thl provides pro forma underlying FY23 guidance

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




15 February 2023

NZX | ASX | MEDIA RELEASE
TOURISM HOLDINGS LIMITED (thl)

THL PROVIDES PRO FORMA UNDERLYING FY23 GUIDANCE

thl is nearing completion of its first set of half year results following its merger with Apollo Tourism &
Leisure Ltd (
ATL) and with that visibility, has been assessing expectations for the full year. As a result, thl
now expects an improved underlying net profit after tax (NPAT) for FY23.

On a pro forma basis
1
(inclusive of ATL’s NPAT for the five months prior to completion of the merger), thl
currently expects underlying NPAT for FY23 to be above NZ$75 million
2
. This pro forma guidance includes
underlying profit of NZ$27 million attributable to ATL for the five-month period to 30 November 2022.
ATL’s underlying five-month result also includes a NZ$9 million gain on the sale of 310 motorhomes to Jucy
Rentals on 30 November 2022.

Excluding ATL’s profit for the period before completion of the merger, thl’s expected underlying NPAT for
FY23 is above NZ$48 million. This guidance also accounts for the reduction of rental revenue resulting from
310 fewer vehicles available for rent.


The improved guidance reflects the strong trading of the business in the first half and a positive outlook
for the remainder of FY23. More details on the performance drivers will be provided in the half year results
release.


thl notes that there are a number of statutory items that are still being finalised, primarily relating to the
merger costs, the acquisition of the remaining 51% shareholding in Just go and the sale of the Canadian
properties. These will be noted in the FY23 half year results release, expected on Thursday, 23 February
2023. Additionally, the transaction accounting for the acquisition of ATL has not yet been completed and
may impact the final FY23 NPAT result. The accounting outcome will not change the cash or economic
outcome of
thl’s performance.

ENDS


1
The merger of thl and ATL completed on 30 November 2022. Consequently, ATL’s FY23 results for the period prior
to completion of the merger will not be reflected in
thl’s statutory financial statements for FY23. ‘Pro forma
underlying NPAT’ includes ATL’s results for the five months prior to completion of the merger. Both ‘Underlying
NPAT’ and ‘Pro Forma Underlying NPAT’ are non-NZ GAAP (Generally Accepted Accounting Practice in New Zealand)
financial measures and are being provided as
thl believes it provides useful information to assist readers to
understand the financial performance during the period. Because it is not defined by NZ GAAP or New Zealand
International Financial Reporting Standards (NZ IFRS), it should not be considered in isolation from other financial
measures determined in accordance with NZ GAAP or NZ IFRS.
2
Assumes exchange rates for the remainder of FY23 of NZD:AUD $0.93, NZD:USD $0.62, NZD:CAD $0.85 and
NZD:GBP $0.52.

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 listed on the NZX and ASX (code: THL) and is the largest commercial RV rental operator in the
world. In November 2022,
thl merged with Apollo Tourism & Leisure, creating a multi-national, vertically integrated RV
manufacturing, rental, and retail business spanning motorhomes, campervans and caravans.
thl also operates tourism adventure,
travel technology, and commercial vehicle manufacturing businesses.

In New Zealand/Australia, thl operates rental brands (Maui, Britz, Apollo, Mighty, Hippie, Cheapa Campa), manufacturing (Action
Manufacturing, Apollo), retail brands (Talvor, Kea, Winnebago, Adria, Coromal, Windsor), retail dealerships (RV Super Centre,
Apollo RV Sales, Kratzmann, George Day, Sydney RV, E-Camperco), travel technology (TripTech) and tourism attractions (Kiwi
Experience and the Discover Waitomo Group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The
Legendary Black Water Rafting Co.). In North America,
thl operates the Road Bear RV, El Monte RV, CanaDream, Britz and Mighty
rental brands. In UK and Europe,
thl operates the Just go, Apollo and Bunk Campers rental brands.