AMA GROUP LIMITED — Interim / Quarterly Report 2021

Feb 23, 2021

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H1 2021 RESULTS PRESENTATION

24 FEBRUARY 2021

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amagroupltd.com

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WORLD CLASS AUTOMOTIVE SOLUTIONS

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Disclaimer.

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This presentation contains summary information about AMA Group Limited (ABN 50 113 883 560) (“AMA Group”) and its activities current as at the date of this presentation. The information in this presentation is of general background and does not purport to be complete. It should be read in conjunction with AMA Group’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange, which are available at www.asx.com.au.

This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire AMA Group’s shares or other securities. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. AMA Group is not licensed to provide financial product advice in respect of AMA Group shares or other securities. Past performance is no guarantee of future performance.

No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of AMA Group and its related bodies corporate, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence on the part of AMA Group, its related bodies corporate, or any of their respective directors, employees or agents.

This presentation may contain forward-looking statements including statements regarding our intent, belief or current expectations with respect to AMA Group’s business and operations, market conditions, results of operations and financial condition, specific provisions and risk management practices. When used in this presentation, the words ‘likely’, ‘estimate’, ‘project’, ‘intend’, ‘forecast’, ‘anticipate’, ‘believe’, ‘expect’, ‘may’, ‘aim’, ‘should’, ‘potential’ and similar expressions, as they relate to AMA Group and its management, are intended to identify forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and assumptions and other important factors that could cause the actual results, performances or achievements of AMA Group to be materially different from future results, performances or achievements expressed or implied by such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof.

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Page 4

Contents.

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AMA Group Overview Page 5 AMA Group Financial Information for H1 2021 Page 9 Divisional Performance Page 16 Strategy and Outlook Page 20 Other Information Page 27

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Page 5

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AMA GROUP OVERVIEW

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. H1 2021 Highlights

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• Total Group revenue and other income of $434.2 million

• Normalised EBITDAI of $46.1 million with a Normalised EBITDAI margin of 9%

• Strong operating cashflows and cash conversion

• The Group de-levered by $76 million

• Net Debt at 31 December 2020 was $151.1 million (undrawn availability $55.2 million)

• All Banking Covenants met

• Completion of the sale of the majority of the ACAD businesses for $70 million

• Hold on dividends (revisit at full year)

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Page 7

. H1 2021 Answers before questions

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• Normalisations

• Limited to the Capital SMART paint agreement termination fee of $9.4 million

• JobKeeper

• Funding received of $30.7 million fully paid out in wages support to retain people capacity

• Vehicle Repair volume impacted by COVID-19

• Vehicle Panel Repairs have seen an average decline in volume of 27% compared to PCP

• The Group excluding Victoria experienced an average decline in volume of 16% compared to prior period

• Individual state impacts were a decline in volume as follows: VIC 48%, NSW 18%, NZ 17%, QLD 15%, WA 12%, SA 8% and ACT 7%

• Victoria was impacted the most (48% decline), as a result of longer and more severe Government imposed restrictions

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Page 8

. H1 2021 Operations highlights

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• Capital SMART integration

• Paint supplier transition substantially complete (2x NZ sites remaining at end of December due to travel constraints)

• Transition to direct sourced consumables complete

• $17 million of FRR annual synergies on track to be realised as normal vehicle repair volumes resume across all sites

• Two acquisitions completed

• Western Trucks (our 8[th] Heavy Motor site)

• Perth Brake Parts (ACM Parts geographic expansion to the West Coast)

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AMA GROUP FINANCIAL INFORMATION FOR H1 2021

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Page 10

. Summary Financial Performance (Pre-AASB 16)

