thl annual results to 30 June 2019

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

PO Box 4293, Shortland Street

Auckland 1140, New Zealand



Self drive
Experiences
New Zealand
Australia
USA
UK


Design &
manufacturing
New Zealand
Australia

Guided
Experiences
New Zealand


27 August 2019


MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)
FINANCIAL RESULTS FOR THE YEAR TO 30 JUNE 2019


“Strong rentals market offset by vehicle sales market, the future remains positive.”

HIGHLIGHTS:
 NPAT of $29.8M, down 52% on the prior year, which included the one-off gain of $23.1M relating to
the formation of Togo Group (formerly branded as TH2).
 NPAT excluding non-recurring items of $27.9M, above the latest market guidance of $25-$27M, down
26% on the prior year.
 EBIT (excluding non-recurring items) of $62.1M, down 2% on the prior year.
 Total group revenue of $423M, down 1% on the prior year. Rental revenue up 9% on the prior year.
 Final dividend of 14cps (50% imputed), bringing the full year dividend to 27cps in line with the prior
year.
 Net debt of $202M, compared to $199M in the prior year.
 Commencement of thl’s journey to become a Future-Fit Business.

thl today releases its results for the full year ending 30 June 2019.
thl Chairman, Mr Rob Campbell, said, “the Board is not satisfied with the result for FY19, which is down
on the prior year. We remain very confident in the future of the business and our competitive position
within the market. We have a strong balance sheet and our global growth strategy remains in place.”
“Although it has been a difficult year in the USA, FY19 has also been a record-breaking year for a
number of businesses within thl. It is important to acknowledge the exceptional performance of these
businesses - they reflect the hard work of the crew over the last few years.”
Today thl formally launches its journey to become a Future-Fit Business (FFB). Mr Campbell, said, “thl
has the responsibility to make further gains in profit in a sustainable manner. It is, therefore, imperative
at this time that thl commences its journey to be an FFB.”
CEO, Grant Webster, said “a key highlight for the year was the New Zealand rentals and sales business,
which delivered an EBIT of $31.5M, representing 23% growth on the prior year. The Australia and
Waitomo businesses also had record EBIT results.”

“The trading conditions and thl performance within the USA market has been the greatest area of
concern in the last 12 months. This market is a key priority for us in the new financial year, and we are
well under way with the implementation of our USA review conducted earlier in 2019.”

Page 2 of 2



“We remain very committed to Togo Group – the new branding of our joint venture TH2. The
Roadtrippers business exceeded expectations and is delivering strong subscription revenue growth. The
Togo RV product is behind from a development perspective, but we are confident that the opportunity
remains substantial.”

An FY19 final dividend of 14 cps, which will be 50% imputed, maintains our full-year dividend in line
with the prior year at 27 cps. The average imputation for this year was 50%, compared to 76% in the
prior year.
The integrated report - including the financial statements, as well as a detailed investor presentation
are all available on the thl website.

ENDS

Authorised by:


Rob Campbell
Chairman, Tourism Holdings Limited

For further information contact:

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

About thl (www.thlonline.com)

thl is a global tourism operator. We are listed on the NZX and are the largest provider of RVs for rent and sale in Australia and
New Zealand, and the second largest in North America. In the USA we own and operate the Road Bear RV Rentals & Sales brand
and El Monte RV Rentals & Sales. thl is a 50:50 partner, along with Thor Industries Inc. - the largest RV manufacturer in North
America (a NYSE listed entity), in the joint venture company Togo Group – Togo Group is a global digital platform for the RV
industry; it owns and operates several brands including Roadtrippers, Mighway and Togo RV. 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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F Y 1 9
F U L L Y E A R R E S U L T S
P R E S E N T A T I O N
our
view
today
F Y 1 9
F U L L Y E A R R E S U LT S
P R E S E N TAT I O N

goes
on
forever

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Disclaimer
3
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.
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 withany purchase of thl
securities. 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. 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 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.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Important notes
4
General
•All financials are in NZ dollars unless stated otherwise (throughout presentation).
•All comparisons are against prior corresponding period.
•The average NZD:AUD cross-rate (average of the 12 month rates) for FY19 was 0.9383 (FY18 -0.9420).
•The average NZD:USD cross-rate (average of the 12 month rates) for FY19 was 0.6720 (FY18 -0.7313).
•Return On Funds Employed (ROFE) is a non-GAAP measure that thluses to measure performance of business
units, and the Group, in relation to the financial resources utilised. ROFE is calculated as EBIT divided by
average monthly net funds employed. Net funds employed are measured as total assets, less non-interest
bearing liabilities and cash on hand. The calculation is done in NZ dollars.
•The balance sheet is converted at the closing rate as at 30 June 2019. The USD cross rate used was 0.6694
(FY18 -0.6741); the AUD cross rate used was 0.9561 (FY18 -0.9180) and the GBP cross rate was used was
0.5284 (FY18 -0.5158).
•The 2019 financial year includes the first full-year result for Togo Group (formerly branded as TH2), which
was formed on 1 March 2018. It also includes a one-off gain of $1.9M relating to a one-off deferred tax
benefit in the USA.
•The 2018 financial year includes one-off gains of $23.1M (net of transaction costs) relating to the
contribution of assets by thlto Togo Group upon its formation, and $1.8M relating to a one-off deferred tax
benefit in the USA.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
5
A Future-Fit Business is one which is expected to
contribute to a Future-Fit Society.A Future-Fit
Society protects the possibility that humans and
other life will flourish on Earth by being
environmentally restorative, socially just and
economically inclusive.
Our intent is to become a Future-Fit Business.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
6
Summary
•A record-breaking result from an EBIT perspective for our Rentals New Zealand, Rentals Australia and
Waitomo businesses.
•Overall FY19 ordinary net profit after tax down 26%, largely driven by investment in Togo Group.
•A strong and growing global rentals business:
•Global rental income growth of 9%.
•Cost per hire day reduced by 1%.
•The USA business was down, primarily due to vehicle sales volumes decreasing 34% on the prior year.
The USA vehicle sales market remains a primary area of focus for us in FY20. Refer to the thl USA
review presentation released on 27 May 2019.
•We have commenced our journey to become a Future-Fit Business.
•Strong balance sheet post capital raise.
•Togo Group opportunity remains substantial.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
7
INVESTMENT IN TOGO GROUP
4
$12.8M
(2018 -$2.7M)
OPERATING PROFIT BEFORE
FINANCING COSTS AND TAX (EBIT)
2
$62.1M
(2018 -$86.6M)
FINAL DIVIDEND
1
14CPS
(2018 -14CPS)
NET PROFIT AFTER TAX (NPAT)
2
$29.8M
(2018 -$62.4M)
ORDINARY NPAT
$27.9M
(2018 -$37.5M)
-1%
-28%
TOTAL FLEET
3
6,413
(2018 –5,731)
+12%
-52%
-26%
Year in review
As at 30 June 2019
1
Fully imputed in 2018; 50% in 2019.
2
EBIT and NPAT inclusive of non-recurring items.
3
Year-end fleet quantity.
4
Represents thl’s share of NPBT losses. FY18 losses are for the four-month period from 1 March 2018.
5
Net Debt includes $30M proceeds from CITIC placement received on 24 June 2019.
REVENUE
$423M
(2018 -$426M)
NET DEBT
5
$202M
(2018 -$199M)
+2%

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
•The Future-Fit Business (FFB) model measures a business from a broader perspective
than that which businesses have been measured against historically.
•As shareholders, you have every right to ask questions about how this will impact our
decision-making and business –we invite comment and feedback from you at our
upcoming Annual Meeting.
•FFB is the start of a long journey for thlto become a Future-Fit Business –a net
positive contributor to a Future-Fit Society. We cannot and will not change everything
overnight.
What is the Future-Fit
Business Model?
8

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
9
The six capitals
•We will measure ourselves against all
of the 23 Break-Even Goals with the
aim of eventually delivering to 100% in
each goal –thus being Future-Fit.
•We will also be assessing business
decisions and performance using the
six capitals framework:
•Financial.
•Manufactured.
•Intellectual.
•Human.
•Social.
•Natural.
•Reporting for the Board and
management will be assessed on a six
capitals basis –as will all new capital
spend.
A Future-Fit Society

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
23 Break-Even Goals
The minimum a company
must strive to do to contribute
enough toward an environmentally
restorative, socially just and
economically inclusive future.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Trends
11
Revenue $M
EBIT $MEBIT Margin
1
$M
EBITDA $M
Total NPAT $M
Group ROFE
1
(Average Funds)
1
EBIT margin and Group ROFE calculated on EBIT before non-recurring items
278.9
340.8
425.9
423.0
FY16FY17FY18FY19
73.6
87.5
110.9
114.7
23.1
134.0
FY16FY17FY18FY19
EBITDA before non-recurring itemsNon-recurring items
38.7
47.7
63.5
62.1
23.1
86.6
FY16FY17FY18FY19
Non-recurring itemsEBIT before non-recurring items
24.4
30.2
37.5
27.9
24.9
1.9
62.4
29.8
FY16FY17FY18FY19
Ordinary NPATNon-recurring items
13.9%
14.1%
14.9%
14.7%
FY16FY17FY18FY19
15.1%
14.3%
15.3%
12.9%
...
1.3%
15.8%
14.2%
FY16FY17FY18FY19
Group (including Togo Group)Togo Group impact
0.5%

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
12
Financial
highlights
•Revenue of $423M, a decrease of 1% on
the prior year.
•Ordinary EBIT of $62.1M, down 2% on the
prior year.
•Ordinary NPAT of $27.9M, a decrease of
26% on the prior year.
•EBIT growth for the Rentals New Zealand,
Rentals Australia and Waitomo businesses.
•Interest expense in FY19 exceeded FY18
expense by $1.8M, primarily due to higher
debt levels across most of the financial
year.
NZD $MFY19FY18VAR%
Operating revenue 423.0 425.9 (2.9) (1%)
Earnings before interest
and tax*
62.1 86.6 (24.4) (28%)
Operating profit before tax 39.9 76.2 (36.3) (48%)
Profit after tax 29.8 62.4 (32.6) (52%)
* includes non-recurring items
NZD $MFY19FY18VAR%
Ordinary NPAT 27.9 37.5 (9.7) (26%)
One-off Deferred Tax Benefit
USA
1.9 1.8 0.1 6%
One-off Transactions – 23.1 (23.1) (100%)
Profit after tax 29.8 62.4 (32.7) (52%)

