THL Interim Results FY20

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

PO Box 4293, Shortland Street

Auckland 1140, New Zealand




28 February 2020

NZX | MEDIA RELEASE

TOURISM HOLDINGS LIMITED (thl)
HALF-YEAR RESULTS TO 31 DECEMBER 2019

thl retains year end forecast expectations of around $24M NPAT

 Net profit after tax (NPAT) of $13.1M – down on the prior period by 25%, largely impacted by the USA vehicle
sales market and ongoing investment in Togo Group.
 Interim dividend of 10 cents per share declared, fully imputed. Cash dividend yield of 7.8%.
 The global rentals business continues to perform well, delivering revenue growth in New Zealand and
Australia.
 FY20 NPAT expectation remains around $24M.

Chairman, Mr Rob Campbell, said “We maintain our global strategy and focus on capital discipline”.

A dividend of 10cps is declared, fully imputed. Based on the share price as at close on 26 February 2020 and
assuming a repeat of the same dividend at year end, this represents a cash yield of 7.8%.

CEO, Mr Grant Webster, said “We have a strong balance sheet and market position. Thus we have confidence in
the future of thl, despite the difficult trading environment in some markets at present. The teams globally are
intensely focussed on performance and delivery in every aspect of the business”.

The outlook and the full results presentation and commentary is available at www.nzx.com and
www.thlonline.com.

END

Authorised by:

Rob Campbell
Chairman, Tourism Holdings Limited

2 of 2
For further information contact:

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

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

About thl (www.thlonline.com)

thl is a global tourism operator. We are listed on the NZX and are the largest 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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goes
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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 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
General notes
4
•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 6month rates) for H1 FY20 was 0.9433 (H1 FY19 –
0.9251).
•The average NZD:USD cross-rate (average of the 6month rates) for H1 FY20 was 0.6453 (H1 FY19 –
0.6705).
•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 lease liability as a result of IFRS 16 is
not considered to be part of funds employed. Accordingly, the interest expense arising from IFRS 16
is also deducted from EBIT for the purposes of ROFE. The calculation is done in NZ dollars.
•The balance sheet is converted at the closing rate as at 31 December 2019. The USD cross-rate used
was 0.6735 (H1 FY19 –0.6713); the AUD cross-rate used was 0.9617 (H1 FY19 –0.9520) and the GBP
cross-rate used was 0.5136 (H1 FY19 –0.5290).
•Our forecast FY20 NPAT of around $24M assumed a NZD:AUD cross-rate of 0.93 and NZD:USD cross-
rate of 0.66.

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
IFRS 16| Leases
5
thl’s H1 FY20 results include changes in financial disclosures resulting from the adoption of IFRS 16:
•Right-of-use assets ($68.8M as at 31 December 2019) and lease liabilities ($80.5M as at 31 December 2019) have been recognised on
the thl balance sheet, grossing up total assets and total liabilities.
•Opening retained earnings as at 1 July 2019 has been adjusted downwards by $7.6M, net of tax.
•FY19 amounts in the financial statements remain as previously reported.
•The impact on thl’s H1 FY20 income statement is a negative impact of $0.4M on NPAT, a positive impact of $1.5M on EBIT, and a
positive impact of $5.1M on EBITDA. These have resulted from a change in lease expense classification from operating expensesof
$5.1M to:
•Financing costs of $2.0M;
•Depreciation of $3.6M; and
•Net NPAT impact of negative $0.4M.
•The impact on thl’s H1 FY20 cash flow statement is that operating lease payments ($5.1M) have now been recognised as:
•Interest expense ($2.0M) in operating activities; and
•Lease liability principal repayment $3.1M in financing activities.
•thl’s banking covenants are calculated on a frozen GAAP basis.

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6
Summary
•Net profit after tax of $13.1M –down on the prior period, largely driven by performance in the USA
vehicle sales market and investment in Togo Group.
•Interim dividend of 10 cents per share declared, fully imputed. Cash dividend yield of 7.8%*.
•The global rentals businesses continue to perform well, delivering revenue growth in New Zealand and
Australia and stable revenue in the USA.
•New Zealand and Australia have had solid performances in vehicle sales from both a volume and
margin perspective.
•USA vehicle sales remain a key challenge and focus for the remainder of FY20.
•Future-Fit implementation team well underway with benchmarking assessments against the FFB goals.
•Net debt of $181M as at 31 December 2019 –expected to be $135M to $145M at end of FY20 due to
the lag of right sizing of fleet in the USA.
•Reviewing the nature of thl’s future investment into Togo Group.
•FY20 NPAT expectation remains at around $24M**.
* Based on the closing share price on 26 February 2020 of $2.55 and assumption of 20cps total FY20 dividend.
** Based on the assumed cross-rates noted on page 4.

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7
OPERATING PROFIT BEFORE
FINANCING COSTS AND TAX (EBIT)
$31.0M
(H1 2019 -$34.7M)
INTERIM DIVIDEND
1
10CPS
(H1 2019 -13CPS)
+3%
-11%
EBIT EXCLUDING IMPACT OF IFRS 16
$29.5M
(H1 2019 -$34.7M)
-25%-15%
Half year in review
As at 31 December 2019
1
100% imputed in H1 2020; 50% imputed in H1 2019.
2
As at 31 December.
3
Represents thl’s share of NPBT losses.
REVENUE (RENTALS & SERVICES)
$148.4M
(H1 2019 -$144.3M)
-23%
INVESTMENT IN TOGO GROUP
3
$7.3M
(H1 2019 -$5.4M)
NET PROFIT AFTER TAX (NPAT)
$13.1M
(H1 2019 -$17.5M)
REVENUE (VEHICLE SALES)
$59.1M
(H1 2019 -$62.9M)
-6%
NET DEBT
2
$181M
(H1 2019 -$226M)
-20%

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
8
Financial
highlights
•Revenue of $207.5M, up $0.2M.
•EBIT of $31.0M, down 11%.
•NPAT of $13.1M, down 25%.
•EBIT growth for the Rentals New Zealand
and Rentals Australia businesses.
•Excluding the impact of IFRS 16, interest
expense was down $0.4M as a result of
lower debt across the half year.
NZD $M
Dec-19
Dec-18
VAR
%
Operating revenue
207.5
207.3
0.2
0%
Earnings before interest and
tax
(1)
31.0
34.7
(3.7)
(11%)
Operating profit before tax
(2)
18.7
25.0
(6.2)
(25%)
Profit after tax
13.1
17.5
(4.4)
(25%)
(1) H1 FY20 includes a $1.5M benefit relating to the adoption of IFRS 16.
(2) H1 FY20 includes a $0.5M expense relating to the adoption of IFRS 16.
* Includes additional $2.0M expense relating to the adoption of IFRS 16.
OPERATING PROFIT BEFORE TAX $M
25.0
18.7
0.4
0.4
1.6
(6.1)
(0.1)
(1.1)
(1.4)
–
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Profit Before Tax
H1 FY19
Rentals NZ
Rentals AU
Rentals USA
Tourism Group
Group Services &
Other
JV & Associates
Net Interest *
Profit Before Tax
H1 FY20
NZ$m

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9
Balance sheet
•Net debt as at 31 December 2019 was $181M.
•The key factors impacting net debt in H1 FY20 were the $50M
received from the thl rights offer, investment in Togo Group
and new fleet capital expenditure.
•Our Net debt:EBITDA was 1.7x, down on the prior year
primarily due to the equity raise completed in July 2019.
•We consider that our current Net debt:EBITDA ratio provides
us with capacity for acquisitions and growth initiatives.
•Net debt at the end of FY20 is expected to be in the range of
$135M to $145M, in line with our previous expectations.
•Our review of existing borrowing sources and target capital
structure is underway and will be completed prior to year
end.
Net debt
$181M
Last year
$226M
Net debt
Net debt:EBITDA*
1.7x
Last year
2.0x
* Net debt:EBITDA is calculated using a 12 month EBITDA on a frozen GAAP basis. Net debt
used for the calculation includes LOC and derivatives balance.
178
199
226
202
181
1.7
1.9
2.0
1.9
1.7
–
0.5
1.0
1.5
2.0
2.5
3.0
–
50
100
150
200
250
Dec 17Jun 18Dec 18Jun 19Dec 19
Net debtLOCNet debt: EBITDA
Note: Net debt and Net debt:EBITDA do not include lease liabilities relating to the adoption of
IFRS 16.
NZD ($M)
Net debt:EBITDA (x)

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
Dividend
Fully imputed
Interim FY19 –13 cents
(50% imputed)
Interim Dividend
10 cents
10
•Interim dividend of 10cps, fully imputed.
•Cash dividend yield of 7.8%.*
•Total dividend paid is expected to be
approximately $14.8M (compared to
$16.1M in the pcp). Compared to the pcp,
dividend per share reflects the greater
number of shares on issue.
•We expect to continue to assess our
dividend pay-out in FY20 excluding our
investment in Togo Group.
•The interim dividend will not be eligible for
the thlDividend Reinvestment Plan (DRP).
•Record date: 4 May 2020.
•Payment date: 11 May 2020.
* Based on the closing share price on 26 February 2020 of
$2.55 and assumption of 20cps total FY20 dividend.
9
10
1313
10
10
11
1414
FY16FY17FY18FY19FY20
InterimFinal

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
Togo Group
11
•Togo RV
•App re-design released on 24 February with new user interface and
additional features including ‘RV Living’.
•Further features expected by end of March 2020.
•Roadtrippers Plus
•Over 20,000 new subscriptions during H1 FY20.
•37,000+ active Roadtrippers Plus subscribers as at February 2020.
•Recent launch of ‘Extraordinary Places’ feature.
•Outdoria Group (46%)
•CamperMate has approximately 6 million sessions each month over
the summer period.
•Freedom camping project underway in New Zealand, providing real-
time capacity information on freedom campgrounds to CamperMate
users.
•Data sales to local governments/councils providing strong contribution
to revenue.

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
Technology investment
12
Togo Fleet
•The Togo Fleet product operations
system was successfully launched within
thlin October 2019.
•Product operations is delivering
efficiencies including fleet scheduling,
inventory management, vehicle
collections and relocations.
•Togo Fleet scheduling operated
effectively with booking cancellations in
Australia due to bush fires.
•Further features to be incorporated by
the end of FY20 include booking, and
customer and agent management
systems for New Zealand and Australia.
Togo Insights (Telematics)
•New generation in-vehicle tablets and
telematics devices are being installed in
all rental vehicles in New Zealand and
Australia.
•Telematics units allowed us to locate and
communicate with our rentals customers
during the bush fire events in Australia.
Togo Group
•thl’s share of NPBT losses in Togo Group in
H1 FY20 was NZ$7.3M.
•FY20 investment in Togo Group is now
expected to be US$10M (previously
US$8.5M).
•The nature of thl’s future investment into
Togo Group is under review.

