ACCESSORIES, SPARE PARTS, TOOLS & FQUIPMENT lam delaghied bo welcome yore os fellow shancholders of oer company, Super Cheap Avo Croup Limited, and on belhall of the Booed, | am pleased io present the group's anmual eqpen for Uke 2004 financial year Our Company nat inccrperaiod on & April 200M and on 21 April MM the Compoey acquired all of the shares ka ap ha Avene Pry Wid, which ia the principal opetaiing cornpuny, While the fieancial datceiens cepeerted in this anneal repeat error ihe period from Agri) 20M bo 2th June D0, the Cull year newelte are egplained in a AGREE Secon Lhe repore This incl a een age he en ie in ibe Companys prospect on The comments in the balance of this better and in the Managing Director's Report cover events ihemugh Ihe full AM financial wear The SMH fieanciel year bos been a significant one in the Group's history, culminating bn the initial public offering of shares during June and July Io, Al the start of the year, the Geoup was completing the imiegration of ihe 30 stores and two distribunos cenencs anjuired tres Marked Lomiied on May SM, This acquisition bas period Lhe oppcerteity Tor Ihe Chroup bos rapeelly build a presence in che Western ond South Aurelie markets, with on oddalonal two sores being mdkdied bai Ube Markets during the year la Meemibcr D0, ihe Ceroup lacnehed ject into the New wicaland Burke, rag Seren a ea on Ihe oe dy and breaking company seconds for the largest first day, fle weekend and fire week's trading. Di the end of the year, For hal IA tones trading in Now Zealand and we are very pleased weth the performance of this bysincgs ace! are Oplimbic about opporiunities for further growth iin this market ‘Oheerall during: the jar the Connon continued is impressive gromih record with sakes growing by 77%. EINTDA gromih fat more mike at 29% ath magia Departed by Gots aasnciated with grewing Ube business em) rooney he wpply chaim This investment provides the Company with infmaonecture to support is growth plane and provides a flufeem for oak cod and ase ficiency opporiunltios bn Future years A und im the Company's prospectus. Ihe Company will mot pay a dividend forihe period ending 76 June MAH Seper Cheap Avobo Fey Lid derlared an initia dividend of $5 mul bo Ita shascholden prior io its acquisition by our Company. This diedend will be pad im Asszust DER, Mowing forward, the Company intoads io miatainadivkknd pie cata of i of nel prota after tan. [ia benended that dividends willl be frmavied bo the preted extent poasibbe The foam! of Directors fell erognisc and acknamlcdge Iheir moaporsd bility for catablistang a framework ane culture of apyeopriaie corporale guwersance (kenughaaa the company. We are working towards substantial compliance ith the ASK Corponiie Gareomlece Council's besl practic: moomminnation: and have ctablinhed a scrim of Corpesaie (rernange ee and rar which can be tesa on he Company's website The majority af the Hosrd are Independent Darectors; the Audit Commitee consists ony of Independent Directors ana) chaired ya qualified Accountant Miore infirmarticen on cur approach 10 Conporaic Giverance is provided in pages 35 bo AT of this ol Lam diclighted 10 having been gives tbe oppenunny io serve as the fing Chairman of our sem company. The Tiroup has had an excellent track record of growth over the land few veare bul at the came tome has invested wisely in @eucloping infviraciure ge) wakes io suppor its prowdh Gland In addition, Hob Thorn bos created a learn orale culiure that is energetic uel highly commilted to macces. The icam proved ieelf once again last year by deliveving fomarkable growth and dealing with the challinges presented by raped pain with being dee be he fupe cfion required lo peodece a auccessful pablic idling | om confident that they have ctablished 0 platform for confinacd and peafitabke growih inthe year ahead, and! look forward to working wilh thomas we take on ane “umash-theowgh’ the challenges hal lig aba] EHER ALTO EUR DATE“ A TC a Fl AY MAL ROAD, LES NTOR) QUEDNILAM 4501, AUSDRAUA, © FOSTeL AONB dad, SRATH COLE ET ALERT. THERE, GT abl a OF Sees PAGE11 Kann Nick Mellesin Chairman Super Übeap Auto Croup Limited Ubutlesnk Corporate Gosernamtt FW 2004 Dividend Ümerview Dear Shareholder, CHAIRMAN’S LETTER  DICK MCILWAIN, CHAIRMAN OF THE BOARD OF DIRECTORS, INTRODUCES THE COMPANY'S ANNUAL REPORT.