thl confirms strong half year results and record guidance

FY23 Interim
Financial
Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
FOR AND ON BEHALF OF THE BOARD WHO AUTHORISED
THE ISSUE OF THE INTERIM CONSOLIDATED FINANCIAL
STATEMENTS ON 22 FEBRUARY 2023.
CATHY QUINN
CHAIR OF THE BOARD
ROB HAMILTON
CHAIR OF THE AUDIT AND RISK COMMITTEE
22 FEBRUARY 2023

Consolidated income statement
For the six months ended 31 December 2022
NOTES
UNAUDITED
6 MONTHS TO
31 DEC 2022
$000’s
UNAUDITED
6 MONTHS TO
31 DEC 2021
$000’s
Sales of services
134,09450,301
Sales of goods
126,952124,573
Total revenue
261,046174,874
Cost of sales
(85,917)(84,910)
Gross profit
175,12989,964
Administration expenses
3
(38,209)
(22,931)
Operating expenses
3
(99,688)
(69,219)
Other income
2
5,060
1,058
Operating profit/(loss) before financing costs*
42,292(1,128)
Finance income
2604
Finance expenses
(6,940)(4,947)
Net finance costs
(6,680)(4,943)
Share of profit from associates
98121,171
Profit/(loss) before tax
36,424(4,900)
Income tax (expense)/benefit
4(11,262)536
Profit/(loss) for the period
25,162(4,364)
Profit/(loss) for the period is attributable to:
Equity holders of the Company
25,162(4,044)
Non-controlling interests
-(320)
Profit/(loss) for the period
25,162(4,364)
Earnings/(loss) per share from profit attributable
to the equity holders of the Company during
the period
Basic earnings/(loss) per share (in cents)
15.3(2.7)
Diluted earnings/(loss) per share (in cents)
15.3(2.7)
* The consolidated income statement includes one non-GAAP measure (that is, operating profit before financing costs or "EBIT")
which is not a defined term in New Zealand International Financial Reporting Standards (NZ IFRS). The Directors and management
believe that this non-GAAP financial measure provides useful information to assist readers in understanding the Group's financial
performance. This measure should not be viewed in isolation and is intended to supplement the NZ GAAP measures. Therefore,
it may not be comparable to similarly titled amounts reported by other companies.
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
1thl FY23 INTERIM FINANCIAL STATEMENTS

Consolidated statement of comprehensive income
For the six months ended 31 December 2022
NOTES
UNAUDITED
6 MONTHS TO
31 DEC 2022
$000’s
UNAUDITED
6 MONTHS TO
31 DEC 2021
$000’s
Profit/(loss) for the period25,162(4,364)
Other comprehensive income/(losses)
Items that may be reclassified subsequently
to profit or loss
Foreign currency translation reserve movement
(net of tax)
14
(7,195)1,933
Equity investment reserve movement (net of tax)(1,968)-
Cash flow hedge reserve movement (net of tax)9441,592
Other comprehensive income/(loss)
for the period net of tax(8,219)3,525
Total comprehensive income/(loss)
for the period16,943(839)
Total comprehensive income/(loss)
for the period is attributable to:
Equity holders of the Company16,943(530)
Non-controlling interests-(309)
Total comprehensive income/(loss)
for the period16,943(839)
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
2thl FY23 INTERIM FINANCIAL STATEMENTS

UNAUDITEDNOTES
SHARE
CAPITAL
$000’s
RETAINED
EARNINGS
$000’s
CASH FLOW
HEDGE
RESERVE
$000’s
OTHER
RESERVES
$000’s
TOTAL
EQUITY
$000’s
Opening balance as
at 1 July 2022278,98337,70032114,664331,668
Profit for the period-25,162--25,162
Other comprehensive
income
Cash flow hedge
reserve movement
(net of tax)--944-944
Equity investment
reserve movement
(net of tax)---(1,968)(1,968)
Foreign currency
translation reserve
movement (net of tax)14---(7,195)(7,195)
Total comprehensive
income/(loss) for the
period-25,162944(9,163)16,943
Transactions with
owners
Ordinary shares Issued
as part consideration
for 51% acquisition of
Just go108,031---8,031
Ordinary shares Issued
for the acquisition of
Apollo10212,889---212,889
Issue of ordinary
shares (net of
issue costs)10646---646
Shares issued
to employees 2,289--(2,289)-
Cost during the period
for employee share
scheme ---641641
Total transactions
with owners223,855--(1,648)222,207
Balance as at
31 December 2022502,83862,8621,2653,853570,818
Consolidated statement of changes in equity
For the six months ended 31 December 2022
UNAUDITEDNOTES
SHARE
CAPITAL
$000’s
RETAINED
EARNINGS
$000’s
CASH FLOW
HEDGE
RESERVE
$000’s
OTHER
RESERVES
$000’s
NON-
CONTROLLING
INTERESTS
$000’s
TOTAL
EQUITY
$000’s
Opening balance at
1 July 2021277,79242,313(3,617)(1,030)(2,859)312,599
Loss for the period-(4,044)--(320)(4,364)
Other
comprehensive
income
Cash flow hedge
reserve movement
(net of tax)--1,592--1,592
Foreign currency
translation reserve
movement
(net of tax)14-(6)-1,928111,933
Total
comprehensive
income/(loss) for
the period-(4,050)1,5921,928(309)(839)
Transactions with
owners
Issue of ordinary
shares (net of
issue costs)10113----113
Shares issued
to employees1,022134-(994)-162
Cost during the
period for employee
share scheme---1,394-1,394
Total transactions
with owners1,135134-400-1,669
Balance at 31
December 2021278,92738,397(2,025)1,298(3,168)313,429
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
3thl FY23 INTERIM FINANCIAL STATEMENTS

NOTES
31 DEC 2022
UNAUDITED
$000’s
30 JUNE 2022
AUDITED
$000’s
Assets
Non-current assets
Property, plant and equipment
6473,226
311,831
Right-of-use assets
7
130,424
70,766
Intangible assets
9
212,496
55,407
Derivative financial instruments
121,652
453
Investments in associates
9121
5,966
Financial asset
12
18,681
5,630
Total non-current assets
836,600450,053
Current assets
Cash and cash equivalents
58,807
38,816
Trade and other receivables
40,456
33,082
Inventories
159,218
67,290
Current tax receivables
6,2506,254
Derivative financial instruments
12146
-
Assets classified as held for sale
957,995
333
Total current assets
322,872145,775
Total assets
1,159,472595,828
Equity
Share capital
10502,838
278,983
Other reserves
3,85314,664
Cash flow hedge reserve
1,265
321
Retained earnings
62,86237,700
Total equity
570,818331,668
Consolidated statement of financial position
As at 31 December 2022
NOTES
31 DEC 2022
UNAUDITED
$000’s
30 JUNE 2022
AUDITED
$000’s
Liabilities
Non-current liabilities
Interest bearing loans and borrowings
11154,943
97,298
Derivative financial instruments
12
-
45
Lease liabilities
7
103,223
72,721
Deferred income tax liability
42,497
16,077
Other Payables/Provisions
53
-
Total non-current liabilities
300,716186,141
Current liabilities
Interest bearing loans and borrowings
11
153,122
-
Trade and other payables
50,789
31,913
Revenue in advance
45,214
26,046
Employee benefits
17,948
9,041
Provisions
3,199
618
Derivative financial instruments
12-
15
Lease liabilities
716,965
9,898
Current tax liabilities
701-
Liabilities classified as held for sale
-
488
Total current liabilities
287,93878,019
Total liabilities
588,654264,160
Total equity and liabilities
1,159,472
595,828
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
4thl FY23 INTERIM FINANCIAL STATEMENTS

Consolidated statement of cash flows
For the six months ended 31 December 2022
NOTES
UNAUDITED
6 MONTHS
TO 31 DEC 2022
$000’s
UNAUDITED
6 MONTHS
TO 31 DEC 2021
$000’s
Cash flows from operating activities
Receipts from customers
155,73349,773
Proceeds f rom sale of goods
107,023131,522
Interest received
1894
Payments to suppliers and employees
(145,079)(71,179)
Purchase of rental assets
(103,538)(68,061)
Interest paid
(7,441)(4,885)
Taxation (paid)/received
(450)(356)
Proceeds from insurance recoveries
-133
Net cash flows from operating activities6,43736,951
Cash flows from investing activities
Proceeds from sale of property, plant
and equipment7580
Purchase of property, plant and equipment
(3,228)(819)
Purchase of intangibles
(5,370)(1,391)
Net cash received as part of Apollo merger
9
50,602-
Net cash received as part of the step
acquisition of Just go 94,374-
Net cash from/(used in) investing activities
46,453(2,130)
NOTES
UNAUDITED
6 MONTHS
TO 31 DEC 2022
$000’s
UNAUDITED
6 MONTHS
TO 31 DEC 2021
$000’s
Cash flows from financing activities
Payment for lease liability principal
(19,312)(4,702)
Proceeds f rom borrowings
62,6696,241
Repayments of borrowings
(76,112)(41,939)
Proceeds from share issue
10849193
Net cash flows used in financing activities(31,906)(40,207)
Net increase/(decrease) in cash
and cash equivalents20,984(5,386)
Opening cash and cash equivalents38,81638,087
Exchange (losses)/gains on cash
and cash equivalents(993)318
Closing cash and cash equivalents
58,80733,019
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
5thl FY23 INTERIM FINANCIAL STATEMENTS

Notes to the consolidated financial statements
Index
About this report 7
Section A – Financial performance 8
1 Segment note 8
2 Other income, net 11
3 Administration and operating expenses 11
4 Income tax expense 11
5 Dividends 11
Section B – Assets used to generate profit 12
6 Property, plant and equipment 13
7 Leases 14
8 Capital commitments 14
Section C – Investments 15
9 Business combinations 15
Section D – Managing funding and risk 19
10 Share capital 19
11 Borrowings 20
12 Financial risk management 21
Section E – Other 23
13 Related party transactions 23
14 Foreign currency translation reserve 25
15 Contingencies 25
16 Events after the reporting period 25
6thl FY23 INTERIM FINANCIAL STATEMENTS