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13
Divisional Review

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Divisional EBIT
14
*In H1, the majority of EBIT relates to the USA business due to
seasonality.
Revenue by Geography
38%
22%
40%
New Zealand Rentals & Sales
Australia
USA
H1FY20H1FY19
EBIT before Group Services and Other*
H1FY20
H1FY19
$M
FY20
FY19
VAR
VAR %
thl
Rentals
New Zealand
7.5
7.0
0.4
6%
Australia
8.6
8.2
0.4
5%
USA
12.4
18.4
(6.1)
(33%)
Total Rentals
28.5
33.7
(5.2)
(15%)
Tourism Group
4.3
4.4
(0.1)
(3%)
Total operating divisions
32.8
38.1
(5.3)
(14%)
Group Support Services & Other
(1.8)
(3.4)
1.6
47%
Total EBIT
31.0
34.7
(3.7)
(11%)
Split
Australia
8.6
8.2
0.4
5%
USA
12.4
18.4
(6.1)
(33%)
NZ
10.0
8.1
1.9
23%
Total EBIT
31.0
34.7
(3.7)
(11%)
6 Months to December
Prior to IFRS
16
Impact of
IFRS 16H1 FY20
Australia8.2 0.4 8.6
USA11.8 0.6 12.4
NZ 9.6 0.4 10.0
Total EBIT29.5 1.5 31.0
40%
22%
38%
New Zealand Rentals & Sales
Australia
USA
18%
22%
48%
12%
New Zealand Rentals & Sales
Australia
USA
Tourism Group
23%
26%
38%
13%
New Zealand Rentals & Sales
Australia
USA
Tourism Group

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
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New Zealand rentals
“Continued core growth”
•The New Zealand business has once again performed well
and delivered year on year growth.
•EBIT of $7.5M, an increase of 6% on the pcp.
•Rental revenue growth of 5%, with both total booked days
and yield up on the pcp.
•Vehicle sales revenue growth of 14%.
•A total of 311 vehicles sold (inclusive of non-fleet vehicles),
compared to 270 in the pcp. Sales of minivan vehicles, which
comprised the greatest shortfall in sales in FY19, have been
positive in FY20 to date.
•Forward bookings for H2 FY20 are positive, with low single
digit percentage growth expected.
(1)
EBIT excluding the impact from the adoption of IFRS 16 is $7.1M.
(2)
Exclude sales of non-fleet vehicles.
NZD $M
Dec-19
Dec-18
VAR
VAR %
Rental income
40.5
38.5
2.0
5%
Sale of goods
25.8
22.7
3.1
14%
Costs
(58.8)
(54.1)
(4.7)
(9%)
EBIT
(1)
7.5
7.0
0.4
6%
Half Year
Units:
Dec-19Dec-18
VARVAR %
Opening Fleet2,332 2,083 249 12%
Fleet Sales
(2)
(269)(199) 70 35%
Fleet Purchases570 677 (107) (16%)
Closing Fleet2,633 2,561 72 3%
Vehicle Fleet

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
16
Australia rentals
“Delivering growth in a competitive environment”
•EBIT result of AUD$8.2M, up $0.6M on the prior year –an
increase of 7%.
•Rental revenue up 4% through growth in booked days, despite a
small reduction in yield from increased competition.
•Vehicle sales revenue fell by 9% due to a shift in the mix of
vehicles sold towards smaller RVs. Total vehicle sales
contribution improved on the pcp due to growth in average sales
margins on consistent vehicle sales volumes.
•Impact of Australian bush fires estimated to be ~NZ$1M.
•The second half of FY20 has been impacted by recent events. As
a result, H2 FY20 rental revenue is expected to be below H2
FY19.
(1)
Excludes sales of buyback vehicles.
(2)
EBIT excluding the impact from the adoption of IFRS 16 is NZD $8.2M (AUD $7.8M).
(3)
Includes sales of buyback vehicles, but excludes sales of non-fleet vehicles.
NZD $M
Dec-19
Dec-18
VAR
VAR %
Rental income
37.7
37.0
0.7
2%
Sale of goods
(1)
7.6
8.5
(0.9)
(11%)
Costs
(36.7)
(37.3)
0.6
2%
EBIT
(2)
8.6
8.2
0.4
5%
Half Year
AUD $M
Dec-19
Dec-18
VAR
VAR %
Rental income
35.6
34.2
1.4
4%
Sale of goods
(1)
7.2
7.9
(0.7)
(9%)
Costs
(34.6)
(34.5)
(0.1)
0%
EBIT
(2)
8.2
7.6
0.6
7%
Units:
Dec-19Dec-18
VAR%
Opening Fleet1,641 1,539 102 7%
Fleet Sales
(3)
(324)(324) --
Fleet Purchases379 437 (58) (13%)
Closing Fleet1,696 1,652 44 3%

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
17
USA rentals
“Difficult vehicle sales conditions continue”
•Continued difficulty in the vehicle sales market has resulted in EBIT of
US$8.0M (down 35% on the pcp), despite consistent performance in
rental revenue.
•Rental revenue of US$33.9M was flat on the pcp in USD terms –but
experienced growth of 4% (NZ$2.0M) in NZD terms due to favourable
exchange rate fluctuations.
•Fleet size during upcoming peak season will be approximately 20%
smaller due to right sizing of fleet. Focus for H2 FY20 and early FY21 is
to maximise revenue through improved utilisation and yield on our
smaller fleet size.
•Vehicle sales performance is covered in the next slide.
(1)
EBIT excluding the impact from the adoption of IFRS 16 is NZD $11.8M (USD $7.6M).
NZD $M
Dec-19
Dec-18
VAR
%
Rental income
52.4
50.4
2.0
4%
Sale of goods
25.7
31.7
(6.1)
(19%)
Costs
(65.7)
(63.7)
(2.0)
(3%)
EBIT
(1)
12.4
18.4
(6.1)
(33%)
Half Year
USD $M
Dec-19
Dec-18
VAR
%
Rental income
33.9
33.9
0.0
0%
Sale of goods
16.1
20.9
(4.8)
(23%)
Costs
(41.9)
(42.4)
0.5
1%
EBIT
(1)
8.0
12.4
(4.3)
(35%)
Units:
Dec-19Dec-18
VAR%
Opening Fleet2,4402,10933116%
Fleet Sales(351)(400)(49)(12%)
Fleet Purchases3-3-
Closing Fleet2,0921,70938322%
Vehicle Fleet

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
18
Update on USA performance
and review
•Despite 37% decline in average sales margin in H1
FY20 on the pcp, there has been a small improvement
in the second quarter of FY20 compared to the first
quarter (US$4,748 vs. US$3,872).
•This is partly a reflection of the channel and product
mix in Q2 compared to Q1, which had some large
wholesale transactions at lower margins.
•There has been some anecdotal evidence of
improvement in visitor numbers at recent RV shows,
as well as improvement in dealer sentiment.
•Fleet depreciation in H1 FY20 approximately US$0.8M
greater than in the pcp, due to excess fleet held
across the period.
Progress
People
The targeted changes to head count and roleshave been
implemented.
Property
Two branches have been closed. Further potential closures are being
explored.
Funds employed
On trackto achieve target of a reduction in funds employed of
US$20M by the end of FY20.
USD
Q2FY20
Q2FY19
VAR
%
Motorhome fleet sales (units)
107
157
(50)
(32%)
Gain on sale of motorhome fleet after
selling costs ($M)
0.5
0.9
(0.4)
(46%)
Total average gain on sale after
selling costs ($)
4,748
5,939
(1,191)
(20%)
USD
Q1FY20Q1FY19
VAR%
Motorhome fleet sales (units)244 243 1 0%
Gain on sale of motorhome fleet after
selling costs ($M)
0.91.7(0.8) (45%)
Total average gain on sale after
selling costs ($)
3,8727,021(3,149) (45%)

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
19
Tourism
“Continued strong ROFE performance”
•The Tourism Group delivered an EBIT result of $4.3M –down 3%
from $4.4M in the pcp.
•The Waitomo business EBIT was below the pcp. Total revenue
declined due to a fall in passenger numbers.
•Kiwi Experience delivered an improvement in EBIT on the pcp
despite a decline in revenue, due to good cost controls being put
in place.
•New product lines of small group tours and snow tours in Kiwi
Experience have launched.
•Some impact expected in H2 FY20 due to containment measures
relating to COVID-19.
NZD $M
Dec-19
Dec-18
VAR
%
Revenue
17.8
18.4
(0.7)
(4%)
Costs
(13.5)
(14.0)
0.5
4%
EBIT
4.3
4.4
(0.1)
(3%)
Half Year

F Y 2 0 I N T E R I M 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
20
Equity Investments

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
21
Equity investments
•These part-owned businesses are not controlled by thland are equity
accounted. The results are not reported in Earnings Before Interest &
Tax (EBIT), and are not included in our ROFE calculations.
•Action Manufacturing (50%)
•NPBT of $1.4M a strong improvement on the prior year, up 151%
($0.9M).
•The pcp included opening losses relating to the acquisition of
Fairfax Industries.
•Positive outlook for the remainder of FY20.
•Just go (49%)
•NPAT down 28% on the pcp.
•We believe uncertainty with Brexitimpacted vehicle sales against
plan.
•Positive first six months in new location in Edinburgh, Scotland.
•Togo Group (50%)
•thl’s share of NPBT losses in Togo Group in H1 FY20 was NZ$7.3M –
34% higher than in the pcp.
NZD $M
Dec-19
Dec-18
VAR
%
Action Manufacturing
1.4
0.6
0.9
151%
Just go
0.2
0.3
(0.1)
(28%)
Togo Group
(7.3)
(5.4)
(1.9)
(34%)
Total
(5.7)
(4.6)
(1.1)
(24%)
Equity Investments

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
22
Group support
services and other
•Group support service costs of
$1.8M, down 47% on the prior year.
•The variance is primarily
attributable to the transaction costs
incurred in the first half of FY19
relating to the discontinued sale of
the Tourism businesses and other
acquisition opportunities.
NZD $M
Dec-19
Dec-18
VAR
%
Revenue
–
–
–
-
Costs
(1.8)
(3.4)
1.6
47%
EBIT
(1.8)
(3.4)
1.6
47%

