temporary difference on the Turners Group
NZ brand asset of $45.6m (refer note 20). In the current year, the Group has recognised the previously unrecognised deferred tax liability of
$12.8m (refer note 24) associated with the temporary difference on the Turners Group NZ brand asset of $45.6m (refer note 20), resulting in a
corresponding increase in goodwill (refer note 20). The prior year comparative amounts have been restated to reflect the recognition of this
deferred tax liability. The restatement has not had a material impact on the financial performance ($nil effect on profit before and after tax) or
financial position ($nil effect on net assets) of the prior year comparative amounts presented.
Life Insurance DAC included in other receivables and deferred expenses
In the prior year, life insurance DAC of $0.3m was included in other receivables and deferred expenses. In the current year, the Group has
included life insurance DAC in the insurance reserves (refer note 34H). The restatement has not had a material impact on the financial
performance ($nil effect on profit before and after tax) or financial position ($nil effect on net assets) of the prior year comparative amounts
presented.
32. COMMITMENTS AND CONTINGENT LIABILITIES
Operating lease commitments under non-cancellable operating leases:
Not later than 1 year
1-2 years
2-5 years
5+ years
2017
$’000
2016
$’000
8,976
7,611
12,379
4,344
33,310
7,170
6,808
13,395
2,104
29,477
The group leases various premises under non cancellable operating lease agreements. The lease terms are between 5 and 10 years, and the
majority of lease agreements are renewable at the end of the lease period at market rates.
There are no options to purchase plant and equipment held under operating lease.
Capital Expenditure:
At reporting date the Group has capital commitment of $3.4m to purchase property (2016: nil).
Loan Commitments:
The Group has no material undrawn credit commitments at reporting date (2016: nil).
Contingent Liabilities:
The Group has no other material contingent liabilities at reporting date (2016: nil).
33. SUBSEQUENT EVENTS AFTER BALANCE DATE
There were no material events subsequent to balance date.
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:29)(cid:26)(cid:25)(cid:24)(cid:30)(cid:31)(cid:23)(cid:22)(cid:23)(cid:31)(cid:21)(cid:20)(cid:27)(cid:25)(cid:19)(cid:29)(cid:23)(cid:30)(cid:18)(cid:25)(cid:17)(cid:21)(cid:22)(cid:21)(cid:31)(cid:27)(cid:16)(cid:25)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:29)(cid:30)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:23)(cid:21)(cid:24)(cid:22)(cid:20)(cid:26)(cid:27)(cid:29)(cid:22)(cid:29)(cid:28)(cid:19)(cid:28)(cid:23)(cid:29)(cid:27)(cid:26)(cid:25)(cid:30)(cid:18)(cid:26)(cid:29)(cid:17)(cid:28)(cid:26)(cid:16)(cid:28)(cid:22)(cid:18)(cid:26)(cid:28)(cid:23)(cid:15)(cid:28)(cid:15)(cid:26)(cid:14)(cid:13)(cid:26)(cid:12)(cid:22)(cid:18)(cid:21)(cid:17)(cid:26)(cid:11)(cid:10)(cid:13)(cid:9)(cid:26)
(cid:26)
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
(cid:31)(cid:30)(cid:29)(cid:28)(cid:28)(cid:27)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:23)(cid:20)(cid:19)(cid:22)(cid:18)(cid:20)(cid:17)(cid:28)(cid:17)(cid:16)(cid:25)(cid:21)(cid:19)(cid:15)(cid:25)(cid:24)(cid:23)(cid:20)(cid:25)(cid:28)
(cid:31)
(cid:14)(cid:29)(cid:28) (cid:14)(cid:21)(cid:18)(cid:24)(cid:22)(cid:23)(cid:16)(cid:22)(cid:19)(cid:28)(cid:13)(cid:15)(cid:19)(cid:16)(cid:21)(cid:16)(cid:20)(cid:25)(cid:28)(cid:22)(cid:26)(cid:17)(cid:28)(cid:18)(cid:12)(cid:20)(cid:28)(cid:11)(cid:20)(cid:18)(cid:12)(cid:15)(cid:17)(cid:25)(cid:28)
(cid:30)(cid:29)(cid:28)(cid:31)(cid:27)(cid:26)(cid:25)(cid:24)(cid:27)(cid:23)(cid:22)(cid:27)(cid:21)(cid:31)(cid:23)(cid:28)(cid:20)(cid:19)(cid:23)(cid:25)(cid:31)(cid:19)(cid:18)(cid:31)(cid:22)(cid:18)(cid:17)(cid:24)(cid:23)(cid:27)(cid:18)(cid:26)(cid:28)(cid:31)(cid:26)(cid:19)(cid:18)(cid:25)(cid:23)(cid:27)(cid:26)(cid:25)(cid:31)(cid:21)(cid:22)(cid:27)(cid:16)(cid:22)(cid:21)(cid:22)(cid:25)(cid:22)(cid:28)(cid:17)(cid:31)(cid:27)(cid:18)(cid:15)(cid:31)(cid:20)(cid:23)(cid:24)(cid:15)(cid:28)(cid:18)(cid:25)(cid:22)(cid:27)(cid:21)(cid:31)(cid:23)(cid:28)(cid:17)(cid:28)(cid:23)(cid:14)(cid:28)(cid:17)(cid:31)(cid:13)(cid:19)(cid:23)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:26)(cid:24)(cid:23)(cid:23)(cid:28)(cid:18)(cid:25)(cid:31)(cid:23)(cid:28)(cid:20)(cid:19)(cid:23)(cid:25)(cid:22)(cid:18)(cid:12)(cid:31)(cid:20)(cid:28)(cid:23)(cid:22)(cid:19)(cid:15)(cid:31)(cid:11)(cid:27)(cid:17)(cid:31)(cid:20)(cid:23)(cid:28)(cid:20)(cid:27)(cid:23)(cid:28)(cid:15)(cid:31)(cid:27)(cid:17)(cid:31)(cid:27)(cid:25)(cid:31)(cid:10)(cid:9)(cid:31)(cid:8)(cid:27)(cid:23)(cid:26)(cid:29)(cid:31)
(cid:7)(cid:6)(cid:9)(cid:5)(cid:31)(cid:16)(cid:4)(cid:31)(cid:3)(cid:28)(cid:25)(cid:28)(cid:23)(cid:31)(cid:2)(cid:27)(cid:14)(cid:22)(cid:28)(cid:17)(cid:1)(cid:31)(cid:27)(cid:31)(cid:127)(cid:28)(cid:21)(cid:21)(cid:19)(cid:11)(cid:31)(cid:19)(cid:13)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:129)(cid:28)(cid:11)(cid:31)(cid:141)(cid:28)(cid:27)(cid:21)(cid:27)(cid:18)(cid:15)(cid:31)(cid:143)(cid:19)(cid:26)(cid:22)(cid:28)(cid:25)(cid:4)(cid:31)(cid:19)(cid:13)(cid:31)(cid:144)(cid:26)(cid:25)(cid:24)(cid:27)(cid:23)(cid:22)(cid:28)(cid:17)(cid:157)(cid:31)(cid:31)(cid:31)
(cid:31)
(cid:10)(cid:16)(cid:9)(cid:20)(cid:28)(cid:16)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:21)(cid:15)(cid:26)(cid:18)(cid:23)(cid:22)(cid:21)(cid:18)(cid:28)(cid:19)(cid:16)(cid:22)(cid:8)(cid:16)(cid:19)(cid:16)(cid:18)(cid:16)(cid:20)(cid:25)(cid:28)
(cid:30)(cid:29)(cid:28)(cid:31)(cid:14)(cid:27)(cid:21)(cid:24)(cid:28)(cid:31)(cid:19)(cid:13)(cid:31)(cid:21)(cid:22)(cid:13)(cid:28)(cid:31)(cid:22)(cid:18)(cid:17)(cid:24)(cid:23)(cid:27)(cid:18)(cid:26)(cid:28)(cid:31)(cid:26)(cid:19)(cid:18)(cid:25)(cid:23)(cid:27)(cid:26)(cid:25)(cid:31)(cid:21)(cid:22)(cid:27)(cid:16)(cid:22)(cid:21)(cid:22)(cid:25)(cid:22)(cid:28)(cid:17)(cid:31)(cid:29)(cid:27)(cid:17)(cid:31)(cid:16)(cid:28)(cid:28)(cid:18)(cid:31)(cid:15)(cid:28)(cid:25)(cid:28)(cid:23) (cid:22)(cid:18)(cid:28)(cid:15)(cid:31)(cid:22)(cid:18)(cid:31)(cid:27)(cid:26)(cid:26)(cid:19)(cid:23)(cid:15)(cid:27)(cid:18)(cid:26)(cid:28)(cid:31)(cid:11)(cid:22)(cid:25)(cid:29)(cid:31)(cid:3)(cid:23)(cid:19)(cid:13)(cid:28)(cid:17)(cid:17)(cid:22)(cid:19)(cid:18)(cid:27)(cid:21)(cid:31)(cid:143)(cid:25)(cid:27)(cid:18)(cid:15)(cid:27)(cid:23)(cid:15)(cid:31)(cid:129)(cid:19)(cid:157)(cid:31)(cid:7)(cid:6)(cid:31)(cid:19)(cid:13)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:129)(cid:28)(cid:11)(cid:31)(cid:141)(cid:28)(cid:27)(cid:21)(cid:27)(cid:18)(cid:15)(cid:31)
(cid:143)(cid:19)(cid:26)(cid:22)(cid:28)(cid:25)(cid:4)(cid:31)(cid:19)(cid:13)(cid:31)(cid:144)(cid:26)(cid:25)(cid:24)(cid:27)(cid:23)(cid:22)(cid:28)(cid:17)(cid:157)(cid:31)(cid:31)(cid:144)(cid:13)(cid:25)(cid:28)(cid:23)(cid:31) (cid:27) (cid:22)(cid:18)(cid:12)(cid:31)(cid:27)(cid:20)(cid:20)(cid:23)(cid:19)(cid:20)(cid:23)(cid:22)(cid:27)(cid:25)(cid:28)(cid:31)(cid:26)(cid:29)(cid:28)(cid:26) (cid:17)(cid:1)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:27)(cid:26)(cid:25)(cid:24)(cid:27)(cid:23)(cid:4)(cid:31)(cid:11)(cid:27)(cid:17)(cid:31)(cid:17)(cid:27)(cid:25)(cid:22)(cid:17)(cid:13)(cid:22)(cid:28)(cid:15)(cid:31)(cid:27)(cid:17)(cid:31)(cid:25)(cid:19)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:27)(cid:26)(cid:26)(cid:24)(cid:23)(cid:27)(cid:26)(cid:4)(cid:31)(cid:19)(cid:13)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:15)(cid:27)(cid:25)(cid:27)(cid:31)(cid:13)(cid:23)(cid:19) (cid:31)(cid:11)(cid:29)(cid:22)(cid:26)(cid:29)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:27) (cid:19)(cid:24)(cid:18)(cid:25)(cid:31)(cid:19)(cid:13)(cid:31)
(cid:20)(cid:19)(cid:21)(cid:22)(cid:26)(cid:4)(cid:31)(cid:21)(cid:22)(cid:27)(cid:16)(cid:22)(cid:21)(cid:22)(cid:25)(cid:22)(cid:28)(cid:17)(cid:31)(cid:29)(cid:27)(cid:17)(cid:31)(cid:16)(cid:28)(cid:28)(cid:18)(cid:31)(cid:15)(cid:28)(cid:25)(cid:28)(cid:23) (cid:22)(cid:18)(cid:28)(cid:15)(cid:157)(cid:31)
(cid:31)
(cid:30)(cid:29)(cid:28)(cid:31) (cid:28)(cid:4)(cid:31)(cid:27)(cid:17)(cid:17)(cid:24) (cid:20)(cid:25)(cid:22)(cid:19)(cid:18)(cid:17)(cid:31)(cid:24)(cid:17)(cid:28)(cid:15)(cid:31)(cid:22)(cid:18)(cid:31)(cid:15)(cid:28)(cid:25)(cid:28)(cid:23) (cid:22)(cid:18)(cid:22)(cid:18)(cid:12)(cid:31)(cid:20)(cid:19)(cid:21)(cid:22)(cid:26)(cid:4)(cid:31)(cid:21)(cid:22)(cid:27)(cid:16)(cid:22)(cid:21)(cid:22)(cid:25)(cid:22)(cid:28)(cid:17)(cid:31)(cid:27)(cid:23)(cid:28)(cid:31)(cid:27)(cid:17)(cid:31)(cid:13)(cid:19)(cid:21)(cid:21)(cid:19)(cid:11)(cid:17)€(cid:31)
(cid:31)
(cid:27)‚(cid:31)(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:21)(cid:24)(cid:20)(cid:29)(cid:31)
(cid:31)
(cid:2)(cid:22)(cid:17)(cid:26)(cid:19)(cid:24)(cid:18)(cid:25)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:17)(cid:31)(cid:24)(cid:17)(cid:28)(cid:15)(cid:31)(cid:25)(cid:19)(cid:31)(cid:15)(cid:28)(cid:25)(cid:28)(cid:23) (cid:22)(cid:18)(cid:28)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:21)(cid:22)(cid:13)(cid:28)(cid:31)(cid:22)(cid:18)(cid:17)(cid:24)(cid:23)(cid:27)(cid:18)(cid:26)(cid:28)(cid:31)(cid:26)(cid:19)(cid:18)(cid:25)(cid:23)(cid:27)(cid:26)(cid:25)(cid:31)(cid:21)(cid:22)(cid:27)(cid:16)(cid:22)(cid:21)(cid:22)(cid:25)(cid:22)(cid:28)(cid:17)(cid:31)(cid:27)(cid:23)(cid:28)(cid:31)(cid:16)(cid:27)(cid:17)(cid:28)(cid:15)(cid:31)(cid:19)(cid:18)(cid:31)(cid:27)(cid:18)(cid:31)(cid:27)(cid:20)(cid:20)(cid:23)(cid:19)(cid:20)(cid:23)(cid:22)(cid:27)(cid:25)(cid:28)(cid:31)(cid:23)(cid:22)(cid:17) ƒ(cid:13)(cid:23)(cid:28)(cid:28)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:31)(cid:19)(cid:13)(cid:31)(cid:23)(cid:28)(cid:25)(cid:24)(cid:23)(cid:18)(cid:1)(cid:31)(cid:25)(cid:27) (cid:22)(cid:18)(cid:12)(cid:31)(cid:27)(cid:26)(cid:26)(cid:19)(cid:24)(cid:18)(cid:25)(cid:31)(cid:19)(cid:13)(cid:31)
(cid:25)(cid:29)(cid:28)(cid:31)(cid:25)(cid:28)(cid:23) (cid:31)(cid:19)(cid:13)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:22)(cid:18)(cid:17)(cid:24)(cid:23)(cid:27)(cid:18)(cid:26)(cid:28)(cid:31)(cid:26)(cid:19)(cid:18)(cid:25)(cid:23)(cid:27)(cid:26)(cid:25)(cid:17)(cid:157)(cid:31)(cid:31)(cid:31)
(cid:31)
(cid:30)(cid:27)„(cid:31)(cid:11)(cid:27)(cid:17)(cid:31)(cid:15)(cid:28)(cid:15)(cid:24)(cid:26)(cid:25)(cid:28)(cid:15)(cid:31)(cid:27)(cid:25)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:31)(cid:19)(cid:13)(cid:31)(cid:7)…†(cid:31)(cid:19)(cid:18)(cid:31)(cid:22)(cid:18)(cid:14)(cid:28)(cid:17)(cid:25) (cid:28)(cid:18)(cid:25)(cid:31)(cid:28)(cid:27)(cid:23)(cid:18)(cid:22)(cid:18)(cid:12)(cid:17)(cid:31)(cid:18)(cid:28)(cid:25)(cid:31)(cid:19)(cid:13)(cid:31)(cid:22)(cid:18)(cid:14)(cid:28)(cid:17)(cid:25) (cid:28)(cid:18)(cid:25)(cid:31)(cid:28)„(cid:20)(cid:28)(cid:18)(cid:17)(cid:28)(cid:17)(cid:31)‡(cid:7)(cid:6)(cid:9)ˆ€(cid:31)(cid:7)…†‚(cid:157)(cid:31)(cid:31)(cid:30)(cid:29)(cid:28)(cid:31)(cid:18)(cid:28)(cid:25)(cid:31)(cid:15)(cid:22)(cid:17)(cid:26)(cid:19)(cid:24)(cid:18)(cid:25)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:17)(cid:31)(cid:27)(cid:17)(cid:17)(cid:24) (cid:28)(cid:15)(cid:31)
(cid:11)(cid:28)(cid:23)(cid:28)(cid:31)(cid:27)(cid:17)(cid:31)(cid:13)(cid:19)(cid:21)(cid:21)(cid:19)(cid:11)(cid:17)€(cid:31)
(cid:31)
(cid:31)
‰(cid:29)(cid:19)(cid:21)(cid:28)(cid:31)(cid:19)(cid:13)(cid:31)Š(cid:22)(cid:13)(cid:28)(cid:31)(cid:27)(cid:18)(cid:15)(cid:31)‹(cid:18)(cid:15)(cid:19)(cid:11) (cid:28)(cid:18)(cid:25)(cid:31)(cid:3)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)(cid:31)‡(cid:22)(cid:18)(cid:26)(cid:21)(cid:24)(cid:15)(cid:22)(cid:18)(cid:12)(cid:31)(cid:127)(cid:24)(cid:18)(cid:28)(cid:23)(cid:27)(cid:21)(cid:31)(cid:3)(cid:21)(cid:27)(cid:18)‚Œ(cid:31)
(cid:30)(cid:28)(cid:23) (cid:31)Ž(cid:18)(cid:17)(cid:24)(cid:23)(cid:27)(cid:18)(cid:26)(cid:28)(cid:31)(cid:3)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)(cid:31)
‘(cid:27)(cid:23)(cid:22)(cid:18)(cid:12)(cid:31)(cid:3)(cid:21)(cid:27)(cid:18)(cid:31)(cid:127)(cid:24)(cid:18)(cid:28)(cid:23)(cid:27)(cid:21)(cid:31)’(cid:28)(cid:18)(cid:28)(cid:13)(cid:22)(cid:25)(cid:31)(cid:3)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)(cid:31)
(cid:144)(cid:18)(cid:18)(cid:24)(cid:22)(cid:25)(cid:4)(cid:31)(cid:3)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)(cid:31)
‘(cid:19)(cid:18)(cid:17)(cid:24) (cid:28)(cid:23)(cid:31)‘(cid:23)(cid:28)(cid:15)(cid:22)(cid:25)(cid:31)(cid:27)(cid:18)(cid:15)(cid:31)“(cid:28)(cid:4)(cid:31)(cid:3)(cid:28)(cid:23)(cid:17)(cid:19)(cid:18)(cid:31)Š(cid:19)(cid:27)(cid:18)(cid:31)(cid:3)(cid:23)(cid:19)(cid:25)(cid:28)(cid:26)(cid:25)(cid:22)(cid:19)(cid:18)(cid:31)
(cid:31)
Œ(cid:31)(cid:30)(cid:29)(cid:28)(cid:17)(cid:28)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:17)(cid:31)(cid:27)(cid:23)(cid:28)(cid:31)(cid:20)(cid:23)(cid:19)(cid:14)(cid:22)(cid:15)(cid:28)(cid:15)(cid:31)(cid:16)(cid:4)(cid:31)(cid:30)(cid:23)(cid:28)(cid:27)(cid:17)(cid:24)(cid:23)(cid:4)(cid:31)(cid:27)(cid:17)(cid:31)(cid:27)(cid:25)(cid:31)(cid:10)(cid:9)(cid:31)”(cid:27)(cid:18)(cid:24)(cid:27)(cid:23)(cid:4)(cid:1)(cid:31)(cid:27)(cid:18)(cid:15)(cid:31)(cid:27)(cid:23)(cid:28)(cid:31)(cid:25)(cid:29)(cid:28)(cid:18)(cid:31)(cid:27)(cid:15)•(cid:24)(cid:17)(cid:25)(cid:28)(cid:15)(cid:31)(cid:25)(cid:19)(cid:31)(cid:10)(cid:9)(cid:31)(cid:8)(cid:27)(cid:23)(cid:26)(cid:29)(cid:31)(cid:16)(cid:27)(cid:17)(cid:28)(cid:15)(cid:31)(cid:19)(cid:18)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31) (cid:19)(cid:14)(cid:28) (cid:28)(cid:18)(cid:25)(cid:31)(cid:22)(cid:18)(cid:31)(cid:17)(cid:11)(cid:27)(cid:20)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:17)(cid:1)(cid:31)(cid:27)(cid:17)(cid:31)
–(cid:24)(cid:19)(cid:25)(cid:28)(cid:15)(cid:31)(cid:16)(cid:4)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)—(cid:28)(cid:17)(cid:28)(cid:23)(cid:14)(cid:28)(cid:31)’(cid:27)(cid:18) (cid:1)(cid:31)(cid:16)(cid:28)(cid:25)(cid:11)(cid:28)(cid:28)(cid:18)(cid:31)”(cid:27)(cid:18)(cid:24)(cid:27)(cid:23)(cid:4)(cid:31)(cid:27)(cid:18)(cid:15)(cid:31)(cid:8)(cid:27)(cid:23)(cid:26)(cid:29)(cid:157)(cid:31)Ž(cid:21)(cid:21)(cid:24)(cid:17)(cid:25)(cid:23)(cid:27)(cid:25)(cid:22)(cid:14)(cid:28)(cid:31)(cid:13)(cid:19)(cid:23)(cid:11)(cid:27)(cid:23)(cid:15)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:17)(cid:31)(cid:13)(cid:19)(cid:23)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:23)(cid:28)(cid:17)(cid:20)(cid:28)(cid:26)(cid:25)(cid:22)(cid:14)(cid:28)(cid:31)(cid:14)(cid:27)(cid:21)(cid:24)(cid:27)(cid:25)(cid:22)(cid:19)(cid:18)(cid:17)(cid:31)(cid:27)(cid:23)(cid:28)(cid:31)(cid:27)(cid:17)(cid:31)(cid:13)(cid:19)(cid:21)(cid:21)(cid:19)(cid:11)(cid:17)€(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:16)‚(cid:31)(cid:19)(cid:25)(cid:18)(cid:17)(cid:21)(cid:24)(cid:30)(cid:27)(cid:25)(cid:23)(cid:22)(cid:21)(cid:24)(cid:20)(cid:29)(cid:31)