7thl FY23 INTERIM FINANCIAL STATEMENTS
About this report
Basis of preparation
The primary operations of Tourism Holdings Limited (the ‘Company’ or ‘Parent’ or ‘thl’) and
its subsidiaries (together ‘the Group’) are the manufacture, rental and sale of RVs including
motorhomes, campervans and caravans and other tourism related activities. The Parent is
domiciled in New Zealand. The registered office is Level 1, 83 Beach Road, Auckland 1010,
New Zealand. Tourism Holdings Limited is a company registered under the Companies Act
1993 and is an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013.
The interim consolidated financial statements of the Group have been prepared:
• in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP)
and IAS 34 Interim Financial Reporting. They comply with NZ IAS 34 Interim Financial
Reporting. These condensed interim financial statements do not include all the information
and disclosures required in the annual financial statements and therefore should be read in
conjunction with the annual report for the year ended 30 June 2022;
• in New Zealand dollars with values rounded to thousands ($000’s) unless otherwise stated.
These condensed interim financial statements were approved for issue on 22 February 2023.
These condensed interim financial statements have not been audited.
Significant changes in the group in the current reporting period
On 30 November 2022, the merger between thl and Apollo Tourism & Leisure Ltd (ATL)
completed with the implementation of the scheme of arrangement. As a result of the
acquisition there are some considerable balance sheet movements between 30 June and
31 December 2022, in particular, property, plant and equipment, intangible assets, right-of-use
assets, financial asset, inventories, lease liabilities and borrowings.
Refer to note 9.2 for further details.
In addition, thl commenced trading on Australian Securities Exchange (ASX) on 2 December
2022 under the name Tourism Holdings Rentals Limited and ASX ticker code “THL”.
Seasonality of business
The tourism industry is subject to seasonal fluctuations with peak demand for tourism
attractions and transportation over the summer months of each country the Group operates
in. The operating revenue and profits of the Group’s segments are disclosed in note 1.
New Zealand and Australia’s profits are typically generated over the southern hemisphere
summer months and in Canada and the United States of America, profits are typically
generated over the northern hemisphere summer months. Due to the seasonal nature of
the businesses the risk profile at 31 December 2022 is not representative of all risks faced
during the year.
New Zealand and Australia re-opened their borders to international visitors from July and
February 2022, respectively. In the prior corresponding periods, both regions were significantly
impacted by COVID-19 travel restrictions. This can make comparisons between the current and
prior corresponding periods challenging.
Critical accounting estimates and judgement
The preparation of interim financial statements requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets and liabilities, income and expense. Actual results may differ
from these estimates.
The estimates used in the preparation of these interim financial statements are consistent with
those used in the 30 June 2022 annual financial statements.
Changes in accounting policies
The accounting policies used in the preparation of these interim financial statements are
consistent with those used in the 30 June 2022 annual financial statements.
Notes to the consolidated financial statements

8thl FY23 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated financial statements (continued)
Section A – Financial performance
In this section
This section explains the financial performance of thl, providing additional information about
individual items in the income statement, including segmental information, certain expenses
and dividend distribution information.
1. Segment note
The operating segments of thl are reported from a geographic and service type perspective.
They are made up of the following business operations:
• New Zealand Rentals - Rental of maui, Britz and Mighty motorhomes, and the sale
of motorhomes (excluding Apollo);
• Action Manufacturing - Manufacturing and the sale of motorhomes and other
speciality vehicles;
• Tourism Group - Kiwi Experience and the Discover Waitomo Caves Group experiences;
• Australia Rentals - Rental of maui, Britz and Mighty motorhomes and 4WD vehicles,
and the sale of motorhomes (excluding Apollo);
• United States Rentals - Rental and sale of Road Bear, Britz, Mighty and El Monte RVs;
• Apollo Tourism & Leisure - Manufacturing, rental, sales and distribution of a range of RVs
including motorhomes, campervans and caravans, with operations in Australia, New Zealand,
Canada, Germany and Ireland. As the acquisition of Apollo completed close to the end of the
reporting period to 31 December 2022, the Group has not yet been able to determine the
appropriate segment breakdown and for the purpose of this interim report, has grouped all
of Apollo’s results for the month of December 2022 under one operating segment. Refer to
note 9.2 for further detail.
• Other - includes Group Support Services, Group elimination entries, thl digital and Just go.
thl digital includes Cosmos and Outdoria (Mighway and SHAREaCAMPER was sold
in April 2022). The remaining 51% of Just go was acquired in October 2022 which was
previously reported as an associate with a shareholding interest of 49%. Refer to note 9.1
for further detail.

9thl FY23 INTERIM FINANCIAL STATEMENTS
1. Segment note (continued)
UNAUDITED
FOR THE SIX
MONTHS ENDED
31 DECEMBER 2022
NEW
ZEALAND
RENTALS
$000’s
ACTION
MANU-
FACTURING
$000’s
TOURISM
GROUP
$000’s
AUSTRALIA
RENTALS
$000’s
UNITED
STATES
RENTALS
$000’s
APOLLO
GROUP*
$000’s
OTHER
$000’s
TOTAL
$000’s
Sales of services24,860-9,36142,17950,6745,9561,064134,094
Sales of goods -
external20,86022,111-15,39244,01222,1452,432126,952
Sales of goods -
inter-segment-39,471----(39,471)-
Total revenue45,72061,5829,36157,57194,68628,101(35,975)261,046
Depreciation
(5,801)(1,632)(729)(7,150)(10,376)(1,347)(494)(27,529)
Other costs -
inter-segment-(37,274)----37,274-
Amortisation
(15)(2)(309)(13)(63)(160)(436)(998)
Other costs -
external(35,216)(18,763)(6,850)(31,571)(67,029)(24,343)(6,455)(190,227)
Operating profit/
(loss) before
interest and tax4,6883,9111,47318,83717,2182,251(6,086)42,292
Interest income
-10-1433385(11)260
Interest expense
(323)(280)
(30)
(613)(1,809)(1,535)(2,350)(6,940)
Share of profit
f rom joint
ventures and
associates------812812
Profit/(loss)
before tax4,3653,6411,44318,36715,442801(7,635)36,424
Taxation
(1,222)-(469)(5,510)(4,239)(311)489(11,262)
Profit/(loss)
for the period3,1433,64197412,85711,203490(7,146)25,162
Capital
expenditure35,2401,72216118,19446,7227,9382,783112,760
Total non-
current assets97,92419,32316,408100,653209,229211,545181,518836,600
Total assets**119,58158,77519,662129,189259,499360,563212,2031,159,472
Net funds
employed81,60835,0569,97356,930187,059241,254208,196820,076
*Apollo Group results are only for the December 2022 month.
** “Other” segment includes the provisional goodwill recognised
on acquisition of Apollo and Just go (refer to note 9.1 and 9.2).
Notes to the consolidated financial statements (continued)

10thl FY23 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated financial statements (continued)
UNAUDITED
FOR THE SIX
MONTHS ENDED
31 DECEMBER 2021
NEW
ZEALAND
RENTALS
$000’s
ACTION
MANU-
FACTURING
$000’s
TOURISM
GROUP
$000’s
AUSTRALIA
RENTALS
$000’s
UNITED
STATES
RENTALS
$000’s
OTHER
$000’s
TOTAL
$000’s
Sales of services
6,151
-84615,67526,90372650,301
Sales of goods -
external41,84013,468-16,21852,96681124,573
Sales of goods -
inter-segment-17,038---(17,038)-
Total revenue 47,99130,50684631,89379,869(16,231)174,874
Depreciation
(6,633)
(1,221)(752)(6,423)(6,750)(350)(22,129)
Amortisation
(8)
(2)(328)(14)(52)(540)(944)
Other costs -
external(48,327)(11,120)(2,202)(26,416)(61,857)(3,007)(152,929)
Other costs -
inter-segment-(15,664)---15,664-
Operating profit/
(loss) before
interest and tax(6,977)2,499(2,436)(960)11,210(4,464)(1,128)
Interest income
-
----44
Interest expense
(291)
(150)(32)(572)(1,485)(2,417)(4,947)
Share of profit
f rom joint
ventures and
associates-----1,1711,171
Profit/(loss)
before tax(7,268)2,349(2,468)(1,532)9,725(5,706)(4,900)
Taxation
2,034
-622459(2,640)61536
Profit/(loss)
for the period(5,234)2,349(1,846)(1,073)7,085(5,645)(4,364)
Capital
expenditure4,13637013923,00044,7612,60175,007
Total non-
current assets76,50011,54318,11197,386140,04942,063385,652
Total assets
105,413
38,96218,991117,276178,79547,184506,621
Net funds
employed78,29424,42116,78463,603104,66044,382332,144
1. Segment note (continued)
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision-maker (CODM). The CODM, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the
executive management team who together with the Board of Directors (the Board), make
strategic decisions.
Operating profit/(loss) before interest and tax is the main financial measure used by the CODM
to review the Group's performance.
All revenue is reported to the executive team on a basis consistent with that used in the income
statement. Segment assets and liabilities are measured in the same way as in the financial
statements. These assets and liabilities are allocated based on the operations of the segment,
and the physical location of assets.
Segment assets consist primarily of property, plant and equipment, intangible assets, right-
of-use assets, inventories, receivables and operating cash. The investments and derivatives
designated as hedges of borrowings are allocated to “Other segment’. Net funds employed
are non-GAAP measures that are not defined in NZ IFRS. The Board and management
believe that these non-GAAP financial measures provide useful information to assist readers
in understanding the Group’s financial performance. These measures should not be viewed
in isolation and are intended to supplement the NZ GAAP measures and therefore may not be
comparable to similarly titled amounts reported by other companies. The net funds employed
are segment total assets less segment non-interest-bearing liabilities and cash on hand.
The lease liability as a result of NZ IFRS 16 is not considered to be part of funds employed.

11thl FY23 INTERIM FINANCIAL STATEMENTS
2. Other income, net
UNAUDITED
6 MONTHS TO
31 DEC 2022
$000’s
6 MONTHS TO
31 DEC 2021
$000’s
Fair value movements on financial assets recognised at fair
value through profit or loss 760703
Gain on previously held equity instrument *
3,507-
Insurance repairs
-(402)
Gain/(loss) on disposals of non-fleet assets
(17)12
Dividend Income-430
Proceeds from insurance recoveries
988
Other income
801227
Other income
5,0601,058
3. Administration and operating expenses
Profit before tax includes the following specific expenses:
UNAUDITED
6 MONTHS TO
31 DEC 2022
$000’s
6 MONTHS TO
31 DEC 2021
$000’s
Transaction costs**5,2292,094
Depreciation
27,52922,129
Amortisation of intangible assets
998944
Rental and operating lease costs
1,252818
Raw materials and consumables1,023530
Repairs and maintenance including damage repairs
13,08810,430
Wages and salaries
49,210
30,297
Net foreign exchange loss
170100
4. Income tax expense
Tax has been applied on all taxable income at the respective tax rate applicable to each
jurisdiction in which the Group operates.
5. Dividends
There was no dividend paid or declared during the six months ended 31 December 2022.
* $3.5 million relates to the Group’s revaluation of its previously held 49% shareholding in Just go (refer to note 9.1).
** Transaction costs in relation to the Apollo merger of $5.2 million have been incurred to
31 December 2022 and expensed through the income statement.
Notes to the consolidated financial statements (continued)

12thl FY23 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated financial statements (continued)
Section B – Assets used to generate profit
In this section
This section describes the assets thl uses in the business to generate profit, including:
• Property, plant and equipment
The most significant component is the motorhome fleet. Premises in general are leased,
however significant owned properties are the Waitomo Caves Visitor Centre and the Waitomo
Caves Homestead. In Canada there are four properties which have been classified as held for
sale assets at 31 December 2022.
• Leased assets
The most significant leased assets relate to the premises in New Zealand, Australia, Canada
and the United States.