F Y 2 0 I N T E R I M 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
Outlook

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
FY20 capital expenditure
24
Gross Capital Expenditure ($M)Proceeds from Fleet Sales ($M)
Net Capital Expenditure ($M)
Note: Fleet purchased/sold under buyback arrangements are not treated as additions/sales of fixed assets, but are treated as operating 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.
•FY20 gross capital expenditure is
forecast at approximately $133M.
•Fleet purchases have been reduced
in FY20 as we adjust fleet, release
capital and generate a positive
operating cash flow for the USA
business.
•Approximately 55% is expected to
be core expenditure and 45% flex
expenditure.
•Total fleet sales proceeds
expected to be around
$129M, ~6% up on prior year.
•Net capital expenditure is
expected to be around $4M,
due to the substantial
reduction of capital
expenditure in the USA.
81
112
143
121
~129
FY16FY17FY18FY19FY20
Forecast
CoreFlex
46
58
58
76
~4
FY16FY17FY18FY19FY20
Forecast
Net Capex
126
171
201
197
~133
FY16FY17FY18FY19FY20
Forecast
CoreFlex

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
25
Outlook
•On 5 February 2020 we announced that our expectations for FY20 NPAT were around NZ$24M, with the
primary relevant factors being:
•USA vehicle sales weakness;
•The impact of bush fires in Australia;
•Containment measures relating to COVID-19; and
•Ongoing investment in Togo Group.
•Our expectation remains that thl’s FY20 NPAT will be around $24M.*
•thlis reviewing the nature of its future investment into Togo Group.
•Net debt at the end of FY20 is expected to be $135M to $145M, in line with our previous expectations.
•Gross capital expenditure in FY20 is expected to be approximately $133M, with net capital expenditure of
approximately $4M.
•The full FY20 dividend is expected to be at the upper end of our dividend policy of 75% -90% of NPAT. We
continue to exclude our investment in Togo Group for dividend purposes.
•We will provide a further update to the market prior to our FY20 annual results release in August.
* Based on the assumed cross-rates noted on page 4.

F Y 2 0 I N T E R I M 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
26
Supporting Analysis

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
Income statement summary
27
* Note: the FY19 earnings per share calculations have been adjusted for the bonus element of the capital raise.
$M
FY20
FY19
VAR
VAR %
Sale of services
148.4
144.3
4.1
3%
Sale of goods
59.1
62.9
(3.9)
(6%)
Total revenue
207.5
207.3
0.2
0%
Costs
145.4
147.2
(1.9)
(1%)
EBITDA
62.1
60.0
2.1
3%
Depreciation & Amortisation
31.1
25.3
5.8
23%
EBIT
31.0
34.7
(3.7)
(11%)
Interest
(6.6)
(5.2)
(1.4)
(28%)
Share of Joint Ventures
(5.9)
(4.9)
(1.0)
(21%)
Share of Associates
0.2
0.3
(0.1)
(28%)
Profit before taxation
18.7
25.0
(6.2)
(25%)
Taxation
(5.7)
(7.5)
1.8
24%
Profit attributable to
thl
shareholders
13.1
17.5
(4.4)
(25%)
Basic EPS (in cents)
8.9
14.0
*
6 Months to December

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
Revenue
28
$MFY20FY19VARVAR %
thl Rentals - Rental Revenue
New Zealand40.538.52.0 5%
Australia37.737.00.7 2%
USA52.450.42.0 4%
130.6125.94.7 4%
thl Rentals - Sale of Goods
New Zealand25.822.73.1 14%
Australia7.68.5(0.9)(11%)
USA25.731.7(6.1)(19%)
59.162.9(3.9)(6%)
Tourism Group17.818.4(0.7)(4%)
Total Revenue207.5207.30.2 0%
Split
Australia45.345.5(0.2)(0%)
USA78.182.2(4.1)(5%)
NZ and other84.179.64.5 6%
207.5207.30.2 0%
Revenue Split
Sale of Services148.4144.34.1 3%
Sale of Goods59.162.9(3.9)(6%)
207.5207.30.2 0%
6 months to December

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
Divisional summary
29
* Operating cash flow includes the sale and purchase of rental assets.
$M
REVENUE
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
OPERATING
CASHFLOW*
REVENUE
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
OPERATING
CASHFLOW*
Rentals New Zealand
66.3
7.5
155.4
(24.2)
61.2
7.0
155.7
(19.4)
Rentals Australia
45.3
8.6
83.0
(1.3)
45.5
8.2
84.0
(3.5)
Rentals USA
78.1
12.4
164.6
24.2
82.2
18.4
139.1
19.8
Tourism Group
17.8
4.3
20.6
5.8
18.4
4.4
22.0
6.6
Group Support Services/Other
–
(1.8)
4.4
(3.5)
–
(3.4)
1.8
(10.6)
thl
100% owned entities
207.5
31.0
428.0
0.9
207.3
34.7
402.5
(7.1)
Joint Ventures
(5.9)
56.9
(4.9)
53.4
Associates
0.2
4.7
0.3
4.2
Group Total
207.5
25.3
489.6
0.9
207.3
30.1
460.1
(7.1)
31-Dec-19
31-Dec-18

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
EBITDA
30
EBITDA
$M
FY20
FY19
VAR
VAR %
EBIT
31.0
34.7
(3.7)
(11%)
Add back non-cash items:
Depreciation
30.6
24.7
5.8
24%
Amortisation
0.5
0.6
(0.0)
(8%)
EBITDA
62.1


60.0


2.1


3%
6 M onths to De ce mbe r
EBITDA excluding IFRS 16
$M
FY20
FY19
VAR
VAR %
EBIT
29.5


34.7
(5.2)
(15%)
Add back non-cash items:
Depreciation
26.9
24.7
2.2
9%
Amortisation
0.5
0.6
(0.0)
(8%)
EBITDA excluding IFRS 16
57.0


60.0


(3.0)


(5%)
6 Months to December

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O N
Balance sheet
31
As at
$MDEC 19DEC 18VAR
Equity314.9 250.7 64.3
Non current liabilities209.5 247.0 (37.5)
Current liabilities65.2 75.1 (9.9)
Lease liabilities (IFRS 16)80.5 0.0 80.5
Total source of funds670.1 572.7 97.4
Intangible assets and goodwill43.6 44.2 (0.6)
Investments in associates and joint ventures58.1 56.8 1.3
Property, plant and equipment403.6 379.1 24.5
Right-of-use assets (IFRS 16)68.8 0.0 68.8
Non-current derivative financial instruments0.0 0.7 (0.7)
Current assets96.0 91.9 4.1
Total use of funds670.1 572.7 97.4
Net debt position (exclude IFRS 16 lease liabilities)181.0 225.6 (44.6)
Net tangible assets (NTA)271.3 206.4 64.9
NTA per share$1.83$1.67
Book value of net assets per share$2.13$2.03
Debt / debt + equity ratio (net of Intangibles)40%52%
Equity ratio (net of Intangibles)43%39%
AUD exchange rate at period end0.96170.9520
USD exchange rate at period end0.67350.6713

F Y 2 0 I N T E R I M R E S U L T S P R E S E N T A T I O NF Y 2 0 I N T E R I M 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
32
6 Months to December
$M
FY20
FY19
VAR
VAR %
Proceeds from sales of motorhome fleet
51.0
52.7
(1.7)
(3%)
Net book value of vehicles sold (incl writeoffs)
44.3
45.6
(1.3)
(3%)
Gain on sales of motorhome fleet before selling costs
6.7
7.1
(0.5)
(6%)
Vehicle sales costs (warranty only)
0.4
0.4
0.0
6%
Gain on sales of motorhome fleet after selling costs
6.3
6.7
(0.4)
(6%)
Gross profit on non-fleet vehicles, retail and accessory sales
1.5
1.8
(0.3)
(17%)
Reported gross profit
7.8
8.5
(0.7)
(8%)
Total average gain on sale ($000) after selling costs
8.2
8.9
(0.7)
(8%)
Fleet motorhomes sold (incl writeoffs, excl buybacks)
AU
144
147


(3)
(2%)
NZ
269
199


70
35%
US
351
400


(49)
(12%)
Total fleet motorhomes sold (units), excl. buybacks
764


746


18
2%
Flex fleet sales on buy-backs excluded from above
FY20
FY19
AU
180


177


FY20
FY19
Total fleet sales
324


324


AU
269


199


NZ
351


400


US
944


923

---

our
view
today
INTERIM REPORT
2020

goes
on
forever
01 Highlights
02 Chairman and CEO report
04 Consolidated income
statement
05 Consolidated statement
of comprehensive income
06 Consolidated statement
of changes in equity
08 Consolidated statement
of financial position
09 Consolidated statement
of cash flows
10 Notes to the consolidated
financial statements
28 Corporate information

Highlights
$207M
(December 2018: $207M)
REVENUE
0
%
-23
%
10CPS
(December 2018 - 13 CPS)
INTERIM DIVIDEND
1
$31.0M
(December 2018: $34.7M)
OPERATING PROFIT BEFORE
FINANCE COSTS AND TAX (EBIT)
2
-11
%
$29.5M
(December 2018: $34.7M)
EBIT PRIOR TO IFRS 16 LEASES ADOPTION
-15
%
$13.1M
(December 2018: $17.5M)
1 Fully imputed in 2020 financial year; 50% in 2019 financial year.
2 EBIT and NPAT inclusive of IFRS 16 lease adoption adjustments.
3 Represents thl’s share of NPBT losses.
NET PROFIT AFTER TAX (NPAT)
2
$7.3M
(December 2018: $5.4M)
INVESTMENT IN TOGO GROUP
3
-25
%
As at 31 December 2019
01

