THL Interim Results FY19

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



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

26 February 2019

TOURISM HOLDINGS LIMITED FY19 INTERIM RESULTS

Dear Sir/Madam

In accordance with the NZSX Listing Rules, I enclose the following for release to the market in relation to Tourism Holdings
Limited’s FY19 interim results:

1. Appendix 1
2. Media Release
3. FY19 Interim Report
4. FY19 Interim Results Presentation
5. Appendix 7


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





Yours sincerely



Jennifer Bunbury
Chief Financial Officer

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Tourism Holdings Limited
Results Announcement to the Market
Reporting period 1 July 2018 to 31 December 2018
Previous reporting period 1 July 2017 to 31 December 2017

Financial Results NZD $M FY19 FY18 % Change
Revenue from ordinary activities $207.3 $209.1M -1%
Operating profit before tax $25.0 $29.9M -16%
Tax on operating profit
1
$7.5M $7.1M +5%
Profit from ordinary activities after tax
attributable to security holders
1

$17.5M $22.8M -23%
Net profit attributable to security holders
1
$17.5M $22.8M -23%
Earnings per share from continuing
operations cps
1

14.2cps 18.9cps -25%
Net Tangible Assets per Ordinary Share $1.67 $1.41 +18%

Interim Dividend FY19
Dividend per share 13 cents per share
Imputation % 50% imputed
Imputed amount per share 2.5278 cents per share
Record date 4 April 2019
Payment date 16 April 2019
Dividend Reinvestment Plan (DRP) For this dividend, a discount of 2% is available
to shareholders participating in the DRP.
Elections to participate in the DRP close at
5.00pm on 4 April 2019.

1
The FY18 results reflect the impact of changes in US Federal tax rates, which became
effective during first half of the FY18 reporting period. A non-recurring benefit of $1.8M
arising from the re-measurement of deferred tax assets and liabilities arising from the tax
rate change was therefore included in the FY18 results above.

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Tourism Holdings Limited
Tel: +64 9 336 4299
The Beach House
Fax: +64 9 309 0913
Level 1, 83 Beach Road
www.thlonline.com
Auckland City

PO Box 4293, Shortland Street

Auckland 1140, New Zealand




26 February 2019

NZX | MEDIA RELEASE
TOURISM HOLDINGS LIMITED (thl)
HALF-YEAR RESULTS TO 31 DECEMBER 2018

Another record EBIT result - thl continues positioning for global growth
Highlights:
 Operating Profit before Interest and tax (EBIT) up 4% on pcp
 NPAT of $17.5M, compared to $22.8M in the prior corresponding period (pcp), down 23%
 Rental and services revenue growth of 6% on the pcp
 Vehicle sales revenue decline of 14% on the pcp (driven by the USA)
 Dividend declared of 13cps (partially imputed to 50%); in line with last year
 New Zealand RV business hits new records, up on Lions tour half-year
 TH2 investment on track, with strong prospects
 Full year NPAT forecast around $32M

thl today released its half-year results to 31 December 2018, with a strong increase in the core business
profitability despite a challenging vehicle sales market in the USA. EBIT in the core business, of $34.7M, was up
4% on the pcp, which included the benefit of the 2018 Lions tour.

The investment in the global TH2 digital joint venture with Thor Industries, which is based in North America,
incurred losses in line with expectations.

Chairman, Mr Rob Campbell, said, “This business is not only growing, but is changing in its scope and structure.
We are taking the build/buy– rent – sell model in our RV business to wider geographies. At the same time, we are
extending the scope of what we offer the global market. There are positive early signs in our significant TH2
investment with Thor Industries. TH2 has the potential to be a strong digital infrastructure provider, not only to
thl and Thor, but to the wider industry.”

A dividend of 13cps is declared, in line with the prior corresponding period, and reflecting the strong underlying
performance of the core business.

CEO, Mr Grant Webster, said, “We have continued to see returns and profit improve in the core business and we
see ongoing opportunities for improvements in our operating model.”

25/02/2019 2 of 2
“While there is some uncertainty about the growth rate for international tourism, we are currently still
experiencing growth in forward bookings in all markets.”

The outlook and the full results presentation and commentary is available on the Company’s website.

END


Authorised by:

Rob Campbell
Chairman, Tourism Holdings Limited

For further information contact:

Grant Webster
thl Chief Executive Officer
Direct Dial: +64 9 336 4255
Mobile: +64 21 449 210

Jennifer Bunbury
thl Chief Financial Officer
Direct Dial: +64 9 336 4212
Mobile: +64 21 118 4955




About thl (www.thlonline.com)
thl is a global tourism operator. We are listed on the NZX and are the largest commercial 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.

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PBA thl Interim Report 2019
OUR
JOURNEY
CONTINUES.
2019 Interim Report

Contents
01 Highlights
02 Chairman and CEO report
08 Consolidated income
statement
09 Consolidated statement
of comprehensive income
10 Consolidated statement
of changes in equity
12 Consolidated statement
of financial position
13 Consolidated statement
of cash flows
14 Notes to the consolidated
financial statements
31 Corporate information

WHERE WE ARE
As at 31 December 2018
01
H1
FY 18
H1

FY 19
EARNINGS BEFORE INTEREST
AND TAX (EBIT)
+4%
$34.7M
$33.3M
REVENUE
(RENTALS AND SERVICES)
+6%
$144.3M
$136.0 M
REVENUE
(VEHICLE SALES)
- 14%
$62.9M
$73.1 M
13CPS
13CPS
INTERIM DIVIDEND
1
-$5.4M
-$2.4M
DIGITAL INVESTMENT
LOSSES
3
- 17%
$17. 5M
$2 1. 0M
2
TOTAL NET PROFIT
AFTER TAX (NPAT) EXCLUDING
NON-RECURRING ITEMS
Note:
1
50% imputed.
2
Excludes $1.8M non-recurring benefit of re-measurement of deferred tax balances.
3
In H1 FY18 this includes
losses incurred in Mighway and Roadtrippers. In H1 FY19 this includes losses incurred in thl’s 50% equity investment in TH2.

0302 thl Interim Report 2019
From an outlook perspective, we are wary of slowing growth in
global tourism, and will manage our balance sheet accordingly.
Despite this, we have initiated a number of projects (with
careful capital allocation) that will enhance our profitability
in the longer run. We are positive that the thl model, as it is
evolving, has a strong future.
Keeping the focus simple, we see the key points from the result
as follows:
• The core business Earnings Before Interest and Tax (EBIT)
result was strong, with growth in both the New Zealand
and Australian rentals businesses (remembering that
H1 FY18 had the Lions rugby tour included in the result).
This was another record result for the core business from
an EBIT perspective.
• The El Monte RV business is still adjusting to its new
operating model and has been impacted by negative
industry trends.
• Vehicle sales in the USA, in particular, have been weak
across the industry but we do not see that as an
ongoing issue.
• Our group support costs rose, due to costs associated
with exploring M&A activity.
• TH2 is on track with our plans.
STRATEGIC DIRECTION
We summarise thl and our opportunities as follows:
A Large, Addressable RV Market
The RV market is worth tens of billions of dollars on a global
basis. We are a very small part of the global industry. There
are many opportunities to leverage our skills and operating
model to take a larger slice of the global market.
Future technology developments, like autonomous, data
connected and electric vehicles, have the power to make a
huge difference to the size of our market, and our style of
travel is only going to grow – domestically and internationally.
A Digital Approach
TH2 is our own form of digital enhancement and low capital
market development. We have confidence that TH2 will
succeed for the following simple reasons:
• We have a strong distribution channel strategy. The JV
partners (Thor and thl) have the ability to access the
market directly through strong leadership positions within
our respective industry and geographic segments.
• Roadtrippers and CamperMate already have a strong
user base (over 3.5M users).
• We have a series of compelling product propositions
ready and in development.
Dear Shareholders
We are pleased to present thl’s interim report for the first half
of the 2019 financial year.
We have endeavoured in recent years to set clear targets for
the business, and to report to shareholders and other
stakeholders against those targets. Sometimes those reports
will reflect success. At other times, and in parts of the business,
we will miss. We hold ourselves to account accordingly.
This business is not only growing, but is changing in its scope
and structure. We are taking the build/buy – rent – sell model
in our RV business to wider geographies. At the same time, we
are extending the scope of what we offer the global market.
Both of these directions rely on the strong equity base and the
operating disciplines and technologies which have been built
in the business. We will continue to manage capital efficiently
while investing in sustainable growth.
The thl profit results at the moment are complicated by a
number of items that are one-off in nature (a term we use
sparingly) and our changing business model. We look to explain
those items clearly in this report, as well as providing answers
to what we see as the critical questions you may have about
thl and our ongoing performance.
The business is creating long term value through the changes
that we are making.
The core business is performing well in its relatively mature
markets of Australia and New Zealand. The North American
market has been challenging, but the opportunity there is
enormous. The key immediate focus in this market is for us
to optimise the potential of the El Monte RV purchase, while
maintaining the strong earnings of Road Bear, and seeking
further opportunities to expand. After some tough trading
conditions, and the inevitable restructuring costs in getting
the El Monte RV model where it needs to be, we see a positive
outlook for the remainder of the 2019 calendar year.
There are positive early signs in our significant TH2 investment
with Thor Industries. TH2 has the potential to be a strong
digital infrastructure provider, not only to thl and Thor, but
to the wider industry. We also expect it to be a significant
earnings contributor for thl in the future.
We continue to see a wide range of acquisition and other
joint venture opportunities around the world. We are actively
engaging with a number of these. Our strong capital and
operating disciplines mean that we will find that most do not
meet our criteria. We incur costs for this active, but rigorous,
approach, but consider these an essential part of optimising
the opportunities that thl has.
CHAIRMAN AND
CEO REPORT

0302 thl Interim Report 2019
A Disciplined Core Business
Returns continue to improve in the core business and
we see ongoing opportunities for improvements in our
operating model.
We are currently still experiencing reasonable growth in
forward bookings in all markets. We will continue to manage
our fleet capacity and capital expenditure in line with any
market softening from time to time.
We have ancillary revenue opportunities in all operating
jurisdictions. The best example is retail servicing. There are
many sites across the world where we have the infrastructure
and capability to conduct a lot more retail service work
than we have historically. We now have much better system
capability and marketing power to be able to maximise
these opportunities.
In summary, the core business still has internal growth with
additional adjacent opportunities.
ACQUISITIONS AND GROUP ACTIVITY
We have been clear about our intention to grow globally.
We have an ongoing pipeline of opportunities that we are
exploring and, when we last reported, we were confident that
we would see some transactions of significance before now.
These have not occurred. This is simply because we apply
the same capital disciplines in this aspect as we do in our
operating business. We will buy or sell if the price is right and
only then. We do not mind missing chances to reduce value.
It is the right thing to be open about our plans to grow value
by acquisition, as well as organic growth. At the right value
we will transact. We will have some increased overhead costs
as a result of this approach, though we do not anticipate that
these will repeat at the level of the past year.
GOALS
thl public announcements over the past five years have
included a high level of goal setting. We have been reviewing
these stated goals and acknowledge some “drift” in these
goals as a result of the wide range of opportunities we have.
From a ‘business as usual’ (excluding TH2 losses) perspective,
we now expect to achieve the $50M NPAT target in FY2021.
We consider this more certain than the acquisition and
TH2 opportunities.
When we consider the TH2 opportunity, the potential
acquisitions and ancillary business growth aspirations,
we are targeting a business which, in three years, doubles
in value. The timing and predictability of this goal is much
less certain.
It makes sense to be considering our goals on this certain/
less certain spectrum. Look for us to continue to discuss
this approach.
FY19 OUTLOOK
We have adjusted our FY19 guidance to reflect the changes
in the USA market, experienced recently, and the additional
costs we have incurred at a group level.
We now expect our net profit after tax for the FY19 year to
be around $32M (excluding potential Australian tax issue) from
previous guidance of $32-34M.
We have previously indicated that we see the FY19 dividends
aligning with FY18, as we have isolated the investment in TH2.
That view remains and, thus, at this point in time, we expect
the FY19 final dividend to be 14cps, equating to a total dividend
of 27cps for the year.
THE BUSINESS IS CREATING LONG
TERM VALUE THROUGH THE CHANGES
THAT WE ARE MAKING.

