HALF YEAR REPORT for Six Months Ended 31 December 2018 the COLONIAL MOTOR COMPANY LIMITED HALF YEAR REPORT and Subsidiary Companies

HALF YEAR REPORT For Six Months Ended 31 December 2018 THE COLONIAL MOTOR COMPANY LIMITED HALF YEAR REPORT and subsidiary companies

For the Six Months Ended 31 December 2018 For the Six Months Ended 31 December 2018 Notes 6 Months to 6 Months to 12 Months to 31 Dec 2016 31 Dec 2015 30 Jun 2016 Consolidated Statement of PROFIT OR LOSS 57 Courtenay57 Courtenay Place Place $’000 $’000 $’000 Wellington For the six months ended 31 December 2016 Wellington Unaudited Unaudited Audited 20 February 2019 20 February 2018 Revenue

Sale of - products 403,912 406,089 801,081 Dear Shareholder - services 33,549 32,695 64,449

Other income - interest 150 141 180 Trading Profit after tax at $10.814m is sound but down 9% on the same period last year - other 582 64 1,527 Interim Dividend unchanged at 15 cents per share Total revenue 438,193 438,989 867,237 The Directors are pleased to announce the unaudited results for the six months to 31 December 2018. Less expenses The half year Trading Profit After Tax at $10.814m is down 9% on the six months to December 2017 Cost of products sold 368,442 370,063 727,605 record result of $11.903m, but ahead of the trading profit of $10.270 achieved in 2016. Remuneration of staff 36,054 34,433 70,082

Depreciation & amortisation 1,915 2,091 4,182 The new light vehicle industry, in the six months to December 2018, grew by a modest 1% over the Property occupation costs 3,407 3,499 7,074 previous corresponding period, compared to 4% and 13.5% in the prior years. Coming off a growth Marketing, promotion & training costs 3,361 3,646 6,292 curve with its unfulfilled expectations is always challenging. The established trends within the market Other operating costs 8,017 9,096 19,003 continue, with traditional sedans and hatchbacks now the smallest segment at 26% of the total. SUV’s Interest cost 1,753 2,317 4,260 continue to grow and are now 44%, while light commercials are steady at 30%. Ford continues to be market leader in light commercials with New Zealand’s number one selling vehicle the Ranger and Total expenses 422,949 425,145 838,498 now adding the Transit Van range. Mazda’s strength is its desirable range of SUV’s, CX9, CX8, CX5, Trading profit before tax 15,244 13,844 28,739 and CX3. The extra heavy truck market grew, and within that Southpac increased its market share Less income tax expense: with its two brands, Kenworth and DAF. Current 4,624 3,849 8,358 Deferred (162) 16 68 However, higher costs and lower margins resulted in lower trading profitability compared to the more 10 4,462 3,865 8,426 favourable circumstances experienced in the comparable period a year ago. Total tax Less: non-controlling interest 512 550 1,106 Developments Trading profit after tax 10,270 9,429 19,207 In Queenstown, Macaulay Motors Ford and Mazda has moved to the new larger company-owned Fair value revaluation of property - - 662 facility at Grant Road in Frankton. A new subsidiary company, Southern Lakes Motors, is being Deferred tax on property depreciation 68 71 141 established to represent Mitsubishi and Nissan at the previous site on Glenda Drive. Realised gain on sale of property 9 1,072 1,072 Fair value revaluation of investments - - 397 Capital City Motors, Wellington, has opened two new showroom hubs by the waterfront to bring the Impairment of intangible assets (315) - - Ford and Mazda brands to the CBD. Ford Link and Mazda Connect introduce touch screen 10,032 10,572 21,479 technology in a more relaxed environment. In addition a new company-owned retail service centre for Profit after tax both brands has been opened at 258 Taranaki Street. Profit for the period attributable to: Shareholders 10,032 10,572 21,479 A property has been purchased in Botany to expand the representation for Southern Non-controlling interest 512 550 1,106 Autos - Manukau’s stable of brands in the South and East of Auckland. PROFIT FOR THE PERIOD 10,544 11,122 22,585