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
13
Return on funds
employed
•Our business remains heavily invested in physical assets –
mainly motorhomes–across the globe. As such, the focus on
ROFE is still critical.
•ROFE across core businesses improved over the prior year,
other than in the USA business and Kiwi Experience.
•With vehicle sales down on expectations (particularly in the
USA), the business is holding more vehicles than planned and,
therefore, higher funds employed than it should have at year-
end. This is expected to be rectified during FY20.
•The Tourism Group, in particular, continues to deliver ROFE
well in excess of expectations and historical norms, reflecting
the very strong operating leverage in the business.
•A target ROFE for all fleet types remains in place at around
15%, which we consider an appropriate return compared to our
cost of capital and comparative investment opportunities. As
costs of capital change, our ROFE target may change
accordingly for future investments.
* Total ROFE calculated using EBIT before non-recurring items.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Dividend
per share 50% imputed
FY18 –14 cents (100% imputed)
Final Dividend
14 cents
FY19 Full Year Dividend
27 cents
14
per share 50%imputed
FY18 –27 cents (76% imputed)
9
10
1313
10
11
1414
FY16FY17FY18FY19
InterimFinal
•Full year dividend of 27 cps is in line with
the prior year.
•We expect to assess our dividend pay-out
for FY20 excluding our investment in Togo
Group.
•The final dividend will be eligible for the thl
Dividend Reinvestment Plan (DRP). A
discount of 2% is available to shareholders
participating in the DRP.
•Record date: 2 October 2019.
•DRP election date: 3 October 2019.
•Payment date: 11 October 2019.
•An updated DRP Offer Document has been
released on 27 August 2019. See
announcement for further information.
Earnings per Share* (cents)Dividends
21.4
25.6
30.6
22.1
20.2
1.5
50.8
23.7
FY16FY17FY18FY19
Basic trading EPSNon-recurring
* The FY18 and FY19 earnings per share calculations have been adjusted for the bonus element of the capital raise.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Capital expenditure
15
Gross Capital Expenditure ($M)Proceeds from Fleet Sales ($M)Net Capital Expenditure ($M)
Notes: Fleet purchased or sold under buyback arrangements are not treated as additions/sales of fixed assets, but are treatedasoperating leases under IFRS reporting. For the purposes of the
above, the purchases and sales values under buyback arrangements are included. The above also includes non-fleet capital expenditure, which has been categorised as core capital expenditure.
•Gross capital expenditure of
$197M, of which 42% was
expenditure on core and 58%
was on flex.
•Total fleet sales proceeds of
$121M, down 15% on prior
year.
•Fleet sales proceeds were
down $24M in the USA
business.
•Net capital expenditure of
$76M, comprising
approximately $41M in core
and $35M in flex.
126
171
201
197
FY16FY17FY18FY19
CoreFlex
81
112
143
121
FY16FY17FY18FY19
CoreFlex
46
58
58
76
FY16FY17FY18FY19
CoreFlex
Some investors may assess net CAPEX in a non-GAAP manner. The net CAPEX of $76M could be compared to the total depreciation for FY19 of
$52M, thus showing a net investment of $24M in CAPEX.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
16
Managing fleet
investment
Notes: FY20 is based on current forecasts of fleet purchases and sales. All figures above are inclusive of buyback arrangements.
•The USA sales declines occurred after FY19
purchases, creating an increase in net
capital expenditure compared to plan.
•As a result, we had no time to react within
the financial year.
•In FY20 we will significantly reduce fleet
purchases to rectify the situation.
•As a result, net capital expenditure, less
depreciation, is expected to generate the
release of in excess of $40M cash in FY20.
•Whilst delayed, these adjustments reflect
the business model flexibility.
192
195
123
-
50
100
150
200
250
FY18FY19FY20F
Fleet Purchases (NZ$M)
(8)
(27)
46
(40)
(30)
(20)
(10)
–
10
20
30
40
50
FY18FY19FY20F
Net Capital Expenditure less Depreciation
(NZ$M)

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
17
Balance sheet
•Net debt and Net Debt:EBITDA as at 30 June 2019 were at
similar levels to the prior year.
•Year-end net debt was lower than forecast, as we received
the funds from the $30M placement to HB Holdings (CITIC)
prior to year-end.
•Post the $50M rights issue, which completed in July 2019, our
Net Debt:EBITDA ratio is around 1.6x.
•Our view remains that a Net Debt:EBITDA ratio around 2.0x is
acceptable, however we have the capacity to exceed that for
acquisitions and growth initiatives.
Net Debt
$202M
Last year
$199M
* Net Debt:EBITDA is calculated using a 12 month EBITDA. Year-end debt used
for the calculation includes the LoC outstanding and derivatives balance.
Net Debt
Net Debt:EBITDA*
1.9x
Last year
1.9x
79
176
199
202
17
10
16
11
1.4
1.9
1.9
1.9
–
0.5
1.0
1.5
2.0
2.5
3.0
–
50
100
150
200
250
FY16FY17FY18FY19
Net debtLOCDebt: EBITDA

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Capital raise
18
•An $80M capital raise completed in July 2019.
•A $30M placement at $4.02.
•A $50M rights offer at $3.40.
•Shortfall book build clearing price of $3.88.
•HB Holdings Limited (CITIC Capital) shareholding post-capital raise has
increased to 18.26%.
•Focused on using funds effectively for acquisitions, Togo Group
investment and balance sheet strengthening.
•An increase in ordinary shares on issue of 17.8%.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Debt facilities
19
•Debt facilities are in place with thl’s
banking partners. The term of
certain tranches were extended
during FY19.
•In FY20, thlwill review borrowing
facilities, with a view of
establishing the optimal long term
funding mix and tenor.
Note 1: Includes US$ denominated commitments.
thl’sfacilities are held with the below syndicate of banks

F Y 1 9
F U L L Y E A R R E S U L T S
P R E S E N T A T I O N

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Togo RV
21
•Togo RV is the digital platform for RVers, enabling the joy and
eliminating the friction of using an RV.
•The focus for Togo RV in FY20 is on:
•Connecting the RV ecosystem OEMs, dealers, rental marketplaces and
suppliers with RV customers.
•Improving design and providing best in class content.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Togo Group
22
Rebranding of TH2 to Togo Group
•In July 2019, we rebranded TH2 as Togo
Group. The change has already assisted
in aligning internal teams and external
channels to market.
•Mighway and Roadtrippers will remain as
individual brands, given the place they
hold in their respective markets and
greater relevance to their consumer
segments.
Roadtrippers
•Roadtrippers has had a positive FY19
when comparing to our targets.
•User growth has been strong and
subscription revenue from Roadtrippers
Plus has exceeded our initial
expectations.
•Long term success will come from
ongoing development of the core
product, deeper extension into the RV
and camping category, and maintaining a
value proposition to customers.
Togo RV
•Togo RV launched on time in the USA
during FY19. Although initial feedback
and user numbers exceeded
expectations, the product did not create
the stickiness and depth of engagement
required to demand an appropriate price
subscription.
•The product roadmap has been reviewed
and Danny Hest, Togo Group CEO, has
taken responsibility for the Togo RV team
to drive success.
We remain very committed to the Togo Group. The size of the market opportunity hasn’t
changed, there has been nothing concerning from a competitor standpoint and we know we are
providing solutions that resonate with customers. The roadmap is clear; we just need to deliver.
thl’s investment in Togo Group in FY20 is expected to be approximately US$8.5M

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
23
Build/Buy, Rent, Sell Review
F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
24
Build/Buy
•Globally, we purchased or produced
over 2,600 RVs in FY19, down 5% on
the prior year.
•A greater proportion of our vehicle
purchases were flex fleet, compared
to the prior year (34% in FY19 vs.
30% in FY18). Flex fleet vehicles are
intended to be removed from fleet
for sale in around 12 months.
•We continue to drive global
procurement opportunities. We are
nearing the end of a global RFP
process for chassis.
FY19
FY18
VAR%
Purchases Quantity
2,612
2,755
(5%)
Total Value (NZD $M) *
197
201
(2%)
* Gross CAPEX inclusive of other assets
FY19
FY18
VAR%
Purchases Core Quantity
1,728
1,923
(10%)
Purchases Flex Quantity
884
832
6%

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
25
Rent
•Rental market, in general terms,
remains strong.
•Increases in hire days and yield in
New Zealand and Australia reflect
good control of our rental fleet size
and pricing management.
•Operating costs continue to be a
core focus for the business and are
well under control.
•RDR in Australia is generally higher
than other geographies due to
higher kilometres travelled and
greater wear and tear due to road
conditions in Australia.
* The Real Depreciation Rate (RDR) is the measure of the difference between the purchase price and sale price of the vehicles sold in the
financial year. It allows for no gain on sale or costs associated with the sale or management of the vehicle.
NZ$
FY19FY18VARVAR%
Hire Days 1,191,359 1,132,791 58,568 5%
Total Rental Income ($M) 251 231 20 9%
Average Yield ($ per Hire Day) 210 203 7 3%
Average cost ($ per Hire Day) 163 165 (2) (1%)
Total Fleet (at year end) 6,413 5,731 682 12%
** As El Monte RV was acquired on 6 January 2017, the FY17 US RDR includes approximately 6 months of vehicle sales from El MonteRV.
Real Depreciation Rates per annum *
FY19
FY18
FY17
AU
7%
8%
9%
NZ
6%
6%
7%
US**
4%
3%
<0%

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
26
Sell
•Global sales decline of 21% by
quantity.
•Fleet sales quantity increased in New
Zealand, but decreased in Australia
and the USA over the prior year.
•US sales margins, in light of the
competitive pressures, continue to
remain down circa 20% on the prior
year.
•Within the USA business, sales volume
declined by 34%.
•Of note, wholesale shipments declined
30-40% and retail shipments declined
circa 10%, across the US market.
•As part of the Fairfax Industries
acquisition, we are opening a new RV
Super Centre on the Fairfax site in
Takanini in early September 2019.
Channels used for SaleRetailWholesale
NZ~ 80%~ 20%
AUS~ 20%~ 80%
USA - RB 0%100%
USA - EM~ 85%~ 15%
UK~ 20%~ 80%
FY19FY18VARVAR%
Total Fleet Sales Quantity 1,893 2,408 (515) (21%)
Total Fleet Sales, incl buybacks
(NZD $M)
121143(22) (15%)
Total Non-Fleet Sales (NZD $M)1520(4) (21%)

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
27
Divisional Review
F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Divisional EBIT
28
$M
FY19
FY18
Var
Var %
FY19
FY18
Var
Var %
FY19
FY18
Var
Var %
thl
Rentals
New Zealand
31.5
25.7
5.8
23%
24.4
19.1
5.4
28%
7.0
6.6
0.5
7%
Australia
11.3
10.6
0.8
7%
3.1
4.5
(1.4)
(30%)
8.2
6.1
2.1
35%
USA
13.0
19.7
(6.8)
(34%)
(5.5)
0.9
(6.4)
(682%)
18.4
18.8
(0.4)
(2%)
Total Rentals
55.8
56.0
(0.2)
(0%)
22.1
24.5
(2.4)
(10%)
33.7
31.5
2.2
7%
Tourism Group
12.3
11.9
0.4
3%
7.8
7.2
0.6
9%
4.4
4.7
(0.3)
(5%)
Total operating divisions
68.1
67.9
0.2
0%
30.0
31.7
(1.7)
(6%)
38.1
36.2
2.0
5%
Group Support Services & Other
(6.0)
18.7
(24.7)
(132%)
(2.6)
21.5
(24.1)
(112%)
(3.4)
(2.8)
(0.6)
20%
Total EBIT
62.1
86.6
(24.5)
(28%)
27.4
53.2
(25.9)
(49%)
34.7
33.3
1.4
4%
EBIT before non-recurring Items
62.1
63.5
(1.4)
(2%)
27.4
30.1
(2.8)
(9%)
34.7
33.3
1.4
4%
Non-recurring items
Gain on sales / other
24.3
(24.3)
24.3
(24.3)
Transaction costs and one-offs
(1.2)
1.2
(1.2)
1.2
Total non-recurring items
23.1
(23.1)
23.1
(23.1)
Split
Australia
11.3
10.6
0.8
7%
3.1
4.5
(1.4)
(30%)
8.2
6.1
2.1
34%
USA
13.0
19.7
(6.8)
(34%)
(5.5)
0.9
(6.4)
(682%)
18.4
18.8
(0.4)
(2%)
NZ
37.8
56.3
(18.5)
(33%)
29.7
47.8
(18.1)
(38%)
8.1
8.5
(0.4)
(5%)
Total EBIT
62.1
86.6
(24.5)
(28%)
27.4
53.2
(25.9)
(49%)
34.7
33.3
1.4
4%
Split
Australia
11.3
10.6
0.8
7%
3.1
4.5
(1.4)
(30%)
8.2
6.1
2.1
34%
USA
13.0
19.7
(6.8)
(34%)
(5.5)
0.9
(6.4)
(682%)
18.4
18.8
(0.4)
(2%)
NZ
37.8
33.2
4.6
14%
29.7
24.7
5.0
20%
8.1
8.5
(0.4)
(5%)
Total EBIT before non-recurring Items
62.1
63.5
(1.4)
(2%)
27.4
30.1
(2.8)
(9%)
34.7
33.3
1.4
4%
Full Ye ar
6 M onths to June
6 M onths to De ce mbe r

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Divisional EBIT
29
Revenue
EBIT before Group
Services and Other
2019
35%
20%
35%
10%
New ZealandAustraliaUSATourism Group
2018
32%
19%
39%
10%
New ZealandAustraliaUSATourism Group

