thl Annual Results FY21

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 

 
26 August 2021 
 
MEDIA | NZX RELEASE  
TOURISM HOLDINGS LIMITED (thl) 
 
ANNUAL RESULTS FOR THE YEAR ENDING 30 JUNE 2021 
 
Summary: 
 Statutory net loss after tax of $14.5M, and ordinary net loss after tax of $14.3M down $34.3M on 
the prior corresponding period (pcp).  
 Continued balance sheet management with net debt of $49M and refinanced debt facilities of up to 
$250M through to 2024. 
 Record vehicle sales revenue and volumes, with growth in average sales margin per vehicle in all 
countries. 
 Strong USA performance with average yield uplift on the pcp. 
 Australian Rentals business delivered positive EBIT result despite lockdowns, with positive outlook 
for domestic demand and average yields assuming an environment with no domestic travel 
restrictions. 
 New Zealand Rentals and Tourism continue to be challenging given the reliance on international 
tourism. 
 A net loss is the most likely outcome for FY22, however the quantum of the loss is difficult to 
ascertain at this point. 
thl today releases its results for the financial year ending 30 June 2021 (FY21). 
 
Rob Campbell, thl Chair, said “We are not pleased with the net loss after tax of $14.5M, but do consider 
that we have managed it well within the context of global tourism. We have continued to adapt, 
manage the balance sheet and retain opportunities for the future.  
 
“However, we recognise the uncertainty regarding the outlook for international tourism, particularly for 
New Zealand and Australia. The United States appears to be close to reopening and the current 
increasing vaccination rates in New Zealand and Australia are clearly positive.   
 
“In the interim, thl remains a company with a carefully managed balance sheet that is strong for our 
industry segment and has a company value that is supported by a base of tangible, realisable and in 
demand assets that are being sold well in excess of book values.” 
 
Grant Webster, thl Chief Executive Officer, said “we are moving forward, taking the opportunities that 
exist for our business in today’s environment whilst continuing to challenge and adapt as required for 
long‐term success.  
 

“We have capitalised on the relative category growth for the RV experience and improved our vehicle 
sales expertise to deliver a record sales year, while managing our rental fleet to the prevailing domestic 
conditions within each country. 
 
“A key priority for the year has been keeping customers and crew safe from COVID‐19. We are very 
pleased to have had no traceable cases linked to our operation from any of our 40 locations globally. 
Despite the challenging times and uncertainty, our crew have adapted and delivered. 
 
“Regardless of the demand environment today our belief in becoming Future‐Fit remains, and is 
directing us on what we believe is the right path, ensuring we will be sustainable in all aspects of the 
business as we reset and prepare for the years ahead.” 
 
The integrated report, including the financial statements, as well as an investor presentation, are 
available on thl’s website. 
 
ENDS 
 
Authorised by:  
 
Rob Campbell 
Chair, 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, 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, New Zealand’s largest motorhome 
and specialist vehicle manufacturer.

---

F 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
moving
forward
together
2021 ANNUAL RESULTS
PRESENTATION

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Disclaimer
2
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 with any purchase
of thlsecurities. 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.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Highlights

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Summary
4
•Statutory net loss after tax of $14.5M, and ordinary net loss after tax of
$14.3M down $34.3M on the pcp.
•Continued balance sheet management with net debt of $49M and refinanced
debt facilities of up to $250M through to 2024.
•Record vehicle sales revenue and volumes, with growth in average sales
margin per vehiclein all countries.
•Strong USA performance with average yield uplift on the pcp.
•Australian Rentals business delivered positive EBIT result despite lockdowns,
with positive outlook for domestic demand and average yields assuming an
environment with no domestic travel restrictions.
•New Zealand Rentals and Tourism continue to be challenging given the
reliance on international tourism.
•A net loss is the most likely outcome for FY22, however the quantum of the
loss is difficult to ascertain at this point.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
1
Excludes non-recurringitems. Refer to slide 25for further information.
2
Fleet as at 30 June 2020 was incorrectly reported as 5,885 in the 2020 Annual Results Presentation.
Year in review
As at 30 June 2021
TOTAL REVENUE
$359M
(2020:$401M)
NETPROFITAFTERTAX(NPAT)
-$14.5M
(2020:$27.4M)
-10%
TOTAL FLEET AT YEAR-END
4,242
(2020:5,815)
2
EBITDA
$40.4M
(2020:$111.7M)
NET DEBT AT YEAR-END
$49M
(2020:$128M)
EBIT
-$8.3M
(2020:$48.6M)
XX%
SALE OF GOODS REVENUE
$229M
(2020:$143M)
5
-62%
+60%
-117%
-153%
-64%
-171%
-27%
ORDINARY NPAT
1
-$14.3M
(2020:$20.0M)

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Rentals
6
New Zealand
•Continues to operate in a challenging environment given the loss
of 90%+ of the normal business, small domestic population and
lower yields in the domestic market.
•We continue to assess this business and how the existing
overheads and network can be leveraged to bring in new revenue
streams.
Australia
•The business performs well when there is an open domestic travel
environment but was impacted by multiple lockdowns.
•A refreshed pricing approach based on consumer price elasticity in
this new environment has achievedaverage yields in excess of
historical norms in H2 FY21. The business expects these domestic
yield benefits to remain beyond the closed border environment,
which is expected to improve low and shoulder seasons.
United States
•The business benefited from favourable conditions as average
yields in the domestic market exceed those in the international
market, and there were less travel restrictions.
NZD $M
88.5
64.9
77.1
97.9
70.0
83.0
91.6
57.6
77.5
31.1
34.5
56.1
0
15
30
45
60
75
90
105
New ZealandAustraliaUnited States
Total rental revenue
FY18FY19FY20FY21

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Vehicle sales
7
46.8
15.6
90.6
50.8
13.6
66.5
45.9
16.8
80.8
100.9
31.0
91.0
0
20
40
60
80
100
120
New ZealandAustraliaUnited States
Vehicle sales revenue*
FY18FY19FY20FY21
NZD $M
•Average sales margins in all countries have increased
on the pcp.
•Margins in the USA have been particularly positive, up
73% on the pcp. The business shifted focus to retail
sales in Q4 to maintain the rental fleet size for the peak
season, given the increasing risks of supply chain
delays.
•The New Zealand business had a strong result in H2.
Average sales margins in H1 were down 36% on the
pcp* and came back to end 49% up on the pcp for
FY21.
•Average sales margins for Australia also increased by
26% on the pcp.
•We continue to see the strong demand carrying
through into FY22.
* Refer to the thl FY21 Interim Results Presentation for detail on impact of Great
New Zealand Motorhome Salecampaign on New Zealand sales margins.
* Reflects sale of goods revenue (excludes Action Manufacturing and buyback vehicles).

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Real depreciation rate
8
* The Real Depreciation Rate is the measure of the difference between the purchase price and
sale price of the vehicles sold in a financial period. It allows for no gain on sale or costs
associated with the sale or management of the vehicle.
•Positively, the Real Depreciation Rate in
FY21waslower than historical performance as
vehicles purchased pre-pandemic have been sold in
the current demand environment at higher margins.
•A trend seen in all countries has been more
substantial vehicle sales margin growth in the
second half of the financial year.
•We expect sales margins to revert to historical
norms at some point in FY22 or FY23.
•However, we expect that the lower FY21 Real
Depreciation Rate will remain for FY22 as the
particularly strong margins seen in Q4 FY21 have
continued into Q1 FY22.
Real Depreciation Rate *
FY21
FY20
FY19
FY18
New Zealand
5.5%
5.7%
5.6%
6.0%
Australia
6.2%
7.1%
7.4%
8.0%
United States
2.8%
5.0%
3.5%
2.5%

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
9
Fleet movement
2,083
1,539
2,109
2,332
1,641
2,440
2,532
1,441
1,842
1,547
1,208
1,487
0
500
1,000
1,500
2,000
2,500
3,000
New ZealandAustraliaUnited States
Fleet size
30-Jun-1830-Jun-1930-Jun-2030-Jun-21
New Zealand
Australia
United States
1
Excludes sale of non-fleet vehicles and includes write-offs.
2
Includes sale of 1 buyback vehicle.
3
FY20 closing fleet was incorrectly reported as 1,912 in the 2020 Annual Results Presentation.
•All three businesses have had record sales volume
years.
New Zealand
•Fleet reduced by nearly 40% in FY21.
•Despite the Get Moving campaign generating activity
in H1, rentals utilisation across the year remained
challenging, at approximately 50%, due to the
characteristics of the domestic market.
•The average fleet age has increased due to a higher
proportion of new and near-new vehicles sold.
Australia
•Several lockdowns across the year resulted in
approximately 50% utilisation despite positive
underlying demand in the domestic market.
•The average fleet age has reduced by approximately 1
year over FY21 due to the mix of vehicles sold.
United States
•Sale of over 60% of the fleet from the start of FY21
has reduced the average fleet age to below 12
months at the end of FY21, improving the rentals
customer proposition and reducing rentals R&M
costs.
•Approximately 300 vehicles originally due for delivery
in June 2021 are now being delivered in Q1 FY22.
Units:
FY21
FY20
VAR
VAR %
Opening Fleet
2,532
2,332
200
9%
Fleet Sales
(1,125)
(470)
(655)
139%
Fleet Purchases
140
670
(530)
(79%)
Closing Fleet
1,547
2,532
(985)
(39%)
Vehicle Fleet
Units:
FY21
FY20
VAR
%
Opening Fleet
1,441
1,641
(200)
(12%)
Fleet Sales
(486)
(591)
105
(18%)
Fleet Purchases
253
391
(138)
(35%)
Closing Fleet
1,208
1,441
(233)
(16%)
Vehicle Fleet
1
1 2
1 3
Fleet reduction
in response to
COVID-19
Units:
FY21
FY20
VAR
%
Opening Fleet
1,842
2,440
(598)
(162%)
Fleet Sales
(1,178)
(970)
(208)
21%
Fleet Purchases
823
372
451
121%
Closing Fleet
1,487
1,842
(355)
(19%)

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
FY21FY20VAR%
Interest on bank borrowings
(NZ$M)
7.2 9.4 (2.2) (23%)
Average effective interest rate on
bank borrowings
7.5%4.9%3% 53%
Equity ratio at year-end53.7%45.6%8% 18%
Total facility limit at year-end
(NZ$M)
201 230 (29.0) (13%)
Volume weighted average term to
maturity at year-end (months)
33 21 11.6 55%
Equity and funding
10
1
Includes USD, GBP and AUD denominated commitments and a NZ$50M
facility that becomes available from December 2021.
Maturityof debt facilities ($NZ)
June 2023$50M
June 2024
1
$201M
Total facilities
1
$251M
•Net debt at 30 June 2021 was $49M.
•thl’s equity ratio has been further strengthened in FY21 as
vehicles were sold at a profit and proceeds used to repay debt.
The equity ratio has improved to 53.7% at 30 June 2021.
•thl completed a refinancing of its debt facilities and structure in
June 2021, with committed funding of up to $250M through to
2024.
•Following the refinancing, the average term to maturity at 30
June 2021 has increased by approximately 12 months compared
to the pcp, to two years and nine months.
•The refinancing also reduced the interest rates applicable to
thl’s facilities.
•While the average effective interest rate was higher in FY21 due
to higher rates and unutilised headroom, total interest paid was
lower than the pcp as debt remained lower across the year.
•As thl re-fleets, debt will increase and the average effective
interest rate will decrease as we utilise more of the current
headroom.
1
Inclusive of interest on swaps, and excludes ineffectiveswap value transferred to the income statement.
2
Excluding intangibles.
3
A further NZ$50M facility has been agreed and becomes available from December 2021. Inclusive of this facility, the
facility limit has increased by $21M on FY20.
1
3
2
1

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Our value
today and
tomorrow

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
A positive long-term outlook
We believe we are well positioned to succeed when international tourism
returns.
The RV category is growing globally
We believe we are improving our revenue share in each of the
RV markets we operate in
We are managing and optimising our operational cost base
We are investing in a modern fleet
Our value is underpinned by realisable tangible assets
We are a business on a sustainable Future-Fit journey

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
An asset-backed company
13
•As at 30 June 2021, thlhad net tangible assets of $261.5M or $1.73 per share.
•These assets include vehicles with a carrying value of ~$274M.
•As thl generally realises a gain on the sale of its vehicles, there is additional real
equity in the market value of its fleet that is not recognised in the balance
sheet.
•Historically, average vehicle sales margins globally have been between 10% -
20%, depending on country. Sales margins in each country in FY21 have been
higher than historical performance.
•Based on the historical metrics, we conservatively estimate the additional real
equity in our fleet at 30 June 2021 is at least ~$27M to $55M and reflects an
additional ~18 to 36 cents per share.
•This value underpins the thlshare price as it reflects physical, mobile assets that
are in demand, and their value can be realised in a short timeframe.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Domestic opportunities
14
We continue to focus on several domestic growth opportunities to balance thl’s
reliance on international tourism and build greater resilience in the business model:
•Organic growth in Action Manufacturing’s special commercial vehicle design and
manufacturing business, and the possibility of inorganic growth opportunities that
complement Action’s core commercial elements.
•Establishing the RV Super Centre as the one-stop shop for all things RV-related in
New Zealand, with growth in retail sales (including online), servicing and repair
work.
•Expanding the vehicle sales businesses by introducing a greater range of new
‘direct-to-yard’ vehicles and updating fleet designs to reflect sales customers’
needs.
•Alternative RV rental revenue, e.g. event accommodation and emergency
response needs.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Future-Fit Programme: Priorities
15
Priority 1: Tackle the three biggest challenges –where we are off track, the impact is severe and our Fitness is low
•BE17: Product Harm​ Productsdo notharmpeople or the environment
•BE18: Product GHGs​ Productsemit nogreenhouse gases
•BE04: Procurement​ Procurementsafeguards thepursuit of future-fitness
Priority 2: Make progress–close current gaps to prevent harm and achieve 100% Fitness
•BE11: Living Wage​ Employees are paid at least aliving wage
•BE16: Product Concerns Productconcernsare actively solicited, impartially judged and transparently addressed
•BE08: Operational Encroachment​​ Operationsdo notencroachon ecosystems or communities
•BE09: Community Health​ Community healthis safeguarded
•BE14: Employee Concerns Employee concernsare actively solicited, impartially judged and transparently addressed
Priority 3: Address data and knowledge gapsto be able to accurately assess and address impacts
•BE05: Operational Emissions​Operational emissionsdo notharmpeople or the environment
•BE06: Operational GHGs Operationsemit nogreenhouse gases
•BE19: Products RepurposedProductscan berepurposed
•BE = Break-Even Goals
We are committed to meeting all 23 Future-Fit Break-Even Goals, but have prioritised Break-Even Goals where we need to do the
most work and which create the biggest impact in the automotive and tourism industries.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Outlook
16