Outlook The new light vehicle market and the extra heavy truck market have both levelled off at a historically high level. The effect is high volumes but tighter margins. The Company’s profitability is down on the STATISTICS PER SHARE record 2018 result, but ahead of 2017. The immediate outlook is for revenue to remain high, but lower Basic & diluted earnings per share margins and higher costs will constrain trading profitability. - Profit attributable to Shareholders 30.7 cents 32.3 cents 65.7 cents - Trading profit after tax 31.4 cents 28.8 cents 58.7 cents Dividend The Directors have declared a fully imputed dividend of 15 cents per share, totalling $4.904m, Dividend per share 13.0 cents 13.0 cents 40.0 cents unchanged from last year. The dividend will be paid on 15 April, with a record date of 5 April. Dividends for the period ($’000) 4,250 4,250 13,078 Net tangible assets per share (pre dividend) $5.03 $4.61 $4.96

For and on behalf of the Board J P Gibbons CHAIRMAN The statement of accounting policies and the accompanying notes form part of the financial statements

and Subsidiary Companies THE COLONIAL MOTOR COMPANY LIMITED THETHE COLONIAL COLONIALand subsidiary MOTOR MOTOR companiesCOMPANY LIM LIMITEDITED THE COLONIALandand subsidiary subsidiary MOTOR companiesCOMPANY LIM ITED 6 Months to 6 Months to 12 Months to Consolidated Statement of PROFIT OR andLOSS subsidiary companies 31 Dec 2018 31 Dec 2017 30 Jun 2018 For the six months ended 31 December 2018 6 Months to 6 Months to 12 Months to Consolidated Statement of PROFIT OR LOSS $’000 $’000 $’000 31 Dec 2018 31 Dec 2017 30 Jun 2018 For the six months ended 31 December 2018 6 UnMonthsaudited to 6 UnauditedMonths to 12 MonthsAudited to Consolidated Statement of PROFIT OR LOSS $’000 $’000 $’000 31 Dec 2018 31 Dec 2017 30 Jun 2018 ForRevenue the six months ended 31 December 2018 Unaudited Unaudited Audited Products 43$’0004,700 418,077$’000 839,621$’000 Revenue Notes 6 MonthsUnaudited to 6Unaudited Months to 12Audited Months to ProductsServices 4332,9634,700 418,07730,579 839,62162,455 Revenue 31 Dec 2016 31 Dec 2015 30 Jun 2016 ROFITOther OR income OSS 1,195 833 1,958 Consolidated Statement of P ProductsServicesL 4332,9634,700 418,07730,579 839,62162,455 Total revenue Other income 4$’000681,195,858 449,489833$’000 904,0341,958$’000 For the six months ended 31 DecemberServices 2016 32,963 30,579 62,455 TotalTrading revenue expenses Unaudited468,858 449,489Unaudited 904,034Audited CostOther of income products and services sold 391,1953,348 376,747833 755,5441,958 Trading expenses Revenue Total revenue Remuneration of staff 437,57268,858 449,48935,412 904,03471,181 Cost of products and services sold 393,348 376,747 755,544 Trading expenses Sale of - productsRemunerationDepreciation and of staffamortisation 403,91237,5722,021 35,4121,7406,08921 71,1813,741801,081 InterestCost of products and services sold 392,6893,348 376,7472,091 755,5444,565 Depreciation and amortisation 2,021 1,721 3,741 - servicesOtherRemuneration operating of costs staff 33,54916,8337,5720 15,64135,41232,695 31,16271,18164,449 Interest 2,689 2,091 4,565 Depreciation and amortisation 2,021 1,721 3,741 TotalOther trading income expense s- interestOther operating costs 452,46016,831500 431,61215,641 141 866,19331,162 180 Trading profit before tax Interest 16,3982,689 17,8772,091 37,8414,565 Total trading expenses 452,460582 431,612 64 866,1931,527 Taxation - other Other operating costs 16,834,8570 15,6415,078 10,98831,162 TotalTrading trading profit expense before taxs 452,46016,398 431,61217,877 866,19337,841 Non-controlling interest 438,193727 896438,989 2,107867,237 TotalTradingTaxation revenue profit before tax 16,3984,857 17,8775,078 37,84110,988 NonTrading-controlling profit after interest tax 10,814727 11,903896 24,7462,107 Taxation 4,857 5,078 10,988 LessTrading expenses profit after tax 10,814 11,903 24,746 Non-tradingcontrolling items interest Fair value adjustments after tax 72769 89698 2,107239 Trading profit after tax 10,814 11,903 24,746 NonProfitCost-trading attributable of products items to shareholders sold Fair value adjustments after tax 368,44210,88369 12,001370,06398 24,985727,605239