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
30
New Zealand rentals
“From success to success”
•We are very pleased with the continued progress of the New Zealand business
and have high expectations for ongoing growth.
•The EBIT performance of $31.5M was an increase of 23% ($5.8M) on the prior
year.
•The FY19 result is a record result in dollar terms as well as ROFE achievement,
with ROFE increasing to 19.8%.
•EBIT margin of 21.2% in FY19, up 2.2%on the prior year.
•Vehicle sales revenue up 8% on the prior year.
•Yields have continued to increase and the shoulder season continues to grow
in both activity and yield.
•A total of 499 vehicles sold, up 35 units on FY18, but around 100 units short of
our desired goal. The greatest shortfall in sales related to the minivan fleet.
The category is under review to ensure we have the right product and price
position to meet the markets needs.
•The outlook for FY20 remains positive, with an expectation of rental revenue
growth, some vehicle sales growth and development of ongoing efficiencies.
*Note: sale of goods does not include buyback fleet, which is included within the fleet purchase and sales
numbers.
**Note: Non-fleet vehicle sales are excluded.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
31
Australia rentals
“A resilient performer”
•The Australian market is a tough operating environment; however,
we believe that we are gaining market share and continue to achieve
strong operational efficiencies.
•The Australian EBIT result of AUD$10.6M was up $0.6M on the prior
year –an increase of 6%.
•The business has been improving year-on-year and this year
achieved ROFE of 13.9%, up on the prior year ROFE of 13.3%.
•A dealer insolvency in Queensland was the first such event in recent
history for thl. The impact of the debtor write-off and lost margin on
sale for the year was close to AUD$1M. Since the event, new dealer
relationships have been established in Queensland.
•Total vehicle sales for the year were 562, a decline of 15% on the
prior year. The decline reflected a lower core fleet sale number, a
lower number of flex fleet stock for the year, and softening
consumer confidence in Australia.
•The outlook for the business is generally positive. With broader
tourism growth slowing, we are expecting single digit rental revenue
growth and some growth in vehicle sales.
*Note: sale of goods does not include buyback fleet, which is included within the fleet purchase and sales
numbers.
**Note: Non-fleet vehicle sales are excluded.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
32
USA rentals
“Our current challenge”
•A difficult and disappointing year for the USA business with an EBIT
result of US$8.6M –down 41% on the prior year result of US$14.6M.
•The result primarily reflects vehicle sales shortfalls. Within the USA
business, vehicle sales revenue dropped to US$44.6M, a decline of
33% on the prior year.
•Total rental revenue was US$55.5M, down 2% on the prior year in USD
terms, but up 8% in NZD terms. The international rentals market has
delivered pleasing results but the domestic US market continues to be
impacted by growth in the peer-to-peer market.
•We expect the FY20 result to be lower than FY19, as we will hold
excess fleet in FY20 due to the lower vehicle sales in FY19.
•Property savings of US$500-800k and labour savings of approximately
US$1M are on track.
•Two El Monte RV branches have been announced as closing, with
significant savings in property and labour costs. These savings will
primarily benefit FY21.
•Our focus is ROFE and business model development, and ensuring
that we reallocate funds elsewhere to adapt to the current conditions.
NZD $M
FY19
FY18
VAR
VAR %
Rental income
82.9
77.1
5.8
8%
Sale of goods
66.5
90.6
(24.1)
(27%)
Costs
(136.4)
(148.0)
11.6
(8%)
EBIT
13.0
19.7
(6.8)
(34%)
USD $M
FY19
FY18
VAR
VAR %
Rental income
55.5
56.6
(1.0)
(2%)
Sale of goods
44.6
66.2
(21.6)
(33%)
Costs
(91.6)
(108.2)
16.6
(15%)
EBIT
8.6
14.6
(6.0)
(41%)
Units:
FY19
FY18
VAR
%
Fleet Sales
(869)
(1,314)
445
(34%)
Fleet Purchases
1,200
1,360
(160)
(12%)
Closing Fleet
2,440
2,109
331
16%
Full Year
Vehicle Fleet

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
33
Tourism
“Strong ROFE performance”
NZD $M
FY19
FY18
VAR
%
Revenue
41.4
41.8
(0.4)
(1%)
Costs
(29.2)
(29.9)
0.7
(2%)
EBIT
12.2
11.9
0.3
3%
Full Year
•The Waitomo business delivered another significant year of
growth driven by growth in visitor arrivals, with some softening
markets. The ROFE in the Waitomo business is now well in excess
of expectations and norm.
•The Tourism Group delivered an EBIT result of $12.2M, up by 3%
from $11.9M in the prior year. ROFE increased by nearly 7% to
approximately 56%.
•The domestic market was down on the prior year, similar to most
New Zealand tourism businesses.
•Kiwi Experience had a challenging year, with the result down on
prior year and expectations.
•Significant drops in backpacker arrivals from European markets
directly impacted revenue. However, FY19 second-half results
outperformed market with cost reductions, yield growth and new
marketing initiatives.
•Within the coming year Kiwi Experience will introduce new
product lines to broaden the customer base and will continue the
cost reduction process. Overall, expectations are for growth in
FY20.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
34
Equity Investments
F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
NZD $MFY19FY18VAR%
Action Manufacturing 1.5 2.9 (1.3) (46%)
Just go 0.2 0.2 0.0 20%
Roadtrippers – (1.4) 1.4 (100%)
Togo Group (12.8) (2.7) (10.2) 380%
Total(11.0) (1.0) (10.0) 974%
Equity Investments
35
Equity investments
•These part-owned businesses are not controlled by thland are equity
accounted. The results are not reported in the Earnings Before Interest
& Tax (EBIT), and are not included in our ROFE calculations.
•Action Manufacturing (50%)
•Net profit before tax of $1.5M well down on the prior year by 46%,
largely due to costs associated with:
•the acquisition of Fairfax Industries.
•new vehicle type development (which were not capitalised).
•Expansion of Hamilton operation to a larger premises in FY19.
•Positive outlook for FY20, following a year of consolidation.
•Just go (49%)
•Net profit after tax of $243k, up 20% on the prior year.
•Expansion into Scotland.
•Increased focus on vehicle sales to drive profitability in FY20.
•Togo Group (formerly TH2) (50%)
•Togo Group performance is reviewed separately.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
36
Group support
services and other
•Group support services of $6M, up
36% on the prior year.
•Well in excess of $1M of these costs
were incurred in relation to M&A
transactions that did not proceed.
NZD $M
FY19
FY18
VAR
%
Revenue
–
0.8
(0.8)
(100%)
Costs
(6.0)
(5.2)
(0.8)
16%
EBIT*
(6.0)
(4.4)
(1.6)
36%
Group Support Services and Others
* EBIT before non-recurring items.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
37
Outlook
F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Capital expenditure
38
•During FY19, we had capital expenditure of $197M. This was down 2% on the prior
year’s expenditure of $201M.
•Nearly all of our capital expenditure is on fleet renewal and growth.
•Fleet purchases will be reduced in FY20 as we adjust fleet, release capital and
generate a positive operating cash flow for the USA business.
•Overall gross capital expenditure in FY20 is expected to be in the range of $135M to
$145M.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
39
Outlook
•There has been little change in our expectations or view on each market since the information we
provided with the capital raise in June.
•Broader economic conditions from our perspective are uncertain, but we are yet to see those play
out in any concerning manner within our rentals businesses.
•In Rentals New Zealand, forward bookings remain up on last year and the RV sales market appears
consistent. The number of vehicles being imported into New Zealand appears to be slowing, which
we see as positive.
•In Rentals Australia, forward bookings also remain up on last year. Although the market is tough,
we are well positioned from a vehicle sales perspective and believe we are gaining market share.
•In the USA business, we continue to see slow dealer sales. We have planned for a lower demand
environment for wholesale sales in FY20 and, as previously mentioned, we expect that the USA
result in FY20 will be down on FY19 as we continue to clear excess fleet. We are in the midst of the
calendar year 2019 high-season and will provide an update on performance at the Annual Meeting.
•We will provide an update on FY20 guidance at the 2019 Annual Meeting on 23 October 2019.
•There is no change to the thldividend policy, which remains at 75% to 90% of NPAT. We expect to
assess our dividend pay-out for FY20 excluding our investment in Togo Group.*
* FY20 investment in Togo Group will be reported as NPBT losses.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
40
Supporting Analysis
F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Income statement
summary
41
* The FY18 and FY19 earnings per share calculations have been adjusted for the bonus element of the capital raise.
$M
FY19
FY18
VAR
VAR %
FY19
FY18
VAR
VAR %
FY19
FY18
VAR
VAR %
Revenue from trading
292.2
273.1
19.1
7%
147.9
137.1
10.8
8%
144.3
136.0
8.3
6%
Revenue from sale of fleet
130.8
152.8
(22.0)
(14%)
67.9
79.7
(11.8)
(15%)
62.9
73.1
(10.1)
(14%)
Total revenue
423.0
425.9
(2.9)
(1%)
215.8
216.8
(1.1)
(0%)
207.3
209.1
(1.8)
(1%)
Costs
308.2
291.9
16.3
6%
161.0
138.7
22.3
16%
147.2
153.2
(6.0)
(4%)
EBITDA
114.8
134.0
(19.2)
(14%)
54.8
78.1
(23.3)
(30%)
60.0
56.0
4.1
7%
Depreciation & Amortisation
52.6
47.4
5.3
11%
27.4
24.8
2.6
10%
25.3
22.6
2.7
12%
EBIT
62.1
86.6
(24.4)
(28%)
27.4
53.3
(25.9)
(49%)
34.7
33.3
1.4
4%
Interest
(11.2)
(9.4)
(1.8)
19%
(6.0)
(5.0)
(1.1)
22%
(5.2)
(4.4)
(0.7)
17%
Share of Joint Ventures
(11.3)
(0.2)
(11.0)
4,514%
(6.4)
(1.6)
(4.8)
288%
(4.9)
1.4
(6.3)
(448%)
Share of Associates
0.2
(0.8)
1.0
(131%)
(0.1)
(0.3)
0.3
(85%)
0.3
(0.4)
0.7
(167%)
Profit before taxation
39.9
76.2
(36.3)
(48%)
14.9
46.3
(31.4)
(68%)
25.0
29.9
(4.9)
(16%)
Taxation
(10.1)
(13.8)
3.7
(27%)
(2.7)
(6.7)
4.1
(60%)
(7.5)
(7.1)
(0.4)
5%
Profit attributable to
thl
shareholders
29.8
62.4
(32.6)
(52%)
12.3
39.6
(27.3)
(69%)
17.5
22.8
(5.3)
(23%)
Basic EPS (in cents)
23.7
50.8
*
Diluted EPS
23.3
49.0
*

6 Months to December
Full Year
6 Months to June

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Revenue
42
$MFY19FY18VARVAR %FY19FY18VARVAR %FY19FY18VARVAR %
thl Rentals - Sale of Services
New Zealand97.988.59.4 11% 59.452.86.6
13%
38.535.72.7 8%
Australia70.064.95.1 8% 33.030.72.3
8%
37.034.22.8 8%
USA82.977.15.8 8% 32.529.43.0
10%
50.447.72.8 6%
250.8230.520.3 9% 124.9112.911.9
11%
125.9117.68.3 7%
thl Rentals - Sale of Goods
New Zealand50.846.84.0 8% 28.125.72.3 9% 22.721.11.6 8%
Australia13.615.4(1.8)(12%)5.07.9(2.8)(36%)8.57.51.0 14%
USA66.590.6(24.1)(27%)34.846.1(11.3)(25%)31.744.5(12.8)(29%)
130.8152.8(22.0)(14%)67.979.7(11.8)(15%)62.973.1(10.1)(14%)
Tourism Group - Sale of Services41.441.8(0.4)(1%)23.023.6(0.6)(2%)18.418.30.2 1%
Other0.00.8(0.8)(100%)0.00.6(0.6)(100%)0.00.2(0.2)(100%)
Total Revenue423.0425.9(2.9)(1%)215.8216.8(1.1)(0%)207.3209.1-1.8(1%)
Split
Australia83.580.23.3 4% 38.038.6(0.5)(1%)45.541.73.8 9%
USA149.4167.7(18.3)(11%)67.275.5(8.3)(11%)82.292.2(10.0)(11%)
NZ and other190.1177.912.2 7% 110.5102.77.88% 79.675.24.4 6%
423.0425.9(2.9)(1%)215.8216.8(1.1)(0%)207.3209.1(1.8)(1%)
Revenue Split
Sale of Services292.2273.119.1 7% 147.9137.110.8 8% 144.3136.08.3 6%
Sale of Goods130.8152.8(22.0)(14%)67.979.7(11.8)(15%)62.973.1(10.1)(14%)
423.0425.9(2.9)(1%)215.8216.8(1.1)(0%)207.3209.1(1.8)(1%)
Full Year6 Months to June6 months to December