0504 thl Interim Report 2019
MARKET AND TRADING CONDITIONS
There is a negative sentiment portrayed in the media
regarding tourism at present, especially in New Zealand.
Our view on the markets and environment is as follows:
New Zealand Tourism
We remain positive about the outlook for New Zealand
tourism, although at a slower growth rate than in the previous
four years. Our forward bookings (international) for the
remainder of this summer, and early indications for FY20
summer, suggest positive single digit growth rates. The youth
backpacker market continues to show declines from the UK
and Europe, which impacts Kiwi Experience, but is not an
issue of any substance for the rentals business. We see a
small drop-off in domestic tourism; this only impacts
Waitomo and is not material.
New Zealand Vehicle Sales
While we have not cleared all of our carry-over fleet
from FY18, we remain confident with the position of our
New Zealand vehicle sales product. The van product we
convert from “pod units” to minivans is the key issue.
We are experiencing growth for the year on FY18 and have
the leads and pricing position for this to continue. We are
positive about the future of the New Zealand motorhome
sales market.
Australia Tourism
International bookings into the rest of the summer season
show strong single digit growth over last year and the
Northern Territory peak (June, July) forward bookings are
positive. Early indications into the FY20 summer also reflect a
positive growth rate. The general sentiment for international
tourism is positive in Australia. Domestic travel has slower
growth, although has shown no signs of decline. We remain
positive about Australia.
Australia Vehicle Sales
There are mixed reports about the state of the broader RV
category in Australia. Our experience at the used end of the
market would suggest demand is still in line with expectations,
although there is competitive tension on most sales. Margins,
however, have been consistent. The broader market for
caravans and new motorhomes does seem to have declined
in recent months.
USA Tourism
International tourism to the USA appears to be in a positive
rebound phase for the coming high season. Domestic demand
in H1 FY19 was at a lower yield and reflected pressure from
the peer-to-peer market and erratic competitor responses.
The 2019 calendar year outlook for domestic and international
demand for both the Road Bear and El Monte RV businesses is
positive and, on a combined basis, well up on last year. This is
expected to flow through into a stronger H1 result in FY20 for
the USA business.
USA Vehicle Sales
We are down in vehicle sales volumes in the USA for H1 FY19,
and January 2019 reflected a similar trend. The cause of this
reduction, and what it reflects for the broader market moving
forward, is difficult to confirm. When considering several
sources of market data, dealer sentiment reports and a review
of long term historical trends, we believe the reductions in
volumes are a return to the historical “norm”, where winter
sales are significantly lower than spring and summer sales.
2017 and 2018 winters were higher than the historical average,
as supply in the industry could not keep up with demand; thus
consumers and dealers were buying whatever they could at
any time of the year.
When considering the trends in consumer demand for this type
of product, we see no long-term concerns with this market and
expect to have some growth in H2 over H2 FY18 and ongoing
single digit growth in FY20.
SHAREHOLDER RETURNS
At the time of writing this report, we have seen a drop in
the thl share price compared to the same time last year and
the 2018 peak price. From an internal perspective, while we
understand the issues of sentiment and trading activity,
we see no fundamental reason why the views on thl as an
investment should have changed.
With the growth in the core business, we have announced a
dividend of 13cps – in line with the interim dividend last year.
We remain confident that we can manage our fleet growth
for the core business within our existing equity structure. Our
guidance is that FY19 dividends will be in line with FY18, which
was a record result.
We would prefer to continue to provide attractive dividends
to shareholders today and then, if an acquisition opportunity
is realised that requires equity, we will address that with
shareholders at the time. This, again, creates a strong
discipline in the business to manage capital appropriately.
This report provides you with some insight on the last six
months for the business and a guide to where we see the
full year for FY19. We do have a comprehensive investor
presentation pack, which we recommend you review in
conjunction with this report.
BUSINESS UPDATE
BUSINESS PERFORMANCE
Revenue for the period was $207M – down 1% on the prior
corresponding period (pcp). This was made up of an increase in
rental revenue and services of 6%, to $144M, and a reduction
in vehicle sales revenue of 14%, to $63M. The detail of the
vehicle sales situation is covered later in this address and in
more detail in the investor presentation pack.
Operating profit before interest and tax (EBIT) at $34.7M was
up 4% on the pcp, reflecting growth in both New Zealand and
Australian rentals businesses.
NPAT, of $17.5M, was down 23% on the pcp. It is important
to note that the prior year included a one-off gain in tax of
$1.8M relating to the change in tax rate and legislation within
the USA, which created a change in the deferred tax liability
balance. In addition, there has been a $5.5M reduction in
earnings from the equity and associate investments. This
includes the investment in TH2, which has been discussed on
several occasions.
Interest costs for the half were up $0.75M, reflecting both
increased debt levels and interest rate costs.
NZ Rentals
The EBIT result for New Zealand rentals was $7.0M – up 7%
on the pcp result of $6.6M. We indicated in the FY18 interim
result release that the Lions tour added about $1M EBIT in H1
FY18. Comparing the July/August period in FY19, it was likely
the positive impact was closer to $1.5M.

0504 thl Interim Report 2019
The shoulder season and peak period have been very positive,
with good yield and demand growth. Utilisation remains
strong and in line with previous periods for the peak.
Operating costs are under control, although there is still more
opportunity to reduce the repairs and maintenance spend, as we
increase our capacity and capability to do more work in-house.
Vehicle sales revenue increased to $22.7M, from $21.1M, in the
pcp. Total volume was up 14%.
This business continues to review new product options and
ancillary revenue opportunities to supplement the core rental
fleet growth, which will likely slow over the coming year.
Australian Rentals
The EBIT result for Australia was $8.2M – up 35% on the pcp
result of $6.1M. Rental income grew 8%, to $37M, and vehicle
sales revenue grew 14%, to $8.5M. The strategy for Australia
remains – a tight focus on cost control, best possible utilisation
of the fleet and an increased rental fleet, which is managed in
a controlled and flexible manner.
We are confident in the future ongoing growth of the
Australian business over time. We do not expect the same
EBIT growth run rate in the next half.
USA Rentals – Road Bear and El Monte RV
As indicated previously, we are now in a position where we
are combining the USA from a reporting perspective. The
integration is progressing well. On a transitionary basis, we
will provide a series of split information to provide an update
on the progress within each business.
The combined USA business rental and services revenue was
down 5%, to US$33.9M, for the half. There was growth in the
Road Bear business, which was offset by a decline in the high
season El Monte RV domestic and international revenue – as
highlighted at our Annual Meeting.
The combined vehicle sales revenue was US$20.9M – down
37% on the pcp result of US$33M. Road Bear remains 100%
focused on selling wholesale and El Monte RV is 90% retail.
Tourism Businesses
Revenue for the Tourism Group as a whole was essentially
flat for the half-year, at $18.4M. The EBIT for the Group was
down on the pcp by $0.3M, driven by a fall in Kiwi Experience
performance.
The Kiwi Experience business continues to be monitored
carefully. The business has had a further drop in UK passengers
and this appears to be consistent with wholesaler feedback
that we receive in the youth market. Cost reductions have
occurred year-on-year, with further cost reductions in the
second half under way.
Waitomo continues to reflect the general trend in New Zealand
tourism and has seen a drop in domestic visitor numbers over
the last quarter.
There are no capital commitments of note for these businesses
and they are expected to generate substantive cash over the
rest of the year.
Group Support
Costs in group support (excluding Mighway) were well up, at
$3.4M – a 137% ($1.9M) increase over the pcp. Whilst there
are minor ongoing inflationary and increased overhead costs,
they were in line with expectation. As previously indicated, we
are very wary to use the term “one-off” with costs; however,
it is important for shareholders to know that there were well
over $1M in costs that we can clearly attribute to transactions
that did not complete and other one-off items, which are not
expected to be repeated moving forward.
WE REMAIN POSITIVE ABOUT THE
OUTLOOK FOR NEW ZEALAND TOURISM.
WE ARE CURRENTLY STILL EXPERIENCING
REASONABLE GROWTH IN FORWARD
BOOKINGS IN ALL MARKETS.

0706 thl Interim Report 2019
Grant Webster
Chief Executive Officer
Rob Campbell
Chairman
Associates and Joint Ventures
Equity Investment Reporting
We continue to remind shareholders that these part-owned
businesses are not controlled by thl and are equity accounted.
The results are not reported in the EBIT and are not included
in our core Return on Funds Employed (ROFE) calculations.
We do, however, measure each of the businesses on both
ROFE and other metrics more akin to their business model.
TH2, in particular, now has a material impact on the business
with a half-year loss of $5.4M.
Action Manufacturing (50%)
Action Manufacturing was well down on the pcp – with our
share of profit at $563k, compared to $1.7M. This primarily
reflects the opening losses for the Fairfax acquisition (which
was planned and expected for September to December),
reduced margins on thl products and expenses relating to
new brand and product.
Just go (49%)
The Just go business also reflected the trends in the other
markets, with rental revenue up on the prior year (and a
positive forward book for FY20); however, vehicle sales have
been lower than expected.
TH2
TH2 remains a key strategic pillar for thl and the future
opportunity remains significant, in our view.
There are a number of component parts within TH2; however,
the key consumer-facing products we focus on are Togo and
Roadtrippers (which includes CamperMate in New Zealand
and Australia). The Cosmos platform, telematics and data
products are all progressing well; however, will have greater
commercial focus in 2021 and beyond.
Togo had a successful initial launch in September at the
USA “Open House” event, where RV dealers from across the
country visit Elkhart, Indiana to see the latest RV vehicles
and products. The dealer response was very positive, with
a clear understanding of the proposition for customers and
how it could add value to both the customer and the
dealership network.
It has been reported externally that Togo has over 100,000
downloads since launch (February number). The details of
what constitutes an engaged, revenue-generating customer
is different from total downloads and, thus, the simple
metric of downloads is not one that we are overly focused
on. It is a good starting number, and beyond our original
expectations, but not the required indicator of success. From
a Togo perspective, we remain very confident that we have
a product roadmap and capability to increase our active
users and create meaningful recurring revenue as we head
into the Northern Hemisphere summer. In other words, we
are generating interest, but not revenue, at this point in time
within Togo (which was planned).
The next key milestone is the RVX event being held in the USA
in March, where Togo will launch phase two and a revenue
generating proposition.
Total costs within Togo are in line with expectations and we
are pleased with the customer acquisition costs in this early
stage of development.
Roadtrippers continue to grow the product quality and content.
User numbers have continued to grow in low double digits and
the total number of registered users is now over 3.5M.
Roadtrippers has launched Roadtrippers Plus – a paid
subscription product for additional services.
This is in a trial phase and is deemed a success, beyond our
planned expectations. The roadmap for Roadtrippers Plus is
substantive and will be a core focus for the business over
the coming months.
GENERAL BUSINESS UPDATES AND INITIATIVES
Sustainability
We are in the process of integrating sustainability into all our
reporting and frameworks, rather than it being solely a discrete
piece of work for certain people alone. The highlight in this half
was the work we continued on carbon reduction, through waste
management and EV trials. We also continued our community
stakeholder impact assessments, which have guided us well on
where we need focus regionally within New Zealand.
The launch of the Tiaki Promise in New Zealand late in 2018
was a real highlight for the industry and it is a concept we
deeply believe in. We are actively engaging with government
organisations elsewhere in the world to try and expand
the concepts.
We remain very much focused on our medium-term goals and will
look to report some longer term goals later in this calendar year.
Capital Structure and Debt
Net debt at 31 December was $226M, compared to $178M
in the pcp. We do have more fleet in the business as at
31 December 2018, but will be adjusting the fleet size to
where we see the market needs over the coming months.
We are still comfortable with the covenant position of
the Company.
The forecast net debt for 30 June 2019 is $217M – $237M.
This excludes any acquisitions that may occur and includes
the current expectations of the TH2 losses.
Capital Expenditure
Capital expenditure reflects fleet size and rotation. As indicated,
we need to adjust, as appropriate, based on the market conditions
and vehicle sales situations in each market. We have, therefore,
reduced our CAPEX expectations for the year to $190M, from
the previous guidance of $200M.
FY20 capital expenditure is expected to be around $190M,
in line with FY19.
Dividend
A partially imputed dividend (to 50%) of 13cps has been declared,
the same as the pcp. This reflects the strong balance sheet
position of the Company, the investment in TH2 – which will
not recur at the same levels – and the increase in core business
EBIT for the half-year.
The Dividend Reinvestment Plan (DRP) will continue. A discount
of 2% is available to shareholders participating in the DRP.
Timing of future dividends will be adjusted, to better align with
thl’s working capital requirements and to better manage debt
facilities and headroom. Future interim dividends will be paid in
May (previously April) and final dividends will remain in October.