13thl FY23 INTERIM FINANCIAL STATEMENTS
6. Property, plant and equipment
UNAUDITED
MOTORHOMES
$000’s
OTHER
PLANT AND
EQUIPMENT
$000’s
CAPITAL
WORK IN
PROGRESS
$000’s
TOTAL
$000’s
Six months ended
31 December 2022
Opening cost369,55562,95120,848453,354
Opening accumulated
depreciation(68,035)(44,110)-(112,145)
Opening net book amount
as at 1 July 2022301,52018,84120,848341,209
Additions and transfers f rom
work in progress (net)74,7012,94435,114112,759
Disposals(1,340)(146)(764)(2,250)
Reclassification of motorhomes
to inventories(48,886)--(48,886)
Additions through acquisitions136,0775,680103141,860
Exchange rate differences(6,662)(112)-(6,774)
Depreciation charge(18,918)(2,193)-(21,111)
Closing net book amount436,49225,01455,301516,807
As at 31 December 2022
Cost519,92083,25555,301658,476
Accumulated depreciation(83,428)(58,241)-(141,669)
Net book amount436,49225,01455,301516,807
Less reclassification of
motorhomes to inventories at
balance date
Cost58,323--58,323
Accumulated depreciation(14,742)--(14,742)
Net book amount reclassified43,581--43,581
Closing net book amount
post reclassification392,91125,01455,301473,226
UNAUDITED
MOTORHOMES
$000’s
OTHER
PLANT AND
EQUIPMENT
$000’s
CAPITAL
WORK IN
PROGRESS
$000’s
TOTAL
$000’s
Six months ended
31 December 2021
Opening cost359,91762,72914,619437,265
Opening accumulated
depreciation(85,865)(42,368)-(128,233)
Opening net book amount
as at 1 July 2021274,05220,36114,619309,032
Additions and transfers f rom
work in progress (net)62,58172310,94174,245
Disposals(19,529)(810)(1,829)(22,168)
Reclassification of
motorhomes to inventories(68,534)--(68,534)
Transfer to assets held for sale--(8)(8)
Exchange rate differences(3,720)(17)-(3,737)
Depreciation charge(17,818)(1,916)-(19,734)
Closing net book amount227,03218,34123,723269,096
As at 31 December 2021
Cost300,85062,64623,723387,219
Accumulated depreciation(73,818)(44,305)-(118,123)
Net book amount227,03218,34123,723269,096
Less reclassification of
motorhomes to inventories
at balance date
Cost48,642--48,642
Accumulated depreciation(14,644)--(14,644)
Net book amount reclassified 33,998--33,998
Closing net book amount
post reclassification193,03418,34123,723235,098
Notes to the consolidated financial statements (continued)

14thl FY23 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated financial statements (continued)
7. Leases
During the six months ended 31 December 2022, the Group had leased asset additions of $8.0
million (31 Dec 2021: $10.1 million) and modifications of $2.9 million (31 Dec 2021: $2.3 million), and
the Group disposed of or reduced the right-of-use asset by $1 million (31 December 2021: $0.4m).
As part of the Apollo merger, the Group acquired rental fleet leased assets of $42.6 million and
leased building assets of $15.4 million. These amounts are provisional for interim purposes.
8. Capital commitments
Capital commitments relate to the build of the Group's fleet.
Capital expenditure contracted for at balance date but not yet incurred is as follows:
31 DEC 2022
$000’s
UNAUDITED
30 JUN 2022
$000’s
AUDITED
Property, plant and equipment
280,045109,059
.

15thl FY23 INTERIM FINANCIAL STATEMENTS
9. Business combinations
9.1 Acquisition of 51% of Just go Motorhomes
The Group had a 49% interest in Skewbald Limited (trading as Just go), a motorhome rental
operation in the United Kingdom, which the Group accounted for under the equity method
of accounting.
On 4 October 2022, thl purchased the remaining 51% shareholding in Just go from its joint
venture partners, resulting in Just go becoming a wholly owned subsidiary of the Group. At
this time thl ceased equity accounting and consolidated the subsidiary in the Group’s financial
statements from that date.
The following table summarises the equity accounted investments in Just go up to the date
of the acquisition, 4 October 2022:
4 OCT 2022
$000’s
UNAUDITED
30 JUN 2022
$000’s
AUDITED
Investment in Just go, beginning balance
5,9664,936
Share of profits recognised against the investment
balance during the period
8121,105
FX gain/(loss)
2(75)
Investment in Just go – closing balance
6,7805,966
The assets acquired from Just go constitute a “business” under NZ IFRS 3 Business
Combinations (“NZ IFRS 3”).
The parties agreed to a purchase price of GBP 5,355,000 (NZD $10.7 million), which was satisfied
through a cash payment of GBP 1,350,000 (NZD $2.7 million) and the issue of 2,941,857 new
ordinary shares in thl. thl’s closing share price on 3 October 2022 was $2.73 with the fair value
of the shares issued being NZ $8.0 million.
Section C – Investments
In this section
thl ’s investments comprise subsidiaries, associate and joint ventures. This section explains
the investments held by thl and the acquisitions made during the period.
Notes to the consolidated financial statements (continued)

16thl FY23 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated financial statements (continued)
The following table summarises the amounts determined for the purchase consideration and
the provisional fair value of assets acquired and liabilities assumed:
Provisional fair value
Acquisition date fair value of assets acquired
and liabilities assumed$000’s
Cash and cash equivalents
7,054
Trade and other receivables
678
Prepayments
150
Inventories
1,305
Computer equipment
111
Furniture & fixings27
Property, plant and equipment17,464
Other assets
134
Total assets
26,923
Trade and other payables
1,427
Deferred tax liability
2,268
Revenue received in advance
516
Employee benefits
29
Interest bearing loans and borrowings
13,698
Total liabilities
17,938
Total identifiable net assets at book value
8,985
Goodwill on acquisition
12,018
Total consideration
21,003
The goodwill of $12.0 million arising from the acquisition is attributable to expected cost
synergies within the wider global Group and its strategic position in the United Kingdom
and Europe.
9. Business combinations (continued)
The fair value of the consideration paid for the remaining 51% shareholding is as follows:

$000's
Issued capital of thl
8,031
Cash consideration
2,680
Total consideration
10,711
Total consideration transferred for the remaining 51% equity interest in Just go: $10.7 million.
NZ IFRS 3 also requires the acquirer to re-measure its previously held equity interest in the
acquiree at its acquisition date fair value. Just go is not publicly traded so the fair value of the
previously held equity interest was derived by reference to the consideration transferred for
the remaining 51%, which is $10.7 million. As a result, a fair value gain of $3.5 million has been
recognised in the income statement in relation to the previously held 49% equity interest.
The total consideration is $21.0 million being the implied fair value for 100% of Just go:

$000's
Fair value of the 49%
10,292
Fair value of the 51%
10,711
Total fair value of the consideration
21,003
The fair value of assets and liabilities arising from the acquisition have been determined on
a provisional basis due to the acquisition being completed close to the end of the interim
reporting period for the 6 months to 31 December 2022. The fair values will be finalised within
12 months from acquisition as permitted under NZ IFRS 3. It is also not yet possible to provide
information about any other intangible assets acquired and any contingent liabilities of the
acquired entity.

17thl FY23 INTERIM FINANCIAL STATEMENTS
9. Business combinations (continued)
9.2 Acquisition of Apollo Tourism & Leisure Ltd
On 10 December 2021, the Company announced that it had entered into a conditional Scheme
Implementation Deed with Apollo Tourism & Leisure Ltd (Apollo, ATL) to merge through an
Australian Scheme of Arrangement. Under the Scheme thl would acquire all outstanding
shares in ATL. The scheme was conditional upon thl receiving approval to list on the Australian
Securities Exchange (ASX) and subject to approval of Apollo shareholders and finalisation of
appropriate funding arrangements for the merged entity. In addition, there were various court
and regulatory approvals in Australia and New Zealand, including competition regulatory
clearance and other conditions specified.
Following the satisfaction of all conditions, the Group acquired Apollo on the 30 November 2022
with the implementation of the Scheme of Arrangement. ATL shareholders were issued one thl
share for every 3.210987 ATL shares held resulting in 57,693,364 shares being issued.
thl’s closing share price on 30 November 2022 of $3.69 was used to calculate the acquisition
consideration of $213.9 million as per the requirements under NZ IFRS 3. The consideration value
is comprised of the fair value of the new shares issued and the fair value of 898,150 ATL shares
that were previously held by thl.
The contribution of Apollo for 1 month to the Group results for the period ended 31 December
2022 was revenue of $28.1 million and operating profit before interest and tax of $2.2 million.
If the acquisition had occurred at the beginning of the half year, the contribution to revenue
and operating profit before interest and tax for the period is estimated at $233.4 million and
$44.2 million respectively.
The fair value of assets and liabilities arising from the acquisition have been determined on
a provisional basis due to the acquisition being completed close to the end of the interim
reporting period for the 6 months to 31 December 2022. The fair values will be finalised within
12 months from acquisition as permitted under NZ IFRS 3. It is also not yet possible to provide
information about any other intangible assets acquired and any contingent liabilities of the
acquired entity.
The following table summarises the amounts determined for the purchase consideration and
the provisional fair value of assets acquired and liabilities assumed:
Provisional fair value
Acquisition date fair value of assets acquired
and liabilities assumed$000’s
Assets
Non-current assets
Property, plant and equipment
143,857
Intangible assets
23,753
Investments accounted for as financial assets*
14,934
Deferred tax assets6,543
Other non-current assets
2,244
Total non-current assets
191,331
Current assets
Cash and cash equivalents
50,602
Trade and receivables and other assets
54,776
Assets held for sale**
59,052
Inventories
84,509
Current tax receivables
36
Total current assets
248,975
Total assets
440,306
* The investment in Camplify Holdings Ltd is held at fair value determined by the closing share price on 30 November 2022 and
classified as a financial asset on the balance sheet.
** The Canadian properties are held at fair value less cost to sell at 30 November 2022 with the fair value as determined by a signed
sales and purchase agreement. As at 31 December 2022 the properties have been classified as ‘held for sale’ assets at their fair
value less costs to sell, also the carrying amount, per the requirements under NZ IFRS: 5 Non-current Assets Held for Sale and
Discontinued Operations. The properties have been subsequently sold. Refer to note 16 for further details.
Notes to the consolidated financial statements (continued)

18thl FY23 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated financial statements (continued)
Provisional fair value
Acquisition date fair value of assets acquired
and liabilities assumed$000’s
Non-current liabilities
Interest bearing loans and borrowings
42,290
Deferred income tax IiabiIity
20,433
Lease liabilities
34,331
Other liabilities
180
Total non-current liabilities
97,234
Current liabilities
Interest bearing loans and borrowings
160,240
Trade and other payables
30,780
Revenue in advance
22,666
Employee benefits
6,615
Provisions
509
Current tax liabilities
1,450
Lease liabilities
27,704
Other liabilities
45
Total current liabilities
250,009
Total liabilities
347,243
Net assets
93,063
Goodwill on acquisition
120,858
Purchase consideration
213,921
9. Business combinations (continued)