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Divisional
summary
43
* 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 148.7 31.5 159.1 14.8 135.3 25.7 143.2 1.2
Rentals Australia 83.5 11.3 81.5 2.5 80.2 10.6 79.8 8.3
Rentals USA 149.4 13.0 162.0 (14.0) 167.7 19.7 141.2 13.0
Tourism Group 41.4 12.3 22.0 10.5 41.8 11.9 24.3 10.5
Group Support Services/Other
(before non-recurring)
– (6.0) (1.3) (3.6) 0.8 (4.4) (3.5) (8.4)
Non-recurring Items – 23.1
thl 100% owned entities 423.0 62.1 423.3 10.2 425.9 86.6 385.0 24.6
Joint ventures(11.3) 52.6 (0.2) 20.9
Associates 0.2 4.2 (0.8) 8.4
Group Total 423.0 51.1 480.1 10.2 425.9 85.6 414.3 24.6
Year ending 30 June 2019Year ending 30 June 2018

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
EBIT margin
44
$M
FY19
FY18
VAR
FY19
FY18
VAR
FY19
FY18
VAR
THL Rentals
New Zealand
21.2%
19.0%
2.2%
27.9%
24.3%
3.7%
11.5%
11.6%
(0.1%)
Australia
13.6%
13.2%
0.4%
8.2%
11.7%
(3.4%)
18.0%
14.6%
3.4%
USA
8.7%
11.8%
(3.1%)
(8.1%)
1.2%
(9.3%)
22.4%
20.4%
2.0%
Total Rentals
14.6%
14.6%
0.0%
11.5%
12.7%
(1.2%)
17.8%
16.5%
1.3%
NZ Tourism
29.6%
28.5%
1.2%
34.1%
30.6%
3.5%
24.1%
25.8%
(1.6%)
EBIT margin (before non-recurring)
14.7%
14.9%
(0.2%)
12.7%
13.9%
(1.2%)
16.8%
16.0%
0.8%
Full year
6 months to June
6 months to December

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
EBITDA
45
$M
FY19
FY18
VAR
VAR %
FY19
FY18
VAR
VAR %
FY19
FY18
VAR
VAR %
EBIT
62.1
86.6
(24.5)
(28%)
27.4
53.2
(25.9)
(49%)
34.7
33.3
1.4
4%
Add back non-cash items:
Depreciation
51.5
46.0
5.5
12%
26.8
24.2
2.7
11%
24.7
21.9
2.8
13%
Amortisation
1.1
1.3
(0.2)
(17%)
0.5
0.6
(0.1)
(11%)
0.6
0.7
(0.2)
(23%)
EBITDA
114.7


134.0


(19.2)


(14%)
54.7


78.0


(23.3)


(30%)
60.0


56.0


4.1


7%
Full Year
6 M onths to June
6 M onths to December

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
As atAs at
$MJUN 19JUN 18VARDEC 18DEC 17VAR
Equity277.0 250.0 27.0 250.7 212.2 38.4
Non current liabilities239.0 238.1 0.9 247.0 194.5 52.5
Current liabilities86.5 89.9 (3.5)75.1 99.0 (23.9)
Total source of funds602.5 578.0 24.5 572.7 505.7 67.0
Intangible assets and goodwill44.2 44.6 (0.5)44.2 42.2 2.1
Investments in associates and joint ventures56.1 56.6 (0.5)56.8 10.5 46.4
Property, plant and equipment407.0 384.2 22.9 379.1 336.9 42.2
Non-current derivative financial instruments0.0 1.47 (1.5)0.7 - -
Current assets95.2 91.1 4.1 91.9 116.2 (24.2)
Total use of funds602.5 578.0 24.5 572.7 505.7 67.0
Net debt position202.2 198.5 3.7 225.6 178.4 47.1
Net tangible assets (NTA)232.8 205.4 27.5 206.4 170.1 36.3
NTA per share*$1.87$1.69$1.67$1.41
Book value of net assets per share*$2.10$2.03$2.03$1.75
Debt / debt + equity ratio (net of Intangibles)46%49%52%51%
Equity ratio (net of Intangibles)42%39%39%37%
AUD exchange rate at period end0.95610.9180 0.95200.9336
USD exchange rate at period end0.66940.6741 0.67130.7296
Balance sheet
46
* Calculated based on thlshares on issue at year-end.

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Funds employed
47
* thlaverage funds calculated over a 12 month period.
Average FundsYear end Funds
$MFY19FY18VARJUN 19JUN 18VAR
Rentals
New Zealand159.1143.211% 148.4140.16%
Australia81.579.82% 72.270.62%
USA162.0141.215% 184.3159.016%
Total Rentals402.6364.211% 404.9369.89%
Tourism Group22.024.3(9%)21.923.8(8%)
Joint Venture (excl. TH2)9.37.426% 9.97.336%
Associates4.28.4(50%)4.34.22%
Group Support Services(1.3)(3.5)(63%)(4.1)(1.4)204%
Total Net Funds Employed before Togo Group436.8400.89%436.9403.78%
Togo Group*43.313.5221% 42.345.1(6%)
Total Net Funds Employed including Togo Group480.1414.316% 479.2448.87%

F Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O NF Y 1 9 F U L L Y E A R R E S U L T S P R E S E N T A T I O N
Gain on vehicle sales
and gross profit
48
Flex fleet sales on buy-backs excluded from aboveFY19FY18
AU
307
360
NZ
10
92
317 452
Total fleet salesFY19FY18
AU562 664
NZ499 464
US869 1,314
1,930 2,442
Full Year
6 Months to June
6 Months to December
$M
FY19
FY18
VAR
VAR %
FY19
FY18
VAR
VAR %
FY19
FY18
VAR
VAR %
Proceeds from sales of motorhome fleet
109.6
128.5
(18.8)
(15%)
56.9
66.6
(9.6)
(14%)
52.7
61.9
(9.2)
(15%)
Net book value of vehicles sold (incl writeoffs)
95.6
108.1
(12.6)
(12%)
50.0
56.1
(6.2)
(11%)
45.6
52.0
(6.4)
(12%)
Gain on sales of motorhome fleet before selling costs
14.1
20.3
(6.3)
(31%)
6.9
10.4
(3.5)
(33%)
7.1
9.9
(2.8)
(28%)
Vehicle sales costs (warranty only)
1.2
1.4
(0.2)
(15%)
0.7
0.8
(0.1)
(8%)
0.5
0.6
(0.1)
(23%)
Gain on sales of motorhome fleet after selling costs
12.9
18.9
(6.1)
(32%)
6.2
9.6
(3.4)
(35%)
6.7
9.3
(2.6)
(28%)
Gross profit on non-fleet vehicles, retail and accessory sales
3.5
4.1
(0.5)
(13%)
1.7
2.1
(0.3)
(17%)
1.8
2.0
(0.2)
(10%)
Reported gross profit
16.4
23.0
(6.6)
(29%)
8.0
11.7
(3.8)
(32%)
8.5
11.3
(2.8)
(25%)
Total average gain on sale ($000) after selling costs
8.0
9.5
(1.5)
(16%)
7.2
11.8
(4.6)
(39%)
8.9
9.2
(0.2)
(2%)
Fleet motorhomes sold (incl writeoffs, excl buybacks)
AU
255


304
(49)
(16%)
108


150


(42)
(28%)
147
154


(7)
(5%)
NZ
489


372
117
31%
290


198


92
46%
199
174


25
14%
US
869


1,314
(445)
(34%)
469


626


(157)
(25%)
400
688


(288)
(42%)
Total fleet motorhomes sold (units), excl. buybacks
1,613


1,990


(377)
(19%)
867


974


(107)
(11%)
746


1,016


(270)
(27%)

---

our
view
today
INTEGRATED
ANNUAL REPORT
2019

goes
on
forever
As thl continues to expand, delivering on our global
growth strategy and forecast financial results, we are
mindful that our business processes and activities must
adapt if the business is to continue to thrive in the next
20 plus years.
In this, our inaugural integrated report (IR), we explain
why thl is committed to being a Future-Fit Business and
how we are transforming the way we do things to ensure
long term sustainable value is generated f rom the resources
we rely on.
Through balancing the expectations of today with the
needs of the future, we foresee a bright and promising
journey ahead.
Come with us.
02 The need to act
04 Future-Fit Business
06 Year in review
08 Chairman's report
1 2 CEO's report
1 8 What's a Future-Fit Business?
22 thl at a glance
24 How we create value
26 Driving results
28 - Optimising our
operational effiency
32 - Leading the way
with new ideas
36 - Enabling our people to
develop, grow and be well
40 - Respecting and embracing
our communities
46 - Protecting and enhancing
our environment
54 Governance year in review
58 Divisional reports
58 - New Zealand
59 - Australia
60 - USA
62 - Tourism
63 - Equity investments
65 Directors' statement
66 Financial statements
121 Independent auditor's report
126 Corporate governance
142 Board of Directors
143 Corporate information
The Board acknowledges its responsibility to ensure the integrity of the IR.
The Board has applied its mind to the IR and believes that it addresses all
material issues, presents fairly the integrated performance of the organisation
and its impacts in accordance with the principles set out in the International
Integrated Reporting Council (IIRC) Framework. The IR has been prepared
according to the IIRC guidelines and IR recommendations by Wymond Symes,
Consultant - Tauranga office, CATALYST® Ltd.
The IR was approved by the Board on 26 August 2019 and is signed on its behalf by:
Grant Webster – Chief Executive Officer
Rob Campbell – Chairman

Welcome to the inaugural thl integrated
report. Two years ago we produced our first
sustainability report. We set some goals
and reported on what we knew at the time
from a sustainability perspective. We now
see how little we knew, how small the steps
were that we were taking and how our
measurement criteria and methods were
only the beginning. There is little doubt that
in another two years’ time we will look back
at this first integrated report and say the
same thing again - at least we hope we do,
as we need to keep evolving our approach to
how we work and what we stand for.
Our intent is to become a Future-Fit Business
(FFB)
1
. In this report, we will explain the
Future-Fit Business methodology, the criteria
and the positive impact we expect it to have
on thl into the future.
The need to act
Setting the scene with Professor Will Steffen
Figure 1: This shows the "Hothouse Earth" trajectory figure - the
so-called 'stability landscape' - that shows the Earth 'rolling down'
towards the planetary threshold.
Figure 2: Shows the rise in atmospheric CO2 concentration f rom
1960 up to the present. It's obvious that the science-policy system
of big science reports and big international meetings has had no
discernible effect on the atmospheric CO2 trajectory.
1 accuweather.com/en/weather-news/new-data-reveals-just-how-hot-it-was-across-the-globe-in-july/70009006
2 climate.anu.edu.au/about-us/people/will-steffen
3 pnas.org/content/115/33/8252
On track to lose 2/3
chance to keep
warming below +2.0C
Lost 2/3 chance to keep
warming below +1.5C
Kyoto
Protocol
enacted
1st IPCC Report
Atmospheric C02 concentration (ppm)
3
2.5
2
1.5
1
0.5
0
450
425
400
375
350
325
300
19601970198019902000201020202030
Growth rate of C02 Concentration (ppm/year)
3rd IPCC Report5th IPCC Report
Copenhagen
climate
conference
UN Paris
climate
agreement
in force
July 2019 has gone in the books as the hottest
month ever. This follows the hottest June in 140
years
1
and is the latest in ‘hottest ever’ records.
Professor Will Steffen
2
, Emeritus Professor at the
Australian National University and Councillor at
the Climate Council of Australia, and his 15 co-
authors call it our road to “Hothouse Earth”
3
.
The two figures below together give a pretty
compelling picture of the huge risks we face and
the fact that we are nowhere near having effective
climate action yet. Climate science policy alone
has been failing, and as businesses we need to
step up.
Collective human action is required to steer the
Earth System away from a potential threshold
and stabilise it in a habitable interglacial-like state.
Such action entails stewardship of the entire Earth
System - biosphere, climate, and societies - and
could include decarbonisation of the global
economy, enhancement of biosphere carbon
sinks, behavioural changes, technological
innovations, new governance arrangements,
and transformed social values.
This is why we are ready to start our change
more aggressively and we are doing something
different with our voice. This is what you can
expect in our integrated report and our actions
going forward.
1 For more information see futurefitbusiness.org
thl Integrated Annual Report 20190203

