thl Annual Results to 30 June 2018

Tourism Holdings Limited
Tel: +64 9 336 4299
The Beach House
Email: info@thlnz.co.nz
Level 1, 83 Beach Road
www.thlonline.com
Auckland City

PO Box 4293, Shortland Street

Auckland 1140, New Zealand



28 August 2018


Client Market Services
NZX Limited
Level 1, NZX Centre
11 Cable Street
Wellington 6011


Dear Sir/Madam

TOURISM HOLDINGS LIMITED FY18 RESULTS AND ANNUAL REPORT

In accordance with the NZSX Listing Rules, I enclose the following for release to the market in relation to Tourism
Holdings Limited’s FY18 results:

1. Appendix 1
2. NZX/Media Release
3. Annual Report – Annual Financial Statements
4. Annual Report - Shareholder Annual Review
4. FY18 Results Presentation
5. Appendix 7

Details are available at:
http://www.thlonline.com/FinancialInvestorInformation/Pages/AnnualandInterimReports.aspx


Yours sincerely

Grant Webster
Chief Executive Officer

---

Tourism Holdings Limited
Results Announcement to the Market
Reporting period 1 July 2017 to 30 June 2018
Previous reporting period 1 July 2016 to 30 June 2017

Financial Results NZD $M FY18 FY17 % Change
Revenue from ordinary activities $425.9M $340.8M +25%
Operating profit before tax
1
$76.2M $43.7M +74%
Tax on operating profit
2
$13.8M $13.5M +2%
Profit from ordinary activities after tax
attributable to security holders
1,2

$62.4M $30.2M +107%
Net profit attributable to security
holders
1,2

$62.4M $30.2M +107%
Earnings per share from continuing
operations cps
1,2

51.4cps 25.6cps +101%
Net Tangible Assets per Ordinary Share $1.69 $1.26 +34%

Final Dividend FY18
Dividend per share 14 cents per share
Imputation % Fully imputed
Imputed amount per share 5.4444 cents per share
Record date 2 October 2018
Payment date 11 October 2018
Dividend Reinvestment Plan (DRP) For this dividend, a discount of 3% is available
to eligible shareholders participating in the
DRP. The shareholders eligible to participate
in the DRP are New Zealand, Australian and
Cayman Island resident
shareholders. Elections to participate in the
DRP close at 5.00pm on 2 October 2018.

The financial results for the year to 30 June 2018 include the result for El Monte RV, a USA
based RV rental and sales business that was acquired on 1 January 2017.

1
The results include a gain of $23.1M, net of transaction costs, in relation to assets and
investments that were contributed as part of thl’s investment into a joint venture,
TH2Connect LLC. This transaction is explained in the Full Year Results Presentation and the
Annual Financial Statements.

2
The results also reflect the impact of changes in US Federal tax rates, which became
effective during the reporting period. The financial impact of these items is explained in
the Full Year Results Presentation and the Annual Financial Statements. There is a non-
recurring benefit of $1.8M arising from the re-measurement of deferred tax assets and
liabilities arising from the tax rate change, included in the results above.

---

Tourism Holdings Limited
Tel: +64 9 336 4299
The Beach House
Fax: +64 9 309 9269
Level 1, 83 Beach Road
www.thlonline.com
Auckland City

PO Box 4293, Shortland Street

Auckland 1140, New Zealand



Self drive
Experiences
New Zealand
Australia
USA
UK


Design &
manufacturing
New Zealand
Australia

Guided
Experiences
New Zealand


28 August 2018


MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)
FINANCIAL RESULTS FOR THE YEAR TO 30 JUNE 2018


“107% increase in NPAT, including one-off gain”

HIGHLIGHTS:
 Record NPAT result of $62.4M, up 107% on the prior corresponding period (pcp). Normalised for the
one-off gains NPAT was $37.5M, up 24%.
 Revenue of $426M, up 25% on the pcp.
 Fully imputed final dividend of 14cps, bringing the full year dividend to 27cps (partially imputed) - up
29% on the pcp.
 Net debt of $199M, versus $176M in the pcp.
 Return On Funds Employed (ROFE) of 18.1% (excluding El Monte and TH2).
 TH2 created - a digital joint venture business with Thor Industries.

thl today releases its results for the full year ending 30 June 2018. The result is yet another record
result for the company.
thl Chairman, Mr Rob Campbell, said, “this year we delivered another record result - a pre-one-off Net
Profit after Tax (NPAT) increase of 24%. The one-off gain of $24.3M, from the contribution of assets to
TH2, is recognition of value that was present in the business, but not recognised fully by the market;
however, we should also note it is a non-cash gain.”
“We are now embarking on a major step change. We are in the midst of reallocating financial and
intellectual capital to global growth. Our core values are unchanged and we respect our heritage, but
we are no longer simply a New Zealand story.”

“We intend making this transition while maintaining a positive income distribution policy, but the focus
is on global growth, which requires reinvestment, and there will be times of consolidation to create and
execute on the global platform. thl has substantive global opportunity in this context and this is the
next chapter in our story.”

“Dividends have increased again, with a year-end dividend of 14cps taking the total dividend to 27cps
for the full year. As with last year, the year-end dividend will be fully imputed. The average imputation
for the year was 76%.”
CEO, Mr Grant Webster, said, “in many ways this is a complex result with the one-off gains, USA tax
changes, the first full year of El Monte and exchange rate movement impacts. The EBIT improvement of
33% on the prior corresponding year represents a great growth rate; however, we still had

Page 2 of 2


opportunities and have an intense focus on addressing New Zealand vehicle sales shortfalls in the first
quarter of FY19.”
“The creation of TH2 would be the highlight of the year, given the potential of this business. We have
made the decision to invest in this business in FY19 to create an even better product and to develop the
market faster. We will invest around $15M NZD into the business (thl share).”
“The outlook for the FY19 result is difficult to determine, given the number of activities under way at
present. We will provide more guidance at the Annual Meeting in October.”
The Company has also released today, its second sustainability report - the first with some comparative
data and USA carbon calculations. Mr Webster said, “we are on a journey, improving every day. There
are several exciting projects detailed in the report including the electric RV trials, carbon reductions,
community engagement initiatives and more.”
The shareholder review, financial statements and a detailed investor presentation are all available on
the thl website.

ENDS

Authorised by:


Rob Campbell
Chairman, Tourism Holdings Limited

For further information contact:

Grant Webster
thl Chief Executive
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. thl is a 50:50 partner, along with Thor Industries Inc. - the largest RV manufacturer in North
America (a NYSE listed entity), in the joint venture company TH2 – TH2 is a global digital platform for the RV industry; it owns
and operates several brands including Roadtrippers, Mighway and CamperMate. 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 is a joint venture partner in Action Manufacturing LP,
New Zealand’s largest motorhome and specialist vehicle manufacturer.

---

WHERE
WE ARE.
2018 Annual Financial Statements
for the year ended 30 June 2018

01 Directors’ statement
02 Consolidated income
statement
03 Consolidated statement
of comprehensive income
04 Consolidated statement
of changes in equity
05 Consolidated statement
of financial position
06 Consolidated statement
of cash flows
07 Notes to the consolidated
financial statements
57 Independent auditor’s report
61 Statutory information
72 Board of directors
73 Corporate information

The Directors of Tourism Holdings Limited (thl) are pleased to
present to shareholders the Annual Financial Statements for
thl and its controlled entities (together the ‘Group’) for the
year to 30 June 2018.
The Directors are responsible for presenting financial
statements in accordance with New Zealand law and generally
accepted accounting practice, which present fairly, in all
material respects, the financial position of the Group as at
30 June 2018 and the results of the Group’s operations and
cash flows for the year ended on that date.
The Directors consider the financial statements of the Group
have been prepared using accounting policies which have been
consistently applied and supported by reasonable judgements
and estimates and that all relevant financial reporting and
accounting standards have been followed.
The Directors believe that proper accounting records have
been kept which enable, with reasonable accuracy, the
determination of the financial position of the Group and
facilitate compliance of the financial statements with the
Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps
to safeguard the assets of the Group, and to prevent and
detect fraud and other irregularities.
Internal control procedures are also considered to be sufficient
to provide a reasonable assurance as to the integrity and
reliability of the financial statements.
This document, in conjunction with the Shareholder
Annual Review, constitutes the 2018 Annual Report
to Shareholders of Tourism Holdings Limited.
This Annual Report is signed on behalf of the Board by:
Rob Campbell Graeme Wong
Chairman Director
27 August 2018
Directors’
statement
thl Annual Financial Statements 2018 01

The accompanying notes form part of, and should be read in conjunction with, these financial statements.
NOTES
2018
$000’s
2017
$000’s
Sales of services
273,087226,206
Sales of goods
2152,790114,595
Total revenue
425,877340,801
Cost of sales
2(129,765)(92,473)
Gross profit
296,112248,328
Administration expenses
4
(47,849)(44,274)
Operating expenses
4(186,357)(157,495)
Other income/(expenses), net
324,6731,157
Operating profit before financing costs
86,57947,716
Finance income
3071
Finance expenses
6(9,411)(6,747)
Net finance costs
(9,381)(6,676)
Share of (loss)/profit from associates
18(784)(186)
Share of (loss)/profit from joint ventures
17(245)2,874
Profit before tax
76,16943,728
Income tax expense
7(13,815)(13,550)
Profit for the year
62,35430,178
Earnings per share from profit for the year attributable to the equity holders
of the company
8
Basic earnings per share (in cents)
51.425.6
Diluted earnings per share (in cents)
49.624.6
Consolidated income statement
For the year ended 30 June 2018
02 thl Annual Financial Statements 2018

Consolidated statement of comprehensive income
For the year ended 30 June 2018
NOTES
2018
$000’s
2017
$000’s
Profit for the year
62,35430,178
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation movement (net of tax)
2211,419(1,436)
Cash flow hedge reserve movement (net of tax)
311,8251,560
Other comprehensive income/(loss) for year net of tax
13,244124
Total comprehensive income for year attributable to equity holders of the company
75,59830,302
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
thl Annual Financial Statements 2018 03

Consolidated statement of changes in equity
For the year ended 30 June 2018
NOTES
SHARE
CAPITAL
$000’s
RETAINED
EARNINGS
$000’s
CASH FLOW
HEDGE
RESERVE
$000’s
OTHER
RESERVES
$000’s
TOTAL
EQUITY
$000’s
Opening balance as at 1 July 2017
171,24126,552(2,663)(1,186)193,944
Comprehensive income
Net profit for the year ended 30 June 2018
21–62,354––62,354
Other comprehensive income
Cash flow hedge reserve movement (net of tax)
31––1,825–1,825
Foreign currency translation reserve movement (net of tax)
22
–––11,41911,419
Total comprehensive income
–62,3541,82511,41975,598
Transactions with owners
Dividends on ordinary shares
9–(29,181)––(29,181)
Issue of ordinary shares
209,324–––9,324
Transfer from employee share scheme reserve
22241––(241)–
Employee share scheme reserve
22–––326326
Total transactions with owners
9,565(29,181)–85(19,531)
Closing balance as at 30 June 2018
180,80659,725(838)10,318250,011
For the year ended 30 June 2017
NOTES
SHARE
CAPITAL
$000’s
RETAINED
EARNINGS
$000’s
CASH FLOW
HEDGE
RESERVE
$000’s
OTHER
RESERVES
$000’s
TOTAL
EQUITY
$000’s
Opening balance as at 1 July 2016
156,32619,946(4,223)74172,123
Comprehensive income
Net profit for the year ended 30 June 2017
21–30,178––30,178
Other comprehensive income
Cash flow hedge reserve movement (net of tax)
31––1,560–1,560
Foreign currency translation reserve movement (net of tax)
22–––(1,436)(1,436)
Total comprehensive income
–30,1781,560(1,436)30,302
Transactions with owners
Dividends on ordinary shares
9–(23,572)––(23,572)
Issue of ordinary shares
2014,816–––14,816
Transfer from employee share scheme reserve
2299––(99)–
Employee share scheme reserve
22–––275275
Total transactions with owners
14,915(23,572)–176(8,481)
Closing balance as at 30 June 2017
171,24126,552(2,663)(1,186)193,944
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
04 thl Annual Financial Statements 2018

Consolidated statement of financial position
As at 30 June 2018
NOTES
2018
$000’s
2017
$000’s
Assets
Non-current assets
Property, plant and equipment
11384,160340,156
Intangible assets
1544,64742,385
Derivative financial instruments
301,472–
Investment in joint ventures
1752,4106,205
Investment in associates
184,18810,794
Total non-current assets
486,877399,540
Current assets
Cash and cash equivalents
13,5346,117
Trade and other receivables
2626,64726,892
Inventories
1449,78835,761
Advance to joint venture
17850394
Current tax receivables
–1,323
Derivative financial instruments
30291–
Total current assets
91,11070,487
Total assets
577,987470,027
Equity
Share capital
20180,806171,241
Other reserves
2210,318(1,186)
Cash flow hedge reserve
31(838)(2,663)
Retained earnings
2159,72526,552
Total equity
250,011193,944
Liabilities
Non-current liabilities
Interest-bearing loans and borrowings
23212,102181,943
Derivative financial instruments
302,9163,431
Deferred income tax liability
3523,05317,155
Total non-current liabilities
238,071202,529
Current liabilities
Interest bearing loans and borrowings
23221494
Trade and other payables
2751,94639,418
Revenue in advance
24,56521,907
Employee benefits
8,4098,847
Derivative financial instruments
30–259
Current tax liabilities
4,7642,629
Total current liabilities
89,90573,554
Total liabilities
327,976276,083
Total equity and liabilities
577,987470,027
For and on behalf of the board who authorised the issue of the Financial Report on 27 August 2018.
R J Campbell G Wong
Chairman of the Board Chairman of the Audit and Risk Committee
27 August 2018 27 August 2018
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
thl Annual Financial Statements 2018 05

Consolidated statement of cash flows
For the year ended 30 June 2018
NOTES
2018
$000’s
2017
$000’s
Cash flows from operating activities
Receipts from customers
278,145234,193
Proceeds from sale of goods
152,790114,595
Interest received
3071
Payments to suppliers and employees
(212,601)(174,614)
Purchase of rental assets
(178,096)(145,539)
Interest paid
(9,411)(6,747)
Taxation paid
(6,254)(7,378)
Net cash flows from operating activities
3424,60314,581
Cash flows from investing activities
Sale of property, plant and equipment
111,240198
Purchase of property, plant and equipment
11(2,618)(7,061)
(Advance to)/receipts from joint ventures
17(456)1,613
Purchase of intangibles
(1,985)(1,508)
Dividends received from associate and joint ventures
250250
Investments in associates and joint ventures
17(9,393)(7,575)
Acquisition of El Monte Rents Inc
16–(77,620)
Net cash used in investing activities
(12,962)(91,703)
Cash flows from financing activities
Net proceeds from borrowings
2315,343101,837
Dividends paid
9(22,858)(22,410)
Proceeds from share issue
202,805846
Net cash flows (used in)/from financing activities
(4,710)80,273
Net increase in cash balances
6,9313,151
Opening cash
6,1173,020
Foreign currency translation adjustment
486(54)
Closing cash
13,5346,117
Significant non cash transactions:
During the year ended 30 June 2018, the Group contributed certain assets and liabilities as part of its investment in TH2connect
LLC (TH2) (refer to note 17). During the year ended 30 June 2017, the Group issued share capital as part consideration for the
acquisition of El Monte Rents Inc (refer to note 16).
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
06 thl Annual Financial Statements 2018

Notes to the consolidated financial statements
Index to Notes to the Consolidated Financial Statements
About this report 08
Section A – Financial performance 10
1 Segment note 10
2 Sales of goods 13
3 Other operating income/(expenses), net 13
4 Profit before tax includes the following specific expenses 14
5 Employee benefits expense 14
6 Finance expenses 15
7 Income tax 15
8 Earnings per share 16
9 Dividends 17
10 Imputation credits 17
Section B – Assets used to generate profit 18
11 Property, plant and equipment 18
12 Capital commitments 20
13 Operating leases 21
14 Inventories 21
15 Intangible assets 22
Section C – Investments 25
16 Business combinations 25
17 Joint ventures 28
18 Investments in associates 32
19 Subsidiaries 33
Section D – Managing funding 34
20 Share capital 34
21 Retained earnings 35
22 Other reserves 35
23 Borrowings 36
24 Leased assets in property, plant and equipment 38
25 Other commitments 38
26 Trade and other receivables 38
27 Trade and other payables 39
28 Financial instruments 39
Section E – Managing risk 41
29 Financial risk management 41
30 Derivative financial instruments 45
31 Cash flow hedge reserve 47
Section F – Other 48
32 Related party transactions 48
33 Share-based payments 50
34 Reconciliation of profit after taxation with cash flows
from operating activities 54
35 Deferred income tax 54
36 Changes in accounting policies and disclosures 55
37 Contingencies 56
38 Events after the reporting period 56
thl Annual Financial Statements 2018 07