thl Interim Report 202002
Dear Shareholders
thl’s performance in the first half
of FY20 was down on the prior year,
with NPAT of $13.1M down 25%. Our
core rentals businesses delivered
another strong performance, but
our overall result reflects the tough
market conditions in the USA vehicle
sales market and further investment
in Togo Group in this period.
FY20 Outlook
On 5 February, we provided a market
update noting that our expectation
for thl’s FY20 NPAT was that it would
be around NZ$24M. There has been
no change to our expectation since
that date.
That expectation factored in a forecast
reduction in Chinese inbound
customers from February through to
April 2020 due to the Covid-19
containment measures. The global
situation with Covid-19 continues to
remain uncertain, however at this
stage we do not consider there to be
any additional information that causes
any change to our assumptions. The
impact of this event has been greatest
in the Waitomo business.
The Australian bush fires did create
cancellations in late January and
February, but the greater concern
was the lower forward bookings from
the long-haul markets. We have since
experienced a rebound and do not
expect the impact to be material to
the total business in the remainder
of this financial year.
We will provide a further update to
the market prior to our FY20 annual
results announcement in August.
Dividend
We have declared a fully imputed
interim dividend of 10cps, compared to
our prior year interim dividend of 13cps,
which was partially imputed to 50%.
Compared to the pcp, our dividend per
share reflects the greater number of
shares on issue. In determining our
interim FY20 dividend, we have
continued to exclude our investment
in Togo Group. Our interim dividend
will be paid in May to better align with
thl’s working capital requirements
and to better manage debt facilities.
The Dividend Reinvestment Plan
will not be operative for this dividend
payment.
Business Update
Revenue for the period was $207M –
in line with the prior corresponding
period (pcp). Within that performance,
we had a 3% increase in our rentals
and services revenue to $148M, with
our rental revenue increasing across
New Zealand and Australia, and
remaining flat in the USA. This growth
was offset by a reduction in vehicle
sales revenue of 6% to $59M.
Operating profit before interest and
tax (EBIT) was $31.0M, down 11%, and
NPAT of $13.1M was down 25% on the
pcp. These results reflect our USA
vehicle sales performance and, in
respect of NPAT, also reflects our
greater investment in Togo Group
compared to the prior year.
New Zealand rentals and sales
The EBIT for New Zealand rentals
and sales was $7.5M – up 6% on the
pcp result of $7.0M. New Zealand is
experiencing another positive year
with growth in both rentals and
vehicle sales.
Rental revenue of $40.5M is up 5%
on the prior year, with growth in
hire days and yield. Vehicle sales
revenue increased by 14% to $25.8M,
with growth in sales volumes as
well as margins.
CHAIRMAN AND CEO REPORT
thl Interim Report 202002

03
The Kiwi Experience business has
improved its EBIT performance over
the prior year, despite experiencing
a decline in passenger numbers.
The small group tours product was
launched in late 2019 and to date it
has experienced strong demand and
forward bookings, and positive
customer reviews.
Group support
Costs in group support were $1.8M
– a 47% ($1.6M) reduction on the pcp.
The variance is primarily attributable
to the transaction costs incurred in
the first half of FY19 relating to the
discontinued sale of the Tourism
businesses and other acquisition
opportunities.
Associates and Joint Ventures
Action Manufacturing (50%)
Action Manufacturing delivered a
positive result compared to the prior
half. Our share of profit before tax in
the half was $1.4M, compared to
$0.6M in the pcp. The prior result
included the transaction and
integration costs for the Fairfax
acquisition as well as other planned
expenses relating to new brand and
product development.
Just go (49%)
The Just go business had its first six
months with the new location
(Edinburgh, Scotland) and is in growth
mode. We believe uncertainty with
Brexit impacted vehicle sales against
plan, however recent performance at
vehicle sales shows has improved, and
the forward bookings for CY2020 in
the rentals business is positive.
Togo Group (50%)
We are conscious of the level of
investment going into Togo Group,
and of its future cash requirements.
We are currently reviewing the
nature of thl’s future investment
into Togo Group.
General Business Updates
Future-Fit Initiative
We are underway with our work
to understand our current position
against each of the Future-Fit goals.
These assessments allow us to
identify specific areas and actions
that we can implement to make a
positive difference.
Over the remainder of FY20, the team
will continue their work and we will
provide an update on where we stand
with the release of our full year results.
Capital Structure and Debt
Net debt at 31 December 2019 was
$181M, compared to $226M in the pcp.
The net debt: EBITDA ratio was 1.7x
down from 2.0x in the pcp. This
reflects the equity raise in CY2019,
offset by the excess fleet over the
period in the USA.
With the balance of lower purchases
coming through the business in this
coming half we expect that net debt
will be approximately $135M - $145M
at the end of FY20, compared to
$202M at the end of FY19.
Capital Expenditure
We have reduced our capital
expenditure in the USA to reflect the
conditions in that sales market. thl’s
FY20 capital expenditure is expected
to be around $133M, broadly in line
with our earlier expectations. New
Zealand and Australia will continue to
have net capital investment in FY20.
Rob Campbell
Chairman
Grant Webster
CEO
Australian rentals and sales
The EBIT result for Australia was
AU$8.2M – up 7% on the pcp result of
AU$7.6M. Rental income grew by 4%,
to AU$35.6M, with strong growth in
hire days offsetting a small reduction
in yield due to increased competitive
pricing. Vehicle sales revenue fell 9%,
to AU$7.2M, due to a shift in the mix of
vehicles sold towards smaller RVs.
Total vehicle sales contribution
improved on the pcp due to growth in
average sales margins on consistent
vehicle sales volumes.
We expect the majority of the impact
from the Australian bush fires to be in
the second half of the year. As a result,
H2 FY20 rental revenue is expected to
be below H2 FY19.
USA rentals and sales
The EBIT result for USA was US$8.0M
for the half – down 35% on the pcp
result of US$12.4M. In NZD terms,
rental revenue was 4% up, to $52.4M,
due to favourable movements in the
NZD:USD exchange rate. However,
at the USD level, rental revenue
remained in line with the pcp at
US$33.9M. An improvement in hire
days was offset by a decline in
average yield.
Vehicle sales revenue declined by 23%,
to US$16.1M. The decline was driven
by a 37% drop in average sales margin,
which is partly due to a greater
number of vehicles being sold through
wholesale channels. The total number
of vehicles sold in the half was 351,
down 12% on the pcp number of 400.
Tourism businesses
Revenue for the Tourism Group
was down 4%, to $17.8M. EBIT for
the Tourism Group was down 3%,
to $4.3M, driven by lower visitor
numbers in both Waitomo and
Kiwi Experience for the half.

NOTES
UNAUDITED
6 MONTHS TO
DEC 2019
$000’s
UNAUDITED
6 MONTHS TO
DEC 2018
$000’s
AUDITED
12 MONTHS TO
JUN 2019
$000’s
Sales of services
148,394144,318292,199
Sales of goods
59,05862,935130,805
Total revenue
207,452207,253423,004
Cost of sales
(51,283)(54,468)(114,373)
Gross profit
156,169152,785308,631
Administration expenses
(24,875)(26,014)(49,469)
Operating expenses
(102,015)(92,301)(197,160)
Other income/(expenses), net
1,722261141
Operating profit before financing costs
31,00134,73162,143
Finance income
2161887
Finance expenses
(6,816)(5,188)(11,289)
Net finance costs
(6,600)(5,170)(11,202)
Share of profit/(loss) from associates
8214297246
Share of profit/(loss) from joint ventures
7(5,887)(4,883)(11,294)
Profit before tax
18,72824,97539,893
Income tax expense
2(5,675)(7,473)(10,140)
Profit for the period
13,05317,50229,753
Earnings per share from profit attributable to the equity
holders of the Company during the period
Basic earnings per share (in cents)
8.914.0*23.7
Diluted earnings per share (in cents)
8.613.5*23.3
* Note: As a result of the Rights Offer which settled in July 2019, 1,404,329 shares have been treated as a bonus issue and have been adjusted in the
weighted average number of ordinary shares on issue in 2018 in accordance with NZ IAS 33. The 2018 basic earnings per share has been restated
to 14.0 (2018:14.2), and diluted basic earnings per share has been restated to 13.5 (2018:13.7).
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
thl Interim Report 202004
Consolidated income statement
For the six months ended 31 December 2019 (Unaudited)

NOTES
UNAUDITED
6 MONTHS TO
DEC 2019
$000’s
UNAUDITED
6 MONTHS TO
DEC 2018
$000’s
AUDITED
12 MONTHS TO
JUN 2019
$000’s
Profit for the period
13,05317,50229,753
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation reserve movement (net of tax)
14(617)(1,964)(2,207)
Cash flow hedge reserve movement (net of tax)
626(1,130)(3,645)
Other comprehensive income/(loss) for the period net of tax
9(3,094)(5,852)
Total comprehensive income for the period attributable
to equity holders of the Company13,06214,40823,901
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
05
Consolidated statement of comprehensive income
For the six months ended 31 December 2019 (Unaudited)

FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
UNAUDITEDNOTES
SHARE
CAPITAL
$000’s
RETAINED
EARNINGS
$000’s
CASH FLOW
HEDGE
RESERVE
$000’s
OTHER
RESERVES
$000’s
TOTAL
EQUITY
$000’s
Opening balance as at 1 July 2019
217,01256,176(4,483)8,312277,017
Adjustment on adoption of NZ IFRS 16 (net of tax)
5–(7,622)––(7,622)
Opening balance as at 1 July 2019
217,01248,554(4,483)8,312269,395
Comprehensive income
Net profit for the six months ended 31 December 2019
–13,053––13,053
Other comprehensive income
Cash flow hedge reserve movement (net of tax)
––626–626
Foreign currency translation reserve movement (net of tax)
14–––(617)(617)
Total comprehensive income
–13,053626(617)13,062
Transactions with owners
Dividends on ordinary shares
3–(20,567)––(20,567)
Issue of ordinary shares (net of issue costs)
952,835–––52,835
Transfer from employee share scheme reserve
75(4)–(71)–
Employee share scheme reserve
–––181181
Total transactions with owners
52,910(20,571)–11032,449
Closing balance as at 31 December 2019
269,92241,036(3,857)7,805314,906

FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
UNAUDITEDNOTES
SHARE
CAPITAL
$000’s
RETAINED
EARNINGS
$000’s
CASH FLOW
HEDGE
RESERVE
$000’s
OTHER
RESERVES
$000’s
TOTAL
EQUITY
$000’s
Opening balance as at 1 July 2018
180,80659,725(838)10,318250,011
Comprehensive income
Net profit for the six months ended 31 December 2018
–17,502––17,502
Other comprehensive income
Cash flow hedge reserve movement (net of tax)
––(1,130)–(1,130)
Foreign currency translation reserve movement (net of tax)
14–––(1,964)(1,964)
Total comprehensive income
–17,502(1,130)(1,964)14,408
Transactions with owners
Dividends on ordinary shares
3–(17,243)––(17,243)
Issue of ordinary shares (net of issue costs)
93,297–––3,297
Transfer from employee share scheme reserve
6––(6)–
Employee share scheme reserve
–––185185
Total transactions with owners
3,303(17,243)–179(13,761)
Closing balance as at 31 December 2018
184,10959,984(1,968)8,533250,658
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
thl Interim Report 202006
Consolidated statement of changes in equity
For the six months ended 31 December 2019 (Unaudited)