0706 thl Interim Report 2019

0908 thl Interim Report 2019
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
NOTES
UNAUDITED
6 MONTHS TO
DEC 2018
$000’s
UNAUDITED
6 MONTHS TO
DEC 2017
$000’s
AUDITED
12 MONTHS TO
JUN 2018
$000’s
Sales of services
144,318135,988273,087
Sales of goods
62,93573,078152,790
Total revenue
207,253209,066425,877
Cost of sales
(54,468)(61,762)(129,765)
Gross profit
152,785147,304296,112
Administration expenses
(26,014)(24,427)(47,849)
Operating expenses
(92,301)(89,493)(186,357)
Other income/(expenses), net
6261(37)24,673
Operating profit before financing costs
34,73133,34786,579
Finance income
181530
Finance expenses
(5,188)(4,443)(9,411)
Net finance costs
(5,170)(4,428)(9,381)
Share of profit/(losses) from associates
7297(443)(784)
Share of profit/(losses) from joint ventures
6(4,883)1,404(245)
Profit before tax
24,97529,88076,169
Income tax expense
2(7,473)(7,098)(13,815)
Profit for the period
17,50222,78262,354
Earnings per share from profit attributable to the equity holders
of the Company during the period
Basic earnings per share (in cents)
14.218.951.4
Diluted earnings per share (in cents)
13.718.149.6
Consolidated income statement
For the six months ended 31 December 2018 (Unaudited)

0908 thl Interim Report 2019
Consolidated statement of comprehensive income
For the six months ended 31 December 2018 (Unaudited)
NOTES
UNAUDITED
6 MONTHS TO
DEC 2018
$000’s
UNAUDITED
6 MONTHS TO
DEC 2017
$000’s
AUDITED
12 MONTHS TO
JUN 2018
$000’s
Profit for the period
17,50222,78262,354
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation movement (net of tax)
12(1,964)4,52711,419
Cash flow hedge reserve movement (net of tax)
(1,130)5141,825
Other comprehensive income/(loss) for the period net of tax
(3,094)5,04113,244
Total comprehensive income for the period attributable to
equity holders of the Company14,40827,82375,598
The accompanying notes form part of, and should be read in conjunction with, these financial statements.

1110 thl Interim Report 2019
Consolidated statement of changes in equity
For the six months ended 31 December 2018 (Unaudited)
UNAUDITEDNOTES
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 2018
180,80659,725(838)10,318250,011
Comprehensive income
Net profit for the six months ended 31 December 2018
–17,502––17,502
Other comprehensive income
Cash flow hedge reserve movement (net of tax)
––(1,130)–(1,130)
Foreign currency translation reserve (net of tax)
12
–––(1,964)(1,964)
Total comprehensive income
–17,502(1,130)(1,964)14,408
Transactions with owners
Dividends on ordinary shares
3–(17,243)––(17,243)
Issue of ordinary shares
3,297–––3,297
Transfer from employee share scheme reserve
6––(6)–
Employee share scheme reserve
–––185185
Total transactions with owners
3,303(17,243)–179(13,761)
Closing balance as at 31 December 2018
184,10959,984(1,968)8,533250,658
UNAUDITEDNOTES
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 six months ended 31 December 2017
–22,782––22,782
Other comprehensive income
Cash flow hedge reserve movement (net of tax)
––514–514
Foreign currency translation reserve movement (net of tax)
12–––4,5274,527
Total comprehensive income
–22,7825144,52727,823
Transactions with owners
Dividends on ordinary shares
3–(13,234)––(13,234)
Issue of ordinary shares
3,556–––3,556
Employee share scheme reserve
–––160160
Total transactions with owners
3,556(13,234)–160(9,518)
Closing balance as at 31 December 2017
174,79736,100(2,149)3,501212,249
The accompanying notes form part of, and should be read in conjunction with, these financial statements.

1110 thl Interim Report 2019
Consolidated statement of changes in equity (continued)
For the six months ended 31 December 2018 (Unaudited)
AUDITEDNOTES
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
–62,354––62,354
Other comprehensive income
Cash flow hedge reserve movement (net of tax)
––1,825–1,825
Foreign currency translation reserve movement (net of tax)
12–––11,41911,419
Total comprehensive income
–62,3541,82511,41975,598
Transactions with owners
Dividends on ordinary shares
3–(29,181)––(29,181)
Issue of ordinary shares
9,324–––9,324
Transfer from employee share scheme reserve
241––(241)–
Employee share scheme reserve
–––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
The accompanying notes form part of, and should be read in conjunction with, these financial statements.

1312 thl Interim Report 2019
Consolidated statement of financial position
As at 31 December 2018 (Unaudited)
NOTES
UNAUDITED
DEC 2018
$000’s
UNAUDITED
DEC 2017
$000’s
AUDITED
JUN 2018
$000’s
Assets
Non-current assets
Property, plant and equipment
4379,094336,917384,160
Intangible assets
44,23942,15644,647
Derivative financial instruments
10664–1,472
Advance to and investments in joint ventures
652,4496,39352,410
Investments in associates
74,366 4,0704,188
Total non-current assets
480,812389,536486,877
Current assets
Cash and cash equivalents
4,72013,47313,534
Trade and other receivables
32,20645,31226,647
Inventories
49,44042,06149,788
Advance to joint ventures
657827850
Taxation receivable
4,9472,467–
Derivative financial instruments
103962291
Assets held for sale
– 12,765–
Total current assets
91,930116,16791,110
Total assets
572,742505,703577,987
Equity
Share capital
184,109174,797180,806
Other reserves
8,5333,50110,318
Cash flow hedge reserve
(1,968)(2,149)(838)
Retained earnings
59,98436,10059,725
Total equity
250,658212,249250,011
Liabilities
Non-current liabilities
Interest-bearing loans and borrowings
8211,198169,371212,102
Derivative financial instruments
103,2463,0332,916
Deferred income tax liability
32,55422,07523,053
Total non-current liabilities
246,998194,479238,071
Current liabilities
Interest bearing loans and borrowings
819,07822,545221
Trade and other payables
23,07334,21151,946
Revenue in advance
24,46929,97224,565
Employee benefits
6,8747,7888,409
Derivative financial instruments
1015329–
Current tax liabilities
1,4392,1364,764
Liabilities directly associated with assets classified as held for sale
–2,294–
Total current liabilities
75,08698,97589,905
Total liabilities
322,084293,454327,976
Total equity and liabilities
572,742505,703577,987
The accompanying notes form part of, and should be read in conjunction with, these financial statements.

1312 thl Interim Report 2019
Consolidated statement of cash flows
For the six months ended 31 December 2018 (Unaudited)
NOTES
UNAUDITED
6 MONTHS TO
DEC 2018
$000’s
UNAUDITED
6 MONTHS TO
DEC 2017
$000’s
AUDITED
12 MONTHS TO
JUN 2018
$000’s
Cash flows from operating activities
Receipts from customers
137,125123,379278,145
Proceeds from sale of goods
62,93573,078152,790
Interest received
181530
Payments to suppliers and employees
(105,268)(92,580)(212,601)
Purchase of rental assets
(88,834)(85,724)(178,096)
Interest paid
(5,188)(4,443)(9,411)
Taxation paid
(7,926)(4,348)(6,254)
Net cash flows (used in)/from operating activities
(7,138)9,37724,603
Cash flows from investing activities
Sale of property, plant and equipment
4–51,240
Advance to joint ventures
6(1,500)–(456)
Receipts from joint ventures
6397367–
Purchase of property, plant and equipment
4(1,194)(2,004)(2,618)
Purchase of intangibles
(18)(459)(1,985)
Dividends received from associate and joint ventures
––250
Investments in associates and joint ventures
(3,279)(100)(9,393)
Net cash used in investing activities
(5,594)(2,191)(12,962)
Cash flows from financing activities
Net proceeds from borrowings
817,9429,82015,343
Dividends paid
3(14,120)(9,789)(22,858)
Proceeds from share issue
100–2,805
Net cash flows from/(used in) financing activities
3,92231(4,710)
Net (decrease)/increase in cash equivalents
(8,810)7,2176,931
Opening cash and cash equivalents
13,5346,1176,117
Exchange gains/(losses) on cash and cash equivalents
(4) 139486
Closing cash and cash equivalents
4,72013,47313,534
The accompanying notes form part of, and should be read in conjunction with, these financial statements.

1514 thl Interim Report 2019
Notes to the consolidated financial statements
Index to notes to the consolidated financial statements
Note
About this report 15
Section A – Financial performance 18
1 Segment note 18
2 Income tax expense 20
3 Dividends 20
Section B – Assets used to generate profit 21
4 Property, plant and equipment acquired and sold
during the six month period 21
5 Capital commitment 22
Section C – Investments 23
6 Joint ventures 23
7 Investments in associates 25
Section D – Managing fund and risk 26
8 Borrowings 26
9 Seasonality of business 26
10 Financial risk management 26
Section E – Other 28
11 Related party transactions 28
12 Foreign currency translation reserve 30
13 Contingencies 30
14 Events after the reporting period 30

1514 thl Interim Report 2019
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 interim consolidated financial statements of the Group
have been prepared:
• in accordance with Generally Accepted Accounting Practice
in New Zealand (NZ GAAP). They comply with NZ IAS 34
Interim Financial Reporting and consequently do not include
all the information required for full financial statements.
These condensed Group interim financial statements should
be read in conjunction with the annual report for the year
ended 30 June 2018;
• in accordance with the requirements of Part 7 of
the Financial Markets Conduct Act 2013 and the
NZX 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.
These condensed interim financial statements were approved
for issue on 25 February 2019.
These condensed interim financial statements have not
been audited.
Throughout most months during the financial year, the Group
has net current liabilities excluding assets held for sale. This
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 cash flow.
Critical accounting estimates and judgement
The preparation of interim financial statements requires
management to make judgements, estimates and
assumptions that affect the application of accounting policies
and the reported amounts of assets and liabilities, income and
expenses. Actual results may differ from these estimates.
The estimates used in the preparation of these interim
financial statements are consistent with those used in the
30 June 2018 annual financial statements.
Changes to accounting policies
The accounting policies used in the preparation of these
interim financial statements are consistent with those used
in the 30 June 2018 annual financial statements, except as
disclosed below.
Issued standards and amendments effective from 1 July 2018
The following accounting standards and amendments to
existing standards are effective and have been 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. 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.
The Group has applied NZ IFRS 9 retrospectively but has
elected not to restate comparative information. As a
result, the comparative information provided continues to
be accounted for in accordance with the Group’s previous
accounting policy.
Impact on adoption
The classification and measurement of financial assets were
aligned with NZ IFRS 9 but there was no impact on the
reported balances. There was no impact on the classification
and measurement of financial liabilities. The expected credit
loss provision did not change from the provision for impairment
of receivables as recognised under NZ IAS 39.
The interest rate swaps in place as at 30 June 2018 qualified
as cash flow hedges under NZ IFRS 9. The Group’s risk
management strategies and hedge documentation are aligned
with the requirements of NZ IFRS 9 and these relationships
are, therefore, treated as continuing hedges. Accordingly there
was no impact.
Notes to the consolidated financial statements (continued)

1716 thl Interim Report 2019
Notes to the consolidated financial statements (continued)
About this report (continued)
a. Classification of financial assets
From 1 July 2018, the Group classifies its financial assets
in the following measurement categories:
• those to be measured subsequently at fair value (either
through Other Comprehensive Income (OCI) or through
profit or loss), and
• those to be measured at amortised cost.
The classification depends on the business model for
managing the financial assets and the contractual terms
of the cash flows.
The Group reclassifies debt investments when, and only when,
its business model for managing those assets changes.
b. Measurement of financial assets
At initial recognition, the Group measures a financial asset at
its fair value plus, in the case of a financial asset not at fair
value through profit or loss (FVPL), transaction costs that are
directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are
expensed in profit or loss.
Debt instruments
Subsequent measurement of debt instruments depends on the
Group’s business model for managing the asset and the cash
flow characteristics of the asset. There are three measurement
categories into which the Group classifies its debt instruments:
Amortised cost: Assets that are held for collection of
contractual cash flows, where those cash flows represent solely
payments of principal and interest, are measured at amortised
cost. Interest income from these financial assets is included in
finance income using the effective interest rate method. Any
gain or loss arising on derecognition is recognised directly in
profit or loss and presented in other gains/(losses) together
with foreign exchange gains and losses. Impairment losses
are presented as separate line item in the statement of profit
or loss.
FVOCI: Assets that are held for collection of contractual cash
flows and for selling the financial assets, where the assets’ cash
flows represent solely payments of principal and interest, are
measured at FVOCI. Movements in the carrying amount are
taken through OCI, except for the recognition of impairment
gains or losses, interest income and foreign exchange gains and
losses, which are recognised in profit or loss. When the financial
asset is derecognised, the cumulative gain or loss previously
recognised in OCI is reclassified from equity to profit or loss
and recognised in other gains/(losses). Interest income from
these financial assets is included in finance income using the
effective interest rate method. Foreign exchange gains and
losses are presented in other gains/(losses) and impairment
expenses are presented as separate line item in the statement
of profit or loss.