About this report
Basis of preparation
The primary operations of Tourism Holdings Limited (the
‘Company’ or ‘Parent’ or ‘thl’) and its subsidiaries (together
the ‘Group’) are the manufacture, rental and sale of
motorhomes and other tourism related activities. The Parent
is domiciled in New Zealand. The registered office is Level 1,
83 Beach Road, Auckland 1010, New Zealand. Tourism Holdings
Limited is a company registered under the Companies Act 1993
and is an FMC reporting entity under Part 7 of the Financial
Markets Conduct Act 2013.
The consolidated financial statements of the Group have
been prepared:
• in accordance with Generally Accepted Accounting Practice
(GAAP), and comply with New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS)
and International Financial Reporting Standards (IFRS),
as applicable for a ‘for profit’ entity;
• in accordance with the requirements of Part 7 of the
Financial Markets Conduct Act 2013 and the NZX Main
Board Listing Rules;
• under the historical cost convention, as modified by the
revaluation of certain assets and liabilities as identified
in specific accounting policies; and
• in New Zealand dollars with values rounded to thousands
($000’s) unless otherwise stated.
Although at 30 June 2018 the Group had a net current asset
position of $1,205k, throughout most months during the
financial year, the Group has net current liabilities. The net
current liability position arises mainly from the revenue in
advance liability that reflects the collection of rental income
from customers prior to the month of travel. This liability is
recognised as revenue in future months and does not represent
a future outward cashflow.
Throughout this document, accounting policies and critical
accounting estimates are identified using the following key:
Key:
= Accounting policy
= Critical accounting estimate
Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and
are based on historical experience and other factors, including
expectations of future events that are believed to be
reasonable under the circumstances.
The preparation of financial statements in conformity
with NZ IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise its
judgement in the process of applying the Group’s accounting
policies. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements, are:
• Income tax (Page 15)
• Property, plant and equipment (depreciation rates and
residual values) (Page 19)
• Impairment of non-financial assets (investments in
associates and joint ventures, and goodwill arising from
business combinations) (Page 23).
Summary of significant accounting policies
a) Consolidation
The Group consolidates its subsidiaries, as these are the
entities over which the Group has control. The Group controls
an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and
has the ability to affect those returns through its power
over the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Inter-company transactions, balances and unrealised gains
on transactions between Group companies are eliminated.
Unrealised losses are also eliminated but considered an
impairment indicator of the asset transferred. Accounting
policies of subsidiaries have been changed where necessary
to ensure consistency with the policies adopted by the Group.
Information on the Group’s subsidiaries can be found in note 19.
b) Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the
Group’s entities are measured using the currency of the
primary economic environment in which the entity operates
(‘the functional currency’). The consolidated financial
statements are presented in New Zealand dollars, rounded to
the nearest thousand, which is the Company’s functional and
presentation currency.
Translation into presentation currency
The results and financial position of all the Group entities
(none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the
presentation currency are translated into the presentation
currency as follows:
08 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

About this report (continued)
(i) assets and liabilities for each statement of financial
position (‘balance sheet’) presented are translated
at the closing rate at the date of that balance sheet;
(ii) income and expenses for each income statement are
translated at the average monthly exchange rates; and
(iii) all resulting exchange differences are recognised as a
separate component of equity.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate.
Transactions and balances in the functional currency
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from
the settlement of such transactions and from the translation
at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income
statement, except when deferred in equity as qualifying cash
flow hedges.
thl Annual Financial Statements 2018 09
Notes to the consolidated financial statements (continued)

Section A – Financial performance
In this section
This section explains the financial performance of thl, providing additional information about individual items in the income
statement, including segmental information, certain expenses and dividend distribution information.
1. Segment note
The operating segments of thl are made up of the following business operations:
• New Zealand Rentals – Rental of Maui, Britz and Mighty motorhomes, and the sale of motorhomes sold under the
RV Super Centre retail brand
• Tourism Group – Kiwi Experience and the Waitomo Caves Group experiences
• Australia Rentals – Rental of Maui, Britz and Mighty motorhomes and 4WD vehicles, and the sale of motorhomes
sold under the RV Sales Centre retail brand
• United States Rentals – Rental and sale of Road Bear, Britz and El Monte RVs
• Other – includes Group Support Services and Mighway, prior to it being contributed to TH2. The joint ventures and associates
are also included in this category
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the
ordinary course of the Group’s activities. Revenue is shown net of goods and services tax, agents’ commissions, rebates
and discounts and intergroup sales have been eliminated. Revenue is recognised as follows:
(i) Sales of services
Sale of services includes revenue from the rental of motorhomes (for the rentals operating segments) and the sale of
tourism experiences (for Kiwi Experience and Waitomo).
Sales of services are recognised in the accounting period in which the services are rendered, by reference to completion
of the specific transaction. Where the sale of services covers a period of more than one day, the sale is assessed based
on the number of days of the booking that have occurred by year end as a proportion of the total number of days in
the booking. The portion of the revenue that occurs after year end is shown as Revenue in Advance on the statement
of financial position.
(ii) Sales of goods
Sale of goods includes revenue from the sale of motorhomes, accessories and retail merchandise (for the rentals
operating segments).
Sales of goods are recognised when a Group entity sells a product to the customer. Sales of motorhomes are recognised
when the transfer of risks and rewards takes place and are invoiced at that time. Sales of goods includes sale of rental
assets, trade-ins, new vehicles and accessories.
10 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

Notes to the consolidated financial statements (continued)
1. Segment note (continued)
NEW ZEALAND
2018
RENTALS
$000’s
TOURISM
GROUP
$000’s
AUSTRALIA
RENTALS
$000’s
UNITED STATES
RENTALS
$000’s
OTHER
$000’s
TOTAL
$000’s
Sales of services
88,53241,81064,87577,102768273,087
Sales of goods
46,809–15,362 90,619–152,790
Revenue from external customers
135,34141,81080,237167,721768425,877
Depreciation
(17,018)(1,657)(14,228)(12,950)(191)(46,044)
Amortisation
(272)(665)(33)–(358)(1,328)
Other costs
(92,398)(27,580) (55,407) (135,032)18,491(291,926)
Operating profit/(loss) before interest and tax
25,65311,90810,56919,73918,71086,579
Interest income
––1051530
Interest expense
(24)–(1,239)(2,751)(5,397)(9,411)
Share of profit/(loss) from joint ventures
and associates––––(1,029)(1,029)
Operating profit/(loss) before tax
25,62911,9089,34016,99312,29976,169
Taxation
(6,963)(3,457) (2,813) (2,327)1,745(13,815)
Operating profit/(loss) – after interest and tax
18,6668,4516,52714,66614,04462,354
Capital expenditure
55,67366133,28596,141(1,065)184,695
Non-current assets
143,83125,22587,269171,06759,485486,877
Total assets
179,13827,857110,122198,03362,837577,987
Net funds employed
140,11523,78070,642158,96455,299448,800
thl Annual Financial Statements 2018 11

1. Segment note (continued)
NEW ZEALAND
2017
RENTALS
$000’s
TOURISM
GROUP
$000’s
AUSTRALIA
RENTALS
$000’s
UNITED STATES
RENTALS
$000’s
OTHER
$000’s
TOTAL
$000’s
Sales of services
80,72739,94657,95146,965617226,206
Sales of goods
39,627–13,20561,763–114,595
Revenue from external customers
120,35439,94671,156108,728617340,801
Depreciation
(14,803)(1,602)(12,467)(9,294)(179)(38,345)
Amortisation
(290)(652)(45)–(481)(1,468)
Other costs
(81,106)(26,946)(50,820)(87,221)(7,179)(253,272)
Operating profit/(loss) before interest and tax
24,15510,7467,82412,213(7,222)47,716
Interest income
––1025971
Interest expense
(52)–(1,008)(1,290)(4,397)(6,747)
Share of profit/(loss) from joint ventures
and associates––––2,6882,688
Operating profit/(loss) before tax
24,10310,7466,82610,925(8,872)43,728
Taxation
(6,976)(3,246)(2,055)(3,721)2,448(13,550)
Operating profit/(loss) – after interest and tax
17,1277,5004,7717,204(6,424)30,178
Capital expenditure*
43,3901,08436,61472,023887153,998
Non-current assets
135,11726,75775,708142,10319,855399,540
Total assets
156,39529,67196,766164,53122,664470,027
Net funds employed
122,17125,56368,493137,77816,259370,264
* Capital expenditure in 2017 does not include assets acquired as part of the El Monte RV acquisition (refer to note 11).
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the executive management team together with the Board of Directors, who together make
strategic decisions.
Interest income and expenditure are not included in the result for each operating segment that is reviewed by the CODM.
Inter-segment transactions are entered into under normal commercial terms and conditions that would also be available
to unrelated third parties. All revenue is reported to the executive team on a basis consistent with that used in the income
statement.
Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, receivables and operating cash.
They exclude investments and derivatives designated as hedges of borrowings as they are not allocated to segments. Net funds
employed are total assets less segment non-interest-bearing liabilities and cash on hand.
12 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

2. Sales of goods
• Cost of goods includes the net book value of ex-rental fleet sold and the cost price of new vehicles, trade-ins and retail
goods sold.
• Vehicle selling expenses consists primarily of amounts paid by thl to third party warranty providers, and costs incurred under
warranty claims.
2018
$000’s
2017
$000’s
Sales of goods
152,790114,595
Cost of goods
(128,401)(91,664)
Vehicle selling expenses
(1,364) (809)
Cost of sales
(129,765)(92,473)
Gain on sale
23,02522,122
3. Other operating income/(expenses), net
2018
$000’s
2017
$000’s
Net gain/(loss) on disposal of non-fleet fixed assets*
24,657(130)
Gain on sale of GeoZone business
–1,280
Property rental income
167
Other operating income
24,6731,157
*In February 2018, the Group entered into agreements to contribute its investments in Roadtrippers USA and Roadtrippers Australasia, its Mighway
business, the Cosmos rental and RV industry platform, certain other intangible assets and cash to create a joint venture, TH2connect (TH2) with
Thor Industries, a motorhome manufacturer in the United States. The Group recognised a gain of $24,322k as a result of the disposal of the above
investments and assets (refer to note 17).
thl Annual Financial Statements 2018 13
Notes to the consolidated financial statements (continued)

4. Profit before tax includes the following specific expenses
NOTES
2018
$000’s
2017
$000’s
Donations
1210
Depreciation
1146,04438,345
Amortisation of intangible assets
151,3281,468
Rental and operating lease costs
12,23810,151
Raw materials and consumables
1,5122,100
Repairs and maintenance including damage repairs
26,87121,734
Internal audit fees – Ernst & Young
153180
Audit fees – PricewaterhouseCoopers
Audit of financial statements
425365
Audit of implementation of new accounting standards
54–
Other fees – PricewaterhouseCoopers
Treasury services
i
1315
Agreed upon procedures
ii
918
Other services
iii
1623
Total fees paid to PricewaterhouseCoopers
517421
Notes on fees paid to auditor:
i. Treasury services includes treasury risk management assistance.
ii. Agreed upon procedures in relation to Waitomo licensing agreements, the interim financial statements and
scrutineering voting at the Annual Meeting.
iii. Other services include accounting assistance.
During the year ended 30 June 2018, the Group incurred transaction costs of $1.2M in relation to the investment in TH2 (refer
to note 17). During the year ended 30 June 2017, the Group incurred transaction costs of $1.6M in relation to the acquisition
of El Monte Rents Inc and its investment in Roadtrippers Inc (refer to note 16). These costs are included in the administration
expenses in the Group’s financial statement of comprehensive income.
5. Employee benefits expense
Employee entitlements to salaries and wages and annual leave to be settled within 12 months of the reporting date
represent present obligations resulting from employees’ services provided up to the reporting date. These are calculated
at undiscounted amounts based on remuneration rates that the Group expects to pay.
2018
$000’s
2017
$000’s
Wages and salaries
78,31768,100
Share-based payment costs (note 33)
326275
Other employee benefits
1,9461,620
Total employee remuneration
80,58969,995
14 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

6. Finance expenses
2018
$000’s
2017
$000’s
Interest on bank borrowings
9,3876,707
Interest on finance leases
2436
Other loans
–4
Total interest expense
9,4116,747
7. Income tax
The Group is subject to income taxes in multiple jurisdictions. Significant judgement is required in determining the
worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax
determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax
audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters
is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax
provisions in the period in which such determination is made.
Current and deferred income tax
Income tax expenses comprises current tax and deferred tax.
Current tax is the amount of income tax payable based on the taxable profit for the current year, plus any adjustments to
income tax payable in respect of prior years. Current tax is calculated using rates that have been enacted or substantially
enacted by balance date.
Deferred tax is the amount of income tax payable or recoverable in future periods in respect of temporary differences
and unused tax losses. Temporary differences are differences between the carrying amount of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are recognised
to the extent that it is probable that taxable profits will be available, against which the deductible temporary differences
or tax losses can be utilised.
Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the
initial recognition of an asset and liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither accounting profit nor taxable profit.
Deferred tax is recognised on taxable temporary differences arising on investments in subsidiaries and associates, except
where the company can control the reversal of the temporary difference and it is probable that the temporary difference
will not be reversed in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset
is realised, using tax rates that have been enacted or substantially enacted by balance date.
Current tax and deferred tax is charged or credited to the income statement, except when it relates to items charged or
credited directly to equity, in which case the tax is classified within equity.
thl Annual Financial Statements 2018 15
Notes to the consolidated financial statements (continued)

NOTES
2018
$000’s
2017
$000’s
Current tax
9,1828,117
Deferred tax
354,6335,433
Income tax expense
13,81513,550
The tax on the profit before tax differs from the theoretical amount that would arise using the weighted average tax rate
applicable to profits of the consolidated companies as follows:
2018
$000’s
2017
$000’s
Profit before tax
76,16943,728
Tax calculated at domestic rates applicable to profits in the respective countries
21,32813,532
Non-assessable income*
(7,132)(591)
Expenses not deductible for tax purposes
1,373595
Effect of lower federal tax rates in the US
(1,759)–
Prior year tax adjustment
514
Income tax expense
13,81513,550
*As part of the TH2 investment in February 2018, the Group recognised a non-assessable gain of $24,322k on the contribution (refer to note 17).
In January 2018, the federal corporate tax rate in the United States was reduced from 35% to 21%. This change resulted in
a gain of USD$1.3M as at 30 June 2018 related to the re-measurement of deferred tax assets and liabilities of the Group’s US
subsidiaries for the year ended 30 June 2018.
As a result, the weighted average effective tax rate was reduced to 18% (2017: 31%).
8. Earnings per share
20182017
Profit attributable to the equity holders of the Parent ($000’s)
62,354 30,178
Weighted average number of ordinary shares on issue (000’s)
121,360 117,704
Basic earnings per share (in cents)
51.425.6
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares arising from the employee share scheme (refer to note 33).
20182017
Weighted average number of ordinary shares on issue (000’s)
121,360117,704
Redeemable shares and options if exercised (000’s)
4,3795,039
Total shares (000’s)
125,739122,743
Diluted earnings per share (in cents)
49.624.6
7. Income tax (continued)
16 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

9. Dividends
The 2017 final and 2018 interim dividends paid in the year ended 30 June 2018 were $13,234k (11 cents per share) and $15,947k
(13 cents per share) respectively. The final and interim dividends paid in the year ended 30 June 2017 were $11,577k (10 cents per
share) and $11,995k (10 cents per share) respectively.
Dividend distributions to the Company’s shareholders are recognised as a liability in the Group’s financial statements in
the period in which the dividends are approved by the Company’s directors.
10. Imputation credits
2018
$000’s
2017
$000’s
The amount of imputation credits available for use in subsequent reporting periods
5,0964,646
The above amounts represent the balance of the imputation credit account as at the end of the reporting period adjusted for:
• Imputation credits that will arise from the payment of the amount of the provision for income tax;
• Imputation debits that will arise from the payment of dividends recognised as a liability at the reporting date; and
• Imputation credits that will arise from the receipt of dividends recognised as receivables at the reporting date.
thl Annual Financial Statements 2018 17
Notes to the consolidated financial statements (continued)

In this section
This section describes the assets thl uses in the business to generate profit, including:
• Property, plant and equipment
The most significant component is the motorhome fleet. Premises, in general, are leased, however significant owned properties
are the Waitomo Caves Visitor Centre, the Waitomo Caves Homestead and the Orlando Road Bear branch in the United States,
which was sold during the current year.
• Leased assets
The most significant leased assets relate to the premises in New Zealand, Australia and the United States.
• Inventory
The most significant inventory items are the ex-rental motorhome fleet assets that are held for sale. Other inventory items
include spare parts, living equipment used inside rental motorhomes, and retail stock.
• Intangible assets
Intangible assets include:
– goodwill arising from the purchase of the Road Bear, Kiwi Experience and El Monte businesses;
– the cost of the Waitomo Caves licences;
– software;
– brands; and
– trademarks.
11. Property, plant and equipment
Property, plant and equipment are made up of the following assets:
• Motorhomes – this comprises the rental fleet of the Rentals New Zealand, Rentals Australia and Rentals United States
businesses. Motorhomes that are held for sale are reclassified from property, plant and equipment to inventory
(as shown in the table below);
• Motor vehicles – this comprises vehicles owned by the business, including shuttles and company cars;
• Land and buildings – this comprises owned land and buildings in Waitomo and in the past has included the Orlando branch,
which was sold during the current year;
• Other plant and equipment – this comprises office equipment, furniture, and other plant used to operate the business; and
• Capital work in progress – this represents capital purchases and projects that are not yet in service. The most significant work
in progress relates to motorhome fleet built for the next season.
Land and buildings are shown at historical cost, less subsequent accumulated depreciation for buildings. Land is not
depreciated. All other property, plant and equipment are stated at historical cost less accumulated depreciation.
Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be
measured reliably. All other repairs and maintenance are charged to the income statement during the financial period
in which they are incurred.
Section B – Assets used to generate profit
18 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