FOR THE YEAR ENDED 30 JUNE 2019
AUDITEDNOTES
SHARE
CAPITAL
$000’s
RETAINED
EARNINGS
$000’s
CASH FLOW
HEDGE
RESERVE
$000’s
OTHER
RESERVES
$000’s
TOTAL
EQUITY
$000’s
Opening balance as at 1 July 2018
180,80659,725(838)10,318250,011
Comprehensive income
Net profit for the year ended 30 June 2019
–29,753––29,753
Other comprehensive income
Cash flow hedge reserve movement (net of tax)
––(3,645)–(3,645)
Foreign currency translation reserve movement (net of tax)
14–––(2,207)(2,207)
Total comprehensive income
–29,753(3,645)(2,207)23,901
Transactions with owners
Dividends on ordinary shares
3–(33,385)––(33,385)
Issue of ordinary shares (net of issue costs)
936,122–––36,122
Transfer from employee share scheme reserve
8483–(167)–
Employee share scheme reserve
–––368368
Total transactions with owners
36,206(33,302)–2013,105
Closing balance as at 30 June 2019
217,01256,176(4,483)8,312277,017
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
07
Consolidated statement of changes in equity (continued)
For the six months ended 31 December 2019 (Unaudited)

NOTES
UNAUDITED
DEC 2019
$000’s
UNAUDITED
DEC 2018
$000’s
AUDITED
JUN 2019
$000’s
Assets
Non-current assets
Property, plant and equipment
4403,596379,094407,016
Right-of-use assets
568,820––
Intangible assets
43,61244,23944,180
Derivative financial instruments
12–664–
Investments in joint ventures
745,27452,44951,106
Investments in associates
84,6914,3664,319
Advance to joint venture
78,100–625
Total non-current assets
574,093480,812507,246
Current assets
Cash and cash equivalents
5,7134,7208,837
Trade and other receivables
31,46732,20628,964
Inventories
55,24449,44056,219
Advance to joint ventures
7894578976
Current tax receivables
2,6284,947191
Derivative financial instruments
121013940
Total current assets
96,04791,93095,227
Total assets
670,140572,742602,473
Equity
Share capital
9269,922184,109217,012
Other reserves
7,8058,5338,312
Cash flow hedge reserve
(3,857)(1,968)(4,483)
Retained earnings
41,03659,98456,176
Total equity
314,906250,658277,017
Liabilities
Non-current liabilities
Interest bearing loans and borrowings
10186,681211,198210,980
Derivative financial instruments
125,2283,2465,798
Lease liabilities
574,286––
Deferred income tax liability
17,63632,55422,224
Total non-current liabilities
283,831246,998239,002
Current liabilities
Interest bearing loans and borrowings
10719,07846
Trade and other payables
26,15323,07347,489
Revenue in advance
25,55224,46925,544
Employee benefits
7,3396,8748,400
Derivative financial instruments
12217153461
Lease liabilities
56,200––
Current tax liabilities
5,9351,4394,514
Total current liabilities
71,40375,08686,454
Total liabilities
355,234322,084325,456
Total equity and liabilities
670,140572,742602,473
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
thl Interim Report 202008
Consolidated statement of financial position
As at 31 December 2019 (Unaudited)

NOTES
UNAUDITED
6 MONTHS TO
DEC 2019
$000’s
UNAUDITED
6 MONTHS TO
DEC 2018
$000’s
AUDITED
12 MONTHS TO
JUN 2019
$000’s
Cash flows from operating activities
Receipts from sale of services
150,550137,125298,998
Proceeds f rom sale of goods
59,05862,935130,805
Interest received
601887
Payments to suppliers and employees
(112,681)(105,268)(224,119)
Purchase of rental assets
(81,032)(88,834)(176,075)
Interest paid
(6,770)(5,188)(11,134)
Taxation paid
(8,247)(7,926)(8,361)
Net cash flows from/(used in) operating activities
938(7,138)10,201
Cash flows from investing activities
Sale of property, plant and equipment
410–8
Advance to joint ventures
7(7,783)(1,500)(1,500)
Receipts from joint ventures
7250397751
Purchase of property, plant and equipment
4(1,808)(1,194)(3,884)
Purchase of intangibles
–(18)(407)
Investments in associates and joint ventures
–(3,279)(9,589)
Net cash used in investing activities
(9,331)(5,594)(14,621)
Cash flows from financing activities
Payment for lease liability principal
5(3,143)––
Net proceeds from borrowings
10(23,453)17,942(1,677)
Dividends paid
3(17,373)(14,120)(29,429)
Proceeds from share issue (net of issue costs)
949,28110030,798
Net cash flows from/(used in) financing activities
5,3123,922(308)
Net (decrease) in cash and cash equivalents
(3,081)(8,810)(4,728)
Opening cash and cash equivalents
8,83713,53413,534
Exchange gains on cash and cash equivalents
(43)(4)31
Closing cash and cash equivalents
5,7134,7208,837
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
09
Consolidated statement of cash flows
For the six months ended 31 December 2019 (Unaudited)

Index to notes to the consolidated financial statements
About this report 11
Section A – Financial performance 12
1 Segment note 12
2 Income tax expense 14
3 Dividends 14
Section B – Assets used to generate profit 15
4 Property, plant and equipment acquired and
sold during the six month period 15
5 Leases 16
6 Capital commitment 19
Section C – Investments 20
7 Joint ventures 20
8 Investments in associate 22
Section D – Managing funding and risk 23
9 Share capital 23
10 Borrowings 23
11 Seasonality of business 24
12 Financial risk management 24
Section E – Other 25
13 Related party transactions 25
14 Foreign currency translation reserve 27
15 Contingencies 27
16 Events after the reporting period 27
thl Interim Report 202010
Notes to the consolidated financial statements

About this report
Basis of preparation
The primary operations of Tourism Holdings Limited
(the ‘Company’ or ‘Parent’ or ‘thl’) and its subsidiaries
(together ‘the Group’) are the manufacture, rental and
sale of motorhomes and other tourism related activities.
The Parent is domiciled in New Zealand. The registered
office is Level 1, 83 Beach Road, Auckland 1010, New Zealand.
Tourism Holdings Limited is a company registered under
the Companies Act 1993 and is an FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013.
The interim consolidated financial statements of the
Group have been prepared:
• in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP). They comply with
NZ IAS 34 Interim Financial Reporting and consequently
do not include all the information required for full
financial statements. These condensed Group interim
financial statements should be read in conjunction with
the annual report for the year ended 30 June 2019;
• in accordance with the requirements of Part 7 of
the Financial Markets Conduct Act 2013 and the
NZX Listing Rules;
• under the historical cost convention, as modified by the
revaluation of certain assets and liabilities as identified
in specific accounting policies; and
• in New Zealand dollars with values rounded to thousands
($000’s) unless otherwise stated.
These condensed interim financial statements were
approved for issue on 27 February 2020.
These condensed interim financial statements have not
been audited.
Throughout most months during the financial year,
the Group has net current liabilities excluding assets held
for sale. This arises mainly from the revenue in advance
liability that reflects the collection of rental income from
customers prior to the month of travel. This liability is
recognised as revenue in future months, and does not
represent a future outward cash flow.
Critical accounting estimates and judgement
The preparation of interim financial statements requires
management to make judgements, estimates and
assumptions that affect the application of accounting policies
and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
The estimates used in the preparation of these interim
financial statements are consistent with those used in
the 30 June 2019 annual financial statements.
Changes in accounting policies
The accounting policies used in the preparation of these
interim financial statements are consistent with those
used in the 30 June 2019 annual financial statements
except as disclosed below.
Issued standards and amendments effective from
1 July 2019
NZ IFRS 16, Leases was adopted using the modified
retrospective approach, with no restatement of comparative
information. The cumulative effect of adopting NZ IFRS 16
was recognised in the opening balance sheet as at 1 July 2019.
Further details of the adoption of NZ IFRS 16 and the new
accounting policy are disclosed in note 5.
Notes to the consolidated financial statements (continued)
11

Section A – Financial performance
In this section
This section explains the financial performance of thl, providing additional information about individual items in the income
statement, including segmental information, certain expenses and dividend distribution information.
1. Segment note
The operating segments of thl are reported from a geographic and service type perspective. They are made up of the following
business operations:
• New Zealand Rentals – Rental of maui, Britz and Mighty motorhomes, and the sale of motorhomes
• Tourism Group – Kiwi Experience and the Discover Waitomo Caves Group experiences
• Australia Rentals – Rental of maui, Britz and Mighty motorhomes and 4WD vehicles, and the sale of motorhomes
• United States Rentals – Rental of Road Bear, Britz, Mighty and El Monte RVs and the sale of RVs
• Other – includes Group Support Services. The joint ventures and associates are also included in this category
NEW ZEALAND
SIX MONTHS TO DECEMBER 2019
RENTALS
$000’s
TOURISM
GROUP
$000’s
AUSTRALIA
RENTALS
$000’s
UNITED STATES
RENTALS
$000’s
OTHER
$000’s
TOTAL
$000’s
Sales of services
40,49817,78537,70652,405–148,394
Sales of goods
25,808–7,57825,672–59,058
Revenue from external customers
66,30617,78545,28478,077–207,452
Depreciation
(10,739)(813)(8,440)(10,333)(249)(30,574)
Amortisation
(4)(339)(16)(14)(139)(512)
Other costs
(48,075)(12,316)(28,227)(55,342)(1,405)(145,365)
Operating profit/(loss) before interest and tax
7,4884,3178,60112,388(1,793)31,001
Interest income
–––5211216
Interest expense
(535)(47)(752)(2,634)(2,848)(6,816)
Share of profit/(loss) from joint ventures
and associates––––(5,673)(5,673)
Operating profit/(loss) before tax
6,9534,2707,8499,759(10,103)18,728
Taxation
(1,948)(1,265)(2,355)(2,636)2,529(5,675)
Operating profit/(loss) – after interest and tax
5,0053,0055,4947,123(7,574)13,053
Capital expenditure
39,19472717,5093,79627761,503
Total non-current assets
197,16725,061105,273186,20660,386574,093
Total assets
231,00028,822127,910217,86464,544670,140
Net funds employed
176,47919,80176,274165,07358,254495,881
Notes to the consolidated financial statements (continued)
thl Interim Report 202012

