tourism holdings limited new zealand

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Back thl Annual Results FY22

26 August 2022

MEDIA | NZX RELEASE TOURISM HOLDINGS LIMITED (thl)

ANNUAL RESULTS FOR THE YEAR ENDING 30 JUNE 2022

Summary: •Significant improvement on the prior corresponding period (pcp), with underlying net loss after tax of $5.4M, improved by $8.9M. Statutory net loss after tax of $2.1M, improved on the pcp by $12.4M.(1) •Total revenue of $345.8M, down 4% on the pcp, due to reduced rental revenue (lockdown impacts), with sale of goods revenue broadly in line with the pcp. •Record vehicle sales margins were achieved in all countries, with average gain on sale of fleet of approximately $29k per vehicle, up 137% on the pcp. •Net debt at 30 June 2022 was $58.5M, providing approximately $200M of headroom in debt facilities to fund fleet growth.(2) •No dividend declared for FY22 and a dividend unlikely for FY23. •thl currently expects that net profit after tax in FY23 on a standalone basis will be within the current range of analyst expectations, being between $17.0M to $30.2M.

thl today releases its results for the financial year ending 30 June 2022 (FY22).

Cathy Quinn, thl Chair, said “while we are not content with the result being another loss, all within thl have worked hard to narrow the loss and we will be working hard to see that it is the last for our business.

“As incoming Chair, my focus will be on seeing that thl fully recovers from the impacts of the COVID-19 pandemic and is strategically positioned to take advantage of opportunities in the coming years as tourism rebounds. Already, there have been a number of changes this year that we believe have strengthened the business and thl has continued to adapt and leverage opportunities such as non-tourism business, vehicle sales and the growth of Action Manufacturing.

“The thl Board recognise the potential of the proposed merger with Apollo in expanding our global business with greater geographic diversity and a wider breadth of manufacturing and sales across Australasia. The timeline for completing the various regulatory processes has been frustrating and we recognise that shareholders are likely to feel the same. However, at this point in time the thl Board does still see merit in the transaction and can see a conclusion in a reasonable timeframe from now.”

Grant Webster, thl Chief Executive Officer, said “over the last year we have tidied, reviewed, refocused and refreshed across all of our business operations and developed exciting new opportunities. These are highlighted in more detail in the 2022 Integrated Annual Report.

“When assessing the results for the year, FY22 was a year with two distinct halves. The first part of the year saw significant impacts from the COVID-19 Delta wave, travel border restrictions lifting later than initially anticipated, and an increasingly challenging global supply chain. Within the context that international borders for most of the businesses remained closed for well over half of FY22, we are pleased with the businesses that have been profitable and focused on the recovery for those impacted by COVID-19.

“I remain incredibly impressed by the resilience of thl, as a business and of our crew, who have continued to respond to change and challenges of an unprecedented scale. I once again would like to acknowledge all the thl crew and shareholders who have stuck with us through these challenging times. We benefit greatly as a business from the depth of experience, commitment, capability and flexibility that flows throughout thl from the Board to our branch crews.”

Speaking on the state of tourism in New Zealand, Mr Webster said “the industry is just starting to recover, borders have just opened, and customers are travelling. The New Zealand economy has an opportunity to leverage tourism for everyone's benefit. We want to see the New Zealand Government invest more in Tourism New Zealand, remove any barriers to success and certainly not do anything that discourages visitors to the country in what is an important time for determining the future success of the industry. We see Governments in other jurisdictions in which we operate heavily investing and engaging with the industry and hope that New Zealand does not fall behind.”

The 2022 Integrated Annual Report, including the financial statements, as well as an investor presentation, are available on thl’s website.

1 Underlying net loss after tax is a non-GAAP measure. Refer to the important notes section of the Investor Presentation for definitions and details of non-recurring items.

2 Net debt refers to interest-bearing loans and borrowings less cash and cash equivalents.

Authorised by:

Cathy Quinn Chair, Tourism Holdings Limited

For further information contact: Grant Webster thl Chief Executive Officer Direct Dial: +64 9 336 4255 Mobile: +64 21 449 210 About thl (www.thlonline.com)

thl is a global tourism operator. We are listed on the NZX and are the largest provider of RVs for rent and sale in Australia and New Zealand, and the second largest in North America. In the USA, we own and operate the Road Bear RV Rentals & Sales brand and El Monte RV Rentals & Sales. In the UK, thl owns 49% of Just go Motorhomes. Within New Zealand, we operate Kiwi Experience and the Discover Waitomo group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co. thl also owns and operates Action Manufacturing, New Zealand’s largest motorhome and specialist vehicle manufacturer.