11. Property, plant and equipment (continued)
The Group estimates the residual values of the fleet in order to depreciate motorhome assets using the straight-line
method. The Group has considered the appropriateness of the residual values and useful lives that have been used by
reviewing the gains/losses made on recent sales, and forecasts, of similar motorhomes. The estimated useful lives of
motorhomes on the rental fleet are 1- 6 years. This results in annual depreciation rates as a percentage of the original costs
of between 7% and 15% for motorhomes.
Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to
their residual values over their estimated useful lives as follows:
Buildings & leasehold improvements 10 - 40 years
Vehicles (non-fleet) 5 - 10 years
Other plant & equipment 3 - 20 years
The assets’ useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount
is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the
income statement.
MOTORHOMES
$000’s
MOTOR
VEHICLES
$000’s
LAND AND
BUILDINGS
$000’s
OTHER
PLANT AND
EQUIPMENT
$000’s
CAPITAL
WORK IN
PROGRESS
$000’s
TOTAL
$000’s
Year ended 30 June 2018
At 1 July 2017
311,1341,15117,0739,89922,549361,806
Additions and transfers from
work in progress (net)175,7254163671,7316,456184,695
Disposals
(104,957)(406)(863)(125)–(106,351)
Exchange differences
21,41542227268221,954
Depreciation charge
(40,517)(337)(1,573)(3,617)–(46,044)
Closing net book amount
362,80086615,2318,15629,007416,060
As at 30 June 2018
Cost
455,9941,84127,11021,74729,007535,699
Accumulated depreciation
(93,194)(975)(11,879)(13,591)–(119,639)
Net book amount
362,80086615,2318,15629,007416,060
Less reclassification of motorhomes
to inventory at balance date
Cost
42,350––––42,350
Accumulated depreciation
(10,450)––––(10,450)
Net book amount reclassified
31,900––––31,900
Closing net book amount post
reclassification330,90086615,2318,15629,007384,160
thl Annual Financial Statements 2018 19
Notes to the consolidated financial statements (continued)

11. Property, plant and equipment (continued)
NOTES
MOTORHOMES
$000’s
MOTOR
VEHICLES
$000’s
LAND AND
BUILDINGS
$000’s
OTHER
PLANT AND
EQUIPMENT
$000’s
CAPITAL
WORK IN
PROGRESS
$000’s
TOTAL
$000’s
Year ended 30 June 2017
At 1 July 2016
218,22865815,9937,67722,646265,202
Additions and transfers from work
in progress (net)147,1327711,8624,330(97)153,998
Additions through acquisitions16
64,318214770806–66,108
Disposals
(80,208)(223)–(101)–(80,532)
Exchange differences
(4,532)(16)(66)(11)–(4,625)
Depreciation charge
(33,804)(253)(1,486)(2,802)–(38,345)
Closing net book amount
311,1341,15117,0739,89922,549361,806
As at 30 June 2017
Cost
388,2881,80527,38420,02522,549460,051
Accumulated depreciation
(77,154)(654)(10,311)(10,126)–(98,245)
Net book amount
311,1341,15117,0739,89922,549361,806
Less reclassification of motorhomes to inventory
at balance date
Cost
28,824––––28,824
Accumulated depreciation
(7,174)––––(7,174)
Net book amount reclassified
21,650––––21,650
Closing net book amount post reclassification
289,4841,15117,0739,89922,549340,156
12. Capital commitments
Capital commitments relates to the build of the Group’s fleet for the following year.
Capital expenditure contracted for at balance date but not yet incurred is as follows:
2018
$000’s
2017
$000’s
Property, plant and equipment
67,56768,847
20 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

13. Operating leases
The Group predominantly leases its premises in New Zealand, Australia and the United States under operating lease
arrangements. The leases have varying terms, escalation clauses and renewal rights. The significant portion of the risks
and rewards of ownership are retained by the lessor and, therefore, they are classified as operating leases. Payments
made under operating leases (net of any incentives received from the lessor) are charged to the income statement on
a straight-line basis over the period of the lease.
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2018
$000’s
2017
$000’s
Within one year
11,1279,317
One to five years
38,75823,160
Beyond five years
18,38424,135
68,26956,612
14. Inventories
Inventories are made up of the following categories:
• Raw materials – this comprises parts, factory and workshop stock;
• Rental assets for sale – this mainly comprises ex-rental fleet which are now on the sale yard and also includes new fleet and
trade-ins for sale;
• Finished goods – this comprises living equipment to be used in motorhomes and retail shop stock; and
• Inventory provision – a provision is created to allow for the value of inventory which is no longer useable or to recognise the net
realisable value when it is lower than cost.
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO)
method. The cost of finished goods and work in progress comprises design costs, raw materials, direct labour, other direct
costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable
value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
Rental assets held for sale at balance date have been reclassified as inventory.
2018
$000’s
2017
$000’s
Raw materials
3,6493,477
Rental assets for sale
41,16827,466
Finished goods
5,0855,295
Provision for obsolescence
(114)(477)
49,78835,761
thl Annual Financial Statements 2018 21
Notes to the consolidated financial statements (continued)

15. Intangible assets
Intangible assets of the Group comprise:
• Brands – the brand value acquired relates to the Road Bear brand of the United States’ rentals business;
• Goodwill – this relates to the Kiwi Experience, Road Bear and El Monte RV business combinations;
• Trademarks, leases and licences – thl has a licence to operate the Waitomo Glowworm Caves until 2027, and licences to operate
other caves in the Waitomo region, with licence terms expiring in 2032, 2033 and 2039; and
• Other intangibles – this relates to acquired software licences and software development costs.
Brands
The Road Bear brand acquired in the United States rentals business combination was valued using the relief from royalty
method and is recognised at fair value at the acquisition date. The brand value is included in the net assets of the cash
generating units. The brand is deemed to have an indefinite life as the Group has determined that there is no foreseeable
limit to the period over which the brand is expected to generate net cash in-flows for the entity. The brand is tested
annually for impairment and is carried at cost less any accumulated impairment losses.
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable
assets of the acquired subsidiary at the date of acquisition. Separately recognised goodwill is tested annually for
impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed.
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is considered to have an indefinite useful life. Based on an analysis of all the relevant factors, there is no
foreseeable limit to the period over which the asset is expected to generate net cash flows for the entity.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in
which the goodwill arose. The Group allocates goodwill to each business segment in each country in which it operates.
Trademarks, leases and licences
Trademarks, leases and licences are shown at historical cost of acquisition by the Group less amortisation.
Amortisation of licences is calculated using the straight line method over the life of the various licences.
Other intangibles
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the
specific software. These costs are amortised over their estimated useful lives (three to five years).
Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Costs that
are directly associated with the production of identifiable and unique software products controlled by the Group, and that
will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Direct
costs include the software development employee costs and an appropriate portion of relevant overheads.
Computer software development costs recognised as assets and are amortised over their estimated useful lives (three to
five years).
22 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

15. Intangible assets (continued)
BRAND VALUE
ACQUIRED
$000’s
GOODWILL
$000’s
TRADEMARKS,
LEASES AND
LICENSES
$000’s
OTHER
INTANGIBLES
$000’s
TOTAL
$000’s
Year ended 30 June 2018
At 1 July 2017
74631,3268,6621,65142,385
Exchange differences
893,342–43,435
Additions from subsequent expenditure
––1379761,113
Disposal
––(71)(887)(958)
Amortisation charge
––(631)(697)(1,328)
Closing net book amount
83534,6688,0971,04744,647
As at 30 June 2018
Cost
83580,96622,87413,760118,435
Accumulated amortisation and impairment
–(46,298)(14,777)(12,713)(73,788)
Net book amount
83534,6688,0971,04744,647
Year ended 30 June 2017
At 1 July 2016
7678,9979,2142,10921,087
Acquired through business combinations
–23,912––23,912
Exchange differences
(21)(1,149)–1(1,169)
Additions from subsequent expenditure
––401,4681,508
Disposal
–(434)–(1,051)(1,485)
Amortisation charge
––(592)(876)(1,468)
Closing net book amount
74631,3268,6621,65142,385
As at 30 June 2017
Cost
74677,62422,80813,985115,163
Accumulated amortisation and impairment
–(46,298)(14,146)(12,334)(72,778)
Net book amount
74631,3268,6621,65142,385
Impairment of non-financial assets
The Group tests whether goodwill and brands have suffered any impairment on an annual basis, in accordance with
the accounting policy stated below. The recoverable amounts of cash-generating units have been determined based on
value-in-use calculations below. These calculations require the use of estimates.
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment.
Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the
amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of
an asset’s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at
the lowest levels for which there are separately identifiable cash flows (cash-generating units).
thl Annual Financial Statements 2018 23
Notes to the consolidated financial statements (continued)

The table below details the cash generating units that goodwill and brands are attributable to.
RENTALS
$000’s
TOURISM GROUP
$000’s
OTHER
$000’s
TOTAL
$000’s
2018
New Zealand – goodwill
–3,126–3,126
United States of America – goodwill
31,542––31,542
United States of America – brands
835––835
32,3773,126–35,503
2017
New Zealand – goodwill
–3,126–3,126
United States of America – goodwill
28,200––28,200
United States of America – brands
746––746
28,9463,126–32,072
The recoverable amount of a cash generating unit is determined on value-in-use calculations. These calculations use free cash flow
projections based on financial budgets approved by management covering a five year period plus a terminal value calculation.
These annual free cash flows are then discounted by a country specific pre-tax discount rate to arrive at a net present value (or
enterprise value) which is compared to the carrying book value. In addition, carrying values are also assessed using alternative
valuation metrics, in particular EBIT multiples for similar industry groupings.
The divisional models used by Tourism Holdings Limited to generate the free cash flow projections incorporate the expected
growth rates from markets the businesses operate in, which are compared to Ministry of Business, Innovation and Employment
(NZ) and United States Department of Commerce Office of Travel and Tourism Industries’ forecasts for reasonableness. Capital
expenditure and disposal proceeds are projected forward based on current build or purchase costs, realisable sale values and
expected fleet rotation by vehicle type (for the rentals operations). Costs and revenues are inflated by an expected inflation rate
of 2% unless additional specific information is known.
Key assumptions used for value-in-use calculations:
20182017
Rentals United States of America
Revenue growth rate
1
6% p.a.6% p.a.
Operating costs growth rate
4% p.a.6% p.a.
Terminal growth rate
2.0%2.0%
Discount rate
2
11.4%14.7%
20182017
Tourism Group New Zealand
Revenue growth rate
1
5% p.a.6% p.a.
Operating costs growth rate
5% p.a.5% p.a.
Terminal growth rate
2.0%2.0%
Discount rate
2
12.2%11.7%
(1) Weighted average revenue growth rates used to extrapolate cash flows.
(2) Pre-tax discount rate applied to the cash flow projections.
The calculated recoverable amount provides sufficient headroom over the carrying value such that it is considered that
a reasonable change in the assumptions applied will not result in an impairment of the goodwill balance.
15. Intangible assets (continued)
24 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

Section C – Investments
In this section
thl’s investments comprise subsidiaries, associates and joint ventures. This section explains the investments held by thl,
providing additional information, including:
a) Accounting policies, judgements and estimates that are relevant for measuring the investments; and
b) Analysis of thl’s associates and joint venture.
thl’s investments include a 50% interest in Action Manufacturing, a business that manufactures motorhomes for the
Group’s New Zealand and Australian business segments and other speciality vehicles for external customers; and a 50% joint
venture investment in TH2Connect LLC (TH2). TH2 provides digital services to RV owners and operators, and operates the
Mighway and Roadtrippers businesses. Other investments include a 49% interest in Just go, a motorhome rental operation in
the United Kingdom.
16. Business combinations
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity
instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:
• fair values of the assets transferred
• liabilities incurred to the former owners of the acquired business
• equity interests issued by the Group
• fair value of any asset or liability resulting from a contingent consideration arrangement, and
• fair value of any pre-existing equity interest in the acquiree.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquired entity
on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the
acquired entity’s net identifiable assets.
Acquisition-related costs are expensed as incurred.
The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-
date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets
acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business
acquired, the difference is recognised directly in profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their
present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate
at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently remeasured to fair value with changes in fair value recognised in profit or loss.
thl Annual Financial Statements 2018 25
Notes to the consolidated financial statements (continued)

16. Business combinations (continued)
Acquisition of El Monte Rents Inc (2017 financial year)
On 20 December 2016 the Group signed a share purchase agreement relating to El Monte Rents Inc (El Monte RV). Under the
terms of the agreement, on 1 January 2017, the Group acquired 100% of the share capital of El Monte RV. The Group obtained
control on this date. El Monte RV is a motorhome rental business in the United States.
Total consideration for the business combination transaction was made up of the following:
$000’s
Purchase consideration at January 2017
Cash
78,511
Issued capital of Tourism Holdings Limited
12,522
Working capital adjustment payable
349
Total consideration
91,382
As part of the consideration, the Group issued 3,384,266 ordinary shares. The share price on the date of acquisition was $3.70 per
share. The total consideration of $91,382k resulted in a goodwill balance of $23,912k. The table below represents the fair value of
the assets and liabilities acquired at 1 January 2017:
2017
$000’s
Recognised amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents
891
Trade and other receivables*
3,162
Inventories – other
1,201
Inventories – motorhomes
3,532
Property, plant and equipment
62,576
Total assets
71,362
Trade and other payables
(2,795)
Revenue received in advance
(1,097)
Total liabilities
(3,892)
Total identifiable net assets at fair value
67,470
Goodwill arising on acquisition
23,912
Purchased consideration transferred
91,382
*The net trade and other receivables balance shown above includes a $269k provision for impairment.
From 1 January 2017 the operating results of El Monte RV had been included in the income statement. The proforma revenue
and operating profit before tax and financing cost of El Monte RV for the period 1 July 2016 to 31 December 2016 was $40,018k
and $7,978k respectively. If the acquisition had occurred at 1 July 2016, Group consolidated proforma revenue and operating
profit before tax and financing costs for the period ended 30 June 2017 would have been $380,819k and $55,694k respectively.
Due to different approaches to fleet and capital management, proforma finance costs and income tax expense are not able
to be accurately estimated and are therefore not disclosed.
Goodwill arising on acquisition primarily represents market share acquired and synergies that are expected to be generated.
Goodwill is deductible under US tax legislation.
At the time of the acquisition certain funds were held in escrow until the sale of some of the fleet. The escrow conditions have
now been met and the funds have been released.
Net cash paid to acquire the business was $77,620k, being $78,511k of cash consideration less $891k of cash acquired with
the business.
26 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

16. Business combinations (continued)
Sale of the GeoZone business and investments in Roadtrippers (2017 financial year)
In the 2017 financial year, the Group acquired 23.0% of the issued equity of Roadtrippers Inc (Roadtrippers USA) and a 50% joint
venture investment in Roadtrippers Australasia Limited Partnership (Roadtrippers Australasia). Roadtrippers is an online trip
planning application. As part of the consideration for these investments, the Group sold the GeoZone business.
The Group sold the GeoZone intellectual property (software and data content) for $1.4M ($USD1M), and paid cash of $7.0M
($USD5M) as consideration for an investment of 23.0% of the issued equity of Roadtrippers USA.
Furthermore, the Group sold the remaining GeoZone assets and liabilities (the operating business including brand, trademarks
and revenue contracts) and paid cash as consideration for an investment in Roadtrippers Australasia. The other joint venture
partner is Roadtrippers USA. Roadtrippers USA sold a perpetual licence to the joint venture for the right to use the Roadtrippers
product in the Australian and New Zealand markets as consideration for its investment in the joint venture.
The above transactions resulted in the disposal of GeoZone and acquisition of equity interest in Roadtrippers USA and
Roadtrippers Australasia.
At this time the Group ceased to have control of the GeoZone business.
IFRS 10 contains guidance on how to account for changes in ownership of a subsidiary, including transactions with
non-controlling interests and transactions where control is gained or lost. IFRS 10 specifies that when control of a
subsidiary is lost, any retained interest should be remeasured to its fair value with any resulting gain or loss recognised
in profit and loss. As such, a gain or loss is recognised on the portion retained in addition to the gain or loss on the
portion no longer owned. The interaction between IFRS 10 and IAS 28 is currently unclear. IAS 28 indicates that when
non-monetary contributions are made to an associate or to a joint venture, a gain or loss is recognised in relation to the
portion no longer owned. As such, an entity has an accounting policy choice between IFRS 10 and IAS 28 and should apply
this choice consistently.
The Group has elected to account for the disposal of GeoZone and related investments in Roadtrippers in accordance
with IFRS 10.
The table below represents the carrying value of the assets and liabilities sold at 1 December 2016:
2017
$000’s
Assets
Cash (paid as part of the consideration)
7,575
Trade receivables
120
Intangible assets
1,485
9,180
Liabilities
Trade payables and accruals
(196)
Revenue received in advance
(185)
(381)
Total identifiable net assets at fair value
8,799
Purchased consideration transferred
8,799
thl Annual Financial Statements 2018 27
Notes to the consolidated financial statements (continued)