Ž(cid:18)(cid:31)(cid:15)(cid:28)(cid:25)(cid:28)(cid:23) (cid:22)(cid:18)(cid:22)(cid:18)(cid:12)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:13)(cid:24)(cid:25)(cid:24)(cid:23)(cid:28)(cid:31)(cid:28)„(cid:20)(cid:28)(cid:26)(cid:25)(cid:28)(cid:15)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:31)(cid:19)(cid:13)(cid:31)(cid:23)(cid:28)(cid:25)(cid:24)(cid:23)(cid:18)(cid:1)(cid:31)(cid:12)(cid:28)(cid:18)(cid:28)(cid:23)(cid:27)(cid:21)(cid:31)(cid:22)(cid:18)(cid:13)(cid:21)(cid:27)(cid:25)(cid:22)(cid:19)(cid:18)(cid:31)(cid:11)(cid:27)(cid:17)(cid:31)(cid:27)(cid:17)(cid:17)(cid:24) (cid:28)(cid:15)(cid:31)(cid:25)(cid:19)(cid:31)(cid:26)(cid:19)(cid:18)(cid:25)(cid:22)(cid:18)(cid:24)(cid:28)(cid:31)(cid:22)(cid:18)(cid:25)(cid:19)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:13)(cid:24)(cid:25)(cid:24)(cid:23)(cid:28)(cid:31)(cid:27)(cid:25)(cid:31)(cid:7)(cid:157)(cid:6)†(cid:31)(cid:20)(cid:28)(cid:23)(cid:31)(cid:27)(cid:18)(cid:18)(cid:24) (cid:31)‡(cid:7)(cid:6)(cid:9)ˆ€(cid:31)(cid:7)(cid:157)(cid:6)†‚(cid:157)(cid:31)(cid:31)
(cid:28)
(cid:26)‚(cid:31)(cid:16)(cid:27)(cid:15)(cid:24)(cid:21)(cid:17)(cid:30)(cid:24)(cid:14)(cid:23)(cid:22)(cid:21)(cid:24)(cid:20)(cid:29)(cid:31)
—(cid:27)(cid:25)(cid:28)(cid:17)(cid:31)(cid:19)(cid:13)(cid:31) (cid:19)(cid:23)(cid:25)(cid:27)(cid:21)(cid:22)(cid:25)(cid:4)(cid:31)(cid:11)(cid:28)(cid:23)(cid:28)(cid:31)(cid:27)(cid:17)(cid:17)(cid:24) (cid:28)(cid:15)(cid:31)(cid:27)(cid:17)(cid:31)(cid:13)(cid:19)(cid:21)(cid:21)(cid:19)(cid:11)(cid:17)€(cid:31)
(cid:7)(cid:6)(cid:9)ˆ(cid:31)
(cid:30)(cid:23)(cid:28)(cid:27)(cid:17)(cid:24)(cid:23)(cid:4)(cid:31)(cid:23)(cid:22)(cid:17) ƒ(cid:13)(cid:23)(cid:28)(cid:28)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:17)(cid:31)
(cid:129)(cid:19)(cid:25)(cid:31)(cid:27)(cid:20)(cid:20)(cid:21)(cid:22)(cid:26)(cid:27)(cid:16)(cid:21)(cid:28)(cid:31)
(cid:129)(cid:19)(cid:25)(cid:31)(cid:27)(cid:20)(cid:20)(cid:21)(cid:22)(cid:26)(cid:27)(cid:16)(cid:21)(cid:28)(cid:31)
(cid:30)(cid:23)(cid:28)(cid:27)(cid:17)(cid:24)(cid:23)(cid:4)(cid:31)(cid:23)(cid:22)(cid:17) ƒ(cid:13)(cid:23)(cid:28)(cid:28)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:17)(cid:31)
(cid:129)(cid:19)(cid:25)(cid:31)(cid:27)(cid:20)(cid:20)(cid:21)(cid:22)(cid:26)(cid:27)(cid:16)(cid:21)(cid:28)(cid:31)
(cid:7)(cid:6)(cid:9)(cid:5)(cid:31)
(cid:30)(cid:23)(cid:28)(cid:27)(cid:17)(cid:24)(cid:23)(cid:4)(cid:31)(cid:23)(cid:22)(cid:17) ƒ(cid:13)(cid:23)(cid:28)(cid:28)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:17)(cid:31)
(cid:129)(cid:19)(cid:25)(cid:31)(cid:27)(cid:20)(cid:20)(cid:21)(cid:22)(cid:26)(cid:27)(cid:16)(cid:21)(cid:28)(cid:31)
(cid:129)(cid:19)(cid:25)(cid:31)(cid:27)(cid:20)(cid:20)(cid:21)(cid:22)(cid:26)(cid:27)(cid:16)(cid:21)(cid:28)(cid:31)
(cid:30)(cid:23)(cid:28)(cid:27)(cid:17)(cid:24)(cid:23)(cid:4)(cid:31)(cid:23)(cid:22)(cid:17) ƒ(cid:13)(cid:23)(cid:28)(cid:28)(cid:31)(cid:23)(cid:27)(cid:25)(cid:28)(cid:17)(cid:31)
(cid:129)(cid:19)(cid:25)(cid:31)(cid:27)(cid:20)(cid:20)(cid:21)(cid:22)(cid:26)(cid:27)(cid:16)(cid:21)(cid:28)(cid:31)
‘(cid:27)(cid:17)(cid:29)ƒ(cid:13)(cid:21)(cid:19)(cid:11)(cid:17)(cid:31)(cid:22)(cid:18)(cid:31)(cid:4)(cid:28)(cid:27)(cid:23)(cid:31)(cid:9)(cid:6)€(cid:31) (cid:8)(cid:27)(cid:23)(cid:26)(cid:29)(cid:31)(cid:7)(cid:6)(cid:9)ˆ€(cid:31)
(cid:8)(cid:27)(cid:23)(cid:26)(cid:29)(cid:31)(cid:7)(cid:6)(cid:9)(cid:5)€(cid:31)
(cid:31)
(cid:7)(cid:157)ˆ(cid:9)†(cid:31)(cid:20)(cid:28)(cid:23)(cid:31)(cid:27)(cid:18)(cid:18)(cid:24) (cid:31)(cid:18)(cid:28)(cid:25)(cid:31)(cid:19)(cid:13)(cid:31)(cid:25)(cid:27)„(cid:31)
(cid:10)(cid:157)(cid:6)…†(cid:31)(cid:20)(cid:28)(cid:23)(cid:31)(cid:27)(cid:18)(cid:18)(cid:24) (cid:31)(cid:18)(cid:28)(cid:25)(cid:31)(cid:19)(cid:13)(cid:31)(cid:25)(cid:27)„(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:31)
(cid:127)(cid:19)(cid:23)(cid:31)(cid:24)(cid:18)(cid:15)(cid:28)(cid:23)(cid:11)(cid:23)(cid:22)(cid:25)(cid:25)(cid:28)(cid:18)(cid:31)(cid:11)(cid:29)(cid:19)(cid:21)(cid:28)(cid:31)(cid:19)(cid:13)(cid:31)(cid:21)(cid:22)(cid:13)(cid:28)(cid:1)(cid:31)(cid:28)(cid:18)(cid:15)(cid:19)(cid:11) (cid:28)(cid:18)(cid:25)(cid:31)(cid:27)(cid:18)(cid:15)(cid:31)(cid:25)(cid:28)(cid:23) (cid:31)(cid:22)(cid:18)(cid:17)(cid:24)(cid:23)(cid:27)(cid:18)(cid:26)(cid:28)(cid:31)(cid:20)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)€(cid:31)(cid:129)(cid:141)˜(cid:5)(cid:31)‡(cid:7)(cid:6)(cid:9)ˆ€(cid:31)(cid:129)(cid:141)˜(cid:5)‚(cid:157)(cid:31)
(cid:127)(cid:19)(cid:23)(cid:31)(cid:12)(cid:24)(cid:27)(cid:23)(cid:27)(cid:18)(cid:25)(cid:28)(cid:28)(cid:15)(cid:31)(cid:22)(cid:17)(cid:17)(cid:24)(cid:28)(cid:31)(cid:23)(cid:28)(cid:12)(cid:24)(cid:21)(cid:27)(cid:23)(cid:31)(cid:20)(cid:23)(cid:28) (cid:22)(cid:24) (cid:31)(cid:13)(cid:24)(cid:18)(cid:28)(cid:23)(cid:27)(cid:21)(cid:31)(cid:20)(cid:21)(cid:27)(cid:18)(cid:17)€(cid:31)(cid:129)(cid:141)˜(cid:5)(cid:31) (cid:24)(cid:21)(cid:25)(cid:22)(cid:20)(cid:21)(cid:22)(cid:28)(cid:15)(cid:31)(cid:16)(cid:4)(cid:31)(cid:27)(cid:31)(cid:13)(cid:27)(cid:26)(cid:25)(cid:19)(cid:23)(cid:31)(cid:25)(cid:19)(cid:31)(cid:23)(cid:28)(cid:13)(cid:21)(cid:28)(cid:26)(cid:25)(cid:31)(cid:29)(cid:22)(cid:12)(cid:29)(cid:28)(cid:23)(cid:31) (cid:19)(cid:23)(cid:25)(cid:27)(cid:21)(cid:22)(cid:25)(cid:4)(cid:31)(cid:27)(cid:25)(cid:31)(cid:4)(cid:19)(cid:24)(cid:18)(cid:12)(cid:28)(cid:23)(cid:31)(cid:27)(cid:12)(cid:28)(cid:17)(cid:157)(cid:31)
(cid:127)(cid:19)(cid:23)(cid:31)(cid:27)(cid:18)(cid:18)(cid:24)(cid:22)(cid:25)(cid:22)(cid:28)(cid:17)(cid:31)(cid:27)(cid:18)(cid:15)(cid:31)—(cid:28)(cid:14)(cid:28)(cid:23)(cid:17)(cid:28)(cid:31)(cid:8)(cid:19)(cid:23)(cid:25)(cid:12)(cid:27)(cid:12)(cid:28)(cid:17)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:2)(cid:22)(cid:23)(cid:28)(cid:26)(cid:25)(cid:19)(cid:23)(cid:17)(cid:31)(cid:27)(cid:17)(cid:17)(cid:24) (cid:28)(cid:15)(cid:31) (cid:19)(cid:23)(cid:25)(cid:27)(cid:21)(cid:22)(cid:25)(cid:4)(cid:31)(cid:27)(cid:26)(cid:26)(cid:19)(cid:23)(cid:15)(cid:22)(cid:18)(cid:12)(cid:31)(cid:25)(cid:19)(cid:31)˜(cid:6)†(cid:31)(cid:19)(cid:13)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:129)(cid:141)(cid:9)(cid:7)ƒ(cid:9)™(cid:31)(cid:20)(cid:19)(cid:20)(cid:24)(cid:21)(cid:27)(cid:25)(cid:22)(cid:19)(cid:18)(cid:31)(cid:25)(cid:27)(cid:16)(cid:21)(cid:28)(cid:17)(cid:31)‡(cid:7)(cid:6)(cid:9)ˆ€(cid:31)(cid:3)(cid:144)‡˜(cid:6)‚(cid:31)
(cid:25)(cid:27)(cid:16)(cid:21)(cid:28)(cid:1)(cid:31)(cid:23)(cid:28)(cid:15)(cid:24)(cid:26)(cid:28)(cid:15)(cid:31)(cid:16)(cid:4)(cid:31)(cid:13)(cid:19)(cid:24)(cid:23)(cid:31)(cid:4)(cid:28)(cid:27)(cid:23)(cid:17)‚(cid:157)(cid:31)(cid:127)(cid:19)(cid:23)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)‘(cid:19)(cid:19) (cid:31)Ž(cid:17)(cid:21)(cid:27)(cid:18)(cid:15)(cid:17)(cid:31)(cid:144)(cid:18)(cid:18)(cid:24)(cid:22)(cid:25)(cid:4)(cid:31)(cid:3)(cid:28)(cid:18)(cid:17)(cid:22)(cid:19)(cid:18)(cid:31)(cid:3)(cid:21)(cid:27)(cid:18)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:27)(cid:17)(cid:17)(cid:24) (cid:28)(cid:15)(cid:31) (cid:19)(cid:23)(cid:25)(cid:27)(cid:21)(cid:22)(cid:25)(cid:4)(cid:31)(cid:25)(cid:27)(cid:16)(cid:21)(cid:28)(cid:31)(cid:22)(cid:17)(cid:31)(cid:25)(cid:29)(cid:28)(cid:31)(cid:3)(cid:144)‡˜(cid:6)‚(cid:31)(cid:25)(cid:27)(cid:16)(cid:21)(cid:28)(cid:31)(cid:11)(cid:22)(cid:25)(cid:29)(cid:19)(cid:24)(cid:25)(cid:31)(cid:27)(cid:15)•(cid:24)(cid:17)(cid:25) (cid:28)(cid:18)(cid:25)(cid:31)
‡(cid:7)(cid:6)(cid:9)ˆ€(cid:31)(cid:18)(cid:19)(cid:31)(cid:26)(cid:29)(cid:27)(cid:18)(cid:12)(cid:28)‚(cid:157)(cid:31)
(cid:31)
(cid:15)‚(cid:31)(cid:13)(cid:15)(cid:27)(cid:18)(cid:30)(cid:24)(cid:23)(cid:12)(cid:21)(cid:15)(cid:15)(cid:30)(cid:20)(cid:15)(cid:29)(cid:31)
(cid:30)(cid:29)(cid:28)(cid:31)(cid:20)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)(cid:31)(cid:11)(cid:28)(cid:23)(cid:28)(cid:31)(cid:15)(cid:22)(cid:14)(cid:22)(cid:15)(cid:28)(cid:15)(cid:31)(cid:22)(cid:18)(cid:25)(cid:19)(cid:31) (cid:27)•(cid:19)(cid:23)(cid:31)(cid:20)(cid:23)(cid:19)(cid:15)(cid:24)(cid:26)(cid:25)(cid:31)(cid:12)(cid:23)(cid:19)(cid:24)(cid:20)(cid:17)(cid:31)(cid:11)(cid:22)(cid:25)(cid:29)(cid:31)(cid:20)(cid:23)(cid:19)(cid:13)(cid:22)(cid:25)(cid:31)(cid:26)(cid:27)(cid:23)(cid:23)(cid:22)(cid:28)(cid:23)(cid:17)(cid:31)(cid:27)(cid:17)(cid:31)(cid:13)(cid:19)(cid:21)(cid:21)(cid:19)(cid:11)(cid:17)€(cid:31)
(cid:23)
(cid:16)(cid:21)(cid:11)(cid:27)(cid:15)(cid:23)(cid:13)(cid:15)(cid:27)(cid:10)(cid:26)(cid:28)(cid:24)(cid:23)(cid:9)(cid:15)(cid:27)(cid:26)(cid:8)(cid:29)(cid:23)
(cid:3)(cid:27)(cid:23)(cid:25)(cid:22)(cid:26)(cid:22)(cid:20)(cid:27)(cid:25)(cid:22)(cid:18)(cid:12)(cid:31)‰(cid:29)(cid:19)(cid:21)(cid:28)(cid:31)(cid:19)(cid:13)(cid:31)Š(cid:22)(cid:13)(cid:28)(cid:31)(cid:27)(cid:18)(cid:15)(cid:31)‹(cid:18)(cid:15)(cid:19)(cid:11) (cid:28)(cid:18)(cid:25)(cid:31)(cid:3)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)(cid:31)
(cid:129)(cid:19)(cid:18)(cid:31)(cid:3)(cid:27)(cid:23)(cid:25)(cid:22)(cid:26)(cid:22)(cid:20)(cid:27)(cid:25)(cid:22)(cid:18)(cid:12)(cid:31)‰(cid:29)(cid:19)(cid:21)(cid:28)(cid:31)(cid:19)(cid:13)(cid:31)Š(cid:22)(cid:13)(cid:28)(cid:31)(cid:27)(cid:18)(cid:15)(cid:31)‹(cid:18)(cid:15)(cid:19)(cid:11) (cid:28)(cid:18)(cid:25)(cid:31)(cid:3)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)(cid:31)
Š(cid:24) (cid:20)(cid:31)(cid:143)(cid:24) (cid:31)(cid:127)(cid:24)(cid:18)(cid:28)(cid:23)(cid:27)(cid:21)(cid:31)’(cid:28)(cid:18)(cid:28)(cid:13)(cid:22)(cid:25)(cid:31)(cid:3)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)(cid:31)‡‘(cid:27)(cid:23)(cid:22)(cid:18)(cid:12)(cid:31)(cid:3)(cid:21)(cid:27)(cid:18)‚(cid:31)
(cid:30)(cid:28)(cid:23) (cid:31)Ž(cid:18)(cid:17)(cid:24)(cid:23)(cid:27)(cid:18)(cid:26)(cid:28)(cid:31)(cid:3)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)(cid:31)
(cid:127)(cid:24)(cid:18)(cid:28)(cid:23)(cid:27)(cid:21)(cid:31)(cid:3)(cid:21)(cid:27)(cid:18)(cid:31)(cid:3)(cid:19)(cid:21)(cid:22)(cid:26)(cid:22)(cid:28)(cid:17)(cid:31)‡—(cid:28)(cid:12)(cid:24)(cid:21)(cid:27)(cid:23)(cid:31)(cid:20)(cid:23)(cid:28) (cid:22)(cid:24) (cid:31)(cid:12)(cid:24)(cid:27)(cid:23)(cid:27)(cid:18)(cid:25)(cid:28)(cid:28)(cid:15)(cid:31)(cid:22)(cid:17)(cid:17)(cid:24)(cid:28)‚(cid:31)
(cid:144)(cid:18)(cid:18)(cid:24)(cid:22)(cid:25)(cid:22)(cid:28)(cid:17)(cid:31)
‘(cid:19)(cid:18)(cid:17)(cid:24) (cid:28)(cid:23)(cid:31)‘(cid:23)(cid:28)(cid:15)(cid:22)(cid:25)(cid:31)š(cid:31)Š(cid:22)(cid:13)(cid:28)(cid:17)(cid:25)(cid:4)(cid:21)(cid:28)(cid:31)
(cid:8)(cid:19)(cid:25)(cid:19)(cid:23)(cid:31)(cid:16)(cid:24)(cid:17)(cid:22)(cid:18)(cid:28)(cid:17)(cid:17)(cid:31)
(cid:144)(cid:26)(cid:26)(cid:22)(cid:15)(cid:28)(cid:18)(cid:25)(cid:27)(cid:21)(cid:31)(cid:15)(cid:28)(cid:27)(cid:25)(cid:29)(cid:31)›(cid:31)(cid:23)(cid:28)(cid:15)(cid:24)(cid:18)(cid:15)(cid:27)(cid:18)(cid:26)(cid:4)(cid:31)œ(cid:31)(cid:143)(cid:25)(cid:19)(cid:20)(cid:31)ž(cid:27)(cid:20)(cid:31)
(cid:144)(cid:26)(cid:26)(cid:22)(cid:15)(cid:28)(cid:18)(cid:25)(cid:27)(cid:21)(cid:31)(cid:15)(cid:28)(cid:27)(cid:25)(cid:29)(cid:31)(cid:23)(cid:28)(cid:12)(cid:24)(cid:21)(cid:27)(cid:23)(cid:31)›(cid:31)(cid:17)(cid:22)(cid:18)(cid:12)(cid:21)(cid:28)(cid:31)(cid:20)(cid:23)(cid:28) (cid:22)(cid:24) (cid:31)
(cid:31)
(cid:28)‚(cid:31)(cid:19)(cid:25)(cid:7)(cid:20)(cid:29)(cid:24)(cid:6)(cid:20)(cid:25)(cid:24)(cid:23)(cid:21)(cid:25)(cid:10)(cid:23)(cid:16)(cid:21)(cid:30)(cid:25)(cid:24)(cid:20)(cid:25)(cid:21)(cid:25)(cid:28)(cid:20)(cid:23)(cid:5)(cid:4)(cid:8)(cid:20)(cid:25)(cid:29)(cid:20)(cid:29)(cid:31)
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80
81
(cid:31)
(cid:31)
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
The reduction in renewal costs arises from a combination of the significant growth of the Company’s Motor insurance book over the year,
and an expense investigation by the Company which led to a higher proportion of activities being recognised as business acquisition
activities.
Investment management expenses were assumed to be 1.0% (2016: 1.0%) of policy liabilities.
f) Inflation and Automatic Indexation of Benefits
Maintenance expenses are assumed to increase 2.0% per annum (2016: 2.0%). Investment management expenses are assumed to
remain a constant percentage of funds under management.
g) Taxation
The assumed future tax rates reflect the corporate tax rate applying in New Zealand with effect from 1 April 2011. The calculations have
been carried out on the basis of current life insurance income tax legislation.
h) Rates of Discontinuance
Rates of discontinuance are assumed to be 5.0% for whole of life, endowment and term insurance business (2016: 5.0%), and nil for
annuity pension plan business (2016: nil).
For the Funeral plan the rates of discontinuance are based on company experience, beginning at 15% in year 1 and reducing ultimately to
8% per annum (2016: No change).
i) Surrender Values
The Company's current basis of calculating surrender values is assumed to continue in the future.
j) Rates of Future Supportable Participating Benefits
Rates of bonus supported by the participating fund are simple annual bonuses of $0.00 (2016: $0.00) per $1,000 of sum assured on
endowment policies.
k) Impact of changes in assumptions
The impact of the change in the discount rate is a reduction in policy liabilities of $185,000.
The impact of the revised expense and mortality assumptions is an increase in policy liabilities of $32,000.
l) Crediting Policy Adopted for Future Supportable Participating Benefits
For participating business the Company's policy is to distribute profits arising such that over long periods the returns to policy holders are
commensurate with the investment returns achieved on relevant assets, together with other sources of profit arising from this business. In
applying the policyholders' share of distributions to provide bonuses, consideration is given to achieving equity between generations of
policyholders and equity between the various classes and sizes of policies in force. Assumed future bonus rates included in policyholder
liabilities were set such that the present value of policyholder liabilities, allowing for the shareholders' right to participate in distributions,
equals the value of assets supporting the business. The supportable future bonus rate on this basis is zero.