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|---|---|---|---|---|---|---|
|SUMMARY FINANCIAL PERFORMANCE|HY 2021|HY 2020|CHANGE|
|FOR THE YEAR ENDED 31 DECEMBER|PRE-AASB 16|PRE-AASB 16|
|•|Increase in revenue and|
|AUD $'000|AUD $'000|AUD $'000|%|
|operating profit is largely due|
|to the benefit of a full six|
|Revenue and other income from continuing operations|434,228|364,085|70,143|19.3%|months trading for|
|Raw materials and consumables used|(200,556)|(163,663)|(36,893)|22.5%|acquisitions such as Capital|
|SMART and ACM Parts.|
|Employment benefits expense|(142,911)|(145,301)|2,390|(1.6%)|
|Occupancy expense|(36,493)|(29,268)|(7,225)|24.7%|•|Normalisations for the period|
|Supplier termination fee|(9,437)|-|(9,437)|100.0%|were $9.4m – this relates to|
|the paint supplier termination|
|Professional services expense|(3,310)|(10,026)|6,716|(67.0%)|fee. The supplier termination|
|Other expense|(11,853)|(8,386)|(3,467)|41.3%|fee was incurred as a result of|
|Earnings before interest, tax, depreciation, amortisation,|29,668|7,441|22,227|298.7%|Capital SMART’s paint|
|impairment|and fair value|adjustments|("EBITDAI")|transition to BASF, which is|
|Fair value adjustments on contingent vendor consideration|(5,398)|(708)|(4,690)|662.4%|substantially complete.|
|Depreciation and amortisation expense|(20,616)|(11,117)|(9,499)|85.4%|•|Normalised EBITDAI includes|
|Impairment expense|(1,950)|-|(1,950)|100.0%|the contribution from the|
|Operating|profit / (loss) before interest and tax|1,704|(4,384)|6,088|(138.9%)|disposed businesses (ACAD|
|and Fully Equipped for H1)|
|Finance costs|(6,002)|(3,419)|(2,583)|75.5%|but does not include the|
|Loss before income tax from continuing operations|(4,298)|(7,803)|3,505|(44.9%)|accounting gain on disposal.|
|Income tax (expense) / benefit|(2,248)|941|(3,189)|(338.8%)|•|“Historical” normalisations|
|Profit / (loss) from discontinued operations|14,422|(1,763)|16,185|(918.0%)|significantly reduced.|
|Profit / (loss) for the period|7,876|(8,625)|16,501|(191.3%)|•|No normalisations for the|
|COVID-19 pandemic.|
|Normalisations|9,437|11,016|(1,579)|(14.3%)|
|ACAD and Fully Equipped businesses sold on 31 December 2020|6,971|3,291|3,680|111.8%|
|Normalised EBITDAI (Pre-AASB 16)|46,076|21,748|24,328|111.9%|
|Normalised EBITDAI Margin on continuing operations %|9.0%|5.1%|3.9%|77.6%|

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• Increase in revenue and operating profit is largely due to the benefit of a full six months trading for acquisitions such as Capital SMART and ACM Parts.

• Normalisations for the period were $9.4m – this relates to the paint supplier termination fee. The supplier termination fee was incurred as a result of Capital SMART’s paint transition to BASF, which is substantially complete.

• Normalised EBITDAI includes the contribution from the disposed businesses (ACAD and Fully Equipped for H1) but does not include the accounting gain on disposal.

• “Historical” normalisations significantly reduced.

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. Statutory Financial Performance

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HY 2021 STATUTORY RESULTS	HY 2021	HY 2020	CHANGE
FOR THE PERIOD ENDED 31 DECEMBER	STATUTORY	STATUTORY
Revenue and other income from continuing operations	AUD $'000 435,099	AUD $'000 364,085	AUD $'000 71,014	% 19.5%
Operating profit / (loss) before interest and tax	7,098	(1,613)	8,711	(540.0%)
Loss before income tax from continuingoperations	(8,685)	(12,412)	3,727	(30.0%)
Profit / (loss) for the period Profit / (loss) attributable to members of AMA Group Limited	4,617 5,827	(12,272) (11,602)	16,889 17,429	(137.6%) (150.2%)
Basic EPS (Cents) - continuing operations	(1.15)	(1.36)	0.21	(15.4%)

• Results include full six months trading for acquisitions such as Capital SMART and ACM Parts.

• Financial performance impacted by:

• The COVID-19 pandemic, although largely offset by operational actions and Government wage subsidies (contribution of $30.7 million)

• Supplier termination fee of $9.4 million relating to Capital SMART’s paint transition (non-recurring).

• Adoption of AASB 16 Leases which impacted NPAT by $3.3 million.

Note: Prior comparative information (for P&L only) has been re-presented in accordance with accounting standards. The comparative results of discontinued operations (e.g., sale of ACAD and Fully Equipped businesses) have been re-presented to Profit / (loss) from discontinued operations

