thl Annual Results FY22

Unforgettable Journeys
INTEGRATED ANNUAL REPORT 2022

We will never forget where
we’ve been these past 2 years,
and nor will we ever forget how
to deliver the most unforgetta-
ble journeys.
It’s what we love doing for our
customers, and they are looking
to renew those experiences too.
It's time to restart the unforgettable.
Let’s restart those
unforgettable journeys.
We will never forget where we’ve been these past two years, nor will we ever
forget how to deliver the most unforgettable journeys. It’s what we love doing for
our customers, and they are looking forward to renewing those experiences too.

Dear Shareholders
On behalf of the Board, we present the 2022 Integrated
Report and consolidated financial statements (financial
statements) for the year ended 30 June 2022 (FY22).
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
infrastructure, 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
About this report5
Letter f rom the Chair 6
Letter f rom the CEO 10
Our year in review16
FY22 Milestones18
thl at a glance20
How thl creates value: our value model22
Our business journey24
Our people journey30
Our fleet journey38
Our customer experience journey46
Our responsibility journey
56
Our Climate & Carbon Strategy
66
Protecting the value we create:
our Enterprise Risk Management Framework
80
Financial statements82
Directors' statement 83
Independent auditor's report 134
Corporate governance 140
Board of Directors154
Corporate information155
CONTENTS
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 2022 and
is signed on its behalf by:
Cathy Quinn ONZM
Chair
Rob Hamilton
Chair of the Audit
& Risk Committee
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WELCOME

We have been delivering an Annual Integrated Report for thl
stakeholders since FY19. We believe the Integrated Reporting
<IR> Framework enables us to provide a holistic view of our
context and business that is increasingly relevant in today’s
complex and dynamic business environment.
Throughout this report and aligned with the Integrated
Reporting <IR> Framework, you will see references to the ‘six
capitals’: natural, manufactured, intellectual, human, social,
relationship and financial. These are stocks of value that thl
draws on and transforms into outputs. They show that, at thl,
we think holistically about creating and maintaining long-
term value.
To see the six capitals in the context of our business,
see our Value Model.
About
this report
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 infrastructure.
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 framework, risk
management approach, ethical values, corporate
strategy; processes; goods and services, including our
crew’s 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.
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thl INTEGRATED ANNUAL REPORT 2022
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ABOUT THIS REPORT

A letter f rom the Chair
In reviewing last year’s Integrated Report I was taken by how
far we have come as a business over the last 12 months.
However, having posted an underlying loss after tax for the
year of $5.4M
1
it is appropriate to thank again those investors
that have continued to support the company through these
challenging times. We have managed our balance sheet and
positioned the business well for the coming years, with the
expectation that we reward that investor support in the future.
Our trading results
While we are not content with the result being another loss,
all within thl have worked hard to narrow the loss and we will
be working hard to see that it is the last for our busines
Effective management of the thl balance sheet has been
a highlight of the response to COVID-19 from a financial
perspective. The business is capital intensive and the
management team responded accordingly, meaning no
capital raise was required and debt has been well-managed.
The thl crew continued to adapt as required to take hold of
a number of new opportunities in FY22. Revenue from non-
tourism activities and vehicle sales have been maximised.
The Australia result is outstanding given the challenges in
Dear Shareholders
On behalf of the Board, I present the 2022 Integrated Annual
Report and financial statements for the year ended 30 June
2022 (FY22).
I am pleased to present this first report as Chair for thl, and
although I commenced in the Chair role in the last month of
the financial year, I have been a member of the Board since
2017 and often engaged with the company prior to that in my
various roles as a partner and Chair of the law firm
MinterEllisonRuddWatts.
Firstly, I would like to thank Rob Campbell for his contribution
to the company as a Director and Chair over the last nine
years. Rob leant his exceptional skills to guide the direction
of thl, bringing his extensive experience and ever-challenging
mindset to advance the position of the company and respond
to the many challenges and opportunities in the external
environment.
As incoming Chair my focus will be on seeing that thl fully
recovers from the impacts of the COVID-19 pandemic and is
strategically positioned to take advantage of opportunities
in the coming years as tourism rebounds. We will focus on
maximising the improved presence of the Recreational Vehicle
(RV) industry and growing popularity the RV category has had
over the last two years.
The thl crew continued to adapt as required to take hold of a number
of new opportunities in FY22. Revenue from non-tourism activities
and vehicle sales have been maximised. The Australia result is
outstanding given the challenges in the first half year...
CATHY QUINN – CHAIR
the first half year with interstate travel restrictions and the
USA has remained profitable throughout the pandemic.
The Action Manufacturing (Action) results are also a highlight,
given the extremely challenging supply environment.
Grant Webster will share the detail of the results in the CEO
report, and please refer to the investor presentation for further
information. There are a number of one-off items this year, and
we encourage you to review the financial statements alongside
the investor presentation for detail.
Our Integrated Annual Report
As expectations continue to rise regarding the depth and
quality of information to be reported, we have continued to
transparently disclose and include more information in this
report, which is prepared in accordance with Integrated
Reporting <IR> Framework guidelines.
This year we report on work to set a science-aligned carbon
emissions reduction target for our Scope 1 (direct) and Scope 2
(indirect, energy) emissions using the Science Based Targets
Initiative (SBTi) methodology, with further work underway on
how we appropriately manage Scope 3 targets. We also share
our first reporting on the Task Force on Climate-related Financial
Disclosures (TCFD). Please refer to Climate & Carbon Strategy
section of this report for further details.
We have continued our future-fit sustainability journey and
share progress on the priority future-fit sustainability goals
identified to address the highest impact areas for thl.
Applying the system thinking and science-based approach
that underpins the future-fit framework throughout the
business is a key focus. We see this as both a mindset and
methodology that informs our decisions and guides activities.
1
All values are in NZD unless stated otherwise
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LETTER FROM THE CHAIR

We are different today
There have been a number of changes this year that we
believe have strengthened the business going forward,
including building on the 100% ownership of Action
Manufacturing and embedding non-tourism revenue in the
way of thinking and operating. The discussions on Just go in
the UK becoming a wholly-owned thl subsidiary are ongoing.
Changes to our travel technology business include thl
acquiring 100% ownership of triptech and the sale of mighway
and SHAREaCAMPER.
Over the last year thl has taken the opportunity to review and
refresh many of the operational aspects which create
improvements for the customer journey, P&L and crew health,
safety and wellbeing. Grant will share more details on these
improvements which are highlighted throughout the report.
The business environment still
contains risk
As a travel and tourism operator, we believe we are well
positioned relative to most industries, as we are coming
from such a low base that we still expect to experience
a significant recovery despite shifts in the broader
macroeconomic environment. However we recognise that
tourism recovery remains uncertain.
There are still headwinds the company faces, including
labour shortages, inflationary pressures, continuing sickness
impacts on a daily basis and supply chain interruptions.
We will continue to deal with supply issues daily along with
many of the operating constraints that we see impacting
all industries.
Proposed merger with Apollo
The Board recognises the potential in this proposed transaction
to expand our global business with greater geographic diversity.
The timeline for completing the various regulatory processes
associated with this potential transaction has been extended
several times, we are frustrated with the process and recognise
shareholders must be as well. As at the time of writing this
report, the Board still see the merit in the transaction and
can see a conclusion in a reasonable timeframe from now.
We do, and will continue to review the progress regularly
and ask the deep questions of management, including is
this still the right transaction to do, is this the right time,
and are there any areas of the current business suffering
due to the focus on the transaction.
The outlook for the business
While it is challenging to provide profit guidance at this early
time of the financial year, we recognise the need for some
indication to be provided in what is a unique transition year, as
thl moves into the recovery with the restart of international
travel in all regions where we operate.
Our current expectation is that net profit after tax in FY23 on a
standalone basis will be within the current range of analyst
expectations, being between $17.0M and $30.2M.
Grant will cover more details on outlook in his report.
Cathy Quinn ONZM
Chair
As a travel and tourism operator,
we believe we are well positioned
relative to most industries.
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LETTER FROM THE CHAIR

A letter f rom the CEO
The COVID-19 period, what we learned
and now do differently
The COVID-19 period has been extremely challenging, and once
again the resilience in the thl crew and business has been
superb. We have created new opportunities outside our old
norm, including manufacturing specialist commercial vehicles
at Action, growth of RVSC and retail operations, and further
developed and embedded non-tourism rentals as a core
part of our operating model.
We have built our capability as a business and have seen
changes in the way in which we work, seeking a balance
between work from home, and the importance of being
together while creating flexibility for our crew. Overall we have
seen collaboration improve as we connected in new ways, and
this is leading to more integration between teams, countries
and businesses.
Dear Shareholders
There are a never-ending list of new clichés regarding the
impact of COVID-19 on the world, and particularly the tourism
industry over the last two years, and this impact has been
more than just financial, it has impacted our crew,
communities, customers, suppliers and partners.
The FY22 year for most of the business was about the shift and
transition from closed borders to open, from monthly losses to
profits, and from redundancies to employment. I see thl today
as a business that has been very active through this period,
we have learned a lot, chased new opportunities, refreshed,
and reset ways of operating for the years ahead.
The international borders for most of the business remained
closed for well over half the year. In this context we are pleased
with the businesses that have been profitable and focused on
the recovery for those that have been impacted by COVID-19.
I am very proud of what the
business and our crew have
achieved in another challenging
year. We have continued to grow
and expand our non-tourism
revenue and embed this as a
core part of our business
model going forward.
GRANT WEBSTER – CEO
We have continued to invest in our businesses to be ready
for the expected resurgence in international visitors, reviewing
learning opportunities to enhance our customer service
and products.
The health, safety and wellbeing of our crew is always our
highest priority, particularly through COVID-19. We are always
focused on ways to improve, further develop our systems and
processes and invest in growing our capability, and this year
recruited a new global leader of Health, Safety and Wellbeing
to guide and drive future developments.
The results
When assessing the results for the year, FY22 was a year with
two distinct halves. The first part of the year saw significant
impacts from the Delta wave, travel border restrictions lifting
later than initially anticipated, and an increasingly challenging
global supply chain.
The US business has continued to be profitable throughout the
COVID-19 pandemic, with an EBIT
1
result of $12.7M. The 2022
calendar year high season was impacted by supply constraints,
particularly our ability to purchase fleet. Vehicle sales performance
remained strong, both for sales quantity and margins.
In Australia, our results have rebounded strongly following a
significantly impacted first half of the year with Delta and
international and state level border restrictions, with a first half
EBIT loss of $1.0M, followed by a second half EBIT profit of $7.6M
– an exceptional recovery, and Australia is well positioned for a
strong FY23.
In New Zealand where we have remained in a domestic only
environment for the majority of the year, we incurred an EBIT loss
of $9.0M, a $5.7M improvement on the FY21 loss, of which is an
impressive achievement in this context. Considering the supply
chain challenges, Action also had a very positive year with an EBIT
of $4.9M (before the elimination of margins generated on the
manufacture of thl vehicles). The business had strong specialist
vehicle activity for customers including St John Ambulance, NZ
Defence Force and organisations in the heavy transport sector.
Our highlights for the year
I am very proud of what the business and our crew have
achieved in another challenging year. We have continued to
grow and expand our non-tourism revenue and embed this
as a core part of our business model going forward.
Our crew engagement and retention has remained high
throughout FY22, which is a huge highlight. We are extremely
fortunate to have a committed and highly capable crew who
have shown amazing resilience in these challenging times.
Our crew make thl what it is and I would like to thank all our
teams for everything they have done, and continue to do,
as we move into this next phase of recovery. As noted
elsewhere, the Australian result was outstanding.
Action’s performance this year, the first full year of 100% thl
ownership, is a highlight, as previously noted.
This year has also seen thl work on significant merger and
acquisitions activity as we reviewed our businesses and worked
on potentially transformational opportunities, including the
proposed Apollo merger.
Activity within the business
The last year has been an opportunity to review, refresh and
reset our operations with a number of significant projects and
activities to drive improved performance, which we highlight
in this report.
We are focused on our highest priority sustainability goals and
making progress on our future-fit journey as we embed our global
sustainability work programme into our operational activities.
1
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andmanagementbelievethatthisnon-GAAPfinancialmeasureprovidesusefulinformationtoassistreadersinunderstandingtheGroup'sfinancialperformance.Thismeasureshould
notbeviewedinisolationandisintendedtosupplementtheNZGAAPmeasuresandthereforemaynotbecomparabletosimilarlytitledamountsreportedbyothercompanies.
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thl INTEGRATED ANNUAL REPORT 2022
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LETTER FROM THE CEO

Crew feel more connected with
dispersed colleagues than ever
before, creating a truly global
thl team culture.
We apply a future-fit mindset and methodology to everything
we do, from our global sustainable procurement framework
and new supplier code of conduct, to future-fit branch
sustainability action plans in each country.
At RVSC, a new business expansion project started this year and
is already delivering on key milestones with impressive growth
in our retail operations, with revenue growth of 42% on FY21.
Work is also underway on the planning and development for
the new Auckland branch rebuild. The relocation of the Albany
site has also created opportunities to improve efficiencies as
these activities are consolidated into other sites including
Action Manufacturing and the Auckland Airport location.
We have invested in new fleet designs for our current fleet and
in R&D as part of our Future Fleet programme to address our
greatest future-fit sustainability challenge, the carbon
emissions from our fleet and operations. This year we set a
science-aligned carbon emissions reduction target which
commits thl to an absolute reduction of Scope 1 and 2
greenhouse gas emissions by 50.4% by FY32 from a restated
FY20 baseline, consistent with the aim of limiting global
heating to 1.5ºC.
The thl digital team have made great progress this year, led
by our new Chief Technology Officer - Jo Hilson, achieving
goals, effectively supporting the business, and delivering on
significant projects including COSMOS fleet management
system development. We have refreshed our digital strategy,
invested in new technology and cyber security tools reflecting
the increased threats businesses face, and development work
on new technology products and services is ongoing.
Resilience and change
I remain incredibly impressed by the resilience of thl as a
business and of our crew, who have continued to respond to
change and challenges of an unprecedented scale. This is a
hugely valuable skill and capability which places us in a strong
competitive position, particularly for crew recruitment and
retention. We are very fortunate to have a highly engaged crew,
reflected in our recent engagement survey results. Engagement
levels remained high with an 82% favourable response rate as to
employees recommending thl as a place to work, and 88%
generally feeling positive towards working at the company.
The proposed Apollo merger
In December 2021 we announced the proposed thl and
Apollo merger. We believe this is a potentially transformational
opportunity that will create significant value creation for
shareholders, through synergy realisation and greater
business resilience.
As previously stated, significant anticipated cost out synergies
are expected to deliver a steady-state EBIT benefit of $17M to
$19M per annum, with expected one-off implementation costs
in the order of $4M to $7M.
Apollo and thl are two highly complementary businesses,
which if brought together, will create a diversified, leading
RV travel company across the key markets of Australia,
New Zealand, North America, Europe and the United Kingdom.
The merger represents an opportunity for thl to significantly
increase its fleet base, at a lower cost than through purchasing
new RVs directly. In addition to the synergy benefits, the
combined group will benefit from greater business resilience
through geographic diversification and additional locations in
the Northern Hemisphere.
While there is no certainty at this point in the process, and
significant external resource is being applied, the internal thl
group working on this has been kept small, to avoid impacting
the wider business. I am proud of how the business has
remained focused on delivering business as usual, without
distraction from this opportunity, as evidenced by all the
activity and milestones achieved in FY22.
We continue to work through the process with competition
regulators in Australia and New Zealand, and with the new
owners of Jucy on a potential fleet divestment. We will
continue to update on the timeline and progress, as we have
done. Regardless of the merger outcome, thl as a global leader
in the commercial RV rental market, is in a strong position to
maximise opportunities during the recovery and future
growth phase.
Our business model – how we operate is
different today
We have made changes in what we own and what we are, with
mighway and SHAREaCAMPER sold to Camplify, and triptech
now 100% owned. FY22 was the first full year of 100% Action
ownership, manufacturing and non-tourism activity is growing
and being embedded as a core part of our business, including
exciting progress in the RVSC and retail space.
The MaxiTRANS acquisition for Action has created a more
streamlined, stronger manufacturing base with greater
diversification beyond motorhomes, which will enable more
stable long-term performance, and leverages expertise and
supplier relationships for both tourism and non-
tourism business.
Operationally we have used the COVID-19 period to review,
redevelop and refresh our activities with a focus on the
foundations, our crew health, safety and wellbeing, our future-
fit sustainability goals, and new initiatives to move us forward,
such as our global cultural capability commitment.
Investing in our crew and leaders training and development is a
priority for thl. We launched TRX25, a new customer experience
improvement initiative for our New Zealand and Australia
rentals teams. Our DriveSchool leadership development
programme restarted this year, with new modules focused on
future-fit, managing risk and health, safety and wellbeing.
Tourism globally
Currently there is a significant amount of media speculation
and reporting on tourism trends. What we are seeing is a cohort
that fits into the ‘revenge travel’ category, travellers who are
getting out regardless now borders are open - this is likely to be
a positive for this summer season, not a long-term trend.
There are potential headwinds preventing immediate return to
pre-COVID-19 travel levels. These include the impact of airline
capacity issues, higher tourism prices, the perception of
challenges such as delays impacting travel and the wider global
economic impacts with the potential for recession, inflation and
price increases impacting consumer confidence. We expect
airline capacity to grow in FY23 and for all markets to be open
for outbound travel by the end of Q1 (except China).
However we have seen over the last few years that RVs are a
popular form of travel, with new customers and markets
growing. Travel in an RV also resonates with customers as a
more locally-based, intimate scale experience, with the
flexibility to connect more authentically with communities and
spend time in destinations experiencing nature and the
great outdoors.
Long-term trends for more sustainable travel suits the
experiences our vehicles provide, and we remain positive that
we will see growth in the category. We are actively engaging
with the travel and RV industry and contribute to global and RV
industry developments in these areas. The increasing focus on
responsible and regenerative travel by the industry is positive,
and we remain committed to working with partners to promote
responsible travel and manage community and destination
impacts as travel rebounds.
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thl INTEGRATED ANNUAL REPORT 2022
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LETTER FROM THE CEO