NonProfitRemuneration-trading attributablefor the items period to of shareholders staff Fair value adjustments after tax 36,05410,88369 12,0019834,433 24,98523970,082 Profit attributable to: Shareholders 10,883 12,001 24,985 Profit attributablefor the period to shareholders 1,91510,883 12,0012,091 24,9854,182 Depreciation & amortisationNon -controlling interest 727 896 2,107 Profit attributable to: Shareholders 10,883 12,001 24,985 Profit for the period 3,407 3,499 7,074 ProfitProperty for the occupation period costs Non -controlling interest 11,610727 12,897896 27,0922,107 Profit attributable to: Shareholders 10,883 12,001 24,985 3,361 3,646 6,292 ProfitMarketing, for the period promotion & trainingNon - controllingcosts interest 11,610727 12,897896 27,0922,107 Statistics per share BasicProfitOther forand operating the diluted period earnings costs per share 8,01711,610 12,8979,096 27,09219,003 Statistics per share Profit for the period (cents) 33.3 36.7 76.4 BasicInterest and costdiluted earnings per share 1,753 2,317 4,260 Statistics per share ProfitTrading for profit the period after tax (cents) (cents) 33.333.1 36.736.4 76.475.7 DividendsBasicTotal and expenses diluted earnings per share 422,949 425,145 838,498 Trading profit after tax (cents) 33.1 36.4 75.7 DividendsProfit for the (cents period per (cents) share) 15.033.3 15.036.7 50.076.4 Dividends Trading profit after tax (cents) 15,24433.1 36.413,844 75.728,739 Trading profit before tax DividendsTotal dividends (cents ($’000) per share) 4,90415.0 4,90415.0 16,34750.0 Dividends Total dividends ($’000) 4,904 4,904 16,347 Less Net income tangible tax assets expense: per share ($) Dividends (cents per share) 5.915.04 15.05.58 5.9950.0

Total dividends ($’000) 4,9044,624 4,904 3,849 16,347 8,358 Net Current tangible assets per share ($) 5.94 5.58 5.99

(162) 16 68 NetDeferred tangible assets per share ($) 5.94 5.58 5.99

Total tax 10 4,462 3,865 8,426

6 Months to 6 Months to 12 Months to Consolidated statement of COMPREHENSIVE INCOME 512 550 1,106 Less: non-controlling interest 31 Dec 2018 31 Dec 2017 30 Jun 2018 For the six months ended 31 December 2018 6 Months to 6 Months to 12 Months to Consolidated statement of COMPREHENSIVE INCOME 10,270$’000 $’0009,429 $’00019,207 Trading profit after tax 316 Months Dec 2018 to 316 Months Dec 2017 to 1230 Months Jun 2018 to ConsolidatedFor the six months statement ended of 31 COMPREHENSIVE December 2018 INCOME Unaudited Unaudited Audited Fair value revaluation of property 31 Dec$’000 2018- 31 Dec$’000 2017 - 30 Jun$’000 2018 662 ProfitFor the for thesix periodmonths ended 31 December 2018 Unaudited11,610 Unaudited12,897 27,092Audited OtherDeferred comprehensive tax on property income depreciation $’00068 $’000 71 $’000 141 Profit for the period Unaudited11,610 12,897 27,092 Items that will not be reclassified subsequently to profit or loss Unaudited Audited Other comprehensive income 9 1,072 1,072 ProfitRealised for the gainperiod on sale of property 11,610 12,897 27,092 ItemsProperty that revaluation will not be reservereclassified subsequentlyFair value movement to profit afteror loss tax (201) (176) 5,538 ItemsOther thatcomprehensive will be reclassified income subsequently to profit or loss when specific - - 397 PropertyFair value revaluation revaluation reserve of investmentsFair value movement after tax (201) (176) 5,538 conditionsItems that willare notmet be reclassified subsequently to profit or loss ItemsImpairment that will be of reclassified intangible subsequently assets to profit or loss when specific (315) - - Property revaluation reserve MovementFair value in movement fair value of after hedge tax derivatives after tax (201) (176) 5,538 conditionsCash flow hedgeare met reserve (1,024) 1,135 621 Items that will be reclassified subsequently to profit or loss when specific ProfitCashTotal after otherflow tax hedge comprehensive reserve incomeMovement for the period in fair value of hedge derivatives after tax (1,024(1,2210,0325)) 1,13595910,572 6,159621 21,479 Totalconditions comprehensive are met income for the period 10,385 13,856 33,251 Total other comprehensive incomeMovement for the period in fair value of hedge derivatives after tax (1,225) 959 6,159 Profit Cashfor the flow period hedge reserveattributable to: (1,024) 1,135 621 Total comprehensiveother comprehensive income income for the for period the period 10,(1,223855) 13,856959 33,2516,159 TotalShareholders comprehensive income for the year attributable to: 10,032 10,572 21,479 Total comprehensive income for theShareholders period 10,9,812385 12,79013,856 31,05133,251 Total comprehensive income for the year attributable to: 512 550 1,106 Non-controlling interest Non -controlling interest 573 1,066 2,200 Shareholders 9,812 12,790 31,051 Total comprehensive income for the year attributable to: PROFIT Total FOR comprehensive THE PERIOD income for theNon period-controlling interest 10,10,385573544 13,81,0665611,122 33,2512,200 22,585 Shareholders 9,812 12,790 31,051 Total comprehensive income for the period 10,385 13,856 33,251 Non-controlling interest 573 1,066 2,200 Total comprehensive income for the period 10,385 13,856 33,251

