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
New Zealand
Australia
USA
UK


Design &
Manufacturing
New Zealand
Australia

Guided
Experiences
New Zealand


22 April 2021

MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)

MARKET UPDATE

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

FY21 financial performance

Following the latest review of expectations, thl has an improved outlook and expects that its FY21
net loss after tax will be between $14 to $18 million. This compares to the current average loss
projected by market analysts of approximately $21.5 million.
1


Balance sheet

We expect that net debt will not exceed $90 million on 30 June 2021 (our previous net debt
guidance was for around $90 million). As signalled in our interim results, debt was expected to
increase in the second half as we are re-investing in new fleet to replace the volume of vehicles that
we continue to sell.

United States

The vehicle sales market in the USA continues to remain strong. Record average sales margins have
been achieved in recent months. Some of this margin growth is considered one-off in nature,
reflective of the current market conditions.

Domestic rental demand has remained strong during the current shoulder season. We have positive
expectations for the upcoming 2021 summer season and expect that domestic demand will be at or
above the 2020 summer season.

New Zealand

Following completion of the Great New Zealand Motorhome Sale campaign in late 2020, average
sales margins have recovered to previous norms and in some cases have exceeded these. Vehicle
sales volumes continue in line with that achieved in the first half of FY21.

The New Zealand rental business will continue to be loss-making under a domestic only
environment. We have experienced an increase in web search activity in connection with the re-

1
Average net loss after tax projection of $21.54 million between Jarden, Forsyth Barr, Craigs Investment Partners, Ord Minnett and
Carter Bar.

opening of Trans-Tasman travel. We expect that this will convert to increased forward bookings as
travellers continue through the holiday planning cycle. Search activity is highest for school holidays
and Queenstown.

Australia

Vehicle sales volumes in Australia have remained stable and in line with the first half of FY21.
Margins remain in line with expectations.

An extended period of State borders remaining open (other than one lockdown in Brisbane) has
accommodated for growth in domestic rental demand. Yields in Australia are currently at levels
consistent with our pre-COVID norms. Our recent performance within an open domestic
environment supports our previously stated expectation that the Australian business can deliver
positive EBIT in these conditions.

Beyond FY21

We believe that thl is well prepared for a range of scenarios.

ENDS

Authorised by:

Rob Campbell
Chairman, Tourism Holdings Limited

For further information contact:

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

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, thl operates Kiwi Experience and
the Discover Waitomo group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water
Rafting Co. thl also owns and operates Action Manufacturing, New Zealand’s largest motorhome and specialist vehicle
manufacturer.