Capital expenditure
During the year we had capital expenditure of $181M. Nearly all
of this is on fleet renewal. This is up on the prior year figure of
$107M. The expected gross capital expenditure for FY23 is
approximately $270M-$300M, however this remains subject to
supply availability and delivery timing. Net capital expenditure
in FY23 is expected to be approximately $120M.
We have been focused on minimising capital expenditure in
the current environment, except where required. We have been
reinvesting in fleet in the US, to be ready for a summer of both
domestic and international customers. In New Zealand and
Australia the total fleet we will operate in the upcoming
summer period will be lower than in prior years, and thus our
total funds employed in those businesses will be lower. We will
be focused on delivering an appropriate return on funds
employed over the coming year.
Our banking partners continue to be supportive of our business
and understand the need for us to meet demand as it returns.
We have worked with our lenders and have managed our fleet
position well in order to reduce debt.
We have not reviewed our dividend policy at this point, and
as previously advised, there will be no dividend in FY22 and we
are unlikely to pay a dividend in FY23. Moving forward, we seek
to return to paying dividends once we have certainty on
profitability and have an appropriate equity ratio which is still
to be determined. The current terms of our banking facilities
require approval from our banking partners for any distributions.
The trading environment
In the US, domestic travel demand remains strong and
international activity is continuing to grow. Vehicle sales
margins have now started to return towards more normalised
levels, and we expect average margins will revert to FY21
margins by the end of FY23.
The Australian business is well-positioned to deliver a
potential record EBIT result in FY23, with positive trading
conditions in both rentals and vehicle sales. Domestic demand
remains strong and there is a positive level of international
demand returning.
We expect the New Zealand trading environment will
remain challenging in the first quarter of FY23 with limited
international demand. International activity is expected to
return more meaningfully for a more positive 2022 summer
period, with the business running a smaller rental fleet size.
Vehicle sales volumes will be lower than FY22 as the business
commences fleet regrowth and while sales margins are likely
past their peak, they are expected to remain elevated.
Governance
As management, you always hope that you have the right skills
and capabilities as a collective on your Board for all situations.
From a management perspective we can reassure shareholders
that we are fortunate to have a Board which has been highly
engaged, appropriately responsive and has provided excellent
advice and guidance during another challenging year.
The only change of note from a governance perspective in the
year was the retirement of Rob Campbell as Chair in June 2022.
Cathy Quinn, having served five years on the Board was elected
as the new Chair effective from Rob’s resignation. I would like to
extend my thanks to Rob Campbell for his leadership and
contribution, challenges and availability. I am very pleased to
have Cathy Quinn step into the Chair role bringing extensive
skills and governance expertise.
Outlook and opportunities - what’s next?
thl is sharply focused on delivering a profit improvement in
FY23 and concluding the process for the proposed merger with
Apollo. As the Chair mentioned, our current expectations are
that net profit after tax in FY23 on a standalone basis will be
within the current range of analyst expectations, being
between $17.0M and $30.2M.
Regardless of the merger outcome, the business is well
positioned for recovery, with strong business development
and merger and acquisitions activity in a recovering and
growing market. We have successfully leveraged our collective
skills and experience at every level from the thl Board to all our
branches, bringing in the new and refreshing, and refocusing
our operations to be ready for the recovery phase.
The adversity we faced over the last few years has created
opportunity. A striking feature has been the impressive
development of our crew as they faced new challenges head
on, we have seen great growth in our leadership skills
throughout the business and we have a strong pipeline of very
capable people, well positioned around the world for a global
business heading into a growth phase. Underpinned by our
Future-Fit Business Benchmark and leveraging lessons learned
from COVID-19, we are enhancing our customer experience and
developing new business opportunities.
Closing
I once again would like to acknowledge all the thl crew and
shareholders who have stuck with us through these
challenging times. We benefit greatly as a business from the
depth of experience, commitment, capability and flexibility
that flows throughout thl from the Board to our branch crews.
It is hard to find adequate words to describe how proud,
inspired and appreciative I am of our amazing crew, who have
continued to do a fantastic job delivering despite all the
challenges, seeking new opportunities and always supporting
each other, and our customers. You really are the heart of thl
and I cannot thank you enough for everything you do.
While we may have been physically further apart, we are more
connected than ever, as we navigated work from home, border
closures and periods of lockdown. It has been fantastic to see
our culture of collaboration grow and develop, as we build
greater connection, coordination and consistency between
teams and countries as a global thl team.
I look forward to seeing and thanking our crews in person, in
the places where they work, over the coming months.
In summary, over the last year we have tidied, reviewed,
refocused and refreshed across all our business operations
and developed exciting new opportunities. We are well set up
for the future and ready to grow.
Grant Webster
CEO
We have successfully leveraged our collective skills
and experience at every level from the thl Board
to all our branches, bringing in the new and
refreshing and refocusing our operations to
be ready for the recovery phase.
LETTER FROM THE CEO
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The year ended 30 June 2022 was a year of two halves.
The first half remained strongly impacted by the
COVID-19 pandemic, particularly for our Australasian
businesses due to ongoing domestic and
international travel restrictions. While travel
restrictions in the US were more relaxed, the business
faced headwinds relative to the prior year as
alternative travel options opened up. Through the
second half, conditions started to shift towards a post-
pandemic state as international tourism
recommenced. An indication of what the future of thl
may look like beyond the pandemic is nearly in sight.
thl has remained as focused as ever on creating new
opportunities and moving forward. The year had
numerous initiatives to improve the business and the
experience we deliver to customers, such as new
vehicle designs and a transformation of the entire
customer experience. We believe our journey to-date
has set us up with a strong foundation to create value
for all our stakeholders over the long-term.
Our year in review
As at 30 June 2022
SALE OF GOODS
REVENUE
NET DEBT AND CAPACITY FOR
FUTURE FLEET GROWTH
thl’s net debt increased by $9.8M
across the financial year to end at
$58.5M on 30 June 2022. Debt
remains well below the capacity
available to thl through its lending
facilities, with approximately
$200M in headroom (as at
30 June 2022) to fund future
fleet regrowth.
MAKING THE MOST OF A
STRONG VEHICLE SALES
ENVIRONMENT
Across all three countries, thl
delivered record average vehicle
sales margins in FY22. The sales
businesses have learned key
lessons, are better prepared and
are more focussed going into the
future, as thl reverts to a more
normal rhythm of vehicle sales.
RENTAL REVENUE
NET TANGIBLE ASSETS
PER SHARE
-1%
-6%
$1.82
FY22 STATUTORY NPATAVERAGE GAIN ON
VEHICLES SOLD
-$2.1M 137%
1
Excludes the following non-recurring items: A $1.3M gain on sale of Togo class B shares, a $5.3M (after tax) gain on sale of mighway and SHAREaCAMPER and $2.3M gain
on loan forgiveness; offset by $4.9M (after tax) of transaction costs in relation to the proposed merger with Apollo and goodwill impairment of $0.7M.
2
Net debt refers to interest bearing loans and borrowings less cash and cash equivalents
3
Excludes purchase of buyback vehicles.
+36%-9%+20%-4%
+63%+183%
UNDERLYING
NET LOSS
AFTER TAX (NPAT)
1
-$5.4M
FY21: -$14.3M
EBIT
$6.9M
FY21: -$8.3M
TOTAL REVENUE
$345.8M
FY21: $359.2M
NET DEBT
2
$58.5M
FY21: $48.7M
FLEET AT YEAR END
3,858
FY21: 4,242
FLEET PURCHASES
3
1,514
FY21: 1,116
Unforgettable Journeys
16
thl INTEGRATED ANNUAL REPORT 2022
Unforgettable Journeys
17
OUR YEAR IN REVIEW

FY22 MILESTONES
Proposed merger of
thl and Apollo Tourism
& Leisure announced,
with the intention to
create a global leader in
the commercial RV
rental market
Discover Waitomo -
inaugural Matariki
celebrations engage local
community and visitors
Discover Waitomo –
Matariki Dawn
Ceremony held
for community
and whānau
Relocated to new branch
in Brisbane
Action Manufacturing –
FTE headcount passes 250
across three sites
Action Manufacturing -
Specialised & Emergency
Vehicles Australia secures
large order with Queensland
Ambulance Service
First of the next
generation KEA
platinum vehicles rolls
off production
United States (US) border
restrictions for COVID-19
lifted for non-citizens
Australia (AU) reopens
international borders
100% Telematics vehicle
tracking in AU & 94% NZ
RVSC new transformational
business development
model signed off which will
enable significant growth
Total Rental Experience 2025
(TRX25) customer experience
launched. ~50 crew were trained
in November 2021 and ~99 crew
were trained in May 2022
New 4WD Isuzu launched
in Australia
Discover Waitomo - bilingual
and full immersion Te Reo Māori
tours developed and delivered
for Māori language week
Discover Waitomo – community
outreach with Te Kura o Kāwhia
School - 60 students and
teachers hosted with Te Reo
Māori immersion tour
Travel and Leisure Sector winner
at the New Zealand Marketing
Awards for our "Get Moving to Get
New Zealand Moving" campaign,
as well as a finalist in the
cross-sector Marketing
Communications Strategy and
Supreme Awards
Action Manufactuing - Fairfax
secures significant contract
with Big Chill distribution
Recommencement of
international travel trade
shows with ATE and IPW
RVs utilised for emergency
housing support and isolation
facilities provided through the
New Zealand Ministry of Business,
Innovation and Employment - over
12,000 hire days and $1.2M revenue
thl USA enters the rapidly
growing Class B category for
the first time
Agreed to sell mighway and
SHAREaCAMPER businesses to
Camplify, an Australian publicly
listed peer-to-peer business
Action Manufacturing –
design for new Voyager
model complete
Supported the COVID-19
vaccination roll-out by
providing vans to 12 District
Health Boards and 13 Māori
health providers to assist
with taking vaccinations
to communities
First of the next generation
KEA Cascade vehicles rolls
off production
First milestone of new RVSC
business model - achieved
43% retail revenue growth
compared to prior year
US business takes a further
step towards all crew
receiving a competitive,
thl Future-Fit Wage
Action Manufacturing –
acquisition of MaxiTRANS
NZ announced to
the market
Discover Waitomo – winners of
the Recreation Aotearoa
Environmental Leadership Award
New customer registration
page enabling agent
bookings/customer
registration prior to pick-up
released in AU & NZ
Action Maunfacturing –
three year contract renewed
with St John
JulyOctDecJun
New Zealand (NZ) reopens
international borders
FY22
milestones
Unforgettable Journeys
18
thl INTEGRATED ANNUAL REPORT 2022
Unforgettable Journeys
19

thl at a glance
659
EMPLOYEES
INCLUDING ACTION MANUFACTURING
12,590,000
KM TRAVELLED*
1,009
FLEET SIZE
72,545
CUSTOMER EXPERIENCES*
DELIVERED
154
EMPLOYEES
37,897,000
KM TRAVELLED*
1,207
FLEET SIZE
30,122
CUSTOMER EXPERIENCES*
DELIVERED
322
EMPLOYEES
40,423,000
KM TRAVELLED*
1,642
FLEET SIZE
66,409
CUSTOMER EXPERIENCES*
DELIVERED
* Approximate at time of going to print
Franchised operations in Japan
and Southern Africa
Auckland: Albany, Mangere, CBD, Takanini; Waitomo;
Hamilton; Christchurch; Queenstown
Aotearoa New Zealand
Australia
Adelaide, Alice Springs, Brisbane, Broome, Cairns,
Darwin, Hobart, Melbourne, Perth, Sydney
United States
Equity Investments
Los Angeles: LAX/Santa Fe Springs, San Bernadino, Newport Beach, Van Nuys, Agoura
Hills; San Francisco: Dublin, San Leandro; Orlando; Ferndale; Seattle; Las Vegas; Dallas;
NYC; Denver; South Amboy; Reno; Corona – Norco; Sacramento; San Diego; Santa Cruz;
Ventura / Oxnard; Victorville – Hesperia; Miami; Chicago; Salt Lake CityLondon, Edinburgh
Unforgettable Journeys
20
thl INTEGRATED ANNUAL REPORT 2022
Unforgettable Journeys
21
AT A GLANCE

Impact & Outcomes
How thl creates value:
our value model
Inputs
Future Inputs
Businesses create, preserve or erode
value for themselves and others. Our
Value Model summarises how thl creates
value for ourselves and the wider system
in which we operate.
We draw from inputs or 'stocks of value',
represented by the six capitals: natural,
manufactured, intellectual, human, social
and relationship, and financial. We then
seek to create value through our business
model, which delivers outcomes. At thl we
recognise we are part of wider systems,
and that all our value creation activities
have positive or negative impacts.
Traditionally, businesses were focussed on
financial capital and 'shareholder value'
but didn't account for externalities or their
impact on other stakeholders. More
recently, businesses have been exploring
'shared value', where negative impacts
may be reduced or offset by 'doing good'
elsewhere, but business as usual
continues. The Future-Fit Business
Benchmark we use at thl gives us a
framework to evolve to 'system value' in
which businesses contribute to a thriving
society and help to regenerate our
environment (doing 'more good').
Learn more about how we protect the
value we create in the Enterprise Risk
Management section in this report.
IMPACT & OUTCOMES INFORM CAPITAL INPUTS
O
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r

O
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r
a
t
i
n
g

M
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e
l
+

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h
e

v
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l
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e

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e

a
d
d
Our purpose
Creating unforgettable
journeys
Our business
Vision
To sustainably connect
millions of people with
personalised local
experiences, leveraging our
expertise in RVs and
tourism globally.
Right path
We apply a thl future-fit
mindset and methodology to
guide our environmental,
social and economic direction.
Our way (thl values)
• Be the best
• Be curious
• Do the right thing
Build-Buy-Rent-Sell
RV model and
delivering tourism
experiences
thl INTEGRATED ANNUAL REPORT 2022
Protect and enhance ecosystem health, prevent harm and create positive
impacts. Addressing the climate change, environmental, natural resource and
destination impacts of our vehicles and products. Aiming to go beyond ‘sustainability’
to contribute to restoring and regenerating the natural environment and sensitive
ecosystems where we have an impact, such as Waitomo.
Innovation, expertise, improving our products, experiences and impacts. RV
design and delivery expertise; providing safe, comfortable, high quality vehicles.
Working to reduce GHG emissions and impacts of our vehicles and operations on
the environment. Technology and systems to improve operational efficiency, high
quality experiences and services for our customers and communities.
Innovation, resilience and excellence. High quality services and products that
exceed customer expectations. Reducing negative impacts including GHG
emissions, natural resource use and impacts on ecosystems. Enhancing customer
experiences and contributing positively to communities and destinations.
Leadership development and growth opportunities, building our cultural
capability. Diverse teams, engaged and committed crew; curiosity, creativity and
innovation from our teams. Leadership, development and growth opportunities.
Flexible working policies, fair employment terms, healthy and safe workplaces,
addressing crew concerns and supporting health and wellbeing.
Partnerships for positive impact for communities, stakeholders and destinations.
Addressing community concerns on negative impacts of freedom camping. Promote
responsible travel and opportunities to authentically connect with communities,
including First Nations Peoples, through Tiaki Promise in NZ, our Reconciliation Action
Plan in Australia, and Travel with Heart in the US. Supplier relationships, sustainable
procurement and having a positive impact across our value chains.
Creating value for our customers, crew and communities, shareholders and
stakeholders. Products and experiences we provide create positive economic
impacts for communities. Recognising and seeking to address community
concerns where negative impacts occur.
The natural resources, energy, fuels and water used in our
RV vehicles and operations.
The high quality environments, ecosystems and cultural
values that underpin the destinations our customers visit.
The RV fleet we build, rent and sell. Buildings and
infrastructure we lease and maintain for our operations.
The technology, process and systems to improve our
customer experiences and operational efficiency.
Expertise and innovation as the largest global RV rental
operator and in tourism operations, customer services and
creating compelling experiences.
Development of technology solutions, organisational
systems and services that support our crew and customers.
Our crew’s skills, talent, energy and engagement.
Leadership, strong values and direction of our future-fit
pathway. Governance and management systems for risk,
health, safety and wellbeing, and operational performance.
Active engagement with: industry partners, tourism, travel
and transport groups/forums and regional tourism groups
and operators.
Relationships with: community, iwi/indigenous groups,
Government agencies, and local partners where we are
based, and where our products impact.
Global network of suppliers.
The revenue and value we generate and access to funds
and investment in our products, experiences, people and
the places where we operate.
OUR VALUE MODEL
Unforgettable Journeys
22
Unforgettable Journeys
23