STATISTICS PER SHARE 6 Months to 6 Months to 12 Months to Consolidated statement of CHANGES IN EQUITY 31 Dec 2018 31 Dec 2017 30 Jun 2018 For the six months ended 31 December 2018 6 Months to 6 Months to 12 Months to BasicConsolidated & diluted earnings statement per sofhare CHANGES IN EQUITY $’000 $’000 $’000 31 Dec 2018 31 Dec 2017 30 Jun 2018 For the six months ended 31 December 2018 6 UnauditedMonths to 6 Months to 12 Months to Consolidated- Profit attributablestatement of to C ShareholdersHANGES IN EQUITY 30.7 cents$’000 Unaudited32.3$’000 cents Audited65.7$’000 cents 31 Dec 2018 31 Dec 2017 30 Jun 2018 ForTotal the equity six atmonths beginning ended of the 31 pe Decemberriod 2018 Unaudited199,746 182,885 182,885 - Trading profit after tax 31.4 cents$’000 Unaudited28.8$’000 cents Audited58.7$’000 cents Total comprehensive income 10,385 13,856 33,251 Total equity at beginning of the period Unaudited199,746 182,885 182,885 Dividends paid to shareholders (11,442) Unaudited(10,135) (15,040)Audited Total comprehensive income 10,385 13,856 33,251 DividendsTotal equity paid at beginningto non-controlling of the pe interestriod 199,746(900) 182,885(450) 182,885(1,350) DividendDividends per spaidhare to shareholders 13.0(11,442 cents) (10,135)13.0 cents (15,040)40.0 cents Total comprehensive income 10,385 13,856 33,251 DividendsDividendsTotal equity for paidthe at endperiodto non of -periodcontrolling ($’000) interest 197,(900)4,250789 186,156(450)4,250 199,746(1,350) 13,078 Dividends paid to shareholders (11,442) (10,135) (15,040) Net tangibleDividendsTotal equity assets paid at endto nonper of -period controllingshare (pre interest dividend) 197,(900)$5.03789 186,156(450)$4.61 199,746(1,350) $4.96

Total equity at end of period 197,789 186,156 199,746

The statement of accounting policies and the accompanying notes form part of the financial statements THE COLONIAL MOTOR COMPANY LIMITED andand subsidiary Subsidiary Companies companies and subsidiary companies