• thl 2022 Integrated Annual Report
• thl FY22 Investor Presentation
• thl FY22 Annual Results NZX/Media Release
• thl FY22 Results Announcement Form / Appendix One

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Tourism holdings ltd.

Tourism Holdings Limited (thl) is New Zealand's premier tourism company. We are listed on the New Zealand Stock Exchange under the ticker code thl, and are the largest provider of holiday vehicles for rent and sale globally. 

• In Australia and New Zealand, we operate under the maui ,  Britz and  Mighty rentals brands, and the RV sales brands - RV Sales Centre , RV Super Centre , and  KEA Motorhomes  
• In the USA, we operate under  Road Bear RV Rentals and Sales, and  El Monte RV Rentals and Sales 
• In the UK, we are a joint-venture partner with  Just go Motorhome Rentals & Sales 
• We design and manufactures motorhomes and specialist vehicles via our fully owned  Action Manufacturing  
• We sell a series of B2B and B2C products for the RV industry via our technology arm thl Digital and joint-venture TripTech 
• Within New Zealand, we also operate the award winning  Kiwi Experience youth tour network and Discover Waitomo Group , which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave, the Legendary Black Water Rafting Co., and the Waitomo Homestead 

But thl is far more than one of the best collection of tourism brands in Australasia, (if not the Southern Hemisphere). It is an exceptional team of people committed to creating unforgettable journeys for our customers.

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Tourism Holdings Ltd

Key statistics.

1.86 mean rating - 7 analysts

2024 (millions NZD)

About Tourism Holdings Ltd (THL.NZ)

Company information.

Tourism Holdings Limited is a New Zealand-based tourism company. The Company is a commercial recreational vehicle (RV) rental operator. It also operates tourism adventure, travel technology and commercial vehicle manufacturing businesses. In New Zealand/Australia, it operates rental brands (Maui, Britz, Apollo, Mighty, Hippie, Cheapa Campa), manufacturing (Action Manufacturing, Apollo), retail brands (Talvor, Kea, Winnebago, Adria, Coromal, Windsor), retail dealerships (RV Super Centre, Apollo RV Sales, Kratzmann, George Day, Sydney RV, E-Camperco), travel technology (TripTech) and tourism attractions (Kiwi Experience and the Discover Waitomo Group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co.). In North America, it operates the Road Bear RV, El Monte RV, CanaDream, Britz and Mighty rental brands. In the United Kingdom and Europe, it operates the Just go, Apollo and Bunk Campers rental brands.

Contact Information

+ 64 ( 9 ) 3364299

https://www.thlonline.com/

Rental & Leasing

Executive Leadership

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2023 (millions NZD)

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thl was founded in the early 1980s and listed on the New Zealand Stock Exchange in 1986. Our initial growth was focused within New Zealand, expanding internationally for the first time in 1999.

Over time, we strategically realigned our business from New Zealand tourism to global RV. Today, stands as the most globally connected, vertically integrated, and ambitious group in RV, with connection into the broader tourism and manufacturing industries.

Read on to learn about our rich and storied history.

1980's - 1995: The beginnings in Helicopters and High Country

thl had its roots firmly in the scenic and adventure wonderland of the Otago region of New Zealand's South Island and traces its beginnings to three separate companies that merged to form The Helicopter Line in the 1980s. These pioneers of modern day tourism in New Zealand were dedicated to giving visitors to the region the time of their lives. The same objective exists to this day. Throughout its history the company has developed and expanded on the back of a range of iconic tourism brands. The company name, in itself, has been that of a parent company but the true heroes of the business have been its individual experiences and the brands attached to those experiences. Over time some of those brands have developed, grown, or in some cases, sold or phased out.

In its early days, The Helicopter Line specialised in chartered scenic flights with a fleet of 42 helicopters and also held a 54% interest in the Treble Cone ski fields near Wanaka. It listed on the New Zealand Stock Exchange in 1986.