Our
Our thl culture, creativity
and resilience once again
has been a core strength in
a second challenging year
facing a loss-making situation
with continued closure of
international borders, impacts
of COVID-19 and major supply
chain disruption.
Our approach has been to ensure we leave no
stone unturned by undertaking monthly
reviews which, rather than looking back at
progress against prior years, look ahead as we
navigate complex and uncertain operating
environments. Always asking the question:
have we maximised every opportunity for
revenue, cost saving, future-fit progress and
moving the business forward?
As international travel restarts and we enter
the recovery, we believe we have a strong
foundation to create value for all our
stakeholders over the long term. This is
underpinned by our commitment to become
future-fit with an ultimate aim of our
operations, products and services being
environmentally restorative, socially just and
economically inclusive.
journey
SUSTAINABILITY GOALS
CAPITAL INPUTS TO CREATE VALUE
RENEWABLE ENERGY
WATER USE
OPERATIONAL EMISSIONS
OPERATIONAL GHGS
OPERATIONAL WASTE
OPERATIONAL ENCROACHMENT
COMMUNITY HEALTH
TCFD COMMENTARY:
Within the RV sales and rentals industry, thl has
a short to long-term opportunity for leadership
on climate response if we meet our science-
aligned carbon reduction targets and future-fit
sustainability goals. In addition, we face a
medium-term risk to regulatory and legal
compliance given the potential speed of policy
changes and the lack of available low-carbon
technologies. For more information on how
we’re responding to this opportunity and risk,
see the Climate & Carbon Strategy section in
this report.
NATURAL CAPITAL
SOCIAL & RELATIONSHIP CAPITAL
HUMAN CAPITAL
MANUFACTURED CAPITAL
INTELLECTUAL CAPITAL
FINANCIAL CAPITAL
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24
thl INTEGRATED ANNUAL REPORT 2022
Unforgettable Journeys
25
OUR BUSINESS JOURNEY

The Australian business finished the year with a strong
rebound and pleasing result, despite the challenges in
the first five to six months of the year with disrupted
interstate travel. For the rentals business, it was a year of
largely domestic only travel with international guests
only starting to return in small numbers post the borders
opening in February. Net revenue for the rentals business
grew by 21% on the prior year and amounted to 60% of the
FY19 result, driven by ‘break-out’ yield growth with
effective collaborative marketing with State and Regional
tourism bodies.
Another core component of the result was our continued
non-tourism business growth, with bookings secured
through an effective sales and logistics team and great
customer service that subsequently secured additional
bookings from Government, film and
infrastructure sectors.
Demand from customers wanting to own their own
motorhome also continued strongly for a second year. We
maintained margins that were higher than prior years,
tripled sales of new retail RVs and opened our second
wholly owned dealership, RVSC Brisbane, leveraging the
new rental branch site near Brisbane Airport.
New Premises in Brisbane
In November, we opened our new Brisbane branch in the
airport suburb of Pinkenba. The site is 19% larger than our
former branch and has accommodated a second vehicle retail
sales outlet (RVSC Brisbane). The location is similar distance to
the airport as the previous site, avoiding negative impact on
customers, crew and suppliers. The new International Cruise
Ship Terminal is located five minutes away from the site and is
likely to attract tourism services in the future.
The site is light, spacious and a vastly improved working
environment for our crew. The new branch provided an
opportunity to assess our first property using our newly
developed future-fit branch location assessment framework,
understanding the external environment and our potential
impacts in the location, and reviewing facilities at the site for
the future-fit branch impacts relating to energy, water waste,
operational emissions and community contribution.
Australia business
performance rebounds
We tripled sales of new retail RVs and opened our
second wholly owned dealership, RVSC Brisbane,
leveraging the new rental branch site near
Brisbane Airport.
The US region started FY22 with an ‘asymmetric’ summer
season with the border closed for incoming international
tourists and US consumers able to enjoy overseas travel to
most parts of the world. FY22 finished with international
customers back in force and expectations that the
pandemic ‘boom’ of RV sales may start to slow down.
A key pillar in our successful navigation of the pandemic has
been the continued purchasing of new fleet, which has
allowed us to significantly refresh the fleet age and continue
to participate in the booming, pandemic demand for
RV sales.
The US business has a great strength in the diversity of our
operation, with established brands, products, locations,
distribution channels and reputation in the key regional
markets of the US and Europe. Our agility to switch focus at
pace to meet rapidly changing, and often localised
opportunities, lies at the core of our success in these
volatile times.
Agility key
to success in
the USA
Growing success of
RVSC retail in NZ
It has been another year of impressive growth and expansion
for our RVSC business. Following a strategic review, at the start
of FY22 we implemented a transformational business
development model for RVSC to enable significant growth.
This change is focused around connecting and engaging
customers over the full life cycle of RV ownership - from
vehicle purchase, to services, related products, parts and
accessories - to support our customers with easy and
enjoyable experiences as an RV owner.
RVSC retail performance was a standout over the year and
continued to go from strength to strength in FY22 – delivering
47% growth on the prior year. Our online retail range has
increased greatly and is now the number one retail channel for
RVSC, contributing more in revenue than any single physical
location. In the Christchurch store, retail was expanded to utilise
the rentals space no longer required.
RVSC vehicle sales became the core focus of the NZ business
during the pandemic. We needed to right size our fleet for a
domestic market by selling our rental fleet. RVSC has continued
to deliver in a buoyant sales market in FY22, with impressive
margin growth - 124% up compared to the prior year, driven by a
shortage of sales stock in the market. Supply chain challenges
and stock shortages are expected to continue into FY23,
however demand changes due to economic conditions may
alleviate these concerns earlier than previously anticipated.
The RVSC has become a successful business in its own right,
providing the full dealership model. We will continue to
improve, transform and grow our RVSC product and service
offerings in FY23 to ensure we are providing a one stop
destination for all customers.
From an operations perspective, strong cost control further
supported the result along with an adaptive, flexible team who
took on different roles and responsibilities to cover the peaks
and troughs of activity around the country. The health, safety
and wellbeing of our team was a top priority over the year. We
are proud to have a 92% crew retention rate and crew
engagement survey score of 81%.
We have become more connected as a team and worked
together between branches, businesses and countries to
progress projects to further advance the business including
future-fit priorities, the Total Rentals Experience programme
(TRX25), Telematics, COSMOS and alignment with triptech.
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26
thl INTEGRATED ANNUAL REPORT 2022
Unforgettable Journeys
27
OUR BUSINESS JOURNEY

The continued growth of non-tourism demand has been a
feature of this financial year. RVs are a compelling solution for
non-routine accommodation needs as they are fully self-
contained and can be rapidly deployed, at scale, to almost any
location. The mobility, interior living facilities, and flexible
storage also make them an enabler of mobile service delivery.
We are proud that thl has become a valued partner for
emergency organisations supporting disaster relief; film
productions, infrastructure builders, and events for remote
accommodation villages; and health care providers running
mobile vaccination clinics.
Non-tourism demand has many different characteristics to
tourism demand and tends to be less predictable. The average
booking is longer, requires multiple vehicles, and is requested
with short lead-times. As international tourism resumes and
fleet utilisation increases, finding available fleet at short notice
will become more challenging and we are developing strategies
for this as we continue to embed non-tourism as a permanent
part of our business model going forward.
It has been a year of change and refocus for thl digital, as we
reviewed, restructured and reassessed our plans and priorities,
including the sale of our peer-to-peer businesses and
acquisition of the remaining interest in triptech to make it
wholly-owned. In the year we have invested in data, security,
agile ways of working, and improving our product offering to
improve customer experience, performance and
service delivery.
We made significant improvements in our product offerings,
modernising our fleet management system, and creating
synergies between our US operations and fleet that will drive
greater value in fleet utilisation once launched across the US in
FY23. Our Telematics product was enhanced to enable greater
control over tracking devices on our fleet across Australia and
New Zealand, generating more data and insights, enhancing
efficiency and our customer experiences.
As cyber security threats become more sophisticated, the
business continues to focus on the importance of being
resilient, accelerating our threat and vulnerabilities protection,
leveraging best in class enterprise security and aligning with
trusted technology partners to monitor our end-point
protection. The work done in FY22 to realign and build our
technical foundation and digital capabilities has set us up to
deliver our global digital strategy and products to support thl
business success and growth in FY23.
Continued
growth in non-
tourism revenue
thl has become
a valued
partner for
emergency
organisations
The evolving role of digital technology within thl creates exciting
opportunities for thl digital to continue to grow as a key enabler
of our business strategy and success. Our work in FY22 has
enabled the team to become stronger and more resilient,
improving our internal capabilities and digital offerings. We look
forward to delivering increasing value to our customers and new
development opportunities for our crew in the year ahead.
JO HILSON – CHIEF TECHNOLOGY OFFICER
Refocus for
the future at
thl digital
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thl INTEGRATED ANNUAL REPORT 2022
Unforgettable Journeys
29
OUR BUSINESS JOURNEY

Our
The capability and
commitment of our crew is
the core of our business. Our
people make thl what it is,
and once again our crew have
shown exceptional resilience.
To support our crew in these uncertain and
challenging times we have significantly
strengthened our capability and activities
relating to health, safety and wellbeing in FY22
to continuously improve our processes
and approach.
In FY22 we continued to build our cultural
capability and are proud to have embarked on
our first Reconciliation Action Plan in Australia.
We were also delighted to restart our highly
impactful DriveSchool leadership development
programme with new modules and diversity
and inclusion work.
journey
SUSTAINABILITY GOALS
CAPITAL INPUTS TO CREATE VALUE
EMPLOYEE HEALTH
LIVING WAGE
FAIR EMPLOYMENT TERMS
EMPLOYEE DISCRIMINATION
BUSINESS ETHICS
OPERATIONAL ENCROACHMENT
COMMUNITY HEALTH
TCFD COMMENTARY:
A key focus for FY23 will be to engage our crew,
suppliers and industry partners in our Carbon
Challenge. We will kick off carbon sprints with
our crew to set decarbonisation pathways and
help us gain momentum towards our science-
aligned carbon reduction target. For more
information see the Climate & Carbon Strategy
section in this report.
NATURAL CAPITAL
SOCIAL & RELATIONSHIP CAPITAL
HUMAN CAPITAL
INTELLECTUAL CAPITAL
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thl INTEGRATED ANNUAL REPORT 2022
Unforgettable Journeys
31
OUR PEOPLE JOURNEY

The health, safety and wellbeing (HSW) of our crew and
customers is paramount. In FY22 a comprehensive review of
our HSW culture and capability was undertaken. Using a
systems-thinking approach, six focus areas were reviewed:
technical expertise; resourcing; operational settings; training;
process and planning; and reporting.
We continued to focus on our HSW capability in FY22, including
employing a new Global HSW lead based in Australia who also is
the Australia country lead, and external support as our Acting NZ
HSW country lead. Training and capability building for key
internal HSW stakeholders including our Health, Safety &
Sustainability Coordinator; and organising enhanced third-party
support from our vendor in the USA.
We are also implementing initiatives to improve our HSW
systems, processes and culture; empowering our crew to make
decisions, speak up and continuously improve in health, safety
and wellbeing. We are developing robust systems, focusing on
the people doing the work and the risks they face, to create a
global health and safety system that will be accredited to ISO
45001:2018.
At thl, health, safety and wellbeing includes mental health.
A number of crew wellbeing programmes are underway,
with a strong focus on mental health, to enable our crew to
thrive. In New Zealand, training was initially focused on frontline
leadership roles and their direct reports. In Australia
a Living Well training programme commenced in FY22 to
continue to build mental health awareness and resilience
for crew. This programme will continue into FY23.
Our crew engagement survey highlighted areas for ongoing
focus, including monitoring of workloads and resourcing;
PPE and protection; wellbeing mechanisms for crew under
pressure; crew recognition, remuneration and benefits;
communication; and workplace flexibility. Though COVID-19
still presents challenges, we are confident that we are
appropriately managing the risk across all our jurisdictions
for the safety and wellbeing of our crew and customers.
Looking ahead to FY23, we will focus on our critical risk
framework; aligning our Health and Safety Management
System with ISO 45001; improving our reporting to include
leading indicators; improving our incident processes; delivering
holistic wellbeing campaigns; and providing our crew with the
right support and tools to do their jobs safely.
Health, Safety and
Wellbeing – significant
capability development
in FY22
thl is fortunate to have an
incredibly passionate and agile
workforce from all walks of life -
I am really excited by the
opportunities to further build our
health and safety systems to
continually improve how we
protect our crew and customers.
With a geographically dispersed
business such as ours, there are
always challenges, but I have
been humbled by the enthusiastic
attitude toward safety and
wellbeing and I am highly
optimistic about the HSW team’s
ability to embrace best practice.
CAMERON ALLCOCK – NEW HEAD OF HEALTH,
SAFETY AND WELLBEING (HSW)
Diversity and
Inclusion developments
Female %C-Suite Positions
Senior
Management
Positions
Middle Manager
and Supervisory
PositionsNon-Managers
Overall Combined
Female
Representation
across all categories
NZ –37.5%43.2%38.4%38.9%
AU –40%48.6%31.5%37.1%
US –26.7%35.4%41.3%39.7%
Combined
representation
30%35.1%42.2%38.6%38.9%
FEMALE WORKFORCE PARTICIPATION SUMMARY BY REGION
1
In late 2021, thl re-commenced a programme of work around
diversity and inclusion. The initial focus has been on collating
data regarding the gender representation within main role
categories across New Zealand, Australia and the USA.
Diversity and Inclusion Reporting Data and analysis is outlined
below. At this stage, while gender identification in relation to
roles has focused on male and female, a more in depth and
diverse analysis will be undertaken in FY23.
This will be part of a programme of work including a global
diversity and inclusion survey, accompanying data collection
covering gender and ethnicity, a pilot benchmark analysis of
pay across and within roles. There will also be a focus on
education and training around diversity and inclusion for
leadership groups as part of the DriveSchool programme, and
the ongoing work being undertaken as part of cultural
capability programmes as outlined in the following section.
Diversity and Inclusion Reporting Data
The main focus for FY22 diversity and inclusion reporting has
been on female representation across the business in terms of
four main categories: Key Management People (KMP)
representing C-Suite Executives, senior management, middle
and supervisory level management, and non-management
roles. The table reflects the outcome of the analysis undertaken
to date.
1
The published C-Suite percentage has been combined for all regions to address
privacy and disclosure concerns for individuals who may be the sole
representative in that region.
The analysis used in the table above has used a 40:40:20
categorisation (40% men, 40% women and 20% open) as an
interim review method, which has been adopted by a number
of organisations to identify balances and possible imbalances
in terms of the participation of women with the organisation.
The analysis covers all employees within thl regions, including
permanent/continuous, fixed term, seasonal and casual roles.
The above information excludes female representation on the
thl Board which currently is at 60%.
Based on the above analysis, we are setting a target of
40:40:20 gender representation at all roles and levels in the
four categories i.e. 40% of both women and men, with the
remaining 20% being of any gender.
Out of Balance (male dominant)
(if < 40%)
Balance Achieved (40-60%)
(i.e. female representation is achieved)
Brief analysis and next steps:
The initial information contained in the table reflects an
overall participation rate of women within the thl workforce
of 38.9%. There are some key areas within thl, such as
representation at C-Suite (30%) and senior management
level positions (35%) which have a deeper context that needs
to be considered when setting measurable objectives or
targets e.g. absolute numbers of people in that role. An
analytical survey is planned in FY23 to gain deeper insights
on broader gender and ethnic related information in the
regions for consideration in the setting of any additional
objectives, and linkages to areas of work such as the thl
Building Cultural Capability initiatives.
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thl INTEGRATED ANNUAL REPORT 2022
Unforgettable Journeys
33
OUR PEOPLE JOURNEY