1. Segment note (continued)
NEW ZEALAND
SIX MONTHS TO DECEMBER 2018
RENTALS
$000’s
TOURISM
GROUP
$000’s
AUSTRALIA
RENTALS
$000’s
UNITED STATES
RENTALS
$000’s
OTHER
$000’s
TOTAL
$000’s
Sales of services
38,47018,43836,96850,442–144,318
Sales of goods
22,695–8,50931,731–62,935
Revenue from external customers
61,16518,43845,47782,173–207,253
Depreciation
(9,276)(765)(7,378)(7,221)(89)(24,729)
Amortisation
(50)(344)(17)1(145)(555)
Other costs
(44,795)(12,884)(29,899)(56,514)(3,146)(147,238)
Operating profit/(loss) before interest and tax
7,0444,4458,18318,439(3,380)34,731
Interest income
––75618
Interest expense
(4)–(393)(1,268)(3,523)(5,188)
Share of profit/(loss) from joint ventures
and associates––––(4,586)(4,586)
Operating profit/(loss) before tax
7,0404,4457,79717,176(11,483)24,975
Taxation
(1,971)(1,311)(2,340)(4,976)3,125(7,473)
Operating profit/(loss) – after interest and tax
5,0693,1345,45712,200(8,358)17,502
Capital expenditure
42,65424117,4955,5617166,022
Total non-current assets
175,24824,35889,386133,10058,720480,812
Total assets
203,97427,929109,170166,82564,844572,742
Net funds employed
173,35420,52379,704143,33659,297476,214
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the executive management team together with the Board of Directors, who together make
strategic decisions.
Operating profit/(loss) before interest and tax is the main financial measure used by the CODM to review the Group’s
performance. Interest income and expenditure are not included in the result for each operating segment that is reviewed
by the CODM.
Inter-segment transactions such as Group Support Services recharges are entered into under normal commercial terms
and conditions that would also be available to unrelated third parties. All revenue is reported to the executive team on a
basis consistent with that used in the income statement.
Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, receivables and operating
cash. The investments and derivatives designated as hedges of borrowings are allocated to ‘Other segment’. Net funds
employed are total assets less segment non-interest-bearing liabilities and cash on hand.
Notes to the consolidated financial statements (continued)
13

Income tax expense is recognised based on management’s estimate of the weighted average annual income tax rate expected
for the full financial year.
3. Dividends
During the six months ended 31 December 2019 the Group paid dividends of $20,567k (14 cents per share). The 2018 final and
2019 interim dividends paid in the year ended 30 June 2019 were $17,243k (14 cents per share) and $16,142k (13 cents per share)
respectively.
Under the Dividend Reinvestment Plan, 855,082 ordinary shares were issued in October 2019 at an issue price of $4.069 per
share to shareholders who elected to participate in the scheme. 411,397 ordinary shares were issued in April 2019 at an issue price
of $4.926 per share to shareholders who elected to participate in the scheme.
2. Income tax expense
Notes to the consolidated financial statements (continued)
thl Interim Report 202014

In this section
This section describes the assets thl uses in the business to generate profit, including:
Property, plant and equipment
The most significant component is the motorhome fleet. Premises in general are leased, however significant owned properties
are the Waitomo Caves Visitor Centre and the Waitomo Caves Homestead.
4. Property, plant and equipment acquired and sold during the six month period
MOTORHOMES
$000’s
OTHER
PLANT AND
EQUIPMENT
$000’s
CAPITAL
WORK IN
PROGRESS
$000’s
TOTAL
$000’s
Period ended 31 December 2019
At 1 July 2019
401,39621,26526,717449,378
Additions and transfers from work in progress (net)
72,6931,010(12,200)61,503
Disposals
(43,242)(112)–(43,354)
Exchange differences
(1,175)(17)(4)(1,196)
Depreciation charge
(24,818)(2,109)–(26,927)
Closing net book amount
404,85420,03714,513439,404
As at 31 December 2019
Cost
516,47550,35414,513581,342
Accumulated depreciation
(111,621)(30,317)–(141,938)
Net book amount
404,85420,03714,513439,404
Reclassification of motorhomes to inventory at balance date
Cost
49,248––49,248
Accumulated depreciation
(13,440)––(13,440)
Net book amount
35,808––35,808
Closing net book amount post reclassification
369,04620,03714,513403,596
MOTORHOMES
$000’s
OTHER
PLANT AND
EQUIPMENT
$000’s
CAPITAL
WORK IN
PROGRESS
$000’s
TOTAL
$000’s
Period ended 31 December 2018
At 1 July 2018
362,80024,25329,007416,060
Additions and transfers from work in progress (net)
80,2811,032(15,291)66,022
Disposals
(45,136)(154)–(45,290)
Exchange differences
(2,527)(17)–(2,544)
Depreciation charge
(22,139)(2,590)–(24,729)
Closing net book amount
373,27922,52413,716409,519
As at 31 December 2018
Cost
470,29951,21413,716535,229
Accumulated depreciation
(97,020)(28,690)–(125,710)
Net book amount
373,27922,52413,716409,519
Reclassification of motorhomes to inventory at balance date
Cost
42,467––42,467
Accumulated depreciation
(12,042)––(12,042)
Net book amount
30,425––30,425
Closing net book amount post reclassification
342,85422,52413,716379,094
Section B – Assets used to generate profit
15
Notes to the consolidated financial statements (continued)

Adoption of NZ IFRS 16
The Group has adopted NZ IFRS 16 Leases from 1 July 2019, but has not restated comparatives for the 2019 reporting period,
as permitted under the specific transition provision in the standard. The reclassifications and the adjustments arising from the
new leasing rules are therefore recognised in the beginning balance sheet on 1 July 2019. The reduction in retained earnings on
1 July 2019 was $7.6M. This is a non-cash adjustment and did not impact the Group’s ability to comply with its debt covenants.
Prior to 1 July 2019, leases of property, plant and equipment were classified as operating leases with an operating lease expense
recognised on a straight-line basis over the term of the leases under NZ IAS 17.
From 1 July 2019, leases are recognised as a right-of-use asset and a corresponding lease liability at the date at which the leased
asset is available for use by the Group. Each lease payment is allocated between principal and finance cost. The finance cost is
charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of
the liability for each period.
The Group’s leasing activities
The Group predominantly leases its premises in New Zealand, Australia and the United States under operating lease
agreements. Lease agreements may contain both lease and non-lease components. The Group allocates the consideration
in the agreement to the lease and non-lease components based on their relative stand-alone prices. However, for leases of
real estate for which the group is a lessee, the Group has elected not to separate lease and non-lease components and instead
accounts for these as a single lease component.
Lease terms are negotiated on an individual basis and contain a wide range of different terms, escalation clauses and renewal
rights. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held
by the lessor. Leased assets may not be used as security for borrowing purposes.
Lease liabilities have been measured at the present value of the remaining lease payments, discounted using a discount rate
derived from the incremental borrowing rate for each relevant overseas territory on 1 July 2019 when the interest rate implicit
in the lease was not readily available. Incremental borrowing rates applied to lease liabilities range between 4.3% - 5.3%. The
Group is exposed to potential future increases in variable lease payments based on the change of an index or rate, which are not
included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect,
the lease liability is reassessed and adjusted against the right-of-use asset.
Right-of-use assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability
• any lease payments made at or before the commencement date less any lease incentives received
• any initial direct costs, and
• restoration costs.
The right-of-use asset is depreciated over the shorter of the asset’s useful life and the expected lease term on a
straight-line basis.
Short-term and low-value leases
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an
expense in the Income Statement. Short-term leases are leases with a lease term of 12 months or less and predominantly
relate to computer equipment.
Extension and termination options are included in a number of property leases across the Group. In determining the lease term,
management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not
exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the
lease is reasonably certain to be extended (or not terminated). The assessment of the lease term is reviewed if a significant event
or a significant change in circumstances occurs which affects this assessment and that is within the control of the Group. The
extension options are only exercisable by the Group and not by the lessor. Where an extension is reasonably certain of being
exercised, that extension period and related costs are recognised on the balance sheet.
To determine the incremental borrowing rate, the Group uses a build-up approach that starts with a risk-free interest rate
adjusted for credit risk for leases held by the Group and makes adjustments specific to the lease, e.g. term, country, currency
and security.
5. Leases
Notes to the consolidated financial statements (continued)
thl Interim Report 202016

5. Leases (continued)
The balance sheet impact of NZ IFRS 16
The impact of NZ IFRS 16 on the Group’s opening balance sheet is as follows:
AUDITED
30 JUN 2019
$000’s
UNAUDITED
ADJUSTMENT
$000’s
UNAUDITED
1 JUL 2019
$000’s
Right-of-use assets
–72,58972,589
Total non-current assets
72,589
Retained earnings
56,176(7,622)48,554
Total equity
(7,622)
Lease liabilities
–6,2476,247
Lease incentives
523(523)–
Total current liabilities
5,724
Lease liabilities
–77,54477,544
Deferred tax liabilities
22,224(3,057)19,167
Total non-current liabilities
74,487
Total equity and liabilities
72,589
Measurement of lease liabilities
The table below presents the reconciliation from lease commitments in accordance with NZ IAS 17 to the opening balance of
lease liabilities recognised in accordance with NZ IFRS 16.
UNAUDITED
1 JUL 2019
$000’s
Operating lease commitment disclosed as at 30 June 2019 (audited)
60,551
Discounted using the Group's incremental borrowing rate at the date of initial application
(31,177)
(Less): short-term leases recognised on a straight-line basis as expense
(313)
Add/(less): adjustments as a result of a different treatment of extension options
54,816
Foreign currency translation differences
(86)
Lease liability recognised as at 1 July 2019
83,791
Measurement of right-of-use assets
Most of the associated right-of-use assets for property leases were measured on a retrospective basis as if the new rules had
always been applied. Some of the right-of-use assets for property leases and other assets were measured at the amount equal
to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the
balance sheet as at 30 June 2019. The right-of-use assets related to the following types of assets:
UNAUDITED
1 JUL 2019
$000’s
UNAUDITED
6 MONTHS TO
DEC 2019
$000’s
Buildings
72,58068,815
Vehicles and equipment
95
Total
72,58968,820
Notes to the consolidated financial statements (continued)
17