Non-life insurance liabilities
The non-life insurance liabilities have been valued on the basis of their unearned premium. The unearned premium (net of deferred
acquisition cost) has been compared to the expected cost of future claims and administration costs to ensure non-life insurance liabilities
are sufficient to cover these costs.
B. Financial strength rating
The Insurance (Prudential Supervision) Act 2010 requires all licensed insurers to have a current Financial Strength Rating, given by an
approved rating entity. DPL Insurance Limited has been issued a Financial Strength Rating of B+ (Good) and an Issuer Credit Rating of
bbb- (Good), with the outlook assigned to both ratings as 'Stable' by A.M. Best. The rating was issued by A.M. Best on 29 June 2017.
The A.M Best company rating scale is
A++, A+ Superior
A, A- Excellent
B++, B+ Good
Issuer credit rating:
Investment grade
aaa (Exceptional)
aa (Superior)
a (Excellent)
bbb (Good)
B, B- Fair
C++, C+ Marginal
C, C- Weak
D Poor
E Under Regular Supervision
F In liquidation
S Suspended
Non-investment grade
bb (Fair)
b (Marginal)
ccc, cc (Weak)
c (Poor)
rs (Regulatory Supervision / Liquidation)
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
C. Surplus after taxation from insurance activities arose from:
Insurance Contracts
Planned margin of revenues over expenses
Change in valuation assumptions
Change in discount rate: 2.61% to 3.08% (2016: 3.37% to 2.61%)
Difference between actual and assumed experience
Life investments contracts
Difference between actual and assumed experience
Investment returns on assets in excess of insurance
contract and investment contract liabilities
Surplus after taxation attributable to insurance activities
2017
$’000
143
(32)
164
(552)
420
383
526
2016
$’000
107
(5)
(119)
62
599
307
951
The disclosure of the components of operating profit after tax expense are required to be separated between policyholders’ and shareholders’
interests. We have included only one column, as policyholder profits arise only in respect of a small number of participating policies, and the
profits arising on these policies over the year were effectively zero. Accordingly all of the profits earned over the year are shareholder profits.
It is not currently possible to identify all experience variances separately for life investment contracts. The difference between actual and
assumed experience for life insurance contracts therefore includes some variances relating to life investment contracts.
D. Insurance and investment contract income
Insurance contract premiums
Reinsurance revenues
Investment revenue
Less: investment revenue paid to life insurance investment contracts
Other Revenues
Total insurance and investment contract income
Investment Income
Equity securities
Fixed interest securities
Property investments
2017
$’000
8,732
-
552
(409)
1,592
10,467
2016
$’000
7,303
8
1,083
(919)
857
8,332
470
96
(14)
552
496
366
221
1,083
Included within equity securities is dividend income of $Nil (2016: $Nil) and included within fixed interest securities is interest income of $Nil
(2016: $Nil). Included within total Investment Income is net realised and unrealised gains/(losses) on securities at fair value through profit or loss
of $552,000 (2016: $1,083,000).
82
83
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
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‡(cid:18)(cid:15)(cid:17)(cid:16)(cid:6)(cid:18)(cid:21)(cid:20)(cid:15)(cid:13)(cid:24)€(cid:17)(cid:6)(cid:21)(cid:16)(cid:141)(cid:13)(cid:15)(cid:17)ƒ(cid:18)(cid:141)(cid:16)(cid:21)(cid:18)(cid:17)(cid:15)(cid:20)(cid:7)(cid:20)(cid:15)(cid:13)(cid:16)(cid:24)(cid:17)
(cid:25)(cid:24)(cid:19)(cid:16)(cid:12)(cid:18)(cid:17)(cid:15)(cid:20)(cid:7)(cid:17)(cid:18)(cid:7)(cid:6)(cid:18)(cid:24)(cid:23)(cid:18)(cid:17)(cid:20)(cid:15)(cid:17)(cid:6)(cid:21)(cid:18) (cid:20)(cid:13)(cid:14)(cid:13)(cid:24)€(cid:17)(cid:21)(cid:20)(cid:15)(cid:18)(cid:23)
(cid:144)(cid:20)(cid:7)(cid:17)(cid:13)(cid:12)(cid:6)(cid:20)(cid:19)(cid:15)(cid:17)(cid:16)(cid:141)(cid:17)(cid:18)(cid:7)(cid:6)(cid:18)(cid:24)(cid:23)(cid:18)(cid:23)(cid:17)(cid:24)(cid:16)(cid:15)(cid:17)(cid:143)(cid:18)(cid:143)(cid:22)(cid:19)(cid:15)(cid:13)ƒ(cid:14)(cid:18)(cid:17)(cid:141)(cid:16)(cid:21)(cid:17)(cid:15)(cid:20)(cid:7)(cid:17)(cid:6)(cid:22)(cid:21)(cid:6)(cid:16)(cid:23)(cid:18)(cid:23)
ˆ(cid:21)(cid:16)(cid:22)(cid:6)(cid:17)(cid:15)(cid:20)(cid:7)(cid:17)(cid:14)(cid:16)(cid:23)(cid:23)(cid:18)(cid:23)(cid:17)(cid:22)(cid:15)(cid:13)(cid:14)(cid:13)(cid:23)(cid:18)(cid:143)
(cid:144)(cid:20)(cid:7)(cid:20)(cid:15)(cid:13)(cid:16)(cid:24)(cid:17)‰(cid:18)(cid:7)(cid:6)(cid:18)(cid:24)(cid:23)(cid:18)Š‹ƒ(cid:18)(cid:24)(cid:18)(cid:141)(cid:13)(cid:15)
Ž(cid:16)(cid:12)(cid:6)(cid:21)(cid:13)(cid:23)(cid:13)(cid:24)€‘
Ž(cid:22)(cid:21)(cid:21)(cid:18)(cid:24)(cid:15)
(cid:129)(cid:18)(cid:141)(cid:18)(cid:21)(cid:21)(cid:18)(cid:143)
(cid:31)(cid:30)(cid:29)(cid:30)(cid:28)(cid:28)(cid:30)(cid:27)(cid:26)(cid:25)(cid:24)(cid:23)
’(cid:6)(cid:18)(cid:24)(cid:13)(cid:24)€(cid:17)ƒ(cid:20)(cid:14)(cid:20)(cid:24)(cid:19)(cid:18)
(cid:129)(cid:18)(cid:141)(cid:18)(cid:21)(cid:21)(cid:18)(cid:143)(cid:17)(cid:15)(cid:21)(cid:20)(cid:24)(cid:23)(cid:141)(cid:18)(cid:21)(cid:21)(cid:18)(cid:143)(cid:17)(cid:141)(cid:21)(cid:16)(cid:12)(cid:17)(cid:144)(cid:22)(cid:21)(cid:24)(cid:18)(cid:21)(cid:23)(cid:17)„(cid:22)(cid:15)(cid:16)(cid:12)(cid:16)(cid:15)(cid:13) (cid:18)(cid:17)ˆ(cid:21)(cid:16)(cid:22)(cid:6)(cid:17) (cid:13)(cid:12)(cid:13)(cid:15)(cid:18)(cid:143)
Ž…(cid:20)(cid:21)€(cid:18)(cid:17)(cid:15)(cid:16)(cid:17)(cid:6)(cid:21)(cid:16)(cid:141)(cid:13)(cid:15)(cid:17)(cid:16)(cid:21)(cid:17)(cid:14)(cid:16)(cid:23)(cid:23)
(cid:129)(cid:18)(cid:141)(cid:18)(cid:21)(cid:21)(cid:18)(cid:143)(cid:17)(cid:15)(cid:20)(cid:7)(cid:17)(cid:16)(cid:24)(cid:17)(cid:13)(cid:24)(cid:15)(cid:20)(cid:24)€(cid:13)ƒ(cid:14)(cid:18)(cid:23)
Ž(cid:14)(cid:16)(cid:23)(cid:13)(cid:24)€(cid:17)ƒ(cid:20)(cid:14)(cid:20)(cid:24)(cid:19)(cid:18)
(cid:144)…(cid:18)(cid:17)(cid:19)…(cid:20)(cid:21)€(cid:18)(cid:17)(cid:15)(cid:16)(cid:17)(cid:6)(cid:21)(cid:16)(cid:141)(cid:13)(cid:15)(cid:17)(cid:16)(cid:21)(cid:17)(cid:14)(cid:16)(cid:23)(cid:23)(cid:17)(cid:13)(cid:23)(cid:17)(cid:20)(cid:15)(cid:15)(cid:21)(cid:13)ƒ(cid:22)(cid:15)(cid:20)ƒ(cid:14)(cid:18)(cid:17)(cid:15)(cid:16)(cid:17)(cid:15)…(cid:18)(cid:17)(cid:141)(cid:16)(cid:14)(cid:14)(cid:16)“(cid:13)(cid:24)€(cid:17)(cid:13)(cid:15)(cid:18)(cid:12)(cid:23)‘
(cid:25)(cid:24)(cid:23)(cid:22)(cid:21)(cid:20)(cid:24)(cid:19)(cid:18)(cid:17)(cid:143)(cid:18)(cid:143)(cid:22)(cid:19)(cid:15)(cid:13)ƒ(cid:14)(cid:18)(cid:17)(cid:21)(cid:18)(cid:23)(cid:18)(cid:21) (cid:18)(cid:23)
(cid:4)(cid:21)(cid:16) (cid:13)(cid:23)(cid:13)(cid:16)(cid:24)(cid:23)(cid:17)(cid:20)(cid:24)(cid:143)(cid:17)(cid:20)(cid:19)(cid:19)(cid:21)(cid:22)(cid:20)(cid:14)(cid:23)
(cid:22)(cid:21)(cid:20)(cid:19)(cid:18)(cid:30)(cid:26)(cid:25)(cid:24)(cid:23)(cid:26)(cid:17)(cid:19)(cid:16)(cid:16)(cid:30)(cid:16)(cid:26)(cid:19)(cid:21)(cid:26)(cid:15)(cid:19)(cid:17)(cid:14)(cid:20)(cid:13)(cid:12)(cid:19)(cid:17)(cid:27)(cid:30)(cid:28)(cid:26)(cid:11)(cid:24)(cid:16)(cid:30)(cid:26)
(cid:144)…(cid:18)(cid:17)(cid:6)(cid:16)(cid:14)(cid:13)(cid:19)(cid:3)(cid:17)…(cid:16)(cid:14)(cid:143)(cid:18)(cid:21)(cid:17)(cid:15)(cid:20)(cid:7)(cid:17)(cid:14)(cid:16)(cid:23)(cid:23)(cid:18)(cid:23)(cid:17)(cid:19)(cid:20)(cid:21)(cid:21)(cid:13)(cid:18)(cid:143)(cid:17)(cid:141)(cid:16)(cid:21)“(cid:20)(cid:21)(cid:143)(cid:17)(cid:20)(cid:15)(cid:17)(cid:11)(cid:29)(cid:17)‚(cid:20)(cid:21)(cid:19)…(cid:17)(cid:31)(cid:30)(cid:29)Œ(cid:17)(cid:20)(cid:21)(cid:18)(cid:17)(cid:27)(cid:9)(cid:10)(cid:9)(cid:127)Œ(cid:10)(cid:11)(cid:29)(cid:127)(cid:17)‰(cid:31)(cid:30)(cid:29)(cid:28)‘(cid:17)(cid:27)(cid:9)(cid:10)(cid:29)(cid:11)(cid:28)(cid:10)(cid:31)Œ(cid:28)Š”(cid:17)(cid:17)
(cid:22)(cid:18)(cid:15)(cid:10)(cid:25)(cid:24)(cid:25)(cid:14)(cid:19)(cid:21)(cid:26)(cid:20)(cid:28)(cid:30)(cid:27)(cid:14)(cid:25)(cid:26)(cid:18)(cid:30)(cid:18)(cid:19)(cid:28)(cid:24)(cid:21)(cid:27)(cid:10)(cid:18)(cid:26)(cid:24)(cid:20)(cid:20)(cid:19)(cid:10)(cid:21)(cid:25)
(cid:144)…(cid:18)(cid:17)(cid:6)(cid:16)(cid:14)(cid:13)(cid:19)(cid:3)…(cid:16)(cid:14)(cid:143)(cid:18)(cid:21)(cid:17)(cid:13)(cid:12)(cid:6)(cid:22)(cid:15)(cid:20)(cid:15)(cid:13)(cid:16)(cid:24)(cid:17)(cid:19)(cid:21)(cid:18)(cid:143)(cid:13)(cid:15)(cid:17)(cid:20)(cid:19)(cid:19)(cid:16)(cid:22)(cid:24)(cid:15)(cid:17)…(cid:20)(cid:23)(cid:17)(cid:20)(cid:17)(cid:19)(cid:14)(cid:16)(cid:23)(cid:13)(cid:24)€(cid:17)ƒ(cid:20)(cid:14)(cid:20)(cid:24)(cid:19)(cid:18)(cid:17)(cid:20)(cid:15)(cid:17)(cid:11)(cid:29)(cid:17)‚(cid:20)(cid:21)(cid:19)…(cid:17)(cid:31)(cid:30)(cid:29)Œ(cid:17)(cid:16)(cid:141)(cid:17)(cid:27)‡(cid:13)(cid:14)(cid:17)‰(cid:31)(cid:30)(cid:29)(cid:28)‘(cid:17)(cid:27)‡(cid:13)(cid:14)Š”
(cid:15)(cid:14)(cid:13)(cid:12)
(cid:11)(cid:10)(cid:14)(cid:14)(cid:14)
(cid:9)(cid:8)(cid:7)(cid:6)(cid:7)
(cid:9)(cid:7)(cid:13)
(cid:12)(cid:9)(cid:5)
(cid:13)(cid:9)(cid:14)
(cid:6)(cid:14)(cid:5)
(cid:4)(cid:6)
(cid:13)(cid:8)(cid:14)(cid:9)(cid:4)
(cid:12)(cid:9)
(cid:13)(cid:9)(cid:6)
(cid:5)(cid:3)
(cid:5)(cid:3)
(cid:13)(cid:8)(cid:3)(cid:5)(cid:12)
(cid:6)(cid:15)(cid:3)
(cid:15)(cid:4)(cid:14)
(cid:13)(cid:5)(cid:15)
(cid:141)
(cid:5)(cid:14)(cid:15)
(cid:143)(cid:9)(cid:14)(cid:144)
(cid:5)(cid:9)(cid:15)
(cid:5)(cid:14)(cid:15)
(cid:13)(cid:7)(cid:5)
(cid:141)
(cid:5)(cid:9)(cid:15)
(cid:143)(cid:3)(cid:8)(cid:12)(cid:6)(cid:15)(cid:144)
(cid:143)(cid:3)(cid:8)(cid:15)(cid:14)(cid:4)(cid:144)
(cid:143)(cid:9)(cid:9)(cid:144)
(cid:143)(cid:7)(cid:6)(cid:12)(cid:144)
(cid:143)(cid:5)(cid:9)(cid:15)(cid:144)
(cid:31)(cid:30)(cid:29)(cid:28)
(cid:27)(cid:26)(cid:30)(cid:30)(cid:30)
(cid:11)(cid:10)(cid:30)(cid:9)(cid:9)
(cid:9)(cid:11)(cid:5)
(cid:5)(cid:11)(cid:127)
(cid:29)(cid:9)
(cid:5)(cid:157)(cid:31)
(cid:127)(cid:31)
(cid:5)(cid:157)(cid:11)
(cid:28)(cid:127)
(cid:5)(cid:5)
(cid:157)(cid:28)
(cid:31)(cid:31)
(cid:29)(cid:10)(cid:9)(cid:31)(cid:9)
(cid:29)(cid:10)(cid:11)(cid:5)(cid:127)
(cid:11)(cid:5)(cid:29)
(cid:157)(cid:28)
(cid:1)
(cid:9)(cid:9)Œ
(cid:157)(cid:28)(cid:30)
‰(cid:29)(cid:29)(cid:11)Š
(cid:9)(cid:9)Œ
(cid:1)
(cid:31)(cid:9)Œ
‰(cid:29)(cid:29)(cid:11)Š
(cid:1)
(cid:29)(cid:11)(cid:9)
‰(cid:127)(cid:11)Š
‰(cid:11)(cid:30)Š
‰(cid:29)(cid:29)(cid:11)Š
G. DPL Insurance Limited solvency calculation
In terms of the Insurance (Prudential Supervision) Act 2010, DPL Insurance Limited must comply with the Solvency Standard for Life Insurance
Business 2014 and the Solvency Standard for Non-life Business 2014. DPL Insurance Limited is required to hold minimum solvency capital of
$5.0 million and have a solvency margin of at least $0.
Actual solvency capital
Calculated minimum solvency capital
Coverage ratio on calculated margin (times)
Overall minimum capital requirement
Solvency margin on overall minimum requirement
Coverage ratio on overall minimum requirement (times)
Non-life insurance
Actual solvency capital
Calculated minimum solvency capital
Solvency margin on calculated minimum requirement
Life insurance
Actual solvency capital
Calculated minimum solvency capital
Solvency margin on calculated minimum requirement
H. Policyholder liabilities
Insurance contract liabilities
Opening insurance contract liabilities
Increase / (decrease) in insurance contract liabilities recognised in profit or loss
Increase / (decrease) in premium revenues recognised in profit or loss
Increase / (decrease) in interest income recognised in profit or loss
Closing insurance contract liabilities
Policyholder liabilities contain the following components:
Future policy benefits
Future expenses
Future profit margins
Balance of future premiums
Re-insurance
Cost of bonus
Life insurance contracts with a discretionary participation feature - the amount of the liabilities that
relates to guarantees
Other contracts with a fixed or guaranteed termination value - current termination value
Life investment contracts at fair value through profit or loss
Opening life investment contracts at fair value through profit or loss
Increase / (decrease) in life investment contract liabilities recognised through profit or loss
Deposit premium
Withdrawals
Activity, plan, and establishment fees
Closing life investment contract liabilities
Opening deferred income reserve
Recognised in profit or loss
Closing deferred income reserve
Life investment contract liabilities held by the life insurance
2017
$’000
21,827
12,313
1.77
12,313
9,514
1.77
14,960
9,315
5,645
6,867
2,998
3,869
2017
$’000
12,688
4,546
(1,400)
164
15,998
17,589
611
1,403
(3,606)
1
-
15,998
398
2,241
2016
$’000
8,518
5,335
1.60
5,335
3,183
1.60
2,191
1,516
675
6,327
3,819
2,508
2016
$’000
9,260
(65)
3,612
(119)
12,688
15,143
892
1,471
(4,829)
1
10
12,688
394
2,579
15,629 16,378
771
283
2,793
2,306
(3,785)
(4,951)
(528)
(420)
12,847 15,629
- 3
(3)
-
-
15,629
-
12,847
84
85
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
The benefits offered under the Group's unit-linked investment contracts are based on the returns of selected equities and debt securities. This
investment mix is unique, and it cannot be associated to an individual benchmark index with a sufficiently high correlation. All financial liabilities
at fair value through profit and loss are designated by the Group to be in this measurement category. The liabilities originated from unit-linked
contracts are measured with reference to their respective underlying assets of these contracts. Changes in the credit risk of the underlying
assets do not impact the measurement of the unit-linked liabilities. The maturity value of these financial liabilities is determined by the fair value
of the linked assets, at maturity date.
Policyholder liabilities comprise
Annuities
Endowment
Whole of Life
Provision for bonuses and future margins
Consumer Credit Protection & key person loan protection
Accidental death/redundancy
Term Life
General
General claims provisions
Deferred commissions - Superlife & Superbond
Superlife policies
Superannuation funds:
Super Bond Retirement Plan
Invincible Superannuation Fund
Save and Invest Group Superannuation Plan
Deferred acquisition costs - life
General outstandings claim provision
Gross claims
Third party recoverables
IBNR provision
Reconciliation of movement in general gross claims liability
Opening Balance
Movement
Payments
Closing Balance
2017
$’000
1,352
398
2,138
1,403
586
9
146
37,334
556
-
7,062
5,785
-
-
(1,048)
55,721
557
(85)
84
556
693
4,415
(4,552)
556
2016
$’000
1,452
394
1,875
1,471
1,457
25
47
2,405
693
-
7,268
8,293
-
68
(330)
25,118
693
-
-
693
66
1,885
(1,258)
693
The policy liabilities in respect of annuities, endowment, whole of life, term life, super life and life bond have been established in accordance with
the policy conditions and maintained at a level equivalent to obligations due to policy holders as maturity or partial benefits.
Dorchester Life Trustees Limited, as trustee of Super Bond Retirement Plan, invest in a life policy issued to the trustees by DPL Insurance
Limited. During the year the Company received premiums, paid claims and invested the funds for the superannuation schemes outlined above.
All investments and bank accounts of these funds are recorded in the name of DPL Insurance Limited.