As a responsible travel and tourism company, creating
unforgettable journeys is our purpose and we aim to enable
and connect our customers with tourism experiences that are
restorative and regenerative for the destinations where they
travel and the communities with whom they interact.
Australia
Inaugural
Reconciliation
Action Plan
We are excited to work with our
current and new partners to
improve our cultural awareness
and understanding, and to
create opportunities for our crew
and customers to meaningfully
engage in the reconciliation
journey, as part of our future-fit
pathway. Over the next 12
months we will be implementing
our RAP actions and will share
our progress in our next report.
KATE MELDRUM – COO AUSTRALIA
Reconciliation Action Plans led by Reconciliation Australia
provide a clear framework, focused on accountability, actions,
impact and outcomes for reconciliation, with specific actions
and deliverables to progress the relationships, respect,
opportunities and governance pillars.
The thl Australia team is highly motivated and inspired to
explore our scope and vision for reconciliation and take action
to recognise, respect and value the rich, diverse cultures,
knowledge, contribution and connection to the country of
Aboriginal and Torres Strait Islander peoples.
Reflecting our value to be curious, our teams took part
in learning activities and events during National Reconciliation
Week and NAIDOC Week for the first time in FY22. We will
continue to build our knowledge and understanding as we
embark on our inaugural RAP.
We have developed our online content to showcase Discover
Aboriginal Experiences to our customers and rolled out a local
cultural tour experience initiative for our crew to build
knowledge and confidently share information with
our customers.
At a global level, thl is on a journey to build our cultural
capabilities, specifically: the skills, knowledge, behaviours and
protocols required to plan, support, improve and deliver
products and services in a culturally respectful, genuine and
appropriate manner.
As a global citizen based in Aotearoa New Zealand, we act in a
manner reflecting our ‘Kiwi’ heritage. We also operate in
Australia and the US, with a joint venture in the UK. We
acknowledge there are many different cultures and approaches
in each country. We are therefore taking a place-based
approach to building our cultural capability, actively recognising
and respecting Māori, Aboriginal, Torres Strait Islander and First
Nations Peoples, and their continuing connection to their land,
waters and communities.
This means that while we are committed to a set of global
guiding principles, we will have a distinct focus in each separate
jurisdiction acknowledging our local responsibilities,
undertaking cultural protocols appropriate to each location. The
global elements of thl will need to find an appropriate voice and
set of artifacts that resonate with the place-based approach
within each region.
We will focus on jurisdictions where we have the greatest
opportunity for positive impact, initially Aotearoa New Zealand
and Australia. At a group level, our leadership team will provide
clear accountability, governance and resourcing. We will
undertake training so that our policies, procedures and
processes are aligned with this ongoing journey.
Building Cultural Capability:
Our Global Commitment
In Australia, we are proud
to have developed our first
Reflect Reconciliation Action
Plan (RAP), in partnership
with Reconciliation Australia.
In Aotearoa New Zealand, we
are privileged to work in close
partnership with the
Waitomo local hapū. Our
relationships, learning and
cultural activities will guide
development of a cultural
capability plan for our
operations across Aotearoa
New Zealand.
See following page
Taking a
place-based
approach
Aligning with
thl values and
the future-fit
mindset
Listening and
learning with
humility: we know
we may make
mistakes
Co-designing
our plans with
indigenous
partners
Facilitating
practical action
and taking
an iterative
approach
Embracing
local values and
protocols as
appropriate
Providing clear
and consistent
communication
Better
understanding
the value we can
bring to the places
and communities
in which we
operate
thl’S 8 GUIDING
PRINCIPLES
ON CULTURAL
CAPABILITY
In committing to our first
Reflect Reconciliation Action
Plan (RAP) we are embarking
on a journey to increase our
cultural understanding, build
long-term, respectful
relationships with Aboriginal
and Torres Strait Islander
peoples, and develop
initiatives that support
reconciliation.
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35
OUR PEOPLE JOURNEY

As part of crew engagement, a global pulse survey was
carried out in March 2022 with a focus on wellbeing and
safety. Responses primarily from permanent and fixed-term
crews achieved an 80% response rate. This was a significant
improvement on the response rate of 67% for the
March 2021 survey.
Engagement levels remained high with an 82% favourable
response rate as to employees recommending thl as a place
to work, and 88% generally feeling positive towards work at
the company. The survey also had a favourable response rate
of 91% for crew believing the company had made effective
decisions to keep people safe at work in their roles.
Crew engagement
increases in a
challenging year
Focus on
leadership
In the USA we took another significant step towards
supporting every member of our crew to enjoy a decent
standard of living with the second annual Future-Fit Wage
review. While the US has a very diverse range of ‘minimum
wage’ levels set by Federal, State and City Governments,
we have significantly outpaced the increases in all of them
through our ‘Future-Fit Wage’ reviews.
This initiative is not only helping with crew engagement and
retention, but also puts us in a good position for recruitment
through a volatile period with some of the lowest
unemployment rates of all time in the US. We will continue to
review our pay structure against quality of life, cost of living
and minimum wage metrics so that we continue to make
progress on our Future-Fit Wage journey for all our crew.
thl Future-Fit
Wage takes
another step
forward in the USA
A new question was also
added for the March survey
which was designed to check
on overall crew engagement.
This resulted in an 82%
favourable response rate.
Given the environment in
which the company and crew
have been operating in, this is
a very positive result for the
business. Survey results were
released in April 2022 to
managers throughout the
business for review and
discussion with crew, and
further analysis on key trends
is also underway. New
initiatives for a global
wellbeing approach are under
development for FY23.
Discover Waitomo was able to save ~30 jobs, whilst giving the
crew a chance to gain new conservation skills and knowledge,
after receiving two rounds of funding from the Department of
Conservation for the Kaimahi for Nature programme –
$500,000 in 2021 and $650,000 in 2022. This has allowed the
crew to stay local within their community and with their hapū.
The Kaimahi crew completed ~27,000 hours of conservation
work to date throughout FY22, maintaining ~18km of tracks and
reserves within the Maniapoto region and undertaking weed
management, predator control, and riparian native tree
planting. The team planted ~7,500 native trees in 2021 and have
planned to plant ~12,000 native trees in the 2022 tree planting
season. They have made a solid start with 9,000 trees in the
ground in June 2022.
The crew have connected with community groups, supported
local Marae by keeping the grounds maintained and partnered
with the Waikato Regional Council, Waipa Renenoa Trust, and
Waitomo Catchment Board to assist with tree planting, tree
releasing, pest plant, and pest animal control.
This award was such a brilliant way to close out
an eventful few years. A source of pride for
myself and my family, but more than anything a
testament to the spirit of resilience and
innovation at thl. I am very lucky to work with
such a great group of people and am excited
about what we can achieve next.
OLLIE FARNSWORTH – DELOITTE YOUNG EXECUTIVE OF THE YEAR AWARD
We are fortunate to have a mix of leaders within the Executive
with different backgrounds and approaches. This year Ollie
Farnsworth was recognised for his capabilities externally.
Ollie has been an inspiration to many in the organisation,
demonstrating a range of skills to assist in driving positive
outcomes in the most challenging tourism period. We are
incredibly proud of Ollie winning the Deloitte Young Executive
of the Year award.
After a hiatus of two years due to COVID-19, the DriveSchool
Leadership and Development programme was restarted in
June 2022. A series of online webinar courses are being trialled
for the first time across Australasia alongside a shorter
New Zealand based programme comprising a hybrid
combination of four days of in-person sessions, combined
with two online future-fit webinar sessions. A total of just over
40 employees have been actively learning and participating
with their colleagues.
Kaimahi
for Nature
work continues
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OUR PEOPLE JOURNEY

Our
At thl, our business is
based on a build-buy-rent-
sell model for recreational
vehicles. In FY22 major supply
chain challenges, ongoing
disruption, vehicle supply
issues, uncertainty and
increasing costs made for a
difficult year.
We are incredibly proud of the commitment
and resilience of our team in FY22 to address
the many challenges to continue to provide
great products and services to our customers in
a very difficult operating environment. This
included introducing new fleet models and
designs in each country, and further expanding
and enhancing our product offering.
We are committed to reducing our emissions in
alignment with science (page 75) and are aware
that fleet decisions we make today lock in
carbon emissions over the 10-to-30-year life of a
vehicle. Through our Future Fleet programme
we are focused on finding solutions through
R&D, scanning for low emission vehicle
transition tipping points, and seeking partners
and innovation in our vehicle design, build,
and manufacturing.
journey
SUSTAINABILITY GOALS
CAPITAL INPUTS TO CREATE VALUE
PROCUREMENT 
WATER USE
PRODUCT HARM
PRODUCT GHGS
PRODUCTS REPURPOSED
TCFD COMMENTARY:
A priority climate-related risk to thl likely to
impact in the medium-term is the lack of
cost-effective, long-range RV product options
to decarbonise thl’s fleet. For more information
on how we’re responding to this risk, see the
Future Fleet and the Climate & Carbon Strategy
sections in this report.
MANUFACTURED CAPITAL
INTELLECTUAL CAPITAL
FINANCIAL CAPITAL
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OUR FLEET JOURNEY

It has been a challenging year for our fleet supply, production
and manufacturing as we faced significant supply chain
challenges, disruption and uncertainty globally. This has
impacted all parts of our supply chain, from vehicles and
chassis supply to parts, materials and equipment. Our teams
in each country have responded with agility, creativity and
persistence to ensure we have the fleet we need, where and
when we need it, and to continue to provide great service and
products to our customers.
At Action Manufacturing, remaining agile in a complex and
rapidly changing environment has been key to our success.
Facing ongoing supply chain challenges and disruptions has
meant adapting quickly to find solutions from new suppliers to
new parts and processes to keep delivering quality, innovative
products to our customers. Creativity, communication, and
quick decision-making has been critical to respond to fast-
changing situations, moving our people and products to meet
demand, and proactively managing potential impacts for
customers. Giving our team the confidence and capability to
manage change, problem solve and make decisions quickly
underpinned this agility.
Succeeding in a
challenging environment
As part of our journey to align our emissions with a 1.5c
pathway, we need to significantly reduce and eventually
eliminate carbon emissions from our fleet. We recognise this
is a significant challenge for our business, the auto industry
and society. We are very clear and transparent about how much
work it will take to address our climate and carbon risks, and we
are also well aware that we are reliant on the invention and
commercial replication of new technologies by others,
to enable us to achieve our carbon reduction targets.
Our core business is based on ICE vehicles that generate
greenhouse gases through use of fossil fuels. Addressing
the emissions from our RVs is a major challenge, but also
an opportunity. thl has invested in a programme we call
‘Future Fleet’ which we update on here.
Our teams in each
country have responded
with agility, creativity
and persistence to see
that we have the fleet
we need, where and
when we need it.
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OUR FLEET JOURNEY

It was an action-packed year for the Action team, meeting
supply chain challenges head on while managing the
pipeline for future growth, developing new customer
bases, new equipment and machinery, new designs,
new contracts and tenders, and work on a new factory.
A significant year of change and growth, we are proud
of what the teams have achieved, and how we worked
together, supported each other and adapted to all
the challenges.
The selection of new premises for the factory was a major
milestone in FY22, with the agreement to lease signed, and
building modification underway for the new factory with a
planned move in October 2022. This will bring all production
together into one location, in a specialised facility on a
significantly larger site (5,000m2). This sets the business up
with the space, capacity, facilities and equipment needed to
support expansion and growth.
The acquisition of MaxiTRANS has been a huge focus for the
team. This will be an exciting expansion, extending our
product range and offering beyond refrigeration into
general transport, while creating efficiencies and utilising
our existing skill sets, design thinking and resources.
We have completed a wide range of specialist builds for
uses including dental, mammography and optometry
I have been really inspired by the way people have pulled together
over this challenging period. We have stuck together as a team,
brought in new people and continued to grow. Staying agile,
investing in our people and having really well-defined plans that
can evolve quickly, all while keeping one eye on the future and
building a strong pipeline for our people, customers and products.
We have built great momentum and are well set up to move
forward with speed in the year ahead.
CHRIS DEVOY – CEO ACTION MANUFACTURING
Action Manufacturing
continued growth,
gaining speed
clinics, as well as an upcoming women’s health unit. It means a
lot to the team that these units are helping improve or maintain
the health and wellbeing of our community. The mammography
build, manufactured in a very short timeframe thanks to a
dedicated team, has been put straight to work with over 200
screenings per week.
The Fairfax team had a hugely successful 12 months bringing on
new customers like Big Chill and getting the orders out on time
and to specification, despite all the challenges. We are proud
this is reflected in the repeat orders coming through from our
loyal customers.
Our team has grown rapidly with 100 new people joining the
business in FY22 in a wide range of roles from product
designers and engineers to production apprentices. We are
particularly proud of our well-established apprenticeship and
development programmes, to build our workforce for
tomorrow. Career progression opportunities enable team
members to grow from apprentice to trades and project
manager roles.
Purchasing and logistics has never been more challenging and
continues to be so with shipping delays and shortages. The
purchasing team has grown and developed to meet these
challenges, creating opportunities for people within the
business to grow at Action, bringing through significant
product, process and system knowledge.
Our continuous improvement approach and design expertise
is a major differential in the market. It helps our products to
meet customer needs over the whole life of the product.
This is important to our customers and increasingly for finding
sustainable, circular design solutions, we will further develop
this capability with a new sustainability lead joining the design
team in early FY23.
CHRIS DEVOY
Future Fleet
programme
progress
Our commitment to becoming a future-fit business means
reducing our carbon emissions. We know that significant
progress on our sustainability journey starts in manufacturing
and production, particularly to transition away from ICE
vehicles in our motorhome fleet. It will require working
collaboratively with current and new partners to address the
major risks and challenges we face, the lack of cost-effective,
long-range product options such as electric RVs (eRVs) that
can materially reduce greenhouse gases.
Decarbonising our RV fleet is reliant on technology and
infrastructure that is not yet readily available. While we are
seeing shifts in OEMs, the auto industry, Governments, society
and infrastructure providers particularly in Europe and the USA,
challenges accessing low emissions vehicle technology remain.
We continue to actively scan for transition tipping points in
each region.
We also continue to investigate different technologies in the
transition to a low-carbon world such as hydrogen and biofuel.
THE MOTORHOME OF THE FUTURE
3 – TECHNOLOGY
7 – SERVICEABILITY
4 – INFRASTRUCTURE
8 – THE CIRCULAR ECONOMY
2 – FEASIBILITY
5 – COLLABORATION
1 – DEVELOPMENT TIME
6 – CUSTOMER EXPERIENCE
These technologies have challenges, including lack of
infrastructure, consistent supply and potential impacts.
However, we acknowledge that in order to reduce our Scope 1, 2
& 31 emissions impact, then we will need a variety of solutions.
An exciting new Future Fleet development in FY23 will be
Action’s work on the design and development of a new eRV
fleet, building on learning from our previous eRV pilot. We have
reinstated funding for an investment into a small number of
new electric RVs for the fleet in New Zealand and look forward
to sharing our progress on this critical journey to reduce carbon
emissions from our fleet.
1
Scope 1 – Direct GHG Emissions: GHG emissions from sources that are owned
by the company
Scope 2 – Indirect GHG emissions from energy: GHG emissions from the generation
of purchased energy
Scope 3 – Other indirect GHG emissions: All upstream and downstream indirect
emissions not included in Scope 2 that occur in the value chain.
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OUR FLEET JOURNEY

FY22 saw a continuation of the prior year trend, with strong
demand for vehicle sales across New Zealand, Australia and
the United States. The high demand, combined with
constrained supply due to the impacts of COVID-19, created
the conditions for thl to deliver record vehicle sales margins in
all three countries, well above historical norms. There are
continuing industry-wide supply chain challenges, creating
vehicle delivery delays and inflation in the cost of materials.
The New Zealand business continued to sell down fleet but at
lower volumes than the prior corresponding period, which had
the Great New Zealand Motorhome Sale that saw thl partner
with a number of dealerships nationwide to deliver record sales
volumes. The strong average sales margin growth in New
Zealand reflects higher retail pricing as well as a greater
proportion of new vehicle sales.
In Australia, demand for vehicle sales also continues to be
strong. The growth in average margins achieved by the
business has been a result of the current market environment, a
greater volume sold through the direct channel of the RV Sales
Centre and the mix of vehicles sold. As seen in other countries,
vehicle sales volumes were managed in order to maintain the
fleet size required to service the returning international
rental market.
In the United States, the delivery of 200 vehicles originally
scheduled to go on the fleet Q4 FY22 was delayed into Q1 FY23,
reducing the peak fleet size in that country over the key
NEW CLASS BS ON FLEET USA
FY22
vehicle sales
Number of
vehicles sold
1
Decrease from
previous FY
New Zealand
Rentals
739-41%
Australia
Rentals
442-12%
United States
Rentals
885-25%
Vehicle sales demand
and margins remain strong
summer period. To maintain appropriate rental fleet sizes,
vehicle sales volumes were reduced on earlier expectations,
enabling the business to also hold strong sales margins. Fleet
management through the mix of vehicles sold has resulted in
the youngest rental fleet in the history of Road Bear and El
Monte RV. This sets the business up for strong average yield in
the coming years due to a greater mix of newer vehicles.
New Voyager model on Mercedes Benz complete, new 4WD Isuzu in Australia and new Cascade and Platinum development.
NEW FLEET DESIGN NZ/AU
For the first time Class B (campervan conversion) units enter the Road Bear fleet, thl USA enters the rapidly growing Class B category for the first time.
We encourage shareholders to refer to the Investor Presentation
Pack for a more detailed analysis of vehicle sales movements.
1
Includes fleet and non-fleet sales
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thl INTEGRATED ANNUAL REPORT 2022
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OUR FLEET JOURNEY

Our
We continued to review,
refresh and refine all aspects
of our customer experience
delivery over the year. This
included work on new
products and experiences
and improving our services,
processes and activities,
always with our customers
at the centre of everything
we do.
We launched a new programme to transform
our customer rental experience, rolled out crew
training and development, and focused on new
domestic markets. As borders have reopened,
we are focused on preparing to welcome back
international visitors, including work to refresh
and refocus our responsible travel messages
with a focus on encouraging responsible and
regenerative travel.
journey
SUSTAINABILITY GOALS
CAPITAL INPUTS TO CREATE VALUE
NATURAL RESOURCES
OPERATIONAL ENCROACHMENT
COMMUNITY HEALTH
PRODUCT COMMUNICATIONS
PRODUCT CONCERNS
PRODUCT HARM
PRODUCTS REPURPOSED
TCFD COMMENTARY:
A priority climate-related risk to thl over the
medium to long-term is the risk of change in
customer demand and experience due to
increased frequency and severity of acute and
chronic weather events. Our customers will also
play a key role in addressing our shared Carbon
Challenge. For more information on how we’re
responding to this risk, see the Climate & Carbon
Strategy section in this report.
NATURAL CAPITAL
SOCIAL & RELATIONSHIP CAPITAL
HUMAN CAPITAL
INTELLECTUAL CAPITAL
FINANCIAL CAPITAL
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OUR CUSTOMER EXPERIENCE JOURNEY