In simple terms, we see the FFB model as
measurement of a business from a broader perspective
than that which businesses have measured themselves
against historically.
Business has for too long prioritised short term private
profits and socialised many costs.
A Future-Fit Business is one which is expected to
contribute to a Future-Fit Society. A Future-Fit Society
protects the possibility that humans and other life will
flourish on Earth by being environmentally restorative,
socially just and economically inclusive.
There are 23 Break-Even Goals; all of which we will
measure ourselves against, reporting on our progress
and ensuring that we deliver to 100% of each (in time)
- thus being Future-Fit. We see this as the minimum
that we should be doing - the base level before we start
pushing ourselves to deliver the “positive pursuits”,
which take you beyond the measurement goals and
where you can genuinely consider the business a net
positive contributor.
This is where we should be in business, this is what
we should be discussing and debating in an open
and inclusive manner.
Internally within thl, we have had those discussions at
an executive and board level. We now need to broaden
that discussion with shareholders, crew, communities,
suppliers and others who link to, and invest in, thl.
We are ready for those discussions and know that
this will be a journey - one where we learn more, enact
successful strategies and inevitably have some failures
on the way. However, we will not stop - we will become
Future-Fit.
You have every right to ask, “what does this mean in
reality, will you see profits drop, will you be able to use
this as an excuse, what will happen to dividends?”, and
many more questions. We will be able to answer some
of those - and some we will not, yet. Indeed, one of the
key points of our internal debate was whether we
should wait and establish our performance against
every goal before we publicly announced this move,
should we have a clear definition of the exact
investment required. We have chosen not to wait - to
align our people, create engagement and ensure that
the way we look at our business is through this lens.
As we gain greater definition we will, of course, share it,
along with our progress, success, failures and any
impact on the financial performance of the business.
We firmly believe we can be both sustainable and
achieve returns above the norm, we can grow revenue
and reduce our global footprint and negative impacts
on the world around us.
Connected to this approach, we are considering the
widely-used six capitals framework to assessing the
business and our performance. Again, this is a new
initiative and we are learning along the way. This
approach comes from the International Integrated
Reporting Council. There is a plethora of information
available online and we will not look to replicate that
here. What we have found is that the combination of
these structured processes has allowed us to consider
a wider array of issues and opportunities that we hadn’t
previously considered.
Indeed, in hindsight, you could consider the approach
we have taken over the last few years as haphazard, at
the least, from a sustainability perspective. We have
achieved a lot, we are doing the right thing in many
areas; however, we haven’t been structured enough,
with a clear enough end goal.
The six capitals IIRC model defines the following
capitals (in no particular order) as follows:
> Financial
> Manufactured
> Intellectual
> Human
> Social
> Natural
As we look at these capitals, we consider what inputs
and outputs we have against each capital.
We have commenced changing the way we report and
assess all these capitals internally, our board reporting
is changing, our management reporting is changing
and all our capital requests are changing to assess new
capital spend against all six capitals. This includes our
fleet assessment.
A journey
We know this is a journey, we know we can’t change
everything that we want overnight and we are very wary
of two risks with our approach.
For the sceptics - there is a risk that we are seen as “lefty
or socialist”, without due mandate. Indeed, we could be
accused of using this approach to business as an excuse
for underperformance.
To those we would say that we will never use this as an
excuse for underperformance or poor decision-making.
If we make a decision that affects one capital (financial)
in the short term, for a larger benefit to another capital
(natural), yet we know the decision will have a long term
positive impact on the financial performance of the
business, we will make that call. But again, we will
not use this as an excuse for short term negative
performance. The decisions need to be clear, linked
and purposeful.
For the climate change evangelists - there is a risk that,
because we are early in the journey, we may be accused
of empty rhetoric and greenwashing without substance
and enough action.
To those we would say – yes, this is a journey for us,
one where we are prepared to be part of the leadership
group, but we are not prepared to isolate ourselves at
the expense of the business as a whole. We need to be
brave, but take our stakeholders on a journey with us.
Just like every other commitment that we make, there
will be some areas in which we succeed and some
where we fail - and hold us to account accordingly.
We have already failed on some of our goals - we have
not been able to enact the degree of change that we
desire in other parts of the supply chain. We are learning
from that and challenging what else we can do. We are
acting now and will continue to do so.
Commitment to an appropriate return on funds
employed (ROFE)
As an organisation, the term ROFE is strongly
embedded in what we do. It is a very key metric for
the business, it has been a driver of long term business
performance and it enables us to remain confident
that we are managing shareholder funds in a manner
which ensures long term financial growth. The focus
on Future-Fit and integrated reporting will not change
our ROFE target. We remain focused on achieving a
ROFE above our cost of capital. As costs of capital
change, our ROFE target may change accordingly.
We will always have some areas that don’t provide
this return and some which exceed this return.
Those decisions to invest where we know we will not
receive an above cost of capital return are considered
on the basis that they either will in time or are critical
to the broader success of the business. The focus on
being an FFB may well challenge us with more requests
for capital or spend that has a low or sub-par ROFE.
These will need to be “pre-financial” in nature and
not an excuse for underperformance or poor
decision-making.
What does all this mean in practice?
Again, we are not fully formed in our assessment and
measurement of all 23 goals within the FFB framework.
Indeed, there are thousands of hours of work to be
done to accurately complete our assessments.
Therefore we don’t have a clear set of actions across
the business - but to understand the concept of how
it may change our thinking, we have considered some
possible examples. These are thought starters only that
we share as part of our objective of being transparent
and enabling a broader discussion.
A hypothetical case regarding
community impact
There are issues in the Queenstown community
regarding the impact of tourism and the impact of
motorhomes has been a frequently discussed topic.
Historically, we have considered education of our
customer, education of the community and
management through digital means as some key
actions. But, when considering how this looks through
the social capital lens, we can see that the inputs and
outputs are heavily weighted to the negative. We have
not considered deeply enough how we really make a
difference in that capital. One possible way would be to
consider the quantum of the input, i.e. how many
customers do we have that pick up in Queenstown and
travel into the town centre? Is that part of the impact?
The roads, the parking, the rubbish etc.? Should we be
considering Queenstown as a hub for dispersal to other
locations and actively discouraging, or even banning,
our own vehicles from the town centre? We would note
this is not a position we have taken, but an example of
how the FFB and six capitals approach to the business
enables a different lens for consideration.
In summary, we would note that this is, in an historical
context, an unusual introduction to a report to
shareholders. We don’t apologise for that and we
encourage a discussion.
The Annual Meeting this year will be our next key
communication point with shareholders. We will have
this item on the agenda for the meeting and we will be
inviting comment and feedback from you - the ultimate
owners of the company. Take the opportunity and
provide your feedback.
" A Future-Fit Business is one which is expected
to contribute to a Future-Fit Society. A Future-Fit
Society protects the possibility that humans and
other life will flourish on Earth by being
environmentally restorative, socially just and
economically inclusive."
Rob Campbell
Chairman
Grant Webster
CEO
thl Integrated Annual Report 20190405

Without a doubt, the largest issue
for the year was the significant
fall in vehicle sales within the USA
market. This had an impact on the
total FY19 result for thl and has
consequential impacts in FY20.
We have launched the thl
Connected Customer Brand
globally - our way of connecting
all our brands’ customers to
more experiences, more often.
In addition, we continue to work
with Togo Group to grow the
digital offer that we have for our
customers (renters and owners).
The New Zealand rentals
and sales business had a record
year from a financial perspective,
with our highest ever EBIT and
ROFE. In addition, we also reduced
the carbon emission footprint
within this business, alongside
the financial result.
RECORD
NEW ZEALAND
PERFORMANCE
GROWING
GLOBAL
CONNECTIVITY
CHALLENGING
USA VEHICLE
SALES
Year in review
By capital outcome
$423M
EBIT increase over FY18.
23%
Reduction in carbon
emissions against baseline
(FY17 performance).
-21%
(2018 - $426M)
REVENUE
-1
%
14CPS
(2018 - 14CPS)
FINAL DIVIDEND
1
$62.1M
(2018 - $86.6M)
OPERATING PROFIT BEFORE
FINANCE COSTS AND TAX (EBIT)
2
-28
%
6,413
(2018 - 5,731)
TOTAL FLEET
3
+
12%
$29.8M
$
12.8M
(2018 - $62.4M)
(2018 - $2.7M)
1 Fully imputed in 2018; 50% in 2019
2 EBIT and NPAT inclusive of non-recurring items
3 Year-end fleet quantity
4 Net debt includes $30M proceeds from CITIC placement received on 24 June 2019
5 Represents thl’s share of NPBT losses. FY18 includes Togo Group losses for the four month period from 1 March 2018
NET PROFIT AFTER TAX (NPAT)
2
INVESTMENT IN TOGO GROUP
5
-52
%
$27.9M
(2018 - $37.5M)
ORDINARY NPAT
-
26%
$202M
(2018 - $199M)
NET DEBT (AS AT 30 JUNE)
4
+
2%
Number of units sold
down on the prior year.
-34%
Sales revenue down on prior year
for USA vehicle sales.
-33%
Roadtrippers grew
users by over 10% in FY19.
Current number of
connected customers
that we are engaged with
globally for our rentals business.
144,000
As at 30 June 2019
HIGHLIGHT
> Ten eRVs launched in our
rental fleet in New Zealand
in December 2018 and
January 2019.
LOWLIGHT
> eRV supplier constraints.
> Slower than expected
telematics roll out.
HIGHLIGHT
> Launched thl Connected
Customer Brand.
> Live with a global member
community of around
144,000 travellers sharing
inspirational content, global
travel offers, and recognition
perks for repeat customers.
PROTECTING AND ENHANCING
OUR ENVIRONMENT
LEADING THE WAY WITH NEW
IDEAS AND TECHNOLOGIES
ENABLING OUR PEOPLE TO
DEVELOP, GROW AND BE WELL
RESPECTING AND EMBRACING
OUR COMMUNITIES
OPTIMISING OUR
OPERATIONAL EFFICIENCY
HIGHLIGHT
>
300+ crew received leadership
training and a similar amount
of specific skills training like
service IQ and back of house
training.
> Launch of GPS Navigator
enabling people
to connect globally.
LOWLIGHT
> Four notifiable incidents
and lower than expected
engagement score.
HIGHLIGHT
> Three community impact
assessments.
> Very successful crowdfunding
campaign in Australia
in partnership with
StartSomeGood, leading to two
great community-led projects.
> Launch of Tiaki Care for
New Zealand.
HIGHLIGHT
> Total thl operational emissions
down 3.2% compared to FY18.
> NZ down 21% vs baseline =
target reached five years ahead
of time!
> In a likely first for a cave
experience of its scale, the
Ruakuri Cave and Ruakuri
Visitor Centre is now entirely
off the grid and powered by
renewable energy.
LOWLIGHT
> Customer journey emissions up
in NZ and Australia compared
to baseline year.
thl Integrated Annual Report 20190607