19thl FY23 INTERIM FINANCIAL STATEMENTS
Section D – Managing Funding and Risk
In this section
This section summarises thl's funding sources and financial risks.
10. Share capital
31 DEC 2022
SHARES
000’s
UNAUDITED
30 JUN 2022
SHARES
000’s
AUDITED
31 DEC 2022
$000’s
UNAUDITED
30 JUN 2022
$000’s
AUDITED
Ordinary shares
Opening balance152,061151,489278,983277,792
Ordinary shares issued as the consideration for the
acquisition of Apollo57,693-212,889-
Issue of ordinary shares – 51% acquisition of Just go 2,942-8,031-
Issue of ordinary shares – in lieu of directors’ fees13553599
Ordinary shares to be issued – in lieu of
directors’ fees--628
Ordinary shares issued – share options
47394849193
Ordinary shares issued – share rights
8314232,045871
Closing balance
214,013152,061502,838278,983
The total number of ordinary shares is 214,013,477 (Jun 2022: 152,060,700) and these are classified
as equity. The shares have no par value. All ordinary shares are issued and fully paid.
All ordinary shares rank equally with one vote attached to each fully paid ordinary shares.
On 4 October 2022 the Group issued 2,941,857 new ordinary shares to its joint venture partners
as part of the purchase price consideration to acquire the remaining 51% of Just go Motorhomes
(refer note 9.1).
On 30 November 2022, as per Scheme Implementation Deed, Apollo shareholders received 1 thl
consideration share in exchange for every 3.210987 ATL shares held, resulting in 57,693,364 shares
being issued (refer note 9.2).
For the six months ended 31 December 2022, the Group has issued 12,714 shares to directors
in lieu of director’s fees, and 1,304,842 shares to employees as share options and share rights
conversion. Cash proceeds from employees' share options exercises is $849k.
Notes to the consolidated financial statements (continued)

20thl FY23 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated financial statements (continued)
11. Borrowings
As a result of the Scheme, the Group renegotiated and consolidated its banking facilities
with new and/or existing financiers effective 30 November 2022. The structure includes
a syndicated corporate debt facility, asset financiers and floor plan finance, including
a number of previous lenders to Apollo.
The guaranteeing group consisting of Tourism Holdings Limited and all New Zealand,
Australian and USA 100% owned subsidiaries had, at 31 December 2022, multi-currency
revolving cash advance and short term debt facilities with Westpac Banking Corporation,
Westpac New Zealand Limited, ANZ Bank New Zealand Limited and Australia and New
Zealand Banking Group Limited. The Group has provided a composite first ranking
debenture over the assets and undertakings of the Group in New Zealand, Australia and
the USA. Certain members of the Group also have asset finance and floor plan facilities in
place. In support of these facilities, the relevant members of the Group have granted specific
security over the assets financed under these facilities as well as related property and
proceeds of such financed assets.
In aggregate, the total funding available exceeds the requirements of the Group. The Group
has sufficient working capital and undrawn financing facilities to service its operating
activities and ongoing fleet investment.
31 DEC 2022
$000’s
UNAUDITED
30 JUN 2022
$000’s
AUDITED
Non-current
Syndicated bank borrowings
98,57997,298
Asset finance
46,509
-
Other loans
963-
COVID-19 support loans
79-
Lease liability - rental fleet
8,813
-
154,94397,298
Current
Asset finance
75,343-
Floor plan finance
37,275-
Other loans
26,920-
COVID-19 support loans
3,701-
Lease liability - rental fleet
9,883-
153,122-
Total borrowings
308,06597,298
The Group has the following undrawn facilities:
UNAUDITED
TOTAL FACILITY
$000's
USED AT
REPORTING DATE
$000’s
UNUSED AT
REPORTING DATE
$000’s
Borrowings
Syndicated bank borrowings
148,481 98,579 49,902
Asset finance
377,787
121,853
255,934
Floor plan finance
60,259
37,275 22,984
Other loans
29,63027,8831,747
COVID-19 support loans
3,7803,780-
Lease liability - rental fleet
24,067
18,695
5,372
Total
644,004 308,065 335,939

21thl FY23 INTERIM FINANCIAL STATEMENTS
Covenants
The consolidated Group is subject to lending covenants across a number of its borrowing
facilities. The Group met all its covenant requirements in the current period ended
31 December 2022.
Lease liability - rental fleet
Lease liabilities for the rental fleet are fully secured by the lessor's title to the leased
assets and may only be used for the purchase of fleet assets. Interest rates applicable
to 31 December 2022 range from 3.18% to 6.25% p.a.
12. Financial risk management
The carrying amount of financial assets and financial liabilities recorded in the interim
consolidated financial statements approximates their fair values:
• Derivative financial instruments and financial assets are carried at fair value
as discussed below.
• Receivables and payables are short term in nature and therefore approximate fair value.
• Interest bearing liabilities re-price at least every 90 days and therefore approximate fair value.
Financial instruments of the Group that are measured in the consolidated statement
of financial position at fair value are classified by level under the following fair value
measurement hierarchy:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices included within level 1 that are observable for
the asset or liability, either directly (that is, as prices) or indirectly (that is, derived
from prices).
Level 3 Inputs for the asset or liability that are not based on observable market data
(that is, unobservable inputs).
There were no changes to these valuation techniques during the period.
As at 31 Dec 2022 the Group’s assets and liabilities measured at fair values are issued shares in
Camplify Holdings (CHL) which are classified within Level 1 of the fair value hierarchy (financial
assets at fair value through OCI), derivative financial instruments which are classified within
Level 2 of the fair value hierarchy (Jun 2022: Level 2), and the receivable of deferred consideration
in relation to CHL shares (tranche 2 shares) (financial assets at fair value through profit and loss)
which are classified within Level 3 of the fair value hierarchy. There were no transfers of financial
instruments between levels of the fair value hierarchy during the period.
11. Borrowings (continued)
Syndicated bank borrowings
Effective 30 November 2022, the Group amended its multi-currency syndicated banking
facilities with Westpac Banking Corporation, Westpac New Zealand Limited and ANZ Bank
New Zealand Limited. The amendment includes committed facilities for debt funding of
approximately $149 million, reduced from $258 million at 30 June 2022. The facility consists
of a number of tranches maturing in June 2024. The Group's covenants include leverage ratio,
debt service cover ratio, guaranteeing Group coverage ratio, minimum shareholder funds and
loan to value ratio. Interest rates applicable at 31 December 2022 range from 4.62% to 7.34% p.a.
Asset finance
The Group's loans from asset financiers include new as well as some previous Apollo facilities
totalling approximately $380 million. Loans from asset financiers are fully secured debt in
relation to fleet assets and may only be used for the purchase of fleet assets and are subject
to a number of covenants ratios, including a current ratio, debt service coverage and debt
to tangible net worth ratio. Interest rates applicable at 31 December 2022 range from 3.24%
to 8.95% p.a.
Floor plan finance
Floor plan facilities are maintained to fund the inventory of new motorhomes and caravans
held for resale at Apollo’s retail sales outlets. As part of the merger with Apollo, the Group
consolidated its overall number of floor plan lenders. Terms are interest only for the first six
months and then interest plus principal of between 7.55% to 10.5% p.a. For some lenders,
balances are secured through retention of title until point of sale.
Other loans
Other loans of $28 million include mortgages over land and buildings. Interest rates
applicable at 31 December 2022 range from 5.65% to 6.45% p.a. Following the sale of four
Canadian properties in January 2023, C$23 million (NZD$27 million) was subsequently
repaid (refer to note 16 for further detail).
COVID-19 support loans
COVID-19 support loans previously provided to Apollo entities in Canada and the United
Kingdom remain in place. Following the sale of the Canadian properties in January 2023,
C$2.4 million (NZD$2.7 million) was subsequently repaid. Interest rates applicable to
31 December 2022 range from 6.45% to 7.00% p.a.
Notes to the consolidated financial statements (continued)

22thl FY23 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated financial statements (continued)
12. Financial risk management (continued)
The following financial instruments are subject to recurring fair value measurements:
31 DEC 2022
UNAUDITED
30 JUN 2022
AUDITED
FINANCIAL
ASSET AT
AMORTISED
COST
$000’s
FINANCIAL
ASSETS VALUE
THROUGH
PROFIT OR LOSS
$000’s
FINANCIAL
ASSETS VALUED
THROUGH OCI
$000’s
DERIVATIVES
USED FOR
HEDGING
$000’s
TOTAL
$000’s
FINANCIAL
ASSET AT
AMORTISED
COST
$000’s
FINANCIAL
ASSETS VALUE
THROUGH
PROFIT OR LOSS
$000’s
FINANCIAL
ASSETS VALUED
THROUGH OCI
$000’s
DERIVATIVES
USED FOR
HEDGING
$000’s
TOTAL
$000’s
Asset
Financial asset
-
3,74114,940-
18,681-3,625
2,005-
5,630
Cash and cash equivalents
58,807---
58,807
38,816--
38,816
Trade and other receivables
40,302---
40,302
28,231---
28,231
Derivative financial
instruments---1,7981,798---453453
MEASURED AT
AMORTISED
COST
$000’s
MEASURED AT
FAIR VALUE
THROUGH
PROFIT OR LOSS
$000’s
FINANCIAL
ASSETS VALUED
THROUGH OCI
$000’s
DERIVATIVES
USED FOR
HEDGING
$000’s
TOTAL
$000’s
MEASURED AT
AMORTISED
COST
$000’s
MEASURED AT
FAIR VALUE
THROUGH
PROFIT OR LOSS
$000’s
FINANCIAL
ASSETS VALUED
THROUGH OCI
$000’s
DERIVATIVES
USED FOR
HEDGING
$000’s
TOTAL
$000’s
Liabilities
Interest bearing loans
and borrowings308,065---308,06597,298---97,298
Derivative financial
instruments--------6060
Trade and other payables
54,870---
54,870
29,114---
29,114

23thl FY23 INTERIM FINANCIAL STATEMENTS
Section E – Other
In this section
This section includes the remaining information relating to thl’s financial statements
which is required to comply with financial reporting standards.
13. Related party transactions
Key management compensation
UNAUDITED
6 MONTHS TO
31 DEC 2022
$000’s
6 MONTHS TO
31 DEC 2021
$000’s
Salaries and other short-term employee benefits
2,7842,211
Share based payments benefits
457637
Total positions included in the executive team are 16 (31 December 2021: 13).
Executive management do not receive any Directors’ fees as Directors of subsidiary companies.
Directors’ fees (shares issued in lieu of cash)
At the 2013 Annual Meeting of shareholders, shareholder approval was obtained for thl to issue
shares in whole or in part payment of directors’ remuneration. For the period to 31 December
2022, Rob Hamilton elected to receive 25% of his director fees in shares. Rob Campbell resigned
in June 2022 and 50% of his directors fees in lieu of shares for the period from 1 April 2022 to
30 June 2022 was issued in October 2022.
UNAUDITED
6 MONTHS TO
31 DEC 2022
$000’s
6 MONTHS TO
31 DEC 2021
$000’s
No. of shares issued in lieu of cash
1335
Value of shares issued in lieu of cash
3585
Accrued value of shares yet to be issued
in lieu of cash628
Notes to the consolidated financial statements (continued)