The closure of international borders provided an opportunity
to step back and review our customer experience delivery
across New Zealand and Australia. This included the front-of-
house elements that the customer directly experiences, and
the back-of-house activity that allows customers to receive
a clean and well-maintained vehicle and feel supported on
their travels.
As a result, a new programme - TRX25 (Total Rental Experience
2025) - was launched and its success will mean happier
customers, more job ease for our crew, better productivity,
and ultimately more sustainable revenue delivery.
The programme has gained even more importance given the
labour challenges currently impacting the travel industry
worldwide. To be the best for our customers, it is essential to
enable and empower the crew. Early results are positive.
Customer feedback has lifted across all branches and the team
is highly engaged.
The inaugural event, TRX 1.0, was held in November 2021 and
TRX 2.0 took place in May 2022. Over 100 crew attended the
virtual sessions. Initial focus has been on lifting the regional
standard across Australia and New Zealand, launching new
capabilities to resolve critical service delivery bottlenecks,
and to prepare the crew for the return of international tourism.
TRX highlights in FY22 include:
• Faster pick-up process, enabled by the thl Roadtrip App
• New product standards, detailing standards, and customer
service standards
• Investment in standardised tools for maintenance and
detailing crews
• Refreshed labour models to better handle
unplanned absence
• Consistent embedding of operational rhythms and
crew training
• Training deep dives in product, customer service, and
cultural sensitivity
• Monthly front-of-house and back-of-house champion awards
• The first steps in a journey to become a digital
(paperless) operation
• Enhanced focus on crew wellbeing.
We’re only taking the first steps in TRX25 but
walking into a thl branch you can already feel
the difference. Our crew are connected to our
purpose of Creating Unforgettable Journeys
and feel confident in what they need to do to
make it happen.
JAMIE POW – NEW ZEALAND NATIONAL OPERATIONS MANAGER
TRX25 has helped our crew become more
connected than ever. Within branches,
between branches, and with colleagues across
the Tasman. The collaboration and knowledge
sharing between crew is creating a pipeline
of ideas that benefit everyone.
RYAN ROETS – AUSTRALIA NATIONAL OPERATIONS MANAGER 
Transforming our customer
rental experience (TRX25)
TOTAL
means everything that
delivers our experience
Back of House and
Front of House
enabled by our
product, property,
people and technology
RENTAL
means our Rental
businesses globally
NZ, AU, USA, UK,
beyond
mixing a global thl
spirit with local flavour
EXPERIENCE
means committing
to our purpose –
to create unforgettable
journeys
living our values
to “Be the Best”,
“Do the Right Thing”
and “Be Curious”
2025
means this is a journey
releasing new
capabilities and
training programmes
to our TRX every
six months
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OUR CUSTOMER EXPERIENCE JOURNEY

Google Reviews are a powerful tool for measuring the quality
of our customer experience delivery. We see it as a live
conversation between a past customer and a potential future
customer. Our crew take pride in giving reasons for that
conversation to be a positive one or acknowledging and
addressing the issues where it is not.
The US border was closed to incoming tourists in the first half
of FY22 and we focused our branch experience and
promotions firmly on the domestic market. Offering fast and
efficient pick-ups and drop-offs to experienced RVers, we also
tailored our processes to help to take the time to orient the
many first-timers among our customers. We were particularly
pleased to see many returning customers take the opportunity
to get out into nature more than once during the summer and
fall seasons.
In late November with the US border reopening, we took the
time to refresh our branch experience with the ‘Welcome Back’
project, to ensure we were fully ready for a busy season with
international as well as domestic customers. We will continue to
retain our laser focus on COVID-19 safety for our crew and
customers throughout their journeys with us.
Google reviews -
voice of our customers
Returning
customers in
the USA
We encourage every customer, whether they had a positive
experience or not, to leave a review as part of their drop-off
experience. Our operational leaders across Australia, New
Zealand, and the USA receive a daily report, split by branch,
detailing all the reviews left the previous day. Individual
responses are made to customers, challenges are addressed,
and themes are discussed in weekly branch huddles for
continuous improvement.
On the back of TRX25, both the volume of reviews received, and
the average star rating of those reviews is increasing, illustrating
both a higher quality of service delivery in the end-to-end
experience and greater engagement from our crew with the
customer at drop-off.
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OUR CUSTOMER EXPERIENCE JOURNEY

In Discover Waitomo we have made exciting progress
developing enriching cultural experiences and immersive
education programmes, including the new bilingual and full
immersion Te Reo Māori tours, first developed and delivered
for Māori language week.
VIEW
EXPERIENCE
VIDEO
The Discover Waitomo environmental team has been
working with partners on a regenerative project to restore
the area opposite the main visitor’s centre car park at the
Glowworm Cave known as ‘Million Dollar Corner’. The
team has worked alongside tangata whenua, the
Department of Conservation and community members to
draw up a two-year restoration agreement with the
Waikato Regional Council. The vision is to restore the
mauri (life force) of the area by creating a healthy,
regenerating, self-sustaining forest where native species
thrive, a space for nature and people.
The project commenced in April 2022, and we are already
seeing a lot of positive change in the area. The majority of
pest plants have been removed, the stream bed has been
enhanced with the addition of three rock gradient control
structures and one rock revetment structure, and a fence
has been installed along the river edge for safety reasons.
Next steps include further weed control and native tree
riparian planting, with the Kaimahi for Nature crew and local
community invited to get involved.
Enriching cultural
experiences in Waitomo
Waitomo
Regenerative
Project gets
underway
Matariki
Waitomo
celebrations
The Te Reo Māori Full Immersion Glowworm Cave tour, is the
glowworm cave experience entirely spoken in Te Reo Māori, led
by members of the local hapū (tribe) direct descendants of the
cave’s original explorers. The Bilingual Glowworm Cave tour is
perfect for those starting out on their Te Reo Māori journey. The
guided walk through the caves with key elements of the tour
delivered in Te Reo Māori and English is a great learning
opportunity.
We have continued to develop our innovative education and
community events programmes, with strong growth in interest
and demand. Highlights include 60 students and teachers from
Kawhia School hosted with a Te Reo Māori Full Immersion tour
in April and the inspiring programme of activities celebrating
Matariki. The Discover Waitomo crew continue to embrace their
mātauranga Māori journey to facilitate learning, understanding
and use of tikanga practices in our mahi (work) and through our
core values of Kaitiakitanga (guardianship, stewardship),
Manaakitanga (hospitality, generosity, respect) and
Whanaugatanga (connection, kinship).
Manuhiri (visitors) had the opportunity to explore the
Matariki story and enrich their knowledge with a week of
Matariki celebrations, focusing on the theme of rebirth.
The opening evening celebrations included a twilight cave
tour, traditional pōwhiri on arrival followed by kawakawa
tea and a treat, before embarking on a one-of-a-kind tour
through the glowworm caves at night. From kai (food),
kōrero (talks), music performances, stories of the stars
to special events like the rongoā (traditional medicine)
education series, there was something for everyone.
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OUR CUSTOMER EXPERIENCE JOURNEY

We continue to actively promote responsible travel to our
customers in each country where we operate, through Tiaki
Promise in New Zealand, Travel with Heart in the USA and our
Reconciliation Action Plan, Ecotourism certification and Leave
no Trace programme in Australia. As international visitors
return, we will continue to embed responsible travel actions
and ideas throughout the customer journey and connect our
customers with authentic and regenerative travel experiences.
Our Travel with Heart programme in the USA is focused on
providing tips and ideas to help customers, including water
conservation on the road, at home and everywhere, and
reducing fuel use with one-tank trips, encouraging customers
to drive less and spend more time enjoying their destination.
Travel with Heart information in branch and online highlights 10
responsible RV travel tips and five future-fit actions our crew
can take to make a difference every day, as part of our Future-
Fit Branch Action Plans.
In New Zealand we are an active partner in the Tiaki Promise,
the travel industry programme encouraging visitors to care for
New Zealand. As we prepare for international visitors’ return, we
are refreshing how we connect our customers with the Tiaki
Promise throughout their journey. In FY23 we will be rolling out
materials and information on future-fit actions our crew can
take that support Tiaki – to care for New Zealand.
Responsible Travel
programmes ref reshed
Winner of NZ Marketing Awards
“Get Moving to Get New Zealand Moving” campaign.
thl won the 2021 Travel and Leisure sector award at the TVNZ
New Zealand Marketing Awards and was also a finalist in the
Marketing Communications Strategy and Supreme Award. The
award recognised thl’s success in stimulating the domestic
travel market with the “Get Moving to Get New Zealand Moving”
campaign, following national lockdowns in 2020.


In New Zealand we are an
active partner in the Tiaki
Promise, the travel
industry programme
encouraging visitors to
care for New Zealand.
I PROMISE THAT ONE DAY
I’LL HELP YOUR KIDS
EXPLORE OUR OUTDOORS.
TO FIND OUT MORE VISIT TIAKINEWZEALAND.COM OR AN i-SITE VISITOR INFORMATION CENTRE
PLEASE PROMISE TO CARE FOR YOUR
FUTURE TOO, BY BEING RESPONSIBLE
FOR YOUR OWN SAFETY.
NEW ZEALAND’S WEATHER CAN BE HIGHLY UNPREDICTABLE AND
CHANGEABLE. BE PREPARED BY RESEARCHING BEFORE YOU GO, CHECKING
THE WEATHER, WEARING THE RIGHT CLOTHING AND TAKING THE RIGHT
EQUIPMENT. PLEASE FOLLOW THE TIAKI PROMISE.
I PROMISE THAT ONE DAY
I’LL TAKE YOUR KIDS
ON AN ADVENTURE.
PLEASE PROMISE TO CARE FOR OUR
FUTURE TOO, BY TAKING YOUR TIME
ON OUR ROADS.
NEW ZEALAND’S ROADS ARE DIFFERENT. STAY SAFE BY PLANNING
YOUR JOURNEY, KEEPING TO THE LEFT AND NEVER DRIVING TIRED.
PLEASE FOLLOW THE TIAKI PROMISE.
TO FIND OUT MORE VISIT TIAKINEWZEALAND.COM OR AN i-SITE VISITOR INFORMATION CENTRE
I PROMISE THAT ONE DAY
I’LL SHOW YOUR KIDS
SOMEWHERE SPECIAL.
PLEASE PROMISE TO CARE FOR OUR
FUTURE TOO, BY LEAVING NO RUBBISH.
WHILE TRAVELLING AROUND NEW ZEALAND, PLEASE CARE FOR OUR
LAND, SEA AND NATURE, TREADING LIGHTLY AND LEAVING NO TRACE.
PLEASE FOLLOW THE TIAKI PROMISE.
TO FIND OUT MORE VISIT TIAKINEWZEALAND.COM OR AN i-SITE VISITOR INFORMATION CENTRE
I PROMISE THAT ONE DAY
I’LL INTRODUCE YOUR KIDS
TO OUR AMAZING WILDLIFE.
PLEASE PROMISE TO CARE FOR OUR
FUTURE TOO, BY KEEPING A 20 METRE
DISTANCE FROM WILDLIFE.
HELP PROTECT OUR NATURAL BEAUTY FOR FUTURE GENERATIONS
WHILE TRAVELLING AROUND NEW ZEALAND. PLEASE FOLLOW THE
TIAKI PROMISE.
TO FIND OUT MORE VISIT TIAKINEWZEALAND.COM OR AN i-SITE VISITOR INFORMATION CENTRE
I PROMISE THAT ONE DAY
I’LL INVITE YOUR KIDS
OVER FOR SOME KAI.
PLEASE PROMISE TO CARE FOR OUR
FUTURE TOO, BY TRAVELLING WITH AN
OPEN HEART AND MIND.
PLEASE FOLLOW THE TIAKI PROMISE WHILE TRAVELLING AROUND
NEW ZEALAND.
TO FIND OUT MORE VISIT TIAKINEWZEALAND.COM OR AN i-SITE VISITOR INFORMATION CENTRE
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Our
THE THREE HIGHEST PRIORITY FUTURE-FIT
GOALS FOR OUR BUSINESS ARE:
PRODUCT GREENHOUSE GAS EMISSIONS (GHG)
PRODUCT HARM
PROCUREMENT
See Future-Fit Health Check section for progress
on the full list of our sustainability goals.
TCFD COMMENTARY:
A priority climate-related risk to thl in the
medium-term is the risk of supply chain impacts
from market responses to climate change, such
as an increase in the price of carbon. For more
information on how we’re responding to this risk,
read about our Global Sustainable Procurement
Framework below and see our FY22 TCFD
Report in this section.
Our timeframes for climate-related risks are:
SUSTAINABILITY GOALS
CAPITAL INPUTS TO CREATE VALUE
As a responsible tourism
business, we take a holistic,
future focused, system and
science-based approach to
how we create and maintain
value for all our stakeholders.
We recognise the climate crisis and are already
seeing impacts in the areas where we operate,
from wildfires in the USA and Australia, a major
drought in California, and increased storms
and flooding in Aotearoa New Zealand (NZ)
and Australia.
We are committed to tackling our most
significant impacts - the emissions from our fleet
of Internal Combustion Engine (ICE) vehicles and
our operations, so that our products do not cause
harm to people or the environment, and
protecting the health of communities and
ecosystems where we operate and where our
products and activities impact.
Our decision-making is guided by our future-fit
mindset and methodology, focused on creating
system value. Our global future-fit sustainability
programme is aligned to deliver our priority
goals which we update on here. This year we
report on our climate and carbon work to
develop science-aligned targets and carbon
emissions reduction pathways, and we share our
first Task Force on Climate-related Financial
Disclosures (TCFD) in this report.
journey
SHORT-TERM
Up to 24 months
MEDIUM-TERM
2-10 years
LONG-TERM
10 years +
NATURAL CAPITAL
SOCIAL & RELATIONSHIP CAPITAL
HUMAN CAPITAL
MANUFACTURED CAPITAL
INTELLECTUAL CAPITAL
FINANCIAL CAPITAL
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OUR RESPONSIBILITY JOURNEY

