FY21 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



Self drive
Experiences
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Australia
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Guided
Experiences
New Zealand


23 December 2020

MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)

FY21 MARKET UPDATE

thl provides a general update on its performance and expectations for the financial year ending
30 June 2021 (FY21).

At the 2020 Annual Meeting, thl provided a strategic plan for the coming period. The business
has been successfully executing to that plan. In line with thl’s strategy, thl continues to reinvest
in fleet and other resources across its businesses to ensure that it is best placed for a recovery
when border and travel restrictions are loosened.

While it is not currently possible to provide a credible forecast for the FY21 result, based on
current expectations, the loss for FY21 is expected to be greater than the average of the results
projected by market analysts.
1
However, it is noted that some of those projections were released
prior to thl’s 2020 Annual Meeting.

Balance sheet

thl’s focus on balance sheet management has been successful. Expectations for year-end debt
and capital expenditure in FY21 remain in line with guidance provided at the 2020 Annual
Meeting.

New Zealand

Based on trading in November and early December, domestic demand for travel in the late
January to March period is now expected to be lower than originally anticipated. As advised at
thl’s 2020 Annual Meeting, given the significant reliance of the New Zealand businesses on
international tourism, they are expected to incur the largest loss in FY21 across our businesses.

The New Zealand vehicle sales business continues to perform well, having experienced a
number of record sales months. In total, approximately 700 vehicles were sold during the
campaign period, with margins at expectations.


1
Average net loss after tax projection of $12.8 million between Carter Bar, Ord Minnett, Jarden and Forsyth Barr.

United States

Rental revenue in November and early December has exceeded the corresponding period in the
prior year. Given the success of vehicle sales to date and having achieved targeted fleet size, the
business is now focused on retaining strong sales margins on lower sales for the remainder of
FY21.

Recent shelter-in-place restrictions are expected to have a minor impact on winter business.
However, current expectations remain that the business will deliver a positive EBIT result for
FY21.

Australia

There has been a positive level of rental activity in the short period of time that state border
restrictions have been fully lifted. This provides confidence that the Australian business will be
able to operate profitably in the domestic market, assuming there are no domestic travel
restrictions in place.

Vehicle sales to date in FY21 have been positive with approximately 100% growth in the
number of vehicles sold compared to the corresponding period in the prior year. It is expected
that the positive sales environment will continue for the remainder of FY21.

Expectations remain that the Australian business will deliver a negative EBIT result in FY21, but
to a smaller extent than in the New Zealand business.

A more comprehensive update will be provided with thl’s half year results.

ENDS

Authorised by:

Rob Campbell
Chairman, Tourism Holdings Limited

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

About thl (www.thlonline.com)

thl is a global tourism operator. We are listed on the NZX and are the largest provider of RVs for rent and sale in Australia and
New Zealand, and the second largest in North America. In the USA, we own and operate the Road Bear RV Rentals & Sales brand
and El Monte RV Rentals & Sales. 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.