Market Update

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



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New Zealand




20 March 2020

MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)

MARKET UPDATE

thl advises that it has cancelled the FY20 interim dividend of 10 cents per share that was announced on
28 February 2020, due to increasing uncertainty relating to the COVID-19 pandemic and associated
travel containment measures.

Chairman, Rob Campbell, said “the Board considers that the cancellation of the FY20 interim dividend is
in the best interests of thl, as we face an unprecedented level of uncertainty across our businesses
globally. It is one of a number of appropriate measures underway.”

Other measures implemented by thl to reduce expenditure and mitigate impact include:
 all directors reducing their director fees’ by 50% for the next four months;
 the Chief Executive reducing his salary by 50% for the next four months;
 the Executive team reducing their salaries by 30% for the next four months;
 the cancellation of all uncommitted fleet capital expenditure, reduction in committed fleet
expenditure where possible with suppliers, and a significant cost-out exercise being undertaken for
all other uncommitted expenditure;
 role reduction and other employment cost reductions will occur and are in the process of being
enacted; and
 generation of self-isolation and medical-related revenue across New Zealand, Australia and the
United States.

thl advises that it has approximately $109M of headroom currently available in its banking facilities, and
had net tangible assets of $1.83 per share as at 31 December 2019.

ENDS

Authorised by:


Rob Campbell
Chairman, Tourism Holdings Limited

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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.