GLOBAL RESPONSIBLE MANAGEMENT PROGRAMME
Protecting the value we create through Enterprise Risk Management
Building long-term value through our Global Future-Fit Sustainability Programme
Telling our
stories
Training &
Building Capability
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
• Operational GHGS
• Product GHGS
GOALS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
• Product harm
• Product GHGS
• Products repurposed
GOALS
SUSTAINABLE PROCUREMENT
OUR GLOBAL FRAMEWORK AND
CIRCULAR ECONOMY PILOTS
• Procurement
• Products repurposed
GOALS
THRIVE
SUPPORTING OUR CREW, CREATING
A HEALTHY CULTURE AND BUILDING
CULTURAL CAPABILITY
• Employee health
• Living wage
• Fair employment terms
• Employee discrimination
• Employee concerns
GOALS
ACCELERATE
PARTNERSHIP FOR POSITIVE IMPACTS
• Natural resources
• Operational encroachment
• Community health
• Product communications
• Product concerns
• Product harm
GOALS
IGNITION
CREATING FUTURE-FIT BRANCHES
• Renewable energy
• Water use
• Operational emissions
• Operational GHGS
• Operational waste
GOALS
KEEPING OUR CREW SAFE, HEALTHY & WELL
Working with a future-fit
mindset and methodology
At thl we recognise that business, society and the
environment are part of an interconnected system and
depend on one another to thrive. The scale and pace of
change needed requires a holistic, science-based approach,
focused on system value. Over the last three years we have
focused on embedding a science-based, systems-focused
sustainability framework throughout our business using the
Future-Fit Business Benchmark. We approach this as both a
mindset and methodology, guiding our decision-making and
activities from global strategy to country work programmes
and Branch Future-Fit Sustainability Action Plans for
all branches.
Our commitment to becoming a future-fit business
acknowledges the significant and rapid change needed to
tackle the complex issues the world is facing, including the
climate crisis. It is a way of thinking, a pathway and clear
destination to aim for contributes to the aspiration of a socially
just, economically inclusive, and environmentally
restorative society.
In our last report we shared our prioritised goals which focus
on tackling our highest impacts and introduced a new global
sustainability work programme (see diagram). We have made
significant progress, through a pilot-and-scale model, to
integrate these workstreams at a global, country and branch
level, which we highlight here. A full updated FY22 Health
Check outlining our progress towards the 23 future-fit goals
can be viewed on page 64.
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1
Based on the UK Government-developed Flexible Framework and Sustainable Procurement Standard BS 8903
UNDERSTAND
CONTEXT KEY
CONCEPTS:
CIRCULAR
ECONOMY, SOCIAL
PROCUREMENT
SPECIFIC
PROJECTS TO
IMPROVE FF
PERFORMANCE
AND ACHIEVE
TARGE TS
Identify
procurement
categories/suppliers
by spend, risk
and visibility
Understand social
and environmental
hotspots and
prioritise
Map current
performance
in sustainable
procurement across
People, Policy,
Process, Suppliers
& Metrics
Embed
sustainability into
procurement
process
Our Global Sustainable
Procurement Framework
Sustainable procurement means only purchasing items
that are really needed, and whose production, use and
disposal both minimise negative impacts and encourage
positive outcomes for the environment, economy and
society. Following circular economy training and a
successful pilot with the factory team in Australia, we
rolled out a new Global Sustainable Procurement ‘flexible
framework’
1
in FY22, described below.
Sustainable procurement requires having policies and processes
in place that enable thl to anticipate where negative supply
chain impacts are likely to occur, avoid them where possible, and
take measurable steps to address concerns that arise. We
developed a new Sustainable Procurement Policy outlining our
commitment, and a Supplier Code of Conduct setting out
expectations for our suppliers while acknowledging we are on
the journey ourselves, to be launched in FY23.
A Global Sustainable Procurement Working Group has been
established to embed a consistent approach. This includes
reviewing social and environmental hotspots for supplier
categories using the Future-Fit Procurement Hotspot guide.
Training for key staff on sustainable procurement is under way,
and we have achieved Foundation Level 1 of our Sustainable
Procurement Framework. In FY23 we will move to Level 2 to
embed sustainable procurement throughout the business.
The last couple of years have been immensely challenging,
not just for our business but also for our ‘crew’. Our
employees are based across the world, primarily in NZ, AU
and the US. While they have faced shared challenges such
as COVID-19, restrictions on travel to visit family and friends,
an increase in the cost of living and operational challenges
including supply chain challenges and more frequent
extreme weather events due to climate change, the context
of each crew member’s situation has been unique.
As a responsible business, a thriving crew is our priority.
We have been supporting our crew by improving their
wages even when the business was not making a profit;
building capability in our Health, Safety & Wellbeing team
that will see us further develop our physical and mental
wellbeing programmes in FY23; restarting DriveSchool –
our emerging leadership development programme; and by
reviewing our approach to Equality, Diversity & Inclusion as
we work to meet the needs of our current and future crew
and that we are building our cultural capability to make each
crew member feel included and represented.
ACCELERATE
• Natural resources
• Operational encroachment
• Community health
• Product communications
• Product concerns
• Product harm
GOALS
As a responsible travel operator, we are focused on working
hard to see our operations and products do not cause harm
to the communities or ecosystems where we are based,
and where our customers visit. We actively participate in
encouraging responsible travel in each country where we
operate, through the Tiaki Promise in New Zealand, Leave
No Trace in Australia and Travel with Heart in the USA.
As international visitors return, we are committed to going
beyond being a responsible operator to supporting
regenerative tourism, working with partners and
communities to create positive impacts at scale for
communities and destinations. To make progress on these
‘positive pursuits’ (activities that enable and support others
to reduce harm and be restorative) we are working with
partners to protect and enhance environmental, social and
cultural value, and build our cultural capability. See
examples in the report.
• In Australia we have developed our first Reconciliation
Action Plan (Lead story, page 35).
• The team in Waitomo is undertaking an exciting
restoration project (Lead story page 53).
• We continue to actively participate in industry
partnerships, including Tiaki Promise (page 54).
Partnerships for
Positive Impacts
Accelerate
Supporting our crew, creating a healthy
culture and building cultural capability
Our global framework and circular economy pilots
Thrive
SUSTAINABLE PROCUREMENT
• Procurement
• Products repurposed
GOALS
THRIVE
• Employee health
• Living wage
• Fair employment terms
• Employee discrimination
• Employee concerns
GOALS
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GLOBAL HIGHLIGHTS FROM FUTURE-FIT
BRANCH ACTION PLANS.
IGNITION
• Renewable energy
• Water use
• Operational emissions
• Operational GHGS
• Operational waste
GOALS
The Ignition - Future-Fit Branch Programme has embedded
a consistent approach to planning, prioritising and
implementing activities to achieve sustainability goals at all
branches. It is a core foundation for our sustainability progress,
delivering incremental improvement and supporting
transformative change through embedding the future-fit
methodology and mindset into our operations at every branch.
Branch Sustainability Action Plans are designed to guide
activity, set targets and measure progress addressing the
main impacts and opportunities associated with our branches.
These five focus areas (energy, water, waste, emissions and
community contribution) cover the core impact areas for
our branches to progress the sustainability goals for our
site operations.
FIVE SUSTAINABILITY FOCUS AREAS FOR
ALL BRANCHES GLOBALLY
How you can help
Energy Efficiency
Save power, switch off lights
and equipment when not in use.
Lowering Emissions
Safe, fuel efficient driving and
avoid engine idling.
Community Contribution
Support our local communities
where we can.
Conserving Water
Never leave water running,
report any leaks quickly, every
drop counts.
Reducing Waste to Landfill
Reduce, reuse, recyle and say no
to single use plastic.
Future-Fit Branch Action Plans were initially developed in
the USA in FY20, rolled out to Australia in FY21 and then to
New Zealand in early FY22. All our branches globally now have
Future-Fit Branch Action Plans in place so that a consistent
approach is taken, and enables regular sharing of learning,
experience and improvement ideas between branches and
business groups.
In FY22 we began rolling out newly designed branch carbon
impact reports to track progress on actions, reduction targets
and emissions impacts. Future-fit sustainability progress is a
central part of our operational and lead team meetings in each
country. Work is underway to engage all our crew and support
branch managers and their teams to deliver their action plans,
tracking progress and sharing success. We provide an update
on country and branch progress from the Global Ignition –
Future-Fit Branch Programme in the following table.
These actions make a real
difference and are important for our
progress to become a future-fit
business. Thank you!
Creating future-fit branches
Ignition
Focus AreaProgress on Branch Action Plans
Energy
• Energy efficiency is a priority for all branches, with energy saving actions underway and all branches in the
process of upgrading to LED lighting where this has not already occurred. In Melbourne 400 lights replaced
with LEDs will significantly reduce electricity use and emissions. The LED lighting upgrade at LAX has delivered
c.20% energy saving annually since FY20.
• Renewable energy use increased last year, reflecting more accurate data on grid renewables and emissions
in the USA. The USA and Australia grid has low renewables, so switching to renewable energy sources for
electricity is a key opportunity in FY23. We will focus on our largest branches (Melbourne and California)
to have the greatest impact on overall emissions. In NZ reducing gas use in laundry, hot water and heating
is the focus.
Water
• Water stress - a significant number of branches in USA and some in Australia are in regions that are highly water
stressed, many other branch locations experience seasonal water stress. Between FY19 and FY21, water use in
USA reduced by >55% following a programme of water conservation initiatives.
• Water saving focus in the Branch Action Plans targets leak detection, water saving process improvements and
high water use activities, including wash bays, low flow facilities, efficient appliances and installing water tanks

(in Australia half our branches have water tanks). Between FY20 to FY22, California branches achieved a 34%
reduction in water use, more than double the voluntary State water saving target of 15% in response to extreme
drought. In FY23 we continue to focus on water saving, including the potential to use recycled water in wash bays.
Waste
• Waste to landfill reduced over the last year, reflecting lower activity in NZ and AU and despite the increase in single
use items and impacts of COVID-19 on reuse and recycling activities. Operational waste is a challenge due to the
extensive parts and items required in our vehicles.
• Reducing waste is a priority for all branches with actions to reduce, reuse, repurpose and recycle and regular

review and improvements implemented each year. At LAX, waste to landfill reduced by >50% in the last three years.
NZ refreshed waste audits and improvements, increasing diversion from waste to landfill in all branches over the
last six months. In FY23, investigating product stewardship will be a focus.
Operational emissions
• Operational GHG emissions reduced again in FY22, mainly due to COVID-19 impacts on activities, reductions
in staff commuting emissions and branch energy saving actions (excludes motorhome emissions). New carbon
impact reports help target highest impact operational emissions sources for each branch and track progress.
This year we also assessed non-GHG emissions with a new methodology developed, tested and rolled out in FY22.
Results show we do not directly generate significant measurable liquid, gas or solid emissions released directly
into nature.
Community contribution
• Contributing to communities where we are based is a focus, and links with community organisations have
been established by most branches. Activities include donating surplus equipment and non-perishable food,
connecting with training and employment organisations, local volunteering activities, stream clean ups and
over 300 toys donated to the Local Toy Drive at LAX.
• Operational encroachment assessments have been completed in each country, most branches are in urban
commercial areas of low risk for sensitive ecosystems and community health. A framework to assess potential
impacts at our sites and new locations has been developed and tested for Brisbane branch.
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FY22 Health Check
We are on track and can
continue our journey
We have gaps but know
how to close them
We have gaps and need to
rethink how to address them
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
Priority
Future-Fit
Break-Even Goals
2019
Health
Check
2020
Health
Check
2021
Health
Check
2022
Health
Check
FY22
Review Commentary
BE01:
Renewable energy
Our fitness score for renewable energy use globally improved last year, reflecting more accurate emissions data. Energy efficiency
remains a priority focus in the Future-Fit Branch Action Plans. The USA and Australia grid mix has low renewables and we are progressing
options to move to renewable energy grid electricity for our largest branches to have the greatest impact. In NZ, moving from gas use in
laundry, hot water and heating is the main opportunity.
BE02:
Water use
Fitness improved, over last three years >45% reduction in water use in USA from conservation initiatives and staff working from home at
LAX. A number of sites in USA and AU are based in water stressed regions, 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, low flow facilities, efficient appliances,
installing water tanks and using recycled water where appropriate.
BE03:
Natural resources
Waitomo is our only location where we directly manage natural resources. We maintain fitness for this goal, our environmental
management practices meet a high standard, guided by the Environmental Management Plan and monitoring oversight by the
Environmental Management Advisory Group.
Priority
Goal
BE04:
Procurement
Following a successful pilot in AU, we rolled out our new Global Sustainable Procurement Framework in FY22. We reached Foundation
Level 1 of the five-year framework in June, achievements include: global sustainable working group established, Sustainable Procurement
Policy and Supplier Code of Conduct developed and training for key procurement staff. Analysis of suppliers by spend, risk and visibility and
social and environmental hotspot assessments completed for supplier categories. In FY23 we will move to Level 2 to embed sustainable
procurement throughout the business.
BE05: Operational
emissions
This is the first year of assessment for this goal. A methodology was developed, tested and rolled out in FY22. We do not directly generate
measurable liquid, gas or solid emissions released directly into nature. There are emissions created as a result of the use of chemical
cleaning products and for potential spills, which are managed, these emissions are difficult to measure and not material.
BE06:
Operational GHGs
Operational emissions have reduced mainly due again to COVID-19 impacts, no emissions for Kiwi Experience coach operations,
reductions in staff commuting and branch energy saving actions. Assessment currently based on Scope 1 and 2 and limited Scope 3
emissions and excludes motorhome emissions (covered in product emissions goal). We have a climate and carbon strategy and new
carbon impact reports in development for all our branches.
BE07:
Operational waste
Waste reduced over the last year - reflects lower activity in NZ and AU due to COVID-19, despite increase in single use items and impacts
on reuse and recycling activities. Operational waste remains a challenge due to the extensive parts and items required in our vehicles.
Actions to reduce, reuse, repurpose and recycle at all sites are a priority in Branch Action Plans. Renewed efforts at branch level include
restarting waste sorting and waste audits in NZ, review and improvements to AU and USA recycling process. In FY23, investigating product
stewardship will be a focus.
BE08: Operational
encroachment
Assessments have been completed in each country, many of our branches are in areas of low risk of impact on sensitive areas, ecosystems
and community health. Our most significant location for operational impacts on communities and ecosystems is Waitomo where we
actively work on positive pursuits to restore and enhance ecosystems and cultural sites. A framework to assess potential impacts at our
sites and new locations has been developed.
BE09:
Community health
Protecting the health of communities where we operate and where our products are used is a priority. We proactively scan for and
respond to community concerns and are working to develop effective community engagement mechanisms and encourage responsible
travel. The Accelerate – partnerships for positive impact programme is a focus for this goal. Successes this year include development of
our first Reconciliation Action Plan in Australia and Kaimahi for Nature team conservation work in Waitomo.
BE10:
Employee health
The health, safety and wellbeing of all our crew is our highest priority. We have continued to make improvements. Our leadership teams
have completed H&S and leadership wellbeing in the workplace seminars designed specifically to help leaders support mental health in
the workplace and training on resilience. The CEO H&S Road Map for 2022 has reset our focus and investment into training, and resources
will continue to help maintain this strong position.
Priority
Future-Fit
Break-Even Goals
2019
Health
Check
2020
Health
Check
2021
Health
Check
2022
Health
Check
FY22
Review Commentary
BE11:
Living wage
We continue to make progress on this goal as a priority to close current gaps and have achieved 100% fitness on NZ based thl crew.
In the US we made significant movements towards a thl future-fit wage in FY22. In AU - there is no living wage model developed, based
on data currently available it appears that our minimum wage reflects a living wage. While there is no officially legislated Living Wage
in the countries where we operate, several models developed by third party organisations exist and we continue to look into regionally
appropriate models that meet future-fit criteria.
BE12: Fair
employment terms
As previously assessed, we have good fitness on most of the fitness criteria for this goal in NZ and AU. The USA is the focus for this goal,
reflecting the variation in employment regulations, such as paid parental leave, impact fitness progress. We continue to review and
identify areas to make progress.
BE13: Employee
discrimination
As previously assessed, we have the policies and procedures in place to achieve this goal. We will continue to review our progress and
implement initiatives focused on diversity and inclusion, including building our cultural capability.
BE14:
Employee concerns
A range of employee feedback mechanisms are in place, including crew engagement pulse surveys, and we have taken steps to
improve our procedures by signing up to “report it now”. The global roll out of this with the SpeakUp policy will provide internal and
external people a confidential place to report any breaches or raise issues. In FY23 we will continue to improve awareness of the
feedback mechanisms available and to engage our crew in the design of the employee engagement mechanisms.
BE15: Product
communications
Safe and responsible use of our products is a major focus, and we perform well for this goal. Customers receive instructions 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 and Travel with Heart in the USA help customer travel responsibility and address potential impacts from inappropriate
use of the vehicles. A review of product communications has shown we have good levels of fitness across all business groups.
BE16:
Product concerns
We recognise the importance of this goal due to the complexity of motorhomes and the potential impact if issues arise. We have robust
product concerns mechanisms in place, including our roadside assistance call centre to ensure all customers have the information they

need and channels to raise concerns, get support and advice, and proactively manage any issues identified.
Priority
Goal
BE17:
Product harm
This goal relates to ensuring our products do not cause harm to people or the environment. This includes impacts on communities and
destinations, freedom camping and accidents caused by poor driving/traffic management. To address this, we are delivering responsible
travel programmes to manage/mitigate negative impacts on people and places. We focus on promoting safe driving and effective traffic
management for our branch locations. Responsible travel programmes help our customers avoid causing harm when using our products.
The other major impacts from our products’ use and disposal are covered in GHG emissions and product repurposing goals.
Priority
Goal
BE18:
Product GHGs
Reducing GHG emissions from our vehicles is a major challenge and a high priority. We are committed to reducing emissions from our
motorhomes through our Future Fleet programme, building on our experience with the eRV fleet in NZ. Industry partnerships with
OEMs will be key to moving forward. The customer journey emissions for our rental fleet are shown in our carbon footprint. A full Scope 3
inventory review has been completed in FY22 covering the upstream and downstream emissions from the use of our products.
BE19: Products can
be repurposed
This 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/country where we operate. Data on the impact of our products’ end of life is not
currently being collected. A Life Cycle Assessment comparing a eRV and a regular RV model in NZ has been completed and we are
working to identify material health and circular options for our motorhome design and build.
BE20:
Business ethics
Hotspot assessment of high-risk roles completed. We have an Ethics Policy in place and an Ethics training module relevant for our
business activities and potential hotspots. All staff complete the Ethics training on a regular basis, and this is monitored. Ethics Committee
in place. The Executive team undertook Ethics training, updated Code of Ethics and refreshed modules on DriveTrain for teams.
BE21: Right tax
We aim at all times to act in accordance with all applicable laws and regulations and guided by relevant international standards. Our
aim is to comply with the spirit as well as the letter of the law and with any legitimate disclosure requirement at first demand. We seek
to develop strong, mutually respectful relationships with national tax authorities based on transparency and mutual trust. We do not
use secrecy jurisdictions or so-called tax havens for tax avoidance, nor do we create or help create tax structures that are intended for tax
avoidance, have no commercial substance and do not meet the spirit of the law. Our transfer pricing is always based on the arm’s-length
principle. We are transparent about our approach to tax and comply with all relevant rules.
BE22: Lobbying
& advocacy
We do not directly undertake lobbying activities, but we are active in several Tourism and RV industry groups. We are proactively
encouraging the groups we engage with to make progress to address the key impacts, risks, and issues to make progress towards