THE COLONIAL MOTOR COMPANY LIMITED

and subsidiary companies 31 Dec 2018 31 Dec 2017 30 Jun 2018 Consolidated statement of FINANCIAL POSITION 31 Dec 2018 31 Dec 2017 30 Jun 2018 Consolidated statement of FINANCIAL POSITION $’000 $’000 $’000 As at 31 December 2018 Unaudited$’000 Unaudited$’000 Audited$’000 As at 31 December 2018 Unaudited Unaudited Audited Shareholders’ equity Shareholders’Share equity capital 15,968 15,968 15,968 Share capital 15,968 15,968 15,968 Retained earnings 130,139 122,619 130,698 Retained earnings 130,139 122,619 130,698 Property revaluation reserve Notes 6 Months49,795 to 6 44,281Months to 49,99512 Months to ForeignProperty exchange revaluation cashflow reserve hedge reserve 31 Dec49,795(657) 2016 3144,281 Dec651 2015 49,99530214 Jun 2016 Consolidated StatementForeign exchange of PROFIT cashflow OR hedge LOSS reserve (657) 651 214 Total shareholders’ equity 195,$’000245 183,519$’000 196,875 $’000 Total shareholders’ equity 195,245 183,519 196,875 For the six months ended 31 December 2016 Unaudited Unaudited Audited Non-controlling interest 2,544 2,637 2,871 Non-controlling interest 2,544 2,637 2,871 RevenueTotal equity 197,789 186,156 199,746 Total equity 197,789 186,156 199,746

Sale of - products 403,912 406,089 801,081 Current liabilities Current liabilitiesBank borrowings- services 38,56033,549 26,70032,695 41,550 64,449 AtBank-call borrowings deposits 23,36438,560 21,37026,700 21,58841,550 Other incomeAt-call deposits- interest 23,364150 21,370 141 21,588 180 Trade & other payables 47,226 30,418 50,449 VehicleTrade & floorplanother- o payablesther finance 47,20847,226582 53,14230,418 64 61,38650,449 1,527 OtherVehicle floorplan finance 47,2085,703 53,1425,432 61,3867,780 Other 4385,70,1933 5,432438,989 7,780867,237 TotalTotal revenue current liabilities 162,061 137,062 182,753 NonTotal-current current liabilities liabilities 162,6,321061 137,0628,123 182,7536,869 Non-current liabilities 6,321 8,123 6,869 LessTotal expenses equity and liabilities 366,171 331,341 389,368 Total equity and liabilities 366,171 331,341 389,368 Cost of products sold 368,442 370,063 727,605 Current assets Current assets 36,054 34,433 70,082 RemunerationCash of & bankstaff accounts 8,850 8,256 10,251 DepreciationTradeCash & & amortisation& bank other accounts receivables 52,8,8501,915750 47,3778,2562,091 57,99110,251 4,182 InventorTrade & yother receivables 157,54452,750 146,20647,377 181,02257,991 Inventory 157,5443,407 146,2063,499 181,022 7,074 Property occupationOther costs 2,095 3,925 3,083 Other 2,095 3,925 3,083 TotalMarketing, current assets promotion & training costs 221,3,361239 205,7643,646 252,347 6,292 Total current assets 221,239 205,764 252,347 Other operating costs 8,017 9,096 19,003 Non -current assets NonInterest-current cost assetsProperty, plant & equipment 138,9261,753 118,9502,317 130,470 4,260 Property, plant & equipment 138,926 118,950 130,470 Other 6,006 6,627 6,551 Other 422,9496,006 6,627425,145 6,551838,498 TotalTotal non expenses-current assets 144,932 125,577 137,021 Total non-current assets 144,932 125,577 137,021

Trading profit before tax 15,244 13,844 28,739 Total assets 366,171 331,341 389,368 Total assets 366,171 331,341 389,368 Less income tax expense:

Current 4,624 3,849 8,358

Deferred (162) 16 68

Total tax 10 4,462 3,865 8,426 6 Months to 6 Months to 12 Months to Consolidated statement of CASH FLOWS 6 Months to 6 Months to 12 Months to Consolidated statement of CASH FLOWS 31 Dec 2018 31 Dec 2017 30 Jun 2018 Less:For non the-controlling six months interestended 31 December 2018 31 Dec 2018512 31 Dec 2017550 30 Jun 20181,106 For the six months ended 31 December 2018 $’000 $’000 $’000 $’000 $’000 $’000 Trading profit after tax Unaudited10,270 Unaudited9,429 Audited19,207 Unaudited Unaudited Audited Operating cash flows - - 662 OpeFairrating value cash revaluation flows of property Inflows 477,695 449,099 880,790 68 71 141 Deferred taxOutflowsInflows on property depreciation (440,918477,695) (453,458)449,099 (892,144)880,790 Outflows (440,918) (453,458) (892,144) NetRealised operating gain cash on flows sale of property 36,777 9 (4,359)1,072 (11,354) 1,072 Net operating cash flows 36,777 (4,359) (11,354) InvestingFair value cash revaluation flows of investments - - 397 Investing cash flowsInflows 174 613 833 Inflows 174 613 833 Impairment Outflowsof intangible assets (10,616)(315) (6,159) - (14,895) - Outflows (10,616) (6,159) (14,895) Net investing cash flows (10,442) (5,546) (14,062) Net investing cash flows (10,442)10,032 (5,546)10,572 (14,062)21,479 ProfitFinancing after tax cash flows Financing cash flows Profit for the periodInflows attributable to: 1,776 20,686 43,997 OutflowsInflows (29,5121,776) (10,585)20,686 (16,390)43,997 Outflows (29,512) (10,585) (16,390) NetShareholders financing cash flows (27,73610,032) 10,10110,572 27,607 21,479 Net financing cash flows (27,736) 10,101 27,607 Non-controllingNet changeinterest in cash held (1,401512) 196 550 2,191 1,106 CashNet change at beginning in cash of held year 10,251(1,401 ) 8,060196 8,0602,191 Cash at beginning of year 10,251 8,060 8,060 PROFITCash FOR at end THE of year PERIOD 8,85010,544 8,25611,122 10,251 22,585 Cash at end of year 8,850 8,256 10,251

Revised listing rules OnRevised 1 January listing 2019 rules NZX introduced revised listing rules that listed companies to release only preliminary information and no longer issue On 1 January 2019 NZX introduced revised listing rules that listed companies to release only preliminary information and no longer issue STATISTICSfull half PERyear SHAREreports. The revised rules become compulsory on 1 July 2019. The Colonial Motor Company Limited (CMC) exercised the full half year reports. The revised rules become compulsory on 1 July 2019. The Colonial Motor Company Limited (CMC) exercised the Basicoption & diluted to adopt earnings the revised per rulesshare on 1 February 2019. The financial statements in this report are therefore more summarised than in optionprevious to yearsadopt and the shouldrevised be rules read on in conjunction1 February with2019. the The2018 financial annual report.statements in this report are therefore more summarised than in previous - yearsProfit and attributable should be rea tod Shareholders in conjunction with the 2018 annual report. 30.7 cents 32.3 cents 65.7 cents

These- summaryTrading consolidated profit after financial tax statements have not been audited. 31.4 cents 28.8 cents 58.7 cents These summary consolidated financial statements have not been audited.

The financial statements were authorised for issue by the Directors on 20 February 2019. DividendThe financial per share statements were authorised for issue by the Directors on 20 February 2019. 13.0 cents 13.0 cents 40.0 cents

Dividends for the period ($’000) 4,250 4,250 13,078 Net tangible assets per share (pre dividend) $5.03 $4.61 $4.96

The statement of accounting policies and the accompanying notes form part of the financial statements and Subsidiary Companies THE COLONIAL MOTOR COMPANY LIMITED and subsidiary companies

Notes 6 Months to 6 Months to 12 Months to 31 Dec 2016 31 Dec 2015 30 Jun 2016 Consolidated Statement of PROFIT OR LOSS $’000 $’000 $’000

For the six months ended 31 December 2016 Unaudited Unaudited Audited Revenue Sale of - products 403,912 406,089 801,081 Pictured L to R - Mazda MX5 RF; Mark III Zephyr - services 33,549 32,695 64,449 105E Prefect; 1936 V8 Sedan. Other income - interest 150 141 180 - other 582 64 1,527 Total revenue 438,193 438,989 867,237 Pictured L to R - Ann Gibbons, Peter Gibbons and Florence Gibbons –