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:29)(cid:26)(cid:25)(cid:24)(cid:30)(cid:23)(cid:22)(cid:21)(cid:22)(cid:23)(cid:20)(cid:19)(cid:27)(cid:25)(cid:18)(cid:29)(cid:22)(cid:30)(cid:17)(cid:25)(cid:16)(cid:20)(cid:21)(cid:20)(cid:23)(cid:27)(cid:15)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:29)(cid:30)(cid:26)(cid:29)(cid:25)(cid:28)(cid:26)(cid:24)(cid:23)(cid:22)(cid:21)(cid:22)(cid:20)(cid:23)(cid:21)(cid:19)(cid:26)(cid:27)(cid:29)(cid:21)(cid:29)(cid:28)(cid:18)(cid:28)(cid:22)(cid:29)(cid:27)(cid:26)(cid:24)(cid:30)(cid:17)(cid:26)(cid:29)(cid:25)(cid:28)(cid:26)(cid:16)(cid:28)(cid:21)(cid:17)(cid:26)(cid:28)(cid:22)(cid:15)(cid:28)(cid:15)(cid:26)(cid:14)(cid:13)(cid:26)(cid:12)(cid:21)(cid:17)(cid:20)(cid:25)(cid:26)(cid:11)(cid:10)(cid:13)(cid:9)
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
(cid:31)(cid:30)(cid:29)(cid:29)(cid:28)(cid:27)(cid:26)(cid:25)(cid:24)(cid:24)(cid:23)(cid:22)(cid:24)(cid:25)(cid:21)(cid:22)(cid:20)(cid:29)(cid:27)(cid:19)(cid:18)(cid:17)(cid:23)(cid:16)(cid:25)(cid:21)(cid:27)(cid:17)(cid:19)
(cid:157)(cid:127)(cid:144)(cid:23)(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:144)(cid:18)(cid:19)(cid:18)(cid:21)(cid:24)(cid:15)(cid:23)(cid:12)(cid:26)(cid:29)(cid:23)(cid:22)(cid:30)(cid:24)(cid:23)(cid:29)(cid:21)(cid:26)(cid:21)(cid:28)(cid:21)(cid:22)(cid:27)(cid:143)(cid:23)(cid:10)(cid:18)(cid:7)(cid:24)(cid:23)(cid:7)(cid:28)(cid:30)(cid:15)Ž(cid:23)(cid:23)(cid:129)(cid:12)(cid:24)(cid:23)(cid:15)(cid:18)(cid:29)(cid:26)(cid:4)(cid:4)(cid:27)(cid:24)(cid:4)(cid:26)(cid:21)(cid:24)(cid:15)(cid:23)(cid:18)(cid:30)(cid:25)(cid:22)(cid:19)(cid:24)(cid:23)(cid:29)(cid:21)(cid:26)(cid:21)(cid:24)(cid:19)(cid:24)(cid:30)(cid:21)(cid:23)(cid:26)(cid:30)(cid:15)(cid:23)(cid:6)(cid:26)(cid:10)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:29)(cid:12)(cid:24)(cid:24)(cid:21)(cid:23)(cid:6)(cid:24)(cid:21)(cid:16)(cid:24)(cid:24)(cid:30)(cid:23)(cid:21)(cid:12)(cid:24)(cid:23)(cid:29)(cid:21)(cid:26)(cid:21)(cid:28)(cid:21)(cid:22)(cid:27)(cid:143)(cid:23)(cid:26)(cid:30)(cid:15)(cid:23)
(cid:29)(cid:12)(cid:26)(cid:27)(cid:24)(cid:12)(cid:22)(cid:10)(cid:15)(cid:24)(cid:27)(cid:23)(cid:7)(cid:28)(cid:30)(cid:15)(cid:29)(cid:23)(cid:18)(cid:29)(cid:23)(cid:26)(cid:29)(cid:23)(cid:7)(cid:22)(cid:10)(cid:10)(cid:22)(cid:16)(cid:29)‘
(cid:15)(cid:21)(cid:25)(cid:21)(cid:22)(cid:16)(cid:22)(cid:19)(cid:21)(cid:29)(cid:17)(cid:18)(cid:29)(cid:27)(cid:19)(cid:14)(cid:17)(cid:16)(cid:22)(cid:29)(cid:18)(cid:17)(cid:23)(cid:29)(cid:21)(cid:13)(cid:22)(cid:29)(cid:12)(cid:22)(cid:25)(cid:23)(cid:29)(cid:22)(cid:19)(cid:20)(cid:22)(cid:20)(cid:29)(cid:11)(cid:10)(cid:29)(cid:9)(cid:25)(cid:23)(cid:14)(cid:13)(cid:29)(cid:8)(cid:7)(cid:10)(cid:6)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:25)(cid:22)(cid:30)(cid:21)(cid:27)(cid:26)(cid:25)(cid:21)(cid:23)(cid:20)(cid:27)(cid:24)(cid:19)(cid:18)(cid:28)(cid:19)(cid:29)
(cid:17)(cid:28)(cid:21)(cid:16)(cid:26)(cid:27)(cid:15)(cid:23)(cid:27)(cid:24)(cid:18)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:20)(cid:27)(cid:24)(cid:19)(cid:18)(cid:28)(cid:19)
(cid:14)(cid:24)(cid:25)(cid:22)(cid:13)(cid:24)(cid:27)(cid:18)(cid:24)(cid:29)
(cid:17)(cid:21)(cid:12)(cid:24)(cid:27)(cid:23)(cid:18)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:27)(cid:24)(cid:13)(cid:24)(cid:30)(cid:28)(cid:24)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:27)(cid:24)(cid:13)(cid:24)(cid:30)(cid:28)(cid:24)
(cid:11)(cid:10)(cid:26)(cid:18)(cid:19)(cid:29)(cid:23)(cid:24)(cid:9)(cid:20)(cid:24)(cid:30)(cid:29)(cid:24)
(cid:8)(cid:22)(cid:13)(cid:24)(cid:19)(cid:24)(cid:30)(cid:21)(cid:23)(cid:18)(cid:30)(cid:23)(cid:10)(cid:18)(cid:7)(cid:24)(cid:23)(cid:18)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:10)(cid:18)(cid:26)(cid:6)(cid:18)(cid:10)(cid:18)(cid:21)(cid:18)(cid:24)(cid:29)
(cid:11)(cid:22)(cid:19)(cid:19)(cid:18)(cid:29)(cid:29)(cid:18)(cid:22)(cid:30)(cid:23)(cid:24)(cid:9)(cid:20)(cid:24)(cid:30)(cid:29)(cid:24)
(cid:17)(cid:21)(cid:12)(cid:24)(cid:27)(cid:23)(cid:24)(cid:9)(cid:20)(cid:24)(cid:30)(cid:29)(cid:24)(cid:29)
(cid:5)(cid:30)(cid:15)(cid:24)(cid:27)(cid:16)(cid:27)(cid:18)(cid:21)(cid:18)(cid:30)(cid:4)(cid:23)(cid:3)(cid:10)(cid:22)(cid:29)(cid:29)(cid:2)(cid:1)(cid:20)(cid:27)(cid:22)(cid:7)(cid:18)(cid:21)
(cid:31)(cid:30)(cid:13)(cid:24)(cid:29)(cid:21)(cid:19)(cid:24)(cid:30)(cid:21)(cid:23)(cid:18)(cid:30)(cid:25)(cid:22)(cid:19)(cid:24)
(cid:127)(cid:27)(cid:22)(cid:7)(cid:18)(cid:21)(cid:23)(cid:6)(cid:24)(cid:7)(cid:22)(cid:27)(cid:24)(cid:23)(cid:21)(cid:26)(cid:9)(cid:26)(cid:21)(cid:18)(cid:22)(cid:30)
(cid:129)(cid:26)(cid:9)(cid:26)(cid:21)(cid:18)(cid:22)(cid:30)
(cid:127)(cid:27)(cid:22)(cid:7)(cid:18)(cid:21)(cid:23)(cid:26)(cid:7)(cid:21)(cid:24)(cid:27)(cid:23)(cid:21)(cid:26)(cid:9)(cid:26)(cid:21)(cid:18)(cid:22)(cid:30)
(cid:15)(cid:21)(cid:25)(cid:21)(cid:22)(cid:16)(cid:22)(cid:19)(cid:21)(cid:29)(cid:17)(cid:18)(cid:29)(cid:18)(cid:27)(cid:19)(cid:25)(cid:19)(cid:14)(cid:27)(cid:25)(cid:4)(cid:29)‚(cid:17)(cid:26)(cid:27)(cid:21)(cid:27)(cid:17)(cid:19)(cid:29)(cid:25)(cid:26)(cid:29)(cid:11)(cid:10)(cid:29)(cid:9)(cid:25)(cid:23)(cid:14)(cid:13)(cid:29)(cid:8)(cid:7)(cid:10)(cid:6)
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(cid:31)(cid:30)(cid:13)(cid:24)(cid:29)(cid:21)(cid:19)(cid:24)(cid:30)(cid:21)(cid:29)(cid:23)(cid:6)(cid:26)(cid:25)(cid:141)(cid:18)(cid:30)(cid:4)(cid:23)(cid:18)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:20)(cid:22)(cid:10)(cid:18)(cid:25)(cid:143)(cid:23)(cid:10)(cid:18)(cid:26)(cid:6)(cid:18)(cid:10)(cid:18)(cid:21)(cid:18)(cid:24)(cid:29)
(cid:17)(cid:21)(cid:12)(cid:24)(cid:27)(cid:23)(cid:26)(cid:29)(cid:29)(cid:24)(cid:21)(cid:29)
(cid:3)(cid:17)(cid:21)(cid:25)(cid:4)(cid:29)(cid:25)(cid:26)(cid:26)(cid:22)(cid:21)(cid:26)
„(cid:27)(cid:25)…(cid:27)(cid:4)(cid:27)(cid:21)(cid:27)(cid:22)(cid:26)
(cid:144)(cid:18)(cid:7)(cid:24)(cid:23)(cid:18)(cid:30)(cid:13)(cid:24)(cid:29)(cid:21)(cid:19)(cid:24)(cid:30)(cid:21)(cid:23)(cid:25)(cid:22)(cid:30)(cid:21)(cid:27)(cid:26)(cid:25)(cid:21)(cid:23)(cid:10)(cid:18)(cid:26)(cid:6)(cid:18)(cid:10)(cid:18)(cid:21)(cid:18)(cid:24)(cid:29)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:25)(cid:22)(cid:30)(cid:21)(cid:27)(cid:26)(cid:25)(cid:21)(cid:23)(cid:10)(cid:18)(cid:26)(cid:6)(cid:18)(cid:10)(cid:18)(cid:21)(cid:18)(cid:24)(cid:29)
(cid:157)(cid:24)(cid:7)(cid:24)(cid:27)(cid:27)(cid:24)(cid:15)(cid:23)(cid:21)(cid:26)(cid:9)(cid:26)(cid:21)(cid:18)(cid:22)(cid:30)
(cid:17)(cid:21)(cid:12)(cid:24)(cid:27)(cid:23)(cid:10)(cid:18)(cid:26)(cid:6)(cid:18)(cid:10)(cid:18)(cid:21)(cid:18)(cid:24)(cid:29)
(cid:129)(cid:22)(cid:21)(cid:26)(cid:10)(cid:23)(cid:10)(cid:18)(cid:26)(cid:6)(cid:18)(cid:10)(cid:18)(cid:21)(cid:18)(cid:24)(cid:29)
(cid:15)(cid:17)(cid:4)†(cid:22)(cid:19)(cid:14)(cid:12)
(cid:25)(cid:21)(cid:28)(cid:26)(cid:10)(cid:23) (cid:22)(cid:10)(cid:13)(cid:24)(cid:30)(cid:25)(cid:143)(cid:23)(cid:25)(cid:26)(cid:20)(cid:18)(cid:21)(cid:26)(cid:10)
(cid:8)(cid:18)(cid:30)(cid:18)(cid:19)(cid:28)(cid:19)(cid:23)(cid:29)(cid:22)(cid:10)(cid:13)(cid:24)(cid:30)(cid:25)(cid:143)(cid:23)(cid:25)(cid:26)(cid:20)(cid:18)(cid:21)(cid:26)(cid:10)
(cid:22)(cid:10)(cid:13)(cid:24)(cid:30)(cid:25)(cid:143)(cid:23)(cid:8)(cid:26)(cid:27)(cid:4)(cid:18)(cid:30)
(cid:21)(cid:26)(cid:21)(cid:24)(cid:19)(cid:24)(cid:30)(cid:21)(cid:23)(cid:22)(cid:7)(cid:23)(cid:18)(cid:30)(cid:25)(cid:22)(cid:19)(cid:24)(cid:23)(cid:7)(cid:22)(cid:27)(cid:23)(cid:21)(cid:12)(cid:24)(cid:23)(cid:143)(cid:24)(cid:26)(cid:27)(cid:23)(cid:24)(cid:30)(cid:15)(cid:24)(cid:15)(cid:23)€‚(cid:23)(cid:8)(cid:26)(cid:27)(cid:25)(cid:12)(cid:23)ƒ„‚…
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:25)(cid:22)(cid:30)(cid:21)(cid:27)(cid:26)(cid:25)(cid:21)(cid:23)(cid:20)(cid:27)(cid:24)(cid:19)(cid:18)(cid:28)(cid:19)(cid:29)
(cid:17)(cid:28)(cid:21)(cid:16)(cid:26)(cid:27)(cid:15)(cid:23)(cid:27)(cid:24)(cid:18)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:20)(cid:27)(cid:24)(cid:19)(cid:18)(cid:28)(cid:19)
(cid:14)(cid:24)(cid:25)(cid:22)(cid:13)(cid:24)(cid:27)(cid:18)(cid:24)(cid:29)
(cid:17)(cid:21)(cid:12)(cid:24)(cid:27)(cid:23)(cid:18)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:27)(cid:24)(cid:13)(cid:24)(cid:30)(cid:28)(cid:24)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:27)(cid:24)(cid:13)(cid:24)(cid:30)(cid:28)(cid:24)
(cid:11)(cid:10)(cid:26)(cid:18)(cid:19)(cid:29)(cid:23)(cid:24)(cid:9)(cid:20)(cid:24)(cid:30)(cid:29)(cid:24)
(cid:8)(cid:22)(cid:13)(cid:24)(cid:19)(cid:24)(cid:30)(cid:21)(cid:23)(cid:18)(cid:30)(cid:23)(cid:10)(cid:18)(cid:7)(cid:24)(cid:23)(cid:18)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:10)(cid:18)(cid:26)(cid:6)(cid:18)(cid:10)(cid:18)(cid:21)(cid:18)(cid:24)(cid:29)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:30)(cid:25)(cid:24)(cid:23)(cid:27)(cid:24)(cid:25)(cid:22)(cid:13)(cid:24)(cid:27)(cid:18)(cid:24)(cid:29)
(cid:11)(cid:22)(cid:19)(cid:19)(cid:18)(cid:29)(cid:29)(cid:18)(cid:22)(cid:30)(cid:23)(cid:24)(cid:9)(cid:20)(cid:24)(cid:30)(cid:29)(cid:24)
(cid:17)(cid:21)(cid:12)(cid:24)(cid:27)(cid:23)(cid:24)(cid:9)(cid:20)(cid:24)(cid:30)(cid:29)(cid:24)(cid:29)
(cid:5)(cid:30)(cid:15)(cid:24)(cid:27)(cid:16)(cid:27)(cid:18)(cid:21)(cid:18)(cid:30)(cid:4)(cid:23)(cid:3)(cid:10)(cid:22)(cid:29)(cid:29)(cid:2)(cid:1)(cid:20)(cid:27)(cid:22)(cid:7)(cid:18)(cid:21)
(cid:31)(cid:30)(cid:13)(cid:24)(cid:29)(cid:21)(cid:19)(cid:24)(cid:30)(cid:21)(cid:23)(cid:18)(cid:30)(cid:25)(cid:22)(cid:19)(cid:24)
(cid:127)(cid:27)(cid:22)(cid:7)(cid:18)(cid:21)(cid:23)(cid:6)(cid:24)(cid:7)(cid:22)(cid:27)(cid:24)(cid:23)(cid:21)(cid:26)(cid:9)(cid:26)(cid:21)(cid:18)(cid:22)(cid:30)
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(cid:127)(cid:27)(cid:22)(cid:7)(cid:18)(cid:21)(cid:23)(cid:26)(cid:7)(cid:21)(cid:24)(cid:27)(cid:23)(cid:21)(cid:26)(cid:9)(cid:26)(cid:21)(cid:18)(cid:22)(cid:30)
(cid:15)(cid:21)(cid:25)(cid:21)(cid:5)(cid:21)(cid:17)(cid:23)(cid:12)
(cid:2)(cid:1)(cid:7)(cid:7)(cid:7)
(cid:8)(cid:127)(cid:129)(cid:10)(cid:141)
(cid:157)(cid:11)(cid:144)(cid:10)
(cid:11)(cid:144)(cid:11)
(cid:143) (cid:7)
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(cid:157) (cid:6)(cid:141)
(cid:157)(cid:10)(cid:127)(cid:7)(cid:144)(cid:143)
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(cid:157)(cid:144)(cid:10)(cid:141)
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(cid:157)(cid:10)(cid:8)(cid:11)
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(cid:15)(cid:21)(cid:25)(cid:21)(cid:5)(cid:21)(cid:17)(cid:23)(cid:12)
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(cid:8)(cid:144)(cid:127)(cid:7)(cid:129)
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(cid:10)(cid:141)(cid:127)(cid:10)(cid:141)(cid:8)
(cid:143)(cid:127)(cid:141)(cid:143)(cid:6)
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(cid:15)(cid:13)(cid:25)(cid:23)(cid:22)(cid:13)(cid:17)(cid:4)(cid:20)(cid:22)(cid:23)
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(cid:6)(cid:127)(cid:144) (cid:141)
(cid:157)(cid:129)(cid:127)(cid:129)(cid:10)(cid:144)
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(cid:157)(cid:11)(cid:7)(cid:6)
(cid:157)(cid:8)(cid:127)(cid:129)(cid:11)(cid:6)
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(cid:15)(cid:13)(cid:25)(cid:23)(cid:22)(cid:13)(cid:17)(cid:4)(cid:20)(cid:22)(cid:23)
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(cid:144)(cid:127)(cid:6)(cid:141)
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(cid:144)(cid:7)(cid:127)(cid:6)(cid:144)(cid:8)
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(cid:157)(cid:144)(cid:11)(cid:10)
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(cid:10)(cid:127)(cid:7)(cid:7)(cid:6)
(cid:8)(cid:141)
(cid:157)(cid:129)(cid:7)(cid:8)
(cid:144)(cid:8)(cid:143)
(cid:3)(cid:17)(cid:21)(cid:25)(cid:4)
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(cid:129)(cid:8)(cid:127)(cid:141)(cid:6)(cid:129)
(cid:127)(cid:10)(cid:10)(cid:7)
(cid:129)(cid:127)(cid:10)(cid:7)(cid:11)
(cid:143)(cid:141)(cid:127) (cid:11)(cid:129)
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(cid:10)(cid:8)(cid:127)(cid:11)(cid:10)(cid:11)
(cid:127)(cid:144)(cid:10)(cid:129)
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(cid:3)‰€‹(cid:2)
ƒŠ€
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(cid:3)€†„‰‰(cid:2)
(cid:3)‹‡€(cid:2)
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(cid:3)ƒ†‰€Š(cid:2)
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86
87
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Statement of financial position as 31 March 2016
Assets
Investments backing insurance policy liabilities
Other assets
Total assets
Liabilities
Life investment contract liabilities
Insurance contract liabilities
Other liabilities
Total liabilities
Solvency
Actual Solvency capital
Minimum solvency capital
Solvency Margin
Statutory
$’000
29,007
91
29,098
Shareholder
$’000
10,010
43
10,053
15,629
5,883
838
22,350
6,657
2,998
3,659
-
3,606
1,344
4,950
5,060
9,315
(4,255)
Total
$’000
39,017
134
39,151
15,629
9,489
2,182
27,300
11,717
12,313
(596)
Restriction on assets
Access to the retained profits and capital in the statutory fund held for policyholders is restricted by the Insurance (Prudential Supervision) Act
2010.
The business undertaken and policies accepted by DPL Insurance Limited are a combination of investment linked and non-investment linked.
2017
Premium income
Investment income
Claims expense
Other operating revenue
Other operating expenses
Investment revenues allocated to policyholders
Net profit before taxation
Net profit after taxation
Policy liabilities
Investment assets
Other assets
Other liabilities
Retained earnings
2016
Premium income
Investment income
Claims expense
Other operating revenue
Other operating expenses
Investment revenues allocated to policyholders
Net profit before taxation
Net profit after taxation
Policy liabilities
Investment assets
Other assets
Other liabilities
Retained earnings
Investment linked
$’000
Non – investment
linked
$’000
-
552
-
-
(126)
(283)
143
103
8,202
454
(5,393)
2,506
(4,985)
-
784
423
Total
$’000
8,202
1,006
(5,393)
2,506
(5,111)
(283)
927
526
12,847 42,874 55,721
12,766 59,377 72,143
- 48,870 48,870
- 13,213 13,213
5,728
4,718
1,010
Investment linked
$’000
Non – investment
linked
$’000
-
1,083
-
-
(145)
(774)
164
118
7,137
48
(3,044)
583
(3,490)
-
1,234
833
Total
$’000
8,559
1,131
(3,044)
583
(3,635)
(774)
1,398
951
15,629
9,260 24,889
15,813 12,469 28,282
- 5,315
- 517
4,295
907
5,315
517
5,202
The above information is disclosed prior to the elimination of any related party transactions or balances.
