Thorn Group Ltd - Results Presentation - Half Year Ended 30 September 2018

Half Year Results Summary Half year ended Sept 18 March 18 Sept 17 Sept 18 v Sept 17 Revenue from continuing operations $m 111.6 109.2 125.3 (10.9%) EBIT from continuing operations $m 10.9 16.4 19.3 (43.5%) Statutory NPAT $m 3.8 6.1 (9.7) nm EPS cents 2.4 3.8 (6.1) nm Dividend cents - - 1.0 (100.0%) Return on equity % 3.9 6.1 (9.5) 13.4 pts Receivables $m 483.7 489.8 485.4 (0.3%) Borrowings $m 302.5 284.3 328.8 (8.0%) Gearing (net corporate debt/equity) % 5.8 16.1 64.1 (58.3 pts) Notes: 1. For comparison purposes the September 2017 half year has been adjusted to remove discontinued operations to be comparable to the other periods for revenue, EBIT, ROE and receivables. The EBIT and ROE also exclude the goodwill write off. 2. ROE is calculated as NPAT divided by the average of opening and closing equity and annualised. Sept 18 includes the AASB 9 provisioning in the closing equity number. 3. Receivables on a net basis, i.e. exclusive of unearned interest and net of provisioning for credit losses. Sept 18 period includes the additional AASB 9 provisioning. 4. Gearing is calculated as the closing net debt (corporate borrowing less free cash) divided by closing equity. This calculation excludes the warehouse debt and its corresponding secured receivables. To see including this debt facility see slide Balance Sheet. 4