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Page 12

. Summary Financial Position

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SUMMARY FINANCIAL POSITION	HY 2021	FY 2020	CHANGE
AS AT 31 DECEMBER AND 30 JUNE	STATUTORY	STATUTORY
Cash and cash equivalents Other current assets	AUD $'000 86,397 90,739	AUD $'000 112,916 124,476	AUD $'000 (26,519) (33,737)	% (23.5%) (27.1%)
Non-current assets	1,078,083	1,150,229	(72,146)	(6.3%)
Total assets	1,255,219	1,387,621	(132,402)	(9.5%)
Current liabilities	203,347	223,897	(20,550)	(9.2%)
Bank loan, net of capitalised borrowingcosts	234,096	335,942	(101,846)	(30.3%)
Other non-current liabilities	460,292	484,762	(24,470)	(5.0%)
Total liabilities	897,735	1,044,601	(146,866)	(14.1%)
Net Assets	357,484	343,020	14,464	4.2%
Contributed equity	425,404	417,117	8,287	2.0%
Reserves	2,436	880	1,556	176.8%
Retained deficit	(85,491)	(91,318)	5,827	(6.4%)
Non-controllinginterest	15,135	16,341	(1,206)	(7.4%)
Equity	357,484	343,020	14,464	4.2%

• Financial position is impacted by the divestment of ACAD and Fully Equipped which has impacted items such as:

• Cash and debt have both decreased as a result of $102.5 million repayment of debt from sale proceeds and cash.

• Impact to other items such as working capital (e.g. inventory)

• Fixed assets of $63.3 million between PPE, Intangibles and ROU Assets.

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Page 13

. AMA Delevered during H1 2021

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NET DEBT	HY 2021	FY 2020	CHANGE
AS AT 31 DECEMBER AND 30 JUNE	STATUTORY	STATUTORY
	AUD $'000	AUD $'000	AUD $'000	%
Financial liabilities - drawn cash facilities	237,500	340,000	(102,500)	(30.1%)
Cash and cash equivalents	(86,397)	(112,916)	26,519	(23.5%)
Net debt	151,103	227,084	(75,981)	(33.5%)
Contingent vendor consideration - 50%	20,494	24,731	(4,237)	(17.1%)
Net debt used in covenant calculations	171,597	251,815	(80,218)	(31.9%)

• The Group's liquidity remains strong, with net debt of $151.1 million, and $55.2 million of undrawn facilities.

• The Group used sale proceeds from the ACAD and Fully Equipped divestment to deleverage during the period.

• During the period, the Group also made acquisition and earnout payments of $6.5 million.

• All Banking Covenants have been met.

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Page 14

. Summary Cash Flows

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|---|---|---|---|---|---|---|---|
|SUMMARY CASH FLOWS|HY 2021|HY 2020|CHANGE|
|FOR THE PERIOD ENDED 31 DECEMBER|STATUTORY|STATUTORY|
|AUD $'000|AUD $'000|AUD $'000|%|
|•|ACAD and Fully Equipped|
|Receipts from customers (inclusive of GST)|530,867|450,623|80,244|17.8%|group of businesses|
|Payments to suppliers and employees (inclusive of GST)|(471,321)|(426,797)|(44,524)|10.4%|disposed for gross|
|Market incentive received (inclusive of GST)|-|59,510|(59,510)|(100.0%)|proceeds of c. $70|
|Interest received|209|169|40|23.7%|million, including earn out|
|Interest and other costs of finance paid|(13,179)|(11,558)|(1,621)|14.0%|of $2.1 million.|
|Income taxes paid|(3,481)|(8,687)|5,206|(59.9%)|•|Repaid $102.5 million of|
|Net cash flows provided by operating activities|43,095|63,260|(20,165)|(31.9%)|gross debt.|
|Proceeds from sale of property|plant and equipment|259|-|259|100.0%|•|Payment for businesses|
|Proceeds from disposal of business (net of costs and cash disposed)|63,128|-|63,128|100.0%|acquired and earn-outs|
|Payments for purchases of property|plant and equipment|(7,641)|(5,142)|(2,499)|48.6%|for HY 2021 were $6.5|
|Payments for intangible assets|(191)|(53)|(138)|260.4%|million.|
|Payments for businesses acquired (including earn-outs)|(6,543)|(432,849)|426,306|(98.5%)|•|On a pre-AASB 16 basis|
|Cash acquired through business combinations|-|19,170|(19,170)|(100.0%)|(excluding amortisation of|
|Net cash flows used in investing activities|49,012|(418,874)|467,886|(111.7%)|market incentive), cash|
|flow conversion to pre-|
|Proceeds from borrowings|-|326,000|(326,000)|(100.0%)|AASB 16 is circa 100%.|
|Repayment of borrowings|(102,500)|(116,568)|14,068|(12.1%)|
|Principal elements of lease payments|(16,241)|(11,962)|(4,279)|35.8%|•|Cash flows presented on|
|Payment of new borrowings transaction costs|-|(4,817)|4,817|(100.0%)|a group basis (includes|
|Equity raised (net of transaction costs)|-|208,711|(208,711)|(100.0%)|continuing and|
|Dividends paid to AMA shareholders|-|(9,310)|9,310|(100.0%)|discontinued operations).|
|Dividends paid to non-controlling shareholders|-|(169)|169|(100.0%)|
|Net cash flows provided by financing activities|(118,741)|391,885|(510,626)|(130.3%)|
|Net (decrease)|/ increase in cash and cash equivalents|(26,634)|36,271|(62,905)|(173.4%)|
|Cash and cash equivalents at the end of period|86,397|48,510|37,887|78.1%|