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:29)(cid:26)(cid:25)(cid:24)(cid:30)(cid:31)(cid:23)(cid:22)(cid:23)(cid:31)(cid:21)(cid:20)(cid:27)(cid:25)(cid:19)(cid:29)(cid:23)(cid:30)(cid:18)(cid:25)(cid:17)(cid:21)(cid:22)(cid:21)(cid:31)(cid:27)(cid:16)(cid:25)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:26)(cid:29)(cid:30)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:23)(cid:21)(cid:24)(cid:22)(cid:20)(cid:26)(cid:27)(cid:29)(cid:22)(cid:29)(cid:28)(cid:19)(cid:28)(cid:23)(cid:29)(cid:27)(cid:26)(cid:25)(cid:30)(cid:18)(cid:26)(cid:29)(cid:17)(cid:28)(cid:26)(cid:16)(cid:28)(cid:22)(cid:18)(cid:26)(cid:28)(cid:23)(cid:15)(cid:28)(cid:15)(cid:26)(cid:14)(cid:13)(cid:26)(cid:12)(cid:22)(cid:18)(cid:21)(cid:17)(cid:26)(cid:11)(cid:10)(cid:13)(cid:9)(cid:26)
(cid:26)
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
(cid:9)(cid:26)(cid:20)(cid:21)(cid:16)(cid:27)(cid:26)(cid:14)(cid:24)(cid:29)(cid:8)(cid:15)(cid:20)(cid:7)(cid:29)
(cid:31)(cid:30)(cid:29) (cid:28)(cid:27)(cid:26)(cid:27)(cid:25)(cid:24)(cid:23)(cid:29)(cid:22)(cid:21)(cid:26)(cid:23)(cid:20)(cid:29)(cid:27)(cid:26)(cid:23)(cid:29)(cid:19)(cid:18)(cid:17)(cid:24)(cid:16)(cid:29)(cid:22)(cid:15)(cid:23)(cid:21)(cid:14)(cid:15)(cid:27)(cid:16)(cid:13)(cid:29)(cid:12)(cid:14)(cid:18)(cid:15)(cid:11)(cid:15)(cid:18)(cid:15)(cid:24)(cid:20)(cid:29)
(cid:31)(cid:30)(cid:29)(cid:28) (cid:27)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28) (cid:29)(cid:19)(cid:18)(cid:19)(cid:17)(cid:20)(cid:16)(cid:28) (cid:22)(cid:21)(cid:17)(cid:20)(cid:16)(cid:28) (cid:22)(cid:25)(cid:28) (cid:22)(cid:28) (cid:15)(cid:23)(cid:14)(cid:18)(cid:14)(cid:17)(cid:20)(cid:23)(cid:28) (cid:13)(cid:14)(cid:23)(cid:28) (cid:22)(cid:28) (cid:26)(cid:24)(cid:18)(cid:12)(cid:20)(cid:23)(cid:28) (cid:14)(cid:13)(cid:28) (cid:25)(cid:24)(cid:15)(cid:20)(cid:23)(cid:22)(cid:26)(cid:26)(cid:24)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28) (cid:13)(cid:24)(cid:26)(cid:16)(cid:25)(cid:28) (cid:11)(cid:19)(cid:17)(cid:10)(cid:28) (cid:22)(cid:25)(cid:25)(cid:20)(cid:17)(cid:25)(cid:28) (cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:16)(cid:28) (cid:12)(cid:8)(cid:28) (cid:22)(cid:28) (cid:17)(cid:10)(cid:19)(cid:23)(cid:16)(cid:28) (cid:15)(cid:22)(cid:23)(cid:17)(cid:8)(cid:28) (cid:19)(cid:26)(cid:7)(cid:20)(cid:25)(cid:17)(cid:18)(cid:20)(cid:26)(cid:17)(cid:28)
(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:23)(cid:6)(cid:28)(cid:5)(cid:10)(cid:20)(cid:28)(cid:22)(cid:25)(cid:25)(cid:20)(cid:17)(cid:25)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:4)(cid:19)(cid:22)(cid:12)(cid:19)(cid:4)(cid:19)(cid:17)(cid:19)(cid:20)(cid:25)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:25)(cid:20)(cid:28)(cid:13)(cid:24)(cid:26)(cid:16)(cid:25)(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:26)(cid:14)(cid:17)(cid:28)(cid:19)(cid:26)(cid:21)(cid:4)(cid:24)(cid:16)(cid:20)(cid:16)(cid:28)(cid:19)(cid:26)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:13)(cid:19)(cid:26)(cid:22)(cid:26)(cid:21)(cid:19)(cid:22)(cid:4)(cid:28)(cid:25)(cid:17)(cid:22)(cid:17)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)(cid:25)(cid:6)(cid:28)(cid:3)(cid:23)(cid:23)(cid:22)(cid:26)(cid:9)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)(cid:25)(cid:28)(cid:20)(cid:2)(cid:19)(cid:25)(cid:17)(cid:28)(cid:17)(cid:14)(cid:28)(cid:20)(cid:26)(cid:25)(cid:24)(cid:23)(cid:20)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:22)(cid:21)(cid:17)(cid:19)(cid:7)(cid:19)(cid:17)(cid:19)(cid:20)(cid:25)(cid:28)(cid:14)(cid:13)(cid:28)
(cid:17)(cid:10)(cid:20)(cid:28)(cid:25)(cid:24)(cid:15)(cid:20)(cid:23)(cid:22)(cid:26)(cid:26)(cid:24)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28)(cid:13)(cid:24)(cid:26)(cid:16)(cid:25)(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:16)(cid:28)(cid:19)(cid:26)(cid:16)(cid:20)(cid:15)(cid:20)(cid:26)(cid:16)(cid:20)(cid:26)(cid:17)(cid:4)(cid:8)(cid:28)(cid:13)(cid:23)(cid:14)(cid:18)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:14)(cid:17)(cid:10)(cid:20)(cid:23)(cid:28)(cid:22)(cid:21)(cid:17)(cid:19)(cid:7)(cid:19)(cid:17)(cid:19)(cid:20)(cid:25)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:21)(cid:14)(cid:18)(cid:15)(cid:22)(cid:26)(cid:8)(cid:6)(cid:28)
(cid:28)
(cid:10)(cid:30)(cid:29)
(cid:5)(cid:10)(cid:20)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:12)(cid:24)(cid:25)(cid:19)(cid:26)(cid:20)(cid:25)(cid:25)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:1)(cid:23)(cid:14)(cid:24)(cid:15)(cid:28)(cid:19)(cid:26)(cid:7)(cid:14)(cid:4)(cid:7)(cid:20)(cid:25)(cid:28)(cid:22)(cid:28)(cid:26)(cid:24)(cid:18)(cid:12)(cid:20)(cid:23)(cid:28)(cid:14)(cid:13)(cid:28)(cid:13)(cid:19)(cid:26)(cid:22)(cid:26)(cid:21)(cid:19)(cid:22)(cid:4)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:26)(cid:14)(cid:26)(cid:127)(cid:13)(cid:19)(cid:26)(cid:22)(cid:26)(cid:21)(cid:19)(cid:22)(cid:4)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:25)(cid:6)(cid:28)(cid:28)(cid:5)(cid:10)(cid:20)(cid:28)(cid:13)(cid:19)(cid:26)(cid:22)(cid:26)(cid:21)(cid:19)(cid:22)(cid:4)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:25)(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:21)(cid:14)(cid:7)(cid:20)(cid:23)(cid:20)(cid:16)(cid:28)(cid:19)(cid:26)(cid:28)(cid:26)(cid:14)(cid:17)(cid:20)(cid:28)(cid:141)(cid:6)(cid:28)(cid:143)(cid:20)(cid:8)(cid:28)
(cid:14)(cid:12)(cid:144)(cid:20)(cid:21)(cid:17)(cid:19)(cid:7)(cid:20)(cid:25)(cid:28)(cid:19)(cid:26)(cid:28)(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:19)(cid:26)(cid:9)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:28)(cid:22)(cid:23)(cid:20)(cid:157)(cid:28)
(cid:19) (cid:28) (cid:5)(cid:14)(cid:28)(cid:20)(cid:26)(cid:25)(cid:24)(cid:23)(cid:20)(cid:28)(cid:25)(cid:14)(cid:24)(cid:26)(cid:16)(cid:28)(cid:12)(cid:24)(cid:25)(cid:19)(cid:26)(cid:20)(cid:25)(cid:25)(cid:28)(cid:15)(cid:23)(cid:22)(cid:21)(cid:17)(cid:19)(cid:21)(cid:20)(cid:25)(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:19)(cid:26)(cid:28)(cid:15)(cid:4)(cid:22)(cid:21)(cid:20)(cid:28)(cid:13)(cid:14)(cid:23)(cid:28)(cid:24)(cid:26)(cid:16)(cid:20)(cid:23)(cid:11)(cid:23)(cid:19)(cid:17)(cid:19)(cid:26)(cid:9)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:25)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:21)(cid:4)(cid:22)(cid:19)(cid:18)(cid:25)(cid:28)(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)€(cid:28)
(cid:19)(cid:19) (cid:28) (cid:5)(cid:14)(cid:28)(cid:22)(cid:21)(cid:10)(cid:19)(cid:20)(cid:7)(cid:20)(cid:28)(cid:22)(cid:28)(cid:17)(cid:22)(cid:23)(cid:9)(cid:20)(cid:17)(cid:28)(cid:23)(cid:20)(cid:17)(cid:24)(cid:23)(cid:26)(cid:28)(cid:14)(cid:26)(cid:28)(cid:21)(cid:22)(cid:15)(cid:19)(cid:17)(cid:22)(cid:4)(cid:28)(cid:17)(cid:10)(cid:22)(cid:17)(cid:28)(cid:19)(cid:25)(cid:28)(cid:19)(cid:26)(cid:7)(cid:20)(cid:25)(cid:17)(cid:20)(cid:16)(cid:28)(cid:19)(cid:26)(cid:28)(cid:14)(cid:23)(cid:16)(cid:20)(cid:23)(cid:28)(cid:17)(cid:14)(cid:28)(cid:17)(cid:22)(cid:129)(cid:20)(cid:28)(cid:14)(cid:26)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)€(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)
(cid:19)(cid:19)(cid:19) (cid:28) (cid:5)(cid:14)(cid:28)(cid:20)(cid:26)(cid:25)(cid:24)(cid:23)(cid:20)(cid:28)(cid:25)(cid:14)(cid:4)(cid:7)(cid:20)(cid:26)(cid:21)(cid:8)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:21)(cid:22)(cid:15)(cid:19)(cid:17)(cid:22)(cid:4)(cid:28)(cid:23)(cid:20)‚(cid:24)(cid:19)(cid:23)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)(cid:25)(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:18)(cid:20)(cid:17)(cid:6)(cid:28)
(cid:28)
(cid:31)(cid:30)(cid:29)(cid:28)(cid:27)(cid:30)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:28)(cid:27)
(cid:5)(cid:10)(cid:20)(cid:28)(cid:4)(cid:19)(cid:13)(cid:20)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:12)(cid:24)(cid:25)(cid:19)(cid:26)(cid:20)(cid:25)(cid:25)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:1)(cid:23)(cid:14)(cid:24)(cid:15)(cid:28)(cid:19)(cid:26)(cid:7)(cid:14)(cid:4)(cid:7)(cid:20)(cid:25)(cid:28)(cid:22)(cid:28)(cid:26)(cid:24)(cid:18)(cid:12)(cid:20)(cid:23)(cid:28)(cid:14)(cid:13)(cid:28)(cid:26)(cid:14)(cid:26)(cid:127)(cid:13)(cid:19)(cid:26)(cid:22)(cid:26)(cid:21)(cid:19)(cid:22)(cid:4)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:25)(cid:28)(cid:21)(cid:14)(cid:26)(cid:21)(cid:20)(cid:23)(cid:26)(cid:20)(cid:16)(cid:28)(cid:11)(cid:19)(cid:17)(cid:10)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:15)(cid:23)(cid:19)(cid:21)(cid:19)(cid:26)(cid:9)ƒ(cid:28)(cid:22)(cid:21)(cid:21)(cid:20)(cid:15)(cid:17)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)(cid:28)
(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:18)(cid:14)(cid:23)(cid:17)(cid:22)(cid:4)(cid:19)(cid:17)(cid:8)ƒ(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:4)(cid:14)(cid:26)(cid:9)(cid:20)(cid:7)(cid:19)(cid:17)(cid:8)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:25)(cid:28)(cid:22)(cid:21)(cid:21)(cid:20)(cid:15)(cid:17)(cid:20)(cid:16)(cid:28)(cid:13)(cid:23)(cid:14)(cid:18)(cid:28)(cid:15)(cid:14)(cid:4)(cid:19)(cid:21)(cid:8)(cid:10)(cid:14)(cid:4)(cid:16)(cid:20)(cid:23)(cid:25)(cid:6)(cid:28)(cid:5)(cid:10)(cid:20)(cid:25)(cid:20)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:25)(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:14)(cid:4)(cid:4)(cid:20)(cid:16)(cid:28)(cid:17)(cid:10)(cid:23)(cid:14)(cid:24)(cid:9)(cid:10)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:24)(cid:25)(cid:20)(cid:28)(cid:14)(cid:13)(cid:28)(cid:24)(cid:26)(cid:16)(cid:20)(cid:23)(cid:11)(cid:23)(cid:19)(cid:17)(cid:19)(cid:26)(cid:9)(cid:28)(cid:15)(cid:23)(cid:14)(cid:21)(cid:20)(cid:16)(cid:24)(cid:23)(cid:20)(cid:25)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)
(cid:22)(cid:16)(cid:20)‚(cid:24)(cid:22)(cid:17)(cid:20)(cid:28) (cid:15)(cid:23)(cid:20)(cid:18)(cid:19)(cid:24)(cid:18)(cid:28) (cid:23)(cid:22)(cid:17)(cid:20)(cid:25)(cid:28) (cid:22)(cid:26)(cid:16)(cid:28) (cid:15)(cid:14)(cid:4)(cid:19)(cid:21)(cid:8)(cid:28) (cid:21)(cid:10)(cid:22)(cid:23)(cid:9)(cid:20)(cid:25)ƒ(cid:28) (cid:22)(cid:4)(cid:4)(cid:28) (cid:14)(cid:13)(cid:28) (cid:11)(cid:10)(cid:19)(cid:21)(cid:10)(cid:28) (cid:22)(cid:23)(cid:20)(cid:28) (cid:22)(cid:15)(cid:15)(cid:23)(cid:14)(cid:7)(cid:20)(cid:16)(cid:28) (cid:12)(cid:8)(cid:28) (cid:17)(cid:10)(cid:20)(cid:28) (cid:3)(cid:21)(cid:17)(cid:24)(cid:22)(cid:23)(cid:8)(cid:6)(cid:28) (cid:5)(cid:19)(cid:9)(cid:10)(cid:17)(cid:28) (cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:14)(cid:4)(cid:25)(cid:28) (cid:22)(cid:23)(cid:20)(cid:28) (cid:22)(cid:4)(cid:25)(cid:14)(cid:28) (cid:18)(cid:22)(cid:19)(cid:26)(cid:17)(cid:22)(cid:19)(cid:26)(cid:20)(cid:16)(cid:28) (cid:14)(cid:7)(cid:20)(cid:23)(cid:28) (cid:21)(cid:4)(cid:22)(cid:19)(cid:18)(cid:25)(cid:28)
(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)(cid:28)(cid:15)(cid:23)(cid:22)(cid:21)(cid:17)(cid:19)(cid:21)(cid:20)(cid:25)(cid:28)(cid:17)(cid:14)(cid:28)(cid:20)(cid:26)(cid:25)(cid:24)(cid:23)(cid:20)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:21)(cid:14)(cid:23)(cid:23)(cid:20)(cid:21)(cid:17)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:17)(cid:19)(cid:18)(cid:20)(cid:4)(cid:8)(cid:28)(cid:15)(cid:22)(cid:8)(cid:18)(cid:20)(cid:26)(cid:17)(cid:28)(cid:14)(cid:13)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:21)(cid:4)(cid:22)(cid:19)(cid:18)(cid:25)(cid:6)(cid:28)
(cid:28)
(cid:20)(cid:28)(cid:23)(cid:19)(cid:25)(cid:27)(cid:22)(cid:26)(cid:18)(cid:27)(cid:21)(cid:17)(cid:26)(cid:18)(cid:30)(cid:16)(cid:30)(cid:17)(cid:26)(cid:25)(cid:27)(cid:17)(cid:29)(cid:27)(cid:15)(cid:30)(cid:29)(cid:28)(cid:27)(cid:30)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:28)(cid:27)(cid:21)(cid:17)(cid:26)(cid:16)(cid:23)(cid:22)(cid:21)(cid:16)(cid:25)(cid:27)
(cid:5)(cid:10)(cid:20)(cid:28)(cid:26)(cid:22)(cid:17)(cid:24)(cid:23)(cid:20)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:17)(cid:20)(cid:23)(cid:18)(cid:25)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:22)(cid:21)(cid:17)(cid:25)(cid:28)(cid:11)(cid:23)(cid:19)(cid:17)(cid:17)(cid:20)(cid:26)(cid:28)(cid:12)(cid:8)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:1)(cid:23)(cid:14)(cid:24)(cid:15)(cid:28)(cid:19)(cid:25)(cid:28)(cid:25)(cid:24)(cid:21)(cid:10)(cid:28)(cid:17)(cid:10)(cid:22)(cid:17)(cid:28)(cid:21)(cid:20)(cid:23)(cid:17)(cid:22)(cid:19)(cid:26)(cid:28)(cid:20)(cid:2)(cid:17)(cid:20)(cid:23)(cid:26)(cid:22)(cid:4)(cid:28)(cid:7)(cid:22)(cid:23)(cid:19)(cid:22)(cid:12)(cid:4)(cid:20)(cid:25)(cid:28)(cid:21)(cid:22)(cid:26)(cid:28)(cid:12)(cid:20)(cid:28)(cid:19)(cid:16)(cid:20)(cid:26)(cid:17)(cid:19)(cid:13)(cid:19)(cid:20)(cid:16)(cid:28)(cid:14)(cid:26)(cid:28)(cid:11)(cid:10)(cid:19)(cid:21)(cid:10)(cid:28)
(cid:23)(cid:20)(cid:4)(cid:22)(cid:17)(cid:20)(cid:16)(cid:28)(cid:21)(cid:22)(cid:25)(cid:10)(cid:28)(cid:13)(cid:4)(cid:14)(cid:11)(cid:25)(cid:28)(cid:13)(cid:14)(cid:23)(cid:28)(cid:21)(cid:4)(cid:22)(cid:19)(cid:18)(cid:28)(cid:15)(cid:22)(cid:8)(cid:18)(cid:20)(cid:26)(cid:17)(cid:25)(cid:28)(cid:16)(cid:20)(cid:15)(cid:20)(cid:26)(cid:16)(cid:6)(cid:28)(cid:5)(cid:10)(cid:20)(cid:28)(cid:17)(cid:22)(cid:12)(cid:4)(cid:20)(cid:25)(cid:28)(cid:12)(cid:20)(cid:4)(cid:14)(cid:11)(cid:28)(cid:15)(cid:23)(cid:14)(cid:7)(cid:19)(cid:16)(cid:20)(cid:28)(cid:22)(cid:26)(cid:28)(cid:14)(cid:7)(cid:20)(cid:23)(cid:7)(cid:19)(cid:20)(cid:11)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:129)(cid:20)(cid:8)(cid:28)(cid:7)(cid:22)(cid:23)(cid:19)(cid:22)(cid:12)(cid:4)(cid:20)(cid:25)(cid:28)(cid:24)(cid:15)(cid:14)(cid:26)(cid:28)(cid:11)(cid:10)(cid:19)(cid:21)(cid:10)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:22)(cid:18)(cid:14)(cid:24)(cid:26)(cid:17)(cid:28)(cid:14)(cid:13)(cid:28)(cid:23)(cid:20)(cid:4)(cid:22)(cid:17)(cid:20)(cid:16)(cid:28)
(cid:21)(cid:22)(cid:25)(cid:10)(cid:28)(cid:13)(cid:4)(cid:14)(cid:11)(cid:25)(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:16)(cid:20)(cid:15)(cid:20)(cid:26)(cid:16)(cid:20)(cid:26)(cid:17)(cid:6)(cid:28)(cid:28)
(cid:28)
(cid:6)(cid:13)(cid:5)(cid:24)(cid:29)(cid:19)(cid:4)(cid:29)(cid:14)(cid:19)(cid:26)(cid:18)(cid:16)(cid:27)(cid:14)(cid:18)(cid:29)
„(cid:14)(cid:26)(cid:127)(cid:15)(cid:22)(cid:23)(cid:17)(cid:19)(cid:21)(cid:19)(cid:15)(cid:22)(cid:17)(cid:19)(cid:26)(cid:9)(cid:28) (cid:4)(cid:19)(cid:13)(cid:20)(cid:28)
(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28) (cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:22)(cid:21)(cid:17)(cid:25)(cid:28)
(cid:11)(cid:19)(cid:17)(cid:10)(cid:28)
(cid:22)(cid:26)(cid:16)(cid:28)
(cid:13)(cid:19)(cid:2)(cid:20)(cid:16)(cid:28)
(cid:9)(cid:24)(cid:22)(cid:23)(cid:22)(cid:26)(cid:17)(cid:20)(cid:20)(cid:16)(cid:28)(cid:17)(cid:20)(cid:23)(cid:18)(cid:25)(cid:28)
(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)
(cid:11)(cid:19)(cid:17)(cid:10)(cid:28)
(cid:29)(cid:19)(cid:13)(cid:20)(cid:28)
(cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:22)(cid:21)(cid:17)(cid:25)(cid:28)
(cid:16)(cid:19)(cid:25)(cid:21)(cid:23)(cid:20)(cid:17)(cid:19)(cid:14)(cid:26)(cid:22)(cid:23)(cid:8)(cid:28)
(cid:15)(cid:22)(cid:23)(cid:17)(cid:19)(cid:21)(cid:19)(cid:15)(cid:22)(cid:17)(cid:19)(cid:26)(cid:9)(cid:28)(cid:12)(cid:20)(cid:26)(cid:20)(cid:13)(cid:19)(cid:17)(cid:25)(cid:28)
(cid:22)(cid:26)(cid:16)(cid:28)
(cid:20)(cid:26)(cid:16)(cid:14)(cid:11)(cid:18)(cid:20)(cid:26)(cid:17)(cid:28)
(cid:11)(cid:10)(cid:14)(cid:4)(cid:20)(cid:28)(cid:14)(cid:13)(cid:28)(cid:4)(cid:19)(cid:13)(cid:20) (cid:28)
(cid:29)(cid:19)(cid:13)(cid:20)(cid:28)