FVPL: Assets that do not meet the criteria for amortised
cost or FVOCI are measured at FVPL. A gain or loss on a
debt investment that is subsequently measured at FVPL is
recognised in profit or loss and presented net within other
gains/(losses) in the period in which it arises.
c. Impairment of trade and other receivables
From 1 July 2018, the Group assesses, on a forward looking
basis, the expected credit losses associated with its trade and
other receivables which are carried at amortised cost. The
impairment methodology applied depends on whether there
has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified
approach permitted by NZ IFRS 9, which requires expected
lifetime losses to be recognised from initial recognition of
the receivables. To measure the expected credit losses, trade
receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates
are based on the historical credit losses experienced. Where
appropriate, the historical loss rates are adjusted to reflect
current and forward-looking information.
(ii) NZ IFRS 15 ‘Revenue from contracts with customers’
Effective 1 July 2018, the Group adopted NZ IFRS 15
‘Revenue from Contracts with Customers’ on a modified
retrospective basis.
Based on the assessment performed by the Group, there is
no material impact of the revised standard on the Group’s
revenue recognition and accordingly no transition adjustments
have been made. The majority of revenue earned by the Group
is derived from the satisfaction of one or more performance
obligations, which are satisfied at or over a similar period: the
sale of goods relate to the satisfaction of a single performance
obligation at a point in time; whilst sale of services can
comprise various performance obligations, which satisfaction
may occur evenly over the period or at a point in time and is
recognised accordingly. In relation to the contract price, it has
been determined that there are no material changes under
NZ IFRS 15 to the accounting for discounts, or any other
variable consideration. It has also been determined that there
are no significant financing components as part of the Group’s
sales arrangements.
Impact on adoption
In regards to the rental of motorhomes, a lease component has
been identified and accordingly this portion of revenue will be
recognised under NZ IAS 17 (prior to adoption of NZ IFRS 16), as
opposed to under NZ IFRS 15. This does not have any impact on
revenue recognition, however does affect the disclosure thereof.
For the six months ended 31 December 2018, Sales of services
includes $100,359k of revenue which is recognised under NZ IAS
17, and $43,959k of revenue that is recognised under NZ IFRS 15.
Sale of goods
The Group sells a range of motorhomes, accessories and retail
merchandise. Sales are recognised when control of the goods
has transferred, being when the goods are handed over to the
customer and the customer has the ability to direct the use of
the goods.

1716 thl Interim Report 2019
Notes to the consolidated financial statements (continued)
About this report (continued)
Revenue from these sales is recognised based on the price
specified in the contract, net of the estimated discounts or
other promotions. Accumulated experience is used to estimate
and provide for the discounts, using the expected value
method, and revenue is only recognised to the extent that
it is highly probable that a significant reversal will not occur.
Sale of services
Sale of services includes revenue from wi-fi, accessories
and additional services relating to the rental of motorhomes
and the sale of tourism experiences (for Kiwi Experience
and Waitomo).
Sales of services are recognised in the accounting period in
which the performance obligation is satisfied, being when
the customer obtains the benefit from the service.
Rental Revenue (in accordance with NZ IAS 17)
Rental revenue is recognised in the accounting period in which
the services are rendered, by reference to completion of the
specific transaction. Where the rental covers a period of
more than one day, revenue is recognised on a straight-line
basis 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.
The following accounting standards and amendments to
existing standards are not yet effective and have not been
early adopted by the Group:
(iii) NZ IFRS 16, Leases 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.
The Group is currently assessing the full impact of the new
standard. It is expected that it will result in the recognition
of a material right of use asset and lease liability on the
consolidated statement of financial position. There will also be
a corresponding increase in depreciation and interest expense,
with a reduction in operating lease expense on the consolidated
income statement.

1918 thl Interim Report 2019
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 Discover 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
Notes to the consolidated financial statements (continued)
NEW ZEALAND
SIX MONTHS TO DECEMBER 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
38,47018,43836,96850,442–144,318
Sales of goods
22,695–8,50931,731–62,935
Revenue from external customers
61,16518,43845,47782,173–207,253
Depreciation
(9,276)(765)(7,378)(7,221)(89)(24,729)
Amortisation
(50)(344)(17)1(145)(555)
Other costs
(44,795)(12,884)(29,899)(56,514)(3,146)(147,238)
Operating profit/(loss) before interest and tax
7,0444,4458,18318,439(3,380)34,731
Interest income
––75618
Interest expense
(4)–(393)(1,268)(3,523)(5,188)
Share of profit/(loss) from joint ventures
and associates––––(4,586)(4,586)
Operating profit/(loss) before tax
7,0404,4457,79717,176(11,483)24,975
Taxation
(1,971)(1,311)(2,340)(4,976)3,125(7,473)
Operating profit/(loss) – after interest and tax
5,0693,1345,45712,200(8,358)17,502
Capital expenditure
42,65424117,4955,5617166,022
Total non-current assets
175,24824,35889,386133,10058,720480,812
Total assets
203,97427,929109,170166,82564,844572,742
Net funds employed
173,35420,52379,704143,33659,297476,214

1918 thl Interim Report 2019
1. Segment note (continued)
NEW ZEALAND
SIX MONTHS TO DECEMBER 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
35,72218,25834,18447,663161135,988
Sales of goods
21,076–7,47344,529–73,078
Revenue from external customers
56,79818,25841,65792,192161209,066
Depreciation
(7,930)(824)(7,083)(5,951)(99)(21,887)
Amortisation
(183)(333)(16)–(185)(717)
Other costs
(42,102)(12,399)(28,490)(67,438)(2,686)(153,115)
Operating profit/(loss) before interest and tax
6,5834,7026,06818,803(2,809)33,347
Interest income
––43815
Interest expense
(15)–(496)(962)(2,970)(4,443)
Share of profit/(loss) from joint ventures
and associates––––961961
Operating profit/(loss) before tax
6,5684,7025,57617,844(4,810)29,880
Taxation
(1,839)(1,385)(1,673)(3,017)816(7,098)
Operating profit/(loss) – after interest and tax
4,7293,3173,90314,827(3,994)22,782
Capital expenditure
35,55634120,4929,41686366,668
Total non-current assets
157,01425,96487,863107,24511,450389,536
Total assets
197,36230,613108,049144,08325,596505,703
Net funds employed
157,31523,45878,764112,40218,753390,692
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. Investments in associates and joint ventures, assets held for sale and derivatives designated as hedges of borrowings are
included in “Other” as they are not allocated to specific segments. Net funds employed are total assets less segment non interest
bearing liabilities and cash on hand.
Notes to the consolidated financial statements (continued)

2120 thl Interim Report 2019
2. Income tax expense
Income tax expense is recognised based on management’s estimate of the weighted average annual income tax rate expected
for the full financial year.
In December 2017, a new corporate tax rate was enacted in the United States. Consequently, as of 1 January 2018, the corporate
tax rate in the United States was reduced from 35% to 21%. This change resulted in a gain of USD$1.3M related to the
re-measurement of deferred tax assets and liabilities of the Group’s US subsidiaries being recognised during the six month
period ended 31 December 2017.
3. Dividends
During the six months ended 31 December 2018 the Group paid dividends of $17,243k (14 cents per share). The final and 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.
Under the Dividend Reinvestment Plan, 590,065 ordinary shares were issued in October 2018 at an issue price of $5.283 per share
to shareholders who elected to participate in the scheme. 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 scheme.
Notes to the consolidated financial statements (continued)

2120 thl Interim Report 2019
Section B – Assets used to generate profit
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 and the Waitomo Caves Homestead.
4. Property, plant and equipment acquired and sold during the six month period
MOTORHOMES
$000’s
OTHER PLANT &
EQUIPMENT
$000’s
CAPITAL WORK
IN PROGRESS
$000’s
TOTAL
$000’s
Period ended 31 December 2018
At 1 July 2018
362,80024,25329,007416,060
Additions and transfers from work in progress (net)
80,2811,032(15,291)66,022
Disposals
(45,136)(154)–(45,290)
Exchange differences
(2,527)(17)–(2,544)
Depreciation charge
(22,139) (2,590)–(24,729)
Closing net book amount
373,279 22,52413,716409,519
As at 31 December 2018
Cost
470,29951,21413,716535,229
Accumulated depreciation
(97,020)(28,690)–(125,710)
Net book amount
373,27922,52413,716409,519
Reclassification of motorhomes to inventory at balance date
Cost
42,467––42,467
Accumulated depreciation
(12,042)––(12,042)
Net book amount
30,425––30,425
Closing net book amount post reclassification
342,85422,52413,716379,094
Period ended 31 December 2017
At 1 July 2017
311,13428,12322,549361,806
Additions and transfers from work in progress (net)
74,9251,010(9,267)66,668
Disposals
(51,357)(65)–(51,422)
Transfer to assets held for sale
–(1,037)(1,780)(2,817)
Exchange differences
7,027371(2)7,396
Depreciation charge
(19,135)(2,752)–(21,887)
Closing net book amount
322,59425,65011,500359,744
As at 31 December 2017
Cost
405,70149,25711,500466,458
Accumulated depreciation
(83,107)(23,607)–(106,714)
Net book amount
322,59425,65011,500359,744
Reclassification of motorhomes to inventory at balance date
Cost
31,530––31,530
Accumulated depreciation
(8,703)––(8,703)
Net book amount
22,827––22,827
Closing net book amount post reclassification
299,76725,65011,500336,917
Notes to the consolidated financial statements (continued)

2322 thl Interim Report 2019
5. Capital commitment
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:
DEC 2018
$000’s
DEC 2017
$000’s
JUN 2018
$000’s
Property, plant and equipment
150,642148,01467,567
Notes to the consolidated financial statements (continued)

2322 thl Interim Report 2019
In this section
thl’s investments comprise subsidiaries, associates and joint ventures. This section explains the investments held by thl,
providing additional information, such as analysis of thl’s associates and joint ventures.
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.
6. 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.
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.
A further investment of $3,279k was made in November 2018.
The Group’s share of losses from TH2 for the six months ended 31 December 2018 was $5,446k and is in line with the planned
business case. A formal valuation of the investment will be performed before 30 June 2019.
The Group’s recognised interest in TH2
The following table sets out the Group’s interest in TH2:
DEC 2018
$000’s
JUN 2018
$000’s
Fair Value of Investment in TH2 initially recognised
38,97638,976
Subsequent investment in TH2
8,4715,192
Profit/(losses) recognised against the investment balance
(8,118)(2,672)
Foreign exchange revaluation gain
3,9203,652
Net investment recognised
43,24945,148
Advance opening balance
819–
Net cash advances/(repayment) during the period
(255)819
Advance closing balance
564819
Net Interest in TH2
43,81345,967
DEC 2018
$000’s
JUN 2018
$000’s
Non-current
43,24945,148
Current
564819
43,813 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.
Section C – Investments
Notes to the consolidated financial statements (continued)