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• ACAD and Fully Equipped group of businesses disposed for gross proceeds of c. $70 million, including earn out of $2.1 million.

• Repaid $102.5 million of gross debt.

• On a pre-AASB 16 basis (excluding amortisation of market incentive), cash flow conversion to preAASB 16 is circa 100%.

• Cash flows presented on a group basis (includes continuing and discontinued operations).

Page 15

. Effects of AASB 16 – Leasing Standard

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SUMMARY FINANCIAL PERFORMANCE	HY 2021	AASB 16	HY 2021
FOR THE PERIOD ENDED 31 DECEMBER	**STATUTORY **	**ADJUSTMENT **	PRE-AASB 16
	AUD $'000	AUD $'000	AUD $'000
Revenue and other income from continuing operations	435,099	(871)	434,228
Raw materials and consumables used	(200,556)	-	(200,556)
Employment benefits expense	(142,911)	-	(142,911)
Occupancy expense	(11,311)	(25,182)	(36,493)
Supplier termination fee	(9,437)	-	(9,437)
Professional services expense	(3,310)	-	(3,310)
Other expense	(11,853)	-	(11,853)
Earnings before interest, tax, depreciation, amortisation,	55,721	(26,053)	29,668
impairment and fair value adjustments("EBITDAI")
Fair value adjustments on contingent vendor consideration	(5,398)	-	(5,398)
Depreciation and amortisation expense	(41,275)	20,659	(20,616)
Impairment expense	(1,950)	-	(1,950)
Operating profit before interest and tax	7,098	(5,394)	1,704
Finance costs	(15,783)	9,781	(6,002)
Loss before income tax from continuing operations	(8,685)	4,387	(4,298)
Income tax expense	(932)	(1,316)	(2,248)
Profit from discontinued operations	14,234	188	14,422
Profit for the period	4,617	3,259	7,876

• The Group adopted the new lease accounting standard AASB 16 Leases from 1 July 2019.

• Statutory results are directly comparative as both are on a post-AASB 16 basis.

• AASB 16 Leases has had a material negative impact ($3.3 million) on AMA Group’s statutory results, including:

• Substantial decrease in occupancy expense.

• Substantial increase in depreciation and finance costs.

• Impact to net profit after tax and earnings per share.

• No cash impact.

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DIVISIONAL PERFORMANCE

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Page 17

. Vehicle Panel Repairs – Trading Performance

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SUMMARY FINANCIAL PERFORMANCE	HY 2021	HY 2020	CHANGE
FOR THE PERIOD ENDED 31 DECEMBER	AUD $'000	AUD $'000	AUD $'000	%
Revenue and other income from continuingoperations	405,732	352,105	53,627	15.2%
EBITDAI	56,609	37,894	18,715	49.4%
AASB 16 Leases impact to occupancycosts and other income	(24,273)	(17,898)	(6,375)	35.6%
Pre-AASB 16 EBITDAI	32,336	19,996	12,340	61.7%
Normalisations	9,437	1,729	7,708	445.8%
Normalised EBITDAI	41,773	21,725	20,048	92.3%
Normalised EBITDAI Margin %	10.3%	6.2%	4.1%	66.1%

Highlights and Trading Performance

• Increase in revenue and EBITDAI is largely due to the benefit of a full six months trading for acquisitions such as Capital SMART and the additional 9 sites acquired in the prior half-year (HY 2020).

• Heavy Motor continues to be a strong contributor to AMA Panel. Heavy Motor contributed 15% of AMA Panel’s EBITDA (compared to 10% of AMA Panel’s EBITDA in prior comparative period).

• Capital SMART’s paint and consumables integration is substantially complete. Capital SMART is well positioned to achieve its synergy targets in H2 (as volumes fully return to pre COVID-19 levels).