Dear Shareholders
On behalf of the Board, I present the
accounts for the 2019 financial year.
This commentary should be read in
conjunction with the opening for our
first integrated report.
In this report we take more than just
a financial view of the performance of
the company. This letter is in sections,
which reflect a different approach to
the business. We are using the six
capitals (IIRC) approach to guide the
flow of the review.
It is imperative that as thl commences
its journey to be a Future-Fit Business
(FFB), we do not use the FFB initiative
as an excuse for underperformance. If
we score an own-goal, we need to say
so and be held to account accordingly;
if we are missing capability and don’t
address that, the same applies; if we
don’t move forward at a faster pace
than the competition, the same
applies again.
Our financial performance
The Board is not satisfied with the
result for FY19. It is down on the prior
year and has ended a long run of
growth in profitability. thl has the
opportunity and responsibility to
make further gains in profit. The ethos
is be better than the rest and ensure
growth, taking external factors into
account but not as excuses.
To ensure the right approach to
strategy and planning it is, at the
same time, also important to put the
result in context of the current market
conditions, compare it to industry
peers and historical performance.
If we don’t, we risk dismissing what
is working well and destroying the
culture which has enabled the
business to succeed in recent years.
In this regard we recognise that the
USA sales market is well down and
all competitors are affected. We have
to anticipate better and react more
decisively. We also recognise that we
have chosen to invest in Togo Group
(formerly branded as TH2) for the
future. This has short term costs
which we must control and which
will only be justified by results yet
to come. There are businesses within
thl where we had record-breaking
financial results. In those we aim
still higher.
The balance of these two positions
is well summarised in management’s
mantra for the FY20 year.
Don’t Stop.
Change.
Deliver.
Don’t stop refers to our broad
strategic direction. We are on a global
growth journey in a growing industry
segment, with an appropriate digital
development arm. It is important to
reflect and assess the strategy of the
business when the market and results
change. We have done that and
reaffirm our direction as a company.
We won’t stop progressing.
Change where required. The USA
business is the area subject to the
most significant change in the
coming year (a process that
commenced months ago). Where
we are underperforming, we must
change, with speed and accuracy.
Deliver. There are no excuses for not
enacting plans that have been agreed
and are within our area of control.
The numbers
The NPAT result of $29.8M was down
on the headline number of $62.4M
in FY18; that earlier result included
the one-off gain of $24.3M associated
with the creation of the Togo Group.
Without that one-off gain, the result
was down 26% on the prior
corresponding period (pcp).
The operating earnings before interest
and tax (EBIT) for the 100%-owned
thl businesses delivered a result of
$62.1M compared to $63.5M in FY18
excluding one-off gains. In the context
of a major downturn in the US market,
a good result.
The business remains heavily invested
in physical assets - mainly motorhomes
- across the globe. As such, the focus
on return on funds employed (ROFE)
is still critical. With vehicle sales down
on expectations, the business is
holding more vehicles than planned
and, therefore, higher funds employed
than it should have at year-end. As a
result, ROFE was 12.9% compared to
15.3% in FY18.
Vehicle sales is the key issue
impacting the business performance.
This issue is covered in some detail
throughout the report. The total sales
for the year were down 515 on the
2,408 we sold in FY18. The situation
is different in the separate markets.
today
and
tomorrow
" The Board is not satisfied with
the result for FY19. It is down
on the prior year and has
ended a long run of growth
in profitability. thl has the
opportunity and responsibility
to make further gains in profit.
The ethos is be better than
the rest and ensure growth,
taking external factors into
account but not as excuses."
"We are on a global growth journey in
a growing industry segment, with an
appropriate digital development arm."
CHAIRMAN'S REPORT
09thl Integrated Annual Report 201908

Manufacturing capital
This capital focuses on the equipment
and tools that we own and use. Within
thl, the manufacturing of motorhomes
is an obvious application; however,
we also consider our locations, other
assets and acquisitions where
physical assets are the core.
This year we commenced the first life
cycle assessment of our motorhome
assets. We have not been able to
complete the assessment as planned
in FY19, due to difficulties getting the
necessary quality of assessment data.
We have work to do with our supply
chain partners and we need to
improve the quality of information we
accumulate internally. We do know,
from the work conducted, that we are
producing a high quality product in
New Zealand and Australia. We
produce to a high commercial grade
and extend the life of the product
accordingly. We need to keep pushing
the USA suppliers, in particular, to
match these efforts.
During the year Action Manufacturing
acquired Fairfax Industries and
expanded the Hamilton operation,
taking on a new lease at adjacent
larger premises. This additional
capacity will create substantive
synergies for the total business
moving forward.
Chassis procurement moving forward
will change and we will face some
difficult issues as we determine the
right mix of requirements under a
Future-Fit Business model. We are
confident that companies like
Mercedes, with whom we have a
strong relationship, are responding to
the requirements of the automotive
industry; yet the large China-based
manufacturers producing products
such as LDV are already producing
electric vehicles at prices that others
may struggle to match. We have a
reasonable number of LDV vehicles
on fleet in New Zealand (including
10 electric vehicles) and they are
performing well.
Human and intellectual capital
Within thl there is essentially
someone working in the business
24/7, across the globe. We are a
diverse business and need to do more
to explicitly recognise that diversity.
For the first time, we have included
some more statistics on diversity
within the report and we will use this
transparency to continue to improve
our position.
Governance
The Board is a key part of the human
capital of any business. Like all other
assets it must contribute net value.
This has to be reviewed regularly. We
are proposing to make some changes
to enhance the net value added by
the Board. We currently have eight
members, which is more than we
require to be effective.
It happens that Graeme Wong -
our longest serving Board Member -
will retire at the Annual Meeting in
October. Graeme has served many
roles whilst on the thl Board, since he
joined in 2007. I would like to thank
Graeme for his contribution over
many years and look forward to
acknowledging his contribution at
the Annual Meeting. We will not
replace Graeme.
To enhance value we have adapted
the manner in which the
subcommittees operate - to create
greater engagement across the
management teams and enable
directors with specific skills to
contribute more.
At the Annual Meeting, we will also
be discussing how we may be able to
further improve the assessment and
skills of new and current directors in
the future. In short, we think there
needs to be a higher degree of
challenge and assessment of directors
in all publicly listed companies and we
are willing to take a leadership position
in this regard. I will be making some
proposals for discussion over the
coming year to give effect to this.
Our shareholders provide us with
the financial capital we require to
proceed, but can also have a place as
a human capital contribution. Our
largest shareholder, HB Holdings Ltd,
a wholly owned subsidiary of CITIC
Capital International Tourism Fund
(CITIC), have now joined the Board
and we are confident they have
networks that we can leverage and a
commitment to thl’s growth strategy.
On behalf of the Board, I would like to
thank the thl team across the globe.
As with many operational businesses,
we have challenges every day because
things just don’t always go to plan;
we are human. The response of the
thl crew to those challenges is to
be applauded.
Social and relationship capital
Social and relationship capital is
most closely related to supply chain
relationships, community acceptance,
government relations, relationships
with competitors (e.g. coming
together to develop industry
standards) and customer loyalty;
commonly described as having a
social licence to operate.
“We have an opportunity to
leverage what we do well to
ensure global growth in a
genuinely sustainable manner.”
Our customers and staff engage with
communities across the globe. That is
the nature of our business. They visit
far more locations than we have
branches and, apart from Waitomo
and Kiwi Experience, they are
essentially on their own - we have no
direct control over what they do and
when they do it. They are free and
independent customers.
We have a responsibility to understand
what impact our customers have
on the community, and in FY19 we
commenced three community
impact assessments.
From a government relations
perspective, we are still very
New Zealand-centric. We are engaged
with the government in a number
of areas and we appreciate the
opportunity to lend our experience
and resource where we can. In the
last year we were engaged in the
government working group on
responsible camping, continued
our work with NZTA on the visiting
driver project and worked with
government and industry teams on
the development of the Tiaki Promise.
The benefit of working in this manner
in New Zealand is that we are small
enough that we can gain traction
and create a model which may be
transferrable to other nations.
We have a number of examples
where we have had a small impact
on the thinking of other jurisdictions,
but it is a work in progress.
Natural capital
Historically, the key focus for
sustainability efforts has linked to
this capital. The impact of business
on the natural environment around
us is profound.
From a thl perspective we have some
clear goals to reduce carbon emissions,
as the largest single impact we see
that needs addressing with urgency.
This is where the greatest R&D effort
is being targeted. We have 10 electric
vehicles in New Zealand and other
trial product, including repowering
and new build (eRVs) from a base
“glider” chassis (a cab and chassis
supplied with no engine or drive
train). Whilst we will continue to
invest ourselves, we also need to
maintain as much pressure as we
realistically can within the supply
chain to access product which
meets our objectives. We aren’t an
automotive vehicle manufacturer.
The Waitomo team do much to
protect and improve the natural
environment in which we operate.
We have a comprehensive cave
management plan, an external cave
advisory group and we engage closely
with the owners
1
of the caves in which
we operate. During the past year, the
Waitomo team opened a new Ruakuri
visitor centre onsite at Ruakuri.
With the Holden Family, we took the
opportunity to explore solar power
for this site and cave. We understand
this is the first New Zealand visitor
attraction of this scale to be solar
powered. We have also completed
some fantastic pest eradication with
the Department of Conservation in
the Ruakuri Scenic Reserve.
The FFB framework will guide us on
the measureable actions which will
ensure we are net contributors to
the environment.
Where to next for thl?
We have an opportunity to leverage
what we do well to ensure global
growth in a genuinely sustainable
manner.
We monitor forward bookings
closely and maintain tight control
on capital spend as we monitor
vehicle sales. With the recent capital
raise we are also confident that we
can continue to look for the right
kind of acquisitions while keeping
prudent leverage.
The current core business
performance (noting the current
USA issues), investment in Togo
Group, the FFB initiative, the global
growth strategy and ongoing focus
on delivering an appropriate return
to shareholders provide us with
confidence in the future for thl.
I look forward to engaging in
conversation at the Annual Meeting
in October.
Thank you to all those who have
supported the team and business
over the last 12 months.
Rob Campbell
Chairman
1 The owners are:
Ruakuri: The Holden Family Trust
WGC: Ruapuha Uekaha Hapu Trust (RUHT) and the Department of Conservation
Aranui: The Minister of Conservation
thl Integrated Annual Report 20191011

don't stop.
change.
deliver.
" We must as a team, stay focused
on what we need to do differently.
The ongoing renewal of our
thinking and approach is the key.
It is the hallmark of thl - and we
are ready to change again as we
need to."
CEO'S REPORT
The management team within thl
would agree with the comments from
the Chairman and the Board regarding
the FY19 result. It was simply not good
enough; market conditions aside,
we did not react to the vehicle sales
market shortfalls in the USA strongly
enough, given how sustained the
downturn in dealer sales, in particular,
has been. We haven’t seen anyone
perform well in the last 12 months in
the USA RV market; however, again
that’s no excuse.
We must as a team, stay focused on
what we need to do differently, what
we do well, and what we do that we
must stop doing. The ongoing renewal
of our thinking and approach is the
key. It is a hallmark of thl - and we are
ready to change again as we need to.
Within the result there are some key
highlights for the year as well, which
we should celebrate - they reflect the
hard work of the crew over the last
few years. Of particular note, the
New Zealand rentals and sales
business had a superb result. The EBIT
of $31.5M was 23% - up on the prior
year (the FY18 result also had the
benefit of the one-off gain of the
Lions’ tour included) and the business
reduced carbon emissions by 21%
against our benchmark base year.
The Australia and Waitomo businesses
also had record EBIT results. None of
these results came from any one-off
event or record growth in tourism
arrivals - they were delivered as a
result of good marketing, customer
focus and operational cost control.
thl has, for many years, been a
business that has a high level of
activity and work rate. The past
year is no exception.
• We delivered a lot of technology
development, and will have more
in FY20. Of note, New Zealand and
Australia have a new fleet scheduling
and management system, which has
provided positive efficiencies within
both businesses.
• Customer metrics improved within
the business. We are at a point where
we need to review all the channels
from which we receive information
from customers and what we do
with that information and how we
measure our performance more
broadly than we do today.
• We have made strong progress
from a sustainability perspective.
A highlight for the year was the
opening of the new visitor office
at the Ruakuri Cave. As part of that
project, our landlords wanted to
work with us to achieve a 100% solar
powered option at the caves. We
have achieved that for the visitor
centre and the operation of the
Ruakuri Cave. The next steps in our
journey are clear within the core of
this first integrated report.
• Within our joint venture manufacturing
business, we purchased Fairfax
Industries in New Zealand - a long
established market leader in the
creation of refrigerated trailer units.
This acquisition will be very
synergistic for the core rentals,
vehicle sales and manufacturing
businesses. Look out for a new RV
Super Centre at that Takanini site
in FY20.
• Togo Group created a new
Australasian partnership, selling in
our CamperMate and other related
businesses in NZ and AU to Outdoria.
As a result, Togo Group is the largest
shareholder of Outdoria, along with
Discovery Holiday Parks, Gerry Ryan
(owner of Jayco RV manufacturing
business) and the Marketplacer
technology company.
Capital raise
This was the first capital raise of this
nature for thl. The rationale was well
covered in the documentation at the
time; however, it is worth reiterating
the key points and our views post the
conclusion of the raise.
The rationale was threefold. Firstly,
we had a desire for the FY19 and FY20
investments in Togo Group to be from
equity. Secondly we have a number of
smaller M&A opportunities that we
want to continue to explore with
flexibility. And, thirdly, we wanted to
ensure that we had a lower debt
position, given the global economic
uncertainty. As at the 30 June balance
date, net debt was lower than forecast,
as we had received the funds from the
$30M placement to CITIC. Our net
debt:EBITDA ratio post the capital raise
is around 1.9x, however it moves monthly
due to fleet purchases and sales.
We were very pleased with the
support we received for the capital
raise and, in particular, the price
achieved within the shortfall book
build (a $0.48 premium to the rights
offer price of $3.40 per share).
Institutional investor support was
strong within the raise.
"There are some key highlights for the
year - they reflect the hard work of the
crew over the last few years."
13thl Integrated Annual Report 201912