2524 thl Interim Report 2019
6. Joint ventures (continued)
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 11). 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.
In August 2018, AMLP acquired the business and assets of Fairfax Industries (2011) Limited, an Auckland based truck and trailer
manufacturer, for $5.1M.
The Group’s recognised interest in AMLP
The following table sets out the Group’s interest in AMLP:
DEC 2018
$000’s
DEC 2017
$000’s
JUN 2018
$000’s
Investment in AMLP
250250250
Profits recognised against the investment balance
7,8256,1437,262
Distribution received from accumulated earnings
(250)–(250)
Net investment recognised
7,8256,3937,262
Advance opening balance
31394394
Net cash advances/(repayment) during the period
1,358(367)(363)
Advance closing balance
1,3892731
Net interest in AMLP
9,2146,4207,293
DEC 2018
$000’s
DEC 2017
$000’s
JUN 2018
$000’s
Non-current
9,2006,3937,262
Current
142731
9,214 6,4207,293
As part of AMLP’s acquisition of Fairfax Industries (2011) Limited in August 2018, the Group advanced a loan of $1.5M to AMLP.
Interest is payable on the advance at a rate of 5.35%.
Roadtrippers Australasia
Prior to its contribution to TH2, thl had a 50% joint venture investment in Roadtrippers Australasia. The other 50% partner was
Roadtrippers USA.
The Group’s recognised interest in Roadtrippers Australasia
The following table sets out the Group’s interest in Roadtrippers Australasia:
DEC 2018
$000’s
DEC 2017
$000’s
JUN 2018
$000’s
Investment in Roadtrippers Australasia
–1,8291,879
Profit/(losses) recognised against the investment balance
–(518)(603)
Investment contributed to TH2
––(1,276)
Net interest in Roadtrippers Australasia
–1,311–
At 31 December 2017, the investment was classified as an asset held for sale.
Total advance to and investments in joint ventures
DEC 2018
$000’s
DEC 2017
$000’s
JUN 2018
$000’s
Non-current
52,4496,39352,410
Current
5781,338850
53,0277,73153,260
Notes to the consolidated financial statements (continued)

2524 thl Interim Report 2019
In December 2016, the Group acquired a shareholding of 23.0% of Roadtrippers USA. The investment in Roadtrippers USA was
contributed to TH2 during the 2018 financial year. Accordingly at 31 December 2017, the investment was classified as an asset
held for sale.
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:
DEC 2018
$000’s
DEC 2017
$000’s
JUN 2018
$000’s
Just go
4,3664,0704,188
Roadtrippers USA
–6,922–
Total
4,36610,9924,188
The share of profits/(losses) recognised in the income statement are as follows:
6 MONTHS TO
DEC 2018
$000’s
6 MONTHS TO
DEC 2017
$000’s
12 MONTHS TO
JUN 2018
$000’s
Just go
297279204
Roadtrippers USA (to 28 February 2018)
–(722)(988)
Total
297(443)(784)
7. Investments in associates
Notes to the consolidated financial statements (continued)

2726 thl Interim Report 2019
Section D – Managing funding and risk
Notes to the consolidated financial statements (continued)
In this section
This section summarises thl’s funding sources and financial risks.
8. Borrowings
DEC 2018
$000’s
DEC 2017
$000’s
JUN 2018
$000’s
Non-current
211,198169,371212,102
Current
19,07822,545221
230,276 191,916212,323
The Group has the following undrawn borrowing facilities:
DEC 2018
$000’s
DEC 2017
$000’s
JUN 2018
$000’s
Expiring within one year
11,0007,964–
Expiring beyond one year
42,72246,32625,734
53,722 54,29025,734
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.
An additional $30M facility was approved in August 2018 to support the FY19 investments into fleet and TH2. The maturity date
of this facility is September 2019. Furthermore, an additional facility of $20M was approved in February 2019 with a maturity
date of July 2020.
9. Seasonality of business
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 31 December 2018 is not representative of all risks faced during the year.
10. Financial risk management
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).

2726 thl Interim Report 2019
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 period.
Recurring fair value measurements
The following financial instruments are subject to recurring fair value measurements:
DEC 2018DEC 2017JUN 2018
ASSETS
$000’s
LIABILITIES
$000’s
ASSETS
$000’s
LIABILITIES
$000’s
ASSETS
$000’s
LIABILITIES
$000’s
Derivative financial instruments
(Level 2)7033,399623,0621,7632,916
10. Financial risk management (continued)
Notes to the consolidated financial statements (continued)

2928 thl Interim Report 2019
Section E – Other
Notes to the consolidated financial statements (continued)
In this section
This section includes the remaining information relating to thl’s financial statements, which is required to comply with financial
reporting standards.
11. Related party transactions
Key management compensation
6 MONTHS TO
DEC 2018
$000’s
6 MONTHS TO
DEC 2017
$000’s
12 MONTHS TO
JUN 2018
$000’s
Salaries and other short term employee benefits
3,9163,2095,406
Share based payments benefits
185160326
The above includes the CEO, direct reports to the CEO and direct reports to the COO. Total positions included above are 16
(31 December 2017: 15; 30 June 2018: 15).
Executive management do not receive any directors’ fees as directors of subsidiary companies.
Directors’ fees (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
Graeme Wong, Debra Birch and Cathy Quinn have elected to receive 33% of their director fees in shares. Shares issued in
lieu of directors’ fees are as follows.
DEC 2018DEC 2017 JUN 2018
No. of shares issued in lieu of cash (000's)
143142
Value of shares issued in lieu of cash ($000's)
74145214
Accrued value of shares yet to be issued in lieu of cash ($000's)
433736
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.
6 MONTHS TO
DEC 2018
$000’s
6 MONTHS TO
DEC 2017
$000’s
12 MONTHS TO
JUN 2018
$000’s
Payments to Supreme including purchase of motorhomes and caravans
14261274
Cathy Quinn (Non–executive Director)
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:
6 MONTHS TO
DEC 2018
$000’s
6 MONTHS TO
DEC 2017
$000’s
12 MONTHS TO
JUN 2018
$000’s
Legal services
290205460

2928 thl Interim Report 2019
11. Related party transactions (continued)
Notes to the consolidated financial statements (continued)
Grant Brady (shareholder and director of Alpine Bird (New Zealand) Limited)
Grant Brady, Managing Director of Action Manufacturing, is a minority shareholder and director of Bush Road Enterprises 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:
6 MONTHS TO
DEC 2018
$000’s
6 MONTHS TO
DEC 2017
$000’s
12 MONTHS TO
JUN 2018
$000’s
Cost of sub-licenses and operating expenses
303297599
Action Manufacturing LP
Grant Brady is a shareholder in another entity, Alpine Bird Manufacturing Limited, which 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. The transactions between AMLP and thl are set out in the table below:
6 MONTHS TO
DEC 2018
$000’s
6 MONTHS TO
DEC 2017
$000’s
12 MONTHS TO
JUN 2018
$000’s
Purchase of motorhomes by the Group from the joint venture
27,87833,31557,105
Sales of vehicles by the Group to the joint venture
457–716
Interest charged to the joint venture
66–
Net interest in Action Manufacturing LP (note 6)
9,2146,4207,293
At 30 June 2018, $15,608k (June 2017:$9,814k) was outstanding under a Documentary Letter of Credit in favour of AMLP. This
amount is included in the purchase of motorhomes shown above, and the outstanding amount is included in ‘trade and other
payables’. At 31 December 2018 and 31 December 2017 the amounts outstanding were nil.
Just go
During the six months ended 31 December 2018 the Group purchased motorhomes from Just go with a value of $12,027k
(six months ended December 2017: $4,808k; year ended 30 June 2018: $5,743k).
Schork Family
As part of the consideration for the acquisition of El Monte Rents Inc in January 2017, the Group issued 3,384,266 ordinary
shares to entities associated with the Schork family. Tucker and Todd Schork have been contracted by El Monte Rents Inc to assist
with the transfer to thl management. An entity associated with the Schork family provides warranties to customers of El Monte
Rents Inc, the total amount paid by customers during the six months ended 31 December 2018 was $207k (six months ended
31 December 2017: $248k; year ended 30 June 2018: $475k). 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:
6 MONTHS TO
DEC 2018
$000’s
6 MONTHS TO
DEC 2017
$000’s
12 MONTHS TO
JUN 2018
$000’s
Rental and operating lease costs
1,5991,4252,896
TH2Connect
As part of the investment in TH2Connect, 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:
6 MONTHS TO
DEC 2018
$000’s
6 MONTHS TO
DEC 2017
$000’s
4 MONTHS TO
JUN 2018
$000’s
Cosmos development costs charged by TH2
574–632
Support services provided by thl
139–130
Net interest in TH2Connect (note 6)
43,249–45,967

3130 thl Interim Report 2019
Notes to the consolidated financial statements (continued)
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:
DEC 2018
$000’s
DEC 2017
$000’s
JUN 2018
$000’s
NZD/AUD
0.95200.93360.9180
NZD/USD
0.67130.72960.6741
NZD/GBP
0.52900.54110.5158
13. Contingencies
The Group has been subject to an investigation by the Victorian State Revenue Authority. As a result, the Authority has raised
a tax demand for approximately AU$2.5M up to March 2018 (including penalties and interest). The Group would receive a tax
benefit of AU$622k if the assessment was paid in full, and therefore the net cost after tax would be AU$1.9M. The Group is
pursuing its rights of objection and appeal and the directors believe that a favourable outcome is probable. If unsuccessful there
will also be an ongoing increase in costs for the Australian business but these will not be material to the Group.
14. Events after the reporting period
14.1 Interim dividend
A dividend was declared after balance date at 13 cents per share payable on 16 April 2019.
14.2 Banking Facility
In February 2019 an additional $20M loan facility was approved with a maturity date of July 2020.
12. Foreign currency translation reserve

3130 thl Interim Report 2019
Corporate information
Directors
Rob Campbell
Debbie Birch
Rob Hamilton
Kay Howe
Cathy Quinn
Gráinne Troute
Graeme Wong
Executives
Grant Webster – Chief Executive Officer
Jennifer Bunbury – Chief Financial Officer
Jo Allison – Chief Operating Officer
Keith Chilek – CEO Cosmos
David Simmons – CEO Mighway and TOGO
Registered office
Level 1
83 Beach Road
Auckland 1010
New Zealand
Share register
Tourism Holdings Limited shares are listed
on the New Zealand Stock Exchange (NZX)
Auditors
PricewaterhouseCoopers
Auckland, New Zealand
Solicitors
Minter Ellison Rudd Watts
Auckland, New Zealand
Bankers
ANZ Bank New Zealand Limited
Australia and New Zealand Banking
Group Limited
Westpac New Zealand Limited
Westpac Banking Corporation
The Hongkong and Shanghai Banking
Corporation Limited
Campervan. 4WD. Car Rentals
®

3332 thl Interim Report 2019

3332 thl Interim Report 2019

2019 Interim Report

---

FY19 Interim Results Presentation
OUR
JOURNEY
CONTINUES.