16. Business combinations (continued)
The table below represents the consideration received for the GeoZone business:
$000’s
Fair value of equity interest in Roadtrippers USA
8,350
Fair value of equity interest in Roadtrippers Australasia
1,729
Total
10,079
The Group recognised a gain of $1,280k as a result of selling the business combination. The gain is included in other income in
the Group’s statement of comprehensive income for the period ended 30 June 2017.
The loss before tax attributable to the GeoZone business for the period ended 30 June 2017 was $231k (year ended 30 June
2016: $248k). As these amounts are not considered material to the Group profit before tax, the discontinued operations have not
been separately shown on the Consolidated income statement, Consolidated statement of comprehensive income, Consolidated
statement of changes in equity, Consolidated statement of financial position, or the Consolidated statement of cash flows.
In the 2018 financial year, the investments in Roadtrippers USA and Roadtrippers Australasia were contributed as part of thl’s
investment in TH2 (refer to note 17).
17. Joint ventures
TH2Connect LLC (TH2)
In February 2018, the Group entered into agreements to contribute its investment in Roadtrippers USA and Roadtrippers
Australasia, its Mighway business, the Cosmos rental and RV industry platform, certain other intangible assets and cash to form
a joint venture, TH2connect LLC (TH2), with Thor Industries, a motorhome manufacturer in the United States. Each partner
owns 50% of TH2. Due to the nature of the contractual rights and obligations, TH2 is classified as a joint venture for accounting
purposes and accounted for using the equity method.
TH2 provides digital services to RV owners and operators (Cosmos), and operates the Mighway and Roadtrippers businesses.
The assets and liabilities contributed as part of the investment in TH2 are as follows:
2018
$000’s
Property, plant and equipment
252
Intangible assets
3,040
Investments in joint ventures and associates
7,631
Total non-current assets
10,923
Cash (paid as part of the consideration)
4,051
Trade and other receivables
633
Inventories
3
Total current assets
4,687
Total assets
15,610
Foreign currency translation reserve
(89)
Total equity
(89)
Trade and other payables
542
Employee benefits
420
Total current liabilities
962
Total liabilities
962
Total equity and liabilities
873
Net assets contributed
14,737
28 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

17. Joint ventures (continued)
In return for the assets and liabilities contributed, thl received its investment in TH2. The fair value of the intangible assets that
were contributed to TH2 was supported by an independent third party valuation.
In accordance with IAS28, the Group has only recognised the gain on sale in relation to the portion of TH2 that is held by
Thor Industries and does not remain under ownership of thl. Accordingly, the Group recognised a gain of $24,322k before tax
and transaction costs, in relation to the transaction.
Net cash paid in March 2018 as part of the investment in TH2 was $4,051k. A further investment of $5,192k was made in June
2018. This investment was made to fund a planned tax payment that arose as part of the legal restructure of Roadtrippers Inc as
part of the TH2 transaction.
Analysis of TH2
The following amounts represent the sales and results, and assets and liabilities of TH2:
2018
$000’s
Revenue
2,519
Expenses
(7,957)
Loss before income tax
(5,438)
The loss before income tax of TH2 includes depreciation and amortisation expense of $614k.
2018
$000’s
Assets
Non-current assets
– Property, plant and equipment
315
– Intangible assets
134,687
Total non-current assets
135,002
Current assets
13,421
148,423
Liabilities
Non-current liabilities
51
Current liabilities
4,612
4,663
Net assets/(liabilities)
143,760
The Group’s 50% share of TH2 net assets/(liabilities)
71,880
There are no contingent liabilities relating to the Group’s interest in TH2, and no contingent liabilities in the venture itself.
thl Annual Financial Statements 2018 29
Notes to the consolidated financial statements (continued)

17. Joint ventures (continued)
The Group’s recognised interest in TH2
The following table sets out the Group’s interest in TH2:
2018
$000’s
Fair value of investment in TH2 initially recognised
38,976
Subsequent investment in TH2
5,192
Profit/(losses) recognised against the investment balance
(2,672)
Foreign exchange revaluation gain/(loss)
3,652
Net investment recognised
45,148
Advance opening balance
–
Net cash advances/(repayment) during the period
819
Advance closing balance
819
Net interest in TH2
45,967
2018
$000’s
Non-current
45,148
Current
819
45,967
The cash advance from the Group is a trade account. The balance is determined on a monthly basis and is payable in the following
month. Interest is not payable on the advance.
Action Manufacturing LP (AMLP)
thl has a 50% joint venture partner in AMLP, a vehicle manufacturer based in New Zealand. The other 50% partner is Alpine
Bird Manufacturing Limited, which is owned by Grant Brady (refer to note 32). Due to the nature of the contractual rights
and obligations, AMLP is classified as a joint venture for accounting purposes and accounted for using the equity method.
AMLP manufactures motorhomes for the Group’s New Zealand and Australian business segments, and other speciality
vehicles for external customers.
Analysis of AMLP
The following amounts represent the sales and results, and assets and liabilities of AMLP:
2018
$000’s
2017
$000’s
Revenue
72,47570,306
Expenses
(66,771)(64,180)
Profit before income tax
5,7046,126
The profit before income tax of AMLP includes depreciation expense of $627k (2017: $577k) and net finance costs of $425k
(2017: $542k).
30 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

17. Joint ventures (continued)
2018
$000’s
2017
$000’s
Assets
Non-current assets
2,8872,758
Current assets
37,38128,109
40,26830,867
Liabilities
Current liabilities
25,74521,547
Net assets/(liabilities)14,5239,320
The Group’s 50% share of AMLP’s net assets/(liabilities)7,2624,660
There are no contingent liabilities relating to the Group’s interest in AMLP, and no contingent liabilities in the venture itself.
The contractual property lease commitment of AMLP is $997k (2017: $1,525k).
The Group’s recognised interest in AMLP
The following table sets out the Group’s interest in AMLP:
2018
$000’s
2017
$000’s
Investment in AMLP
250250
Profit recognised against the investment balance
7,2624,410
Distribution received from accumulated earnings
(250)–
Investment recognised
7,2624,660
Advance opening balance
3942,007
Net cash advances/(repayment) during the period
(363)(1,613)
Advance closing balance
31394
Net interest in AMLP
7,2935,054
2018
$000’s
2017
$000’s
Non-current
7,2624,660
Current
31394
7,2935,054
thl Annual Financial Statements 2018 31
Notes to the consolidated financial statements (continued)

17. Joint ventures (continued)
Roadtrippers Australasia
thl had a 50% joint venture investment in Roadtrippers Australaisa. The other 50% partner was Roadtrippers USA. Due to the
nature of the contractual rights and obligations, Roadtrippers Australia and New Zealand was classified as a joint venture for
accounting purposes and accounted for using the equity method. In February 2018, the investment in Roadtrippers Australasia
was contributed as part of the investment in TH2.
The Group’s recognised interest in Roadtrippers Australasia
The following table sets out the Group’s interest in Roadtrippers Australasia:
2018
$000’s
2017
$000’s
Investment in Roadtrippers Australasia
1,8791,729
Profit/(loss) recognised against the investment balance
(603)(184)
Investment contributed to TH2
(1,276)–
Net interest in Roadtrippers Australasia
–1,545
2018
$000’s
2017
$000’s
Total advance to and investment in joint ventures
Non-current
52,4106,205
Current
850394
53,2606,599
18. Investments in associates
Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying a
shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity
method of accounting and are initially recognised at cost. The Group’s share of its associates’ post-acquisition profits or
losses is recognised in the income statement.
In December 2016, the Group acquired a shareholding of 23.0% of Roadtrippers USA (refer to note 16). The investment in
Roadtrippers USA was contributed to TH2 during the 2018 financial year as explained in note 17.
In March 2015, the Group acquired a shareholding of 49.0% in Skewbald Limited (trading as Just go) for GBP £1,744k. Just go
is a motorhome rental business operating in the United Kingdom. The investment has been accounted for as an investment in
associate, and the Group’s share of associates profits have been recognised with the Group’s investment.
The carrying amounts recognised in the balance sheet are as follows:
2018
$000’s
2017
$000’s
Just go
4,1883,515
Roadtrippers USA
–7,279
Total
4,18810,794
32 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

18. Investments in associates (continued)
The share of profits/(losses) recognised in the income statement are as follows:
2018
$000’s
2017
$000’s
Just go
204515
Roadtrippers USA (to 28 February 2018)
(988)(701)
Total
(784)(186)
19. Subsidiaries
The principal activities of the Parent company and trading subsidiaries are motorhome rental (Tourism Holdings Australia Pty
Limited, JJ Motorcars Inc and El Monte Rents Inc) and attractions (Waitomo Caves Limited). All subsidiaries are 100% owned and
therefore the Group is deemed to have control and have been fully consolidated from the date which control has been attained
(30 June 2017: 100%). All subsidiaries have 30 June balance dates. Material subsidiary companies included in the Group Financial
Statements at 30 June 2018 are:
NAMECOUNTRY OF INCORPORATION
Tourism Holdings Australia Pty LimitedAustralia
Waitomo Caves LimitedNew Zealand
JJ Motorcars Inc.United States of America
El Monte Rents Inc. United States of America
Tourism Holdings USA Inc.United States of America
thl Annual Financial Statements 2018 33
Notes to the consolidated financial statements (continued)

Section D – Managing funding
In this section
This section explains how thl manages its capital structure and working capital, the various funding sources and distributions to
shareholders. In this section of the notes there is information about:
a) Equity;
b) Debt;
c) Receivables and payables; and
d) Financial instruments.
20. Share capital
2018
SHARES
000’s
2017
SHARES
000’s
2018
$000’s
2017
$000’s
Ordinary shares
Opening balance
120,255115,698171,241156,326
Issue of ordinary shares – redeemable ordinary shares
converted
1,6397652,821854
Transfer from employee share scheme reserve for
redeemable shares converted
––24199
Issue of ordinary shares – in lieu of directors’ fees
4278214276
Ordinary shares to be issued – in lieu of directors’ fees
accrued at 30 June
––(34)2
Ordinary shares Issued under Dividend Reinvestment Plan
1,2003306,3231,162
Ordinary shares Issued as part consideration for the
El Monte RV acquisition
–3,384–12,522
Closing balance
123,136120,255180,806171,241
The total authorised number of ordinary shares is 123,136,483 shares (2017: 120,254,543) and these are classified as equity.
The shares have no par value. All ordinary shares are issued and fully paid. All ordinary shares rank equally with one vote attached
to each fully paid ordinary share.
There are 2,358,828 redeemable ordinary shares on issue that are convertible on a 1:1 basis to ordinary shares (2017: 3,998,828).
If these convert to ordinary shares per the terms outlined in note 33, total shares on issue will be 125,495,311 (2017: 124,253,371).
In the current year redeemable ordinary shares were converted to ordinary shares in February 2018 (168,400), March 2018
(281,600) and April 2018 (1,190,000). There were no issues of redeemable ordinary shares in the current year, as the 2009
Executive Long Term Incentive Scheme was replaced with a new options scheme in 2017 (see note 33).
In the prior year 764,505 redeemable ordinary shares were converted to ordinary shares in April 2017.
Ordinary shares were issued to directors in lieu of Directors’ fees per the terms outlined in note 32. Shares were issued in October
2017 (30,731) and April 2018 (11,274). In the prior year ordinary shares were issued to directors in lieu of Directors’ fees in October
2016 (42,044) and April 2017 (35,913). At 30 June 2018 share capital includes an accrual for shares to be issued in lieu of Directors’
fees of $36,000 (2017: $70,000).
In the current year 715,928 ordinary shares were issued in October 2017 at an issue price of $4.806 per share and 484,007 ordinary
shares were issued in April 2018 at an issue price of $5.935 per share to shareholders who elected to participate in the Dividend
Reinvestment Plan.
In the prior year 330,115 ordinary shares were issued in April 2017 at an issue price of $3.515 per share to shareholders who elected
to participate in the Dividend Reinvestment Plan.
In January 2017 3,384,266 ordinary shares were issued as part consideration for the acquisition of El Monte Rents Inc (refer
to note 16). These shares were issued with trading restrictions such that the shareholders must retain the legal and beneficial
ownership of 100% of their shares until 1 September 2017, not less than two thirds of their shares until 1 March 2018, and not less
than one third of their shares until 1 September 2018.
34 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

21. Retained earnings
2018
$000’s
2017
$000’s
Balance at beginning of the year
26,55219,946
Profit for the year
62,35430,178
Dividends on ordinary shares
(29,181)(23,572)
59,72526,552
22. Other reserves
Foreign currency translation reserve
Exchange differences arising on the translation of foreign operations are taken to the foreign currency translation reserve.
When any net investment is disposed of, the related component of the reserve is recognised in profit and loss as part of the gain
or loss on disposal.
The closing exchange rates used to translate the balance sheet are as follows:
20182017
NZD/AUD
0.91800.9767
NZD/USD
0.67410.7540
NZD/GBP
0.51580.5781
Employee share scheme
The employee share scheme reserve is used to recognise the accumulated value of redeemable shares granted which have been
recognised in the income statement. In accordance with the Group’s accounting policy, amounts accumulated in the executive
share scheme reserve have been transferred to share capital on the exercise of the options or to retained earnings when they have
been forfeited (refer to note 33).
2018
$000’s
2017
$000’s
Foreign currency translation reserve
Balance at beginning of the year
(1,663)(227)
Currency translation differences (net of tax)
11,419(1,436)
Balance at year end
9,756(1,663)
Employee share scheme reserve
Balance at beginning of the year
477301
Value of employee services charged to the income statement
326275
Transfer to share capital
(241)(99)
Balance at year end
562477
Total other reserves
10,318(1,186)
thl Annual Financial Statements 2018 35
Notes to the consolidated financial statements (continued)

23. Borrowings
The guaranteeing group consisting of Tourism Holdings Limited and all New Zealand, Australian and United States 100% owned
subsidiaries had, at balance date, a working capital and a multi-option facility with ANZ Bank New Zealand Limited, Australia
and New Zealand Banking Group Limited, Westpac New Zealand Limited, Westpac Banking Corporation and The Hongkong and
Shanghai Banking Corporation Limited and has provided a composite first ranking debenture over the assets and undertakings
of the Group.
The debt facility is a syndicated facility with ANZ Bank New Zealand Limited as the facility agent.
The facilities are split into term facilities and an interchangeable working capital facility. The interchangeable facility is
interchangeable between overdraft, trade finance loans and documentary letter of credit. The documentary letter of credit
facility is utilised for the purchase of fleet from Action Manufacturing LP. The renewal of the facilities occurred in the current
financial year.
Current expiry dates are:
Interchangeable Working Capital Facility 23 August 2019
Term Facilities 27 June 2020, 28 February 2021 and 27 June 2022
The facilities cannot be called for repayment by the banks at a date earlier than the facility’s expiry date above unless an event
of default is triggered (e.g. breach of bank covenants, or failure to make a payment when due). No such events of default have
been triggered during the current or prior period. The facilities are tested quarterly for covenant compliance.
Interest rates (excluding line fees) applicable at 30 June 2018 on the bank term loans ranged from 1.9% to 5.3% p.a.
(2017: 1.4% to 4.3% p.a.).
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in
the income statement over the period of the borrowings using the effective interest method.
Borrowings are classified as current liabilities, unless the Group has an unconditional right to defer settlement of the
liability for at least 12 months after the balance sheet date.
Borrowing costs are recognised as an expense in the period in which they are incurred, except for borrowing costs directly
attributable to the acquisition, construction or production of a qualifying asset, which are capitalised.
Qualifying assets are those assets that necessarily take an extended period of time (six months or more) to get ready for
their intended use.
2018
$000’s
2017
$000’s
Non-current
Bank borrowings
212,056181,676
Finance lease obligations
46267
212,102181,943
Current
Finance lease obligations
221494
Total borrowings
212,323182,437
36 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

23. Borrowings (continued)
2018
$000’s
2017
$000’s
Maturity of non-current portion
Bank loans
One to two years
86,472127,075
Two to three years
71,374–
Three to five years
54,21054,601
212,056181,676
Finance lease obligations
One to two years
46221
Two to three years
–46
46267
2018
$000’s
2017
$000’s
Finance lease liabilities – minimum lease payments
No later than one year
226518
Later than one year and no later than five years
47273
Minimum lease payments
273791
Future finance charges on finance leases
(6)(30)
Present value of finance lease liabilities
267761
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
2018
NZ$000’s
2017
NZ$000’s
New Zealand dollar
65,52051,823
Australian dollar
11,76517,303
United States American dollar
131,657110,294
Pounds sterling
3,3813,017
212,323182,437
The Group has the following undrawn borrowing facilities:
2018
$000’s
2017
$000’s
Floating rate
– Expiring beyond one year
25,73450,993
The Group has sufficient working capital and undrawn financing facilities to service its operating activities and ongoing
investment in rental motorhomes. The Group has met all banking covenant requirements in the current period.
As part of its risk mitigation strategy, the Group has funded its investment El Monte Rents Inc (refer to note 16) with USD
denominated debt. The debt acts as a natural hedge of the investment and, hence, has been designated as a hedge of net
investments in foreign operations.
No borrowing costs were capitalised in 2018 (2017: nil).
thl Annual Financial Statements 2018 37
Notes to the consolidated financial statements (continued)

24. Leased assets in property, plant and equipment
Property, plant and equipment includes the following amounts where the Group is a lessee under a finance lease. The finance
leases relate to IT assets.
2018
$000’s
2017
$000’s
Cost
1,2821,282
Accumulated depreciation
(929)(432)
Net book amount
353850
25. Other commitments
As at 30 June 2018 the Group has a $30m Documentary Letter of Credit facility as part of the interchangeable working capital
facility. The amount drawn at 30 June 2018 was $15,608k (2017: $9,814k).
The outstanding documents are in favour of AMLP (refer to note 17) and are due for payment within 12 months. This is recognised
within ‘trade and other payables’ (refer to note 27).
26. Trade and other receivables
Trade receivables are recognised initially at fair value plus transaction costs and subsequently measured at amortised
cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables
is established when there is objective evidence that the Group will not be able to collect all amounts due according to
the original terms of receivables. Significant financial difficulties of the debtor, probability that the debtor will enter
bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the trade
receivable is impaired. The amount of the provision is the difference between the asset’s carrying amount and the present
value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised
in the income statement within ‘operating expenses’.
2018
$000’s
2017
$000’s
Trade receivables
9,1997,535
Less provision for impairment of receivables
(520)(394)
Trade receivables – net
8,6797,141
Prepayments
3,9054,016
Other receivables
6,1917,161
Receivable under buy-back arrangement
7,8728,574
Total trade and other receivables
26,64726,892
At June 2018 trade and other receivables includes an amount of $7,872k (June 2017: $8,574k) relating to vehicles purchased under
a short term buy-back arrangement. The difference between the original purchase price and the buy-back price is amortised as an
operating lease cost over the term of the arrangement.
There is no concentration of credit risk with respect to trade receivables, as the Group has a large number of customers,
internationally dispersed.
The Group has recognised an increase of $126k (2017: $193k increase) in the provision for the impairment of its trade receivables
which has been included in other operating expenses. The Group has written off, to other operating expenses, $255k (2017: $61k)
of balances of receivables during the year ended 30 June 2018.
38 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