Less expenses all significant shareholders. Cost of products sold 368,442 370,063 727,605 Remuneration of staff 36,054 34,433 70,082 CMC 100TH ANNUAL MEETING Depreciation & amortisation 1,915 2,091 4,182 119 shareholders attended the Company’s 100th Annual Meeting. Property occupation costs 3,407 3,499 7,074 There was a video presentation—a “road trip” visiting all the Group’s car, truck and tractor Marketing, promotion & training costs 3,361 3,646 6,292 dealerships around NZ. There was also a display of vehicles, half representing the past 100 years (or more) including our 1903 Model A and 1919 Model T and the other half featuring cars Other operating costs 8,017 9,096 19,003 of today and the future, including Mazda MX5 RF, Ford Ranger Raptor and a Ford Focus BEV. Interest cost 1,753 2,317 4,260 The 119 shareholders attending in person represented over 55% of the Company’s shares. Total expenses 422,949 425,145 838,498 Trading profit before tax 15,244 13,844 28,739 Less income tax expense: Current 4,624 3,849 8,358 Deferred (162) 16 68 Total tax 10 4,462 3,865 8,426 Less: non-controlling interest 512 550 1,106 Trading profit after tax 10,270 9,429 19,207 Fair value revaluation of property - - 662 Deferred tax on property depreciation 68 71 141 Realised gain on sale of property 9 1,072 1,072 Fair value revaluation of investments - - 397 Impairment of intangible assets (315) - - Profit after tax 10,032 10,572 21,479 Profit for the period attributable to: Shareholders 10,032 10,572 21,479 Non-controlling interest 512 550 1,106 PROFIT FOR THE PERIOD 10,544 11,122 22,585 Agricentre South are focused on training their young employees. Pictured receiving scholarship awards at a Motor Industry Training (MITO) Tim Rabbitte (R), Dealer Principal of Macaulay Motors, meeting in Dunedin beside Mayor David Cull are – Thomas MacDonald, graduated from the Ford NZ Departmental Leadership Jack Pedler, Mitchell Durry. Also Donald Fleck, Agricentre Service Manager programme, presented by Simon Rutherford, (and champion of training) and David O’Kane, MITO Chair. Managing Director of Ford New Zealand. STATISTICS PER SHARE Basic & diluted earnings per share - Profit attributable to Shareholders 30.7 cents 32.3 cents 65.7 cents - Trading profit after tax 31.4 cents 28.8 cents 58.7 cents

Dividend per share 13.0 cents 13.0 cents 40.0 cents Dividends for the period ($’000) 4,250 4,250 13,078 Net tangible assets per share (pre dividend) $5.03 $4.61 $4.96

Gold Watch presentations for 25 years service - L-R: Davie Timothy, Macaulay Motors (with Tim Rabbitte); Craig Meuli, Energy City Motors (with Russell Dempster); Russell Dempster, Energy City Motors and John Hutchinson, Hutchinson Motors (with Graeme Gibbons); Teena Brass, Southpac Trucks (with Maarten Durent) and Wayne Hitchcock (right), Timaru Motors, (with Wayne Pateman). The statement of accounting policies and the accompanying notes form part of the financial statements and Subsidiary Companies

January 2019 Macaulay Motors moved into their new dealership premises in Grant Road, Queenstown

Pictured at the new service reception are: David White, Technician; Simon Jones, Service Manager; David Kendall, Parts Assistant; Louise Wakelin, Service Receptionist. Quinn Smith, a second year apprentice inspecting a Mazda Macaulay Motors, Invercargill has just completed the new CX5 on one of the new hoists. Ford “brand @retail” exterior signage.

Ford Transit Custom

The new facility has nine workshop bays together with two inside wash bays and a vehicle grooming bay. and Subsidiary Companies

January 2019 Macaulay Motors moved into their Together with an new dealership premises in Grant Road, Queenstown extension to their parts warehouse at Wiri Station Road, Southpac has invested in new technology and equipment. Pictured receipting parts is William Buchannan, new scanning technology has improved productivity and accuracy.

Southpac Trucks receives over 150 containers of parts each year from Australia, USA and Europe.

Southpac Trucks recently won the Kenworth Australia Dealer Of The Year Award for 2018, after also winning the same award in 2017. A back to back win has only been achieved once before, 37 years ago. The prestigious award was won on the back of record 2018 Kenworth sales, market share growth, outstanding customer service results, coupled to ongoing expansion of Southpac’s dealership facilities in Auckland, Hamilton and Palmerston North.

Pictured L to R: Andrew Hadjikakou, Managing Director PACCAR Australia; Maarten Durent, CEO Southpac Trucks; Pictured manoeuvring a new electric Graeme Gibbons and Brad May, Director high lift forklift is Lynda Waters. The new of Sales & Marketing, PACCAR Australia. forklifts have improved working conditions for staff with reduced noise and dust and the elimination of exhaust fumes.

Kenworth T659 8x4—a unique model developed specifically for the NZ market has become the “go to” truck for off highway logging operators. 57 Courtenay Place, PO Box 6159, Marion Square, Wellington 6141. Telephone (04) 384-9734 www.colmotor.co.nz