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
17
Outlook by market
New ZealandAustraliaUnitedStates
Domestic rental
demand
●●●
Domesticrental
yield
●●●
Returnof
international
demand
●●●
Operational
costs*
●●●
Vehicle sales
quantities**
●●●
Vehicle sales
margins
●●●
Manufacturing
●●
N/A
•This table reflects our
current outlook of the
market conditions and thl’s
performance within various
business segments in FY22,
relative to FY21.
•Our views reflect the
underlying conditions within
each segment and
excludesthe potential
impact of any lockdowns
from Q2 FY22 onwards.
●
●
●
Improvement
Similar
Deterioration
* Partially impacted by loss of wage subsidies.
** Reflective of fleet available for sale rather than market demand.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Market trends and expectations
18
New ZealandAustraliaUnitedStates
Rentals
environment
•Domestic yields, inclusive of summer season and
peak holiday periods, have been approximately 40 -
50% down on historical norms. We expect domestic
yields to improve in FY22 on a year-on-year basis.
•Utilisation remains difficult to maximise given the
proportion of weekend bookings but this is balanced
with a lower rental fleet across FY22. Non-holiday
periods remain very challenging.
•A late booking cycle continues with close to 50% of
revenue generated in the three-week period before
travel.
•There were positive initial signs during open Trans-
Tasman travel with up to 40% of new
bookingsoriginating from Australia, while domestic
demand remained consistent.
•Expectation that these rental trends will continue
while domestic only market remains.
•Recent lockdown is not expected to make a
material difference to the FY22 result, however it is
not clear how long this will last.
•Domestic yields havebeenhigher than previous years.
•The business had a record month of May EBIT result and
June was well above earlier expectationsprior to current
lockdowns.
•Positive utilisation during most periods when there is open
domestic travel.
•Ongoing lockdowns and border closures do impact
utilisation, but positive rebound in bookings seen quickly
after lockdowns and when border closures end.
•Expectation that travel will be restricted in some form for the
remainder of CY21 but there will be positive activity during
periods of open travel.
•The business expects the current domestic yield gains to
remain beyond the closed border environment, which is
expected to improve low and shoulder seasons.
•Domestic yields havebeen higher than previous
years. The business is now maximising yields on the
smaller rental fleet base.
•Utilisation remains difficult to maximise given the
proportion of weekend bookings.
•Refer to next slide for detail on CY21 summer season
demand being lower than earlier expectations.
•No current indication of re-entry by Apollo into the
rentals market in FY22.
Vehicle sales
environment
•Theglobal trend of growth in the RV sales market is
evident in New Zealand. We believe this is primarily
attributable to category growth.
•Margins are higher than previous years and
elevated demand isexpected to continue through
FY22, based on strongerdomestic travel demand
and supply constraints.
•Theglobal trend of growth in the RV sales market is evident
in Australia. We believe this is primarily attributable to
category growth.
•Margins are higher than previous years and elevated
demand isexpected to continue through FY22, based on
strongerdomestic travel demand and supply constraints.
•The category has benefited significantly from COVID-
19 restrictions.
•Demand has led to significant growth in sales
margins. There is also a one-off gain representing the
sale of our current one to three year old vehicles
(originally purchased at lower prices reflective of the
market at that time) in the current inflated sales
market.
•Elevated demand isexpected to continue through
FY22, based on supply constraints, strong domestic
demand and low dealer inventory.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
United States high season update
19
•Domestic demand in the CY21 high season has remained above pre-COVID levels, reflective
of category growth, butlower than CY20 and our expectations.
•A component of rental demandin theCY20 high season was one-off innature due to
substitute forms of traveland leisure being closed.
•The CY21 high season reflects the loss ofsome of that demand as otheroptions have now
opened up across the country and outboundtravel has now restarted while inbound travel
remains closed.
•This is a transitional impact on the business until international travel to the United States
returns.
•We estimate that approximately USD$5M of the rentalrevenue in Q1 FY21 related tothe
positive, one-off, benefit from substitute products being closed.
•The Q2 FY22 result for the US business remains unclear and could havesignificant upside
depending on when inbound travel from the UK and Europe into the United States opens.
•We expect strong growth for the CY22 high season, assuming internationalinbound travel
opens, as we are seeing high demand for RV travel in theUS from European/UK markets.
•We continue to see less competition in theinternational trade market, which is also expected
to benefit CY22.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
20
United States high
season update
As various lockdown restrictions have lifted, interest in substitute forms of travel and leisure
products (that had been closed) grew at the expense of RV travel. This is the inverse of the trend
seen in CY20.
* 100 reflects the highest search volume period for each category. The search terms are not on the same scale in order to demonstrate
relativity. On an absolute basis, searches for the term ‘RV rentals’ are significantly lower than searches for the other terms.
*
•As various lockdown restrictions have lifted,
interest in substitute forms of travel
andleisure products (that had been closed)
have grown at the expense of RV travel.
•Since July 2020 (the highest search volume
period for RV rentals),searches for RV
rentals are down 40%. In the same
period,searches forflight and cruise travel
are up approximately 100%.
•This inverse of the trend seen in CY20 within
the CY21 high season is evident in the right
side of the chart.
•Weexpect the impact on RV travel will
lessen after the initial surge inother
travelcategories subsides.
•However, while we believe there has been
strong category growth that will remain, we
do not expect that domestic rentals demand
willreturn to the high point seen inCY20.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Capital expenditure and fleet growth
21
Gross Capital Expenditure ($M)Proceeds from Fleet Sales ($M)Net Capital Expenditure ($M)
Note: Fleet purchased or sold under buyback arrangements are not treated as additions/sales of fixed assets. They are treatedasoperating 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. Non-fleet capital expenditure is minimal
(below $6M per annum inclusive of digital development).
•The global fleet has been reduced to 4,242 vehicles with a net withdrawal of $91M in funds from fleet in FY21.
•We believe that we have reduced fleet at a lesser rate than the wider market and grown our share as competitors have exited in
certain markets.
•Net capital expenditure in FY22 is expected to be between $50M -$100M, depending on market conditions and fleet availability.
•Subject to supply constraints and based on the rate of the return of international tourism, we expect that we will re-fleet to 5,000 –
6,000 vehicles at some point in FY24.
201
197
120
107
FY18FY19FY20FY21
CoreFlex
143
121
135
197
FY18FY19FY20FY21
CoreFlex
58
76
(16)
(91)
CoreFlex
FY18 FY19 FY20 FY21

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
FY22 outlook
22
•The level of uncertainty in market conditions precludes a forecast of overall financial performance for FY22 at this time.
•The first quarter rentals performance and forward order book are lower than we expected some months ago. This is attributableto:
•lower rental activity in the United States high season relative to last year;
•the spread of the Delta variant globally creating lockdowns; and
•the suspension of Trans-Tasman travel.
•Vehicle sales and margins have exceeded expectations for the quarter.
•The current spread of the Delta variant in Australia indicates that there will be ongoing travel restrictions in many states,and in particular in respect
of the largest population base in New South Wales. This will heavily impact the Australian result for the first half.
•It is likely that Trans-Tasman travel will remain closed for some months and therefore provide little or no benefit for the New Zealand Rentals and
Tourism businesses in the first half.
•The second quarter result for the United States business remains unclear and could vary significantly depending on when inbound travel from the
UK and Europe into the United States opens.
•Financial performance in the second half of FY22 remains unclear. There is potential upside on the result for the pcp if:
•domestic travel in Australia fully opens (the trends for April to June 2021 were positive);
•international travel into the United States opens; and
•Trans-Tasman travel returns to the benefit of the New Zealand Rentals and Tourism businesses.
•The recent Alert Level 4 lockdown in New Zealand is not expected to make any material difference to the FY22 result for New Zealand as at the date
of this presentation, however it is not clear how long this will last.
•The balance of these factors indicates that a net loss is the most likely outcome for FY22. The quantum of the loss is difficultto ascertain at this
point.
•Given these current uncertain market conditions, we caution that most analyst forecasts for thlat the date of this presentation are too optimistic for
FY22.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Summary statement
23
Whilst acknowledging the current loss situation, the
business is very well positioned to emerge from this
pandemic period with a leading market position,
wellmanaged balance sheet, new revenue streams, a
growth orientated manufacturing business and a capable,
motivated crew.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
General notes

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Important notes
25
General
•All financials are in NZ dollars unless stated otherwise (throughout presentation).
•All comparisons are against prior corresponding period (pcp) unless stated otherwise.
•The average NZD:AUD cross-rate (average of the 12 month rates) for FY21 was 0.9327 (FY20: 0.9480).
•The average NZD:USD cross-rate (average of the 12 month rates) for FY21 was 0.6971 (FY20: 0.6369).
•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. Lease liabilities resulting from IFRS 16 are
not considered in determining 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.
•Net debt refers to interest bearing loans and borrowings less cash and cash equivalents.
•The balance sheet is converted at the closing rate as at 30 June 2021.The USD cross-rate used was 0.6998 (FY20: 0.6426); the AUD
cross-rate used was 0.9310 (FY20: 0.9340) and the GBP cross-rateused was 0.5050 (FY20: 0.5220).
•FY21 includes:
•A non-recurring accounting gain of $1.2M (inclusive of tax) from the termination of the lease for the Mangere branch; and
•A fair value adjustment loss of $1.4M in relation to the original 50% shareholding in Action Manufacturing.
•FY20 includes:
•the partial Togo exit undertaken in March 2020 which resulted in a one-off gain of $9.3M including tax and foreign exchange
benefits;
•a tax benefit of $1.1M in the United States; and
•the write-off of $3.1M of goodwill attributed to Kiwi Experience.
•The depreciation expense and interest expense recognised in FY21 in relation to IFRS 16 is $8.2M (FY20:$7.8M) and $3.4M (FY20:
$3.9M) respectively. Actual lease payments for the period were $11.1M (FY20:$10.4M).

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
COVID-19 related events
26
Description of eventAmount (NZ$)
Recognition in statement of
comprehensive income
Wage subsidies received*$4,373,000Netted off within operating expenses
Strategic Tourism Asset Protection
Programme funding
$1,720,000Other income
US PPP loan forgiveness$1,457,000Other income
thl’s statement of comprehensive income for the year ended 30 June 2021 has the following unique events related to
the COVID-19 pandemic:
* Includes the New Zealand and Australian wage subsidy schemes.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Accounting implications relating to 100%
Action ownership
27
•As a 50/50 joint venture, Action Manufacturing previously recognised a profit on the sale of vehicles to the thl Rentals
businesses as its customer. 50% of this profit would then be attributed to thl as the 50% shareholder of Action
Manufacturing.
•As Action Manufacturing is now a wholly-owned subsidiary, the sale of vehicles to thl are now an intercompany
transfer and so the profit on the sale is not recognised at a group level.
•From a divisional accounting perspective, we continue to manage these businesses consistent with our pre-acquisition
approach, to ensure that the appropriate incentives and competitive motives remain with both Action Manufacturing
and thl Rentals as if the transactions were between businesses at arms-length.
•While Action Manufacturing continues to recognise the profit on the sales at a division level, this profit is eliminated at
the thl group level and results in a lower book value for the vehicle (based on the cost of production with no
manufacturing margin).
•As the starting book value is lower, the depreciation expense incurred at a group level during the time the vehicle is
owned by thlis also lower. The depreciation expense incurred at the thl Rentals level is consistent with the previous
approach.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Thank you
28

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Divisional
financial
information
29