" As a company, we are very aware of
the need to use shareholders’ funds
effectively and ensure we optimise
the capital structure of the business
over the long term."
As a company, we are very aware of
the need to use shareholders’ funds
effectively and ensure we optimise
the capital structure of the business
over the long term. The net
debt:EBITDA ratio post capital raise
of around 1.6x is the lowest we have
had it for some time; that is no excuse
for us to be lazy.
We do not have a set target from
a debt perspective, as we adjust
our position based on the returns
we achieve from the various
business units, our view on risk
and growth opportunities. At this
point in time we remain consistent
in our view that anywhere around
2.0 times is acceptable, however
we have the capacity to exceed
that for acquisitions and particular
growth initiatives.
Of note our dividend policy is
unchanged.
M&A activity
This time a year ago we were very
clear to you, as shareholders, and
the market that we were focused
on growth - both organically and
through M&A activity. We prefer to
keep shareholders aligned with the
direction of the business, rather than
create surprises. In the past year we
had a number of possible transactions
that didn’t eventuate. Ultimately we
are clear that we made a choice to
not execute the transactions due to
pricing considerations. We know the
discipline that applies to ROFE for
fleet acquisitions needs to be applied
in a similar manner to acquisitions.
Likewise, with the potential sale of
some of the tourism assets, we were
clear on our price expectations and
stuck to those when the potential
acquirer changed approach at what
I would consider the last minute.
Deals falling over after significant
time and resource has been invested
are difficult. Both the Board and
management have a strong discipline
on ensuring the appropriate financial
disciplines are retained throughout
all stages of a transaction.
Today we are still looking to convert
on the pipeline of opportunities that
we have created globally. The focus
for business acquisitions is on our
existing markets, where we believe
there may be synergistic opportunities,
and new markets such as Europe and
Canada, where we know there is an
existing motorhome rental market.
Whilst we see some opportunities
within the New Zealand tourism
space, it is not an area of focus today
from an acquisition perspective.
Acquiring global attraction activities
has not been a strategic option for
some time. We are comfortable
with the current tourism portfolio;
in particular, the Waitomo businesses.
Within the information provided for
the capital raise, we also acknowledged
China as a potential market from an
RV rental perspective. We would
reinforce our position that we see
any engagement in this market, at
this point in time, would not involve
thl capital. We have remained in
discussions with CITIC on how we
may be able to assist their efforts in
this market. Whilst we see this as a
positive opportunity in the future,
it is not expected to be a meaningful
part of thl in the short term.
USA review
The trading conditions and thl
performance within the USA market
has been the greatest area of concern
for the business in the last 12 months.
The business remains a primary area
of focus as we move into FY20.
We have been detailed in our provision
of information to you, as shareholders,
regarding our plans for improvement
in the USA. We are currently on track
with the activity, which we directly
control. Fleet purchases for FY20
will be on track or lower than the
expected $23.8M we detailed in our
update. Two locations have been
publicly announced as closing and we
are in the process of reviewing further
sites, as indicated in the USA review.
Changes to teams and leadership
roles are well underway. Our focus on
growing the international customer
mix is working, with strong growth
in the 2019 calendar year high season
in particular within El Monte RV.
The results in the USA are not
acceptable today and, indeed, the
FY20 result will be down on FY19,
as we will be holding higher fleet
numbers due to the much lower sales
volumes in FY19. Accordingly, we are
reducing fleet purchases in the USA
this year by US$40M, and are expecting
to generate positive operating cash
flow of approximately US$35M. We are
focused on whatever business model
changes we may need to make.
Road Bear RV and El Monte RV
fleets are now interchangeable and
the support structures are moving
closer and closer together.
Togo Group
You will have seen in this report that
we have rebranded TH2 as Togo Group.
The change, led by our new CEO
Danny Hest (commenced January
2019), has already assisted in aligning
internal teams and external channels
to market. Within the group, the
Mighway and Roadtrippers businesses
remain as individual brands, given the
place they hold in their respective
markets and greater relevance to their
consumer segments.
Roadtrippers has had a positive
FY19 when comparing to our targets.
User growth has been strong but,
more pleasingly, the subscription
revenue generated from Roadtrippers
Plus (the consumer paid version of
Roadtrippers), has exceeded our initial
expectations. Long term success will
come from an ongoing development
of the core product offer, a strong
extension deeper in the RV or
camping category and maintaining
a value proposition to customers that
ensures ongoing use and renewal of
membership from year to year.
Roadtrippers has a large customer
base and a strong product.
Togo RV itself launched on time in
the USA during the year. The initial
feedback and user numbers exceed
expectations, however we didn’t
create the stickiness and depth of
engagement required. The product
roadmap has been reviewed and Danny
has taken this team closely under his
responsibilities to ensure success.
Overall we remain very committed to
the Togo Group. We have missed some
development targets and the Togo
product did not deliver to expectations
in phase one; however, the size of the
market opportunity hasn’t changed,
there has been nothing concerning
from a competitor standpoint and we
know we are providing solutions
which resonate with customers; to
receive the subscription fees we are
targeting, we need more functionality
live and to deliver the product more
simply. The roadmap is clear; we just
need to deliver.
FY19 financials
The NPAT of $29.8M was down
on last year on a like-for-like basis.
This was driven by the USA and is,
as mentioned, a primary focal point.
The ROFE for the group was 12.9%,
compared to 15.3% in the prior year.
Again, the USA is where the decline
was most prevalent. We expect
ROFE to improve this year, as we
have reduced the purchases of
fleet; we will be driving vehicle
sales hard and expect to generate
strong operating cash flows from
the business.
Net debt at 30 June was $202M.
This compares to the prior year end
figure of $199M; however, the $30M
of funds from the CITIC placement
had been received just before
year-end. The letter of credit facility
we have with Action Manufacturing
was $11M, compared to $16M last year,
which shows an improvement in the
level loading production capabilities
and debt facility management
within Action.
Capital expenditure
During the year we had capital
expenditure of $197M. Nearly all of
this is on fleet renewal and growth.
This is down on the prior year figure of
$201M. The disappointing element of
the year was the timing of the shortfall
in sales in the USA. The sales decline
commenced just after we had placed
our orders for the coming year and,
thus, we have been over-fleeted for a
longer period of time than we would
normally expect in such a situation.
NPAT
$29.8M
ROFE
12.9%
Net debt
$202M
thl Integrated Annual Report 20191415

It is worth noting that Road Bear RV
has achieved between 18-27% ROFE
since we purchased the business in
2010. We have been able to do that
with much lower fleet sales and peak
rental fleet than we have today and
we are confident we have a business
model that is sustainable in the long
term. We can and will deliver those
kind of results again. The El Monte RV
business needs more work and
combining the two to a greater extent
will enable the cost leverage we need
to succeed. With high season still not
complete in the USA, and the key
booking seasons not yet upon us
for Australia and New Zealand, it is
inappropriate for us to release a target
NPAT range for FY20 at this point in
time. As with prior years, we will
provide some more information at
the Annual Meeting in October.
More broadly, we are confident in
the medium and long term outlook
for the wider tourism industry and
specifically the RV industry. There
are some macro-economic signals
that suggest the short term could be
more challenging. Our position in the
rental market remains positive, as is
our outlook.
The internal activity level is very
high as we implement the FY20
plans including all the Future-Fit
Business Goals.
Summary
We remain focused on growing
globally and continuing to leverage
the resources we have to maximise
competitive advantage and scale
within our industry segment.
Had we anticipated the shortfall more
astutely, or had it commenced two
months earlier, we would have been
able to adjust within FY19.
This year we will see purchases decline
as we adjust fleet, release capital and
generate positive operating cash flow
for the business (particularly from
the USA). The expected gross capital
expenditure for the year is in the range
of $135M to $145M.
Dividends
As clearly indicated in previous public
statements, we have committed to
a 14cps final dividend for the year
(50% imputed). The total dividend
of 27cps for the year is in line with
the prior year, which was a record
pay-out for thl. We have also noted
that in FY20 we will be considering
the dividend pay-out, excluding the
investment in Togo Group. We believe
this makes sense, given the equity we
have raised for that business and the
expectation that the business will
provide significant returns in the
future; it is a deliberate investment,
not an existing business with
operating losses.
We will announce the FY20 interim
dividend in February 2020 with
our results release, as we have in
prior years.
Outlook
There has been little change in
our expectations or views on each
market since the information we
provided with the capital raise in
June. The broader economic
conditions from our perspective are
uncertain; however, we are yet to see
those play out in any concerning
manner within the rentals business.
It has been a record year in the
largest part of the business, but a
very difficult year in the USA. We will
remain focused on delivering strong
returns, growth and, importantly,
improvements in how we operate and
position ourselves within the market.
Finally, it is very important to
acknowledge all the crew within thl.
We have a tough operational business
that has had some good successes
over the past few years.
I know there are many of the team
who are disheartened by some of the
results in the last year and I applaud
the concern, but also know from the
past that the team is highly resilient
and are focused on delivering the
changes required to improve. I also
congratulate those crew who have
been part of the businesses within thl
that have had record results. Indeed,
thank you to all the team for the huge
efforts in FY19 and the preparations
for the coming year.
I look forward to the Annual Meeting
in October, where we will be able to
provide more details on what we
expect next for thl.
Grant Webster
CEO
Forward bookings for the
New Zealand and Australian
businesses remain positive compared
to the prior year. The first trading
month of FY20 has been positive
for both those businesses. The
recreational vehicle sales market
in New Zealand appears consistent,
although we are seeing a slowing in
the number of imported vehicles
into this market, which we see as
positive. Although the vehicle sales
market in Australia is tough, we are
well-positioned and believe that we
are gaining share. We hear concerns
about declines in caravan sales in
the market, which affects some of
our competitors. This is not seen as
significant for our business and likely
reflective of the broader consumer
sentiment in the market.
Within the USA we have continued
to see slow dealer sales for product.
The rationale of dealers being
overstocked should now be historical,
as we would expect dealers to have
cleared excess inventory or they
would be facing serious cash flow
issues. We are aware of some cases
where certain model types have
been difficult to sell compared
to prior years. There is, however,
a reduction in retail sales and this has
been clear in the public information
from other RV stocks listed within
the USA. The decline remains around
10-15%. What we know is that this
has created a situation where dealers
are operating much leaner inventory
levels than they have in the past and,
in some cases, they are reducing
range. We have planned for this
lower demand environment for
wholesale sales in FY20. As previously
mentioned, we expect the USA results
in FY20 to be down on FY19 as we
clear excess fleet.
Expected gross capital expenditure
in FY20
$135M -
$145M
thl Integrated Annual Report 20191617