• AMA Panel’s revised terms from insurer customers have provided profitability improvement.

• Vehicle Panel Repairs received circa $28 million in Government wage subsidies. These subsidies allowed us to support our workforce through this difficult trading period and have enabled the Group to make a faster recovery once community movement restrictions were eased.

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Page 18

. Vehicle Panel Repairs – National Footprint

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VEHICLE PANEL REPAIR SITE COUNT HY DEC-20 FY JUN-20
Opening Balance 181 130
Acquired 1 61
Greenfields 1 2
Disposed or consolidated (1) (12)
Closing Balance 182 181
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VEHICLE PANEL REPAIR SITE LOCATION	HY DEC-20	FY JUN-20
Victoria	66	65
Queensland	35	34
Western Australia	14	14
New South Wales	37	38
Australian Capital Territory	9	9
South Australia	6	6
Tasmania	9	9
New Zealand	6	6
Closing Balance	182	181

VEHICLE PANEL REPAIR SITE TYPE	HY DEC-20	FY JUN-20
Prestige	6	6
Exclusive	84	83
Traditional	81	82
Mechanical	3	3
Heavy Motor	8	7
Closing Balance	182	181

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Page 19

APAS . (Automotive Parts and Services) – Trading performance

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SUMMARY FINANCIAL PERFORMANCE	HY 2021	HY 2020	CHANGE	CHANGE
FOR THE PERIOD ENDED 31 DECEMBER	AUD $'000	AUD $'000	AUD $'000	%
Revenue and other income from continuing operations	29,259	11,907	17,352	145.7%
EBITDAI	3,366	(142)	3,508	(2,470.4%)
AASB16 adjustment for other income and occupancy costs	(1,780)	(548)	(1,232)	224.8%
Pre-AASB 16 EBITDAI	1,586	(690)	2,276	(329.9%)
Normalisations	-	83	(83)	(100.0%)
Normalised EBITDAI	1,586	(607)	2,193	(361.3%)
Normalised EBITDAI Margin %	5.4%	(5.1%)	10.5%	(205.9%)

Highlights and Trading Performance

• The above results are for continuing operations only (ACM Parts and FluidDrive). Discontinued operations (ACAD and Fully Equipped group of businesses) contributed $7.0 million Normalised EBITDAI at 17% Normalised EBITDAI margin.

• Increase in revenue is largely due to the benefit of a full six months trading for ACM Parts. The revenue and other income set out above is in relation to external customers only. However, a focus for ACM Parts in the past 12 months has been to increase sales into the Vehicle Panel Repairs Division, benefiting the bottom-line in that division.

• ACM Parts expanded into Western Australia through the acquisition of Perth Brake Parts on 30 October 2020.

• ACM Parts has been profitable during the period, including accounting for warehousing of consumables (previously funded by AMA Panel).

• Now that ACAD and Fully Equipped have been sold, the key areas of focus in H2 2021 are to explore further synergies between ACM Parts and FluidDrive, and identify incremental revenue opportunities for both businesses.

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STRATEGY AND OUTLOOK

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Page 21

. Strategy

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• Growth – organic

• Selling the benefits of the Group’s unique value proposition – SMART (low severity) to Heavy Hit (high severity) – extensive and expanding geographic coverage, high quality cost effective repair solutions - across multiple vehicle types

• The constantly evolving auto insurance market and Australasian car park present a steady flow of opportunity for a well capitalised market leader

• Expansion of the Parts sourcing and distribution business – to serve both internal and external customers

• Growth – acquisitions

• Live pipeline of opportunity – circa $100 million of near-term revenue

• Additional SMART locations

• Additional Panel locations – targeted areas of focus: prestige, non driveable, high severity

• Additional Heavy Motor vehicle sites

Substantial opportunity in a market size estimated to be $6-7 billion

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Page 22

. Strategy

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• Margin expansion through sourcing

• Direct sourcing and distribution – consumables, parts

• Indirect spend – combined volumes of a circa 180 sites / 3700 staff business

• Operational excellence - reduce costs and lift margins

• Capacity utilisation

• Labour productivity

• Unlock and realise synergies

• Paint and consumables yields

• Repair vs replace

• ADAS recalibration capability development (insource)

• Drive branch level performance (benchmarking, people development, best practices)

• Overheads - solar solutions, LED lighting, rent negotiations

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Page 23

. Operational focus

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• Operational accountability

• Integration of acquisitions into the base business

• Outcome sanity check post integration – ensuring we got what we paid for

• Ensuring efficient site operations – customer commitment volume vs actuals

• Average cost vs actual cost revenue model – proper recoveries for work performed

• People

• Define and consolidate the culture

• Invest, develop and retain key industry skills

• Apprenticeships – build the workforce of the future

• Use scale and culture to attract talent in an industry with skills shortages

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Page 24

Governance.