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Divisional EBIT
30
$MFY21FY20VarVar %FY21FY20VarVar %FY21FY20VarVar %
thl Rentals
New Zealand(14.7)30.2 (44.9)(149%)(5.5)22.8 (28.2)(124%)(9.2)7.5 (16.7)(223%)
Australia0.2 8.6 (8.4)(98%)2.8 0.0 2.8 NA(2.6)8.6 (11.2)(130%)
USA 14.6 10.9 3.7 34% (2.0)(1.5)(0.5)34% 16.6 12.4 4.2 34%
Total Rentals0.1 49.8 (49.7)(100%)(4.6)21.3 (25.9)(122%)4.7 28.5 (23.7)(83%)
Manufacturing0.5 0.0 0.5 NA0.5 0.0 0.5 NA0.0 0.0 0.0 NA
Tourism Group(0.6)3.9 (4.6)(116%)(0.1)(0.4)0.3 (64%)(0.5)4.3 (4.8)(112%)
Total operating divisions0.0 53.7 (53.7)(100%)(4.2)20.9 (25.1)(120%)4.2 32.8 (28.6)(87%)
Group Support Services & Other*(8.3)(5.1)(3.2)63% (5.9)(3.3)(2.6)78% (2.4)(1.8)(0.6)34%
Total EBIT(8.3)48.6 (56.9)(117%)(10.1)17.6 (27.7)(157%)1.8 31.0 (29.2)(94%)
EBIT before non-recurring Items(8.5)51.0 (59.5)(117%)(8.7)20.0 (28.7)(143%)0.2 31.0 (30.8)(99%)
Non-recurring items
One-off transactions 0.2 (2.4)2.6 (109%)(1.4)(2.4)1.0 (42%)1.6 0.0 1.6 NA
Total non-recurring items0.2 (2.4)2.6 (109%)(1.4)(2.4)1.0 (42%)1.6 0.0 1.6 NA
Split
Australia0.2 8.6 (8.4)(98%)2.8 0.0 2.8 NA(2.6)8.6 (11.2)(130%)
USA14.6 10.9 3.7 34% (2.0)(1.5)(0.5)34% 16.6 12.4 4.2 34%
NZ (23.0)29.1 (52.1)(179%)(10.9)19.1 (30.0)(157%)(12.1)10.0 (22.1)(221%)
Total EBIT(8.3)48.6 (56.9)(117%)(10.1)17.6 (27.7)(157%)1.8 31.0 (29.2)(94%)
Split
Australia0.2 8.6 (8.4)(98%)2.8 0.0 2.8 NA(2.6)8.6 (11.2)(130%)
USA14.6 10.9 3.7 34% (2.0)(1.5)(0.5)34% 16.6 12.4 4.2 34%
NZ (23.3)31.5 (54.7)(174%)(9.5)21.5 (31.0)(144%)(13.7)10.0 (23.8)(238%)
Total EBIT before non-recurring Items(8.5)51.0 (59.5)(117%)(8.7)20.0 (28.7)(143%)0.2 31.0 (30.8)(99%)
Full Ye ar6 M onths to June6 M onths to De ce mbe r
* Includes thl digital revenue and expenditure, andintercompany eliminations relating to vehicles sold by Action Manufacturing to the thlRentals businesses.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
39%
18%
41%
2%
31
Revenue by geography
New ZealandAustraliaUSATourism Group
34%
19%
39%
8%
FY21FY20

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Tourism
32
NZD $MFY21FY20VAR%
Revenue5.430.7(25.3)(82%)
Costs(6.1)(26.8)20.7(77%)
EBIT(0.6)3.9(4.6)(116%)
Full Year

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Action Manufacturing
33
Result for the 4 month period under 100% thl ownership:
Full year result as a standalone business on a 100% basis:
NZD $M
FY21
FY20
VAR
%
Revenue
43.7
64.1
(20.5)
(32%)
Costs
(42.8)
(60.5)
17.8
(29%)
EBIT
0.9
3.6
(2.7)
(75%)
NZD $M
FY21FY20VAR%
Revenue 16.4 – 16.4 NA
Costs(15.8) – (15.8) NA
EBIT* 0.5 – 0.5 NA

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Equity investments
•These part-owned businesses are/were not controlled by thland
are/were equity accounted. The results are/were not reported in
the Earnings Before Interest & Tax (EBIT).
•The FY21 result for Action Manufacturingreflects the performance
prior to the acquisition of the remaining 50% interest on 1 March
2021. Equally,the FY21 result for Outdoria/triptechreflectsthe
performance in the first month of FY21, before thlbecame the
majority shareholder.
34
NZD $M
FY21
FY20
VAR
%
Action Manufacturing
0.02
1.43
(1.41)
(99%)
Just go
0.76
(0.38)
1.13
(302%)
Outdoria
(0.04)
-
(0.04)
NA
Togo Group
-
(10.58)
10.58
(100%)
Total
0.74
(9.53)
10.26
(108%)
Equity Investments

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Group support services and other
35
NZD $M
FY21FY20VAR%
Revenue(7.2) – (7.2) NA
Costs 0.3 (2.7) 3.0 (112%)
EBIT**(6.9) (2.7) (4.2) 157%
Group Support Services and Others*
* Includes thl digital and intercompany eliminations relating to vehicles sold by Action Manufacturing to
the thlRentals businesses.
** EBIT before non-recurring items.

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Supplementary
information
36

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Net profit after tax
37
NZD $M
FY21
FY20
VAR
%
Operating revenue
359.2
400.9
(41.8)
(10%)
Earnings before interest and
tax*
(8.3)
48.6
(56.9)
(117%)
Operating (loss)/profit before
tax
(18.4)
26.1
(44.5)
(170%)
(Loss)/Profit after tax*
(14.5)
27.4
(41.9)
(153%)
* includes non-recurring items
NZD $M
FY21
FY20
VAR
%
Ordinary NPAT
(14.3)
20.0
(34.3)
(171%)
Deferred tax benefit USA
–
1.1
(1.1)
(100%)
Togo transaction
–
9.3
(9.3)
(100%)
Kiwi Experience goodwill
impairment
–
(3.1)
3.1
(100%)
Fair value loss on AMLP
acquisition
(1.4)
–
(1.4)
NA
One-off gain on termination of lease
1.2
–
1.2
NA
(Loss)/Profit after tax
(14.5)
27.4
(41.9)
(153%)

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Income statement summary
38
* Based on number of shares on issue at year-end.
$MFY21FY20VARVAR %FY21FY20VARVAR %FY21FY20VARVAR %
Revenue from trading 130.0 257.4 (127.4) (49%) 61.2 109.0 (47.8) (44%) 68.8 148.4 (79.6) (54%)
Revenue from sale of fleet 229.1 143.5 85.6 60% 92.1 84.4 7.7 9% 137.0 59.1 77.9 132%
Total revenue 359.2 400.9 (41.8) (10%) 153.3 193.5 (40.1) (21%) 205.8 207.5 (1.6) (1%)
Costs 318.7 289.2 29.6 10% 140.3 143.8 (3.5) (99%) 178.4 145.4 33.1 23%
EBITDA 40.4 111.7 (71.3) (64%) 13.1 49.7 (36.6) (96%) 27.3 62.1 (34.7) (56%)
Depreciation & Amortisation 48.7 63.1 (14.4) (23%) 23.2 32.0 (8.9) (91%) 25.5 31.1 (5.6) (18%)
EBIT(8.3) 48.6 (56.9) (117%)(10.1) 17.6 (27.7) (77%) 1.8 31.0 (29.2) (94%)
Interest(10.8) (12.9) 2.1 (16%)(5.1) (6.3) 1.2 (195%)(5.7) (6.6) 0.9 (13%)
Share of Joint Ventures – (9.2) 9.2 (100%)(0.2) (3.3) 3.1 (314%) 0.2 (5.9) 6.1 (103%)
Share of Associates 0.7 (0.4) 1.1 (296%)(0.0) (0.6) 0.6 (1,456%) 0.8 0.2 0.5 250%
Profit before taxation(18.4) 26.1 (44.5) (170%)(15.4) 7.4 (22.9) 21% (2.9) 18.7 (21.7) (116%)
Taxation 3.9 1.2 2.6 218% 2.7 6.9 (4.2) (61%) 1.2 (5.7) 6.8 (120%)
(Loss)/profit for the period(14.5) 27.4 (41.9) (153%)(12.7) 14.3 (27.0) (189%)(1.8) 13.1 (14.8) (114%)
(Loss)/profit is attributable to:
Equity holders of the Company(13.7) 27.4 (41.0) (150%)(12.2) 14.3 (26.5) (186%)(1.4) 13.1 (14.5) (111%)
Non-controlling interest(0.8) – – NA (0.5) – – NA (0.3) – – NA
Basic EPS (in cents)*(9.2) 18.6
Diluted EPS*(9.1) 18.6
6 Months to DecemberFull Year6 Months to June

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Revenue
39
$MFY21FY20VARVAR %FY21FY20VARVAR %FY21FY20VARVAR %
thl Rentals - Rental Revenue
New Zealand31.191.6(60.5)(66%)16.451.1(34.7)
(68%)
14.640.5(25.9)(64%)
Australia34.557.6(23.1)(40%)20.519.90.6
3%
14.037.7(23.7)(63%)
USA56.177.5(21.5)(28%)19.825.1(5.3)
(21%)
36.252.4(16.2)(31%)
121.6226.7(105.1)(46%)56.896.1(39.3)
(41%)
64.9130.6(65.8)(50%)
thl Rentals - Sale of Goods
New Zealand100.945.955.0 120% 45.420.125.2 125% 55.625.829.8 115%
Australia31.016.814.2 85% 15.19.25.9 64% 15.97.68.3 109%
USA91.080.810.2 13% 25.455.1(29.7)(54%)65.625.739.9 155%
222.9143.579.4 55% 85.984.41.5 2% 137.059.177.9 132%
Manufacturing16.40.016.4 NA16.40.016.4 NA0.00.00.0 NA
Tourism Group 5.430.7(25.3)(82%)2.812.9(10.1)(78%)2.617.8(15.2)(85%)
thl digital
3.00.02.9 NA1.60.01.6 NA1.30.01.3 NA
Other (incl group elimination) (10.2)0.0(10.2)NA(10.2)0.0(10.2)NA0.00.00.0 NA
Total Revenue359.2400.9(41.8)(10%)153.3193.5(40.2)(21%)205.8207.5(1.6)(1%)
Split
Australia65.574.4 (8.9)(12%)35.729.16.6 23% 29.945.3(15.4)(34%)
USA147.0158.3 (11.2)(7%)45.380.2(35.0)(44%)101.878.123.7 30%
NZ and other146.6168.2 (21.7)(13%)72.484.2(11.7)(14%)74.284.1(9.9)(12%)
359.2400.9 (41.8)(10%)153.3193.5(40.1)(21%)205.8207.5(1.6)(1%)
Revenue Split
Sale of Services130.0257.4 (127.4)(49%)61.2109.0(47.8)(44%)68.8148.4(79.6)(54%)
Sale of Goods229.1143.5 85.6 60% 92.184.47.7 9% 137.059.177.9 132%
359.2400.9 (41.8)(10%)153.3193.5 (40.1)(21%)205.8207.5(1.6)(1%)
Australia (AUD)
Rental Revenue32.254.7 (22.5)(41%)19.119.1(0.0)(0%)13.135.6(22.5)(63%)
Sale of Goods28.915.9 13.0 82% 14.18.75.4 61% 14.87.27.7 107%
61.170.6 (9.5)(13%)33.227.9 5.4 19% 27.942.7(14.9)(35%)
USA (USD)
Rental Revenue38.449.5 (11.1)(22%)14.215.7(1.5)(9%)24.233.9(9.7)(29%)
Sale of Goods62.151.2 10.9 21% 18.335.1(16.8)(48%)43.816.127.7 172%
100.5100.7 (0.2)(0%)32.550.7 (18.2)(36%)68.050.018.0 36%
Full Year6 Months to June6 months to December

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Divisional summary
40
* Operating cash flow includes the sale and purchase of rental assets.
$M
REVENUEDIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
OPERATING
CASHFLOW*
REVENUEDIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
OPERATING
CASHFLOW*
Rentals New Zealand (before non-
recurring)
132.0 2.1 (16.3) 124.9 51.6 137.5 52.6 30.2 163.4 10.4
Rentals Australia 65.5 14.8 0.2 62.9 15.3 74.4 25.8 8.6 80.3 9.6
Rentals USA 147.0 26.2 14.6 104.1 36.8 158.3 31.2 10.9 170.3 52.7
Manufacturing 16.4 1.2 0.5 5.7 0.1 – – – – –
Tourism Group 5.4 1.6 (0.6) 18.2 0.7 30.7 6.2 3.9 16.2 6.1
Group Support Services/Other
(before non-recurring)
(7.2) (5.7) (6.9) 39.2 (17.5) 0.0 (1.7) (2.7) 17.8 (9.8)
Non-recurring Items – 0.2 0.2 – – – (2.4) (2.4) – –
thl 100% owned entities 359.2 40.4 (8.3) 355.1 87.0 400.9 111.7 48.6 448.0 69.1
Joint venture – – – 7.0 – – – (9.2) 45.3 –
Associates – – 0.7 4.2 – – – (0.4) 4.5 –
Group Total 359.2 40.4 (7.5) 366.2 87.0 400.9 111.7 39.1 497.7 69.1
Year ending 30 June 2021Year ending 30 June 2020

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
EBITDA
41
$M
FY21
FY20
VAR
VAR %
FY21
FY20
VAR
VAR %
FY21
FY20
VAR
VAR %
EBIT
(8.3)
48.6
(56.9)
(117%)
(10.1)
17.6
(27.7)
(157%)
1.8
31.0
(29.2)
(94%)
Add back non-cash items:
Depreciation
47.5
62.0
(14.4)
(23%)
22.5
31.4
(8.9)
(28%)
25.1
30.6
(5.5)
(18%)
Amortisation
1.2
1.2
0.0
1%
0.7
0.6
0.1
13%
0.4
0.5
(0.1)
(15%)
EBITDA
40.4


111.7


(71.3)


(64%)
13.1


49.7


(36.5)


(74%)
27.3


62.1


(34.8)


(56%)
EBITDA before non-recurring items
$M
FY21
FY20
VAR
VAR %
FY21
FY20
VAR
VAR %
FY21
FY20
VAR
VAR %
EBIT before non-recurring Items
(8.5)
51.0
(59.5)
(117%)
(8.7)
20.0
(28.7)
(143%)
0.2
31.0
(30.8)
(99%)
Add back non-cash items:
Depreciation
47.5
62.0
(14.4)
(23%)
22.5
31.4
(8.9)
(28%)
25.1
30.6
(5.5)
(18%)
Amortisation
1.2
1.2
0.0
1%
0.7
0.6
0.1
13%
0.4
0.5
(0.1)
(15%)
EBITDA before non-recurring items
40.2


114.2


(73.9)


(65%)
14.5


52.1


(37.6)


(72%)
25.7


62.1


(36.4)


(59%)
Full Ye ar
6 M onths to June
6 M onths to De ce mbe r
Full Ye ar
6 M onths to June
6 M onths to De ce mbe r

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
42
Rentals & Sales EBITDA
* Excludes Tourism businesses and Action Manufacturing.
43
25
33
51
26
29
53
26
31
4
15
26
-
10
20
30
40
50
60
NZAustraliaUnited States
FY18 FY19 FY20 FY21
*
EBITDA (NZD)

