Wilsons Investor Conference presentation

Tourism Holdings Limited
Tel: +64 9 336 4299
The Beach House
Fax: +64 9 309 9269
Level 1, 83 Beach Road
www.thlonline.com
Auckland City

PO Box 4293, Shortland Street

Auckland 1140, New Zealand



Self drive
Experiences
New Zealand
Australia
USA
UK


Design &
Manufacturing
New Zealand
Australia

Guided
Experiences
New Zealand


17 November 2022

MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)

WILSONS INVESTOR CONFERENCE PRESENTATION

Please see attached a copy of an investor presentation to be delivered by thl at the Wilsons Investor
Conference in Melbourne today.

ENDS

Authorised by:

Cathy Quinn
Chair, Tourism Holdings Limited

For further information contact:

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

About thl (www.thlonline.com)

thl is a global tourism operator. We are listed on the NZX and are the largest commercial provider of RVs for rent and sale in
Australia and New Zealand, and the second largest in North America. In the USA, we own Road Bear RV Rentals & Sales and El
Monte RV Rentals & Sales, and in the United Kingdom, we own Just go Motorhomes. Within New Zealand, we own Kiwi Experience
and operate the Discover Waitomo group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The
Legendary Black Water Rafting Co.
thl also owns Action Manufacturing, a leading motorhome and specialist vehicle manufacturer
in New Zealand.

---

Introduction to thl –standalone view
Wilsons Investor Conference – 17 November 2022

2
Disclaimer
•This presentation may contain forward-looking statements and projections
based on
thl as a standalone company. The statements do not include any
changes resulting from the proposed merger with Apollo Tourism &
Leisure Ltd.
•These statements and projections reflect thl’s current expectations, based
on what it thinks are reasonable assumptions. The statements are based
on information available to
thlat the date of this presentation and are not
guarantees or predictions of future performance. For any number of
reasons, the future could be different and the assumptions on which the
forward-looking statements and projections are based could be wrong. To
the maximum extent permitted by law,
thl, its Directors, employees or
advisers give no warranty or representation as to the accuracy, reliability
or completeness of the information in this presentation, or
thl’s future
financial performance (including any merger) or any future matter and
disclaim all liability in this regard. Except as required by law or NZX listing
rules,
thlis not obliged to update this presentation after its release, even if
things change materially.
•This presentation has been prepared for publication in New Zealand and
may not be released or distributed in the United States.
•This presentation is for information purposes only and does not constitute
financial advice. It is not an offer of securities, or a proposal or invitation to
make any such offer, in the United States or any other jurisdiction, and
may not be relied upon in connection with any purchase of
thlsecurities.
thlsecurities have not been, and will not be, registered under the US
Securities Act of 1933 and may not be offered or sold in the United States,
except in transactions exempt from, or not subject to, the registration of
the US Securities Act and applicable US State securities laws. Past
performance information given in this presentation is given for illustrative
purposes only and should not be relied upon as an indication of future
performance.
•This presentation may contain a number of non-GAAP financial measures.
Because they are not defined by NZ GAAP or IFRS,
thl’s calculation of these
measures may differ from similarly titled measures presented by other
companies and they should not be considered in isolation from, or
construed as an alternative to, other financial measures determined in
accordance with NZ GAAP.
•This presentation does not take into account any specific investors
objectives and does not constitute financial or investment advice. Investors
are encouraged to make an independent assessment of
thl. The
information contained in this presentation should be read in conjunction
with
thl’s latest financial statements, which are available at:
www.thlonline.com.

3
History of thl
Established as The
Helicopter Line,
specialising in scenic
helicopter flights
Acquired Britz
Motorhomes and
Backpacker
Campervans
Listed on New
Zealand Stock
Exchange
Changed name to
Tourism Holdings
Limited
Acquired The
Legendary
Blackwater Rafting
Company and rights
to operate
WaitomoCaves
Strategic
divestment of non-
motorhome
tourism businesses
(other
thanDiscover
Waitomoand Kiwi
Experience)
Acquired US-
based Road Bear
RV Rentals and
Sales
Merger of New Zealand
manufacturing business
with KEA Manufacturing
to form Action
Manufacturing JV
Merger of New Zealand
rental business with KEA
Campers and United
Campers
Acquired 49%
of Just go
Motorhomes in
the United
Kingdom
Launch of
Mighway
P2PRVrental
business
Acquired US-based El
Monte RV Rental and
Sales
Formed50:50
Togo Group
digital RV joint
venture with
Thor Industries
1
Acquired
remaining 50%
shareholding in
Action
Manufacturing
19861995
1999
20072010
2015
20182021
19881996
2003
2012
2016
1980
Entry to
motorhome market
by acquiring Maui
Campervans and
Mount Cook Group
Acquired licence to
operate guided
tours at Waitomo
GlowwormCaves
and AranuiCave
2020
Commenced
managed
exit from Togo
Grouptorefocus
on Australasian
digital strategy
1
2022
Purchased remaining
51% shareholding in
Just go motorhomes
in the United
Kingdom
2022
1
Togo Group has recently rebranded as Roadpass
Sold P2P RV rental
businesses to
Camplify for
shareholding in
Camplify
Sold remaining
interest in Togo
Group
1
Global RV centric
New Zealand tourism centric

4
Global Footprint
Fleet size as at 30 June 2022.

5
The thlBusiness Model
•Tourism Holdings (thl) is one of New Zealand’s
leading tourism companies.
•thl is headquartered in Auckland and islisted on the
New Zealand Stock Exchange under the ticker code
thl, and is the largest provider of commercial RVs
for rent globally.
•Our core business is in the Build / Buy, Rent, and
Sell of recreational vehicles. We have related
businesses in Australia, New Zealand, USA, and the
UK.
•thl also has a series of ancillary businesses, covering
the manufacture of non-RV specialist commercial
vehicles in NZ, development of travel technology,
and the operation of several tourism attractions in
NZ.