5. Leases (continued)
The profit impact of NZ IFRS 16
The following table shows the adjustments to profit or loss for the period ended 31 December 2019 as a result of the adoption
of NZ IFRS 16:
UNAUDITED
PRIOR TO
ADOPTION 2019
$000’s
UNAUDITED
IMPACT OF
NZ IFRS 16
$000’s
UNAUDITED
REPORTED
RESULTS
$000’s
For the period ended 31 December 2019
Total operating expenses
103,485(1,470)102,015
Rental and lease expenses
5,682(5,117)565
Depreciation and amortisation
27,4393,64731,086
Operating profit before financing costs
29,5311,47031,001
Finance income
216–216
Finance expenses
(4,842)(1,974)(6,816)
Net finance costs
(4,626)(1,974)(6,600)
Share of loss from joint ventures and associates
(5,673)–(5,673)
Profit before tax
19,232(504)18,728
Tax expenses
(5,814)139(5,675)
Profit after tax
13,418(365)13,053
UNAUDITED
6 MONTHS TO
DEC 2019
$000’s
Depreciation charge of right-of-use-assets
Properties
3,642
Equipment
5
Others
–
Total
3,647
The cash flows presentation impact of NZ IFRS 16
Prior to the adoption of NZ IFRS 16, operating lease payments were included in payments to suppliers within operating activities.
Following the adoption of the NZ IFRS 16, the interest component is allocated to operating cashflow, and the repayment of the
lease liability principal is classified within financing activities.
UNAUDITED
6 MONTHS TO
DEC 2019
$000’s
For the period ended 31 December 2019
Interest paid on leases (operating activities)
1,974
Payments for lease liability principal (financing activities)
3,143
Total cash outflows from lease liabilities
5,117
Practical expedients applied
In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard:
• applying a single discount rate to a portfolio of leases with reasonably similar characteristics
• accounting for operating leases with a remaining lease term of less than 12 months as at 1 July 2019 as short-term leases
• excluding initial direct costs for the measurement of the right-of-use asset at the date of initial application, and
• using hindsight in determining the lease term where the contract contains options to extend or terminate the lease
Notes to the consolidated financial statements (continued)
thl Interim Report 202018

6. Capital commitment
Capital commitments relates to the build of the Group’s fleet for the following year.
Capital expenditure contracted for at balance date but not yet incurred is as follows:
DEC 2019
$000’s
DEC 2018
$000’s
JUN 2019
$000’s
Property, plant and equipment
122,016150,64265,387
Notes to the consolidated financial statements (continued)
19

Section C – Investments
In this section
thl ’s investments comprise subsidiaries, associate and joint ventures. This section explains the investments held by thl,
providing additional information, including:
a) Accounting policies, judgements and estimates that are relevant for measuring the investments; and
b) Analysis of thl ’s associate and joint ventures.
thl ’s investments include a 50% interest in Action Manufacturing, a business that manufactures motorhomes for the Group’s
New Zealand and Australian business segments and other speciality vehicles for external customers; and a 50% joint venture
investment in Togo Group. Togo Group is based in the United States and provides digital services to RV owners and operators,
and operates the Mighway and Roadtrippers businesses, and also has a 46% interest in Outdoria. Other investment includes a
49% interest in Just go, a motorhome rental operation in the United Kingdom.
7. Joint ventures
Togo Group
In February 2018, the Group entered into agreements to contribute its investment in Roadtrippers USA and Roadtrippers
Australasia, its Mighway business, the Togo Fleet rental and RV industry platform, certain other intangible assets and cash to
form a joint venture, Togo Group, with Thor Industries, a motorhome manufacturer in the United States. Each partner owns
50% of Togo Group. Due to the nature of the contractual rights and obligations, Togo Group is classified as a joint venture for
accounting purposes and accounted for using the equity method.
Togo Group provides digital services to RV owners and operators (Togo Fleet), and operates the Mighway and Roadtrippers
businesses. -
Within the business case, the Group expected losses for the period ended 31 December 2019. The Group’s share of losses from
Togo Group for the six months ended 31 December 2019 was $7,301k. In the six months ended 31 December 2019, thl and Thor
advanced a loan of USD$5,103k each to Togo Group. Interest is payable on the advance at a rate of 5.5%.
The Group’s recognised interest in Togo Group
The following table sets out the Group’s interest in Togo Group:
DEC 2019
$000’s
DEC 2018
$000’s
JUN 2019
$000’s
Fair value of investment in Togo Group initially recognised
38,97638,97638,976
Subsequent investment in Togo Group
14,7818,47114,781
Profit/(losses) recognised against the investment balance
(22,802)(8,118)(15,501)
Foreign exchange revaluation gain
4,1083,9204,053
Net investment recognised
35,06343,24942,309
Advance opening balance
457819819
Net cash advances/(repayment) during the period
7,656(255)(362)
Advance closing balance
8,113564457
Net interest in Togo Group
43,17643,81342,766
DEC 2019
$000’s
DEC 2018
$000’s
JUN 2019
$000’s
Non-current
42,78843,24942,309
Current
388564457
43,17643,81342,766
Notes to the consolidated financial statements (continued)
thl Interim Report 202020

7. Joint ventures (continued)
Action Manufacturing LP (AMLP)
thl has a 50% joint venture partner in AMLP, a vehicle manufacturer based in New Zealand. The other 50% partner is Alpine
Bird Manufacturing Limited, which is owned by Grant Brady (refer to note 13). Due to the nature of the contractual rights and
obligations, AMLP is classified as a joint venture for accounting purposes and accounted for using the equity method.
AMLP manufactures motorhomes for the Group’s New Zealand and Australian business segments, and other speciality
vehicles for external customers.
The Group’s recognised interest in AMLP
The following table sets out the Group’s interest in AMLP:
DEC 2019
$000’s
DEC 2018
$000’s
JUN 2019
$000’s
Fair value of investment in AMLP initially recognised
250250250
Profits recognised against the investment balance
10,2117,8258,797
Distribution received from accumulated earnings
(250)(250)(250)
Net investment recognised
10,2117,8258,797
Advance opening balance
1,1443131
Net cash advances/(repayment) during the period
(263)1,3581,113
Advance closing balance
8811,3891,144
Net interest in AMLP
11,0929,2149,941
DEC 2019
$000’s
DEC 2018
$000’s
JUN 2019
$000’s
Non-current
10,5869,2009,422
Current
50614519
11,0929,2149,941
Interest is payable on the advance at a rate of 4.59%.
Total advance to and investments in joint ventures
DEC 2019
$000’s
DEC 2018
$000’s
JUN 2019
$000’s
Non-current
53,37452,44951,731
Current
894578976
54,26853,02752,707
Notes to the consolidated financial statements (continued)
21

8. Investments in associate
In March 2015, the Group acquired a shareholding of 49.0% in Skewbald Limited (trading as Just go) for GBP £1,744k. Just go is
a motorhome rental business operating in the United Kingdom. The investment has been accounted for as an investment in
associate and the Group’s share of associates profits have been recognised with the Group’s investment.
The carrying amounts recognised in the balance sheet are as follows:
DEC 2019
$000’s
DEC 2018
$000’s
JUN 2019
$000’s
Just go
4,6914,3664,319
Total
4,6914,3664,319
The share of profits/(losses) recognised in the income statement are as follows:
6 MONTHS TO
DEC 2019
$000’s
6 MONTHS TO
DEC 2018
$000’s
12 MONTHS TO
JUN 2019
$000’s
Just go
214297246
Total
214297246
Notes to the consolidated financial statements (continued)
thl Interim Report 202022

In this section
This section summarises thl ’s funding sources and financial risks.
9. Share capital
DEC 2019
$000’s
DEC 2018
$000’s
JUN 2019
$000’s
Ordinary shares
Opening balance
217,012180,806180,806
Issue of ordinary shares – redeemable ordinary shares converted
654941,031
Transfer from employee share scheme reserve for redeemable
shares converted
75684
Issue of ordinary shares – in lieu of directors’ fees
8274161
Ordinary shares to be issued – in lieu of directors’ fees accrued at 30 June
(11)79
Ordinary shares issued under Dividend Reinvestment Plan
3,4843,1225,154
Ordinary shares issued
49,869–30,000
Less transaction costs arising on shares issued
(1,243)–(233)
Closing balance
269,922184,109217,012
In June 2019, the Group announced a placement and pro rata rights offer capital raise. The capital raise comprised an upfront
placement of $30M to HB Holdings (a wholly owned subsidiary of the CITIC Capital International Tourism Fund), issuing an
additional 7,462,686 shares at a price of $4.02 per share, which settled on 24 June 2019, followed by an approximately NZ$50
million fully underwritten pro rata 1 for 9 rights offer at NZ$3.40 per share, which settled in July 2019 resulting in the issuance
of an additional 14,667,436 shares. Incremental directly attributable issue costs of $233k were incurred from the placement
and have been netted off against the proceeds of the capital raising at 30 June 2019. Incremental directly attributable issue
costs of $1,243k were incurred on the rights offer that was settled in July.
10. Borrowings
DEC 2019
$000’s
DEC 2018
$000’s
JUN 2019
$000’s
Non-current
186,681211,198210,980
Current
719,07846
186,688230,276211,026
DEC 2019
$000’s
DEC 2018
$000’s
JUN 2019
$000’s
The Group has the following undrawn borrowing facilities:
Expiring within one year
50,00011,000–
Expiring beyond one year
66,91142,72262,478
116,91153,72262,478
The Group has sufficient working capital and undrawn financing facilities to service its operating activities and ongoing
investment in rental motorhomes. The Group has met all banking covenant requirements in the current period.
No borrowing costs were capitalised in 2019 (2018: nil).
Section D – Managing funding and risk
Notes to the consolidated financial statements (continued)
23

10. Borrowings (continued)
MATURITY OF DEBT FACILITIES
January 2020NZ$10M
May 2020NZ$10M
July 2020NZ$30M
February 2021NZ$82M
September 2021NZ$30M
June 2022NZ$70M
July 2022NZ$74M
TotalNZ$306M
11. Seasonality of business
The tourism industry is subject to seasonal fluctuations with peak demand for tourism attractions and transportation over
the summer months. The operating revenue and profits of the Group’s segments are disclosed in note 1. New Zealand and
Australia’s profits are typically generated over the southern hemisphere summer months and the United States of America’s
profits are typically generated over the northern hemisphere summer months. Due to the seasonal nature of the businesses
the risk profile at 31 December 2019 is not representative of all risks faced during the year.
12. Financial risk management
The carrying amount of financial assets and financial liabilities recorded in the financial statements approximates their
fair values:
• Derivative financial instruments are carried at fair value as discussed below.
• Receivables and payables are short term in nature and therefore approximate fair value.
• Interest bearing liabilities re-price at least every 90 days and therefore approximate fair value.
Financial instruments of the Group that are measured in the statement of financial position at fair value are classified by level
under the following fair value measurement hierarchy:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices).
Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
There were no changes to these valuation techniques during the period. There were no transfers of derivative financial
instruments between levels of the fair value hierarchy during the period.
Recurring fair value measurements
The following financial instruments are subject to recurring fair value measurements:
DEC 2019 DEC 2018 JUN 2019
ASSETS
$000’s
LIABILITIES
$000’s
ASSETS
$000’s
LIABILITIES
$000’s
ASSETS
$000’s
LIABILITIES
$000’s
Derivative financial instruments (Level 2)
1015,4457033,399406,259
Notes to the consolidated financial statements (continued)
thl Interim Report 202024