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Balance sheet
43
* Calculated based on thlshares on issue at year-end.
As atAs at
$MJUN 21JUN 20VARDEC 20DEC 19VAR
Equity312.6 325.1 (12.5)311.6 314.9 (3.4)
Non-current liabilities101.8 184.4 (82.6)69.1 209.5 (140.5)
Current liabilities50.5 62.2 (11.7)67.2 65.2 2.0
Lease Liabilities (NZ IFRS 16)73.3 81.9 (8.6)69.6 80.5 (10.9)
Total source of funds538.1 653.6 (115.5)517.4 670.1 (152.7)
Intangible assets and goodwill51.1 50.3 0.9 45.9 43.6 2.3
Retained interest in Togo Group20.8 21.4 (0.6)19.6 0.0 19.6
Investments in associates and joint ventures4.9 14.4 (9.4)15.2 58.1 (42.9)
Property, plant and equipment273.1 359.7 (86.6)267.0 403.6 (136.6)
Right-of-use assets (NZ IFRS 16)62.3 69.6 (7.2)59.2 68.8 (9.7)
Deferred tax assets1.0 1.7 (0.7)0.0 0.0 0.0
Current assets124.8 136.6 (11.7)110.6 96.0 14.6
Total use of funds538.1 653.6 (115.5)517.4 670.1 (152.7)
Net debt position (exclude IFRS 16 lease liabilities)48.7 127.7 (79.0)22.0 181.0 (159.0)
Net tangible assets (NTA)261.5 274.8 (13.4)265.6 271.3 (5.7)
NTA per share*$1.73$1.86$1.79$1.83
Book value of net assets per share*$2.06$2.20$2.10$2.13
Debt / debt + equity ratio (net of Intangibles)16%32%8%40%
Equity ratio (net of Intangibles)54%46%56%43%
AUD exchange rate at period end0.93100.9340 0.93840.9617
USD exchange rate at period end0.69980.6426 0.72270.6735

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
Funds employed
44
Note: thlaverage funds calculated over a 12 month period.
Average FundsYear end Funds
$MFY21FY20VARJUN 21JUN 20VAR
Rentals
New Zealand124.9163.4(24%)100.1152.4(34%)
Australia62.980.3(22%)55.668.7(19%)
USA104.1170.3(39%)122.6143.8(15%)
Total Rentals292.0414.0(29%)278.3364.9(24%)
Tourism Group18.216.212% 17.316.93%
Action Manufacturing5.70.0NA19.70.0NA
Joint Venture (excl. Togo Group)7.010.8(36%)0.010.9(100%)
Associates4.24.5(8%)4.64.013%
Togo Group 0.034.5(100%)0.00.00%
Group Support Services39.2 17.8 120% 41.5 56.2 (26%)
Total Net Funds Employed366.2497.7(26%)361.3452.9(20%)

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
2 0 2 1 A N N U A L 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
45
FY21 figures in this table do not include vehicles written-off, whereas write-offs are included in FY20 figures. There were 15 vehicles written-off in FY20.
Full Year6 Months to June6 Months to December
$MFY21FY20VARVAR %FY21FY20VARVAR %FY21FY20VARVAR %
Proceeds from sales of motorhome fleet197.4124.273.259% 75.173.22.03% 122.251.071.2140%
Net book value of vehicles sold161.4108.552.849% 57.264.2(7.0)(11%)104.244.359.9135%
Gain on sales of motorhome fleet before selling costs36.015.620.4130% 17.98.99.0101% 18.16.711.4170%
Vehicle sales costs (warranty only)1.71.10.760% 0.80.70.111% 1.00.40.6144%
Gain on sales of motorhome fleet after selling costs34.314.619.7135% 17.28.38.9108% 17.16.310.8171%
Gross profit on non-fleet vehicles, retail and accessory sales8.93.45.4158% 5.81.93.9201% 3.01.51.5101%
Reported gross profit43.118.025.1140% 23.010.212.8126% 20.17.812.3158%
Total average gain on sale ($000) after selling costs12.48.93.539% 17.39.57.882% 9.68.21.417%
Fleet motorhomes sold (excl buybacks)
AU482 266216 81%210 122 88 72%272 144 128 89%
NZ1,110 470640 136%480 201 279 139%630 269 361 134%
US1,173 900273 30%304 549 (245)(45%)869 351 518 148%
Total fleet motorhomes sold (units), excl. buybacks2,765 1,636 1,129 69%994 872 122 14%1,771 764 1,007 132%
Flex fleet sales on buy-backs excluded from aboveFY21FY20
AU
1
325

2 0 2 1 A N N U A L R E S U L T S
P R E S E N T A T I O N
End

---

moving
forward
together
INTEGRATED ANNUAL REPORT 2021

thl
The Board acknowledges its responsibility
to ensure the integrity of the Integrated
Report. The Board recognises that integrated
thinking has become more critical than ever
as we do not only need to survive, but we
have to have the right systems in place to
thrive again, including the inf rastructure,
human capital and stakeholder networks.
The Board has applied its mind to the
Integrated Report and believes that it
addresses the most material issues, presents
fairly the integrated performance of the
organisation and its impacts in accordance
with the principles set out in the International
Integrated Reporting Council (IIRC)
Framework. The Integrated Report has been
prepared according to the IIRC guidelines.
The Integrated Report was approved by the
Board on 25 August 2021 and is signed on
its behalf by:
Rob Campbell
Chair
Rob Hamilton
Chair of the Audit Committee

year
in
review
Reduction in operational carbon
emissions against (updated)
baseline year FY19
41%
Increase in domestic
bookings globally
126%
As at 30 June 2021
$359M
$
49M
$
229M
-$8.3M
$
40.4M
-$
14.5M
4,242
-$14.3M
(2020: $401M)
(2020: $128M)
(2020: $143M)
(2020: $48.6M)
(2020: $111.7M)
(2020: $27.4M)
(2020: 5,815)
(2020: $20.0M)
TOTAL REVENUE
NET DEBT* AT YEAR END
SALE OF GOODS
EBIT
EBITDA
NET PROFIT AFTER TAX (NPAT)
TOTAL FLEET AT YEAR END
ORDINARY NPAT*
-10%+60%-153
%
-62%-117%
-64%-27%
-171%
The COVID-19 pandemic had a
significant impact on thl’s financial
performance this year, yet thl has
remained determined, defended the
business and succeeded in creating
new opportunities. We have improved
our domestic demand generation,
expanded our vehicle sales capability
and expanded new revenue streams.
These are benefits and new skills that
will continue to support our business
in the future, even once international
tourism returns.
There are likely different challenges
ahead and we are ready for them.
We are preserving what works well,
doing things better and looking
around the corner. Our Future-Fit
business is on the right path leading
us to the right destination.
In the US, the summer of 2020
saw a rush of interest in RVs as a
safe form of travel. With strong
support through outstanding
public relations and social media
campaigns, domestic demand
surged and underpinned a strong
result for the US business.
The launch of our new Telematics
product and new fleet management,
booking and pricing system was the
culmination of much hard work and
bespoke development over many years.
It is exciting to have these products
live and even more exciting to see
what is planned in the next phase
of development.
Safety is never negotiable within our
business, but the risk of COVID-19 brought
a new set of trials for our operating crew.
In particular, our US team had to face the
challenges of living and working with
COVID-19 on a daily basis and we are proud
of the way our team took care of one another
and our customers and ensured that we had
a COVID-19 free, safe workplace.
SAFETY OF
STAFF AND
CUSTOMERS
LAUNCH
OF DIGITAL
PRODUCTS
US ‘SUMMER
OF THE RV’
Number of new employees
joining Action Manufacturing
in CY21
58
Growth in New Zealand retail
and workshop revenue
52%
*Excludes the following non-recurring items:
• An accounting gain of $1.2M (inclusive of tax) from the termination of the lease for the Mangere branch; and
• A fair value adjustment loss of $1.4M in relation to the original 50% shareholding in Action Manufacturing
* Net debt refers to Interest bearing loans and borrowings less cash and cash equivalents
thl Integrated Annual Report 20210203

contents
kia ora
koutou
katoa
Dear Shareholders
On behalf of the Board, we present the 2021
Integrated Report and accounts for the year
ended 30 June 2021 (FY21).
This year we have combined the Chair and
CEO report. We strive to make everything we
do simple, clear and effective. This part of the
report is no different.
As thl has produced a loss for the year, is not
currently paying dividends and given that the
opening of international borders for leisure
travel remains uncertain, it is appropriate to
thank our shareholders for their continued
investment in thl. Shareholders today no
doubt see the future thl in a similar manner to
the Board and Executive team; a future where
thl succeeds for all stakeholders in a Future-
Fit manner. Our way of operating, our balance
sheet, our market position, people capability
and industry outlook don’t guarantee it, but
they do create the right conditions.
Please read this report and associated
materials to inform yourself and question the
business. We look forward to engaging with
you at the Annual Meeting in October.
moving
forward
together
moving
forward
responsibly
moving
people
forward
moving
fleet
forward
moving
experiences
forward
moving
business
forward
Chair and CEO letter 07
about this report 12
year in review 02
How thl creates value 46
How thl protects value (Enterprise
Risk Management Framework)
Divisional reports 50
— New Zealand
— Australia
— United States of America
— Action Manufacturing
— New Zealand tourism
— thl digital
— Equity investments
thl at a glance 58
FY21 carbon footprint analysis 60
Future-Fit and the UN
Sustainable Development Goals 62
Directors' statement 65
Independent auditor's report 122
Corporate governance 129
Board of Directors 146
Corporate information 147
06
14
22
28
34
40
financial
statements
64
Rob Campbell
Chair
The Future-Fit Business
Benchmark used by thl was
developed and is managed
by the Future-Fit Foundation,
a UK-registered charity. A
Future-Fit Society is one
which is environmentally
restorative, socially just and
economically inclusive. This
can only be realised through
a rapid and radical shift in the
way our economy works.
48
thl Integrated Annual Report 202104
05

moving
forward
together
We have been living with
the impacts of the global
COVID-19 pandemic
for over 18 months
now, with the tourism
industry suffering
economically more than
most industries. thl has
survived, is resetting and
is taking forward the
lessons from the impacts
of the pandemic.
The title of this report, moving forward
together is not because we are past the
impact of the COVID-19 pandemic, but
because we have reached the point
where we need to reposition again and
provide clarity on what’s next for thl.
We have been dealing with the last 18
months in a very responsive manner,
but have also undertaken a deep review
of our business. With the degree of
change in the organisation and the
significant cost reductions, we needed
to reassess. We questioned - had we
missed anything? Had the focus on
survival been at the expense of what we
need for the future? Had we been
appropriately balancing the now and
the future? Our conclusion is that there
are some activities we need to bring
back, some we need to do differently,
and some new things we need to do.
This has been deeply challenging.
Given that the majority of our
businesses have historically been
reliant on international tourism, we
asked ourselves – is there an existential
threat to thl as it stands today? We
have asked this question from
numerous perspectives. The
perspectives of an activist shareholder,
a climate risk advocate, a tourism
believer and a for-profit entity.
We are confident that the answer is
that we do have a future. The way we
have responded to the challenges of
COVID-19 should mean that we
continue to have your confidence to
use your funds to do the right things
as a business.
We adapt
thl started some 37 years ago as The
Helicopter Line. The company has
adapted over that time, and in recent
years has been RV centric, but not RV
exclusive. Adaptability is a constant
across thl’s history. It consistently
appears in any survey or conversation
on what keeps us progressing as a
company. These are traits at the core of
thl and are demonstrated in one of the
fundamental values of the organisation,
‘Be Curious’.
These last 12 months have been no
different, and thl has continued to
demonstrate its adaptability. We have
sold over 2,900 RVs through an
effective and profitable RV sales
business. We buy and build well from
both a quality and value perspective.
We have developed a reasonable
domestic rentals business within each
of our regions. We have developed
bespoke fleet management software.
We are operating a specialist vehicle
design and manufacturing business,
and we are manufacturing refrigerated
truck bodies. We have developed, and
are continuing to develop, numerous
new revenue streams. We also have
one of the strongest balance sheets
that thl has had in recent times,
despite the current headwinds and
without raising equity during the
pandemic.
Chair and CEO letter
Rob Campbell and Grant Webster
" We sincerely thank all of our crew for
their efforts across the year. It has been
inspirational to see the resilience defined
by the actions of the crew. Within this
report we have provided some insight into
some of their amazing stories."
thl Integrated Annual Report 20210607

