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

24 June 2021

MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)

MARKET UPDATE

thl provides an update on its earnings for the financial year ending 30 June 2021 (FY21) and the renewal
of its funding arrangements.

FY21 guidance

In April 2021, thl advised that it expected its FY21 net loss after tax would be between $14 and $18 million.
Pleasingly, we now expect that the FY21 net loss after tax will be on the lower side of that range. The net
loss after tax will also include a negative one-off fair value adjustment of $1.4 million to thl’s original 50%
investment in Action Manufacturing, resulting from the acquisition of the remaining shares.

Net debt as at 30 June 2021 is now expected to be approximately $50 million (previous guidance was that
net debt would not exceed $90 million). The variance to earlier guidance is largely attributable to a
payment for new vehicles in the USA being delayed into early in the next financial year, as well as vehicle
sales exceeding earlier expectations.

Funding arrangements

thl has recently concluded the renewal of its banking facilities. Under the new arrangements, facilities
have been provided by thl’s banking partners for funding of up to $250 million, consisting of a number of
tranches maturing between June 2023 and June 2024.

Covenants associated with the facilities are consistent with the current trading environment for thl and
progressively return to more standard financial covenants over time. The requirement for consent from
thl’s banking partners for any distribution to shareholders remains.

2022 financial year

Given the ongoing uncertainty in the operating environment, thl is not in a position to provide indicative
guidance for its result for the financial year ending 30 June 2022 (FY22). While we see increasing
conversion of Australian enquires for New Zealand given the short lead times, we do not expect to have
a meaningful view on the impact of the Trans-Tasman bubble until late August or early September.

We expect to provide a general update with our full year results release in August, and further guidance
on FY22 at the 2021 Annual Meeting in October, following the conclusion of the USA high season.

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 also owns and operates Action Manufacturing LP, New Zealand’s largest motorhome and specialist vehicle
manufacturer.