ˆ(cid:14)(cid:26)(cid:17)(cid:23)(cid:22)(cid:21)(cid:17)(cid:25)(cid:28)
(cid:3)(cid:26)(cid:26)(cid:24)(cid:19)(cid:17)(cid:8)(cid:28)
(cid:3)(cid:24)(cid:18)(cid:27)(cid:15)(cid:2)(cid:20)(cid:29)(cid:19)(cid:4)(cid:29)(cid:18)(cid:17)(cid:24)(cid:29)(cid:14)(cid:19)(cid:26)(cid:18)(cid:16)(cid:27)(cid:14)(cid:18)(cid:29)(cid:1)(cid:19)(cid:16)(cid:7)(cid:15)(cid:26)(cid:25)(cid:20)(cid:29)
…(cid:20)(cid:26)(cid:20)(cid:13)(cid:19)(cid:17)(cid:25)(cid:28) (cid:15)(cid:22)(cid:19)(cid:16)(cid:28) (cid:14)(cid:26)(cid:28) (cid:16)(cid:20)(cid:22)(cid:17)(cid:10)(cid:28) (cid:14)(cid:23)(cid:28) (cid:18)(cid:22)(cid:17)(cid:24)(cid:23)(cid:19)(cid:17)(cid:8)(cid:28)
(cid:22)(cid:23)(cid:20)(cid:28)(cid:13)(cid:19)(cid:2)(cid:20)(cid:16)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:9)(cid:24)(cid:22)(cid:23)(cid:22)(cid:26)(cid:17)(cid:20)(cid:20)(cid:16)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:26)(cid:14)(cid:17)(cid:28)(cid:22)(cid:17)(cid:28)
(cid:17)(cid:10)(cid:20)(cid:28)(cid:16)(cid:19)(cid:25)(cid:21)(cid:23)(cid:20)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:19)(cid:25)(cid:25)(cid:24)(cid:20)(cid:23)(cid:28)
(cid:19)(cid:26)(cid:21)(cid:4)(cid:24)(cid:16)(cid:20)(cid:28) (cid:22)(cid:28) (cid:21)(cid:4)(cid:20)(cid:22)(cid:23)(cid:4)(cid:8)(cid:28)
(cid:5)(cid:10)(cid:20)(cid:25)(cid:20)(cid:28) (cid:15)(cid:14)(cid:4)(cid:19)(cid:21)(cid:19)(cid:20)(cid:25)(cid:28)
(cid:16)(cid:20)(cid:13)(cid:19)(cid:26)(cid:20)(cid:16)(cid:28)
(cid:19)(cid:26)(cid:19)(cid:17)(cid:19)(cid:22)(cid:4)(cid:28) (cid:9)(cid:24)(cid:22)(cid:23)(cid:22)(cid:26)(cid:17)(cid:20)(cid:20)(cid:16)(cid:28) (cid:25)(cid:24)(cid:18)(cid:28)
(cid:22)(cid:25)(cid:25)(cid:24)(cid:23)(cid:20)(cid:16)(cid:28) (cid:11)(cid:10)(cid:19)(cid:21)(cid:10)(cid:28) (cid:19)(cid:25)(cid:28) (cid:15)(cid:22)(cid:8)(cid:22)(cid:12)(cid:4)(cid:20)(cid:28) (cid:14)(cid:26)(cid:28) (cid:16)(cid:20)(cid:22)(cid:17)(cid:10)(cid:6)(cid:28)
(cid:5)(cid:10)(cid:20)(cid:28)(cid:9)(cid:24)(cid:22)(cid:23)(cid:22)(cid:26)(cid:17)(cid:20)(cid:20)(cid:16)(cid:28)(cid:22)(cid:18)(cid:14)(cid:24)(cid:26)(cid:17)(cid:28)(cid:19)(cid:25)(cid:28)(cid:22)(cid:28)(cid:18)(cid:24)(cid:4)(cid:17)(cid:19)(cid:15)(cid:4)(cid:20)(cid:28)
(cid:14)(cid:13)(cid:28) (cid:17)(cid:10)(cid:20)(cid:28) (cid:22)(cid:18)(cid:14)(cid:24)(cid:26)(cid:17)(cid:28) (cid:17)(cid:10)(cid:22)(cid:17)(cid:28) (cid:19)(cid:25)(cid:28) (cid:19)(cid:26)(cid:21)(cid:23)(cid:20)(cid:22)(cid:25)(cid:20)(cid:16)(cid:28)
(cid:17)(cid:10)(cid:23)(cid:14)(cid:24)(cid:9)(cid:10)(cid:14)(cid:24)(cid:17)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:16)(cid:24)(cid:23)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:15)(cid:14)(cid:4)(cid:19)(cid:21)(cid:8)(cid:28)
(cid:12)(cid:8)(cid:28) (cid:17)(cid:10)(cid:20)(cid:28) (cid:22)(cid:16)(cid:16)(cid:19)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28) (cid:14)(cid:13)(cid:28) (cid:23)(cid:20)(cid:9)(cid:24)(cid:4)(cid:22)(cid:23)(cid:28) (cid:12)(cid:14)(cid:26)(cid:24)(cid:25)(cid:20)(cid:25)(cid:28)
(cid:22)(cid:26)(cid:26)(cid:24)(cid:22)(cid:4)(cid:4)(cid:8)(cid:28)(cid:11)(cid:10)(cid:19)(cid:21)(cid:10)ƒ(cid:28)(cid:14)(cid:26)(cid:21)(cid:20)(cid:28)(cid:22)(cid:16)(cid:16)(cid:20)(cid:16)ƒ(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:26)(cid:14)(cid:17)(cid:28)
(cid:23)(cid:20)(cid:18)(cid:14)(cid:7)(cid:20)(cid:16)(cid:6)(cid:28) ‡(cid:20)(cid:9)(cid:24)(cid:4)(cid:22)(cid:23)(cid:28) (cid:12)(cid:14)(cid:26)(cid:24)(cid:25)(cid:20)(cid:25)(cid:28) (cid:22)(cid:23)(cid:20)(cid:28) (cid:22)(cid:4)(cid:25)(cid:14)(cid:28)
(cid:22)(cid:16)(cid:16)(cid:20)(cid:16)(cid:28)(cid:23)(cid:20)(cid:17)(cid:23)(cid:14)(cid:25)(cid:15)(cid:20)(cid:21)(cid:17)(cid:19)(cid:7)(cid:20)(cid:4)(cid:8)(cid:28)
(cid:5)(cid:10)(cid:20)(cid:25)(cid:20)(cid:28) (cid:15)(cid:14)(cid:4)(cid:19)(cid:21)(cid:19)(cid:20)(cid:25)(cid:28) (cid:15)(cid:23)(cid:14)(cid:7)(cid:19)(cid:16)(cid:20)(cid:28) (cid:9)(cid:24)(cid:22)(cid:23)(cid:22)(cid:26)(cid:17)(cid:20)(cid:20)(cid:16)(cid:28)
(cid:23)(cid:20)(cid:9)(cid:24)(cid:4)(cid:22)(cid:23)(cid:28)(cid:15)(cid:22)(cid:8)(cid:18)(cid:20)(cid:26)(cid:17)(cid:25)(cid:28)(cid:17)(cid:14)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:4)(cid:19)(cid:13)(cid:20)(cid:28)(cid:22)(cid:25)(cid:25)(cid:24)(cid:23)(cid:20)(cid:16)(cid:28)
(cid:4)(cid:19)(cid:16)(cid:29)
(cid:127)(cid:27)(cid:18)(cid:21)(cid:16)(cid:24)(cid:29) (cid:19)(cid:4)(cid:29) (cid:14)(cid:19)(cid:129)(cid:5)(cid:24)(cid:26)(cid:20)(cid:27)(cid:18)(cid:15)(cid:19)(cid:26)(cid:29)
(cid:14)(cid:2)(cid:27)(cid:15)(cid:129)(cid:20)(cid:29)
…(cid:20)(cid:26)(cid:20)(cid:13)(cid:19)(cid:17)(cid:25)ƒ(cid:28) (cid:16)(cid:20)(cid:13)(cid:19)(cid:26)(cid:20)(cid:16)(cid:28) (cid:12)(cid:8)(cid:28) (cid:17)(cid:10)(cid:20)(cid:28) (cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)
(cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:22)(cid:21)(cid:17)ƒ(cid:28) (cid:22)(cid:23)(cid:20)(cid:28) (cid:16)(cid:20)(cid:17)(cid:20)(cid:23)(cid:18)(cid:19)(cid:26)(cid:20)(cid:16)(cid:28) (cid:12)(cid:8)(cid:28)
(cid:17)(cid:10)(cid:20)(cid:28)
(cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:22)(cid:21)(cid:17)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:26)(cid:14)(cid:17)(cid:28)(cid:16)(cid:19)(cid:23)(cid:20)(cid:21)(cid:17)(cid:4)(cid:8)(cid:28)(cid:22)(cid:13)(cid:13)(cid:20)(cid:21)(cid:17)(cid:20)(cid:16)(cid:28)
(cid:12)(cid:8)(cid:28) (cid:17)(cid:10)(cid:20)(cid:28) (cid:15)(cid:20)(cid:23)(cid:13)(cid:14)(cid:23)(cid:18)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28) (cid:14)(cid:13)(cid:28) (cid:24)(cid:26)(cid:16)(cid:20)(cid:23)(cid:4)(cid:8)(cid:19)(cid:26)(cid:9)(cid:28)
(cid:22)(cid:25)(cid:25)(cid:20)(cid:17)(cid:25)(cid:28) (cid:14)(cid:23)(cid:28) (cid:17)(cid:10)(cid:20)(cid:28) (cid:15)(cid:20)(cid:23)(cid:13)(cid:14)(cid:23)(cid:18)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28) (cid:14)(cid:13)(cid:28) (cid:17)(cid:10)(cid:20)(cid:28)
(cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:22)(cid:21)(cid:17)(cid:25)(cid:28)(cid:22)(cid:25)(cid:28)(cid:11)(cid:10)(cid:14)(cid:4)(cid:20)(cid:28)
(cid:17)(cid:10)(cid:20)(cid:28)
…(cid:20)(cid:26)(cid:20)(cid:13)(cid:19)(cid:17)(cid:25)(cid:28)
(cid:22)(cid:23)(cid:19)(cid:25)(cid:19)(cid:26)(cid:9)(cid:28)
(cid:16)(cid:19)(cid:25)(cid:21)(cid:23)(cid:20)(cid:17)(cid:19)(cid:14)(cid:26)(cid:22)(cid:23)(cid:8)(cid:28) (cid:15)(cid:22)(cid:23)(cid:17)(cid:19)(cid:21)(cid:19)(cid:15)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28)
(cid:13)(cid:20)(cid:22)(cid:17)(cid:24)(cid:23)(cid:20)(cid:28)
(cid:22)(cid:23)(cid:20)(cid:28) (cid:12)(cid:22)(cid:25)(cid:20)(cid:16)(cid:28) (cid:14)(cid:26)(cid:28) (cid:17)(cid:10)(cid:20)(cid:28) (cid:15)(cid:20)(cid:23)(cid:13)(cid:14)(cid:23)(cid:18)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28) (cid:14)(cid:13)(cid:28) (cid:22)(cid:28)
(cid:25)(cid:15)(cid:20)(cid:21)(cid:19)(cid:13)(cid:19)(cid:20)(cid:16)(cid:28) (cid:15)(cid:14)(cid:14)(cid:4)(cid:28) (cid:14)(cid:13)(cid:28) (cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:22)(cid:21)(cid:17)(cid:25)(cid:28) (cid:14)(cid:23)(cid:28) (cid:22)(cid:28)
(cid:25)(cid:15)(cid:20)(cid:21)(cid:19)(cid:13)(cid:19)(cid:20)(cid:16)(cid:28)(cid:17)(cid:8)(cid:15)(cid:20)(cid:28)(cid:14)(cid:13)(cid:28)(cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:22)(cid:21)(cid:17)(cid:6)(cid:28)
(cid:13)(cid:23)(cid:14)(cid:18)(cid:28)
(cid:10)(cid:24)(cid:13)(cid:29) (cid:11)(cid:27)(cid:16)(cid:15)(cid:27)(cid:141)(cid:2)(cid:24)(cid:20)(cid:29) (cid:27)(cid:4)(cid:4)(cid:24)(cid:14)(cid:18)(cid:15)(cid:26)(cid:25)(cid:29) (cid:14)(cid:27)(cid:20)(cid:17)(cid:29)
(cid:4)(cid:2)(cid:19)(cid:1)(cid:20)(cid:29)
†(cid:14)(cid:23)(cid:17)(cid:22)(cid:4)(cid:19)(cid:17)(cid:8)ƒ(cid:28) (cid:4)(cid:22)(cid:15)(cid:25)(cid:20)(cid:25)ƒ(cid:28) (cid:20)(cid:2)(cid:15)(cid:20)(cid:26)(cid:25)(cid:20)(cid:25)(cid:28) (cid:22)(cid:26)(cid:16)(cid:28)
(cid:18)(cid:22)(cid:23)(cid:129)(cid:20)(cid:17)(cid:28) (cid:20)(cid:22)(cid:23)(cid:26)(cid:19)(cid:26)(cid:9)(cid:25)(cid:28) (cid:14)(cid:26)(cid:28) (cid:22)(cid:25)(cid:25)(cid:20)(cid:17)(cid:25)(cid:28)
(cid:12)(cid:22)(cid:21)(cid:129)(cid:19)(cid:26)(cid:9)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:4)(cid:19)(cid:22)(cid:12)(cid:19)(cid:4)(cid:19)(cid:17)(cid:19)(cid:20)(cid:25)(cid:28)
†(cid:14)(cid:23)(cid:17)(cid:22)(cid:4)(cid:19)(cid:17)(cid:8)ƒ(cid:28) (cid:4)(cid:22)(cid:15)(cid:25)(cid:20)(cid:25)ƒ(cid:28) (cid:20)(cid:2)(cid:15)(cid:20)(cid:26)(cid:25)(cid:20)(cid:25)(cid:28) (cid:22)(cid:26)(cid:16)(cid:28)
(cid:18)(cid:22)(cid:23)(cid:129)(cid:20)(cid:17)(cid:28) (cid:20)(cid:22)(cid:23)(cid:26)(cid:19)(cid:26)(cid:9)(cid:25)(cid:28) (cid:14)(cid:26)(cid:28) (cid:22)(cid:25)(cid:25)(cid:20)(cid:17)(cid:25)(cid:28)
(cid:12)(cid:22)(cid:21)(cid:129)(cid:19)(cid:26)(cid:9)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:4)(cid:19)(cid:22)(cid:12)(cid:19)(cid:4)(cid:19)(cid:17)(cid:19)(cid:20)(cid:25)(cid:28)
(cid:5)(cid:10)(cid:20)(cid:28)(cid:22)(cid:18)(cid:14)(cid:24)(cid:26)(cid:17)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:15)(cid:22)(cid:8)(cid:18)(cid:20)(cid:26)(cid:17)(cid:28)(cid:19)(cid:25)(cid:28)(cid:25)(cid:20)(cid:17)(cid:28)(cid:22)(cid:17)(cid:28)
(cid:19)(cid:26)(cid:21)(cid:20)(cid:15)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:15)(cid:14)(cid:4)(cid:19)(cid:21)(cid:8)(cid:28)
(cid:29)(cid:14)(cid:26)(cid:9)(cid:20)(cid:7)(cid:19)(cid:17)(cid:8)ƒ(cid:28)(cid:20)(cid:2)(cid:15)(cid:20)(cid:26)(cid:25)(cid:20)(cid:25)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:18)(cid:22)(cid:23)(cid:129)(cid:20)(cid:17)(cid:28)
(cid:20)(cid:22)(cid:23)(cid:26)(cid:19)(cid:26)(cid:9)(cid:25)(cid:28) (cid:14)(cid:26)(cid:28) (cid:22)(cid:25)(cid:25)(cid:20)(cid:17)(cid:25)(cid:28) (cid:12)(cid:22)(cid:21)(cid:129)(cid:19)(cid:26)(cid:9)(cid:28) (cid:17)(cid:10)(cid:20)(cid:28)
(cid:4)(cid:19)(cid:22)(cid:12)(cid:19)(cid:4)(cid:19)(cid:17)(cid:19)(cid:20)(cid:25)(cid:28)
(cid:27)
(cid:14)(cid:17)(cid:26)(cid:13)(cid:15)(cid:30)(cid:29)(cid:28)(cid:27)(cid:30)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:28)(cid:27)
(cid:5)(cid:10)(cid:20)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:28)(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)(cid:28)(cid:22)(cid:21)(cid:17)(cid:19)(cid:7)(cid:19)(cid:17)(cid:19)(cid:20)(cid:25)(cid:28)(cid:19)(cid:26)(cid:21)(cid:4)(cid:24)(cid:16)(cid:20)(cid:28)(cid:15)(cid:23)(cid:24)(cid:16)(cid:20)(cid:26)(cid:17)(cid:28)(cid:24)(cid:26)(cid:16)(cid:20)(cid:23)(cid:11)(cid:23)(cid:19)(cid:17)(cid:19)(cid:26)(cid:9)ƒ(cid:28)(cid:15)(cid:23)(cid:19)(cid:21)(cid:19)(cid:26)(cid:9)ƒ(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)(cid:28)(cid:14)(cid:13)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)ƒ(cid:28)(cid:17)(cid:14)(cid:9)(cid:20)(cid:17)(cid:10)(cid:20)(cid:23)(cid:28)(cid:11)(cid:19)(cid:17)(cid:10)(cid:28)(cid:21)(cid:4)(cid:22)(cid:19)(cid:18)(cid:25)(cid:28)(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)ƒ(cid:28)(cid:23)(cid:20)(cid:25)(cid:20)(cid:23)(cid:7)(cid:19)(cid:26)(cid:9)(cid:28)
(cid:22)(cid:26)(cid:16)(cid:28)(cid:19)(cid:26)(cid:7)(cid:20)(cid:25)(cid:17)(cid:18)(cid:20)(cid:26)(cid:17)(cid:28)(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)(cid:6)(cid:28)(cid:5)(cid:10)(cid:20)(cid:28)(cid:14)(cid:12)(cid:144)(cid:20)(cid:21)(cid:17)(cid:19)(cid:7)(cid:20)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:25)(cid:20)(cid:28)(cid:16)(cid:19)(cid:25)(cid:21)(cid:19)(cid:15)(cid:4)(cid:19)(cid:26)(cid:20)(cid:25)(cid:28)(cid:19)(cid:25)(cid:28)(cid:17)(cid:14)(cid:28)(cid:20)(cid:26)(cid:10)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:13)(cid:19)(cid:26)(cid:22)(cid:26)(cid:21)(cid:19)(cid:22)(cid:4)(cid:28)(cid:15)(cid:20)(cid:23)(cid:13)(cid:14)(cid:23)(cid:18)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:14)(cid:15)(cid:20)(cid:23)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:25)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:17)(cid:14)(cid:28)
(cid:20)(cid:26)(cid:25)(cid:24)(cid:23)(cid:20)(cid:28)(cid:25)(cid:14)(cid:24)(cid:26)(cid:16)(cid:28)(cid:12)(cid:24)(cid:25)(cid:19)(cid:26)(cid:20)(cid:25)(cid:25)(cid:28)(cid:15)(cid:23)(cid:22)(cid:21)(cid:17)(cid:19)(cid:21)(cid:20)(cid:25)(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:19)(cid:26)(cid:28)(cid:15)(cid:4)(cid:22)(cid:21)(cid:20)(cid:28)(cid:13)(cid:14)(cid:23)(cid:28)(cid:24)(cid:26)(cid:16)(cid:20)(cid:23)(cid:11)(cid:23)(cid:19)(cid:17)(cid:19)(cid:26)(cid:9)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:25)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:21)(cid:4)(cid:22)(cid:19)(cid:18)(cid:25)(cid:28)(cid:18)(cid:22)(cid:26)(cid:22)(cid:9)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)(cid:6)(cid:28)
(cid:28)
(cid:12)(cid:15)(cid:22)(cid:30)(cid:19)(cid:25)(cid:27)
‰(cid:22)(cid:23)(cid:19)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:25)(cid:28)(cid:19)(cid:26)(cid:28)(cid:21)(cid:4)(cid:22)(cid:19)(cid:18)(cid:28)(cid:4)(cid:20)(cid:7)(cid:20)(cid:4)(cid:25)(cid:28)(cid:11)(cid:19)(cid:4)(cid:4)(cid:28)(cid:22)(cid:13)(cid:13)(cid:20)(cid:21)(cid:17)(cid:28)(cid:23)(cid:20)(cid:15)(cid:14)(cid:23)(cid:17)(cid:20)(cid:16)(cid:28)(cid:15)(cid:23)(cid:14)(cid:13)(cid:19)(cid:17)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:20)‚(cid:24)(cid:19)(cid:17)(cid:8)(cid:6)(cid:28)(cid:5)(cid:10)(cid:20)(cid:28)(cid:19)(cid:18)(cid:15)(cid:22)(cid:21)(cid:17)(cid:28)(cid:18)(cid:22)(cid:8)(cid:28)(cid:12)(cid:20)(cid:28)(cid:18)(cid:22)(cid:9)(cid:26)(cid:19)(cid:13)(cid:19)(cid:20)(cid:16)(cid:28)(cid:19)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:7)(cid:22)(cid:23)(cid:19)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28)(cid:4)(cid:20)(cid:22)(cid:16)(cid:25)(cid:28)(cid:17)(cid:14)(cid:28)(cid:22)(cid:28)(cid:21)(cid:10)(cid:22)(cid:26)(cid:9)(cid:20)(cid:28)(cid:19)(cid:26)(cid:28)(cid:22)(cid:21)(cid:17)(cid:24)(cid:22)(cid:23)(cid:19)(cid:22)(cid:4)(cid:28)
(cid:22)(cid:25)(cid:25)(cid:24)(cid:18)(cid:15)(cid:17)(cid:19)(cid:14)(cid:26)(cid:25)(cid:28) (cid:11)(cid:10)(cid:19)(cid:21)(cid:10)(cid:28) (cid:21)(cid:22)(cid:26)(cid:26)(cid:14)(cid:17)(cid:28)(cid:12)(cid:20)(cid:28)(cid:22)(cid:12)(cid:25)(cid:14)(cid:23)(cid:12)(cid:20)(cid:16)(cid:28) (cid:11)(cid:19)(cid:17)(cid:10)(cid:19)(cid:26)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:15)(cid:23)(cid:20)(cid:25)(cid:20)(cid:26)(cid:17)(cid:28)(cid:7)(cid:22)(cid:4)(cid:24)(cid:20)(cid:28)(cid:14)(cid:13)(cid:28)(cid:15)(cid:4)(cid:22)(cid:26)(cid:26)(cid:20)(cid:16)(cid:28)(cid:18)(cid:22)(cid:23)(cid:9)(cid:19)(cid:26)(cid:25)(cid:28) (cid:13)(cid:14)(cid:23)(cid:28)(cid:22)(cid:28) (cid:9)(cid:23)(cid:14)(cid:24)(cid:15)(cid:28) (cid:14)(cid:13)(cid:28)(cid:23)(cid:20)(cid:4)(cid:22)(cid:17)(cid:20)(cid:16)(cid:28)(cid:15)(cid:23)(cid:14)(cid:16)(cid:24)(cid:21)(cid:17)(cid:25)(cid:6)(cid:28)(cid:27)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:28)(cid:18)(cid:22)(cid:8)(cid:28)
(cid:22)(cid:23)(cid:19)(cid:25)(cid:20)(cid:28)(cid:17)(cid:10)(cid:23)(cid:14)(cid:24)(cid:9)(cid:10)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:23)(cid:20)(cid:22)(cid:25)(cid:25)(cid:20)(cid:25)(cid:25)(cid:18)(cid:20)(cid:26)(cid:17)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:19)(cid:26)(cid:21)(cid:19)(cid:16)(cid:20)(cid:26)(cid:21)(cid:20)(cid:28)(cid:14)(cid:13)(cid:28)(cid:21)(cid:4)(cid:22)(cid:19)(cid:18)(cid:25)ƒ(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:17)(cid:23)(cid:20)(cid:26)(cid:16)(cid:28)(cid:14)(cid:13)(cid:28)(cid:13)(cid:24)(cid:17)(cid:24)(cid:23)(cid:20)(cid:28)(cid:21)(cid:4)(cid:22)(cid:19)(cid:18)(cid:25)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:20)(cid:13)(cid:13)(cid:20)(cid:21)(cid:17)(cid:28)(cid:14)(cid:13)(cid:28)(cid:24)(cid:26)(cid:13)(cid:14)(cid:23)(cid:20)(cid:25)(cid:20)(cid:20)(cid:26)(cid:28)(cid:16)(cid:19)(cid:25)(cid:20)(cid:22)(cid:25)(cid:20)(cid:25)(cid:28)(cid:14)(cid:23)(cid:28)(cid:20)(cid:15)(cid:19)(cid:16)(cid:20)(cid:18)(cid:19)(cid:21)(cid:25)(cid:6)(cid:28)