24thl FY23 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated financial statements (continued)
13. Related party transactions (continued)
Grant Brady (Director of Action Manufacturing LP)
Grant Brady, Director of Action Manufacturing, is a minority shareholder and director of Bush
Road Enterprises Limited. thl leased a property in Bush Road which is owned by Bush Road
Enterprises Limited up until February 2022 when the property sold. The amount of the lease
payments are set out in the table below. In addition, Grant purchased a motor home from
Action Manufacturing on an arm’s length basis for $151,376 (excluding GST).
UNAUDITED
6 MONTHS TO
31 DEC 2022
$000’s
6 MONTHS TO
31 DEC 2021
$000’s
Total lease payments
-323
Schork Family
As part of the consideration for the acquisition of El Monte Rents Inc in January 2017, the
Group issued 3,384,266 ordinary shares to entities associated with the Schork family. An entity
associated with the Schork family provides warranties to customers of El Monte Rents Inc. The
total amount paid by customers during the six months ended 31 December 2022 was $32k (six
months ended 31 December 2021: $169k). At the time of the acquisition, the Group entered into
a number of property lease agreements with entities associated with the Schork family. The
leases are in relation to branches used by El Monte RV. The cost of the leases are set out in the
table below:
UNAUDITED
6 MONTHS TO
31 DEC 2022
$000’s
6 MONTHS TO
31 DEC 2021
$000’s
Total lease payments
1,7951,566
Trouchet Family
Following the merger with Apollo on 30 November 2022, Luke and Karl Trouchet hold an
interest in 27,910,023 ordinary shares via a number of holding companies and intermediary
trusts. Luke Trouchet is also an executive director of Tourism Holdings Limited.
The following transactions occurred with the Trouchet family and related entities during
the period:
1 MONTH TO
31 DEC 2022
AS AT
31 DEC 2022
UNAUDITED
REVENUE
$000’s
RECEIVABLES
$000’s
Motorhomes sold to Caravans Aways Pty Ltd -
Director related entity of L Trouchet3121,255
1 MONTH TO
31 DEC 2022
AS AT
31 DEC 2022
UNAUDITED
EXPENSE
$000’s
PAYABLES
$000’s
Rental expenses paid to KL One Trust -
Director related entity of L Trouchet and K Trouchet1022
Rental expenses paid to Eastglo Pty Ltd -
Director related entity of L Trouchet and K Trouchet1852

25thl FY23 INTERIM FINANCIAL STATEMENTS
14. Foreign currency translation reserve
Exchange differences arising on the translation of foreign operations are taken to the foreign
currency translation reserve. When any net investment is disposed of, the related component
of the reserve is recognised in profit and loss as part of the gain or loss on disposal.
The closing exchange rates used to translate the statement of financial position are as follows:
31 DEC 202230 JUN 2022
NZD/AUD
0.93660.9031
NZD/USD0.63350.6214
NZD/GBP0.52520.5127
NZD/CAD0.8588-
15. Contingencies
As at 31 December 2022, other than bank guarantees, which are predominantly in lieu of bonds
paid relating to leased assets, the Group has no material contingent liabilities.
16. Events after the reporting period
Canadian Property Sale
On 5 January 2023, thl completed the sale and leaseback of its properties in Canada for a total
purchase price of CAD$51 million (NZ$59.4 million). Following the merger with Apollo on
30 November 2022 and classification of the Canadian properties as ‘held for sale’ at their fair
value (less costs to sell), no accounting gain on sale is expected. The sale generated pre-tax
net cash proceeds (after the repayment of associated debt and closing costs) of approximately
CAD$25.8 million (NZ$30 million).
The lease terms provide thl with rights to the properties for up to 10 years (with two further
five-year rights of renewal) at a starting annual base rent of approximately CAD $3 million
(NZ$3.5 million).
Notes to the consolidated financial statements (continued)

26thl FY23 INTERIM FINANCIAL STATEMENTS
Independent auditor’s review report
To the shareholders of Tourism Holdings Limited
Report on the interim consolidated financial statements
Our conclusion
We have reviewed the interim consolidated financial statements of Tourism Holdings Limited
(the Company) and its controlled entities (the Group), which comprise the consolidated
statement of financial position as at 31 December 2022, and the consolidated income
statement, the consolidated statement of comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the six month period
ended on that date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim consolidated financial statements of the Group do not present fairly,
in all material respects, the financial position of the Group as at 31 December 2022, and its
financial performance and cash flows for the six month period then ended, in accordance with
International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the
Auditor’s responsibilities for the review of the interim consolidated financial statements section
of our report.
We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled our
other ethical responsibilities in accordance with these ethical requirements. In addition to our
role as auditor, our firm has carried out an agreed upon procedures engagement in respect
of a subsidiary’s financial information. The provision of this service has not impaired
our independence.
Directors’ responsibilities for the interim consolidated financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation
and fair presentation of these interim consolidated financial statements in accordance with IAS
34 and NZ IAS 34 and for such internal control as the Directors determine is necessary to enable
the preparation and fair presentation of the interim consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim consolidated financial statements
Our responsibility is to express a conclusion on the interim consolidated financial statements
based on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come
to our attention that causes us to believe that the interim consolidated financial statements,
taken as a whole, are not prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34.
A review of interim consolidated financial statements in accordance with NZ SRE 2410 (Revised)
is a limited assurance engagement. We perform procedures, primarily consisting of making
enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially
less than those performed in an audit conducted in accordance with International Standards
on Auditing and International Standards on Auditing (New Zealand) and consequently does not
enable us to obtain assurance that we might identify in an audit. Accordingly, we do not express
an audit opinion on these interim consolidated financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in
our review report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the shareholders, as a body, for our review
procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report
is Karen Shires.
For and on behalf of:
Chartered Accountants
Auckland
22 February 2023

thlonline.com

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Letters f rom the
Chair & CEO
FEBRUARY 2023

A letter f rom
the Chair
On behalf of the Board, I present the financial statements
for the half year ended 31 December 2022. The thl Board
and management are pleased to deliver a net profit after
tax (NPAT) of NZ$25.2 million (underlying NZ$26.3 million),
following a period of losses due to the COVID-19 pandemic
and associated closed international borders. Within the half,
on 30 November, the merger with Apollo Tourism & Leisure
(Apollo) completed after a process that spanned over a year.
The merger is a significant milestone for thl and Apollo that
brings together the collective expertise of the two leaders
in the global RV rental industry.
On behalf of thl, I would like to formally welcome our new
shareholders that have joined as part of the merger, and
welcome former Apollo Directors Sophie Mitchell, Robert Baker
and Executive Director Luke Trouchet to the thl Board. It is clear
to us that across all levels between the two organisations there
are strong similarities in culture, which supports an effective
integration of the businesses. I also note Grant Webster’s
appointment to the thl Board as Managing Director. The new
Board has already met in person in Australia and has several
site visits planned over the coming year.
The interim financial statements have been prepared in
accordance with New Zealand Equivalents to International
Accounting Standards (NZ IAS) 34 Interim Financial Reporting
and International Accounting Standards (IAS) 34 Interim
Financial Reporting. Put simply, this means that only one
month of Apollo’s performance is included in the reported
2thl LETTERS FROM THE CHAIR & CEO

numerous improvement initiatives, including several
technology projects, ongoing customer experience
development and new RV product development. In addition,
we have been extensively looking at all commercially available
opportunities in the electric van format and have recently
secured a small production batch with one manufacturer to
further our trials in this space. We remain disappointed at the
OEM progress, noting we first launched an electric RV in 2017.
We believe the outlook for thl and the tourism industry today is
positive, notwithstanding the macroeconomic headwinds that
are currently being experienced across all industries. There is a
clear recovery in international travel. International tourism
research (e.g. World Travel and Tourism Council, Travel Data
Analytics, Google Travel Data) suggests that the tourism
industry can provide economic growth despite potential
recessions this year and that tourism demand will continue to
grow towards (and in some cases, exceed) pre-pandemic levels.
Airline and accommodation pricing in many countries remains
well above pre-pandemic levels, yet customers continue to
book in increasing numbers, indicating that the desire to travel
internationally is high on the discretionary spend priority list for
many financially stable customers.
From a thl perspective we continue to assess our longer-term
growth opportunities beyond the merger. Over the coming
years, we expect organic growth through the re-fleeting of our
businesses in each country and remain open to appropriate
acquisition opportunities in strategic growth areas.
As a Board, we have also been considering thl’s approach to
dividends. We previously indicated that if dividends resumed,
it would likely be at a lower pay-out ratio. We are committed to
establishing a dividend policy range that allows thl to maintain
an appropriate gearing ratio during the expected fleet
regrowth phase and recognises the higher proportion
of overseas earnings of the group.
Based on our current performance expectations for FY23,
we expect that thl will be in a position in August 2023 to
declare a dividend. In recognition of the need to balance
funding the rebuild of the global fleet with returns to
shareholders, any dividend will be smaller than thl’s historical
dividend policy.
2
The longer term dividend policy is being
half year result, making comparisons on prior results and
analyst estimates challenging. To assist all stakeholders to
better understand the underlying performance of the business,
the Investor Presentation includes various measures of financial
performance from a series of different perspectives.
1
For the
purposes of this letter however, when referring to thl’s results,
unless stated otherwise, I refer to the results as reflected in the
interim consolidated financial statements (six months of thl
including Apollo's December).
There are also a series of transaction accounting adjustments
that are yet to be completed. While these may result in changes
to the financial statements as presented, these changes
will not impact the performance of the company from a
cash perspective.
With the timing of the merger part way through the financial
year and a number of items still being finalised, we recognised
that the results this year will be complex and we therefore
considered the best way to present our expectations to you is
on an underlying basis, inclusive of the performance of both
the thl and Apollo businesses across the full six month period.
The updated guidance represents a positive tourism
environment and decisive management. More detail on the
outlook is included within the CEO’s letter and the Investor
Presentation, which we encourage you to review in detail.
We are excited to have operated as a merged group for nearly
three months. Among other points, the rationale for the merger
included meaningful synergy opportunities, quantified at $27
to $31 million at a pre-tax cash level. The long pre-merger
process enabled management to consider how they would
execute these opportunities and I am pleased to say that there
has been a positive start. Original targets for the synergies to be
realised during FY23 are on track to be exceeded. The Board
have clearly set expectations with the management team that
delivery of the expected synergies is not negotiable. All streams
have commenced and of note, a number of sites across
Australasia have already consolidated with plans underway
for most remaining branches in Australasia to do so by
June 2023.
Notwithstanding our focus on the merger integration and
synergy realisation, the business also continues to progress
We believe the outlook for thl
and the tourism industry today
is positive, notwithstanding the
macroeconomic headwinds
that are currently being
experienced across all
industries. There is a clear
recovery in international travel.
CATHY QUINN – CHAIR
1
The Investor Presentation contains certain measures that have not been prepared in accordance with New Zealand Generally Accepted Accounting Practices (NZ GAAP) and
should always be read in conjunction with thl’s financial statements for the six-month period ending 31 December 2022.
2
thl’s historical dividend policy targeted a pay out ratio of 75 - 90% of NPAT.
reviewed post-merger and will be provided to the market
by the full year results.
Once again, I would like to thank all our shareholders for their
support for both thl and Apollo over the pandemic period. We
are focused on capitalising on the numerous opportunities for
thl to create value for all our stakeholders.
Cathy Quinn ONZM
Chair
3thl LETTERS FROM THE CHAIR & CEO