In 1988 the company first entered the motorhome market, with the purchase of maui Rental Campervans and the Mount Cook Group motorhome fleet.

1995 - 2006: Rapid Growth & Diversity

Steady growth, strategic investments and acquisitions changed the nature of The Helicopter Line and in 1996 the company changed its name to Tourism Holdings Limited to more accurately reflect its diverse stable of tourism experiences, attractions and vehicle rental operations.

These included iconic private businesses such as the Newmans Group, The Mount Cook Group and Horizon Holidays and from Government origins with the likes of Milford Sound Red Boats, Waitomo Glowworm Caves and hotels purchased from the former Tourist Hotel Corporation.

During this period, thl firmly established its position as a key player in New Zealand tourism with increasing growth and investment in Australia.

• There were a number of notable business acquisitions and events during this period:
• In 1995 thl acquired 60% of the RV manufacturing business CiMunro. The remaining 40% was acquired two years later.
• Britz Motorhomes, operating in New Zealand and Australia, was acquired in 1999.
• thl acquired a 50% in Kiwi Experience and Oz Experience guided bus operations in 1995. The remaining 50% was acquired in 2000.
• The Legendary Blackwater Rafting Company and the licence to operate Ruakuri Caves at Waitomo were acquired in 2003. The Ruakuri Caves were developed into an attraction that opened in 2005.
• Backpacker Campervans was established in 1996 as a second-tier RV rental brand to Britz. Fifteen years later it was well established across New Zealand and Australia and was rebranded to Mighty, one of thl 's RV rental brands today.
• In 2005, a fire destroyed the Waitomo Caves Visitor Centre.

2007 - 2010: Strategic Realignment and an RV Focus

In 2007, thl commenced a significant strategic realignment to change the asset mix of the group with a focus on the motorhome rentals businesses, with the maui, Britz and Mighty brands across New Zealand and Australia. All of the non-motorhome tourism businesses, apart from the Waitomo Caves attractions and Kiwi Experience, were sold.

In pursuit of growth and leveraging a core competency in operating RV businesses, thl ventured into the United States by acquiring Road Bear RV Rentals and Sales in 2010, It and has since grown the business with additional fleet and locations.

In 2007, thl acquired Action Motor Bodies, an engineering and vehicle customisation business. This business, which manufactures a range of specialist vehicles, including St John Ambulances and mobile medical vehicles, is now a key part of the Action Manufacturing Group.

In 2008, following the establishment of a new lease formed to operate Waitomo Glowworm Caves with an extension to 2027 with the cave owners (the Ruapuha Uekaha Hapu Trust) and the Department of Conservation, construction started on a new Waitomo Glowworm Cave Visitor Centre. The iconic building was opened in 2010.

2011 - 2015: Industry Rationalisation, Expansion

In 2012 the RV manufacturing operations of CiMunro and specialist vehicle manufacturing operations of Action Motor Bodies were merged with KEA Manufacturing to form a new joint venture, RV Manufacturing Group (since re-named Action Manufacturing). Action Manufacturing now designs and manufactures quality mobile solutions across multiple factories including work in the medical, emergency, tourism and transport scenes.

On the rentals side, in 2012 thl led a consolidation of the New Zealand motorhome rental industry through a merger with KEA Campers and United Campervans. In the same year, thl acquired the use of the KEA brand in Australia. Over 2013 and 2014 the combined New Zealand rental fleet size was rationalised and reduced by around 25% to better match demand and increase return on funds employed (ROFE).

Following the 2012 merger, thl operated the KEA, maui, Britz and Mighty brands in Australia and the same brands, with the addition of United and Alpha, in New Zealand. In 2016, thl consolidated the brands to maui, Britz and Mighty.

In 2015 thl expanded into the United Kingdom through the acquisition of a 49% stake in Just Go, a UK-based motorhome rentals and sales business.

thl 's focus over 2013 to 2015 was on improving the ROFE of the business and positioning the core business model for future growth. The driving forces behind these changes were a focus on efficient capital management and allocation, improvements in fleet vehicle design, improvements in operational logistics and a strong customer focus.

2016 - 2020: Global Growth, Digital Innovation and Global Partnerships

In 2016 thl launched two initiatives to create more flexibility in fleet capital deployment.