At thl "being sustainable"
isn't just about following
a trend. It has always
been about being a
responsible operator.
The question that
we have asked
ourselves f rom the
beginning is, what
defines a responsible
tourism operator?
In 2014, when we started to weave
sustainability into our key strategies,
we asked our stakeholders what our
focus should be. Their responses fell
broadly into these focus areas:
• Climate change.
• Responsible travel including safe
driving and responsible camping.
• Embracing our communities.
• Nurturing our crew.
• Shareholder satisfaction.
We agreed, and incorporated these
into the thl sustainability framework
of Protect, Respect and Grow.
We followed best practice, involved
our stakeholders in every step of
the process through materiality
assessments (available https://2018.
thlsustainability.com/Stakeholders),
completed baseline reviews and
audits, and set ourselves targets
which were stretching and ambitious.
Whilst we were happy with the
progress, we also realised that society
and the environment needed more.
Not just iteration, but bold steps that
lead us to becoming a business that
by virtue of its operation, does good.
Through this process we discovered
the Future-Fit Business Benchmark
(futurefitbusiness.org).
Viewed through the Future-Fit
lens, our Protect, Respect and
Grow framework gets a whole
new meaning. ‘Growth’ becomes
synonymous, not just with increased
profitability, but with increasing trust,
greater equity, wellbeing and healthier
ecosystems where we operate. In this
way, the more profitable we are, the
better it is for everyone. Not only for
our shareholders, but for society as
a whole.
PastFuture
" From ending poverty and reducing inequality to
tackling climate change and working to preserve
our oceans and forests, humanity faces a number of
global challenges. Today, investors are realising that
companies have the power to address these critical
challenges, but bold action must be taken."
Hermes Investment Management Quarterly Impact Report Q4 2018
hermes-investment.com
thl
global
operations
thl
100%
Future-Fit
2019
WTTC awards
1

finalist – compared
to other tourism
businesses
Targets
against
baseline 2016
2019/2020
community
partnerships to
create shared
value
company
today
1
3
2
4
The path to Future-Fit
The thl path to Future-Fit
Assessing company
performance relative to
a past year doesn't tell
us where its going.
Progress toward short
term goals matters only
if they contribute to the
right long term aims.
For the full story we must
assess progress toward and
beyond an extra-financial
break-even point.
A focus on best practice
by sector (e.g. current
ratings) only drives a
race to be 'least bad'.
What's a Future-Fit
Business?
1 wttc.org/tourism-for-tomorrow-awards/winners-and-finalists/winners-and-finalists-2019#tourism-holdings-limited
thl Integrated Annual Report 20191819

Energy
Installing solar at our branches,
or changing power suppliers to
those with greener sourcing.
Waste
Waste audit and waste reduction
plans until all operational waste
is eliminated.
Implement circular thinking in
our product design so 100% can
be repurposed.
Water
Install watertanks, investigate
and adapt where our water comes
from and our discharge goes to.
Physical presence
Site reviews for all operations to
list and plan local communities
and natural ecosystems that are
likely to be affected by our
presence and activities.
Natural resources
Continue our Waitomo Caves
management plan and actions
to restore biodiversity.
People
Implement mechanisms to
pre-empt, identify, assess and
manage community concerns.
Example: Branch Managers attend
monthly local community meetings.
Continue to implement global
processes for physical safety in
the workplace, mental wellbeing,
physical activity, nutrition, smoking
and support for lost time.
Review the transition to FFBB
living wage per location in
preparation for a move towards
this goal.
Assessment of global employment
terms, including working hours,
holiday and parental leave.
Anti-discrimination awareness
through internal training roll out +
review of at risk groups.
Pollution
Site reviews for all workplaces
to list and plan removal of
operational emissions resulting
from substances used or created
by our operations. Example:
replace our cleaning chemicals.
Eliminate all greenhouse gases
that are produced by in-house
activities and our energy
consumption. Example: remove
diesel/oil heaters.
Redesign all our vehicles to use
electricity instead. Example: eVolve.
In depth reviews of all the products
and services we sell to ensure none
of the materials used cause harm
to people or the environment.
Example: replace all our brakepads
with low copper.
Drivers
Implementing supply chain hot spot
assessment processes safeguards
the pursuit of Future-Fitness.
Fully roll out code of ethics training
to all crew and add to yearly review.
Audit certification that right tax
is paid in the right place at the
right time.
Implement lobbying policy and
controls according to the FFBB.
Adopt a Future-Fit investment policy
and screen assets against this.
The 23 Break-Even Goals
Between May and July we have incorporated these goals as assessment
points in our new business plans. From FY20 Future-Fit Indicators will be a
consideration in our monthly reporting. Whilst we are working to prioritise
the implementation of the goals, it also means that from now on we will
consider the 23 Break-Even Goals against all new initiatives.
FY20 will be used to do a full, in depth assessment per business
unit following the scientific indicators and data measure, to give
an exact indication per goal of where we stand and how far we
have to go. Although, right now, we don't have all the data we
need to make a complete assessment, indications currently
show we are around 30-40% along on our journey.
For thl this only reinforces the need for urgent action. We have to
improve by over 60% to become Future-Fit. There is nothing as
inspiring as some real constraints and stretch goals - so we have
started our journey and are looking at what these goals could
mean for us specifically.
Measure effectiveness of
processes to address crew concerns
are actively solicited, impartially
judged and transparently addressed.
Marketing review of all product
communications against FFBB
criteria to ensure they are honest,
ethical, and promote responsible use.
Review product concerns
mechanisms per user group against
Future-Fit criteria.
Society
Company
Communities
Employees
Supply
chain
Sales
chain
Products waste
Environment
Operational
presence
Goods, services & resources
FF01 Energy is from
renewable sources
FF02 Water use is
environmentally
responsible and socially
equitable

FF03 Natural resources
are managed to respect
the welfare of ecosystems,
people, and animals
FF04 Procurement
safeguards pursuit of
Future-Fitness
FF09 Community health
is safeguarded
FF20 Business is
conducted ethically
FF21 Right taxes are paid
in the right place at the
right time
FF22 Lobbying and
influence safeguard the
pursuit of Future-Fitness
FF23 Financial assets
safeguard the pursuit
of Future-Fitness
FF15 Product
communications are
honest, ethical and
promote responsible use
FF16 Product concerns
are actively solicited,
impartially judged, and
transparently addressed

FF17 Products do not
harm people or the
environment

FF18 Products emit
no GHGs
FF19 Products can be
repurposed
FF05 Operational
emissions do not harm
people or the environment
FF06 Operations emit no
GHGs
FF07 Operational waste
is eliminated
FF08 Operations do not
encroach on ecosystems
or communities
FF10 Employee health
is safeguarded

FF11 Paid at least a
living wage
FF12 Subject to fair
employment terms
FF13 Not subject to
discrimination
FF14 Employee concerns
are actively solicited,
impartially judged, and
transparently addressed
The Future-Fit Business Benchmark is a science-based tool
that underlies this philosophy and helps us pursue the vision.
All businesses must at least Break-Even to ensure that they are
in no way slowing down society's transition to Future-Fitness.
Our progress so far
2 goals: already on course to
reaching Future-Fitness
14 goals: minor action is needed to
get on the path to Future-Fitness
4 goals: more significant action
may be required
3 goals: major action is needed,
perhaps over several years
thl's current positioning
against the 23 Future-FIt
Break-Even Goals
Every Break-Even Goal has a clear set of indicators to measure, manage, and explain
its progress. Beyond Break-Even (or cause no harm), a business should seek to be a
force for good in the world. The Benchmark provides 24 Positive Pursuit Goals as well,
which work in a similar way and act to speed up society’s transition to Future-Fitness.
thl Integrated Annual Report 20192021

thl at a glance
UK
896,853
Total customer experiences delivered in FY19
Equity Investments:
employees
~90
vehicles
~330
customer experiences
delivered
4,000
Customers reached
NB: Totals include Outdoria Group.
7.5 million+
~160
Employees
USA
employees
~400
kilometres travelled
60 million
vehicles
2,440
customer experiences
delivered
102,000
Brands:
Outdoria Group
Outdoria Group
Outdoria Group
Outdoria Group
employees
~150
kilometres travelled
74 million
vehicles
1,641
customer experiences
delivered
74,000
Australia
Brands:
employees
~900
kilometres travelled
tours taken
Equity Investments:
New Zealand
Brands:
94 million
21,455
vehicles
2,332
customer experiences
delivered
716,000
Japan
Franchise Operation
Southern Africa
Franchise Operation
Brand:
Brands:
Brands:
thl Integrated Annual Report 20192223

How we
create value
SATISFYING OUR SHAREHOLDER VALUE
We generate sustainable, profitable shareholder
value and financial stability. We provide dividends to
shareholders and target business value growth.
LEADING THE WAY WITH NEW IDEAS AND TECHNOLOGIES
IP like the eRV and new materials that we have used
to make it more lightweight. The design IP for RV and
our digital IP f rom Togo Fleet, Togo Insights, Power
BI reporting, data science, analysis and insights and
integrated strategy.
OPTIMISING OUR OPERATIONAL EFFICIENCY
We create an optimised RV-centric ecosystem including
innovation in RVs and other vehicle builds, like
ambulances. We implement, maintain and innovate
inf rastructure in and around the caves, branch locations
and the operational spaces around it. We create new
technology that improves RV experiences.
PROTECTING AND ENHANCING OUR ENVIRONMENT
Negative climate impact due to our customer journey
emissions. Impacts on landscapes and ecosystems as
operations are not neutral in regards to waste, water
use and power. Positive through beach clean-ups
with Kiwi Experience, planting trees in Waitomo and
maintaining health of glowworms in Waitomo.
ENGAGING NEW TRAVELLERS:
SEGMENT SPECIFICATION DEMAND GENERATION
CORE SYSTEM
ENHANCING THE thl STANDARD
ENHANCE TECHNOLOGIES WITH TOGO GROUP
ACCESS
RENT
P2P
BUILD/BUY
SELL
PROPRIETARY
EXPERIENCES
FINANCIAL
Our access to capital and capital expenditure.
See financial statements for more detail.
INTELLECTUAL
Our expertise in being a global RV operator, R&D,
innovation and continuous training to increase
knowledge around the globe, data science and
improved reporting, governance and policy
f rameworks, SOPs and life cycle assessment project.
MANUFACTURED
Our RV build, buses, roads and other inf rastructure
needed to create a customer journey; the buildings
we operate f rom, and the technology we build and
use to drive efficiency.
NATURAL
We rely on natural capital to create experiences that
people travel with us for. Waitomo Glowworm Caves
specifically in regards to biodiversity. We rely on
water, air and land to be able to operate.
Outcomes and impactsInputs to create valueOur business
PURPOSE OUR VALUES
Creating unforgettable holidays
Our definition
of ‘value creation’
thl is focused on establishing itself as global leader
in the RV ecosystem. Last year we introduced our
business model, ‘the sum of our parts’. This year
we put this into the six capitals context and we ask
ourselves ‘what capitals do we use to create value,
and what are the impacts of our activities on those?
How can we create value across all?’
With this updated view, we want to show the inputs
that we have taken for granted in our business
model and we aim to share how the tangible and
intangible assets help create and impact on value for
thl and the wider system in which we operate. It will
also show the current negative sides of our choices,
where we are reducing value because of the way
we operate. Our move to Future-Fit will help with
defining this and turning these impacts around.
Be the best – Be curious –
We care everyday – Do the right thing
HUMAN
Leadership development, our crew‘s time and effort;
talent acquisition, development, retention.
RESPECTING AND EMBRACING OUR COMMUNITIES
Collective agreements with organised labour, positive
and negative impact on communities and supply
chain, like other tourism businesses and overall
industry. Being part of the leadership group for the
Tiaki Promise.
SOCIAL
Our collaborative stakeholder relationships,
including industry, regulatory, Iwi, crew, community
and supply chain.
ENABLING OUR PEOPLE TO DEVELOP, GROW AND BE WELL
A highly skilled and engaged workforce, a safe working
environment. We give crew who work for us a chance to
add to their experiences and knowledge, but also take
away through stress, inflexible work hours (for a part of
our crew). We are employer of choice in Australia.
• DIRECT
• WEB AGENTS
• TRADE
thl Integrated Annual Report 20192425