FY19 INTERIM RESULTS PRESENTATION
DISCLAIMER
2
This presentation contains forward-looking statements and projections. These reflect thl’s current expectations, based on what
it thinks are reasonable assumptions. The statements are based on information available to thlat the date of this presentation
and are not guarantees or predictions of future performance. For any number of reasons, the future could be different and the
assumptions on which the forward-looking statements and projections are based could be wrong. thlgives no warranty or
representation as to its future financial performance or any future matter. Except as required by law or NZX listing rules, thlis
not obliged to update this presentation after its release, even if things change materially. Past performance information given
in this presentation is given for illustrative purposes only and should not be relied upon as an indication of future performance.
This presentation has been prepared for publication in New Zealand and may not be released or distributed in the
United States.
This presentation is for information purposes only and does not constitute financial advice. It is not an offer of securities, or a
proposal or invitation to make any such offer, in the United States or any other jurisdiction, and may not be relied upon in
connection with any purchase of thlsecurities. thlsecurities have not been, and will not be, registered under the US
Securities Act of 1933 and may not be offered or sold in the United States, except in transactions exempt from, or not subject
to, the registration of the US Securities Act and applicable US State securities laws.
This presentation may contain a number of non-GAAP financial measures. Because they are not defined by NZ GAAP or
IFRS, thl’s calculation of these measures may differ from similarly titled measures presented by other companies and they
should not be considered in isolation from, or construed as an alternative to, other financial measures determined in
accordance with NZ GAAP.
This presentation does not take into account any specific investors objectives and does not constitute financial or investment
advice. Investors are encouraged to make an independent assessment of thl. The information contained in this presentation
should be read in conjunction with thl’s latest financial statements, which are available at: www.thlonline.com

FY19 INTERIM RESULTS PRESENTATION
IMPORTANT NOTES
3
One-off events
•This presentation contains comparisons of results
against the prior corresponding period, being the
six month period ending 31 December 2017.
•As a result of a reduction in the corporate tax rate
in the USA from 35% to 21%, enacted in
December 2017, the H1 FY18 result contained a
non-recurring gain of NZD$1.8M, which related to
the re-measurement of deferred tax assets and
liabilities of thlGroup’s US subsidiaries.
General
•All financials are in NZ dollars unless stated otherwise
(throughout presentation).
•All comparisons are against prior corresponding period
(pcp).
•The average NZD:AUD cross-rate (average of the six
month rates) for H1 FY19 was 0.9251 (H1 FY18
0.9395).
•The average NZD:USD cross-rate (average of the six
month rates) for H1 FY19 was 0.6705 (H1 FY18
0.7335).

FY19 INTERIM RESULTS PRESENTATION
H1 FY19 FINANCIAL HIGHLIGHTS
4
AS AT 31 DECEMBER 2018
WHERE
WE ARE.
H1
FY18
H1
FY19
REVENUE
(RENTALS &
SERVICES)
DIGITAL
INVESTMENT
LOSSES
3
$136.0M
$73.1M
$144.3M
$62.9M-$5.4M
+6%
-14%
H1
FY18
H1
FY19
INTERIM
DIVIDEND
1
TOTAL NET PROFIT
AFTER TAX (NPAT)
EXCLUDING NON-
RECURRING ITEMS
EARNINGS
BEFORE
INTEREST AND
TAX (EBIT)
13cps
$21.0M
2
$33.3M
13cps
$17.5M
$34.7M
-17%
+4%
Note:1) 50% imputed; 2) Excludes $1.8M non-recurring benefit of re-measurement of deferred tax balances; 3) In H1 FY18 this includes losses incurred in Mighway and Roadtrippers. In H1 FY19 this
includes losses incurred in thl’s 50% equity investment in TH2.
-$2.4M
REVENUE
(VEHICLE SALES)

FY19 INTERIM RESULTS PRESENTATION
5
KEY POINTS TO NOTE
•Earnings Before Interest & Tax (EBIT) growth of 4%, despite USA vehicle sales underperformance.
•Net profit after tax, excluding non-recurring item, down 17% -reflecting increased losses in TH2.
•The New Zealand rentals & sales business had a record result -with EBIT growth of 7% on the pcp,
which also included the 2018 Lions Tour.
•Vehicle sales revenue declined by 14% compared to the pcp, driven by a decline in USA vehicle
sales.
•TH2 investment is on track and showing positive early signs and prospects.
•Interim dividend of 13 cents per share declared with an intention to declare a full-year FY19 dividend
of 14 cps in line with FY18.
•thl’s FY19 full year NPAT forecast now expected to be around NZ$32M (excluding potential impact
of AU$2.5M pre-tax Australian tax issue disclosed at 2018 Annual Meeting), from previous guidance
of $32M -$34M.

FY19 INTERIM RESULTS PRESENTATION
STRATEGIC UPDATE & DIRECTION
6
A disciplined core business –we will continue to grow the core
•We continue to expect a profit increase in our core business EBIT, with further opportunities for
improvement in our operating model and an expected recovery in El Monte RV in FY20.
•We are able to manage our fleet capacity and capital expenditure, as required, to respond to a
softening growth rate in international tourism.
•We will continue to explore growth through ancillary revenue streams in all of our jurisdictions, by
leveraging our existing infrastructure and capabilities.
A digital approach with TH2
•TH2 represents a unique digital opportunity within our industry and we are ensuring that we are
positioned as disruptors and not reactors.
•TH2 is progressing well and we remain confident that it will succeed.
•TH2 now has a strong user base in both Roadtrippers and CamperMate, provides a compelling
product proposition and continues to leverage each of thland Thor’s positions within their respective
markets.
thl’s growth through mergers & acquisitions
•We have been clear about our intention to grow globally and have an ongoing pipeline of M&A
opportunities we are exploring.
•When we last reported, we were confident we would see some transactions of significance by now.
These have not occurred.
•This is simply because we apply the same capital disciplines in assessing M&A opportunities as we
do in our operating business. We will only buy or sell if the price is right and only then –we do not
mind missing chances to reduce value.

FY19 INTERIM RESULTS PRESENTATION
7
MARKET CONTEXT
New Zealand & Australia
•Forward rental booking demand in Australia and New Zealand for the second half of FY19 and early
FY20 has been strong to date, with high single digit growth in revenue.
•We are not heavily reliant on the Chinese market in our New Zealand rentals business. Our main
exposure to the China market within New Zealand is in the Waitomo business.
United States
•There is ongoing competitive price pressure in the USA rentals market –despite this we have strong
forward rental bookings.
Global vehicle sales
•The global vehicle sales environment has declined, as reflected in our half-year results –however, in
recent weeks we have seen signs of improvement and expect this to continue in the second half of
FY19.
•The USA is our primary focus, with New Zealand and Australia performing close to expectations.
•Vehicle sales volumes are down but margins by channel (retail and wholesale) are stable.

FY19 INTERIM RESULTS PRESENTATION
8
•Overall revenue down 1% on prior period.
Within that result, Rentals NZ, Rentals
Australia and Waitomo Group were up, while
Rentals USA and Kiwi Experience were
down.
•Rentals AU the stand-out performer with
EBIT growth of 35%.
•New Zealand Rentals 7% EBIT growth was
also impressive, given the Lions tour benefit
in the pcp.
•Group Support Services (excluding Mighway)
increased by $1.9M to $3.4M. Well over $1M
of these costs were incurred in relation to the
M&A transactionsthat did not proceed.
•JV & associates -TH2 investment of $5.4M
for the period, as planned.
FINANCIAL HIGHLIGHTS
OPERATING PROFIT BEFORE TAX $M
*
\
29.9
25.0
0.5
2.1
(0.4)
(0.3)
(0.6)
(5.5)
(0.7)
–
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Profit Before
Tax H1 FY18
Rentals NZ
Rentals AU
Rentals USA
Tourism Group
Group Services
& Other
JV &
Associates
Interest
Profit Before
Tax H1 FY19
NZ$m
*
* Note: “Other” includes Mighway FY18 losses of $1.3M incurred prior to the
establishment of TH2.
NZD $M
Dec-18
Dec-17
VAR
%
Operating revenue
207.3
209.1
(1.8)
(1%)
Earnings before interest
and tax
34.7
33.3
1.4
4%
Operating profit before tax
25.0
29.9
(4.9)
(16%)
Profit after tax
17.5
22.8
(5.3)
(23%)
NZD $M
Dec-18
Dec-17
VAR
%
Ordinary NPAT
17.5
21.0
(3.5)
(17%)
One-off Deferred Tax Benefit
USA
1.8
(1.8)
(100%)
Profit after tax
17.5
22.8
(5.3)
(23%)

FY19 INTERIM RESULTS PRESENTATION
9
CAPITAL EXPENDITURE –FY19
•FY19 gross CAPEX forecast is
approximately $190M.
•An intentional reduction in CAPEX in
response to lower vehicle sales volumes.
•FY20 gross CAPEX is also expected to be
around $190M.
•FY19 net CAPEX forecast of $60M.
•The reduction in our average fleet age
across recent years has given us the ability
to age our fleet, if required, with minimal
impact.
FLEET SALE PROCEEDS
NET CAPEX
GROSS CAPEX

Net Debt
Net Debt: EBITDA
1
Last year
Last year
FY19 INTERIM RESULTS PRESENTATION
10
•Net debt at 31 December 2018
of $226M, exceeding original
expectations due to the shortfall
in vehicle sales in USA.
•We continue to remain
comfortable with the Net
Debt:EBITDAratio at around
2.0x.
•Our increased debt is asset-
backed ($51M increase in
motorhome assets on the pcp).
•Net debt at the end of FY19 is
expected to be in the range of
$217M -$237M.
BALANCE SHEET
$226M2.0X
$178M
1.7x
Note 1: Net Debt:EBITDAis calculated
using a 12 month EBITDA.
Net debt

Interim Dividend
per share (50% imputed)
FY19 INTERIM RESULTS PRESENTATION
11
•Interim dividend is 50%
imputed.
•Dividend will be eligible for
Dividend Reinvestment Plan
(DRP).
•A discount of 2% is available to
shareholders participating in the
DRP.
•Record date and DRP election
date: 4 April2019.
•Payment date: 16 April2019.
•Timing of future dividends will
be adjusted to better align with
thl’s working capital
requirements and to better
manage debt facilities and
headroom.
•Future interim dividends will be
paid in May (previously April).
Final dividends unchanged and
will remain paid in October.
DIVIDEND
13 cents
Dividends
7
9
10
1313
8
10
11
14
14
FY15FY16FY17FY18FY19
InterimFinalExpected Final

FY19 INTERIM RESULTS PRESENTATION
12
TH2 –KEY HIGHLIGHTS
•TH2 has a goal of becoming the digital platformfor the global RV industry and is well positioned
to deliver to that goal.
•The main purpose is to improve every aspect of RV use and ownership through technology,
through engagement with three key customer segments:
•RV owners
•RV rental customers
•Self-drive customers
•The potential size of these addressable markets globally is extraordinary, with RV owners alone
likely to be around 15 million.* Roadtrippers has an even wider addressable market in all self-
drive tourists.
•The initial geographic focus is in North America and Australasia, leveraging the existing
presence and relationships of each of thland Thor in these markets. Ultimately, TH2 will be a
global offering and made available in Europe and the UK.
* thl’s estimate based on historical RV production statistics in North America, Europe, UK, Australia and New Zealand.

FY19 INTERIM RESULTS PRESENTATION
13
TH2 –KEY HIGHLIGHTS
Mighway
•New Zealand -clear peer-to-peer
market leader, with business
starting to reach operational
maturity.
•United States -facing some
headwinds, with increased
competition from venture capital
backed entities -but continued
strong Mighway brand
development.
•In the six months ending 31
December 2018,New Zealand
bookings were up 19% on the
pcp.
Cosmos
•Phase I successfully
launched into thlin New
Zealand and Australia.
•Phase II to launch in mid-
2019.
•Planned expansion to thl
USA operations in 2020.
CamperMate
•Continued growth of user base.
•Freedom camping video trial under
way throughout several NZ sites.
•Now providing tourism data to over 70
regional tourism organisations and
Councils in New Zealand & Australia.
•In the six months ending 31
December 2018:
•299,300 new devices logged -an
increase of 9% on the pcp.
•152,400 active devices per day on
average -an increase of 8% on the
pcp.