(cid:27)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:28)(cid:19)(cid:25)(cid:28)(cid:21)(cid:14)(cid:26)(cid:17)(cid:23)(cid:14)(cid:4)(cid:4)(cid:20)(cid:16)(cid:28)(cid:12)(cid:8)(cid:28)(cid:20)(cid:26)(cid:25)(cid:24)(cid:23)(cid:19)(cid:26)(cid:9)(cid:28)(cid:24)(cid:26)(cid:16)(cid:20)(cid:23)(cid:11)(cid:23)(cid:19)(cid:17)(cid:19)(cid:26)(cid:9)(cid:28)(cid:25)(cid:17)(cid:22)(cid:26)(cid:16)(cid:22)(cid:23)(cid:16)(cid:25)(cid:28)(cid:22)(cid:16)(cid:20)‚(cid:24)(cid:22)(cid:17)(cid:20)(cid:4)(cid:8)(cid:28)(cid:19)(cid:16)(cid:20)(cid:26)(cid:17)(cid:19)(cid:13)(cid:8)(cid:28)(cid:15)(cid:14)(cid:17)(cid:20)(cid:26)(cid:17)(cid:19)(cid:22)(cid:4)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)ƒ(cid:28)(cid:23)(cid:20)(cid:17)(cid:22)(cid:19)(cid:26)(cid:19)(cid:26)(cid:9)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:23)(cid:19)(cid:9)(cid:10)(cid:17)(cid:28)(cid:17)(cid:14)(cid:28)(cid:22)(cid:18)(cid:20)(cid:26)(cid:16)(cid:28)(cid:15)(cid:23)(cid:20)(cid:18)(cid:19)(cid:24)(cid:18)(cid:25)(cid:28)(cid:14)(cid:26)(cid:28)
(cid:23)(cid:19)(cid:25)(cid:129)(cid:28)(cid:15)(cid:14)(cid:4)(cid:19)(cid:21)(cid:19)(cid:20)(cid:25)(cid:28)(cid:11)(cid:10)(cid:20)(cid:23)(cid:20)(cid:28)(cid:22)(cid:15)(cid:15)(cid:23)(cid:14)(cid:15)(cid:23)(cid:19)(cid:22)(cid:17)(cid:20)(cid:6)(cid:28)(cid:5)(cid:10)(cid:20)(cid:28)(cid:20)(cid:2)(cid:15)(cid:20)(cid:23)(cid:19)(cid:20)(cid:26)(cid:21)(cid:20)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:1)(cid:23)(cid:14)(cid:24)(cid:15)Š(cid:25)(cid:28)(cid:4)(cid:19)(cid:13)(cid:20)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:12)(cid:24)(cid:25)(cid:19)(cid:26)(cid:20)(cid:25)(cid:25)(cid:28)(cid:19)(cid:25)(cid:28)(cid:23)(cid:20)(cid:7)(cid:19)(cid:20)(cid:11)(cid:20)(cid:16)(cid:28)(cid:23)(cid:20)(cid:9)(cid:24)(cid:4)(cid:22)(cid:23)(cid:4)(cid:8)(cid:6)(cid:28)
(cid:28)
(cid:143)(cid:19)(cid:26)(cid:14)(cid:24)(cid:26)(cid:18)(cid:16)(cid:27)(cid:18)(cid:15)(cid:19)(cid:26)(cid:29)(cid:19)(cid:4)(cid:29)(cid:15)(cid:26)(cid:20)(cid:21)(cid:16)(cid:27)(cid:26)(cid:14)(cid:24)(cid:29)(cid:16)(cid:15)(cid:20)(cid:7)(cid:29)
(cid:5)(cid:10)(cid:20)(cid:28)(cid:1)(cid:23)(cid:14)(cid:24)(cid:15)(cid:28)(cid:16)(cid:14)(cid:20)(cid:25)(cid:28)(cid:26)(cid:14)(cid:17)(cid:28)(cid:12)(cid:20)(cid:4)(cid:19)(cid:20)(cid:7)(cid:20)(cid:28)(cid:19)(cid:17)(cid:28)(cid:10)(cid:22)(cid:25)(cid:28)(cid:22)(cid:26)(cid:8)(cid:28)(cid:18)(cid:22)(cid:144)(cid:14)(cid:23)(cid:28)(cid:9)(cid:20)(cid:14)(cid:9)(cid:23)(cid:22)(cid:15)(cid:10)(cid:19)(cid:21)(cid:28)(cid:21)(cid:14)(cid:26)(cid:21)(cid:20)(cid:26)(cid:17)(cid:23)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28)(cid:14)(cid:13)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:6)(cid:28)(cid:28)(cid:5)(cid:10)(cid:20)(cid:28)(cid:1)(cid:23)(cid:14)(cid:24)(cid:15)Š(cid:25)(cid:28)(cid:15)(cid:14)(cid:4)(cid:19)(cid:21)(cid:19)(cid:20)(cid:25)(cid:28)(cid:22)(cid:19)(cid:18)(cid:25)(cid:28)(cid:17)(cid:14)(cid:28)(cid:23)(cid:20)(cid:16)(cid:24)(cid:21)(cid:20)(cid:28)(cid:21)(cid:14)(cid:26)(cid:21)(cid:20)(cid:26)(cid:17)(cid:23)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28)
(cid:23)(cid:19)(cid:25)(cid:129)(cid:28)(cid:12)(cid:8)(cid:28)(cid:18)(cid:22)(cid:19)(cid:26)(cid:17)(cid:22)(cid:19)(cid:26)(cid:19)(cid:26)(cid:9)(cid:28)(cid:22)(cid:28)(cid:15)(cid:14)(cid:23)(cid:17)(cid:13)(cid:14)(cid:4)(cid:19)(cid:14)(cid:28)(cid:14)(cid:13)(cid:28)(cid:15)(cid:14)(cid:4)(cid:19)(cid:21)(cid:8)(cid:10)(cid:14)(cid:4)(cid:16)(cid:20)(cid:23)(cid:25)(cid:28)(cid:11)(cid:19)(cid:17)(cid:10)(cid:28)(cid:22)(cid:28)(cid:12)(cid:23)(cid:14)(cid:22)(cid:16)(cid:28)(cid:25)(cid:15)(cid:23)(cid:20)(cid:22)(cid:16)(cid:28)(cid:14)(cid:13)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:28)(cid:17)(cid:8)(cid:15)(cid:20)(cid:25)ƒ(cid:28)(cid:22)(cid:9)(cid:20)(cid:25)ƒ(cid:28)(cid:25)(cid:20)(cid:2)(cid:20)(cid:25)ƒ(cid:28)(cid:14)(cid:21)(cid:21)(cid:24)(cid:15)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28)(cid:21)(cid:4)(cid:22)(cid:25)(cid:25)(cid:20)(cid:25)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:9)(cid:20)(cid:14)(cid:9)(cid:23)(cid:22)(cid:15)(cid:10)(cid:19)(cid:21)(cid:28)
(cid:4)(cid:14)(cid:21)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:25)(cid:6)(cid:28)(cid:5)(cid:10)(cid:20)(cid:28)(cid:9)(cid:23)(cid:14)(cid:24)(cid:15)(cid:28)(cid:24)(cid:25)(cid:20)(cid:25)(cid:28)(cid:23)(cid:20)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:17)(cid:14)(cid:28)(cid:4)(cid:19)(cid:18)(cid:19)(cid:17)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:19)(cid:26)(cid:25)(cid:24)(cid:23)(cid:22)(cid:26)(cid:21)(cid:20)(cid:28)(cid:23)(cid:19)(cid:25)(cid:129)(cid:28)(cid:20)(cid:2)(cid:15)(cid:14)(cid:25)(cid:24)(cid:23)(cid:20)(cid:28)(cid:13)(cid:14)(cid:23)(cid:28)(cid:22)(cid:26)(cid:8)(cid:28)(cid:14)(cid:26)(cid:20)(cid:28)(cid:19)(cid:26)(cid:16)(cid:19)(cid:7)(cid:19)(cid:16)(cid:24)(cid:22)(cid:4)(cid:6)(cid:28)
(cid:28)
(cid:144)(cid:24)(cid:26)(cid:20)(cid:15)(cid:18)(cid:15)(cid:11)(cid:15)(cid:18)(cid:13)(cid:29)(cid:12)(cid:26)(cid:27)(cid:2)(cid:13)(cid:20)(cid:15)(cid:20)(cid:29)
(cid:5)(cid:10)(cid:20)(cid:28)(cid:4)(cid:19)(cid:22)(cid:12)(cid:19)(cid:4)(cid:19)(cid:17)(cid:19)(cid:20)(cid:25)(cid:28)(cid:19)(cid:26)(cid:21)(cid:4)(cid:24)(cid:16)(cid:20)(cid:16)(cid:28)(cid:19)(cid:26)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:23)(cid:20)(cid:15)(cid:14)(cid:23)(cid:17)(cid:20)(cid:16)(cid:28)(cid:23)(cid:20)(cid:25)(cid:24)(cid:4)(cid:17)(cid:25)(cid:28)(cid:22)(cid:23)(cid:20)(cid:28)(cid:21)(cid:22)(cid:4)(cid:21)(cid:24)(cid:4)(cid:22)(cid:17)(cid:20)(cid:16)(cid:28)(cid:24)(cid:25)(cid:19)(cid:26)(cid:9)(cid:28)(cid:21)(cid:20)(cid:23)(cid:17)(cid:22)(cid:19)(cid:26)(cid:28)(cid:22)(cid:25)(cid:25)(cid:24)(cid:18)(cid:15)(cid:17)(cid:19)(cid:14)(cid:26)(cid:25)(cid:28)(cid:22)(cid:12)(cid:14)(cid:24)(cid:17)(cid:28)(cid:129)(cid:20)(cid:8)(cid:28)(cid:7)(cid:22)(cid:23)(cid:19)(cid:22)(cid:12)(cid:4)(cid:20)(cid:25)(cid:28)(cid:22)(cid:25)(cid:28)(cid:16)(cid:19)(cid:25)(cid:21)(cid:4)(cid:14)(cid:25)(cid:20)(cid:16)(cid:28)(cid:22)(cid:12)(cid:14)(cid:7)(cid:20)(cid:6)(cid:28)‹(cid:20)(cid:26)(cid:25)(cid:19)(cid:17)(cid:19)(cid:7)(cid:19)(cid:17)(cid:8)(cid:28)
(cid:22)(cid:26)(cid:22)(cid:4)(cid:8)(cid:25)(cid:19)(cid:25)(cid:28)(cid:19)(cid:25)(cid:28)(cid:21)(cid:14)(cid:26)(cid:16)(cid:24)(cid:21)(cid:17)(cid:20)(cid:16)(cid:28)(cid:17)(cid:14)(cid:28)(cid:22)(cid:25)(cid:25)(cid:20)(cid:25)(cid:25)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:19)(cid:18)(cid:15)(cid:22)(cid:21)(cid:17)(cid:28)(cid:14)(cid:13)(cid:28)(cid:22)(cid:21)(cid:17)(cid:24)(cid:22)(cid:4)(cid:28)(cid:20)(cid:2)(cid:15)(cid:20)(cid:23)(cid:19)(cid:20)(cid:26)(cid:21)(cid:20)(cid:28)(cid:12)(cid:20)(cid:19)(cid:26)(cid:9)(cid:28)(cid:16)(cid:19)(cid:13)(cid:13)(cid:20)(cid:23)(cid:20)(cid:26)(cid:17)(cid:28)(cid:17)(cid:14)(cid:28)(cid:17)(cid:10)(cid:22)(cid:17)(cid:28)(cid:22)(cid:25)(cid:25)(cid:24)(cid:18)(cid:20)(cid:16)(cid:28)(cid:19)(cid:26)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:21)(cid:22)(cid:4)(cid:21)(cid:24)(cid:4)(cid:22)(cid:17)(cid:19)(cid:14)(cid:26)(cid:28)(cid:14)(cid:13)(cid:28)(cid:4)(cid:19)(cid:22)(cid:12)(cid:19)(cid:4)(cid:19)(cid:17)(cid:19)(cid:20)(cid:25)(cid:6)(cid:28)†(cid:14)(cid:7)(cid:20)(cid:18)(cid:20)(cid:26)(cid:17)(cid:25)(cid:28)(cid:19)(cid:26)(cid:28)
(cid:22)(cid:26)(cid:8)(cid:28)(cid:7)(cid:22)(cid:23)(cid:19)(cid:22)(cid:12)(cid:4)(cid:20)(cid:28)(cid:11)(cid:19)(cid:4)(cid:4)(cid:28)(cid:19)(cid:18)(cid:15)(cid:22)(cid:21)(cid:17)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:15)(cid:23)(cid:14)(cid:13)(cid:19)(cid:17)(cid:28)(cid:22)(cid:26)(cid:16)(cid:28)(cid:26)(cid:20)(cid:17)(cid:28)(cid:22)(cid:25)(cid:25)(cid:20)(cid:17)(cid:25)(cid:28)(cid:14)(cid:13)(cid:28)(cid:17)(cid:10)(cid:20)(cid:28)(cid:1)(cid:23)(cid:14)(cid:24)(cid:15)(cid:6)(cid:28)(cid:5)(cid:10)(cid:20)(cid:28)(cid:17)(cid:22)(cid:12)(cid:4)(cid:20)(cid:25)(cid:28)(cid:12)(cid:20)(cid:4)(cid:14)(cid:11)(cid:28)(cid:16)(cid:20)(cid:25)(cid:21)(cid:23)(cid:19)(cid:12)(cid:20)(cid:28)(cid:10)(cid:14)(cid:11)(cid:28)(cid:22)(cid:28)(cid:21)(cid:10)(cid:22)(cid:26)(cid:9)(cid:20)(cid:28)(cid:19)(cid:26)(cid:28)(cid:22)(cid:21)(cid:17)(cid:24)(cid:22)(cid:4)(cid:28)(cid:20)(cid:2)(cid:15)(cid:20)(cid:23)(cid:19)(cid:20)(cid:26)(cid:21)(cid:20)(cid:28)(cid:23)(cid:20)(cid:4)(cid:22)(cid:17)(cid:19)(cid:7)(cid:20)(cid:28)(cid:17)(cid:14)(cid:28)(cid:17)(cid:10)(cid:22)(cid:17)(cid:28)
(cid:20)(cid:2)(cid:15)(cid:20)(cid:21)(cid:17)(cid:20)(cid:16)(cid:28)(cid:11)(cid:19)(cid:4)(cid:4)(cid:28)(cid:22)(cid:13)(cid:13)(cid:20)(cid:21)(cid:17)(cid:28)(cid:26)(cid:20)(cid:2)(cid:17)(cid:28)(cid:13)(cid:19)(cid:26)(cid:22)(cid:26)(cid:21)(cid:19)(cid:22)(cid:4)(cid:28)(cid:8)(cid:20)(cid:22)(cid:23)Š(cid:25)(cid:28)(cid:20)(cid:2)(cid:15)(cid:20)(cid:21)(cid:17)(cid:20)(cid:16)(cid:28)(cid:25)(cid:10)(cid:22)(cid:23)(cid:20)(cid:10)(cid:14)(cid:4)(cid:16)(cid:20)(cid:23)(cid:28)(cid:15)(cid:23)(cid:14)(cid:13)(cid:19)(cid:17)(cid:6)(cid:28)
(cid:28)
(cid:28)
(cid:28)
(cid:28)
(cid:31)
(cid:31)
88
89
(formerly Turners Limited)(formerly Turners Limited)TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017 TURNERS AUTOMOTIVE GROUP LIMITED
Notes to financial statements for the year ended 31 March 2017
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017
Variable
Expense risk
Impact of movement in underlying variable
An increase in the level or inflationary growth of expenses over assumed levels will decrease profit and shareholders’
equity
Mortality rates
Interest rate risk Depending on the profile of the investment portfolio, the investment income of the Group will decrease as interest
rates decrease. This may be offset to an extent by changes in the market value of fixed interest investments. The
impact on profit and shareholder equity depends on the relative profiles of assets and liabilities, to the extent that
these are not matched
For insurance contracts providing death benefits, greater mortality rates would lead to higher levels of claims,
increasing associated claims cost and therefore reducing profit and shareholder equity
The impact of discontinuance rate assumption depends on a range of factors including the type of contract, the
surrender value basis (where applicable) and the duration in force. For example, an increase in discontinuance rates
at earlier durations of life insurance contracts usually has a negative effect on profit and shareholder equity.
However, due to the interplay between the factors, there is not always an adverse outcome from an increase in
discontinuance rates
For benefits which are not contractually linked to the underlying assets, the Group is exposed to Market Risk
Discontinuance
Market Risk
The table below illustrates how changes in key assumptions would impact the reported profit and liabilities of the Group.
Change in key assum ptions ($'000)
2017
Market risks
Increase in interest rates of 1%
Decrease in interest rates of 1%
Insurance risks
Increase in expenses of 10%
Decrease in expenses of 10%
Decrease in mortality by 10%
Increase in mortality by 10%
Worsening of discontinuance rate by 10%
Improvement in discontinuance rate by 10%
2016
Market risks
Increase in interest rates of 1%
Decrease in interest rates of 1%
Insurance risks
Increase in expenses of 10%
Decrease in expenses of 10%
Decrease in mortality by 10%
Increase in mortality by 10%
Worsening of discontinuance rate by 10%
Improvement in discontinuance rate by 10%
Effect on policy
liabilities
Effect on
future profit
(211)
234
917
(917)
(4)
4
-
-
(202)
224
1
(1)
(4)
4
-
-
(53)
57
(33)
33
(268)
294
80
(90)
(55)
60
(35)
35
(284)
311
83
(93)
STATUTORY INFORMATION
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
STATUTORY INFORMATION
Directors’ remuneration and other benefits
Grant Baker
Paul Byrnes
Matthew Harrison
Alistair Petrie
John Roberts
Antony Vriens
John Gosney (resigned on 15 September 2016)
Directors’ fees
$
110,000
55,000
55,000
55,000
55,000
20,000
27,500
During the year ended 31 March 2017 and 31 March 2016, Mr Byrnes was an executive for Turners Automotive Group Limited and has
been remunerated for his services on an arms length consultancy basis. The total fees paid for the year ended 31 March 2017 were
$750,039 GST exclusive (2016: $601,281 GST exclusive).
During the year ended 31 March 2017 Mr Harrison received an additional $7,500 (2016: $3,750) in fees for services as chairman of the
Credit and Lending Committee and, in the year ended 31 March 2016, Mr Harrison received consulting fees of $50,000.
During the year ended 31 March 2017 Mr Gosney received an additional $6,989 (2016: $20,000) in fees for his services as director of
Emerald Gisborne Hotel Property Trust Management Limited and $3,750 (2016: $3,750) in fees for services as chairman of the Audit and
Risk Management Committee and, in the year ended 31 March 2016, $3,750 in fees for services as chairman of the Credit and Lending
Committee.
During the year ended 31 March 2017 Mr Roberts received an additional $3,750 (2016: $nil) in fees for his services as chairman of the Audit
and Risk Management Committee.
During the year ended 31 March 2017 Mr Vriens received an additional $60,000 (2016: $60,000) in fees for his services as chairman of DPL
Insurance Limited.
Entries recorded in the interests register
Loans
A loan of $125,000 (2016: $375,000) to Mr Byrnes, $125,000 bearing interest at 7% (2016:$125,000 at 7% and $250,000 at 5%), the loan
was repaid on 19 June 2017.
Dealings in Turners Automotive Group Limited shares by Directors
Date of transaction
Shares
acquired/(disposed)
Consideration
(received)/paid $
Nature of relevant interest
Matthew Harrison
Grant Baker
Grant Baker
Grant Baker
7/10/2016
3/10/2016
27/1/2017
31/1/2017
169,779
655,049
(270,000)
(270,000)
499,999 Shares held in associated family trust
1,919,120 Registered holder and beneficial interest
(999,000) Registered holder and beneficial interest
(999,000) Registered holder and beneficial interest
Directors’ relevant interest in quoted shares
Grant Baker (The Business Bakery)
Grant Baker (own shareholding)
Paul Byrnes
Matthew Harrison
Alistair Petrie
John Roberts
Antony Vriens
Shares
8,461,723
2,985,801
3,309,894
5,040,448
13,150
27,490
-
90
(formerly Turners Limited)
91
STATUTORY INFORMATION
STATUTORY INFORMATION
STATUTORY INFORMATION
STATUTORY INFORMATION
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
Other Directorships
Mr Baker, Mr Byrnes and Mr Harrison are directors of Turners Staff Share Plan Trustees Limited which acts as Trustee of the Employee
Share Purchase Scheme Trust.
NZX LISTING
The Company's shares are listed on the NZX Main Board (equity securities market) operated by NZX Limited (NZX).
The following represents interests of directors in other companies as disclosed to Turners Automotive Group Limited and entered in the
Interests Register:
PRINCIPAL ORDINARY SHAREHOLDERS AS AT 31 MAY 2017
The following table shows the names and holdings of the 20 largest holdings of quoted ordinary shares (TRA) of the Company.