Implementation of Scheme
of Arrangement with Apollo
The merger of thl and Apollo on 30 November represents the
single largest growth event in the 37-year history of thl. I am
confident that Luke and Karl Trouchet, along with their parents
and family would agree the same for the Apollo business,
family, and team. This has created a meaningfully larger
organisation with vast geographic diversity and over 2,000 crew
globally. Bringing together two leaders in the global RV rental
industry during a period in which both are experiencing
a strong recovery has created an exciting pathway for the
business in the coming period.
The statutory NPAT of $25.2 million in the first half of the
financial year represents impressive growth of $29.6 million on
the loss in the previous corresponding period (pcp). The result
includes a contribution of $0.5 million from the December 2022
trading of the Apollo Group.
Likely of greater interest to shareholders, last week we provided
guidance for our expected pro forma underlying NPAT for FY23.
As previously stated, on a pro forma basis
1
(inclusive of Apollo’s
NPAT for the five months prior to completion of the merger),
we expect underlying NPAT for FY23 to be above NZ$75 million.
2

This pro forma guidance includes underlying profit of NZ$27
million attributable to Apollo for the five-month period to
30 November 2022.
3
Excluding Apollo’s profit for the period
before completion of the merger, our expected combined
underlying NPAT for FY23 is above NZ$48 million (inclusive of
seven months of Apollo’s trading).
The Chair has already touched on our focus on synergies. From
a management perspective, we are referring to 2023 as the year
of the synergy. The word synergy in this context refers to far
more than just the removal of cost duplication. It represents
the opportunities to develop from the best of both businesses
in the broadest sense. As a management team we are highly
A letter f rom
the CEO
1
The merger of thl and Apollo completed on 30 November 2022. Consequently, Apollo’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 Apollo’s results for the five months prior to completion of the merger. Both ‘Underlying NPAT’ and
‘Pro Forma Underlying NPAT’ are non-NZ GAAP measures and 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.
3
Apollo’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.
4thl LETTERS FROM THE CHAIR & CEO

together, standing beside, and standing alone. There are some
parts of the business where there is no or minor integration.
Those parts are better off standing alone, focusing on their
priorities and delivering. There are some parts where there are
elements of synergy where the businesses need to link
together, but not integrate. They have a broadly independent
plan and stand beside one another. The last group, standing
together, need a clear, defined integration plan that provides
direction, resource, and different results.
I would like to thank all our crew for having responded in an
open and positive manner through the integration process
to date. We remain committed to providing you with as much
clarity and certainty as possible as we progress through the
global integration.
thl and the tourism industry today
We have seen a significant recovery in international tourism
throughout 2022 as nearly all pandemic travel restrictions were
lifted. While restrictions for travellers to New Zealand remained
longer than anticipated and saw the business miss key booking
periods earlier in the year, the level of demand in the second
half of the year set the business up for a positive high season,
with strong yields and utilisation. The Australian business has
equally performed strongly over the year, benefitting from
yields that are well above pre-pandemic levels.
While there are increasing macroeconomic headwinds, as
noted in the Chair’s letter, recent studies have shown that
following the pandemic, many see spending on travel as one
of their highest priorities within the traditional categories
considered discretionary. We believe that the long-haul markets
we operate in are also particularly protected, as conventional
long-haul travellers are medium to high earners that are
I would like to thank all our crew for having responded in an open
and positive manner through the integration process to date.
We remain committed to providing you with as much clarity and
certainty as possible as we progress through the global integration.
GRANT WEBSTER – CEO
focused on the integration – internally named Project Orange.
Our team have done an excellent job maintaining a high
standard of customer service through the Australasian peak
season despite managing several site relocations, the busiest
summer in recent years and challenging general market
conditions (supply and labour in particular). As we near the end
of the peak season in this region, the focus in the project shifts
towards execution of our financial, systems and people streams,
as well as the consolidation of further properties.
We recognise the importance of effectively communicating
our progress on synergy realisation to shareholders. We have
established timelines and targets to guide synergy realisation
while minimising business disruption. We are committed to
being transparent through this process but note the challenges
in how we track our progress. The identified synergy
opportunities are a benefit over the counterfactuals (at the
time of the merger) of thl and Apollo continuing to operate
as standalone businesses. The further we progress, the more
difficult it becomes to accurately measure against these
hypothetical counterfactual scenarios. I recommend reading
the Investor Presentation for further detail on synergy
realisation. As at the time of writing, we believe we are on track
to realise the previously stated synergies or potentially more.
The assessment of synergies in the UK/Europe businesses is
underway but will not be material to the group. Potential
synergies in the North American businesses from a fleet
perspective are currently being detailed. Again, these will
be difficult to track as the counterfactual scenarios of the
businesses become irrelevant. The synergies that we expected
to be realised in FY23 are on track with expectations but will be
offset by the implementation costs incurred during the period,
given those costs are front loaded.
From a people perspective, the larger and more global scale of
our business enables us to provide crew with new opportunities
and options. We recognise there is the balance of achieving the
synergy targets (non-negotiable) but also a real opportunity to
leverage the considerable expertise and capability within the
broader group. Natural attrition (even to date) provides us with
an opportunity to leverage this skill set and practically provide
options for people and new opportunities for individuals and
the business.
The degree of change does differ across the business globally.
By region and business segment, we are considering each
business’ performance, and what they need to be doing
differently. We have defined this methodology as standing
generally less impacted by cost-of-living increases. The recent
re-opening of China to the rest of the world is also a positive
development for our New Zealand Tourism businesses, in
particular Discover Waitomo. The Canadian business for
example has had record revenue booking weeks in late January.
This positive level of activity has been experienced elsewhere in
recent weeks.
The key challenges that thl and the broader industry face relate
to the speed of the recovery. Inflation, labour, supply chain and
natural disasters are all compounding operational stresses. At
the same time, the business is learning new levels of resilience
to be able to adapt at pace to concerns as they develop. One
example of the impact of inflation is the increase seen in the
cost of manufacturing and purchasing vehicles in recent years
which has been in excess of 30%. This has been above general
inflation rates due to the compounding impact of supply chain,
shipping, and labour challenges within the RV sector in
particular. This will, over time, result in the value of thl’s vehicles
on its balance sheet proportionally increasing relative to fleet
size. While we are not seeing cost reductions, there are early
trends that the rate of cost increases is reducing. At certain
peak periods within certain businesses, we have seen our
capacity reduced due to labour shortages, however the impact
on the business has been low. The availability of labour is
particularly challenging for the New Zealand Tourism
businesses that generally operate outside key population hubs.
Our strong performance in this period is supported by several
tailwinds including the recovery in international tourism, supply
chain challenges resulting in constrained capacity of the rental
market and contributing to yield growth, and low depreciation
due to the smaller fleet size. As previously advised, while we
expect that vehicle sales margins will normalise over time,
thl is continuing to achieve margins above historical norms.
5thl LETTERS FROM THE CHAIR & CEO

We expect that the combination of these factors in this period
will result in a particularly strong return on funds employed
in FY23.
While some of the tailwinds may normalise over the coming
years, we expect that thl will continue to experience ongoing
growth through a significant re-fleeting programme, synergy
realisation and a continuation of both existing and new growth
projects. As of 31 December, the merged group operated a
global fleet of nearly 6,400 vehicles, compared to a combined
peak fleet size of more than 11,000 prior to the pandemic,
demonstrating that there remains significant room for
fleet regrowth.
Our future-fit journey
We remain committed to our future-fit journey, focusing on our
highest priority sustainability goals and working with a future-
fit mindset and methodology. This commitment is apparent at
all levels from the thl Board through to our crew in branches.
Our sustainability programme is aligned globally and activated
locally, and we are seeing the positive impacts across our
operational activities. Successes include reducing water use
by over 50% at our USA branches from FY19 and reducing
energy use at our Australian branches by over 20% from FY20.
Embedding future-fit progress across all business units is an
exciting integration opportunity to be better together.
At Action Manufacturing, work is underway to develop a new
electric RV product, building on our previous electric RV pilot
in New Zealand. Ongoing investment in the Future Fleet
programme is a priority to address our greatest sustainability
challenge, the carbon emissions from our vehicles. The
programme is about more than just RVs and involves a deeper
dive into sustainable materials and circular manufacturing
methodologies for future use in scale.
We continue working with partners to create positive impacts
for communities and destinations through responsible travel
programmes like Tiaki Promise in New Zealand and Travel with
Heart in the USA. In Australia, we are proud to be progressing
our first Reconciliation Action Plan, to meaningfully contribute
to reconciliation and build long-term, respectful relationships
with Aboriginal and Torres Strait Islander communities
and organisations.
Outlook
As referred to earlier, last week we announced an increase in
our expectations for the FY23 result. Our improved expectations
are primarily driven by a strong Australasian peak season due to
yield growth and high utilisation on a smaller fleet base. Vehicle
sales margins in New Zealand and Australia have remained
strong for longer than expected and margins in the United
States have normalised in line with expectations. Canada fleet
sales margins have also remained at an elevated level, however
the winter volumes have been minimal. We have generally held
our pricing in North America as we expect that new vehicle
pricing to be released shortly by manufacturers will be 5 – 10%
higher than last year’s pricing, based on cost increases in
chassis and general componentry. The group’s outperformance
on earlier expectations has been partly offset by the impact
of lost high season revenue from the divestment of 310
motorhomes and associated forward bookings to Jucy
on 30 November.
Volumes in the Australian dealership business remain broadly
in line with the pcp while margins are continuing to improve.
Forward orders remain positive but have slowed in recent
weeks. While there is evidence that dealers now have increased
stock levels on yards, there is still a positive outlook into FY24.
Future shifts in rentals yields are challenging to predict, with
several different factors contributing to the current elevated
average yield levels globally. The Investor Presentation provides
further detail on our views, however in short, we expect yields
to reduce in the coming 12 months, but not significantly.
Ongoing inflation, structural shifts in the global industry since
the pandemic and customer preference all indicate that yields
will remain above pre-pandemic levels.
I encourage you to review the Investor Presentation provided
with these results, which includes more detail about the recent
yield trends and our expectations for each region across the
remainder of FY23.
Once again, I would like to thank all our crew for their
commitment and efforts across the period, which has enabled
us to manage the numerous operational challenges faced
and deliver a result in the half that we can be proud of.
As a collective business, I believe we are well positioned
to continue our growth trajectory for the coming period.
Grant Webster
CEO
6thl LETTERS FROM THE CHAIR & CEO

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F Y 1 9
F U L L Y E A R R E S U L T S
P R E S E N T A T I O N
FY23 Interim
Results
Presentation
23 FEBRUARY 2023

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Disclaimer
2
This presentation contains forward-looking statements and
projections. These reflect thl’s current expectations, based on
what it thinks are reasonable assumptions. The statements are
based on information available to thlat the date of this
presentation and are not guarantees or predictions of future
performance. For any number of reasons, the future could be
different and the assumptions on which the forward-looking
statements and projections are based could be wrong. 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. thl
securities 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 contains a number of non-GAAP financial
measures. Because they are not defined by Generally
Accepted Accounting Practice in New Zealand (NZ GAAP) or
International Financial Reporting Standards (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.