Our people make us who we are
At its core, what makes thl are the
people. Our crew have had an
immensely challenging year. Our
frontline crew globally have stepped
up, and in the US and UK in particular,
have been working in a wider
environment with the risk of
contracting or spreading COVID-19.
Based on all the tracking and tracing
we have undertaken, we believe thl
has been able to steer through this
period without being the source of any
COVID-19 spread amongst our crew.
There have been very strict operating
procedures in place; procedures that
have made a hard job significantly
harder for our frontline crew. Despite
this, they have adapted and delivered.
Our New Zealand frontline crew faced
record rental volumes during our
Get Moving campaign, while at the
same time dealing with the fire at
our Auckland branch, and two
relocations to a temporary, and then
a more permanent site. Our office-
based crew in the US have worked the
year from their homes and in Australia,
the crew has dealt with many
more lockdowns than have been
experienced in New Zealand.
The state of the RV industry
It hasn’t all been negative. The
pandemic accelerated the growth of
the RV category globally, and the
wider industry has dubbed 2021 the
‘Year of the RV’. The demand has been
driven through RV travel being seen as
a self-contained, socially-distanced
method of travel, combined with the
strong desire to explore the outdoors
after being in lockdown for months
on end.
This created the conditions for thl to
have a record vehicle sales year in all
countries, far in excess of previous
records. The sudden increase in
demand and automotive supplier
issues, have driven high sales margins
globally. The average sales margin
across our entire business in FY21 grew
by 39% on the prior corresponding
period (pcp). While some of this
demand growth for RVs will be
situational and one-off in nature, a
deep piece of research from the US
supports the industry view that with
the greater proportion of younger
buyers and families, we are seeing a
structural improvement in the
category
1
. At a minimum, there is likely
to be a higher base of RV participation
than pre-pandemic, even once the
‘pandemic boom’ recedes.
In addition to the category growth
from the ‘Year of the RV’, we have seen
some rental competitors exit or
hibernate certain markets. There has
equally been a focus across the
industry in reducing fleet capacity as a
responsive measure to the loss of
international tourism.
There are significant price increases
within nearly all aspects of the
manufacturing supply chain. As with
most of the automotive industry, there
is a series of issues that have caused
capacity constraints for chassis
production throughout 2021. These
price increases look to be baked in for
the 2021 and 2022 calendar years of
production. The retail sale prices that
we have achieved in all markets in the
last 12 months, partly due to supply
shortages, will likely remain in the
coming year. As a result of these
supplier cost pressures, margins are
likely to revert to their historical norms
at some point in the 2022 or 2023
financial year.
As a customer in the industry, we
don’t have the information that we
would like from suppliers to accurately
forecast chassis and motorhome
on-fleet dates (or quantums) for the
next 12 months. Any impacts to-date
have been immaterial to revenue, and
we have been able to mitigate through
both the relationships we have and
alternative supply lines. The largest
impact to us today is that we have
constrained sales in the US and
Australia over recent months (to keep
vehicles on the rental fleet and sell
them after the respective peak
seasons), due to the lack of certainty
on the timing of new fleet arrivals. The
risk to the business increases over time
if the issue escalates, however while
difficult, there remains no material
disruption to customers today.
Our journey to Future-Fit
As we have reset, our intention to
become Future-Fit and our
commitment to recovering with the
right fundamentals at the core of our
operations, remains as strong as it has
ever been. There were several
initiatives that we needed to put on
hold over FY21 due to resource
constraints, not our desire or belief in
the actions themselves. The Future-Fit
concept within thl has taken on its
own meaning beyond a simple
measurement framework.
The systemic, future-focussed
measurement system works better
than anything else we have
encountered globally, but the cultural
impact and mind set change is equally
powerful. It is the way in which we
approach things in our business;
applying a ‘Future-Fit’ lens.
Our purpose, to create unforgettable
journeys, gives us our “why”, Future-Fit
is the pathway so we know the “what”
and it informs our culture and values,
so we know the “how”.
We are confident that this Future-Fit
way of resetting our business will
ensure that we are established in a
sustainable manner that will enable
long-term prosperity for thl and all
of our stakeholders.
Our role in the wider community
thl, like all businesses operating in a
capital market, seeks to make a profit
and, putting aside the current global
pandemic, we generally do. In the
same manner we believe all
businesses should, we have to be
honest with ourselves and consider
where this profitability has come from.
In some ways, it has come from the
externalisation of costs to the broader
environment or community through
our footprint. It is a key part of our
Future-Fit journey that we challenge
ourselves on how we reduce this
going forward and what we can do in
order to undo that harm.
We look at the business as a whole,
considering other impacts on our
communities. One significant example
in the last 12 months was our New
Zealand-based Get Moving campaign.
It saw the lowest prices we have ever
offered in our New Zealand rentals
business, kept cash coming in,
generated enough activity and
revenue to save jobs within our crew,
and helped to get New Zealanders on
the road and generate much needed
activity in our regional economies.
Compared to fly-in, fly-out travellers,
RV travellers are excellent contributors
to the regions as they generally spend
more time in towns and cities that are
further away from the major airports.
The year has seen us engage more
closely with some of the communities
in which we operate. As a key
employer in the Waitomo region
through Discover Waitomo, we have
worked closely with the community
to develop a programme of cultural
events, educational tours and other
activities that draw visitors to the
region throughout the year. Our
Discover Waitomo crew have also
been involved in conservation work in
the region, in partnership with the
Department of Conservation. These
activities have been made possible
with support from the Government
through programmes such as the
Strategic Tourism Asset Protection
Programme (STAPP) and Kaimahi for
Nature. We touch further on these
initiatives later in this Integrated Report.
These are just some examples of our
early steps. Going forward, we know
that we need to do more.
Investing in our future while
managing the present
Moving forward together does not
mean that we are beyond the
challenges that our business has
experienced. There is a fine balance
between the positivity of the long-
term outlook and our focus on the
future, and closely managing and
responding to the difficulties of the
present. We constantly assess this
balance in order to ensure that we are
reinvesting and generating
opportunities for the future without
creating undue risk.
The reality is that while the pandemic
continues and international borders
remain closed, we will, like other
tourism businesses, have to reset our
expectations on the timing of a
‘recovery’. A recovery, unfortunately,
implies returning to exactly where you
were. The countries we operate in, our
customers, our distribution channels
and our competitors are all so different
now, that we don’t use the word
‘recover’. We do believe that
international tourism will eventually
return, but the time it will take and the
form in which it will return, are the
greatest unknowns. We are investing
1
2021 Go RVing RV Owner Demographic Profile Report
in fleet purchases now and for the
coming periods. Our decisions are
based on a deep assessment of
assumptions, and importantly, a
clear alternative mitigation plan if
markets continue to remain closed
to international borders for an
extended period.
Throughout the year we have had
numerous internal projects to refocus
and strengthen our core competency
of running an efficient RV rentals
business. We certainly have not stood
still. To name a few, we have
developed and launched our state-of-
the-art Cosmos booking and fleet
management system in our
New Zealand and Australian
businesses, and are underway with
the adaptation and integration for the
US business. We have reviewed and
changed the way in which we will be
engaging with our global trade
partners, and we have reviewed every
detail of our customer experience
from the first moment they engage
with us, to see how we can take the
lessons of the last year and improve.
We have also made tactical
developments to our business and
generated new revenue streams. One
example of this is our RV retail
accessories offering through RVSC
and online in New Zealand. That
business segment has seen 58%
revenue growth on the previous
financial year, albeit off a small base
relative to the size of our wider
business. This gain has been
deliberate. Whilst incremental and not
transformational at present, we will
continue to grow this business as our
international tourism business returns.
In addition, going forward in each
country we expect that domestic
rentals will be a larger part of the
business than it was prior to the
pandemic, and that is attributable to
the work we have put in over the last
12 months through initiatives like the
Get Moving campaign, for the benefit
of the RV travel category more
generally.
We will grow with a different way of
operating our distribution channels, a
larger domestic market which we
understand more effectively, a larger
and more competent vehicle sales
business, and a much larger portion of
other revenue streams in retail and
servicing which were previously little
more than a small add-on opportunity.
09
0908thl Integrated Annual Report 2021

Rob Campbell
Chair
Grant Webster
CEO
Beyond rentals, we are
manufacturers
We have taken the opportunity this
year to increase our ownership of
Action Manufacturing to 100%. This
has meant that our long-term joint
venture partner Grant Brady, has
exited as a shareholder of that
business, albeit essentially transferring
his shareholding into shares in thl. We
are very pleased to have Grant Brady
as a top 10 shareholder in the business
and as a consultant supporting a
number of initiatives across thl. Grant
has been an excellent joint venture
partner over the last decade and we
thank him for all of his contributions.
Chris Devoy, our new CEO of Action
Manufacturing, has been with the
business since its formation and is
highly capable of leading this business
through its recovery and the next
stage of growth.
We have genuine excitement about
the future of Action Manufacturing
and have big growth ambitions
beyond the RV manufacturing
segment in Aotearoa New Zealand
and Australia. Our specialist vehicle
design team based in Hamilton are
true experts in their field, and this
business already has a full forward
order book of work for the coming
financial year. It continues to win new
work, both in the public and private
sectors, and has been ramping up crew
numbers with over 50 new employees
coming on in recent months.
As a manufacturer, we are certainly
not ignoring the movement towards
new, sustainable vehicle technologies.
We have been on this journey for
some years, first investing in our pilot
eRV programme in 2018. RVs
specifically pose a difficult challenge
when it comes to electrification. By
nature, they are heavy vehicles that
travel long mileages. RV travellers are
particularly sensitive when it comes to
range. The idea that you’ll have to stop
regularly to recharge goes against the
fundamental attraction to RV travel,
being the freedom to go where you
want, when you want, but battery and
charging technologies are meeting
this challenge.
We continue to be proactive about our
future fleet needs, particularly given
supply side challenges for electric
chassis. We have refuelled our projects
focussed on what our future fleet
should look like.
This includes the latest views on what
the most suited technologies are, be it
electrification, hydrogen or the use of
biofuels, and how we might be able to
repurpose our vehicles.
Our business model relies on us
creating more customer journeys
through private owners buying our
vehicles after their rental life with us.
The sales value is a key part of our
business model. As such, we are
conscious of the potential risk of
obsolescence of diesel vehicles as
these technologies move toward their
inflection point. Our view at this point
in time is that the transition will be
orderly in this segment, but we will
continue to challenge that assumption.
If we believed that there was an
obsolescence risk for us in the fleet
we buy, then we would adapt our
purchasing and sales cycle, timeframe
for adoption of new technology and
our rental fleet age, to address the
issue. We are looking well ahead to
protect the future business, consistent
with the transition to low-emission
economies.
Financial performance
thl had a net loss after tax of $14.5M in
the 2021 financial year. There is no
denying that. In business, you can
never have a loss and be pleased with
it (maybe start-ups aside). However,
we do believe that we have managed
this loss well within the context and
without impacting thl’s long-term
prospects. On the contrary, we have
preserved the optionality to remain an
industry leader in each market. While
the loss is much smaller than our
original expectations some 12 months
ago, all aspects of the business only
earn their right to exist if they have a
clear, believable plan to not just be
profitable, but to deliver the
appropriate return on capital.
Recognising the extent of our losses
in the last year, it is a reasonable
question to ask, why should anyone
invest in thl today?
The answer is clear: we consider
ourselves the global experts in the
effective and profitable management
of an RV rentals, manufacturing and
sales business.
We have retained the significant
intellectual property that we have in
that regard throughout the pandemic,
and in fact, have further developed
and added to it.
We have diversified our business to
incorporate a greater domestic focus
in each market, therefore
strengthening the resilience of our
business model. We continue to have
a balance sheet that is well-managed,
and we continue to have the support
and confidence of our lenders through
our banking facilities.
We have assessed ourselves within
that context starting with the
fundamentals. We have looked at our
net tangible asset value, incorporating
the market value of our fleet that is not
reflected in its book value (given that
we make a profit on sale). We have
also looked at the value of each of our
businesses individually to assess the
sum of our parts. We have compared
those to where our share price sits
today. All questions that shareholders
would ask themselves. The value of thl
is underpinned by mobile, physical,
desirable assets with values above
what we account for them. This, and
our market position, we believe gives
us the ability to pursue the viable
option of growing this business, to
achieve our desired returns on capital
and to enhance shareholder wealth.
We consider that ultimately, the RV
category is on a growth trajectory
on a global basis; we have a proven
record of sound management and
adaptability, and we are a business
on a sustainable Future-Fit journey.
Looking at all of that, our view is that
on a long-term basis there is
considerable upside in thl
performance.
FY22 outlook
We consider multiple scenarios for the
business and constantly update these
to the changing market conditions.
The level of uncertainty in market
conditions precludes a forecast of
overall financial performance for FY22
at this time.
Our current expectations for the first
half of FY22 include the following:
– The first quarter rentals performance
and forward order book are lower
than we expected some months ago.
This is attributable to (a) lower rental
activity in the US high season relative
to last year, (b) the spread of the
Delta variant globally creating
lockdowns, and (c) the suspension
of Trans-Tasman travel.
– Vehicle sales and margins
have exceeded expectations
for the quarter.
– The current spread of the Delta variant
in Australia indicates that there will be
ongoing travel restrictions in many
states, and in particular in respect of the
largest population base in New South
Wales. This will heavily impact the
Australian result for the first half.
– It is likely that Trans-Tasman travel will
remain closed for some months and
therefore provide little or no benefit for
the New Zealand Rentals and Tourism
businesses in the first half.
– The second quarter result for the US
business remains unclear and could
vary significantly depending on when
inbound travel from the UK and Europe
into the US opens.
Financial performance in the second
half of FY22 remains unclear. There is
potential upside on the result for the
pcp if (a) domestic travel in Australia fully
opens (the trends for April to June 2021
were positive), (b) international travel
into the US opens, and (c) Trans-Tasman
travel returns to the benefit of the
New Zealand Rentals and Tourism
businesses.
The recent Alert Level 4 lockdown in
New Zealand is not expected to make
any material difference to the FY22
result for New Zealand as at the time
of writing, however it is not clear how
long this will last.
The balance of these factors indicates
that a net loss is the most likely outcome
for FY22. The quantum of the loss is
difficult to ascertain at this point.
Given these current uncertain market
conditions, we caution that most analyst
forecasts for thl at the date of this report
are too optimistic for FY22.
Closing
Once again we would like to thank all of
the thl crew for their efforts over the last
12 months. These have been challenging
times within thl, however despite the
uncertainty that continues to exist, we
are ready to move forward together.
1110thl Integrated Annual Report 2021