Grant Baker
The Business Bakery LP
Trilogy International Limited
Baker Consultants Limited
Montezemolo Holdings Limited
GI Cancer Institute (NZ) Limited
Paul Byrnes
Hellaby Holdings Limited (until 7 February 2017)
Matthew Harrison
Harrigens Trustees Limited
JHFT Trustees Limited
GJG Trustees No.2 Limited
GJG Trustees Limited
MJH Consultants Limited
Alistair Petrie
RH Investment Trust
Dossor Trust
Bartel Holdings Ltd
Henergy Cage Free Ltd
Jellicoe St Enterprises Ltd
Avocado Export Council Inc
Avocado Industry Council Limited
John Roberts
Apollo Foods Limited
Employee remuneration
During the year ended 31 March 2017, the number of employees or former employees of the Group, not being directors of Turners
Automotive Group Limited, who received remuneration and other benefits in their capacity as employees, the value of which exceeded
$100,000 for the year was as follows:
Remuneration range
100,000 - 109,999
110,000 - 119,999
Number of employees
2017
13
9
120,000 - 129,999 9
130,000 - 139,999
140,000 - 149,999
150,000 - 159,999
160,000 - 169,999
170,000 - 179,999
190,000 - 199,999
210,000 - 219,999
220,000 - 229,999
230,000 - 239,999
240,000 - 249,999
250,000 – 259,999
260,000 – 259,999
320,000 – 329,999
340,000 – 349,000
390,000 – 399,999
420,000 – 429,000
590,000 – 599,999
600,000 – 610,000
630,000 – 639,000
5
4
7
2
2
-
-
-
1
2
1
0
1
1
1
1
1
-
1
2016
4
6
8
5
7
3
5
-
1
2
2
-
2
1
1
1
-
1
-
1
1
-
Rank Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Hugh Green Investments Limited
Bartel Holdings Limited
Harrigens Trustees Limited
The Business Bakery LP
The Business Bakery LP No 2 Account
Paul Anthony Byrnes
Montezemolo Holding Limited
National Nominees New Zealand Limited - NZCSD
FNZ Custodians Limited
John Jeffers Harrison
Paul Bernard Mora and Mary Innes Mora
Accident Compensation Corporation - NZCSD
Buy Right Cars Limited
New Zealand Permanent Trustees Limited - NZCSD
Guardian Nominees No 2 A/C Westpac w/s Enhanced Cash Trust - NZCSD
The Trustees of the Sinclair Investment Trust
Glenn Arthur Duncraft
Custodial Services Limited
Custodial Services Limited
HSBC Nominees A/C NZ Superannuation Fund Nominees Limited - NZSD
SPREAD OF ORDINARY SHAREHOLDERS AS AT 31 MAY 2017
Shares
% of Issued
Capital
14,157,340
19.00
6,745,624
5,040,448
4,461,723
4,000,000
3,309,894
2,985,801
2,701,061
2,394,322
1,650,000
1,535,701
960,394
889,160
850,000
816,790
727,911
700,000
698,083
583,352
339,825
9.05
6.76
5.99
5.37
4.44
4.01
3.62
3.21
2.21
2.06
1.29
1.19
1.14
1.10
0.98
0.94
0.94
0.78
0.46
Range
1 – 999
1,000 - 1,999
2,000 - 4,999
5,000 - 9,999
10,000 - 49,999
50,000 - 99,999
100,000 - 499,999
500,000 - 999,000
1,000,000 plus
Total
Domicile of Ordinary Shareholders
New Zealand
Australia
Other
Total
Total Holders
Shares
% of Issued
Capital
1,900
847
675
310
319
17
27
5
882,650
1,154,321
2,061,606
2,029,046
5,893,590
1,161,397
4,868,398
3,598,506
1.18
1.55
2.77
2.72
7.91
1.56
6.53
4.83
11
4,111
52,874,013
70.95
74,523,527 100.00
Shareholders
Shares
Number
%
Number
%
3,966
57
88
4,111
96.47
1.39
2.14
100.00
73,569,606 98.72
433,112 0.58
520,809 0.70
74,523,527
100.00
92
93
STATUTORY INFORMATION
STATUTORY INFORMATION
GOVERNANCE REPORT
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
GOVERNANCE REPORT
Substantial Product Holders
The following information is given pursuant to section 293 of the Financial Markets Conduct Act 2013.
As at 31 March 2017 the following shareholders are registered by the company as Substantial Product Holders in the Company, having
disclosed a relevant interest in quoted voting products under the Financial Markets Conduct Act 2013.
Hugh Green Investments Ltd
Bartel Holdings Limited
The Business Bakery LP
Harrigens Trustees Limited
Number of Shares
%
19.00
9.05
11.35
6.76
14,157,340
6,745,624
8,461,726
5,040,448
The total number of quoted voting products of the company on issue at 31 March 2017 was 74 523,527 paid ordinary shares and 109,366
shares held as treasury shares.
The Turners Automotive Group Limited Board of Directors is responsible for setting the strategic direction of the Company, overseeing the
financial and operational controls of the business, putting in place appropriate risk management strategies and policies and enhancing its
value for shareholders in accordance with good corporate governance principles.
The Board of Directors has adopted a corporate governance code (“Code”). The governance structure and practices encourage the highest
standards of ethical conduct and provide accountability and control systems commensurate with the risks involved.
The Code and governance practices for the year ended 31 March 2017 are generally consistent with the principles identified in the
“Corporate Governance in New Zealand Principles and Guidelines” issued by the Financial Markets Authority in December 2014. We have
used these principles as the basis of our FY17 Corporate Governance Report. Next year we will fully report against the NZX Corporate
Governance Code (May 2017).
Our governance practices for the year ended 31 March 2017 comply with the NZX Corporate Governance Best Practice Code (2002)
excepting a formal procedure for the assessment of board performance which the Board intends to develop. Additionally, the Board does
not have a separate remuneration committee or nomination committee as it believes these matters are the responsibility of the full Board.
The company will continue to monitor best practice in the governance area and update its policies to ensure it maintains the most
appropriate standards.
The Corporate Governance Code and key policies are available on
www.turnersautogroup.co.nz
ETHICAL STANDARDS:
The Board recognises that high ethical standards and behaviours are central to good corporate governance and it is committed to the
observance of a written Code of Ethics for the Group.
the Turners Automotive Group Limited website:
The Code of Ethics is the framework of standards by which the directors, employees, contractors for personal services and advisers to
Turners Automotive Group Limited and its related companies are expected to conduct their professional lives and has been approved by the
Board.
The Code of Ethics is intended to facilitate decisions that are consistent with Group values, business goals and legal and policy obligations,
thereby enhancing performance outcomes.
The Code of Ethics addresses conflicts of interest, receipt of gifts, corporate opportunities, confidentiality, behaviours, use of group assets
and information, compliance with laws and policies, delegated authority, additional Director responsibilities, information for the Board and
reporting concerns.
The Code of Ethics was last reviewed by the Board in March 2016.
The Board believes that all Directors conformed to the Code of Ethics during the 2017 financial year.
BOARD COMPOSITION AND PERFORMANCE:
Each Turners Automotive Group Limited director is a skilled and experienced business person. Each director provides value by making
quality contributions to corporate governance matters, conceptual thinking, strategic planning, policies and providing guidance to
management. Together, they reflect diversity, balance, cohesion and match the demands facing the Group.
Section 3 of the Turners Automotive Group Limited Corporate Governance Code provides guidelines which address appointments to the
Board, Board membership, disclosure of interests, conflicts of interest and openness to review.
The Code also outlines the role and responsibilities of the Chair and of directors and identifies procedures to ensure that the Board meets
regularly, conducts its meetings in an efficient and effective manner and that each director is fully empowered to perform his or her duties as
a director of the Group and to fully participate in meetings of the Board.
The number of elected directors and the procedure for their retirement and re-election at annual meetings of shareholders is set out in the
Constitution of the Company. The Board is responsible for identifying and recommending candidates. Directors may also be nominated by
shareholders under Listing Rule 3.3.8. The Board takes into consideration tenure, capability and skills when reviewing Board composition
and new appointments.
Directors receive information and have access to senior management to allow them to make qualified decisions and add to Board
discussions on matters pertaining to the company.
The Board supports the separation of the positions of chief executive and Chair of the Board.
The Board at the 31 March 2017 was comprised of two independent directors, one executive director and three non-executive directors,
who are all elected based on the value they bring to the Board and against set criteria detailed in the Code.
94
95
GOVERNANCE REPORT
GOVERNANCE REPORT
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
GOVERNANCE REPORT
GOVERNANCE REPORT
As at 31 March 2017 the Board was as follows:
Grant Baker
Paul Byrnes
Matthew Harrison
Alistair Petrie
John Roberts
Antony Vriens
Chairman
Deputy Chairman and Executive Director
Non-executive Director
Non-executive Director
Independent Director
Independent Director
Profiles of board members are shown on pages 22 and 23.
In order for a director to be independent, the Board has determined that he or she must not be an executive of Turners Automotive Group
Limited and must have no disqualifying relationship. The Board follows the guidelines of the NZX Listing Rules.
The Board has determined that John Roberts and Antony Vriens are independent.
‒
‒ Grant Baker is a representative of The Business Bakery LP which, together with associates, has a 16.34% shareholding in Turners
‒
‒
Automotive Group Limited and is therefore not independent.
Paul Byrnes is an executive within Turners Automotive Group Limited and is therefore not independent.
Alistair Petrie is a director of Bartel Holdings which has a 9.05% shareholding in Turners Automotive Group Limited, and is therefore
not independent
‒ Matthew Harrison is a representative of the Harrison Family who have a 8.98% shareholding in Turners Automotive Group Limited, and
is therefore not independent.
Directors’ Meetings
The number of meetings attended by directors during the year is detailed in the following table.
Director
Grant Baker
Paul Byrnes
John Gosney (Resigned on 15 September 2016)
Matthew Harrison
Antony Vriens
John Roberts
Alistair Petrie
Board Meeting
11
11
5
10
9
10
11
Audit
Lending and Credit
1
2
2
2
3
3
1
Diversity and Inclusion
Turners Automotive Group Limited supports diversity and inclusion across its businesses and recognises the value of different viewpoints
and perspectives offered by people of different backgrounds, age, experience, race and gender. As at 31 March 2017, the gender balance
of Turners Automotive Group Limited’s directors and senior management was follows:
Females
Males
Total
Directors
2017
-
6
6
Officers
2017
1
6
7
Directors
2016
-
7
7
Officers
2016
2
5
7
An Officer is defined as corporate senior management and business unit leaders. The company does not currently have a Diversity Policy.
BOARD COMMITTEES
The use of Committees allows issues requiring detailed consideration to be dealt with separately by members of the Board with specialist
knowledge and experience, thereby enhancing the efficiency and effectiveness of the Board. However the Board retains ultimate
responsibility for the functions of its Committees and determines their responsibilities.
The Board has constituted two standing Committees being the Audit and Risk Management Committee and the Lending and Credit
Committee. Due to the size of the Company's Board, matters normally dealt with by the remuneration and the nominations committees are
dealt with by the full Board.
Audit and Risk Management Committee
The role of the Audit and Risk Management Committee is to assist the Board in carrying out its responsibilities under the Companies Act
1993 and the Financial Reporting Act 1993 regarding accountancy practices, policies and controls relative to the Company’s financial
position and make appropriate enquiry into the audits of the Company’s financial statements.
This responsibility includes providing the Board with additional assurance about the quality and reliability of the financial information issued
publicly by the Company.
A written charter outlines the Audit and Risk Management Committee’s delegated authority, duties, responsibilities and relationship with the
Board. The charter is included as an appendix in the Group’s Corporate Governance Code which is available on the company’s website.
The Audit and Risk Management Committee shall comprise a majority of independent directors and at least one director who is a chartered
accountant or has another recognised form of financial expertise. Committee members as at 31 March 2017 are John Roberts (Chair),
Antony Vriens and Matthew Harrison. It met twice during the financial year. In addition, the External Auditor of the Company attends
meetings of the Audit Committee.
Lending and Credit Committee
The Lending and Credit Committee reviews the lending and credit policies of Finance companies. It is also responsible for the approval of
lending policies, the approval/decline of loan applications in terms of approval authority and reviews the recovery of overdue loans and
doubtful debt provisions in order to ensure that provisioning is satisfactory.
The Lending and Credit Committee members as at 31 March 2017 are Matthew Harrison (Chair), Alistair Petrie and John Roberts.
three times during the financial year.
It met
REPORTING AND DISCLOSURE
Turners Automotive Group Limited directors are committed to keeping investors and the market informed of all material information about
the company and its performance and ensures compliance with legislative and NZX listing rules.
The release of material information is guided by the Reporting and Disclosure section on the Group’s Corporate Governance Code which is
available to view on the company’s website.
The Board is responsible for ensuring that the financial statements give a true and fair view of the financial position of the company and
have been prepared using appropriate accounting policies, consistently applied and supported by reasonable judgements and estimates
and for ensuring all relevant financial reporting and accounting standards have been followed.
For the financial year ended 31 March 2017, the directors believe that proper accounting records have been kept which enable, with
reasonable accuracy, the determination of the financial position of the Company and the Group and facilitate compliance of the financial
statements with the Financial Reporting Act 1993.
REMUNERATION
The Board promotes the alignment of the interests of the directors, the CEO and management with the long term interests of shareholders.
Remuneration policies and structure are reviewed regularly to ensure remuneration of management and directors is fair and reasonable in a
competitive market for the skills, knowledge and experience required by the Group.
The Board recognises that it is desirable that executive (including executive director) remuneration should include an element dependent
upon the performance of both the Group and the individual, and should be clearly differentiated from non-executive director remuneration.
Details of directors and executives’ remuneration and entitlements for the 2017 financial year are detailed on pages 78 and 91 of the Annual
Report.
The Turners Automotive Group Limited Corporate Governance Code includes a Remuneration Policy. Due to the size of the Company's
Board, matters normally dealt with by a Remuneration Committee are dealt with by the full Board.
Remuneration of Directors
The amount currently being paid to each non-executive director (other than the Chairman and Antony Vriens) of the Company is $55,000
per annum. The Chairman is currently paid $110,000 per annum. Antony Vriens is paid $20,000 per annum in addition to fees paid in his
capacity as Chairman of DPL Insurance Limited.
Under the NZX Listing Rule 3.5.2, the Board may only make a payment to a director upon cessation or retirement from the office with
shareholder approval. Turners Automotive Group Limited’s policy is in line with best practice guidelines from the New Zealand Institute of
Directors, and no directors appointed after 2000 are entitled to retirement payments.
Remuneration of Executives
Executive remuneration consists of a fixed base salary and a variable short term bonus paid annually. Bonuses are paid against targets
agreed with executives at the commencement of the year and are based on profitability, growth and personal objectives.
96
97
GOVERNANCE REPORT
GOVERNANCE REPORT
RISK MANAGEMENT
Turners Automotive Group Limited is committed to proactively managing risk. While this is the responsibility of the entire Board, the Audit
and Risk Management Committee assists the Board and provides additional oversight in regards to the risk management framework and
monitoring compliance with that framework. The Board’s approach to risk management is incorporated into the Audit and Risk Committee
Charter.
AUDITOR
The Board’s approach to the appointment and oversight of the external auditor are outlined in section 9 of the Turners Automotive Group
Limited Corporate Governance Code and ensures that audit independence is maintained, both in fact and appearance, such that Turners
Automotive Group Limited’s external financial reporting is viewed as being highly reliable and credible.
The Audit and Risk Management Committee provides additional oversight of the external auditor, reviews the quality and cost of the audit
undertaken by the company’s external auditors and provides a formal channel of communication between the Board, senior management
and external auditors. The Committee also assesses the auditor’s independence on an annual basis.
For the financial year ended 31 March 2017, Staples Rodway was the external auditor for Turners Automotive Group Limited. Staples
Rodway were first appointed as external auditor in 1999 and were automatically re-appointed under the Companies Act 1993 at the 2016
Turners Automotive Group Limited annual meeting.
The amount of fees paid to Staples Rodway for audit and other services is identified on page 59 of the 2017 Annual Report.
SHAREHOLDER RELATIONS
The Board is committed to open dialogue and to facilitating engagement with shareholders. In each year, the company provides
shareholders with an annual and interim report and keeps shareholders updated on material events through disclosure to the NZX. The
company maintains a comprehensive website which provides access to key corporate governance documents, copies of all major
announcements, company reports and presentations. Shareholders are encouraged to attend the annual meeting and may raise matters for
discussion at this event. Shareholders have the ultimate control in corporate governance by voting directors on or off the Board.
STAKEHOLDER INTERESTS
The company has a wide range of stakeholders and maintains open channels of communication for all audiences, including shareholders,
brokers and the investing community, as well as our staff, suppliers and customers.
TURNERS AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2017
REGISTERED OFFICE
REGISTERED OFFICE
Level 8. 34 Shortland Street, Auckland, New Zealand
Level 8. 34 Shortland Street, Auckland, New Zealand
REGISTERED OFFICE
PO Box 1232, Shortland Street, Auckland, 1140, New Zealand
PO Box 1232, Shortland Street, Auckland, 1140, New Zealand
Freephone: 0800 100 601
Freephone: 0800 100 601
Level 8, 34 Shortland Street, Auckland, New Zealand
Telephone: +64 9 308 4950
Telephone: +64 9 308 4950
PO Box 1232, Shortland Street, Auckland, 1140, New Zealand
Email enquiries: info@turnerslimited.co.nz
Email enquiries: info@turnerslimited.co.nz
Freephone: 0800 100 601
Web: www.turnerslimited.co.nz
Web: www.turnerslimited.co.nz
Telephone: +64 9 308 4950
Email enquiries: info@turnersautogroup.co.nz
Web: www.turnersautogroup.co.nz
AUDITOR
Staples Rodway
AUDITOR
Staples Rodway
AUDITOR
Staples Rodway
BANKERS
Bank of New Zealand
BANKERS
Bank of New Zealand
BANKERS
Bank of New Zealand
SOLICITORS
Chapman Tripp
SOLICITORS
Chapman Tripp
LAWYERS
Chapman Tripp
DIRECTORY
DIRECTORY
DIRECTORY
CORPORATE DIRECTORY
CORPORATE DIRECTORY
CORPORATE DIRECTORY
Paul Byrnes
Executive director
Appointed 2 February 2004
DIRECTORS
Grant Baker
Chairman
Appointed10 September 2009
CORPORATE DIRECTORY
DIRECTORS
Grant Baker
DIRECTORS
Chairman
Appointed10 September 2009
Grant Baker
Chairman
Appointed 10 September 2009
Paul Byrnes
Executive director
Paul Byrnes
Appointed 2 February 2004
Executive director
Appointed 2 February 2004
John Gosney
John Gosney
Non-executive director
Non-executive director
Matthew Harrison
Appointed 21 May 2008
Appointed 21 May 2008
Non-executive director
Matthew Harrison
Matthew Harrison
Appointed 12 December 2012
Non-executive director
Non-executive director
Appointed 12 December 2012
Appointed 12 December 2012
Alistair Petrie
Non-executive director
Alistair Petrie
Appointed 24 February 2016
Non-executive director
Appointed 24 February 2016
John Roberts
Independent Director
John Roberts
John Roberts
Appointed 1 July 2015
Independent Director
Independent Director
Appointed 1 July 2015
Appointed 1 July 2015
Antony Vriens
Antony Vriens
Antony Vriens
Independent Director
Independent Director
Independent Director
Appointed 12 January 2015
Appointed 12 January 2015
Appointed 12 January 2015
Alistair Petrie
Non-executive director
Appointed 24 February 2016
SHAREHOLDER INFORMATION
SHAREHOLDER INFORMATION
SHAREHOLDER INFORMATION
COMPANY PUBLICATIONS
COMPANY PUBLICATIONS
COMPANY PUBLICATIONS
The Company informs investors of the Company’s business
The Company informs investors of the Company’s business
The Company informs investors of the Company’s business
and operations by issuing an Annual Report, an Interim
and operations by issuing an Annual Report, an Interim
and operations by issuing an Annual Report, an Interim
Report and releasing announcements on the NZX’s website.
Report and releasing announcements on the NZX’s website.
Report and releasing announcements on the NZX’s website.
SHARE REGISTER
SHARE REGISTER
SHARE REGISTER
Computershare Investor Services Limited
Computershare Investor Services Limited
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna, Auckland
Level 2, 159 Hurstmere Road, Takapuna, Auckland
Level 2, 159 Hurstmere Road, Takapuna, Auckland
Private Bag 92119, Auckland 1142, New Zealand
Private Bag 92119, Auckland 1142, New Zealand
Private Bag 92119, Auckland 1142, New Zealand
Telephone: +64 9 488 8777
Telephone: +64 9 488 8777
Telephone: +64 9 488 8777
Financial calendar
Financial calendar
Financial calendar
First quarterly dividend
First quarterly dividend
First quarterly dividend
Annual meeting
Annual meeting
Annual meeting
Half year results announced
Half year results announced
Half year results announced
Half year report
Half year report
Half year report
Second quarterly dividend
Second quarterly dividend
Second quarterly dividend
Third quarterly dividend
Third quarterly dividend
Third quarterly dividend
End of financial year
End of financial year
Annual results announced
Annual results announced
End of financial year
Annual report
Annual report
Annual results announced
Final dividend
Final dividend
Annual report
Final dividend
September
September
October
September
September
September
November
November
November
December
December
December
December
December
January
March
March
April
31 March
31 March
May
May
31 March
June
June
May
July
July
June
July
ENQUIRIES
Shareholders with enquiries about transactions, change of address or dividend payments should contact Computershare Investor
Services on +64 9 488 8777. Other questions should be directed to the Company at the registered address.
ENQUIRIES
Shareholders with enquiries about transactions, change of address or dividend payments should contact Computershare Investor
ENQUIRIES
Services on +64 9 488 8777. Other questions should be directed to the Company at the registered address.
Shareholders with enquiries about transactions, change of address or dividend payments should contact Computershare Investor
Services on +64 9 488 8777. Other questions should be directed to the Company at the registered address.
STOCK EXCHANGE
The Company’s shares trade on the NZSX operated by the NZX under the code TNR. The minimum marketable parcel on the NZX is
100 shares.
STOCK EXCHANGE
The Company’s shares trade on the NZSX operated by the NZX under the code TRA. The minimum marketable parcel on the NZX is
This annual report is dated 22 June 2016 and is signed on behalf of the board by:
100 shares.
STOCK EXCHANGE
The Company’s shares trade on the NZSX operated by the NZX under the code TNR. The minimum marketable parcel on the NZX is
100 shares.
This annual report is dated 22 June 2016 and is signed on behalf of the board by:
This annual report is dated 30 June 2017 and is signed on behalf of the board by:
G.K. Baker
G.K. Baker
G.K. Baker
Chairman
P.A. Byrnes
P.A. Byrnes
P.A. Byrnes
Executive Director
98
99
Turners Automotive Group
Limited
Level 8, 34 Shortland Street
PO Box 1232, Auckland 1140
T: 0800 100 601
E: info@turnersautogroup.co.nz
www.turnersautogroup.co.nz