FY19 INTERIM RESULTS PRESENTATION
14
•Phase I initial release of RV Companion
app launched successfully on time at
the USA “Open House” event in
September 2018.
•Rolling Phase II releases scheduled to
commence from March 2019 and will
include new features and premium
content.
•External reports have noted over
100,000 total downloads of Togo (as at
February). Although total downloads are
a good initial indicator, our focus on
KPIs moving forward will be on metrics
that capture the number of engaged,
revenue-generating customers.
•Overhead costs for Togo are in line with
expectation and customer acquisition
costs are below original expectation at
this early stage.
•Strategic focus for Togo is on global
deployment, creating & continuing
engagement with the wider RV
ecosystem.
TH2 –KEY HIGHLIGHTS

FY19 INTERIM RESULTS PRESENTATION
15
•Successful launch of Roadtrippers Plus
with new features including offline
maps, live traffic condition updates,
expanded trips and customised map
styles.
•Total Roadtrippers users have grown by
over 15% year-on-year.
•Total trips planned through Roadtrippers
are growing at close to 20% year-on-
year.
•Roadtrippers active users averaged six
trips in the last 12 months.
•On track to achieve FY2019
Roadtrippers revenue target.
TH2 –KEY HIGHLIGHTS

FY19 INTERIM RESULTS PRESENTATION
REVIEW
DIVISIONAL

FY19 INTERIM RESULTS PRESENTATION
DIVISIONAL EBIT
17
Revenue by Geography
EBIT before Group Support Services and other*
H1 FY19
H1 FY18
H1 FY19
H1 FY18
* Note: USA contributes the majority of EBIT in H1 due to seasonality.
18%
22%
48%
12%
New Zealand Rentals & Sales
Australia
USA
Tourism Group
38%
22%
40%
New Zealand
Australia
USA
36%
20%
44%
New Zealand
Australia
USA
18%
17%
52%
13%
New Zealand Rentals & Sales
Australia
USA
Tourism Group
$M
FY19
FY18
Var
Var %
thl
Rentals
New Zealand
7.0
6.6
0.5
7%
Australia
8.2
6.1
2.1
35%
USA
18.4
18.8
(0.4)
(2%)
Total Rentals
33.7
31.5
2.2
7%
Tourism Group
4.4
4.7
(0.3)
(5%)
Total operating divisions
38.1
36.2
2.0
5%
Group Support Services & Other
(3.4)
(2.8)
(0.6)
20%
Total EBIT
34.7
33.3
1.4
4%
Split
Australia
8.2
6.1
2.1
34%
USA
18.4
18.8
(0.4)
(2%)
NZ
8.1
8.5
(0.4)
(5%)
Total EBIT
34.7
33.3
1.4
4%
6 M onths to De ce mbe r

FY19 INTERIM RESULTS PRESENTATION
18
Continued growth
•EBIT up 7% on the pcp –a strong result,
particularly considering that the pcp included the
Lions Tour, which we estimate as having had a
$1M impact to EBIT in 1H FY18.
•An 8% increase in costs, reflective of an
equivalent increase in rental income and sale of
goods. Costs are under control, but an opportunity
to reduce vehicle repairs & maintenance and to
shift more work in-house.
•Fleet sales for the half were up 14% but still below
expectations, although not materially. The carry-
over fleet from FY18 is largely sold -with the
exception of the mini van units, which have not yet
met plan.
•The return on funds employed (ROFE) in New
Zealand rentals remains well above our minimum
expectations and has warranted the additional
investment in fleet over the past two years.
•New Zealand Rentals continues to review new
products and alternative revenue opportunities to
supplement its core rental fleet growth, which we
expect to slow over the remainder of FY19.
NEW ZEALAND
RENTALS
**
* Note: sale of goods does not include buyback fleet, which is included within
the fleet purchase & sale numbers.
*
** Note: Non-fleet vehicle sales are excluded.
NZD $M
Dec-18
Dec-17
VAR
VAR %
Rental income
38.5
35.7
2.7
8%
Sale of goods
22.7
21.1
1.6
8%
Costs
(54.1)
(50.2)
(3.9)
8%
EBIT
7.0
6.6
0.5
7%
Half Year
Units:
Dec-18
Dec-17
VAR
VAR %
Fleet Sales
(199)
(174)
25
14%
Fleet Purchases
677
721
(44)
(6%)
Closing Fleet
2,561
2,377
184
8%
Vehicle Fleet

FY19 INTERIM RESULTS PRESENTATION
19
AUSTRALIA
RENTALS
** Non-fleet vehicle sales are excluded, but buybacks are included.
*
**
Another stand-out performance
•EBIT growth of 35% over the pcp, off the back of
an increase in rental income of 8%.
•The vehicle sales environment for the period was
solid in Australia, resulting in an increase in
vehicle sales revenue of 14%.
•We had lower buyback fleet in the half, therefore
vehicle unit sales were down.
•The ROFE for Australia is now considered to be at
an acceptable level; however, we are challenging
the business model to garner greater growth in
the coming years.
•The average NZD:AUD cross-rate (average of the
six month rates) for H1 FY19 was 0.9251 (H1
FY18 0.9395).
NZD $M
Dec-18
Dec-17
VAR
VAR %
Rental income
37.0
34.2
2.8
8%
Sale of goods
8.5
7.5
1.0
14%
Costs
(37.3)
(35.6)
(1.7)
5%
EBIT
8.2
6.1
2.1
35%
AUD $M
Dec-18
Dec-17
VAR
VAR %
Rental income
34.2
32.1
2.1
7%
Sale of goods
7.9
7.0
0.9
12%
Costs
(34.5)
(33.4)
(1.1)
3%
EBIT
7.6
5.7
1.9
33%
Half Year
Half Year
*
* Note: sale of goods does not include buyback fleet, which is included within the fleet
purchase & sale numbers.
Units:
Dec-18
Dec-17
VAR
%
Fleet Sales
(324)
(363)
(39)
(11%)
Fleet Purchases
437
430
7
2%
Closing Fleet
1,652
1,592
60
4%
Vehicle Fleet

FY19 INTERIM RESULTS PRESENTATION
20
US –ROAD BEAR & EL MONTE RV
RENTALS
Focus on improving vehicle sales
•As previously indicated, we have commenced
reporting of Road Bear and El Monte RV as one
division –Rentals USA.
•Significant decline in vehicle sales revenue -
down a combined 37% (in USD terms) on the pcp,
reflective of the decline in the wider USA RV
vehicle sales market.
•Rental income was down 5% (in USD terms) -
with some growth in Road Bear offset by a decline
in high season El Monte RV, as indicated at the
2018 Annual Meeting.
•Combined ROFE remains at an acceptable level.
We have a number of initiatives (including Project
Real Velocity) underway to improve ROFE.
•The average NZD:USD cross-rate (average of the
six month rates) for H1 FY19 was 0.6705 (H1
FY18 0.7335).
El Monte RV Synergy/Project Real Velocity Update
•Fleet utilisation in the core rental fleet is
improving, however total fleet numbers are higher
as a result of vehicle sales underperformance.
•International demand creation and customer
delivery projects are well on track.
NZD $M
Dec-18
Dec-17
VAR
%
Rental income
50.4
47.7
2.8
6%
Sale of goods
31.7
44.5
(12.8)
(29%)
Costs
(63.7)
(73.4)
9.7
(13%)
EBIT
18.4
18.8
(0.4)
(2%)
USD $M
Dec-18
Dec-17
VAR
%
Rental income
33.9
35.5
(1.6)
(5%)
Sale of goods
20.9
33.0
(12.1)
(37%)
Costs
(42.4)
(54.2)
11.8
(22%)
EBIT
12.4
14.3
(1.9)
(14%)
Half Year
Half Year
Units:
Dec-18
Dec-17
VAR
%
Fleet Sales
(400)
(688)
(288)
(42%)
Fleet Purchases
-
110
(110)
(100%)
Closing Fleet
1,709
1,485
224
15%
Vehicle Fleet

FY19 INTERIM RESULTS PRESENTATION
21
TOURISM
Continued strong ROFE
•A 5% decline in EBIT across Kiwi Experience and
Waitomo Group –due to Kiwi Experience.
•The combined businesses, however, continued to
grow with a 1% increase in revenue.
•ROFE remains well above our expectations in the
Tourism businesses, with minimal capital
requirement over the coming years.
•Kiwi Experience is being monitored carefully and
has experienced a further drop in UK passengers,
reflective of a wider drop in UK backpacker
visitors to New Zealand.
•Waitomo had visitor growth from the USA, China
and Australia. This was offset by a decline in
domestic and UK visitors, reflecting the same
trend as Kiwi Experience.
NZD $M
Dec-18
Dec-17
VAR
%
Revenue
18.4
18.3
0.2
1%
Costs
(14.0)
(13.6)
(0.4)
3%
EBIT
4.4
4.7
(0.3)
(5%)
Full Year

FY19 INTERIM RESULTS PRESENTATION
22
Equity Investment Reporting
•These part-owned businesses are not controlled by
thland are equity accounted. The results are not
reported in the Earnings Before Interest and Tax
(EBIT) and are not included in our core ROFE
calculations.
Action Manufacturing (50%)
•Action Manufacturing’s 67% decline in earnings was
primarily reflective of anticipated losses on the
Fairfax Industries acquisition, reduced margins on
thl product and expenses relating to new brand and
product.
Just go (49%)
•Just go was reflective of the other rental markets we
operate in, with increased rental revenue offset by a
decline in vehicle sales.
EQUITY INVESTMENTS
NZD $M
Dec-18
Dec-17
VAR
%
Action Manufacturing
0.6
1.7
(1.2)
(67%)
Just go
0.3
0.3
0.0
6%
Roadtrippers
–
(1.1)
1.1
(100%)
TH2
(5.4)
–
(5.4)
NA
Total
(4.6)
1.0
(5.5)
NA
Equity Investments

FY19 INTERIM RESULTS PRESENTATION
23
•Group Support Services (excluding
Mighway) were up $1.9M, to $3.4M. Well
over $1M of these costs were related to the
M&A transactions that did not proceed,
including the potential sale of our NZ
Tourism businesses.
•Professional services costs were higher
than normal but are expected to revert to
more historically normal levels moving
forward.
GROUP SUPPORT SERVICES AND OTHER
* Note: “Other” includes Mighway FY18 losses of $1.3M incurred prior to the establishment
of TH2.
*
NZD $MDec-18Dec-17VAR%
Revenue – 0.2 (0.2) (100%)
Costs(3.4) (3.0) (0.4) 14%
EBIT(3.4) (2.8) (0.6) 20%
Group Support Services and Others

FY19 INTERIM RESULTS PRESENTATION
FOCUS
2019

FY19 INTERIM RESULTS PRESENTATION
FY19 KEY FOCUS -PROGRESS
25
TH2
Technology
Customer
M&A Activity
Sustainability
El Monte
Realign fleet mix and volumes to deliver improved USA and
NZ ROFE.
Core Business
Joint Ventures
Underway, but hindered by shortfall in vehicle sales in USA.
Deliver to Project REAL VELOCITY goals.
Actions are on track. Further actions are being taken to
offset lower than expected vehicle sales in USA.
Deliver product release plan and associated revenue.Release of Togo and Roadtrippers Plus completed.
Deliver D365 in the USA and Cosmos in NZ and AU.
D365 implemented in El Monte. Road Bear implementation
expected in CY2019. Cosmos implemented in NZ and AU.
Good progress with further rollouts planned.
Launch new connected customer brand.Launched at the 2018 Annual Meeting.
Continue to explore global options aligned with current
business models.
Continuing to explore options, whilst remaining disciplined
on pricing. Decided against proceeding on certain
transactions for good reason.
Continue as planned and launch the first bookable electric
RV.
Complete. Bookable electric RVs launched in December
2018.
Expand, with a particular focus on Action Manufacturing
creating new capacity.
Action Manufacturing created new capacity through
acquisition of Fairfax Industries.
TARGETPROGRESS

FY19 INTERIM RESULTS PRESENTATION
SUSTAINABILITY
26
Emissions &
Climate Change
Shareholder
Satisfaction
Crew & Staff
Responsible
Travel
Positive
Communities
•Focus on reduction of waste and single use
plastics in all operations.
•Lifecycle assessment data gathering
underway.
•First customer bookings for new electric
motorhomes.
•Successful Leadership Conference in
September 2018, including significant
sustainability engagement.
•Multiple crew volunteering activities
including planting of trees, fundraising and
street cleanup.
•Winner of the New Zealand Tourism
Supreme Award.
•Commencement of preparation for
integrated sustainability reporting.
•TiakiPromise, and integration into thl
branch and customer processes.
•Rollout of responsible travel initiative
with Tourism New Zealand.
•Commencement of US responsible
travel project.
•Complete Queenstown Community
Impact Assessment and implementation
of trial community engagement role.
•Continuing to create key community
partners across all thllocations.
Protect |Respect |Grow