27. Trade and other payables
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business
from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the
normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value net of transaction costs and subsequently measured at amortised cost
using the effective interest method.
2018
$000’s
2017
$000’s
Trade payables
36,63126,488
Accrued expenses and other payables
15,31512,930
51,94639,418
28. Financial instruments
Financial assets
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet
date. These are classified as non-current assets. Loans and receivables include trade and other receivables and cash and
cash equivalents in the balance sheet.
Fair value estimation
Interest rate swaps are valued by projecting forward cash flows over the future life of the transaction using the interest
rate yield curve as at balance date. The cash flows are then discounted to present value using the same yield curve.
The interest rate swap is valued at the sum of all the present value cash flows. The notional contract amounts of interest
rate swaps are shown in note 29).
Impairment of financial assets
The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or
group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses
are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the
initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash
flows of the financial asset or group of financial assets that can be reliably estimated.
The amount of the loss is measured as the difference between the asset’s carrying amount and the present value
of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial
asset’s original effective interest rate. The asset’s carrying amount is reduced and the amount of the loss is recognised
in the income statement. If a loan or held-to-maturity investment has a variable interest rate, the discount rate
for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical
expedient, the Group may measure impairment on the basis of an instrument’s fair value using an observable
market price.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an
event occurring after the impairment was recognised (such as an improvement in the debtor’s credit rating), the reversal
of the previously recognised impairment loss is recognised in the income statement.
thl Annual Financial Statements 2018 39
Notes to the consolidated financial statements (continued)

The table below represents the measurement categories of the financial instruments:
20182017
LOANS AND
RECEIVABLES
$000’s
DERIVATIVES
USED FOR
HEDGING
$000’s
TOTAL
$000’s
LOANS AND
RECEIVABLES
$000’s
DERIVATIVES
USED FOR
HEDGING
$000’s
TOTAL
$000’s
Financial instruments by category
Assets
Advance to joint venture
850–850394–394
Cash and cash equivalents
13,534–13,5346,117–6,117
Trade and other receivables
22,742–22,74222,876–22,876
Derivative financial instruments
–1,7631,763–––
20182017
MEASURED AT
AMORTISED
COST
$000’s
DERIVATIVES
USED FOR
HEDGING
$000’s
TOTAL
$000’s
MEASURED AT
AMORTISED
COST
$000’s
DERIVATIVES
USED FOR
HEDGING
$000’s
TOTAL
$000’s
Liabilities
Interest bearing loans and borrowings
212,323–212,323182,437–182,437
Derivative financial instruments
–2,9162,916–3,6903,690
Trade and other payables
51,946–51,94639,418–39,418
28. Financial instruments (continued)
40 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

Section E – Managing risk
In this section
This section explains the financial risks thl faces, how these risks affect thl’s financial position and performance, and how thl
manages these risks. In this section of the notes there is information:
a) Outlining thl’s approach to financial risk management; and
b) Analysing financial (hedging) instruments used to manage risk.
In the normal course of business the Group is exposed to a variety of financial risks including foreign currency, interest rate,
credit and liquidity risks. To manage this risk the Group’s treasury activities are performed by a central treasury function and
are governed by Group policies approved by the Board of Directors.
The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise
potential adverse effects on the Group’s financial performance. The Group does not enter into derivative financial instruments
for trading or speculative purposes.
29. Financial risk management
Currency risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with
respect to the Australian dollar and the United States dollar. Foreign exchange risk arises when future commercial transactions
are in currencies other than local currency and on recognised assets or liabilities and net investments in foreign operations.
Foreign exchange exposures on future commercial transactions incurred by operations in currencies other than their local currency
are managed by using forward currency contracts in accordance with the Group’s treasury policy.
The Group has investments in foreign operations, whose net assets are exposed to foreign currency translation risk. This is
managed primarily through borrowings denominated in the relevant foreign currencies.
The Parent makes purchases in foreign currency and is exposed to foreign currency risk. This is managed by utilisation of forward
currency contracts from time to time in accordance with the Group’s treasury policy.
Exchange rate sensitivity
The following tables show the impact of a 5 cent movement up or down in the New Zealand dollar vs. the Australian dollar and
United States dollar and the impact that this exchange rate change has on reported net profit after tax and equity. The table
shows the post-tax impact on reported profit and equity in relation to currency risk, as described above, and does not include
the impact of translation risk, as described in note 22. A 5 cent change is considered a reasonable possible change based on
prior year movements.
2018
$000’s
2017
$000’s
Post-tax impact on reported profit and equity of:
A 5 cent increase in the NZ dollar vs the AU dollar
(8)(23)
A 5 cent increase in the NZ dollar vs the US dollar
29(95)
A 5 cent decrease in the NZ dollar vs the AU dollar
823
A 5 cent decrease in the NZ dollar vs the US dollar
(29)95
Interest rate risk
The Group’s interest rate risk primarily arises from long-term borrowings, cash and cash equivalents and the advance to Action
Manufacturing LP. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed
rates expose the Group to fair value interest rate risk.
The Group manages its cash-flow interest rate risk by using floating to fixed interest rate derivative contracts. Such interest rate
derivative contracts have the economic effect of converting borrowings from floating rates to fixed rates. Generally the Group
raises long term borrowings at floating rates that are lower than those available if the Group borrowed at fixed rates directly.
Under the interest rate derivative contracts, the Group agrees with other parties to exchange, at specified intervals (mainly
quarterly), the difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed
notional principal amounts.
The Group maintains cash on overnight deposit in interest bearing bank accounts.
The following tables set out the interest rate repricing profile and current interest rate of the interest bearing financial assets
and liabilities.
thl Annual Financial Statements 2018 41
Notes to the consolidated financial statements (continued)

29. Financial risk management (continued)
EFFECTIVE
INTEREST
RATE
FLOATING
$000’s
FIXED UP
TO 1 YEAR
$000’s
FIXED
1-2 YEARS
$000’s
FIXED
2-5 YEARS
$000’s
FIXED
>5 YEARS
$000’s
TOTAL
$000’s
As at 30 June 2018
Assets
Cash and cash equivalents
0.1%13,534––––13,534
13,534––––13,534
Liabilities
Bank borrowings*
4.8%2,798209,258–––212,056
Finance lease obligations
4.5%–22146––267
2,798209,47946––212,323
Interest rate derivative contracts**
2.9%–6,69227,44057,95760,085152,174
The effective interest rate of group borrowings is 4.80% including the impact of the interest rate swaps and line fees on facilities.
EFFECTIVE
INTEREST
RATE
FLOATING
$000’s
FIXED UP
TO 1 YEAR
$000’s
FIXED
1-2 YEARS
$000’s
FIXED
2-5 YEARS
$000’s
FIXED
>5 YEARS
$000’s
TOTAL
$000’s
As at 30 June 2017
Assets
Advance to joint venture
4.8%394––––394
Cash and cash equivalents
0.1%6,117––––6,117
6,511––––6,511
Liabilities
Bank borrowings*
4.6%9,650172,026–––181,676
Finance lease obligations
4.5%–49422146–761
9,650172,52022146–182,437
Interest rate derivative contracts**
4.4%–10,02466353,02059,587123,294
*Bank borrowing interest rates profile is shown prior to the impact of the interest rate swaps.
**Notional contract amounts.
Interest rate sensitivity
At year end the floating bank borrowings and cash deposits were subject to interest rate sensitivity risk. The remaining borrowings
are fixed using interest rate derivative contracts. If the Group’s floating borrowings and deposits year end balances remained the
same throughout the year and interest rates moved by 1.0% then the impact on profitability and equity is as follows:
2018
$000’s
2017
$000’s
Pre tax impact of:
An increase in interest rates of 1%
(876)(721)
A decrease in interest rates of 1%
876721
42 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

29. Financial risk management (continued)
At year end the value of interest rate derivative contracts used as cash flow hedges were subject to interest rate risk in relation to
the value recognised in equity. If interest rates moved by 1.0% across the yield curve then the impact on the fair value of the swaps
on equity is shown in the following table. A movement of 1%, or 100bps, is considered by management as a reasonable estimate
of a possible shift in interest rates for the year based on historic movements. As the interest rate swaps were effective as at
30 June 2018, there is no impact on the profit and loss in relation to the valuation of the interest rate swaps.
2018
$000’s
2017
$000’s
Post tax impact on equity of a 1% move in interest rates
An increase in interest rates of 1% across the yield curve
3,5743,121
A decrease in interest rates of 1% across the yield curve
(3,604)(3,206)
Credit risk
The Group has a concentration of credit risk in respect of the amount outstanding from the buy-back arrangement which is
secured by the 4WD vehicles. The Group has no other significant concentrations of credit risk. Policies are in place to ensure
that wholesale sales of products are made to customers with an appropriate credit history. Sales to retail customers are made
in cash or via major credit cards. Derivative contract counterparties and cash on deposit are limited to high credit rated quality
financial institutions.
The Group considers its maximum exposure to credit risk as follows:
2018
$000’s
2017
$000’s
Bank balances
13,5346,117
Advance to joint ventures
850394
Trade receivables (net of impairment provision)
8,6797,141
Other receivables
6,1917,161
Receivable under buy-back arrangement
7,8728,574
37,12629,387
The Group has numerous credit terms for various customers. The terms vary from cash, monthly and greater depending on the
service and goods provided and the customer relationship. Collateral is not normally required. All trade receivables are individually
reviewed regularly for impairment as part of normal operating procedures and, where appropriate, a provision is made. Trade
receivables less than three months overdue are not considered impaired. Overdue amounts that have not been provided for relate
to customers that have a reliable trading credit history and no recent history of default.
NOTES
2018
$000’s
2017
$000’s
Trade receivable analysis
Debtors past due
5,7242,249
Impairment provision
(520)(394)
Debtors past due but not impaired
5,2041,855
Debtors current
3,4755,286
Total trade debtors
268,6797,141
2018
$000’s
2017
$000’s
Ageing of debtors past due
1-30 days
4,055994
31-60 days
832373
61-90 days
828642
91+ days
9240
Total debtors past due
5,7242,249
thl Annual Financial Statements 2018 43
Notes to the consolidated financial statements (continued)

Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding
through an adequate amount of credit facilities and the ability to close out market positions. Due to the dynamic nature of
the underlying businesses, Group Treasury aims to maintain flexibility in funding by keeping credit lines available.
The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at
the reporting date to the contractual maturity date.
The amounts disclosed are the contractual undiscounted cash flows.
UP TO
1 YEAR
$000’s
BETWEEN
1-2 YEARS
$000’s
BETWEEN
2-5 YEARS
$000’s
GREATER
THAN 5 YEARS
$000’s
TOTAL
$000’s
CARRYING
VALUE
$000’s
Year ended 30 June 2018
Trade and other payables
51,946–––51,94651,946
Bank borrowings
6,89890,422128,506–225,826212,056
Capitalised lease obligations
22647––273267
Interest rate and foreign currency
derivative contracts*
9281708051,0232,9262,916
59,99890,639129,3111,023280,971267,185
UP TO
1 YEAR
$000’s
BETWEEN
1-2 YEARS
$000’s
BETWEEN
2-5 YEARS
$000’s
GREATER
THAN 5 YEARS
$000’s
TOTAL
$000’s
CARRYING
VALUE
$000’s
Year ended 30 June 2017
Trade and other payables
39,418–––39,41839,418
Bank borrowings
6,668131,99658,070–196,734181,676
Capitalised lease obligations
51822647–791761
Interest rate and foreign currency
derivative contracts*
1,6701,6473,5852,1389,0403,690
48,274133,86961,7022,138245,983225,545
* The amounts expected to be payable on a net basis in relation to the interest rate swaps have been estimated using forward interest rates
applicable at the reporting date.
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to
provide returns for shareholders and benefits for other stakeholders and maintain an optimal capital structure to reduce the cost
of capital. The Group considers capital to be share capital and interest bearing debt. To maintain or alter the capital structure
the Group has the ability to review the amount of dividends paid to shareholders, return capital to shareholders, issue new shares,
reduce or increase debt or sell assets.
There are a number of externally imposed bank covenants required as part of seasonal and term debt facilities. These covenants
are calculated monthly and reported to banks quarterly. The most significant covenants relating to capital management are Net
Interest Bearing Debt to EBITDA ratio, and an Equity to Total Assets ratio (net of intangible assets). There have been no breaches
or events of review for the current or prior period.
Seasonality
The tourism industry is subject to seasonal fluctuations with peak demand for tourism attractions and transportation over the
summer months. The operating revenue and profits of the Group’s segments are disclosed in note 1. New Zealand and Australia’s
profits are typically generated over the southern hemisphere summer months and the United States of America’s profits are
typically generated over the northern hemisphere summer months. Due to the seasonal nature of the businesses, the risk profile
at year end is not representative of all risks faced during the year.
29. Financial risk management (continued)
44 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

30. Derivative financial instruments
Derivative financial instruments and hedging activities
The Group enters into interest rate swaps and other derivatives to hedge interest rate risk.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently
remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives
as either: (1) hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge) or (2) hedges of
a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge).
The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as
well as its risk management objectives and strategy for undertaking various hedge transactions. The Group also documents its
assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions
are highly effective in offsetting changes in fair value or cash flows of hedged items.
Movements on the hedging reserve in shareholders’ equity are shown in the notes. The full fair value of hedging derivatives
is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months, and as a
current asset or liability if the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified
as a current asset or liability.
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are
recognised in equity. The gain or loss relating to the ineffective portion is recognised immediately in the income statement.
Amounts accumulated in equity are recycled in the income statement in the periods when the hedged item affects profit or loss
(for instance when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate
swaps hedging variable rate borrowings is recognised in the income statement within ‘finance expenses’. The gain or loss relating
to the effective portion of forward foreign exchange contracts hedging export sales is recognised in the income statement within
‘sales’. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset (for example,
inventory) or a non-financial liability, the gains and losses previously deferred in equity are transferred from equity and included
in the initial measurement of the cost of the asset or liability.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative
gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately
recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that
was reported in equity is immediately transferred to the income statement.
2018
ASSETS
000’s
2018
LIABILITIES
000’s
2017
ASSETS
$000’s
2017
LIABILITIES
$000’s
Interest rate swaps – current portion
–––249
Foreign currency swaps – current portion
291––10
Cash flow hedges – total current portion
291––259
Interest rate swaps – non current portion
1,4722,916–3,431
Cash flow hedges – total non current portion
1,4722,916–3,431
Total cash flow hedges
1,7632,916–3,690
The ineffective portion recognised in the profit or loss that arises from cash flow hedges in 2018 amount to nil (2017: nil).
Interest rate swaps
The notional principal amounts of the outstanding interest rate swap contracts at 30 June 2018 were $129,807k (2017:
$123,294k).
At 30 June 2018, the fixed interest rates vary from 1.33% to 5.78% (2017: 1.33% to 6.45%).
The liquidity table in note 29 identifies the periods in which the cash flows are expected to occur. The periods in which the cash
flows are expected to impact the profit or loss are materially the same.
thl Annual Financial Statements 2018 45
Notes to the consolidated financial statements (continued)

Fair values
The carrying amount of financial assets and financial liabilities recorded in the financial statements approximates their fair values:
• Derivative financial instruments are carried at fair value as discussed below.
• Receivables and payables are short term in nature and therefore approximate fair value.
• Interest bearing liabilities re-price at least every 90 days and therefore approximate fair value.
Financial instruments of the Group that are measured in the statement of financial position at fair value are classified by level
under the following fair value measurement hierarchy:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(that is, as prices) or indirectly (that is, derived from prices).
Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The level in the fair value hierarchy within which the fair value measurement is categorised is determined on the basis of
the lowest input to the fair value measurement. If a fair value measurement uses observable inputs that require significant
adjustment based on unobservable inputs, the measurement is a Level 3 measurement.
The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as of the date of the event or
change in circumstances that caused the transfer.
As at 30 June 2018 and 30 June 2017 the Group’s only assets and liabilities measured at fair values are derivative financial
instruments which are classified within Level 2 of the fair value hierarchy.
The methods used in determining fair value are as follows:
Derivative financial instruments
The fair value of derivative financial instruments is calculated using quoted prices. Where such prices are not available, use is
made of discounted cash flow analysis using the applicable yield curve or available forward price data for the duration of the
instruments.
The following inputs are used for fair value calculations of derivatives:
• Interest rate forward price curve – Published market swap rates
• Foreign exchange forward prices – Published spot foreign exchange rates and interest rate
differentials
• Discount rate for valuing interest rate derivatives – The discount rates used to value interest rate derivatives are
published market interest rates as applicable to the remaining
life of the instrument
• Discount rate for valuing forward foreign exchange contracts – The discount rates used to value interest rate derivatives are
published market interest rates as applicable to the remaining
life of the instrument
There were no changes to these valuation techniques during the period. There were no transfers of derivative financial
instruments between levels of the fair value hierarchy during the year.
30. Derivative financial instruments (continued)
46 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