about
this
report
Traditionally, annual
reports focussed on the
financial performance
of a business. At thl we
take a more holistic
approach that we feel
is more relevant for our
stakeholders in today’s
complex and dynamic
business environment.
As this is an Annual Integrated Report
aligned with the <IR> Framework,
throughout this report you will see
references to the ‘six capitals’: natural,
manufactured, intellectual, human,
social, relationship and financial. The
‘six capitals’ are stocks of value that thl
draws on and transforms into outputs.
In brief, they show that at thl we think
holistically about creating and
maintaining long-term value that is
also environmentally restorative,
socially just and economically
inclusive. To see the six capitals in the
context of our business, see our Value
Creation model.
moving forward responsibly
14
22
28
34
40
moving people forward
moving fleet forward
moving experiences forward
moving business forward
The ‘six capitals’ are stocks of value that thl
draws on and transforms into outputs.
Natural capital
Includes resources we use such as air, water, land,
minerals and forests, solar energy, crops and
carbon sinks; biodiversity and ecosystem health;
and resources which cannot be replaced such as
fossil fuels.
Manufactured capital
Manufactured objects used in the production
of goods or the provision of services, including:
vehicles, buildings, equipment and inf rastructure.
Intellectual capital
thl’s knowledge-based intangibles, including:
intellectual property such as patents, copyrights,
software, rights and licences; and our systems,
procedures and protocols.
Human capital
Our crew’s competencies, capabilities and
experience, and their motivation to innovate
on, support, implement and improve: our
governance f ramework, risk management
approach, ethical values, corporate strategy;
processes; goods and services, including their
ability to lead, manage and collaborate.
Social and relationship capital
thl’s social licence to operate; our relationships
with institutions and groups of stakeholders
including: communities, Governments, suppliers
and customers; the ability to transparently share
information to enhance collective wellbeing; our
integrity, values and behaviours, trustworthiness,
brand value and reputation.
Financial capital
Funds obtained through financing or generated
by means of productivity.
thl Integrated Annual Report 20211213

moving
responsibly
forward
14thl Integrated Annual Report 2021
A clear destination
– environmentally
restorative, socially just,
economically inclusive
We remain committed to achieving all
23 Break-Even Goals of the Future-Fit
Business Benchmark. Business, society
and the environment depend on one
another to thrive, which means
creating system value to become
genuinely sustainable: responsible,
regenerative and resilient.
The Future-Fit Business Benchmark is
based on science. It helps us
understand not only where we are now,
but where we are heading and why, so
we can be sure we are on the right
path, with a clear destination - to
become a Future-Fit business.
our
Future-Fit
journey
Future-Fit
Break-Even
(BE) Goals
Capital inputs
to create value
FF10 Employee health is
safeguarded
FF11 Paid at least a living
wage
FF12 Subject to fair
employment terms
FF13 Not subject to
discrimination
FF14 Employee concerns are
actively solicited,
impartially judged, and
transparently addressed
15

16thl Integrated Annual Report 2021
Our focus this year has been
prioritising the 23 Break-Even Goals to
address the material challenges for
our business and industry at a system
level. We used the Future-Fit industry
‘Heat Maps’ for tour operators and
automobile retail, and the results of
our FY20 Health Check to understand
our industry risks and impacts. This
ensured we were prioritising goals
relating to the highest impact and risk
areas for the business.
We believe our commitment to
becoming a Future-Fit business will
support thl’s long-term sustainability
and resilience in the face of future
disruption. We are embedding Future-
Fit decision-making across the
business and continue to make
progress towards creating system
value, through our new global Future-
Fit work programme aligned to deliver
on our priority goals. As a responsible
tourism operator, our priorities include
actions to reduce emissions from our
fleet and operations, ensuring our
products do not cause harm to people
or the environment through our
Responsible Travel programmes and
protecting the health of communities
and ecosystems in sensitive
destinations, such as Waitomo.
Priority 1: Tackle the three biggest challenges – where we are off track,
the impact is severe and our fitness is low
BE17: Product HarmProducts do not harm people or the environment
BE18: Product GHGsProducts emit no greenhouse gases
BE04: ProcurementProcurement safeguards the pursuit of future-fitness
Priority 2: Make progress - close current gaps to prevent harm and achieve
100% fitness
BE11: Living WageEmployees are paid at least a living wage
BE16: Product ConcernsProduct concerns are actively solicited, impartially judged
and transparently addressed
BE08: Operational
Encroachment
Operations do not encroach on ecosystems or
communities
BE09: Community HealthCommunity health is safeguarded
BE14: Employee ConcernsEmployee concerns are actively solicited, impartially
judged and transparently addressed
Priority 3: Address data and knowledge gaps to be able to accurately
assess and address impacts
BE05: Operational EmissionsOperational emissions do not harm people or the
environment
BE06: Operational GHGsOperations emit no greenhouse gases
BE19: Products RepurposedProducts can be repurposed
BE = Break-Even Goals
We are confident that we have a clear
understanding of where we want to
go long-term, and that we are
focusing on the goals where can make
the most impact, using the Future-Fit
Business Benchmark as the
underlying holistic performance
measurement system.
The right path –
prioritising the 23
Break-Even Goals
The right path
– thl global work
programme and
progress
thl global work programme and progress
Our
prioritised
goals
Our goal prioritisation approach
The Health Check is a self-assessment
of a company's Future-Fit
performance against each of the
23 Break-Even Goals. At thl we
prioritised goals where we had
major gaps or were
off track.
A Future-Fit Heat Map identifies
material sustainability risks for
a specific industry. At thl we
prioritised goals with a 'high' or
'severe harm' risk rating on
either of the two industry
Heat Maps.
While we aim to make progress on
all 23 Goals, based on the Health
Check and Heat Map ratings, we
prioritised 11 Goals.
Future-Fit Goal
Health Check
Future-Fit
Heat Maps:
Automotive & Tourism
Industries
11
Priority
Future-Fit Goals
Climate & Carbon Strategy
BE06: Operational GHGs
BE18: Product GHGs
Future Fleet Programme
BE17: Product Harm
BE18: Product GHGs
BE19: Products Repurposed
Sustainable Procurement
Circular Economy Pilots
BE04: Procurement
BE19: Products Repurposed
Accelerate
Partnership for Positive Impacts
BE03: Natural Resources
BE08: Operational Encroachment
BE09: Community Health
BE15: Product Communications
BE16: Product Concerns
Ignition
Creating Future-Fit branches
BE01: Renewable Energy
BE02: Water Use
BE05: Operational Emissions
BE06: Operational GHGs
BE07: Operational Waste
Telling
our
stories
17

18thl Integrated Annual Report 2021
In November 2020 we became one of
the first Future-Fit Pioneer businesses.
Future-Fit Pioneers are leaders:
businesses which have made a public
commitment to transform what they
do, head for the right destination, light
the way for others and report progress
We have continued to embed Future-
Fit thinking and action across our
business, from developing Future-Fit
Branch Action Plans to ensuring that
all capital expenditure requests and
projects are assessed for Future-Fit
impacts. We are engaging our crew
through Future-Fit Goal Prioritisation
workshops, sharing our stories and by
launching new DriveTrain online
training modules on the properties of
a Future-Fit society.
While we did not expect to complete
the full data collection to assess all 23
Break-Even Goals in FY21, we have
continued to make good progress
assessing the goals where we have
data available and identifying where
and how to address data gaps. This
year we migrated to a new platform to
improve data collection and analysis
for measuring our future-fitness
progress and carbon reporting. The
updated Health Check for FY21 reflects
our improved data awareness and
findings of the assessments we have
completed.
Further detail about elements of our global work programme:
A Future-Fit Pioneer
Future-Fit thinking in
everything we do
• Future Fleet
The need to decarbonise our fleet is
the major challenge we must
address to achieve future-fitness,
making progress on this is core to
our Future Fleet programme - see
moving fleet forward section.
• Sustainable procurement
Sustainable procurement
framework development and
supplier hotspot assessments are
underway, initially with a pilot in our
Australian factory. The approach and
learning from the pilot will be rolled
out to other regions in FY22.
• Accelerate
As a responsible travel operator
we are committed to positively
contributing to the communities
and ecosystems where we operate,
working with partners and
communities to create impact
at scale.
• Ignition
This year we rolled out Future-Fit
Branch Sustainability Action Plans
globally, building on the Branch
Action Plan process initially
developed in the US. This
programme is key to embedding
Future-Fit thinking and action
across all our branch locations, and
making progress on the operational
goals for energy, water, waste,
operational GHG emissions and
community impacts.
“ Since joining thl’s Responsible
Management team in December
2020, I’ve been fortunate to have
inherited a fantastic team based
in LA, Dunedin and Auckland
and a strong foundation
provided by the Future-Fit
Business Benchmark. Future-Fit
provides a science-based,
systemic approach that helps
businesses become ‘sustainable’
by achieving 23 Break-Even Goals
and then – and what I’m most
excited about – how to go
beyond sustainable to become
restorative and regenerative
through the 24 Positive Pursuit
Goals.
Any framework requires work
to maintain, and that includes
Future-Fit. We’ve been putting in
a new, online system to enable
our team and our crew to focus
on what counts: creating a
positive impact in our business,
our branches, and the
communities, ecosystems and
destinations in which we operate.
Given we’re a small team,
collaboration across systems is
key. We are excited and humbled
to learn from indigenous wisdom
and apply systems-based
concepts such as doughnut
economics, circular economy,
Cradle to Cradle™ and
biomimicry to inform our journey
to a resilient and regenerative
future".
Juhi Shareef
Chief Responsibility Officer
Crew Spotlight
Around the world, extreme weather events such as storms, floods
and wildfires are intensifying, impacting millions of people and
infrastructure including airports, ports and roads which our
customers use to access tourism destinations.
This is not just climate change, but rather a climate crisis. Businesses
face a stark choice: either be part of the problem or work hard to be
part of the solution.
Post the Paris Agreement, legislation and regulation is finally being
developed to support a low-emissions world. Countries and states
are setting clear end dates for the sale of new Internal Combustion
Engine (ICE) vehicles or requiring that all new cars and passenger
trucks sold be zero emission vehicles (ZEVs); and regulated product
stewardship schemes are on the horizon.
thl
has started considering the risks and opportunities from the
physical effects of climate change and the transition to a low-
emissions future. Some of these are discussed in the moving fleet
forward section of this report. Risks are managed by the Risk &
Improvement Committee (RIC) and captured in our Enterprise Risk
Framework (see protecting the value we create section in this report).
However, we still have a long way to go. We have developed and
resourced a Climate and Carbon Strategy to deliver this work, and
our ongoing Future Fleet Programme will play a key role. The
decarbonisation pathways we set will be based on robust carbon
scenarios developed for thl in each country of operation (New
Zealand, Australia and the US). We will be fully reporting
on our climate risks and opportunities in alignment with TCFD
2

recommendations and in advance of NZX requirements in our
FY22 Integrated Report.
At thl, we are very clear about just how much work is involved in
becoming part of the solution. Our RVs provide a safe and enjoyable
way for visitors to access nature, and opportunities to have new,
enriching cultural experiences. But fuel use from customer journeys
causes pollution which contributes to climate change and poor air
quality: an increasing concern in a world living with COVID-19. In
addition, the materials in our vehicles all contain ‘embodied carbon’
generated at each step in the supply chain.
Our understanding of the environmental and social context of our
operations, products and the systems they are part of, is key to
ensuring we make the best decisions for our future.
2
Task Force on Climate-Related Financial Disclosures
A climate of change
every year. We are proud to be one
of the first Future-Fit Pioneers globally
to produce a Level 1 Statement of
Progress transparently, disclosing our
progress, and sharing our journey to
help others.
1770
New Zealand
1194
Australia
1711
US
43
Joint ventures
4696
Total GHG
emissions
(tonnes CO
2
e)
Group-wide Operational GHG Emissions /
Carbon Footprint FY21*
(tonnes COe)
37%
36%
26%
1%
Group-wide Operational GHG Emissions year-on-year*
(tonnes COe)
171011941749
237315722634
37%
New Zealand
40%
35%
4696
Total GHG
emissions
(tonnes CO
2
e)
6600
7924
26%
Australia
24%
25%
1%
Joint
ventures
0%
1%
36%
US
36%
39%
923
Total tonnes COe
Group-wide Operational GHG Emissions by Scope FY21*
(tonnes COe)
Scope 1 = 20%
1272
Scope 2 = 27%
2500
Scope 3 = 53%
21
3909
22
496
202
9
37
Headquarters
GHG Emissions by Business Unit FY21*
(tonnes COe)
83%
11%
4%
0.5%
Group-wide GHG Emissions by Emission Source FY21*
(tonnes COe)
8%
13%
50%
25%
2128
Transport & Stationary Fuels
1277
Electricity
444
Waste
0
Taxi Use
61
Air Travel
786
Materials
1%
0%
*excluding customer journeys
11995
New Zealand
13001
Australia
28636
US
53632
Total GHG
emissions
(tonnes CO
2
e)
Group-wide Customer Journey GHG Emissions FY21
(tonnes COe)
54%
24%
22%
1%
*excluding customer journeys
*excluding customer journeys
*excluding customer journeys
*excluding customer journeys
43
21
310819792793
44
24% decrease on FY20
despite the inclusion of
Action Manufacturing
13% decrease on FY20
4696
Total GHG
emissions
(tonnes CO
2
e)
thl Digital
Self Drive Experiences
(NZ/AU/US)
Just go (JV)
Action Manufacturing
Discover Waitomo
Kiwi Experience
4696
Total GHG
emissions
(tonnes CO
2
e)
FY21
FY20
FY19
1770
New Zealand
1194
Australia
1711
US
43
Joint ventures
4696
Total GHG
emissions
(tonnes CO
2
e)
Group-wide Operational GHG Emissions /
Carbon Footprint FY21*
(tonnes COe)
37%
36%
26%
1%
Group-wide Operational GHG Emissions year-on-year*
(tonnes COe)
171011941749
237315722634
37%
New Zealand
40%
35%
4696
Total GHG
emissions
(tonnes CO
2
e)
6600
7924
26%
Australia
24%
25%
1%
Joint
ventures
0%
1%
36%
US
36%
39%
923
Total tonnes COe
Group-wide Operational GHG Emissions by Scope FY21*
(tonnes COe)
Scope 1 = 20%
1272
Scope 2 = 27%
2500
Scope 3 = 53%
21
3909
22
496
202
9
37
Headquarters
GHG Emissions by Business Unit FY21*
(tonnes COe)
83%
11%
4%
0.5%
Group-wide GHG Emissions by Emission Source FY21*
(tonnes COe)
8%
13%
50%
25%
2128
Transport & Stationary Fuels
1277
Electricity
444
Waste
0
Taxi Use
61
Air Travel
786
Materials
1%
0%
*excluding customer journeys
11995
New Zealand
13001
Australia
28636
US
53632
Total GHG
emissions
(tonnes CO
2
e)
Group-wide Customer Journey GHG Emissions FY21
(tonnes COe)
54%
24%
22%
1%
*excluding customer journeys
*excluding customer journeys
*excluding customer journeys
*excluding customer journeys
43
21
310819792793
44
24% decrease on FY20
despite the inclusion of
Action Manufacturing
13% decrease on FY20
4696
Total GHG
emissions
(tonnes CO
2
e)
thl Digital
Self Drive Experiences
(NZ/AU/US)
Just go (JV)
Action Manufacturing
Discover Waitomo
Kiwi Experience
4696
Total GHG
emissions
(tonnes CO
2
e)
FY21
FY20
FY19
For more information, see FY21 carbon footprint analysis section
in this report.
19