The introduction of the flex fleet model saw the build or purchase of fleet, used across a peak season and sold within an 18-month period, a significantly shorter holding period compared to the core model which sees fleet held in New Zealand and Australia up to six years. thl supplements the core fleet model with flex fleet to create capital flexibility while maintaining a range of age propositions in its rental offering.

thl also founded Mighway in New Zealand, a peer-to-peer RV rental business and thl 's entry into the sharing economy.

In 2016 thl also purchased the GeoZone business to incorporate technology and content into thl 's suite of mobile device-based customer tools. thl also announced an Australasian partnership with Roadtrippers (a leading North American road travel app and data business), with the desire to create a leading tech platform to support the customer experience in the New Zealand and Australian RV fleet.

Also launched for the peak New Zealand summer season in 2016 was the Waitomo Caves Homestead. This large restaurant, café and retail outlet was purchased and refurbished. It provided increased food and beverage and retail capacity for the Discover Waitomo cave attractions business.

In December 2016, thl expanded its American scale by acquiring El Monte RV Rental and Sales, the second-largest North American based RV business at the time, and a long-established player in both the domestic and international customer segments.

In February 2018, thl established Togo Group - a 50:50 joint venture with Thor Industries Inc., the leading RV manufacturer globally. Togo Group focused on the development of a digital platform for RV owners to improve every aspect of RV ownership, including trip planning and booking, remote monitoring systems, roadside assistance, and peer-to-peer RV and campsite rental. As part of the joint-venture, Togo Group purchased 100% of Roadtrippers, together with acquiring thl assets Mighway, CamperMate, and several RV management technology platforms. Togo Group was later rebranded to Roadpass Digital.

2020 - 2022: Response to the COVID-19 pandemic

The COVID-19 pandemic, which circulated the world during 2020-2022 and caused country-wide lockdowns, proved a shock to the tourism industry.

Lockdowns saw the overnight loss of international travelers, the predominant customer of RV rental and tourism. thl rapidly turned to focus on vehicle sales, utilising rental fleet for non-tourism causes, and growing domestic rental markets.

Discover Waitomo continued operation, leveraging the national tourism effort to encourage New Zealanders to discover their own country's tourism treasures. While Kiwi Experience was put into hibernation during this time until international borders reopened.

Several transactions were undertaken to consolidate the group and its focus, including the acquisition of the remaining ownership in Action Manufacturing, the acquisition of the remaining ownership in the UK-based Just go motorhomes, and the sale of thl 's Roadpass Digital stake to its joint venture partner, Thor Industries.

By closely managing its balance sheet through the right-sizing of its fleet globally, thl achieved a significant reduction in debt over a short period despite being in a loss-making period. In doing so, thl was able to avoid an equity raise that would have been highly dilutive to existing shareholders in the globally deflated stock market.

2022 Onwards: Creation of a Platform for Future Growth

In November 2022, thl merged with Apollo Tourism & Leisure (Apollo), creating the world's largest commercial RV rental operator and establishing a platform for future growth. As part of the merger, thl also listed on the ASX as a foreign exempt listing.

Apollo, an Australian-born RV leisure operator, was founded in 1985 by the Trouchet family. Over the first decade of business, Apollo established a strong trans-Tasman operation, with brothers Luke and Karl Trouchet assuming business leadership in 2001. During the next decade Apollo expanded further internationally, entering the USA and Canada, building factories and the TALVOR brand, and launching new rental brands such as Cheapa Campa and Hippie Camper. In 2013 Apollo secured the rights to import and manufacture leading European RV brand Adria in Australia, and in 2014 the license to manufacture and market Winnebago in Australia and New Zealand. In 2016 Apollo listed on the Australian Stock Exchange and expanded its vehicle sales footprint via acquisitions of Kratzmann Caravans, Sydney RV Group and George Day Caravans & Motorhomes, as well as acquiring the remaining shares in CanaDream it did not already own. Across 2018 and 2019 Apollo expanded into the UK and Ireland with the purchase of the Camperoo Group, incorporating Bunk Campers, and opened the first branch in Hamburg, Germany. 2021 saw the first Apollo RV Service & Repair Centre open.

In parallel with the merger process, international borders reopened and travelling recommenced, with the strong recovery of international tourism. thl saw the return to profitability after two loss-making years.

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Tourism Holdings Limited Stock

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Tourism Holdings Ltd

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• THL:NZC New Zealand Stock Exchange
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