2018
$000’s
2017
$000’s
Balance at beginning of year
(2,663)(4,223)
Fair value gains/(losses)
2,5372,167
Tax on fair value gains/(losses)
(712)(607)
(838)(2,663)
The cash flow hedge reserve is used to record gains or losses on hedging instruments that are recognised directly in equity.
The hedging instruments are used to manage interest rate risk. Amounts are recognised in profit and loss when the associated
hedged transaction affects profit and loss.
31. Cash flow hedge reserve
thl Annual Financial Statements 2018 47
Notes to the consolidated financial statements (continued)

Section F – Other
In this section
This section includes the remaining information relating to thl’s financial statements which is required to comply with financial
reporting standards.
32. Related party transactions
Key management compensation
2018
$000’s
2017
$000’s
Salaries and other short term employee benefits
5,4064,451
Share based payments benefits
326275
The above includes the CEO, direct reports to the CEO and direct reports to the COO. Total positions included above are 15
(2017: 12).
Executive management do not receive any directors’ fees as directors of subsidiary companies.
Directors’ fees
2018
$000’s
2017
$000’s
Directors’ fees
537495
Shares issued in lieu of cash
At the 2013 annual meeting of shareholders, shareholder approval was obtained for thl to issue shares in whole or in part payment
of directors’ remuneration. Currently, Rob Campbell has elected to receive 50% of his director fee in shares, and Debbie Birch,
Cathy Quinn and Graeme Wong have elected to receive 33% of their director fees in shares. Shares issued in lieu of directors fees
are as follows:
SHARES 000’sVALUE $000’s
2018201720182017
Shares issued in lieu of cash
4278214276
Shares to be issued to directors at 30 June
––3671
Kay Howe (Non-executive Director)
Supreme Motorhome Manufacturing Limited (Supreme) is owned by entities associated with thl director Kay Howe. Supreme has
provided caravans, parts, and service work to thl.
2018
$000’s
2017
$000’s
Payments to Supreme including purchase of motorhomes and caravans
27495
Sales of motorhomes to Supreme
–279
Grant Brady (Managing Director of Action Manufacturing Limited)
Grant Brady, Managing Director of Action Manufacturing, is a minority shareholder and director of Bush Road Enterprise Limited.
thl subleases a property in Bush Road which is owned by Bush Road Enterprises Limited. The lease on this property was renewed
for a further term of six years in April 2015. The cost of the sublease and operating expenses are set out in the table below:
2018
$000’s
2017
$000’s
Cost of sub-licenses and operating expenses
599579
48 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

32. Related party transactions (continued)
Action Manufacturing LP
Grant Brady is a shareholder in another entity, Alpine Bird Manufacturing Limited, that owns 50% of Action Manufacturing
Limited Partnership (‘AMLP’) that was set up in March 2012. AMLP manufactures the motorhomes and campervans used
by Rentals New Zealand, manufactures motorhomes and parts for Rentals Australia, and manufactures specialty vehicles
for external customers. Pricing is based on the cost of manufacture plus an agreed margin set out in the Limited Partnership
Agreement. During the year, the Group sold certain ex-rental vehicles to AMLP to repurpose and resell. AMLP also subleases
part of the Bush Road property described above.
2018
$000’s
2017
$000’s
Purchase of motorhomes by the Group from the joint venture
57,10553,372
Sales of vehicles by the Group to the joint venture
7163,237
Interest charged to the joint venture
–50
Net interest in Action Manufacturing LP (note 17)
7,2935,054
Just go
In the year ended 30 June 2015 the Group acquired a shareholding in Just go (refer to note 18). In the year ended 30 June 2018
the Group purchased motorhomes from Just go with a value of $5,743k (June 2017: $5,818k). Furthermore, at 30 June 2018, the
Group had a commitment to purchase motorhomes from Just go with a value of $12,805k (2017: $6,322k).
Schork Family
As part of the consideration for the acquisition of El Monte Rents Inc, the Group issued 3,384,266 ordinary shares to entities
associated with the Schork family (the vendors, refer to note 16) . An entity associated with the Schork family provides warranties
to customers of El Monte Rents Inc – the total amount paid by customers during 2018 was $475k (six months ended 30 June 2017:
389k). At the time of the acquisition, the Group entered into a number of property lease agreements with entities associated with
the Schork family. The leases are in relation to branches used by El Monte RV. The cost of the leases are set out in the table below:
2018
$000’s
2017
$000’s
Rental and operating lease costs
2,8961,501
Cathy Quinn
Cathy Quinn was appointed to the Board of Directors in September 2017. Cathy is a partner at MinterEllisonRuddWatts
(MinterEllison). MinterEllison has provided legal services to thl. The amounts paid for the legal services are set out in the table
below:
2018
$000’s
2017
$000’s
Legal services
460427
TH2connect
As part of the investment in TH2Connect (refer to note 16), thl had an obligation to complete certain parts of the Cosmos RV
industry platform development. The relevant development costs have been charged by TH2 to thl on a monthly basis. thl also
provides finance, payroll and administrative support services to TH2. These have been charged to TH2 on a monthly basis.
2018
$000’s
Cosmos development costs charged by TH2
632
Support services provided by thl
130
Net interest in TH2connect (note 17)
45,967
thl Annual Financial Statements 2018 49
Notes to the consolidated financial statements (continued)

33. Share-based payments
Employee benefits
Share scheme
Share scheme 2009-16
From the 2009 financial year the Group has operated an equity-settled, share-based long term incentive plan for the
Chief Executive and other senior executives under which the Group receives services from the executives as consideration
for redeemable ordinary shares of the Group. The fair value of the employee services received in exchange for the grant of
the redeemable shares is recognised as an expense in the income statement. The total amount expensed is determined by
reference to the fair value of the redeemable shares granted.
Amounts accumulated in the executive share scheme reserve are transferred to share capital on redemption of the
redeemable shares or to retained earnings where they are forfeited. At the end of each reporting period, the Group revises
its estimates of the number of redeemable shares that are expected to vest based on the non-market vesting conditions.
It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding
adjustment to the employee share scheme reserve.
The terms of the scheme are contained in a trust deed, with the following main terms:
1. Redeemable shares are issued and held by THL Corporate Trustee Limited on behalf of the executive.
2. Prior to April 2015 the issue price of the redeemable shares was set based on the volume weighted average price of
Tourism Holdings Limited ordinary shares over the 10 days leading up to the issue date. From April 2015 the issue price
was calculated over a 20 day period leading up to the issue date, to align with the calculation of shares issued to directors
in lieu of directors’ fees.
3. One cent is payable on acceptance of the redeemable shares.
4. The redeemable shares are able to be converted to ordinary shares at the election of the executive after a minimum of two
years at a rate of one third of the issue per year. The exercise price payable by the executive is the issue price plus a cost of
equity adjustment for two years, less dividends paid for two years.
5. The redeemable shares are entitled to dividends only to the extent that they are paid up.
6. The maximum period that the redeemable shares can be on issue is six years.
7. Valuation of the redeemable shares for accounting purposes is done by KPMG using the Binomial Option Pricing Model.
The assessed value is charged to the profit and loss over the life of the scheme/option with a corresponding credit to the
employee share scheme reserve.
50 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

33. Share-based payments (continued)
Movements in redeemable shares under the 2009 scheme have been as follows:
Year of issue20162015201420132012TOTAL
Shares issued
2,000,0001,480,0001,450,0001,850,0002,650,0009,430,000
Less: Forfeited
2012
––––100,000100,000
2013
–––200,000–200,000
2014
–––400,000333,333733,333
2015
––250,000250,000233,333733,333
2016
–250,00066,667––316,667
–250,000316,667850,000666,6662,083,333
Less: Converted to ordinary shares
2014
–––100,000466,667566,667
2015
––––116,667116,667
2016
––333,334466,6661,200,0002,000,000
2017
–183,467247,704233,334–664,505
2018
511,038376,667352,295200,000200,0001,640,000
511,038560,134933,3331,00,0001,983,334 4,987,839
Redeemable shares outstanding
1,488,962669,866200,000–– 2,358,828
Movements in the number of redeemable shares outstanding and their related weighted average exercise prices are as follows:
20182017
AVERAGE
EXERCISE
PRICE*
REDEEMABLE
SHARES
AVERAGE
EXERCISE
PRICE*
REDEEMABLE
SHARES
At 1 July
2.123,998,8282.084,763,333
Exercised
1.71(1,640,000)1.11(764,505)
At 30 June
2.352,358,8282.123,998,828
Convertible shares at 30 June
1,142,8981,117,041
1,640,000 redeemable shares were converted to ordinary shares in the year to June 2018 which resulted in 1,640,000 ordinary
shares being issued (2017: 764,505) at a weighted average price of $1.71 per share (2017: $1.11).
*Exercise price is issue price, less 1 cent paid, less dividends paid for two years, plus a cost of capital adjustment for two years.
thl Annual Financial Statements 2018 51
Notes to the consolidated financial statements (continued)

33. Share-based payments (continued)
Redeemable shares outstanding at year end have the following expiry dates and exercise prices:
EXERCISE
PRICE*20182017
Expiry date
March 2018
0.71–200,000
March 2019
0.65–200,000
March 2020
1.17200,000552,295
October 2020
1.47193,200193,200
March 2021
1.84476,666853,333
April 2022
2.791,488,9622,000,000
Redeemable shares outstanding
2.352,358,8283,998,828
Valuation of redeemable shares
482,998763,191
*Exercise price is issue price, less 1 cent paid, less dividends paid for two years, plus a cost of capital adjustment for two years.
The value of the redeemable shares calculated using the Binomial Option Pricing Model is being amortised over the life of
the redeemable share rights. The 2018 expense of $179k (2017: $256k) will accumulate in the executive share scheme reserve.
In arriving at the value of the redeemable share rights under the Binomial Option Pricing Model the following inputs have
been used:
20162015201420132012
Issue price
$2.57
$1.41 &
$1.78
$1.14$0.65
$0.60 &
$0.64
Forecast dividend yield over the life of the transfer rights
6.1%8.9%6.0%6.3%
3.0% &
6.0%
Risk free rate of interest over the exercise period of the
share transfer rights
3.40%3.30%4.63%3.80%
4.68% &
3.89%
Volatility of Tourism Holdings Limited share price returns
mid point
23.0%26.0%32.5%29%
35% &
28%
Cost of capital adjustment p.a.
12.30%11.50%13.20%12.60%
13.25% &
12.50%
Note: the exercise prices above are adjusted for any dividends paid to date, but make no assumption about future dividends which
will be deducted from the exercise price.
52 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

33. Share-based payments (continued)
Share scheme 2017
In the 2017 financial year the Group introduced an equity-settled, share-based long term incentive plan for the Chief
Executive and other senior executives under which the Group receives services from the executives as consideration for
Options to purchase ordinary shares of the Group. The fair value of the employee services received in exchange for the
grant of the Options is recognised as an expense in the income statement. The total amount expensed is determined by
reference to the fair value of the Options granted.
Amounts accumulated in the executive share scheme reserve are transferred to share capital on the exercise of the
Options or to retained earnings where they are forfeited. At the end of each reporting period, the Group revises its
estimates of the number of Options that are expected to vest based on the non-market vesting conditions. It recognises
the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to the
employee share scheme reserve.
The terms of the 2017 scheme are contained in a document entitled ‘The Rules of the Tourism Holdings Long Term Incentive
Scheme 2017’.
1. Options to purchase ordinary shares are issued to executives by the Board
2. The option price is set based on the volume weighted average price of Tourism Holdings Limited ordinary shares over the
20 days leading up to the grant date
3. The options can be exercised at the election of the executive after a minimum of two years from the grant date. A maximum
of one third of the options can be exercised after two years, two thirds after three years and all options can be exercised after
five years. After six years, the options lapse and there is no further right to exercise. The exercise price payable by the executive
is the option price plus a cost of equity adjustment for two years, less dividends paid for two years.
4. The participants holding options have no interest in the ordinary shares that are the subject of the options, until the options
are exercised and ordinary shares issued.
5. Valuation of the options for accounting purposes is done by KPMG using the Binomial Option Pricing Model. The assessed
value is charged to the profit and loss over the life of the scheme/option with a corresponding credit to the employee share
scheme reserve.
Movements in options granted under the 2017 scheme are as follows:
20182017
Options granted
980,0001,040,000
Issued price
6.083.84
The exercise price will be calculated as the issue price less dividends paid for two years, plus a cost of capital adjustment for two years.
The value of the share transfer rights is calculated using the Binomial Option Pricing Model and is being amortised over the life of
the share transfer rights. The 2018 expense of $147k (2017: $19k) will accumulate in the executive share scheme reserve.
In arriving at the value of the share transfer rights under the Binomial Option Pricing Model the following inputs have been used:
20182017
Issue price
$6.08$3.84
Forecast dividend yield over the life of the transfer rights
3.8%5.3%
Risk free rate of interest over the exercise period of the share transfer rights
2.9%3.3%
Volatility of Tourism Holdings Limited share price returns mid point
21.0%21.0%
Cost of Capital Adjustment
12.0%11.5%
thl Annual Financial Statements 2018 53
Notes to the consolidated financial statements (continued)

34. Reconciliation of profit after taxation with cash flows from operating activities
In accordance with NZ IAS 7 the Group classifies cash flows from the sale and purchase of rental assets as operating cash
flows. Where the timing of receipts and payments is of a short term nature, the cash flows are presented on a net basis.
NOTES
2018
$000’s
2017
$000’s
Operating profit after tax
62,35430,178
Plus/(less) non-cash items:
Depreciation11
46,04438,345
Amortisation of fixed term intangibles15
1,3281,468
Amortisation of executive share scheme33
326275
Movement in deferred taxation
4,9285,837
Increase/(decrease) in provision for doubtful debts
155193
Gain on sale of GeoZone3
–(1,280)
Gain recognised in relation to the TH2 transaction3
(24,322)–
Share of profit from joint ventures and associates17, 18
1,029(2,688)
Non-cash director remuneration
180278
Total non-cash items
29,66842,428
Plus/(less) items classified as investing activities:
Net (gain)/loss on sale of property, plant and equipment3
(335)130
Total items classified as investing activities
(335)130
Reclassification of cash flows associated with rental assets:
Net book value of rental assets sold
104,06581,664
Purchase of rental assets
(178,096)(145,539)
Total cash flows associated with rental assets
(74,031)(63,875)
Trading cash flow
17,6568,861
Plus/(less) movements in working capital:
Increase/(decrease) in accounts payable excluding rental assets
3,163(2,082)
Increase/(decrease) in revenue received in advance
9292,363
Increase/(decrease) in provision for taxation
2,632335
Increase/(decrease) in employee benefits
(327)2,625
Decrease/(increase) in accounts receivable
2,9465,327
Decrease/(increase) in inventories
(2,396)(2,848)
Total movements in working capital
6,9475,720
Net cash flows from operating activities
24,60314,581
35. Deferred income tax
Deferred income tax assets are recognised for tax loss carry-forwards to the extent that the realisation of the related tax
benefit through the future taxable profits is probable.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current liabilities and when the deferred income tax relate to the same fiscal authority.
54 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