6
Build / Buy
•Through thl’s subsidiary Action Manufacturing, thlhas three manufacturing facilitiesin New Zealand
•Action Manufacturing manufactures the majority of thl’s New Zealand and Australian rental fleet, using chassis purchased from
OEMs such as Mercedes, Iveco and Toyota
•Outside of RVs, Action Manufacturing designs and manufactures specialist commercial vehicles for a range of public and private
customers including New Zealand Police, New Zealand Defence Force and Queensland Ambulance Service
•In the USA and the UK, thlpurchases finished motorhome products from RV OEMs rather than self-manufacturing
New Zealand Defence Force Medical Truck2022 Maui Motorhome
Action Manufacturing, Hamilton, New Zealand

7
Rent
Large branch example - El Monte RV in Santa Fe Springs,CA
Small branch example - Queenstown,NZ
Brand
Location
Age PropositionPrice Positioning
NZAUUSUK
maui
 
0 – 2 YearsMore premium
Road Bear
RV

FlexibleMore premium
Just go

FlexibleFlexible
Britz
  
Up to 4 YearsMid-range
El Monte RV

FlexibleMid-range
Mighty
  
Tend to be olderValue
•Globally thloperates an RV rental fleet of over 3,800 vehicles
1
•We operate a portfolio of rental brands in Australasia and the United
States, targeting different segments of the market with vehicles moving
through the brand portfolio through their lifecycle
•Vehicles are transferred to the sales business at various points in the
lifecycle, enabling the sales business to offer a variety of stock at
different price propositions
1
As at 30 June 2022.
Rental fleet split
1
UK, ~150
New Zealand
~1,000
Australia
~1,200
United States
~1,650

8
Sell – RVs and Accessories
•Globally thlsellsthousands of motorised RVs annually, including n e w, used, ex-rental and trade-invehicles,
from its own retail dealerships and through third-party dealership networks
•Our sales centres in New Zealand have a widerange of motorhome and caravan accessories available in-store
and online,including finance & insurance products, accessories & parts, and vehicle servicing

9
Other Businesses
Discover Waitomo
•We operate a number of iconic
attractions in the Waitomo region –
the Waitomo GlowwormCaves,
Blackwater Rafting, Ruakuri Caves,
AranuiCaves, the Waitomo
Homestead, and a calendar of events
including the Waitomo Trail Run
Kiwi Experience
•We operate New Zealand’s leading hop-on /
hop-off bus tour network
TripTech
•We operate a travel technology
company that creates custom
travel apps and data insights for
B2B customers
Camplify
•Following the sale of our P2P
rental businesses, thl has a
shareholding in Camplify (ASX:CHL)

10
A Strong Focus on Return on Funds Employed
•The business is focused on ROFE.
•Vehicle purchase/capital
investment business cases must
demonstrate that they are
expected to provide an appropriate
ROFE.
•Our approach is to allocate funds
to assets that deliver the greatest
return, considering multiple
jurisdictions and market segments.
thl has historically shown a strong focus on ROFE – a key factor in a capital intensive business
1
EBIT / Net Funds Employed. FY18 and FY19 include a total of $15.5M in losses relating to the Togo Group joint venture, which hassince been exited
8.6%
12.9%
15.1%
14.3%
15.3%
12.9%
0%
4%
8%
12%
16%
20%
FY14FY15FY16FY17FY18FY19
Group ROFE (pre-COVID)
1

11
Pandemic Response
thl leveraged its flexible business model to undertake record fleet sales in all three countries at strong margins, avoiding the need for a dilutive
equity raise
Illustrative only
thl has committed
funding of up to
$258M through to
2024
1
1
Reflects exchange rates as at 30 June 2022.
188
128
48
22
55
49
40
19
72
59
0
20
40
60
80
100
120
140
160
180
200
31 Mar 2030 Jun 2030 Sep 2031 Dec 2031 Mar 2130 Jun 2130 Sep 2131 Dec 2131 Mar 2230 Jun 22
Net debt (NZ$M)

12
Ready to Move Forward
1
2
3
4
5
6
7
8
Sold mighway and SHAREaCAMPER, acquired
the remaining 40% interest in triptech and
sold remaining shares in Togo Group
Acquired the remaining 51% interest in Just
go Motorhomes
Action Manufacturing subsidiary acquired
Freighter from MaxiTRANS
Growing and embedding non-tourism rental
activity into our business
TRX 25, a global customer experience
improvement project
New Zealand RV Super Centre
business expansion project
Investing in new fleet designs and
vehicle models
Ongoing R&D for the Future Fleet/EV
programme
We have undertaken several recent M&A projects to refresh the group and invested in core
business improvement projects throughout the pandemic period to set the business up well
for the future

FY19
FULL YEAR RESULTS
PRESENTATION
Thanks