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• Transition in leadership style – from Entrepreneurial and Big Picture to Operations and Outcomes

• Focus on Governance – we are an ASX300 Public Company – what should be in place, will be

• Enhanced systems, processes and controls – management of the business through policy and guidelines

• Culture transformation from private operating style to one of Public Company governance – important as we integrate acquisitions

• Risk assessment and mitigation

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Page 25

Outlook - Headwinds.

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• COVID-19 hangover

• ‘Just because we want it to be over doesn’t make it so’

• Still living with the reality of outbreaks and snap border closures

• Remnants of work from home mandates in place

• Reduced traffic volumes and changing traffic patterns

• Reduced efficiencies as lower volumes affect site productivity and our ability to realise synergies

• Growing ADAS penetration limiting some collisions

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Page 26

Outlook - Tailwinds.

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• Reluctance to use public transport will lift traffic volumes as return to work edicts rise

• Vaccine rollout to hasten return to normal

• Domestic driving holidays increasing kilometres travelled

• Forecast La Niña weather conditions have historically increased repair volumes

• Small independent panel businesses impacted by COVID-19 related trading conditions – opportunity for industry consolidation increasing

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OTHER INFORMATION

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Page 28

. Mobility trends - Australia

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Page 29

. Scorecard update from FY2020

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Complete BASF paint roll out to all Capital SMART sites

SUBSTANTIALLY COMPLETE[1]

Meet Bank Facility undertakings for Q2 2021

ACHIEVED

Continue to drive further scale benefits to deliver additional synergies beyond the $17 million run rate identified and on track to be delivered in FY 2021

ONTRACK

Re-establish full network operations in all States as soon as COVID19 restrictions relaxation allows volumes to fully return Return to pre-COVID acquisition pace targeting annual acquired revenues of circa $100 million

COMPLETE

ONTRACK

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Note 1: 2x NZ sites remaining at end of December due to travel constraints.

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Normalisations.

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NORMALISATIONS	HY 2021	HY 2020	CHANGE
	AUD $'000	AUD $'000	AUD $'000	%
Supplier termination fee	9,437	-	9,437	100.0%
Acquisition costs	-	8,508	(8,508)	(100.0%)
Restructuringand reorganisation costs	-	1,999	(1,999)	(100.0%)
Integration costs	-	321	(321)	(100.0%)
Other costs	-	188	(188)	(100.0%)
Total normalisations	9,437	11,016	(1,579)	(14.3%)
Pre-AASB 16 EBITDAI	29,668	7,441	22,227	298.7%
ACAD and FullyEquipped businesses sold on 31 December 2020	6,971	3,291	3,680	111.8%
Normalised EBITDAI	46,076	21,748	24,328	111.9%
% of normalisations	20.5%	50.7%

• Normalisations for the period were $9.4 million which represents the Capital SMART paint supplier termination fee.

• Normalised EBITDAI includes the contribution from the disposed businesses (ACAD and Fully Equipped) but does not include the accounting gain on disposal.

• Normalisations have been significantly reduced and only relate to the acquisition of Capital SMART.

• There are no Normalisations for the impact of the COVID-19 pandemic.

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Page 31

. Acquisitions and Divestments

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ACQUISITIONS	# SITES	DATE
Vehicle Panel Repairs
Western Trucks	1	25-Sep-20
Automotive Parts and Accessories
Perth Brake Parts	N/A	30-Oct-20
DIVESTMENTS	# SITES	DATE
Automotive Parts and Accessories
ACAD Limited	N/A	31-Dec-20
AECAA PtyLtd	N/A	31-Dec-20
ECB PtyLtd	N/A	31-Dec-20
Service BodyManufacturingAustralia PtyLtd	N/A	31-Dec-20
Uneek 4x4 Australia PtyLtd	N/A	31-Dec-20
AMA FullyEquipped NZ Holdings PtyLimited	N/A	31-Dec-20
FullyEquipped Auckland Limited	N/A	31-Dec-20
FullyEquipped GroupLimited	N/A	31-Dec-20
FullyEquipped Limited	N/A	31-Dec-20
FullyEquipped Wellington Limited	N/A	31-Dec-20
Tuff Accessories Limited	N/A	31-Dec-20

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