Our FY21 Health Check provides insights on our current progress. Our first full
benchmark assessment results will be available in the Level 2 Pioneer
Disclosure in FY22.
Future-Fit
Break-Even Goals
2019
Health
Check
2020
Health
Check
2021
Health
Check
FY21
Review Commentary
BE01:
Renewable
energy
We continue to focus on energy efficiency with energy saving plans in place
for most sites. In the US and Australia we are looking into options to move to
renewable energy sources for electricity where possible, as this will have the
greatest impact where the grid mix has low renewables. However, due to COVID-19
work has not progressed as we would have liked on shifting to renewables and
reducing gas and company fuel use. Our performance is reflected in our rating
and we need to rethink our approach.
BE02: Water
use
A number of sites in US and Australia are based in water stressed regions, while
other sites experience seasonal water stress. Water saving is a focus in the Branch
Action Plans, targeting high water use activities including vehicle wash bays,
installing low flow facilities and efficient appliances, and installing water tanks
where appropriate.
BE03: Natural
resources
Waitomo is our only location where the Natural Resources Goal applies. We
have assessed our fitness for this goal and are confident our environmental
management practices meet a high standard. They are guided by our
Environmental Management Plan, intensive monitoring of impacts, and oversight
by the Environmental Management Advisory Group.
BE04:
Procurement
We are strongly committed to sustainable procurement to:
• support product design for a circular economy,
• minimise consumption,
• maximise the procurement of low-carbon, energy-efficient, innovative
and socially inclusive products and services, and to
• ensure products are recovered and recycled at end of use / life.
Our global supply chain is complex but we are making progress with a
sustainable procurement pilot for our factory in Australia. Work is underway
to: identify key procurement categories / suppliers by spend, risk and visibility
to understand social and environmental hotspots; map current performance
in sustainable procurement; and embed sustainability into our procurement
processes.
The learning f rom the pilot will be rolled out to NZ and the US in FY22.
BE05:
Operational
emissions
We currently do not have data on all the potential gaseous, liquid or solid
emissions that may occur at our sites. Closing this data gap is a priority. We will
complete a pilot to assess this for branch locations in FY22.
BE06:
Operational
GHGs
Operational emissions reduced over the last FY due to changes related to
COVID-19, including no emissions for Kiwi Experience coach operations and
reductions in staff commuting and branch energy saving actions. Assessments
are based on our scope 1 and 2 emissions, and limited scope 3 emissions. A scope 3
inventory review is underway to ensure all emissions sources are covered. A carbon
management plan is in place and reducing operational emissions is a focus in our
Future-Fit Branch Action Plans.
BE07:
Operational
waste
Operational waste is challenging due to the extensive parts and interior items
required for the vehicle preparation process. Waste management and improving
reduce, reuse and recycling at all sites is a focus in Future-Fit Branch Action Plans.
Challenges operating in a COVID-19 environment has resulted in thl performing
worse than the last FY on site-based reuse and recycling initiatives in the US and
Australia due to greater use of disposable items and additional challenges of
sorting recycling on-site. A renewed focus on waste reduction, recycling and
finding circular solutions will be a priority in FY22.
BE08:
Operational
encroachment
The methodology to assess Future-Fit impacts for current sites and new locations
has been developed. Assessments are underway in each country. Many of our
branches are located in areas of low risk of impact for community and ecosystem
health. Our most significant site for operational impacts on communities and
ecosystems is Waitomo where we also have the biggest opportunities for positive
impacts. Our Discover Waitomo businesses are therefore prioritising goals BE08
and BE09 and aiming to go beyond Break-Even (sustainable) to positive pursuits
(regenerative) where possible.
The updated
FY21 Health Check
We are on track and can
continue our journey
We have minor gaps but
know how to close them
We have major gaps and
need to rethink
We are off track and need
to redesign our course
Key - Health Check
assessments show
how thl is performing
against the Future-Fit
Break-Even Goals
20thl Integrated Annual Report 2021
Future-Fit
Break-Even Goals
2019
Health
Check
2020
Health
Check
2021
Health
Check
FY21
Review Commentary
BE09:
Community
health
Protecting the health of ecosystems and communities, both where we are
physically based and at destinations where use of our products has an impact
on communities or the environment, is a high priority. Not only to cause no
harm, but as a focus for positive pursuits to contribute to restorative and
regenerative travel at a system level. Our focus is to understand our impacts,
address community issues and create positive change at scale. We will progress
work developing effective community engagement mechanisms, building
regenerative partnerships, and extending work on our Responsible Travel
programmes in FY22.
BE10: Employee
health
The health, safety and wellbeing of all our crew is a top priority. This has been a
challenging period with the impact of COVID-19 and the Auckland branch fire
leading to new Standard Operating Procedures (SOPs) and a focus on wellbeing
across the business. We are confident we have the culture, crew engagement,
processes and practices in place to support our crew and will maintain this focus.
BE11: Living
wage
The process for identifying Living Wage models to use for this analysis is
underway. None of the regions in which thl operates have a Living Wage which
has officially been legislated. A number of models developed by third party
organisations are currently being reviewed to determine regionally appropriate
models that meet the Future-Fit goal criteria. Following Board approval, thl US
was the first to commence the journey towards a sustainable thl Future-Fit wage
concept with the implementation of hourly wage adjustments in June 2021. This
was followed by the announcement in June 2021 of the introduction of the thl
Future-Fit wage for New Zealand, effective for the new FY22 financial year.

A review of a thl Future-Fit wage concept for Australia is also underway.
BE12: Fair
employment
terms
Assessment work reflects that we have good fitness on the majority of the fitness
criteria for this goal in New Zealand and Australia. The US will require more
exploration due to the difference in US employment regulations, such as for paid
sick leave, vacation and parental leave impacting fitness progress.
BE13: Employee
discrimination
Based on the fitness criteria, we have the policies and procedures in place to
achieve this goal. We will continue to review our progress and identify where
we can make progress on diversity and inclusion, including a focus on risk areas
identified in the industry Future-Fit Heat Maps.
BE14: Employee
concerns
We have a range of employee feedback mechanisms currently in place, however
we have identified the need to improve awareness of the feedback mechanisms
available and to engage crew in the design of the employee engagement
mechanisms. A pilot of a wellness app this year provided useful learning, which
w
ill inform ongoing work to support crew engagement and wellbeing.
BE15: Product
concerns
Safe and responsible use of our products is a priority for thl. Customers receive
instructions and/or demonstrations on safe driving and how to operate all
equipment in the motorhome, along with online manuals and instruction videos.
Responsible Travel programmes like Tiaki Promise in New Zealand and Travel with
Heart in the US are in place to address potential impacts on the environment f rom
inappropriate use of the vehicles, and support customers to reduce impacts and
where possible, have a positive impact. A review of product communications has
shown that we have good levels of fitness across all business groups.

BE16: Product
concerns
We recognise the importance of this goal given the complexity of motorhomes;
to ensure the safe operation and responsible use of our vehicles; to prevent
damage to the environment, and to address any operating issues that arise
for customers. We have robust product concern mechanisms in place. We
maintain a focus on this to ensure all customers have the information they
need and channels to raise concerns, get support and advice, and proactively
manage any issues identified.
BE17: Product
harm
Reducing harm to people or the environment f rom the use and disposal of our
products is a priority. Responsible Travel programmes help our customers avoid
causing harm when using our products. A lifecycle assessment comparing eRV
and regular RV models in New Zealand has been completed, however data
on the impact of our products’ end of life is not currently collected. Given this,
a priority for FY22 will be to make progress to assess the environmental and
social impact of our products throughout their lifecycle, including materials,
resources and emissions in production, use and end use phases.
BE18: Product
GHGs
Reducing GHG emissions f rom our vehicles is a major challenge and high
priority. We are committed to reducing emissions f rom our motorhomes
through our Future Fleet programme, building on our experience with eRV fleet
in New Zealand. Industry partnerships with vehicle manufacturers will be key to
moving forward. The customer journey emissions for our rental fleet are shown in
our carbon footprint.
BE19: Products
repurposed
The products can be repurposed goal is complex for thl, as our vehicles
include many more components and materials than a standard car or truck.
We are working to understand product repurposing in each market in which
we operate. Local programmes for parts to be recycled/repurposed are in
place where facilities are available. Some existing programmes to reuse and
repurpose surplus items have been impacted by COVID-19.
BE20: Business
ethics
We have an Ethics Policy in place and an ethics training module relevant for
our business activities and potential hotspots. It is a requirement for all staff to
complete the ethics training on a regular basis and this is monitored.
BE21: Right tax
As a publicly listed company we are confident that we meet the standards
required for this goal and are disclosing the relevant information within all
jurisdictions where we have operations.
BE22: Lobbying
& advocacy
We do not directly undertake lobbying activities, but we are active in
tourism industry groups. We have a Lobbying & Advocacy Policy in place and
proactively encourage the groups we engage with to make progress towards
future-fitness by addressing their key impacts, risks and issues.
BE23: Financial
assets
As a company we do not directly manage financial investment assets, beyond
standard financing activities. We have reviewed this goal and many of the risk
areas identified do not apply directly to our activities.
21

moving
forward
people
22thl Integrated Annual Report 2021
Progress on
our People Goals
Our crew are at the heart of everything
we do. The ongoing uncertainty and
complexity created by COVID-19
demands our dedicated focus on
protecting the health, safety and
wellbeing of all our crew and our
customers. We are immensely proud
of the resilience and commitment
shown by our teams over the last year
and share some highlights on progress
towards our People Goals.
Crew engagement:
a new pulse survey
We paused the annual crew
engagement survey last year due to
COVID-19 and took the opportunity to
re-evaluate our approach. In the latter
part of CY20, we rolled out a new
hybrid crew engagement pulse survey
that we intend to run 2-3 times a year
to gather current information from our
teams. This enables us to understand
the changing needs of our crew and
respond quickly to any concerns and
issues, thereby helping us to maintain
existing programmes or develop new
initiatives that support us to become
a Future-Fit organisation.
BE10 Employee health
BE11 Living wage
BE12 Fair Employment terms
BE13 Employee discrimination
BE20 Business ethics
BE08 Operational
encroachment
B E 0 9 Community health
Future-Fit
Break-Even
(BE) Goals
Capital inputs
to create value
23