Section E – Other
In this section
This section includes the remaining information relating to thl ’s financial statements which is required to comply with
financial reporting standards.
13. Related party transactions
Key management compensation
6 MONTHS TO
DEC 2019
$000’s
6 MONTHS TO
DEC 2018
$000’s
12 MONTHS TO
JUN 2019
$000’s
Salaries and other short term employee benefits
2,6763,9165,674
Share based payments benefits
181185368
The above includes the CEO, direct reports to the CEO and direct reports to the COO. Total positions included above are 15
(31 December 2018: 16; 30 June 2019: 14).
Executive management do not receive any directors’ fees as directors of subsidiary companies.
Directors’ fees (shares issued in lieu of cash)
At the 2013 annual meeting of shareholders, shareholder approval was obtained for thl to issue shares in whole or in part
payment of directors’ remuneration. Currently, Rob Campbell and Rob Hamilton have elected to receive 50% of their director
fees in shares, and Debbie Birch has elected to receive 33% of her director fees in shares. Shares issued in lieu of directors’ fees
are as follows:
DEC 2019DEC 2018JUN 2019
No. of shares issued in lieu of cash (000's)
141432
Value of shares issued in lieu of cash ($000's)
8274161
Accrued value of shares yet to be issued in lieu of cash ($000's)
344345
Kay Howe (Non-executive Director)
Supreme Motorhome Manufacturing Limited (Supreme) is owned by entities associated with thl director Kay Howe.
Supreme has provided caravans, parts, and service work to thl. Kay Howe retired as a director in October 2019.
6 MONTHS TO
DEC 2019
$000’s
6 MONTHS TO
DEC 2018
$000’s
12 MONTHS TO
JUN 2019
$000’s
Payments to Supreme including purchase of motorhomes and caravans
11422
Sales of motorhomes to Supreme
263–57
Cathy Quinn (Non–executive Director)
Cathy Quinn was appointed to the Board of Directors in September 2017. Cathy is a consultant and former partner at
MinterEllisonRuddWatts (MinterEllison). MinterEllison has provided legal services to thl. The amounts paid for the legal
services are set out in the table below:
6 MONTHS TO
DEC 2019
$000’s
6 MONTHS TO
DEC 2018
$000’s
12 MONTHS TO
JUN 2019
$000’s
Legal services
185290677
Notes to the consolidated financial statements (continued)
25

13. Related party transactions (continued)
Grant Brady (shareholder and Director of Alpine Bird (New Zealand) Limited)
Grant Brady, Managing Director of Action Manufacturing, is a minority shareholder and director of Bush Road Enterprises
Limited. thl leases a property in Bush Road which is owned by Bush Road Enterprises Limited. The lease on this property
was renewed for a further term of six years in April 2015. The amount of the lease payments are set out in the table below:
6 MONTHS TO
DEC 2019
$000’s
6 MONTHS TO
DEC 2018
$000’s
12 MONTHS TO
JUN 2019
$000’s
Total lease payments
247303660
Action Manufacturing LP
Grant Brady is a shareholder in another entity, Alpine Bird Manufacturing Limited which owns 50% of Action Manufacturing
Limited Partnership (“AMLP”) that was set up in March 2012. thl owns the other 50%. AMLP manufactures motorhomes and
campervans used by Rentals New Zealand, manufactures motorhomes and parts for Rentals Australia, and manufactures
specialty vehicles for external customers. Pricing is based on the cost of manufacture plus an agreed margin set out in the
Limited Partnership Agreement. AMLP also leases part of the Bush Road property described above. The transactions between
AMLP and thl are set out in the table below:
6 MONTHS TO
DEC 2019
$000’s
6 MONTHS TO
DEC 2018
$000’s
12 MONTHS TO
JUN 2019
$000’s
Purchase of motorhomes by the Group from the joint venture
30,48127,87849,726
Sales of vehicles by the Group to the joint venture
7884571,518
Interest charged to the joint venture
24617
Net interest in Action Manufacturing LP (note 7)
11,0929,2149,941
At 30 June 2019, $10,689k (June 2018:$15,608k) was outstanding under a Documentary Letter of Credit in favour of AMLP.
This amount is included in the purchase of motorhomes shown above, and the outstanding amount is included in ‘trade
and other payables’. At 31 December 2019 and 31 December 2018 the amounts outstanding were nil.
Just go
During the six months ended 31 December 2019 the Group purchased motorhomes from Just go with a value of $13,057k
(six months ended December 2018: $12,027k; year ended 30 June 2019: $12,040k).
Schork Family
As part of the consideration for the acquisition of El Monte Rents Inc in January 2017, the Group issued 3,384,266 ordinary shares
to entities associated with the Schork family. An entity associated with the Schork family provides warranties to customers of
El Monte Rents Inc, the total amount paid by customers during the six months ended 31 December 2019 was $133k (six months
ended 31 December 2018: $207k; year ended June 2019: $330k). At the time of the acquisition, the Group entered into a number
of property lease agreements with entities associated with the Schork family. The leases are in relation to branches used by
El Monte RV. The cost of the leases are set out in the table below:
6 MONTHS TO
DEC 2019
$000’s
6 MONTHS TO
DEC 2018
$000’s
12 MONTHS TO
JUN 2019
$000’s
Total lease payments
1,7271,5993,255
Togo Group
As part of the investment in Togo Group, thl had an obligation to complete certain parts of the Togo Fleet RV industry platform
development. The relevant development costs were charged by Togo Group to thl on a monthly basis. thl also provides finance,
payroll and administrative support services to Togo Group. These have been charged to Togo Group on a monthly basis.
DEC 2019DEC 2018JUN 2019
Togo Fleet development costs charged by Togo Group
–574632
Support services provided by thl
88139130
Net interest in Togo Group (note 7)
43,17643,24945,967
Interest income from advance to Togo Group
156––
Notes to the consolidated financial statements (continued)
thl Interim Report 202026

14. Foreign currency translation reserve
Exchange differences arising on the translation of foreign operations are taken to the foreign currency translation reserve.
When any net investment is disposed of, the related component of the reserve is recognised in profit and loss as part of
the gain or loss on disposal.
The closing exchange rates used to translate the balance sheet are as follows:
DEC 2019DEC 2018JUN 2019
NZD/AUD
0.96170.95200.9561
NZD/USD
0.67350.67130.6694
NZD/GBP
0.51360.52900.5284
15. Contingencies
As at 31 December 2019, other than bank guarantees, which are predominantly in lieu of bonds paid relating to leased assets,
the Group has no material contingent liabilities.
16. Events after the reporting period
Interim dividend
A dividend was declared after balance date at 10 cents per share, with a record date of 4 May 2020 and payable on 11 May 2020.
End
Notes to the consolidated financial statements (continued)
27

Outdoria Group
Outdoria Group
Corporate information
Directors
Rob Campbell
Debbie Birch
Rob Hamilton
Guorong Qian
Cathy Quinn
Gráinne Troute
Executives
Grant Webster – Chief Executive Officer
Jennifer Bunbury – Chief Financial Officer
Jo Allison – Chief Operating Officer
Registered office
Level 1
83 Beach Road
Auckland 1010
New Zealand
Share register
Tourism Holdings Limited shares are listed
on the New Zealand Stock Exchange (NZX)
Share registrar
Link Market Services Limited
PO Box 91976
Auckland
Tel: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Auditors
PricewaterhouseCoopers
Auckland, New Zealand
Solicitors
MinterEllisonRuddWatts
Auckland, New Zealand
Bankers
ANZ Bank New Zealand Limited
Australia and New Zealand Banking
Group Limited
Westpac New Zealand Limited
Westpac Banking Corporation
The Hongkong and Shanghai Banking
Corporation Limited
thl Interim Report 202028

INTERIM
REPORT
2020

---

Tourism Holdings Limited Results Announcement




Results for announcement to the market
Name of issuer Tourism Holdings Limited
Reporting Period 6 months to 31 December 2019
Previous Reporting Period 6 months to 31 December 2018
Currency New Zealand Dollars

Amount (000s) Percentage change
Revenue from continuing
operations
$207,452 0%
Total Revenue $207,452 0%
Net profit/(loss) from
continuing operations
$13,053 -25%
Total net profit/(loss) $13,053 -25%
Interim Dividend
Amount per Quoted Equity
Security
$0.10000000
Imputed amount per Quoted
Equity Security
$0.03888889
Record Date 4 May 2020
Dividend Payment Date 11 May 2020
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.83 $1.67
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached investor presentation.
Authority for this announcement
Name of person

authorised
to make this announcement
Rob Campbell
Contact person for this
announcement
Grant Webster
Contact phone number +64 9 336 4255
Contact email address grant.webster@thlonline.com
Date of release through MAP

28 February 2020

Unaudited financial statements accompany this announcement.

---

Distribution Notice




Section 1: Issuer information
Name of issuer Tourism Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code THL
ISIN (If unknown, check on NZX website) NZ HELE 0001S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 04/05/2020
Ex-Date (one business day before the
Record Date)
01/05/2020
Payment date (and allotment date for
DRP)
11/05/2020
Total monies associated with the
distribution
1

$14,795,525.50
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.13888889
Gross taxable amount
3
$0.13888889
Total cash distribution
4
$0.10000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.01764706
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed


1
Based on 147,955,255 shares issued as at the date of this distribution notice.
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please state
imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.03888889
Resident Withholding Tax per financial
product
$0.00694444
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for determining
market price for DRP
N/A N/A
Date strike price to be announced (if not
available at this time)
N/A
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation notice
for this distribution in accordance with
DRP participation terms
N/A
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Rob Campbell
Contact person for this announcement Grant Webster
Contact phone number +64 9 336 4255
Contact email address grant.webster@thlonline.com
Date of release through MAP 28 February 2020





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.