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Explanatory note to presentation of financial measures
•As the Scheme of Arrangement with Apollo Tourism & Leisure Ltd (ATL or Apollo)completed on 30 November 2022, thl’s interim FY23 consolidated
financial statements (prepared in accordance with NZ GAAP and IAS 34 Interim Financial Reporting) do not include ATL’s resultfor the five month
period prior to 30 November 2022.
•Given the materiality of ATL’s future earnings contribution to thl, measures of financial performance for H1 FY23 in this presentation are set out
from three perspectives:
•thl H1 (including ATL’s December): thl’s results for the six months ending 31 December 2022 inclusive of ATL’s result for December 2022.
•ATL H1: ATL’s results for the six months ending 31 December 2022. This includes five months in which ATL was not under thl ownership (July –
November 2022), and one month in which ATL was under thl ownership (December 2022).
•Pro Forma Consolidated H1: The consolidated results of both thland ATL across the six months ending 31 December 2022.
•Unless indicated otherwise, figures in this Investor Presentation represent thl’sH1 (including ATL’s December). Figures that represent ATL H1 or Pro
Forma Consolidated H1 are also identified with a red border.
•These views include non-GAAP measures and are provided as thlbelieves that they provide useful information to assist readers to better understand
the financial performance during the period. These should not be viewed in isolation and should be read in conjunction with the NZ GAAP measures
in the reported interim consolidated financial statements.
•The transaction accounting for the acquisition of ATL has not yet been completed and therefore only provisional values have beenincluded in this
presentation.This also relates to the divisional reporting as the determination of cash-generating units (CGU’s) has not yet been completed.Refer
to slide 25 for more information.
3

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Executive Summary
4
•Statutorynetprofitaftertax(NPAT)of$25.2M(underlyingNPATof$26.3M),anincreaseof$29.6Mon
thepcp
•CompletionofmergerwithApolloTourism&LeisureLtd(ATL)on30November2022
•Saleofservices(rental)revenueincreasedby167%toapproximately$134M,reflectiveofthepositive
recoveryofinternationaltourismandstrongaveragerentalyieldsachieved
•RecordfleetsalesmarginsachievedinNewZealand,Australia,CanadaandtheUK/Europe
•ActionManufacturingincreasedrevenueinitscommercialvehiclearm(non-thl)by64%,to
approximately$22M
•BasedonourcurrentperformanceexpectationsforFY23,thlexpectstobeinapositioninAugust
2023todeclareadividend.Inrecognitionoftheneedtobalancefundingtherebuildoftheglobalfleet
withreturnstoshareholders,anydividendwillbesmallerthanthl’shistoricaldividendpolicy
1
•Aspreviouslyadvisedon15February2023,onaproformabasis
2
(inclusiveofATL’sNPATforthefive
monthspriortocompletionofthemerger),thlcurrentlyexpectsunderlyingNPATforFY23tobeabove
NZ$75million
3
1
thl’s historical dividend policy targeted a pay out ratio of 75 –90% of NPAT.
c
2
The merger of thl and ATL completed on 30 November 2022. Consequently, ATL’s FY23 results for the periodprior 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 financial measures and should not be considered in isolation from other financial measures determined in accordance with NZ GAAP or
NZ IFRS.
3
Pro forma guidance includes underlying profit of NZ$27million attributable to ATL for the five-month period to 30 November 2022. Excluding ATL’s profit for the period before
completion of the merger but including ATL’s contribution for the seven months after, thl’sexpected underlying NPAT for FY23 is above NZ$48 million. Guidance 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.

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1
Excludes non-recurring items. Refer to slide 9 for a reconciliation to statutory NPAT and slide 31 for further information on non-recurring items.
Half year in review
As at 31 December 2022
TOTAL REVENUE
$261M
(H1 FY22:$175M)
STATUTORY NETPROFIT
AFTERTAX(NPAT)
$25.2M
(H1 FY22:-$4.4M)
+$86M
TOTAL FLEET
6,391
(30 June 2022:3,858)
EBITDA
$70.8M
(H1 FY22:$21.9M)
NET DEBT
$249M
(30 June 2022:$59M)
EBIT
$42.3M
(H1 FY21:-$1.1M)
XX%
SALE OF SERVICES REVENUE
$134M
(H1 FY22:$50M)
5
+$190M
+$84M
+$43.4M
+29.6M
+$48.9M
+$28.6M
+2,533
UNDERLYING NPAT
1
$26.3M
(H1 FY22:-$2.3M)

JAPAN
FRANCHISEE
EUROPE & UK
RENTAL FLEET
455 (7%)
RV RENTALS
EX-RENTAL RV SALES
AUSTRALIA
RENTAL FLEET
1,855 (29%)
RV RENTALS
NEW AND EX-RENTAL RV
SALES
RV MANUFACTURING
NEW ZEALAND
RENTAL FLEET
1,485 (24%)
RV RENTALS
NEW AND EX-RENTAL RV SALES
RV AND COMMERCIAL MANUFACTURING
TOURISM ATTRACTIONS & ACTIVITIES
USA
RENTAL FLEET
1,434 (22%)
RV RENTALS
EX-RENTAL RV SALES
SOUTH AFRICA
FRANCHISEE
CANADA
RENTAL FLEET
1,162 (18%)
RV RENTALS
EX-RENTAL RV SALES
Global footprint
As at 31 December 2022
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Synergy Realisation
On track to exceed the planned
synergies for FY23, including
consolidation of all Australasian
branches by June 2023
Record NPAT Guidance
Provided guidance for an
expected pro forma underlying
FY23 NPAT above $75M
Transformational Merger
Completion of Scheme of
Arrangement between thl and
Apollo Tourism & Leisure Ltd
on 30 November 2022
Financing
Arrangements
New financing structure
implemented with
reduction of ten lenders and
realization of interest saving
synergies
Record Sales Margins
Achieved record thl fleet sales
margins in New Zealand,
Australia, Canada and
UK/Europe
Key achievements
Successful Divestment
Successfully divested 310
motorhomes and five
locations to Jucy Rentals as
part of NZCC/ACCC approval
Rental Yields
Strong rental yields being
achieved in all regions
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Investing in future growth
8
Beyond the merger with Apollo, over the pandemic period we have completed several M&A projects to consolidate the group
and continued investment in core business improvement projects. We believe this positions thl well for future growth
1
2
3
4
Sale of peer-to-peer businesses, Mighway and ShareACamper, for A$7.4 million, in return for
shareholding in Camplify
Acquisition of the remaining 51% shareholding in Just go motorhomes in the UK for £5.4 million
Action Manufacturing’s acquisition of Freighter New Zealand from MaxiTRANS for NZ$2.5 million
Sale of the minority shareholding in Roadpass Digital for NZ$23.9 million
5
Acquisition of the remaining 40% shareholding in triptech
6
7
8
9
TRX 25, a global customer experience improvement project
New Zealand RV Super Centre business expansion project
Investment in new fleet designs and vehicle models
Investment in the Future Fleet (electric RV) programme
10
Growing and embedding non-tourism rentals as a core business
M&A activity
Core business
development
11
Opening of new site and consolidation of motorhome production in Hamilton, New Zealand

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Statutory and underlying results
summary
9
•Underlying net profit after tax of $26.3M (Apollo December
contribution of $0.5M), an increase of $28.6M on the
underlying net loss of $2.3M in the pcp.
•Statutory net profit after tax of $25.2M (Apollo December
contribution of $0.5M), an increase of $29.6M on the pcp.
•Business activity has shifted back to rentals, with sale of
services (rental) revenue increasing by $83.8M to $134.1M.
Sale of goods revenue increased from $124.6M in the pcp to
$127.0M.
•EBIT of $42.3M, up $43.4M on the pcp.
•Refer to slide 31 for details on non-recurring items in the
financial periods.
•Transaction accounting for the acquisition of ATL has not yet
been completed. Consequently, provisional values have been
included in this presentation.This also relates to divisional
reporting in this presentation, as the determination of cash-
generating units has not yet been completed.Refer to slide
25 for more information.
thl
H1 (including ATL's December)
NZD $M
FY23
FY22
VAR
%
Operating revenue
261.0
174.9
86.1
49%
Earnings before interest and tax*
42.3
(1.1)
43.4
N/A
Operating profit before tax
36.4
(4.9)
41.3
N/A
Statutory net profit after tax*
25.2
(4.4)
29.6
N/A
* includes non-recurring items
6 Months to 31 December
thl H1 (including ATL's December)
NZD $MFY23FY22VAR%
Underlying net profit/loss after tax 26.3 (2.3) 28.6 N/A
Gain on re-valuation of 49% shareholding
in Just go
3.5 – 3.5 N/A
Gain on re-valuation of existing
shareholding in Apollo
0.6 – 0.6 N/A
Merger transaction costs(5.2) (2.1) (3.1) N/A
Statutory net profit/loss after tax 25.2 (4.4) 29.6 N/A
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Financial
review
10

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Divisional performance –thl H1 (including ATL’s December)
Notes: Divisional reporting excludes non-recurring items, which are reported in “Non-recurring items”. Operating cash flow includes the sale and purchase of rental assets. Action
Manufacturing’s results include intercompany transactions with thl rentals, which are eliminated in “Group Support Services/Other”. “Just go” includes results for October –
December, during which the business was wholly-owned by thl. Just go’s result for July –September, during which the business was a 49% joint venture, is included in “Associates”.
11
thl H1 (including ATL's December)
$M NZD
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
OPERATING
CASHFLOWREVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
OPERATING
CASHFLOW
thl Rentals & Sales New Zealand 45.7 10.5 4.7 78.5 (4.9) 48.0 (0.3) (7.0) 85.2 26.0
Action Manufacturing 61.6 5.5 3.9 45.9 (2.5) 30.5 4.8 3.6 29.2 (4.8)
thl Rentals & Sales Australia 57.6 26.0 18.8 56.8 19.6 31.9 5.5 (1.0) 60.1 (7.1)
thl Rentals & Sales USA 94.7 27.7 17.2 190.3 (6.6) 79.9 18.0 11.2 115.8 24.5
Just go (Oct - Dec 2022) 2.9 (0.4) (0.8) 16.8 3.2 – – – – –
Tourism Group 9.4 2.5 1.5 12.4 5.7 0.8 (1.4) (2.4) 16.7 (0.9)
Apollo Group (December 2022) 28.1 3.8 2.3 216.6 (4.1) – – – – –
Group Support Services/Other(38.8) (3.7) (4.2) 128.3 (3.8) (16.2) (2.6) (3.5) 48.1 (0.6)
Non-recurring Items – (1.1) (1.1) – – (2.1) (2.1) – –
thl 100% owned entities 261.0 70.8 42.3 745.6 6.6 174.9 21.9 (1.1) 355.0 37.0
Associates (Just go, Jul - Sep 2022) – – 0.8 – – – – 1.2 4.9 –
Group Total 261.0 70.8 43.1 745.6 6.6 174.9 21.9 0.0 360.0 37.0
6 Months to 31 December 20226 Months to 31 December 2021