35. Deferred income tax (continued)
The offset amounts are as follows:
2018
$000’s
2017
$000’s
Deferred tax (asset)/liabilities:
– Deferred tax liability to be met after more than 12 months
14,46411,957
– Deferred tax liability to be met within 12 months
8,1105,741
– Deferred tax asset to be realised after more than 12 months
479(543)
Net deferred tax liability
23,05317,155
The gross movement on the deferred income tax account is as follows:
2018
$000’s
2017
$000’s
Beginning of the year
17,15510,437
Income statement charge
4,6335,433
Tax charged to equity
1,2651,285
End of the year
23,05317,155
Comprised of:
Future tax benefit
(14,058)(12,987)
Deferred tax liability
37,11130,142
Net deferred tax liability
23,05317,155
The balance comprises temporary differences attributable to:
2018
$000’s
2017
$000’s
Amounts recognised in income statement
Provisions
(1,883)(1,635)
Property, plant and equipment
24,08119,755
Amounts recognised directly in equity
Derivative financial instruments
855(965)
Net deferred tax liability
23,05317,155
36. Changes in accounting policies and disclosures
New and amended standards adopted by the Group
There are no new or amended standards which have been adopted in the year ended 30 June 2018 that have a material impact
on the Group.
New standards not yet adopted by the Group
The following accounting standards and amendments to existing standards are not yet effective and have not been early
adopted by the Group:
(i) NZ IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and
financial liabilities. The complete version of NZ IFRS 9 was issued in September 2014. It replaces the guidance in NZ IAS
39 that relates to the classification and measurement of financial instruments. NZ IFRS 9 retains but simplifies the mixed
measurement model and establishes three primary measurement categories for financial assets: amortised cost, fair value
through other comprehensive income and fair value through profit or loss. The basis of classification depends on the entity’s
business model and the contractual cash flow characteristics of the financial asset. Investments in equity instruments are
required to be measured at fair value through profit or loss with the irrevocable option at inception to present changes in fair
value in other comprehensive income without subsequent recycling to profit or loss. There is now a new expected credit losses
model that replaces the incurred loss impairment model used in NZ IAS 39. For financial liabilities there were no changes
thl Annual Financial Statements 2018 55
Notes to the consolidated financial statements (continued)

to classification and measurement except for the recognition of changes in own credit risk in other comprehensive income,
for liabilities designated at fair value through profit or loss. NZ IFRS 9 relaxes the requirements for hedge effectiveness by
replacing the bright line hedge effectiveness tests. It requires an economic relationship between the hedged item and hedging
instrument and for the ‘hedged ratio’ to be the same as the one management actually use for risk management purposes.
Contemporaneous documentation is still required but is different to that currently prepared under NZ IAS 39. The standard
is effective for accounting periods beginning on or after 1 January 2018. Early adoption is permitted. The Group is currently
assessing the full impact of the new standard and is expected to adopt it in the period it becomes mandatory. The impact is
unknown at this stage. The Group performed a preliminary assessment of the impact of IFRS 9 in the areas of hedging and
accounts receivable impairment. As a result of the high level analysis, no significant differences have been identified.
(ii) IFRS 15, ‘Revenue from contracts with customers’ applies to all contracts with customers, except leases, insurance contracts,
financial instruments, certain non-monetary exchanges and certain guarantees. The Group has performed an assessment of
the effect of applying the new standard on the consolidated financial statements. The Group has achieved certain milestones
during the period and the preliminary view is the impact of the new standard on fleet sales and tourism group revenue, is not
expected to be material to the results but will impact disclosure requirements.
As part of the thl IFRS 15 transition impact analysis, management reviewed their rental revenue arrangements to identify if
they contained any components that are outside of the scope of NZ IFRS 15. Management identified and separated a lease
component that relates to the rental of motor homes and will recognise this portion of the revenue under NZ IAS 17 (prior
to adoption of NZ IFRS 16) in the financial statement for the year ended 30 June 2019. Other than changes in disclosure
requirements there is not expected to be any change in respect of the treatment of rental revenue. Other service revenue
(such as wi-fi, accessories and additional services) that is not considered to be lease revenue will be accounted under
NZ IFRS 15 upon adoption.
The standard permits either a full retrospective or a modified retrospective approach for adoption. The Group currently
intends to adopt the standard using the modified retrospective approach, which means that the cumulative impact (if any)
of the adoption will be recognised in retained earnings as at 1 July 2018 and that comparatives will not be restated.
(iii) NZ IFRS 16, Leases replaces the current guidance in NZ IAS 17. Under NZ IFRS 16, a contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Under
NZ IAS 17, a lessee was required to make a distinction between a finance lease (on balance sheet) and an operating lease
(off balance sheet). NZ IFRS 16 now requires a lessee to recognise a lease liability reflecting future lease payments and
a ‘right-of-use asset’ for virtually all lease contracts. Included is an optional exemption for certain short-term leases and
leases of low-value assets; however, this exemption can only be applied by lessees. The standard is effective for accounting
periods beginning on or after 1 January 2019. Early adoption is permitted but only in conjunction with NZ IFRS 15, ‘Revenue
from Contracts with Customers’. The Group intends to adopt NZ IFRS 16 on its effective date. The Group has a number
of operating leases, predominantly relating to the leased premises from which it operates (refer to note 13). The Group is
currently assessing the full impact of the new standard, it is expected that it will result in the recognition of a right of use
asset and lease obligations on the consolidated Statement of financial position in relation to the operating leases, and will
result in increasing depreciation and interest expense, and reducing the operating lease expense within the consolidated
income statement.
Other interpretations and amendments are unlikely to have a significant impact on the Group’s financial statements and have
therefore not been analysed in detail.
37. Contingencies
As at 30 June 2018 the Group has bank guarantees of $1,130k in place. Predominantly these are in lieu of bonds paid relating to
leased assets (2017: $976k).
The Group is currently, and may be from time to time, involved in a number of legal proceedings that are incidental to its
operations. However, the Group is not currently involved in any legal or arbitration proceedings which may have, or have had in
the 12 months preceding the date of this report, a significant effect on the financial position or profitability of the Group.
38. Events after the reporting period
38.1 Final Dividend – A dividend was declared after balance date at 14 cents per share payable on 11 October 2018. The dividend
reinvestment plan will be available for this dividend.
38.2 Banking Facility – An additional $30M loan facility was approved after balance date to support the FY19 investments into
fleet and TH2. The facility has a maturity date of September 2019.
38.3 Action Manufacturing LP acquisition of Fairfax Industries Limited – On 21 August 2018, AMLP entered into an agreement to
purchase the assets and liabilities of Fairfax Industries Limited, an Auckland based truck and trailer manufacturer, for $5.2M. The
investment will be funded by a combination of bank debt and additional funds invested by AMLP’s partners. Each of the partners
of AMLP, thl and Alpine Bird Manufacturing Ltd, will invest additional equity into AMLP of $1.5M.
36. Changes in accounting policies and disclosures (continued)
56 thl Annual Financial Statements 2018
Notes to the consolidated financial statements (continued)

The consolidated financial statements comprise:
• the consolidated statement of financial position as at 30 June 2018;
• the consolidated income statement for the year then ended;
• the consolidated statement of comprehensive income for the year then ended;
• the consolidated statement of changes in equity for the year then ended;
• the consolidated statement of cash flows for the year then ended; and
• the notes to the consolidated financial statements, which include a summary of significant accounting policies.
Our opinion
In our opinion, the consolidated financial statements of Tourism Holdings Limited (the Company, thl), including its subsidiaries (the
Group), present fairly, in all material respects, the financial position of the Group as at 30 June 2018, its financial performance and
its cash flows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards
(NZ IFRS) and International Financial Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs NZ) and International
Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for
the audit of the consolidated financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance
Practitioners (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards
Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of treasury advisory, assistance with the formatting of subsidiary
financial statements, agreed procedures in relation to the annual shareholding meeting and Waitomo revenue. The provision of
these other services has not impaired our independence as auditor of the Group.
Our audit approach
Overview
An audit is designed to obtain reasonable assurance whether the financial statements are free from
material misstatement.
Overall Group materiality: $2.75 million, which represents approximately 5% of profit before tax.
We chose profit before tax as the benchmark because, in our view, it is the benchmark against which the
performance of the Group is most commonly measured by users, and is a generally accepted benchmark.
We have determined that there are two key audit matters:
• Residual values and depreciation rates for motorhomes
• Investment in TH2Connect Joint Venture
Materiality
The scope of our audit was influenced by our application of materiality.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall Group
materiality for the consolidated financial statements as a whole as set out above. These, together with qualitative considerations,
helped us to determine the scope of our audit, the nature, timing and extent of our audit procedures and to evaluate the effect of
misstatements, both individually and in aggregate on the consolidated financial statements as a whole.
Audit scope
We designed our audit by assessing the risks of material misstatement in the consolidated financial statements and our
application of materiality. As in all of our audits, we also addressed the risk of management override of internal controls including
among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due
to fraud.
Independent auditor’s report
To the shareholders of Tourism Holdings Limited
thl Annual Financial Statements 2018 57

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated
financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and
the industry in which the Group operates.
Our Group audit scope focused on the major operating locations. In aggregate, the locations selected contribute 98% of the
Group’s revenue.
Audits of each location are performed at a materiality level calculated by reference to a proportion of Group materiality
appropriate to the relative scale of the business concerned. The remaining operations were not considered individually
significant to the Group and, depending on our risk assessment, were subject to other audit procedures such as analytical
procedures, enquiry and testing key balances.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
KEY AUDIT MATTERHOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Residual values and depreciation rates for motorhomes
The value of the motorhomes fleet at 30 June 2018 was $331 million
(2017: $289 million), having charged $41 million (2017: $34 million)
depreciation for the year.
The gain on sale of motorhomes sold during the year was $23 million
(2017: $22 million).
thl generates both rental income from its motorhomes and revenue
from the sale of motorhomes. Accordingly, there are two significant
operating activities associated with its motorhomes and the financial
performance of each operating activity is assessed separately.
The depreciation rate applied to the motorhomes directly affects the
profit from rental and the subsequent gain on sale. The estimate,
therefore, can have a significant impact on the annual performance
results.
Management estimates the depreciation rates for motorhomes
based on the expected value decline over their useful life, on a straight
line basis. This requires management to estimate the useful life and
the residual value of the vehicle when it is expected to be taken out
of the rental fleet. The residual value is influenced by its condition, the
mileage on the motorhome and the consumer demand within the
relevant resale market. Management considers the market conditions
and the impact any changes could have on their estimates as part of
their overall fleet management program.
Management completes an annual review of the appropriateness of
the depreciation rates and the residual values by:
• comparing the actual depreciation rate to previous years’ to ensure
consistency of the depreciation rates and residual value estimates
over the life of the motorhomes; and
• comparing profit margins on the vehicle sales for the year to the
estimated residual value and to historical margins achieved.
Changes in the expected useful life or residual value will impact the
depreciation charge and will have a corresponding impact on the
results of the Group.
Refer to the Basis of preparation (Critical accounting judgements and
key sources of estimation uncertainty) and note 11 – Property, plant
and equipment.
We performed the following audit procedures to assess
the judgements made by management:
• we obtained an understanding of the relevant
business processes;
• we reviewed management’s annual board paper
on the motorhome residual values and depreciation
rates;
• for a sample of motorhomes sold during the year
we compared the sales proceeds to the depreciated
value in the fixed asset register to recalculate
the gain on sale and assess the accuracy of
management’s estimates;
• we compared the overall profit achieved from
motorhome sales for the year to historical results
and the profit that had been forecast for the year to
determine whether the profit and margin achieved
was in line with forecasts and historical performance.
This provided evidence to support the ability of
management to reliably forecast expected useful life
and residual values of the motorhome fleet;
• we recalculated the depreciation charge for
the year; and
• we assessed whether depreciation rates applied were
consistent with the accounting policy.
Our audit procedures did not result in any adjustments
to the residual values and depreciation rates.
58 thl Annual Financial Statements 2018
Independent auditor’s report (continued)
To the shareholders of Tourism Holdings Limited

thl Annual Financial Statements 2018 59
Independent auditor’s report (continued)
To the shareholders of Tourism Holdings Limited
KEY AUDIT MATTERHOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Investment in TH2Connect Joint Venture
Note 17 to the Consolidated Financial Statements provides disclosure
relating to the investment in the TH2Connect joint venture (“TH2”) of
$46 million.
The joint venture business operates as a digital service provider to
Recreational Vehicle (RV) owners and operators in the United States.
These services include trip planning and booking, remote system
monitoring, roadside assistance, and peer to peer RV campsite rental.
The investment was settled through the contribution of a
combination of cash, certain intangible assets and other investments.
The transaction resulted in an investment of 50% in TH2 by thl.
Management prepared an accounting paper considering the
accounting treatment of the TH2 transaction concluding:
• the investment meets the IFRS 11 definition of a joint venture based
on the voting rights, governance appointments and profit / loss
sharing arrangements;
• the premium of $24.3 million arising on the initial asset contribution
by thl relative to the fair value is appropriately recognised as a gain
on disposal consistent with IAS28 and IFRS10;
• the initial fair value of the Investment in the Joint Venture is
supportable based on the joint venture partner’s cash contribution.
The investment is classified as a joint venture in accordance with IFRS
11 and accounted for using the equity method.
Management have considered if there were any impairment triggers
at year end in the context of:
• the recent investment date of 1 March 2018; and
• the planned early stage losses
and concluded there are no impairment indicators as the business
is operating on a basis that is consistent with the forecasts and
expectations.
We have performed the following audit procedures:
• read the sale and purchase agreement to understand
the key terms and conditions, and confirmed that our
understanding of the transaction is consistent with
the accounting treatment;
• inspected the founding document for the terms of
ownership, to determine that the investment is a
joint venture;
• considered whether the accounting treatment
and disclosures made are in accordance with thl’s
accounting policies;
• recalculated the premium on contribution and
confirmed that the accounting treatment was
consistent with IAS 28 and IFRS 10;
• agreed the joint venture partner’s cash contributions
supporting the fair value;
• considered whether there were any impairment
indicators by comparing the actual results for the
4-month period with the original business case.
We had no matters to report arising from the
procedures performed.
Information other than the consolidated financial statements and auditor’s report
The Directors are responsible for the annual report. Our opinion on the consolidated financial statements does not cover the other
information included in the annual report and we do not, express any form of assurance conclusion on the other information.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed
on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the consolidated financial
statements in accordance with NZ IFRS and IFRS, and for such internal control as the Directors determine is necessary to enable
the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

60 thl Annual Financial Statements 2018
Independent auditor’s report (continued)
To the shareholders of Tourism Holdings Limited
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements, as a whole, are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs NZ and ISAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis
of these consolidated financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the External Reporting Board’s
website at: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we might
state those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s shareholders,
as a body, for our audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Keren Blakey.
For and on behalf of:
Chartered Accountants Auckland
27 August 2018
PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz

thl Annual Financial Statements 2018 61
Corporate governance
Tourism Holdings Limited (‘thl’) operates under a set of corporate governance principles designed to ensure that thl is
effectively managed. The Board is committed to continued development of thl
’s corporate governance practices. The Board
continues to review and develop its corporate governance policies and monitor developments to keep abreast of corporate
governance best practice.
thl
’s corporate governance practices have been reviewed against the recommendations of the NZX Corporate Governance Code
2017 (‘Code’). The practices are considered to meet all recommendations of the Code.
thl
’s corporate governance framework includes:
• The constitution of thl, which describes the ‘rules’ under which the company operates, including issue and other share
transactions, distributions, shareholder meetings, director appointment, remuneration and powers, and the conduct of
Board and shareholder meetings.
• The Board Charter and sub-committee charters, which set out the roles and responsibilities of the Directors.
• The Code of Ethics, which outlines the standards of ethical behaviour expected of Directors, staff and contractors.
• The Market Disclosure Policy, which outlines the policy around disclosure of company information, including the commitment
to compliance with continuous disclosure requirements.
• The Securities Trading Policy, which outlines policy and guidelines around trading in
thl securities by Directors, officers and staff.
• The Diversity Policy, which outlines the commitment to diversity in Board, Executive and staff appointments.
• A Delegated Authority Policy, which outlines the delegation of authority by the Board to management, and the authorisation
levels at which Board approval is required.
thl ’s corporate governance policies and charters are available on its website at www.thlonline.com
Ethical standards
thl is committed to being a good corporate citizen. The Company expects Directors, employees and contractors to practise
high ethical standards in the performance of their duties, to comply with all applicable laws and regulations, co-operate with
all regulatory bodies and government agencies, and use Company assets and resources only for the legitimate and ethical
achievement of its objectives.
Role of the Board
The Board is committed to managing thl in an ethical and professional manner, and in the best interests of the company and
its shareholders. Specific responsibilities of the Board, as set out in the Board Charter, include the following:
• Oversight of thl, including its control and accountability procedures and systems;
• Appointment, performance and removal of the Chief Executive Officer;
• Confirmation of the appointment and removal of the senior executive group (being the direct reports to the Chief Executive
Officer);
• Setting the remuneration of the Chief Executive Officer and Chief Financial Officer, approval of the remuneration of the senior
executive group, and the adoption of
thl ’s remuneration policy;
• Overseeing the development, adoption and communication of the corporate strategy and objectives and oversight of the
adequacy of
thl ’s resources required to achieve the strategic objectives;
• Approval of and monitoring of actual results against the annual business plan and budget (including the capital
expenditure plan);
• Review and ratification of
thl ’s risk management framework, internal compliance and control, codes of conduct, and
legal compliance;
• Approval and monitoring of the progress of capital expenditures, capital management initiatives, and acquisitions

and divestments;
• Overseeing accounting and reporting systems and
thl ’s compliance with its continuous disclosure obligations;
Statutory information
For the year ended 30 June 2018

62 thl Annual Financial Statements 2018
Statutory information (continued)
For the year ended 30 June 2018
Role of the Board (continued)
• Approval of the annual and half-year financial statements;
• Setting measurable objectives for achieving diversity within the organisation; and
• Adopting and reviewing
thl ’s risk management framework.
Board composition
thl ’s constitution allows up to ten directors. The Board of Directors currently comprises six directors, all of whom are non-executive
directors. There are currently four female directors and two male directors.
DIRECTORROLESDIRECTOR SINCEINDEPENDENCE
Rob CampbellChairman, Chair Market Disclosure Committee,
Member Audit & Risk Committee, Member
Remuneration & Nomination Committee
May 2013Independent Director
Debbie Birch
Member Audit & Risk Committee
September 2016Independent Director
Kay HoweChair Marketing & Customer Experience
Committee, Member Remuneration &
Nomination Committee
October 2012Non-independent
Director
Cathy QuinnMember Audit & Risk Committee,
Member Market Disclosure Committee
September 2017Independent Director
Gráinne TrouteChair Remuneration & Nomination Committee,
Member Audit & Risk Committee, Member
Marketing and Customer Experience Committee
February 2015Independent Director
Graeme WongChair Audit & Risk Committee, Member Market
Disclosure Committee, Member Remuneration &
Nomination Committee
November 2007Independent Director
Board skills and experience
thl ’s Board is comprised of Directors who have a mix of skills, knowledge, experience and diversity to adequately meet and
discharge its responsibilities and to add value to the company through efficient and effective governance and leadership.
The current Directors have a varied and balanced mix of skills, including extensive operational experience, knowledge of the
tourism industry, as well as extensive experience in capital markets, growth and global transactions.
Below is a summary of the key skills and expertise held by the Board, which are considered most relevant to effectively fulfilling the
Board’s current objectives:
• Corporate governance experience, including publicly listed company experience;
• Global business experience in multi-site operations;
• Tourism industry experience and a deep understanding of the operational aspects of the company;
• Experience in development and execution of growth strategies;
• Experience with digital innovation;
• Sustained positive people leadership;
• Community and Iwi engagement;
• Focus on deployment and management of capital for a strong return on funds employed;
• Capital markets and M&A transaction experience;
• Legal and regulatory expertise;
• Financial governance and audit oversight;
• Health and safety governance and management experience;
• RV rental and sales experience and expertise;
• Global tourism trade sales expertise;
• Treasury and funding expertise;
• Economics - global and local New Zealand expertise; and
• International business leadership and CEO experience.
Individual Director profiles are set out on page 72.