24thl Integrated Annual Report 2021
We commenced piloting a training
programme for frontline leaders and
crew in New Zealand in June 2021
focusing on wellbeing and mental
health support, and plan on rolling this
out or offering support to other
regions on completion of the pilot. A
review of our current health and safety
management system has recently
been completed and we will
implement the outcomes of the
review to continuously improve our
health and safety practices.
When the first lockdowns occurred,
we focused on setting up all crew who
could work from home and had to
work from home with IT software,
hardware and office equipment to
ensure they were fully comfortable,
connected and complied with health
and safety (H&S) requirements. Where
crew are able to return to work, we
have developed a policy framework
within which we are continuing to
provide ongoing flexibility to work
from home, or from the workplace.
LITFR incident reporting is part of the
Health and Safety reporting and
monitoring process that is undertaken
in Australia and New Zealand on a
rolling 12-month basis (an LTI reporting
mode is being developed for the USA).
COVID-19 has had an impact on our
normal site operational hours. Plant
and crew availability and workplace
awareness has been variable, with
training at times subject to the various
alert protocols over the last 12 months.
This has resulted in fluctuations in the
number of incidents occurring that
have required time off for recovery.
Australia has improved in this regard
over the last 12 months, with New
Zealand needing an increased focus
on crew training and awareness.
One of the fundamental aspects of
moving towards becoming a Future-
Fit organisation involves improving
the financial position of our crew who
are earning at lower wage rate levels in
the organisation. Following Board
approval, thl US was the first to
commence the journey towards a
sustainable thl Future-Fit wage
concept with the implementation of
hourly wage adjustments in June 2021.
The global DriveStar Award series,
which gives company-wide
recognition to our hard-working team
members, was re-activated in August
2020. It provides an opportunity to
recognise our monthly, quarterly and
annual DriveStar award recipients.
Thanks to all our DriverStar winners for
your great contribution to your team,
and commitment to the business over
the last year. In addition, we also
operate regional recognition schemes
to provide local recognition.
Through our DriveTrain programme,
targeted online training modules are
delivered on a monthly basis to all our
crew. These cover key topics from the
Future-Fit goals to cybersecurity and
health and safety, to provide ongoing
learning opportunities for our teams.
While we will be reviewing the main
leadership development programmes
in the coming months, an online
leadership option using the LinkedIn
Learning online application was
approved in June 2021 and will be
piloted from mid-2021 onwards for
a number of our leaders.
Health, safety
and wellbeing
Crew
recognition
Crew training and
development
Flexible working
arrangements
Lost Time Injury
Frequency Rate (LTIFR)
thl Future-Fit
wage
This was followed by the
announcement in June 2021 of the
introduction of the thl Future-Fit wage
for New Zealand, effective for the new
FY22 financial year. A review of a thl
Future-Fit wage concept for Australia
is also underway. We hope that this
approach will improve the quality of
life for our crew financially as well as
help improve engagement and
retention levels.
Discover Waitomo closed the Waitomo Glowworm Cave, Ruakuri Cave
and Aranui Cave in Waitomo during the New Zealand-wide lockdown
from 24th March to 22nd May 2020. Following the lockdown, there
was a reduction in tourism visitors of ~90% due to the absence of
international tourism. Despite Discover Waitomo’s best efforts to save
as many jobs as possible, more than half of the Discover Waitomo
team lost their jobs in 2020.
We looked for opportunities to continue to care for our crew and
partnered with the Department of Conservation (DOC). We were the
first in the country to set up and successfully run a Kaimahi for Nature
programme through the Jobs for Nature Government initiative where
thl crew perform their usual primary tourism role (guiding, retail
assistant, food & beverage assistant, reservations) and then work in
conservation and restoration to top up their hours to full-time. In our
view, this programme is an exemplar of the way in which Government
and business should be working together.
Kaimahi for Nature
“ I am a single dad
with two kids. The
Kaimahi programme
has given me full-
time work, taught
me new skills and
allowed me to
continue to work at
the Glowworm Caves
where I have worked
for over 16 years.”
Christaan Burgess
Discover Waitomo and
Kaimahi Crew Member
Crew Spotlight
Through Kaimahi for Nature, our crew have been involved in track
maintenance for Maniapoto district reserves, waterfalls, tracks and
pā sites (sites of historical Māori villages). Work includes pest plant
removal, guiding visitors, predator control, native riparian planting,
tree releasing (pulling back plants that may smother new trees)
and riparian strip maintenance (providing a natural buffer between
waterways and land).
The local community have responded positively to the work achieved
by the crew, and in return the crew are enjoying working outside,
learning new skills, and being the kaitiaki (guardians) of their
environment. An additional benefit of the Kaimahi for Nature
programme has been the Glowworm Cave and Black Water Rafting
teams working together and getting a greater understanding of both
sides of the business.
This initiative has provided jobs for 18 of our crew previously on casual
contracts and ensured that full-time fixed term roles have the job
security needed to keep them working within the community and
with their Hapū (Māori kinship group).
Alongside our Future-Fit goals, Discover Waitomo has made the Tiaki
Promise to commit to caring for our people and our place, now and for
future generations. As kaitiaki (guardians) of a unique cave and karst
landscape, our care is world leading. We deliver on the Tiaki Promise
and our Future-Fit goals by: caring for our crew; using an extensive
environmental monitoring and management programme within the
cave and nearby reserves; and using our Mauri Model to holistically
assess and improve our performance against our core values. The
Mauri Model integrates quantitative and qualitative data with a Te Ao
Māori worldview, acknowledging the interconnectedness of all things,
living and non-living.
Note: LTIFR represents the number of lost time injuries
occurring in a workplace per 1 million hours worked.
LTIFRFY21FY20
New Zealand
16.613.4
Australia
15.323.7
25

26thl Integrated Annual Report 2021
In the US, our first and last question of
each day has been “are we doing
enough to keep our crew and
customers safe?”. We quickly, carefully
and comprehensively designed and
implemented new standard operating
procedures (SOPs) based on the
advice of Federal, State and Local
Government agencies. Maintaining
these SOPs and their implementation
across the business through uncertain
and rapidly evolving situations
requires significant time and focus
from all our business leaders and their
teams. With our ‘one team’ approach,
constant, open and direct
communication is key, with weekly
health and safety meetings held in all
branches and teams, and feedback
from crew and customers
incorporated into our weekly reviews
of the safety SOPs.
Our leaders and crew have done an
amazing job in responding to these
challenges to keep our crew and
customers as safe as possible all day,
every day. All crew who had roles that
could be adapted to working from
home continue to do so with the
active support of their leaders.
Through our focus on safety and the
connectedness of remote-working
crew, we have fostered a strong
culture born of resilience, compassion
and agility. At the time of writing, we
are facing the growing threat of the
Delta variant in the US and will
continue to intensely focus our
energies on safety through all the ups
and downs we may face, for as long as
the pandemic requires it.
US: operating
in a COVID-19
environment
Indigenous cultural
capability training in Australia
We are learning with
Indigenous research
and project
management tools
shared by Aboriginal
partners.
Period products
for our crew
Crew wellbeing
challenge in Australia
Our cultural
capability
journey
For many years, thl has been an active
supporter of indigenous tourism
experiences. Initially this was through
the promotion of the Tourism
Australia-led, “Indigenous Champions”
programme. This year, with support of
the specialist for Aboriginal Tourism at
Visit Victoria, we have taken a step
further in order to understand what
role we can play in walking alongside
Aboriginal tourism operators and
suppliers, to support and elevate
them. We needed to go back to the
start which began with cultural
capability training sessions for all crew.
As with all good courses, we started
with a little homework – finding out
who the Traditional Custodians are of
where we live and work.
We received guidance on:
• Cultural protocols and
sensitivities for engaging with
Aboriginal and Torres Strait Islander
peoples (respect).
• History to support the conversation
on respect and acknowledgement
(truth telling).
• The importance of representation,
not only in media but across all
industries (leadership).
• Identifying opportunities for
connection and support
(engagement).
We believe that economic
development driven by Aboriginal
and Torres Strait Islander people can
empower and develop sustainable
futures for all Australians. In FY22
we are committed to learning how
we can best contribute.
thl is committed to women’s health.
As part of this we have committed
to being a Period Positive business.
In our offices and branches across
New Zealand and Australia we have
introduced free period products for
our crew. This will be introduced
across the US as people return to
the office.
A huge well done to all our thl
Australian team members who
competed in the 30 Day Physical and
Mental Wellbeing challenge. In the
30 days, the team managed to total
over 12 million steps and 917 guided
meditation sessions. Of the 40 initial
participants, 24 managed to achieve
the required 10,000 steps and guided
meditation every day. Team Brisbane
had the best participation with seven
challengers who each averaged 10,952
steps. The team with the highest
average steps was our high
performing sales team with an
average of 14,395 steps per day.
we are a
PERIOD
BRANCH
POSITIVE
For more information, please contact:
Knowing
Knowing and
understanding
history, culture
customs and
beliefs
Being
Awareness
authenticity and
openness to
examining own
values and beliefs
Doing
Culturally
appropriate
action and
behaviour
27

forward
fleet
moving
28thl Integrated Annual Report 2021
Vehicle sales and rentals
are our core business, and
while we remain focused
on margins, we know that
the decisions we make
about our fleet today
are going to lock carbon
emissions in over the 10-
30 year life of a vehicle.
Climate change is arguably
the biggest challenge
of our times, and at thl
we are setting science-
based carbon targets and
decarbonisation pathways.
Simply put, there’s not one standalone
technology that will solve the systemic
climate and supply side challenges we
face across multiple regions. We have
developed an ongoing programme of
work – Future Fleet – that is taking a
technology-agnostic approach to our
product categories. This means we are
not only looking at EVs, but also at
biofuels and hydrogen, and we are
keeping an eye on hybrid options.
We are scanning vehicle ecosystems in
each country in which we operate and are
in the process of mapping: system
stakeholders; emerging technologies;
investment in infrastructure; and potential
partners. We have convened an internal
cohort of our crew with technical
expertise to model and analyse market
tipping points and inform our science-
based decarbonisation pathways.
However, we recognise we have a long
way to go and we can’t do this alone:
collaboration across systems will be key.
BE04: Procurement
BE17: Product harm
BE18: Product GHGs
BE19: Products repurposed
Future-Fit
Break-Even
(BE) Goals
Capital inputs
to create value
29

30thl Integrated Annual Report 2021
As outlined in our framework for FY21
that was included in the FY20
Integrated Report, we pivoted the
business towards vehicle sales,
servicing and retail products, on the
assumption that we would be
operating in a domestic-only rentals
environment for FY21.
Looking back, this pivot towards
vehicle sales was fitting, not only to
serve the domestic demand for private
motorhome ownership, but also to
help de-fleet and improve utilisation in
an environment where rentals
demand was lower, and also to help
de-leverage the balance sheet and
repay debt. Our net debt position
reduced from $175M at 24 March 2020,
to $22M at 31 December 2020. By
selling our motorhome assets and
realising the margins and value of the
assets over and above the book values
that are recorded in thl’s accounts, we
have been able to right size the
balance sheet without raising capital
from shareholders.
The vehicle sales market in all
countries that we operate in continues
to remain strong. We have had a
record year for vehicle sales, selling
2,930 vehicles across the Group.
Record average sales margins have
been achieved in the US throughout
FY21. The average total gain on fleet
sales (after selling costs) has increased
39% from FY20.
The Great New Zealand Motorhome
Sale campaign in late 2020 generated
strong volumes of vehicle sales in
New Zealand, which continued
throughout the second half of FY21.
This increase in the volume of vehicle
sales has enabled a focus on growing
ancillary revenues such as vehicle
servicing and retail revenues, and has
also enabled growth of our vehicle
sales network through both retail and
wholesale channels.
Some of the margin growth that we
have seen in FY21 is considered
one-off in nature, reflective of the
current market conditions. We have
seen manufacturing cost increases,
but to date these have been
outweighed by the increased sales
prices that are being seen in the
market.
With the backdrop of an ongoing
strong vehicle sales market and a
belief that the domestic rental
markets will continue in some manner,
we have continued to purchase new
fleet to meet both the rental and sales
markets opportunities. In the US for
example, we purchased 823
motorhomes in FY21 with more
arriving in Q1 of FY22 to fulfil the
domestic rental demand and to sell
through both the retail and wholesale
channels. By selling fleet, realising
positive margins and buying new fleet,
we have also been able to keep the
average fleet age low. This has the
flow-on benefits of being able to
better manage full Repairs and
Maintenance (R&M) costs on the
rentals side, maintain flexibility in our
customer proposition, ensure a more
carbon-efficient fleet, and keep up
with technology and efficiency
improvements in vehicles.
We continue to assess each market
based on the demand patterns that
we are seeing for both rental and
vehicle sales and are investing where
appropriate to ensure we are in a
position to maximise opportunities
when they are presented, whilst
managing the balance sheet and
external risks in this volatile
environment.
Given climate change and global
megatrends, the future of our fleet has
always been front of mind. Our Future
Fleet programme was developed to
proactively respond to megatrends
such as changing customer
preferences and to manage the
climate risks to our fleet.
To date we have invested significantly
in electric RVs and prior to COVID-19,
we were aiming to ramp up progress
on the transition to an electric fleet.
However, with COVID-related
lockdowns; global constraints on
supply and logistics; and vehicle
manufacturers prioritising electric car
production, we have not made the
progress we had hoped to make.
Through Action Manufacturing, thl has
a strong track-record of international
partnerships: we were the first in
New Zealand to bring in LDV electric
chassis; working with Netherlands-
based Emoss we repowered two
Mercedes RV chassis (compliance
approvals pending); we repowered
light commercial vehicles for
Australian-based SEA Electric and
assisted in creating New Zealand’s
first intercity heavy EV truck for Alsco.
These projects are building an internal
thl capability that we believe is
essential in understanding both the
opportunities and challenges around
Future Fleet.
Vehicle Sales
Number
of
vehicles
sold
%
increase
from
previous
FY
New Zealand
Rentals and
Vehicle Sales
1,255121%
Australia
Rentals
and Vehicle
Sales
3
50266%
US Rentals
and Vehicle
Sales
1,17330%
“ Action Manufacturing is a
critical part of thl’s build-
buy-rent-sell business
model. Action is
constantly evolving as a
business with our
intuitive thinking around
design and our drive to
be at the forefront of the
market in the commercial
specialist, truck, trailer
and recreational vehicle
industry. The agility,
teamwork and excellence
demonstrated by the
team at Action is paving
the way for future growth
and exciting projects.”
For more information about Action
Manufacturing see divisional reports.
Chris Devoy
Director & CEO, Action Manufacturing
Crew Spotlight
thl introduced Telematics to its rental fleet in 2014, using the
Australian business as a pilot.
Prior to 2014, we would wish customers a safe and enjoyable holiday
as they drove out of the yard, but have no visibility of them until they
returned the vehicle at the end of their rental. Our aim in introducing
telematics to the fleet was to positively influence driver behaviour,
improve the customer experience, reduce thl costs of operating, and
to improve the safety of our customers and the communities they visit
around the country.
In Australia, reducing speed was a key focus. We learned a lot about
our customers as to what messages did and didn’t work, and we were
able to reduce speeding events by over 70%.
Thanks to Telematics, in the unlikely event of an incident, our On Road
Support team are able to locate the vehicle easily and diagnose any
engine fault codes, which has enhanced the customer experience we
provide. We’re also able to geo-fence zones that may be experiencing
dangerous natural events such as cyclones, floods and bush fires. It is
equally important to encourage customers to go back into those
impacted regions after the danger has passed to support the local
communities and tourism destinations get back on their feet.
Improved driver behaviour has led to a reduction in repairs and
maintenance costs over the life of the motorhome, and from an asset
management perspective, stocktakes are accurate and available in
real-time.
Our initiatives in this space allowed us to win the Australian Fleet
Management Association's Fleet Safety Award in 2017. In the last
financial year we launched our own Telematics solution bespoke-
designed for RV customers and our operational needs. While this
needs further development to integrate into back-end operations,
it has now been expanded to the New Zealand rentals fleet. This
new solution has enormous potential for enhanced features and
data generation to reduce repairs and maintenance and deliver
other operational efficiencies and better customer experiences.
Telematics
3
Exclusive of buyback units which
were returned in FY20
31