future-fitness. This goal will be led by the Ethics Committee in the future who will review issues and risks on a regular basis.
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 or are managed in other goals.
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Climate change continues to wreak havoc around the world.
Extreme weather events such as floods, wildfires and
heatwaves leave us in no doubt of the challenge we face.
At thl we have a Climate & Carbon Strategy which is part of our
overarching sustainability strategy. Our aim is to reduce our
carbon emissions in line with a 1.5ºC global heating scenario. At
2ºC - a Hot House World - it is predicted that globally we will
lose our coral reefs and there will be catastrophic acceleration
of biodiversity and species loss, sea level rise and extreme heat,
affecting billions of people, destinations, and our business.
We have spent the last 12 months building our understanding
of the risks – and the opportunities – of climate change on our
business, as well as understanding the full extent of our impact
on the climate, by extending our baseline FY20 carbon footprint
to include our indirect upstream and downstream emissions
and setting a science-aligned carbon reduction target. This will
allow us to develop robust carbon emissions reduction
pathways in FY23.
Through our Climate & Carbon Strategy, including our new
science-aligned target and our Future Fleet programme, we are
working to manage, minimise and ultimately eliminate our
greenhouse gas emissions (GHG).
Our Climate &
Carbon Strategy
CLIMATE & CARBON STRATEGY
• Operational GHGS
• Product GHGS
GOALS
FUTURE FLEET PROGRAMME
• Product harm
• Product GHGS
• Products repurposed
GOALS
TCFD disclosure areaSummary
Governance: The organisation’s governance of climate-related risks and opportunities
1. Describe the Board’s oversight of
climate-related risks and opportunities
The Tourism Holdings Limited (thl) Board Audit & Risk Committee (ARC
1
)
oversees and is ultimately responsible for group-wide risks, including those
related to climate change. Board Health, Safety & Sustainability Committee
(HSSC) also has oversight of climate-related risks and opportunities.
2. Describe management’s role in
assessing and managing climate-related
risks and opportunities
Risks and opportunities to thl are identified and managed at all levels of
our business. Our Executive-level Risk & Improvement Committee (RIC)
and operational-level Risk Champions Network (RCN) are responsible for
implementing thl’s Enterprise Risk Management (ERM) framework across our
business and escalating key risks up to ARC as required. Climate-related risks
are standing strategic and operational key risks reported to RIC and ARC.
Risk Management: How the organisation identifies, assesses, and manages
climate-related risks and opportunities
3. The organisation’s processes for
identifying and assessing climate-
related risks
In October 2021, RIC members and other internal stakeholders attended
climate scenario analysis workshops run by consultancy Beca to identify,
assess and prioritise thl’s priority climate-related risks and opportunities.
Scenarios will be reviewed annually.
4. The organisation’s processes for
managing climate-related risks
Our climate-related risks are managed through the ERM framework, with
regular risks reviews, quarterly RIC and RCN meetings and bi-monthly ARC
meetings. In FY23 we will build on our work to put a sustainability and climate
lens over our major strategic decisions as well as capital expenditure and
operating costs..
5. How processes for identifying,
assessing, and managing climate-
related risks are integrated into the
organisation’s overall risk management
Strategy: The actual and potential impacts of climate-related risks and opportunities on the
organisation’s businesses, strategy, and financial planning where such information
is material
6. Describe the climate-related risks and
opportunities the organisation has
identified over the short, medium,
and long-term
After scenario analysis workshops, the priority climate risks for thl were
identified as:
• Lack of cost-effective, long-range RV product options that can materially
reduce greenhouse gases
• Changes in customer demand and experience due to increased frequency
and severity of both acute and chronic weather events
• Regulatory and legal compliance, given potential speed of policy changes
and lack of available technology
• Supply chain impacts from market response to climate change, such as an
increase in the price of carbon.
The priority climate opportunity for thl was identified as:
• Opportunity for thl leadership on climate response in RV sales and
rentals industry if science-aligned carbon reduction targets and future-fit
sustainability goals are met.
TCFD disclosure areaSummary
7. Describe the impact of climate-
related risks and opportunities on the
organisation’s businesses, strategy, and
financial planning
Our climate-related risks and opportunities (CR&O) relate to our business and
strategy future-fit sustainability programme in a number of key ways, including:
• Our values - be curious, do the right thing and be the best
• Our business strategy, including how quickly we can feasibly decarbonise
our vehicles through our Future Fleet programme
• Our Climate & Carbon strategy and how we can engage our crew,
customers, communities and suppliers in our shared Carbon Challenge
• How we operate our business, including our sustainability Branch Action
Plans and our social licence to o
perate.
In our next TCFD report, thl will further disclose the financial impacts of
climate-related risks and opportunities on our business model and strategy
over short, medium, and long-term time horizons.
8. Describe the resilience of the
organisation’s strategy, taking into
consideration different climate-
related scenarios, including a 2°C or
lower scenario
We used three climate scenarios, developed by the Network for Greening
the Financial Sector (NGFS), to test the resilience of thl’s strategy to climate
change: Imminent Transition; Delayed Transition; and Hot House World. We
are at an early stage of maturity in our climate-related disclosures and by
definition, the degree of resilience of our strategy is subjective. Given this, here
is our summary of key findings under the three scenarios:
IMMINENT TRANSITION
• Electric RVs and other technology will be characterised by low supply
and high demand as these industries scramble to meet the needs of a
transitioning world. thl will need to maintain access to new and
existing technology through partnerships and relationships.
• The resilience of thl’s strategy under this scenario will depend on being
able to quickly pivot its business model and service offerings to meet
strict compliance requirements.
• Opportunity to develop local customer base as international travel
decreases due to more stringent decarbonisation policies.
DELAYED TRANSITION
• Supply chain disruptions are likely due to high demand for new
components and technology after 2030, combined with an increase in
extreme weather events.
• thl will have time and opportunity to position itself as a market leader
in decarbonisation before it is mandatory.
HOT HOUSE WORLD
• Extreme physical risks could close certain attractions or eliminate
tourism in whole regions seasonally.
• RVs could be used as emergency housing for people displaced by
extreme weather events.
• An extreme and volatile climate will have massive impacts on
supply chains.
Metrics and Targets: The metrics and targets used to assess and manage relevant climate-
related risks and opportunities where such information is material
9. The metrics used by the organisation
to assess climate-related risks
and opportunities
Now we have set our Scope 1 and 2 science-aligned target, we will be
identifying appropriate metrics to assess our CR&O in FY23.
1
0. The three Scopes of greenhouse gas
(GHG) emissions (if appropriate), and
the related risks
thl publicly discloses (via annual integrated reporting) its Scope 1, 2,
and partial 3 emissions.
1
1. Describe the targets used by the
organisation to manage climate-
related risks and opportunities and
performance against targets
thl’s science-aligned carbon reduction target for Scope 1 and 2 is a reduction
in greenhouse gas emissions of 50.4% by FY32 from a restated FY20 baseline.
We aim to publish our Scope 3 target in the FY23 Annual Integrated Report
after meaningful engagement with our crew and suppliers.
1
ARC, previously the Audit Committee, was renamed with a broader remit to oversee enterprise risk.
We take our climate risks and opportunities (CR&O) seriously
and are on the journey to understand their interaction across
the various aspects of our business. We recognise that our
current vehicle fleet creates significant GHG emissions which
contribute to climate change.
In this section we share thl’s first public climate-related
disclosures using the Task Force on Climate-related Financial
Disclosures (TCFD) framework, delivered in advance of NZX
requirements. Elements of this TCFD reporting are woven
throughout our FY22 Integrated Annual Report because for
us, climate strategy is part of our business strategy. We
recognise that we are early on the TCFD reporting journey, and
aim to improve our reporting over time. It is a summary of our
work to-date on how we have identified and are managing our
CR&O and has been prepared in accordance with TCFD
requirements (see table) but prior to the publication of
XRB standards.
The management of our CR&O needs to be fully integrated into
our corporate strategy, operations and processes. Our
sustainability strategy to become a future-fit business will play
a key role in managing our CR&O. Our priority CR&O are
described below. The table on the following page provides an
executive summary of the key findings in this report, organised
under each of the 11 TCFD recommended disclosure areas.
Our Climate Risks
& Opportunities:
thl’s first TCFD Report
As a responsible tourism business, we take a holistic, systems-
and science-based approach to how we create and maintain
value for all our stakeholders. Our values of Be Curious, Do The
Right Thing and Be The Best, will be key to our response to the
climate challenge, and to delivering our purpose of creating
unforgettable journeys, not just for our customers now, but also
for future generations.
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Governance
Board oversight of climate-related risks
and opportunities
Governance of climate-related risks at thl involves the thl Board,
senior management and broader organisation.
The thl Board has ultimate responsibility for reviewing thl’s risk
management framework, however ongoing oversight is
delegated to the Audit & Risk Committee (ARC) in respect of
financial and strategic risk management, and to the Health,
Safety & Sustainability Committee (HSSC) in respect of
sustainability risk management, sustainability opportunities
and strategy.
Climate risks at strategic and operational levels are standing
items reported to ARC on a bi-monthly basis. ARC and HSSC
consider climate-related issues when guiding strategy and
action. In addition, all papers submitted to the Board are
expected to provide a Six Capitals Assessment including thl’s
impact on natural capital such as climate.
The TCFD process has highlighted the need for us to further
develop a formal sustainability and climate lens for reviewing
and guiding Board and thl activities including strategies; major
plans of action; risk management policies; performance
objectives; major capital expenditures etc. These activities will
be reviewed and addressed by thl in FY23.
Management’s role in assessing and
managing climate-related risks and
opportunities
The thl CEO and Executives all play a role in identifying and
managing our CR&O; monitoring climate-related megatrends;
reflecting climate issues in business strategy and ensuring
these are managed through our operations and our Enterprise
Risk Management (ERM) framework. Climate-related issues are
shared with the wider business by the CEO at internal Teams
Talks and disclosed externally in thl’s Integrated
Annual Reports.
The Chief Responsibility Officer and Responsible Management
(RM) team undertake climate and carbon reporting associated
with the risks and opportunities identified by the Executive. The
RM team works with stakeholders to undertake the
measurement and verification of thl’s greenhouse gas
emissions and, through the ERM framework, sees that the
CR&O identified are captured and mitigated.
Strategic and operational climate risks are managed by thl’s
Executive-level Risk & Improvement Committee (RIC –
previously the Enterprise Risk Steering Committee) and our
operational Risk Champions Network (RCN). See section
‘Protecting the value we create’ for more information.
The Future Fleet programme was developed by thl to
proactively manage the climate risks to and by our fleet,
particularly one of our priority risks – the lack of cost-effective,
long-range product options that can materially reduce
greenhouse gases. With new eRV (electric Recreational Vehicle)
products in the market, Future Fleet is now restarting plans to
pilot eRVs in our different countries of operation. For more
information, see the ‘Future Fleet programme progress’ section
in this report.
Led by the CEO of Action Manufacturing, a fully-owned
subsidiary of thl, Future Fleet involves key stakeholders such as
the thl Executive team and internal and external technical
experts. Progress is reported at the Strategic Product
Development Group (SPDG) and to ARC and HSSC.
The ‘Our responsibility journey’ section has further information
on thl’s other programmes to manage our carbon emissions
including Ignition – sustainability Branch Action Plans and
Accelerate – strategic partnerships.
Climate-Related Risk
& Opportunity (CR&O)
Management
thl expects our transition risks – particularly the lack of
availability of low-emissions RV technology, and the risks to
thl’s reputation if we don’t decarbonise – to impact thl sooner
than physical risks. The most significant risks to economies
transitioning to low-carbon models are likely to be experienced
over the next 10-30 years, while physical risks, such as from
acute and chronic weather events, are expected to continue to
increase and will have an even greater impact later this century.
thl has identified CR&O over the short, medium, and long-term.
We consider short-term to be up to be up to 24 months,
medium-term to be 2-10 years and long-term to be over
10 years.
SHORT-TERM
Up to 24 months
MEDIUM-TERM
2-10 years
LONG-TERM
10 years +
thl’s key assets are the RVs we rent and sell. The typical life of a
RV is 15-20 years. Therefore, production decisions that thl makes
today lock us into a specific carbon trajectory – and related
impact on climate change – for potentially the next
two decades.
Please see the diagram showing our priority CR&O which could
have a material financial impact on thl in the short, medium
and long-term.
OUR PRIORITY CLIMATE RISKS AND OPPORTUNITIES
SHORT-TERMMEDIUM-TERMLONG-TERM
OPPORTUNITY for thl leadership on climate response in RV sales and rentals
industry if science-aligned carbon reduction targets and future-fit goals are met
RISK to regulatory and legal
compliance given potential speed
of policy changes and lack of
available low-carbon technologies
RISK of change in customer demand and
experience due to increased frequency and
severity of acute and chronic weather events
RISK of supply chain impacts
from market responses to
climate change
RISK: Lack of cost-effective, long-range RV
product options to decarbonise thl’s fleet
Out of the risks thl prioritised from a long list (see diagram),
there is one current and short-term risk which we are seeking to
manage through our Future Fleet programme: the lack of
reliable RV technology to decarbonise thl’s fleet. We
understand that this risk will affect us over all timeframes we
have considered. However, given the average lifespan of our
vehicles (15-20 years), the impact of decisions we make about
our vehicles today will likely be felt in the medium-term. As a
result, we need to consider this risk in decisions we make today
– for example, on the rate of depreciation/expected
obsolescence of these vehicles. Hence we have listed this risk as
having potential financial impacts over a short-medium
time horizon.
The other priority risks listed are not material in the short-term
to the six capitals we regularly report on in our Integrated
Annual Reports: financial, manufactured, intellectual, human,
social and relationship and natural.
The key opportunity identified for thl is also material in the
short through long-term: the reputational opportunity to
position thl as leaders in RV sales and rentals in responding to
climate change, if science-aligned targets and sustainability
goals are met to ensure we become future-fit.
How our CR&O were determined
and prioritised
The priority climate risks and opportunity to thl were identified
as material using a specific methodology which had a focus on
climate change, detailed below. To properly manage these risks,
they have been integrated into our broader ERM framework
with governance and oversight provided by our Risk Champions
Network, our Executive-level Risk & Improvement Committee,
and the Audit & Risk Committee and Health, Safety &
Sustainability Committee.
Note on velocity/speed of impact: We expect our prioritised risks to become increasingly material in the medium to long-term.
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Climate scenario workshops
Consultancy Beca facilitated a series of three climate scenario
analysis workshops with thl’s leadership team and key internal
stakeholders. Workshop 1 involved a risk prioritisation to
identify, via voting, the five highest priority risks and
opportunities from a preliminary long list.
See below table for a description of our priority risks and
opportunities.
RiskDescription
Lack of reliable RV technology to
decarbonise thl’s fleet
Lack of cost-effective, long-range RV
product options that can materially
reduce greenhouse gases (e.g., EVs).
Changes in customer demand
and experience due to physical
climate impacts
Increased frequency and severity
of both acute and chronic weather
events may affect customer demand
and experience.
Regulatory and legal compliance
Speed of policy changes pose
significant risks, particularly if
technology availability cannot keep up
with policy requirements.
Supply chain impacts from market
response to climate change
E.g., increase in the carbon price.
Impacts may lead to more expensive
procurement and operations.
OpportunityDescription
Reputation
Opportunity to position company
as industry leaders in responding to
climate change if science-based targets
and future-fit goals are met.
Workshops 2 and 3 involved a climate scenario analysis exercise
to take the five priority risks and opportunities identified during
the risk prioritisation exercise and test them under each of
three climate scenarios, developed by the Network for Greening
the Financial System (NGFS). The NGFS is comprised of central
banks – including in NZ, AU, and the US – who contribute to
developing climate and environmental risk management best
practices. Beca selected three scenarios that would test the
outer bounds of thl’s resilience, including extremes of physical
and transition risks.
ScenarioClimate
Policy
Transition
Risk Severity
Physical
Risk Severity
Description
Imminent
Transition
Immediate
and smooth
Initially high, then
gradual and ordered
Low-Medium
Ambitious and stringent climate policies are
introduced immediately and enacted to limit
global warming to 1.5°C. Net Zero is reached by
2050. Significant innovation is spurred and there
is fast change in technology.
Delayed
Transition
Delayed
Initially low
Severe after 2030
Medium-High
Policy is not enacted immediately, causing
emissions to increase until 2030. When policies
are enacted, they are stringent and abrupt.
Emissions exceed the Paris Agreement’s carbon
budget temporarily and then decline rapidly
after 2030.
Hot House
World
NoneLowExtreme
A world in which only current policies are
preserved, and there is no significant action on
climate change. This result in a “hot house world”,
where emissions lead to about 3°C of warming
by 2080.
2020
Imminent
Transition
Delayed
Transition
3.0°C
1.5°C
Hot House
World
Historic Net CO
2

Emmisions
204020602000
Following a discussion, a materiality rating of low, moderate,
or high was assigned to each of the five risks / opportunities
under each scenario.
Materiality ratings that were applied to risks and
opportunities during scenario analysis:
• Are aligned on the concept of ‘double materiality’.
1
• Refer to the level of risk severity under each scenario.
Transition and physical risks will exist under all three
climate scenarios. Therefore the low, moderate, or high
ratings refer to the level of risk severity under
each scenario.
• Provide, to some extent, a framework for prioritising
action as follows:

RatingAction
HIGH
Highest priority risks and opportunities. thl should
focus its risk management efforts on these.
MODERATE
Should be closely monitored but are not of
highest priority.
LOW
Are lower priority compared to ‘moderate’ risks and
opportunities but should still be monitored.
Priority risks and opportunities were assessed according to
their materiality under each scenario.
Materiality ratings were assigned for each country in which
thl operates, focussing on New Zealand, Australia and the
United States. The tables to the right show the average of
these ratings.
1
Double materiality recognises that climate financial risks are influenced by
long-term environmental and social factors. A reasonable person might consider
information material for reasons other than direct financial repercussions: for
example, the company’s impact on climate change (as well as climate change’s
impact on the company). Therefore, these materiality ratings encompass both
material financial risk and additional qualitative factors, such as reputational,
operational and health and safety risks.
Materiality Rating as described on left
RiskDescription
Imminent
transition
Delayed
transitionHot House World
Time horizon
over which
risk arises
Lack of reliable
RV technology to
decarbonise
thl’s fleet
Lack of cost-effective,
long-range RV product
options that can
materially reduce
greenhouse gases
(e.g., EVs).
HIGHHIGHHIGH
Short–medium term
Changes in
customer demand
and experience
due to physical
climate impacts
Increased frequency
and severity of both
acute and chronic
weather events may
affect customer demand
and experience.
LOWMODERATEHIGH
Medium–long term
Regulatory and
legal compliance
Speed of policy changes
pose significant risks,
particularly if technology
availability cannot
keep up with policy
requirements.
HIGHMODERATEHIGH
Medium-term
Supply chain
impacts from
market response
to climate change
E.g., increase in the
carbon price. Impacts
may lead to more
expensive procurement
and operations.
HIGHHIGHHIGH
Medium-term
Materiality Rating as described on left
OpportunityDescription
Imminent
transition
Delayed
transitionHot House World
Time horizon
over which
opportunity
arises
Reputation
Opportunity to position
company as industry
leaders in responding
to climate change if
science-aligned targets
and future-fit goals
are met.
HIGHHIGHHIGH
Short–medium term
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The impact of climate-related risks and
opportunities on thl
thl is keenly aware of the risks and opportunities posed by
climate change on our business, strategy and financial
planning, such as potential changes in customer demand and
tourism experiences due to the physical impacts of
climate change.
In addition, we have a significant impact on the climate. Our
core business, RVs, generate greenhouse gases through the use
of fossil fuels. It’s clear that we must seek opportunities to
decarbonise our fleet as quickly as is feasible.
However, there are hurdles that we need to overcome to enable
practical, customer-friendly and cost-effective solutions for our
RVs. Our vehicles are on the larger end of light commercial/
smaller end of freight in terms of weight, and need at least a
200km range to give our customers the capability they need on
their journey. We do not see this as a priority for vehicle
manufacturers (Original Equipment Manufacturer/OEMs)
whose focus is on cars, commercial light vehicles e.g. for last
mile delivery, and heavy fleet.
In addition, the answer for us may not simply be electrification.
We operate in countries such as Australia and the US where the
grid mix, while starting to change, is not as clean as NZ, and
energy is generated from coal and other fossil fuels. This means
that when Electric Vehicles (EVs) charge, although they are not
generating tailpipe emissions, they are still potentially drawing
electricity from a dirty grid. We are also aware that our current
products will continue their useful life for many years beyond
them being in our fleet, and that alternative low-emission fuel
sources will be required to reduce ongoing emissions from
these vehicles.
thl has invested in our Future Fleet programme to help us
proactively manage the carbon risks and opportunities relating
to our RVs, such as piloting new, low-emission products. Future
Fleet will help us navigate the complex RV value chain;
availability of technologies; new stakeholders; and rapidly
changing regulations which include the end of importation of
Internal Combustion Engine (ICE) vehicles. We know that it will
require a collaborative, partnership approach for us to make any
significant inroads in the timeframe required.
Our Future Fleet programme is also investigating different
technologies in the transition to a low-carbon world, including
hydrogen and biofuel. For all these technologies – EV, hydrogen
and biofuel, the lack of infrastructure and consistent supply is a
key issue. In addition, biofuel sourcing carries significant supply
chain risks.
We believe we need to decarbonise before changing customer
demand forces us to. Customers in the future are also expected
to experience more extreme weather events due to climate
change. We are part of bigger sector and national discussions
regarding climate adaptation and mitigation, and whether
national infrastructure is up to the challenge of wildfires, rising
sea levels, more severe storms and droughts etc.
Climate change also gives us an unfortunate opportunity: more
people will likely be displaced and will need mobile housing;
and more extreme weather events will increase demand for
temporary housing for e.g. firefighters and emergency services.
If we continue our progress to become a future-fit business and
meet the science-based, systems goals that comprise the
Future-Fit Business Benchmark, we have a chance to build on
our reputation as a business committed to regenerative tourism.
In short, our strategies to meet these risks and opportunities
need to be regularly reviewed to respond to changing
requirements.
How resilient is our strategy under
different climate scenarios?
So that we are planning for a range of possible futures, below
we summarise and describe different aspects of our corporate
strategy, taking into account the three different scenarios of
Imminent Transition, Delayed Transition and a Hot House World
described below.
Summary of key findings under three scenarios
IMMINENT TRANSITION
• Electric RVs and other technology will be characterised
by low supply and high demand as these industries
scramble to meet the needs of a transitioning world.
thl will need to maintain access to new and existing
technology through partnerships and relationships.
• The resilience of thl’s strategy under this scenario will
depend on being able to quickly pivot its business
model and service offerings to meet strict compliance
requirements.
• Opportunity to develop local customer base as
international travel decreases due to more stringent
decarbonisation policies.
DELAYED TRANSITION
• Supply chain disruptions are likely due to high demand
for new components and technology after 2030,
combined with an increase in extreme weather events.
• thl will have time and opportunity to position itself as a
market leader in decarbonisation before it is mandatory.
HOT HOUSE WORLD
• Extreme physical risks could close certain attractions or
eliminate tourism· in whole regions seasonally.
• RVs could be used as emergency housing for people
displaced by extreme weather events.
• An extreme and volatile climate will have massive
impacts on supply chains.
Fleet decarbonisation
Decarbonising our fleet will be an essential component to
meeting potential emissions requirements as well as mitigating
the impacts of climate change. There are various risks and
opportunities associated with the decarbonisation of our fleet,
as described in this report.
Technology development & a circular economy
Decarbonising our RV fleet will depend on technology that is
not yet readily available. While EV technology has been around
for many years, the development of electric RVs (eRVs) is
currently in its infancy, and challenges are associated with
accessing this technology. NZ’s right hand side driver
requirement makes these vehicles lower priority for the
international market. EVs also require charging stations, which
are expected to be more common in the US before NZ or AU.
Currently, eRVs do not have the capacity to cover long
distances. This is particularly material in AU, with longer hauls
and a smaller likelihood of big investments in EV infrastructure.
Other technologies could play a role in decarbonising thl’s fleet.
Hydrogen technology will require significant advancement
before it can be used in RVs, but several hydrogen initiatives are
already underway (e.g., Renault in France; and Japan and Korea
investing in hydrogen). Biofuel blends are another option that
would run on existing diesel and petrol engines. We believe
hydrogen and biofuels are more likely to be utilised in AU and
NZ, with biofuels a potential transition technology while
hydrogen and EV infrastructure is developed.
The process of decarbonising our fleet is likely to result in higher
investment required up-front for research and development,
but lower long-term maintenance costs. Under scenarios that
transition to a zero-carbon economy later, or not at all, there is a
risk associated with being an early adopter of EVs and other
low-emission vehicles and losing business viability in the
short-term due to increased costs and outpacing the market.
Through Action Manufacturing, we have an opportunity to both
retrofit our existing fleet and play a role in the development and
supply of clean RV technology. There is infrastructure thl is
reviewing now which could help to facilitate this shift. For
example, RVs with front wheel drive are easier to retrofit to a
hydrogen or electric system than those with rear wheel drive.
The transition to alternative technologies will require a
significant investment in upskilling technicians to servicing
and repairing EVs and other alternate vehicles. A circular
economy approach will be an important shift in thl’s strategy,
including reviewing our business models and considering the
entire lifespan of a vehicle and its component parts and
materials. thl has the opportunity to capitalise on these
opportunities having undertaken an initial Life Cycle
Assessment study of our RVs and with our extensive
logistical operation and manufacturing capability.
Supply chain disruptions & a shift to ‘local’
Disruptions in our supply chain were identified as a key risk in
all three scenarios. Under scenarios with higher transition risks,
demand far outpaces supply for new and renewable technology
and its components. NZ, and to a lesser degree AU, is
particularly vulnerable to supply chain issues due to their
remoteness. Neither country is large enough to develop its own
auto manufacturing industry, so each will continue to depend
on an international supply chain.
The supply of materials for manufacturing RVs could be
disrupted by sea level rise, resource shortages and acute
weather events. Some materials identified as vulnerable to
supply chain disruption include fiberglass, biofuel, plywood and
aluminium. At thl we could look to invest in shifting to locally
made, circular and bio-based materials where available which
could increase our supply chain resilience as well as reduce
freight costs.
There is an opportunity to better communicate sustainable
sourcing and practices to our customer base, particularly given
the work of our Global Sustainable Procurement working group
and our upcoming Supplier Code of Conduct. However, we will
need to find ways to convey complex information about vehicle
manufacturing into simple metrics such as ‘percent of
components parts that are sustainably sourced / part of a
circular system’. In transitioning scenarios, authentic and
transparent communication of sustainability performance and
potential use of digital transparency technologies such as
blockchain will become important to continuing to attract
customers to this mode of travel.
Resilience through partnerships
Partnership is a key theme of our resilience strategy under
various climate scenarios. Because thl’s primary location in NZ
is remote, and our buying power isn’t as large as other
automotive markets, effective partnership with suppliers and
using our influence to access products in a timely manner will
be essential.
Fuel supply / charging infrastructure is another systems
challenge, and in all the countries in which we operate – NZ, AU,
the US and the UK – we are seeking to partner with
organisations that want to demonstrate climate leadership
through pilot programmes and R&D.
Effective partnership has been key already in our ability to
weather the COVID-19 global pandemic, particularly in the US,
and in our original trials with electric chassis. Through Action
Manufacturing, we were the first in NZ to bring in LDV electric
chassis; we repowered light commercial vehicles for AU-based
SEA Electric and assisted in creating New Zealand’s first
intercity heavy EV truck for Alsco.
Moving forward, given thl’s unique offering of rental RVs
travelling significant distances, we are well placed to pilot and
test new low-emissions and circular economy technologies
for OEMs.
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Physical impacts on customer experience, health,
and safety
Extreme weather events and increasing temperatures may
create a seasonal shift in tourist markets, such as increases in
overseas tourists visiting NZ and Australia during winter
months to escape Northern Hemisphere summers. In Australia,
more temperate areas (e.g. Tasmania) may become more
popular. NZ may have significant reductions in snow cover and
the length of the winter sports season. As temperatures rise,
our NZ fleet may need to be fitted with air conditioning (AC)
units. In the US, it is possible that some areas will be restricted
for large parts of the year e.g. due to wildfires. Tourist
attractions may become more distinctly seasonal, requiring
corresponding relocations of the fleet.
Particularly in Australia and the US, extreme heat in the
summer is likely to cause significant disruptions to the tourist
market. Even if new AC technology can be fitted into vehicles,
people are less likely to travel in >40ºC heat. These disruptions
may require us to explore new operational models, such as fleet
dispersal and remote vehicle hubs, or consider venturing into
new markets (i.e., more temperate regions, such as Europe).
Both the Delayed Transition and Hot House World scenarios
carry significant physical risks from an increasingly extreme
and volatile environment. The innate mobility of RVs means that
our products are relatively resilient to these physical risks (i.e.,
wildfires can be driven away from). Even if tourist destinations
are closed, RVs provide customers with the freedom to travel to
alternative locations. Communicating health and safety risks to
staff and customers will be critical, especially in a Hot House
World scenario.
CASE STUDY
Climate risks for a thl business:
Discover Waitomo
Reputational opportunities
Under transition scenarios, reputational opportunities will
depend on our ability to deliver on climate change goals.
Communicating our decarbonisation efforts through effective
storytelling will be an important component of our value
proposition to employees under all scenarios. Equally, given
that we are reliant on others for a significant technology step
change we will need to be transparent on the challenges and
hurdles we face to take material steps forward.
The pace of change under an Imminent Transition scenario will
pose more of a challenge. We will have to respond quickly to
market changes by diversifying our product offerings: for
example, by offering circular economy subscription-style
vehicle ownership as private vehicle ownership decreases in
response to policy changes.
Decarbonising under a Delayed Transition scenario could
provide more of a reputational opportunity, as we work in
collaboration with others to position ourselves as market
leaders before regulation is put in place. If, as is our aim, we can
successfully decarbonise our fleet, thl may have an opportunity
to share intellectual property about this process with peer
organisations. Monitoring the competitor market will be
important, as there are likely to be many fast followers who
catch up by 2030 onwards. Smaller companies may be able to
pivot and decarbonise more quickly, while we may be
constrained by our large fleet size or conversely size may be an
advantage in terms of influencing our suppliers for low /
zero-emissions products.
Under a Hot House scenario, we will still need to maintain our
social licence to operate by publicly pursuing our future-fit
sustainability goals. As disaster events dramatically increase
under this scenario, becoming industry leaders in non-tourism
temporary accommodation is a reputational opportunity.
Providing emergency service vehicles for disaster relief and
support services (such as for firefighters) may continue to
provide additional revenue and an opportunity to enhance our
brand. However, this may be more applicable to our reputation
in the investor market, rather than the customer market.
Metrics and Targets
Our Science-Aligned Carbon
Reduction Target
thl is at an early stage in setting formal and external goals,
targets and metrics for climate-related issues. Our Board has
emphasized the need to set a science-aligned target for carbon
reduction and thl is taking a phased approach to this, starting
with a Scope 1 and 2 target, followed by a Scope 3 target which
will be shared in our next Integrated Annual Report.
We have worked with independent sustainability firm
thinkstep-anz to restate our FY20 carbon footprint to include a
full inventory of our FY20 Scope 3 emissions and become our
new baseline year. Our emissions in the last quarter of FY20
were impacted by COVID-19 lockdowns and therefore were
appropriately adjusted with an uplift factor to represent our
pre-COVID-19 level of activity. This new baseline now
encompasses our business in its entirety, from the supply of raw
materials to our commercial operations through to the end of
life of our vehicles, even once we have sold them. As a result,
our restated baseline footprint has increased by over four times
to approximately 319,000 tCO
2
e.
Restating our FY20 baseline has meant we have been able to set
a science-aligned carbon reduction target for our Scope 1 and 2
emissions of 50.4% by 2032, essentially halving our pre-COVID-19
levels of carbon emissions in the next decade. Our emissions
reduction target takes an ‘absolute emissions reduction’
approach. It includes those Scope 1 and 2 emissions over which
we have direct control, but unusually for a business, our Scope 1
emissions include activity over which we have limited control –
but may be able to influence – customer journeys.
Our priority at thl is to ensure our customers have an exemplary
experience, with the freedom to travel and create unforgettable
journeys. Our challenge as a business is to find a way to
decouple carbon emissions from customer journeys without
compromising customer experience. The lack of available
technology and solutions is still a considerable barrier to
achieving this goal.
Our science-aligned target follows the Science-Based Targets
Institute (SBTi) methodology and aims to support the delivery
of the substantial reductions needed to limit future global
heating to 1.5ºC.
Our science-aligned target: thl
commits to absolute reduction
of Scope 1 and 2 greenhouse
gas emissions of 50.4% by FY32
from a restated FY20 baseline,
consistent with the aim of
limiting global heating to 1.5ºC.
A note on our Scope 3 target
As with many businesses, our Scope 3 emissions dominate our
restated baseline footprint, comprising 70% of the total
footprint. While we may be able to influence our upstream
supplier emissions, we do not control the emissions of our
vehicles once they are sold. Key to addressing this challenge
and having more influence on emissions from sold products in
the future, is our Future Fleet programme which aims to
transition our fleet to low and no-emissions vehicles as quickly
as feasibly possible.
In order to adopt a meaningful science-aligned carbon target
for our Scope 3 emissions, we will continue to update our view
and approach to Scope 3 GHG targets as we work with partners
in the supply chain to collectively ensure a systemic approach
to addressing the issues and identifying solutions. We need to
work together to establish realistic decarbonisation pathways
linked to genuine, scalable technological innovation.
We will be spending the next 12 months starting to engage key
stakeholders in our shared Carbon Challenge including our
crew, peers, customers and suppliers, including vehicle
manufacturers (OEMs).
Our Scope 1 and 2 target and development of a Scope 3 target
have been approved by the thl Executive team and the
thl Board.
The Waitomo Caves
The Waitomo Caves and Kiwi Experience operation
is already undergoing major shifts as a result of
fewer international visitors due to the COVID-19
pandemic. Climate change and the rising cost of
carbon could have a similar effect. In addition,
climate change could impact the sensitive
glowworm ecosystem. To appeal to a local customer
base, offerings could continue to shift more towards
education, science and immersive Te Reo (Māori
language) tours which are already proving popular.
Under scenarios with high physical risk severity, the
Waitomo Caves could be impacted by road closures
due to acute weather events or glowworm
senescence due to higher temperatures and
flooding. Waitomo is currently moving towards a
more resilient, New Zealand-made supply chain,
including growing food on-site.
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