FY19 INTERIM RESULTS PRESENTATION
•Phase II Togo launch planned for commencement from March 2019.
•World Travel & Tourism Council Awards held in April 2019, where thl
is a finalist for the Climate Action Award.
•Payment of 13 cent interim dividend on 16 April 2019.
•Planned transition to compliance under the updated NZX Listing
Rules at end of May 2019.
•First thl Investor Day planned for May/June 2019.
•Preparation for integrated sustainability reporting to be implemented
in thl’s FY19 annual results.
UPCOMING EVENTS

FY19 INTERIM RESULTS PRESENTATION
OUTLOOK
2019

FY19 INTERIM RESULTS PRESENTATION
29
GOALS & GUIDANCE
Goals –The More & Less Certain
•Historically, we have generally taken the
approach of setting ambitious long-term goals for
thl to drive our growth forward. As we have been
reviewing multiple opportunities, our original
intention was to set our new long-term goal once
some of that activity was finalised and we were in
a more certain position.
•Given that some of that M&A activity has not
progressed, and we continue to explore various
opportunities, it is appropriate that we set new
goals along two different fronts: The more certain
-relating to our core businesses and excluding
any of our equity investments, and the less
certain -in light of the opportunity that TH2
presents for thl, potential acquisitions and
ancillary growth aspirations that we have.
•On the more certain front and from a ‘business
as usual’ (excluding TH2 losses) perspective, we
now expect to achieve the $50M NPAT target in
FY2021. We consider this more certain than the
acquisition and TH2 opportunities.
•On the less certain & more ambitious front, we
are targeting a business which, in three years,
doubles in value. The timing and predictability of
this is much less certain.
Guidance
•Net profit after tax guidance for FY19 given at the
2018 Annual Meeting was in the range of $32M -
$34M, before non-recurring items and excluding
a potential Australian tax liability of approx.
AU$2.5M pre-tax.
•We now expect this figure for FY19 to be around
$32M.
•The Australian tax issue remains as a contingent
liability.

FY19 INTERIM RESULTS PRESENTATION
CEO Q&A
30
Over the past few years we have included a Q&A section in the Annual
Report, based on the more qualitative questions that we expect to have
raised with us in relation to a results release.
During the last few months, we have had several questions raised with us
and, in the following slides, we answer what we see as the key areas of
focus for shareholders today.

FY19 INTERIM RESULTS PRESENTATION
31
CEO Q&A
What are your views on thl’s performance in the first half of FY2019?
Overall results are in line with expectations, with certain areas performing better than expected and others
below expectations. The Rentals Australia & New Zealand businesses, in particular, have performed well,
with EBIT up 35% and 7% respectively.
As noted at the 2018 Annual Meeting, El Monte RV continues to perform below expectations. One factor
impacting this is the decline in vehicle sales being experienced across the USA market, and which is also
impacting Road Bear. We are reviewing our vehicle capital expenditure going forward and adjusting as
necessary to reflect the decline in sales.
Kiwi Experience has also tracked below expectations in the first half of FY19. We are focused on this and
are implementing a number of actions to turn results around in the second half.
How is TH2 progressing, is it well understood?
We have received several enquires about TH2, including comments that it is not well understood by the
market. We explain TH2 in more detail in this presentation and will include it as a key topic in a proposed thl
investor day in May or June 2019.
TH2 is a key strategic pillar for thland provides access to a wider customer market, with a low capital cost,
higher margin product offer. We remain very confident that this is a well managed investment case from a
risk perspective.
TH2 is continuing to perform in line with our expectations and continues to gain momentum. To date it has
met all of our deadlines in respect of product launches, including the Roadtrippers Plus trial launch and the
Togo Phase I launch in the six months ending 31 December 2018.
Daniel Hest has recently joined as TH2’s new CEO. Danny has the right background, experience, talent and
network to help TH2 advance to the next level and we are confident that TH2 is in safe hands with Danny.

FY19 INTERIM RESULTS PRESENTATION
32
CEO Q&A
What are thl’s intentions for its New Zealand tourism businesses?
As we announced in December 2018, the potential purchaser of our New Zealand Tourism businesses
decided, at what we considered to be the final stage of negotiation, not to proceed with the transaction after
they sought to materially reduce the purchase price.
Our current focus since has and continues to be on the operational performance of these businesses during
the summer high season under thlownership. We continue to assess the suitability of these businesses for
thlas we continue on our RV-based global growth initiative. However we are also remaining disciplined on
pricing and will only consider a potential sale where the purchase price reflects what we know to be the
quality. We have no sale process underway at present, but have had several interested parties approach us
-as we have every year. These businesses should be considered as ongoing thlassets unless we advise
otherwise.
Can you provide an update on the M&A opportunities mentioned at the
2018 Annual Meeting?
thl continues to explore a number of potential M&A opportunities. In January, we decided not to proceed
with a potential material acquisition that was being explored for some time. We continue to remain
disciplined on pricing and are committed to only proceeding with M&A opportunities where we believe that
the opportunity represents real value for thl.
There has been a general decline in pricing across the globe in publicly-listed RV & tourism businesses,
which thl itself has also been impacted by. Any future M&A opportunities that we explore in this sector would
need to reflect this change in the overall market.
There has been some commentary in the market that we are considering a capital raise to fund potential
M&A. We can confirm that we have no current transactions in play which would require us to undertake a
capital raise.

FY19 INTERIM RESULTS PRESENTATION
ANALYSIS
SUPPORTING

FY19 INTERIM RESULTS PRESENTATION
INCOME STATEMENT SUMMARY
34
$M
FY19
FY18
VAR
VAR %
Sale of services
144.3
136.0
8.3
6%
Sale of goods
62.9
73.1
(10.1)
(14%)
Total revenue
207.3
209.1
(1.8)
(1%)
Costs
147.2
153.2
(6.0)
(4%)
EBITDA
60.0
56.0
4.1
7%
Depreciation & Amortisation
25.3
22.6
2.7
12%
EBIT
34.7
33.3
1.4
4%
Interest
(5.2)
(4.4)
(0.7)
17%
Share of Joint Ventures
(4.9)
1.4
(6.3)
(448%)
Share of Associates
0.3
(0.4)
0.7
(167%)
Profit before taxation
25.0
29.9
(4.9)
(16%)
Taxation
(7.5)
(7.1)
(0.4)
5%
Profit attributable to
thl
shareholders
17.5
22.8
(5.3)
(23%)
Basic EPS (in cents)
14.2
18.9
6 Months to December

FY19 INTERIM RESULTS PRESENTATION
REVENUE
35
$MFY19FY18VARVAR %
thl Rentals - Rental Revenue
New Zealand38.535.72.7 8%
Australia37.034.22.8 8%
USA50.447.72.8 6%
125.9117.68.3 7%
thl Rentals - Sale of Goods
New Zealand22.721.11.6 8%
Australia8.57.51.0 14%
USA31.744.5(12.8)(29%)
62.973.1(10.1)(14%)
Tourism Group18.418.30.2 1%
Other0.00.2(0.2)(100%)
Total Revenue207.3209.1(1.8)(1%)
Split
Australia45.541.73.8 9%
USA82.292.2(10.0)(11%)
NZ and other79.675.24.4 6%
207.3209.1(1.8)(1%)
Revenue Split
Sale of Services144.3136.08.3 6%
Sale of Goods62.973.1(10.1)(14%)
207.3209.1(1.8)(1%)
6 months to December

FY19 INTERIM RESULTS PRESENTATION
DIVISIONAL SUMMARY
36
**
* Note: Operating cash flow includes the sale and purchase of rental assets.
$M
REVENUEDIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
OPERATING
CASHFLOW
REVENUEDIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
OPERATING
CASHFLOW
Rentals New Zealand 61.2 7.0 155.7 (19.4) 56.8 6.6 137.8 (30.3)
Rentals Australia 45.5 8.2 84.0 (3.5) 41.7 6.1 83.2 (5.6)
Rentals USA 82.2 18.4 139.1 19.8 92.2 18.8 119.1 44.1
Tourism Group 18.4 4.4 22.0 6.6 18.3 4.7 24.3 5.8
Group Support Services/Other – (3.4) 1.8 (10.6) 0.2 (2.8) (3.4) (4.6)
thl 100% owned entities 207.3 34.7 402.5 (7.1) 209.1 33.3 361.0 9.4
Joint Ventures(4.9) 53.4 1.4 7.3
Associates 0.3 4.2 (0.4) 11.4
Group Total 207.3 30.1 460.1 (7.1) 209.1 34.3 379.7 9.4
31-Dec-1831-Dec-17

FY19 INTERIM RESULTS PRESENTATION
EBITDA
37
$M
FY19
FY18
VAR
VAR %
EBIT
34.7
33.3
1.4
4%
Add back non-cash items:
Depreciation
24.7
21.9
2.8
13%
Amortisation
0.6
0.7
(0.2)
(23%)
EBITDA
60.0


56.0


4.1


7%
6 M onths to December

FY19 INTERIM RESULTS PRESENTATION
BALANCE SHEET
38
As at
$M
DEC 18
DEC 17
VAR
Equity
250.7
212.2
38.4
Non current liabilities
247.0
194.5
52.5
Current liabilities
75.1
99.0
(23.9)
Total source of funds
572.7
505.7
67.0
Intangible assets and goodwill
44.2
42.2
2.1
Investments in associates and joint ventures
56.8
10.5
46.4
Property, plant and equipment
379.1
336.9
42.2
Non-current derivative financial instruments
0.7
-


0.7
Current assets
91.9
116.2
(24.2)
Total use of funds
572.7
505.7
67.0
Net debt position
225.6
178.4
47.1
Net tangible assets (NTA)
206.4
170.1
36.3
NTA per share
$1.67
$1.41
Book value of net assets per share
$2.03
$1.75
Debt / debt + equity ratio

(net of Intangibles)
52%
51%
Equity ratio (net of Intangibles)
39%
37%
AUD exchange rate at period end
0.9520
0.9336


USD exchange rate at period end
0.6713
0.7296

FY19 INTERIM RESULTS PRESENTATION
GAIN ON VEHICLE SALES AND GROSS PROFIT
39
1
Real depreciation is calculated as the difference between the sale price and the original cost, divided by the original cost, averaged over the number of years between purchase and sale. The rates
above are the average rate for all vehicles sold in the year.
Real Depreciation Rates per annum
1
FY19
AU8-9%
NZ5-6%
US (held for under 18 months)<0%
US (held for over 18 months)~4%
6 Months to December
$MFY19FY18VARVAR %
Proceeds from sales of motorhome fleet52.761.9(9.2)(15%)
Net book value of vehicles sold (incl writeoffs)45.652.0(6.4)(12%)
Gain on sales of motorhome fleet before selling costs7.19.9(2.8)(28%)
Vehicle sales costs (warranty only)0.50.6(0.1)(23%)
Gain on sales of motorhome fleet after selling costs6.79.3(2.6)(28%)
Gross profit on non-fleet vehicles, retail and accessory sales1.82.0(0.2)(10%)
Reported gross profit8.511.3(2.8)(25%)
Total average gain on sale ($000) after selling costs8.99.2(0.2)(2%)
Fleet motorhomes sold (incl writeoffs, excl buybacks)
AU147154 (7)(5%)
NZ199174 25 14%
US400688 (288)(42%)
Total fleet motorhomes sold (units), excl. buybacks746 1,016 (270)(27%)

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumberDate
Nature of event
BonusIf ticked,Rights Issue
Tick as appropriateIssuestate whether:Taxable/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
y
whether:
Interim
y
YearSpecialDRP Applies
y
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per securityPayment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
SupplementaryAmount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
4 April, 201916 April, 2019
NZD$0.011471
$16,090,554.48
Date Payable
16 April, 2019
$$0.025964$0.025278
$
In dollars and cents
Retained earnings
13 cents
Enter N/A if not
applicable
123,773,496 Ordinary SharesNZ HELE 0001S9
(09) 336 4212(09) 309 09132522019
EMAIL: announce@nzx.com
Notice of event affecting securities
1
Tourism Holdings Limited
Jennifer Bunbury, CFODirector's resolution