thl Annual Financial Statements 2018 63
Statutory information (continued)
For the year ended 30 June 2018
Director Independence
The criteria to determine whether directors are independent is set out in the Board Charter. All the directors, with the exception
of Kay Howe, are considered to be independent. Directors are required to inform the Board of any relevant information that may
impact independence. The Remuneration and Nomination Committee Charter reviews the independence of directors on behalf
of the Board.
Board subcommittees
There are four standing committees described below, each of which operates under a written charter. The performance of
the standing committees is reviewed annually against the charters.
Audit & Risk Committee
The Audit & Risk Committee is comprised solely of non-executive directors of the Board, a majority of whom must be
independent directors.
The Committee meets a minimum of three times each year. The Audit & Risk Committee has oversight of, and assists the Board
to fulfil its responsibilities in the areas of financial reporting, audit functions, and risk management and control.
The Audit & Risk Committee oversees
thl ’s internal audit work programme. Risks are assessed on an ongoing basis against a
risk matrix. Based on the review of risks, an internal audit work plan is developed each year, with internal audit assignments
completed by EY, supplemented with review work completed by the internal Finance function. The business has a separate Health
and Safety function, with regular reporting to Board and management.
The current composition of the Audit & Risk Committee is Graeme Wong (Chairman), Debbie Birch, Rob Campbell, Cathy Quinn
and Gráinne Troute.
Also in attendance by invitation are Kay Howe, Grant Webster (Chief Executive Officer) and Mark Davis (Chief Financial Officer).
Remuneration & Nomination Committee
The Remuneration & Nomination Committee is comprised of at least three non-executive directors of the Board, a majority
of whom must be independent directors.
The Committee meets a minimum of two times each year. The Remuneration & Nomination Committee supports the Board
on matters relating to human resources and remuneration. It assesses the role and responsibilities, composition, training
and membership requirements and remuneration for the Board, including recommendations for the appointment and removal
of directors.
The current composition of the Remuneration & Nomination Committee is Gráinne Troute (Chair), Rob Campbell, Kay Howe
and Graeme Wong. Also in attendance by invitation are Debbie Birch, Cathy Quinn, and Grant Webster (Chief Executive Officer).
Market Disclosure Committee
The Market Disclosure Committee is comprised of the Board Chairman, the Chair of the Audit & Risk Committee and
Cathy Quinn. Also in attendance are Grant Webster (Chief Executive Officer) and Mark Davis (Chief Financial Officer).
The Committee monitors compliance with the Group’s Market Disclosure Policy which covers compliance with NZX Listing
Rules, the Companies Act 1993, the Financial Markets Conduct Act 2013 and other guidelines issued by the Financial Markets
Authority and the NZX.
The Committee meets if required outside of normal Board meetings to approve market disclosures.
Marketing & Customer Experience Committee
The Marketing & Customer Experience Committee is comprised of at least two non-executive directors of the Board. The current
composition of the Marketing & Customer Experience Committee is Kay Howe (Chair) and Gráinne Troute. The Committee
supports the Board and management on strategy around brand, marketing and customer experience. The Committee meets
as required.
Director appointment
The policy for appointment and retirement of directors is contained within
thl ’s constitution and Board Charter. At each annual
meeting, one-third (or if their number is not a multiple of three, then the number nearest to one third) of the directors shall retire
by rotation.
Rob Campbell and Kay Howe retire by rotation at the 2018 Annual Meeting and, being eligible, offer themselves
for re-election.
The process for appointment of Directors is contained in the Remuneration and Nomination Committee Charter.

64 thl Annual Financial Statements 2018
Statutory information (continued)
For the year ended 30 June 2018
Board performance evaluation and training
On an annual basis the Chairman conducts a review of Board performance. A review using an independent external facilitator is
conducted bi-annually. Board sub-committees review performance against their Charters on an annual basis. The Remuneration
& Nomination Committee is responsible for ensuring Directors remain up to date with relevant training.
Independent professional advice
With the approval of the Chairman, each Director has the right to seek independent legal and other professional advice at
the Company’s expense concerning any aspect of the Company’s operation or undertakings in order to fulfil their duties and
responsibilities as Directors.
Table of board attendances
(FY2018 JULY 17 – JUNE 18)
BOARD
MEETINGS
AUDIT & RISK
COMMITTEE
MEETINGS
REMUNERATION
& NOMINATION
COMMITTEE
MEETINGS
DISCLOSURE
COMMITTEE
MEETINGS
MARKETING
& CUSTOMER
EXPERIENCE
COMMITTEE
MEETINGS
Total number of meetings held
94433
Rob Campbell
94432
Debbie Birch
944––
Christina Domecq
1–––1
Kay Howe
944–3
Cathy Quinn
8343–
Gráinne Troute
944–2
Graeme Wong
9443–
Securities Trading Policy
thl has in place a formal Securities Trading Policy and guidelines which applies to all Directors, officers and employees of thl and
its subsidiaries who intend to trade in
thl listed securities.
All individuals defined as ‘restricted persons’ under that policy must notify
thl of their intention to trade and obtain approval from
the Board before trading in
thl ’s shares. No trading in shares is permitted in ‘blackout periods’ from 1 June each year until 48 hours
after the release of the full year results and from 1 December each year until 48 hours after the release of the half year results,
except in exceptional circumstances.
Trading is permitted outside the blackout periods, provided the restricted person confirms that they do not hold any material
information and that they are not aware of any reason that would prohibit them from trading. Any trading must be completed
within 10 trading days of approval being given. Restricted persons are defined in the policy as:
• all Directors;
• the Chief Executive Officer (CEO);
• all members of the senior management team and their direct reports;
• the administrative staff of the senior management team;
• all employees in the finance department;
• trusts and companies controlled by such persons;
• anyone notified by the CFO from time to time; and
• anyone participating in the Long Term Incentive Scheme.
Diversity Policy
The
thl Diversity Policy endorses and supports diversity in Board, Executive and staff appointments, encompassing differences
including but not limited to gender, ethnicity, race, marital status, sexual orientation, age, employment status, religious belief,
ethical belief or political opinion. When making appointments, the Board and management is committed to considering diversity
as well as the mix of skills and experience needed to expand the perspective and capability of the Board and the management
team as a whole.
The Board considers that it currently has the appropriate mix of skills, experience and diversity to discharge its responsibilities.

thl Annual Financial Statements 2018 65
Statutory information (continued)
For the year ended 30 June 2018
As at 30 June 2018, being the balance date, the Board of
thl comprised four female directors and two male directors, compared
to four female directors and two male directors at 30 June 2017.
As at 30 June 2018 the officers (being the CEO and those who report directly to the CEO and COO) of
thl comprised three
female employees and twelve male employees, compared to two female employees and ten male employees at 30 June 2017.
CEO and Executive remuneration
One of the objectives of the Remuneration & Nomination Committee is to ensure that a sound remuneration framework is in
place that ensures that:
• The management team is fairly and equitably remunerated.
• The senior executive are appropriately rewarded for excellent performance and achievement.
• thl is able to attract and retain high performing people whose skills and attributes are well matched to thl
’s requirements.
• Remuneration structure of the executives are aligned with the interests of shareholders.
The CEO and Executive remuneration has three elements:
• Fixed base salary and allowances
• Annual performance incentive
• Long term incentives
The fixed salary of the CEO and Executive is reviewed on a biannual basis and benchmarked against the median of the market.
The annual performance incentives are linked to financial and individual targets. For the 2018 financial year, the CEO annual
incentive is based 50% on Company financial performance (Net profit after tax, and Return on funds employed), and 50% on
individual performance against specific targets (acquisitions and investor relations). The CFO annual incentive is based 80%
on Company financial performance and 20% on individual performance against specific targets. The annual incentives of other
Executives are based 40% on Company financial performance and 40% on other financial targets, and 20% on individual
performance against specific targets. Other senior staff have annual incentives based 60% on financial performance and 40%
on individual performance against specific targets.
The long term incentive (LTI) scheme is designed to align the interests of the Executives with those of the shareholders.
Executives are rewarded for long-term increases in shareholder value. Executives are invited to participate in the long term
incentive plan by the Board. On an annual basis, participating Executives are awarded share performance rights at the discretion
of the Board. The awarding of rights is based on a percentage of fixed remuneration, based on a valuation of the rights carried
out each year by KPMG. Details of the schemes and the status of rights issued under the schemes is included in note 33 to the
Financial Statements.
CEO Remuneration
Fixed remuneration
In 2018 the CEO, Grant Webster, received fixed remuneration including allowances of $578,000 (2017: $528,000).
Short term incentive
The annual short term incentive of the CEO is set at 40% of fixed remuneration and allowances if all performance targets
are achieved. In addition, a further incentive of up to 28% (2017: 35%) of fixed remuneration and allowances is payable for the
over-achievement of financial targets. The final review of performance for the year has not yet been completed, given that some
performance targets are subject to the final audited financial statements. In 2018, $393,200 (2017: $396,200) has been accrued
in relation to the CEO annual performance incentive. The performance incentive will be paid in the 2019 financial year.
Long term incentive
In 2018 the CEO was granted 240,000 share options under the 2017 Long Term Incentive Scheme valued at $0.624, giving a total
value of $149,760. In 2017 the CEO was granted 240,000 share options under the 2017 Long Term Incentive Scheme valued at
$0.365, giving a total value of $87,600.
Under both the 2017 and 2009 long term incentive schemes, the share rights vest from the second anniversary of the issue, with
one third vesting after the second year, one third after the third year, and the final third after the fourth year. In 2018, 400,000
redeemable ordinary shares vested under the 2009 long term incentive plan.
Superannuation
The CEO is a participant in KiwiSaver, and is eligible to receive an employer contribution of 3% of gross taxable earnings.
In 2018 this contribution was $30,099 (2017: $25,688).

66 thl Annual Financial Statements 2018
Statutory information (continued)
For the year ended 30 June 2018
Total remuneration
The total remuneration of the CEO was as follows:
20182017
Base salary
$578,000$528,000
Short term incentive
$393,200*$396,200
Long term incentive
$149,760$87,600
*The final review of performance for the year has not yet been completed. The amount shown above represents the amount that has been accrued
in the 2018 financial year.
Directors’ remuneration
The total fee pool approved by the shareholders for Director remuneration is $650,000. The annual fees currently paid to
Directors is $150,000 for the Chairperson, $75,000 for each Director, plus $10,000 for the Chairperson of the Audit & Risk
Committee and $7,500 for the Chairperson of each other Committee. Directors’ remuneration received, or due and receivable
during the year is as follows:
20182017
DIRECTORS OF TOURISM HOLDINGS LIMITED
DIRECTOR’S
FEES
OTHER
REMUNERATION
DIRECTOR’S
FEES
OTHER
REMUNERATION
1
R Campbell
143,333–130,00021,000
D Birch
2
71,667–54,167–
C Domecq
3
24,167–72,500–
K Howe
76,042–65,000–
C Quinn
4
60,833–––
G Wong
81,667–75,0004,500
G Troute
79,167–72,500–
536,876–469,16725,500
(1) Other remuneration paid relates to services rendered in relation to the acquisition of El Monte Rents Inc.
(2) D Birch was appointed as a Director with effect from 5 September 2016.
(3) C Domecq resigned from the Board with effect from 1 November 2017.
(4) C Quinn was appointed as a Director with effect from 7 September 2017.
Each of R Campbell, D Birch, C Domecq, C Quinn, G Wong and G Troute were issued, or are to be issued, ordinary shares in thl as
part of their director remuneration, as described in the section titled ‘Directors’ share dealings’.
Takeover protocols
thl has a written protocol that describes the process to be followed in the event of a takeover offer. The protocol includes the
appointment of a sub-committee of independent directors.
Spread of shareholders
The ordinary shares of Tourism Holdings Limited are listed on the NZX Main Board.
As at 30 June 2018 the total number of voting securities on issue was 123,136,483.
SIZE OF SHAREHOLDINGS
NUMBER OF
HOLDERS
NUMBER OF
SHARES HELD
% OF TOTAL
ISSUED SHARES
1 - 1,000
1,693994,3950.8%
1,001 - 5,000
3,6029,639,9977.8%
5,001 - 10,000
1,1548,541,4606.9%
10,001 - 50,000
85316,515,78113.4%
50,001 - 100,000
715,116,0494.2%
100,001 and over
6782,328,80166.9%
7,440123,136,483100.0%

thl Annual Financial Statements 2018 67
Statutory information (continued)
For the year ended 30 June 2018
The above shows the spread of shareholders as at 30 June 2018. The shareholding of New Zealand Central Securities Depository
Limited (NZCSD) has been reallocated to the applicable members of NZCSD.
Substantial product holders
The following information is provided in compliance with section 293 of the Financial Markets Conduct Act 2013 and records
Substantial Product Holder notices received in the period up to 30 June 2018.
NUMBER OF ORDINARY SHARES IN WHICH
A RELEVANT INTEREST WAS HELD
HB Holdings Limited
13,479,39010.9%
Current holding reflects the Substantial Product Holder notices received up to 30 June 2018.
Twenty largest shareholders
AS AT 30 JUNE 2018NUMBER OF ORDINARY SHARES
1
HSBC Nominees (New Zealand) Limited
18,773,92115.2%
2
Forsyth Barr Custodians Ltd
11,946,1459.7%
3
Custodial Services Limited
8,987,9827.3%
4
National Nominees New Zealand Limited
4,911,3904.0%
5
Citibank Nominees (NZ) Ltd
4,742,7983.9%
6
The Whittier Trust Company Of Nevada Inc
3,384,2662.7%
7
FNZ Custodians Limited
2,859,1562.3%
8
Kay Jocelyn Howe
2,666,5502.2%
9
JPMORGAN Chase Bank
2,215,8961.8%
10
Bnp Paribas Nominees NZ Limited
1,503,9421.2%
11
Grant Gareth Webster & Stephen David Webster
1
1,300,6671.1%
12
Accident Compensation Corporation
1,257,2741.0%
13
Glenn Laurance Howe & Tony Laurance Howe
1,224,4101.0%
13
Nicole Tonnile Edgerton & Dean Neil Edgerton & William Desmond Wallis
1,224,4101.0%
14
Alpine Bird (New Zealand) Limited
1,114,7200.9%
15
Moon Chul Choi & Keum Sook Choi
1,110,0000.9%
16
New Zealand Depository Nominee Limited
1,068,8610.9%
17
Ja Hong Koo & Pyung Keum Koo
880,0000.7%
18
Cogent Nominees Limited
865,9660.7%
19
Premier Nominees Limited
800,0000.6%
20
New Zealand Permanent Trustees Limited
650,0000.5%
73,488,35459.6%
(1) Represents shares beneficially owned by Grant Gareth Webster and Stephen David Webster as trustees of the Denika Family Trust. In addition
to this, Grant Gareth Webster is the legal and beneficial owner of a further 500,000 ordinary shares.
The shareholding of New Zealand Central Securities Depository Limited (NZCSD) has been reallocated to the applicable
members of NZCSD.

68 thl Annual Financial Statements 2018
Statutory information (continued)
For the year ended 30 June 2018
Directors’ shareholdings
SHARES BENEFICIALLY OWNED, HELD
SOLELY OR AS A JOINT HOLDER
SHARES BENEFICIALLY OWNED,
HELD BY ASSOCIATED PERSONS
(INCLUDING FAMILY INTERESTS)
AT 30 JUNE 20182018201720182017
R Campbell
––675,513630,357
D Birch
3,504–––
C Domecq
1

–––16,388
K Howe
2,666,5502,666,5503,237,2893,222,132
C Quinn
––––
G Troute
92,20477,059––
G Wong
150,141 139,643––
2,912,3992,883,2523,912,8023,868,877
(1) C Domecq resigned from the Board with effect from 1 November 2017.
Directors’ share dealings
Details of the Directors’ acquisitions and disposals of relevant interests in the ordinary equity securities issued by the Company
are as follows:
Tutanekai Investments Limited (an entity beneficially associated with R Campbell), was issued with 13,771 ordinary shares
in the Company on 2 October 2017 at $4.72 per share as part of R Campbell’s director remuneration for the six months
ended 30 September 2017, and 6,030 ordinary shares in the Company on 3 April 2018 at $6.08 per share as part of his
director remuneration for the six months ended 31 March 2018. In addition, Tutanekai Investments Limited was issued with
13,426 ordinary shares in the Company on 16 October 2017 at $4.806 per share and 11,636 ordinary shares in the Company on
16 April 2018 at $5.935 per share as part of the Dividend Reinvestment Plan.
D Birch was issued with 1,514 ordinary shares in the Company on 2 October 2017 at $4.72 per share as part of her director
remuneration for the six months ended 30 September 2017, and 1,990 ordinary shares in the Company on 3 April 2018 at
$6.08 per share as part of her director remuneration for the six months ended 31 March 2018.
G Troute was issued with 5,145 ordinary shares in the Company on 2 October 2017 at $4.72 per share as part of her director
remuneration for the six months ended 30 September 2017.
G Wong was issued with 2,621 ordinary shares in the Company on 2 October 2017 at $4.72 per share as part of his director
remuneration for the six months ended 30 September 2017, and 2,261 ordinary shares in the Company on 3 April 2018 at
$6.08 per share as part of his director remuneration for the six months ended 31 March 2018. In addition, G Wong was issued
with 3,030 ordinary shares in the Company on 16 October 2017 at $4.806 per share and 2,586 ordinary shares in the Company
on 16 April 2018 at $5.935 per share as part of the Dividend Reinvestment Plan.