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Divisional performance –ATL H1
Notes: Divisional reporting excludes non-recurring items, which are reported in “Non-recurring items”. Apollo Canada (Jul –Nov) includes EBITDA/EBIT of $1.8Min FY23 and EBITDA/EBIT of $0.7M in
FY22 relating to the hibernation of Apollo’s USA business. Approximately NZ$4.6M of Apollo New Zealand’s Jul –Nov EBITDA/EBIT, and NZ$8.7M of Apollo Australia’s Jul –Nov EBITDA/EBIT, is
attributable to the gain on the sale of 310 motorhomestoJucyRentals in the ordinary course, prior to merger completion.Non-recurring items includes NZ$5.5M of merger transaction costs in FY23 and
$0.9M in FY22, which have been recognised in the Apollo Australia division. Certain Apollo group head office costs are included in the Apollo Australia division.
12
ATL H1
$M NZD
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
Apollo New Zealand (Jul - Nov)
23.2
9.6
8.0
Apollo New Zealand (Dec)
2.5
1.2
1.0
Apollo New Zealand (Jul - Dec)
25.7
10.8
9.0
8.8
(0.6)
(3.2)
Apollo Australia (Jul - Nov)
142.0
25.8
19.9
Apollo Australia (Dec)
22.5
2.9
1.9
Apollo Australia (Jul - Dec)
164.6
28.7
21.8
113.7
6.4
(0.6)
Apollo Canada (Jul - Nov)
31.8
19.7
17.2
Apollo Canada (Dec)
2.5
(0.0)
(0.3)
Apollo Canada (Jul - Dec)
34.3
19.6
16.9
18.0
6.3
4.0
Apollo Europe (Jul - Nov)
7.2
2.7
2.3
Apollo Europe (Dec)
0.5
(0.3)
(0.4)
Apollo Europe (Jul - Dec)
7.7
2.4
1.9
8.1
2.6
2.1
Other/eliminations (Jul - Nov)
(0.4)
(0.2)
(0.2)
Other/eliminations (Dec)
0.1
0.1
0.1
Other/eliminations (Jul - Dec)
(0.3)
(0.1)
(0.1)
0.4
(0.3)
(0.3)
Total (Jul - Nov)
203.9
57.6
47.2
Total (Dec)
28.1
3.8
2.3
Non-recurring items
–
(5.5)
(5.5)
(0.9)
(0.9)
Group Total (Jul - Dec)
231.9
55.9
44.0
149.1
13.5
1.1
6 months to 31 December 2022
6 months to 31 December 2021

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Divisional performance –Pro Forma Consolidated H1
Notes: Action Manufacturing’s results include intercompany transactions with thl rentals, which are eliminated in “Group support”. “Rentals & Sales UK/Europe” includes the three-
month period in which the business was wholly-owned by thl. The Just go result the period in which Just go was a joint venture was NZ$0.8M and is not included in the above table.
Rentals & Sales Canada includes EBITDA/EBIT of $1.8Min FY23 and EBITDA/EBIT of $0.7M in FY22 relating to the hibernation of Apollo’s USA business. Approximately NZ$4.6M of
Rentals and Sales New Zealand’s EBIT, and NZ$8.7M of Rentals & Sales Australia’s EBIT, is attributable to the gain on the sale of 310 motorhomestoJucyRentals in the ordinary course,
prior to merger completion. "Group support" include thl group support costs, whereascertain Apollo group head office costs areincluded inthe Rentals & Sales Australia pro forma
divisional segment.
13
Pro Forma Consolidated H1
$M NZD
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
Rentals & Sales New Zealand
71.4
21.3
13.7
56.8
(1.0)
(10.1)
Action Manufacturing
61.6
5.5
3.9
30.5
4.8
3.6
Rentals & Sales Australia
222.1
54.7
40.7
145.6
11.9
(1.6)
Rentals & Sales USA
94.7
27.7
17.2
79.9
18.0
11.2
Rentals & Sales Canada
34.3
19.6
16.9
18.0
6.3
4.0
Rentals & Sales UK/Europe
10.6
2.0
1.0
8.1
2.6
2.1
Tourism Group
9.4
2.5
1.5
0.8
(1.4)
(2.4)
Group support
(38.8)
(3.7)
(4.2)
(16.2)
(2.6)
(3.5)
Other/eliminations
(0.3)
(0.1)
(0.1)
0.4
(0.3)
(0.3)
Non-recurring items
–
(6.6)
(6.6)
(3.0)
(3.0)
Total
464.9
122.9
84.0
324.0
35.5
(0.0)
6 Months to 31 December 2022
6 Months to 31 December 2021

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
New Zealand Rentals and Sales
14
•A strong recovery to profitability with EBIT of $5.7M (including Apollo December EBIT contribution
of NZ$1.0M), an improvement of $12.7M on the loss in the pcp.
•On a pro forma consolidated basis, the New Zealand businesses delivered $13.7M of EBIT in H1,
withapproximately EBIT NZ$4.6M of this result attributable to the gain on the sale of 110
motorhomestoJucyRentals in the ordinary course, prior to merger completion.
•Business activity shifted from vehicle sales to rentals as borders opened and international tourism
returned. Rental revenue increased by $20.3M on the pcp while sale of goods revenue declined by
$21.1M, resulting in overall revenue remaining broadly in line with the pcp.
•The New Zealand performance was driven by both strong yields in the rentals business and
elevated gross sales margins. Average yield for the half in the thl rentals business was up
approximately 55% on the equivalent period in FY19. These elevated yields are also seen in the
current forward bookings for the second half of FY23.
•Average gross fleet sales margins were $28.5k, up on $20.3k in the pcp (thl fleet sales only).
1
Pricing
and margins continue to be elevated as supply remains constrained. Pricing on new motorhomes
have increased due to higher build and shipping costs, which comparatively elevates pricing on
used motorhomes.
•Non-tourism bookings contributed revenue of $0.7M, down approximately $0.8M on the pcp. The
reduction reflects vaccination van bookings during lockdown in the pcp and the ability this year to
utiliseconstrained fleet in higher-yielding tourism bookings.
•Ancillary revenue streams are continuing to grow although at slower rates than previous years. The
RV Super Centre retail accessories business had approximately $3.1M in revenue (38% of which
was generated online), a 9% lift on the pcp. Vehicle servicing revenue increased by 16% on the pcp.
•With the inclusion of the Apollo fleet, on 31 December 2022 the total fleet size in New Zealand had
increased to 1,485.
•Current forward bookings are showing a positive trend with the elevated yield trends in the first
half sustaining for the remainder of FY23 bookings.
1
Average gross fleet sales margins reflect sales revenue (net of any dealer commissions) less the net book value of
the vehicles sold. It excludes other costs of sale.
Returns to profitability with borders re-opening to international travellers
Note: In the vehicle fleet table, FY23 opening fleet reflects the thl fleet and FY23 closing fleet reflects the combined thl
and Apollo fleet. FY23 sales and purchases include thl across the six months, plus Apollo for December 2022. All FY22
metrics reflect thlonly.
Pro Forma Consolidated H1
NZD $M
FY23
FY22
VAR
VAR %
Rental revenue
32.1
8.4
23.7
284%
Sale of goods revenue
39.4
48.6
(9.2)
(19%)
Costs
(57.8)
(67.1)
9.3
14%
EBIT
13.7
(10.1)
23.8
236%
6 Months to 31 December
thl H1 (including ATL's December)
NZD $MFY23FY22VARVAR %
Rental revenue26.56.220.3330%
Sale of goods revenue21.841.9(20.1)(48%)
Costs(42.6)(55.0)12.423%
EBIT5.7(7.0)12.7182%
6 Months to 31 December
Vehicle Fleet
Units:FY23FY22VARVAR %
Opening Fleet - 30 Jun1,0091,547(538)(35%)
Fleet Sales
(1)
(147)(385)(238) (62%)
Fleet Purchases - Apollo Acquisition322- 322 N/A
Fleet Purchases - Other30112 289 2,408%
Closing Fleet - 31 Dec1,4851,174 311 26%
Retail RV Sales(49)(44) 5 11%
Total RV Sales(196)(429)(233) (54%)
(1)
Includes vehicles written off.
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Action Manufacturing Group
15
•Action as a standalone business (inclusive of intercompany transactions)
delivered EBIT of $3.9M, up $1.4M on the pcp. With the elimination of
intercompany transactions, Action delivered EBIT of $1.7M, up $0.6M or
54% on the pcp.
1
•The acquisition of Freighter from MaxiTransNew Zealand completed on 8
July 2022 with a purchase price of NZ$2.5M.
•Continued growth in the commercial manufacturing segment with $22.1M
in non-motorhome/third party revenue, a significant increase of 64% on the
pcp.
•The group has lifted scale and capacity with nearly 350 crew today,
compared to under 250 crew before the pandemic. This increase is partly
attributable to the acquisition of Freighter.
•Motorhome production has been relocated to Hamilton following the
closure of Albany at the end of 2022 (due to the sale of the building),
alongside the opening of a new Hamilton factory. Production for thl
occupies ~8000m
2
and Action can produce 90 vehicles a month for thl.
•Supply chain challenges and inflation pressures are ongoing, making
production and labour planning challenging. Pricing on shipping has
stabilised but the global supply of goods remains unsettled. There are
recent indications that cost increases are diminishing.
1
“EBIT –pre intercompany elimination” includes intercompany revenue and costs relating to the sale ofvehicles to
thethlrentalsbusinesses.
Ongoing growth in earnings and scale despite operational challenges
1
thl
H1 (including ATL's December)
NZD $M
FY23
FY22
VAR
%
Sales of goods - external
22.1
13.5
8.6
64%
Costs - external
(20.4)
(12.4)
(8.0)
65%
EBIT - post intercompany elimination
1.7
1.1
0.6
54%
Sales of goods - intercompany
39.5
17.0
22.4
132%
Costs - intercompany
(37.3)
(15.7)
(21.6)
138%
EBIT

- pre intercompany elimination
3.9
2.5
1.4
57%
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Tourism
16
•Combined EBIT of $1.5M between Discover Waitomo and Kiwi
Experience, up $3.9M on the loss in the pcp.
•Revenue has increased by $8.5M to $9.4M but remains well
below pre-COVID levels of circa $18M.
•The Kaimahi for Nature programme, in partnership with the
Department of Conservation, is contracted to continue in
Waitomo for the remainder of FY23.
•The return of international tourists from China is expected to
have a positive impact for the Waitomo business at some
point in FY23, with China being a key origin market.
•Kiwi Experience is recovering well with tours operating at high
utilisation and average yields exceeding pre-COVID levels. The
business has a lower operating cost base currently, having
recently come out of hibernation.
•Labour challenges have resulted in limited capacity at times
over the peak periods for both businesses.
thlispartneringwiththeDepartmentof
ConversationundertheKaimahiforNature
programmetoprotecttheenvironmentand
savejobsintheWaitomocommunity.
Theprogrammeretained26jobs,withour
crewremainingwithinthecommunityandwith
theirhapū,learningnewskills,andachieving
significantconservationoutcomes.
Kaimahi for Nature
Returns to profitability with borders re-opening to international travellers
thl
H1
NZD $M
FY23
FY22
VAR
%
Revenue
9.4
0.8
8.6
1011%
Costs
(7.9)
(3.3)
(4.6)
(140%)
EBIT
1.5
(2.4)
3.9
160%
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Australian Rentals & Sales
17
•Australian division delivers an excellent EBIT result of A$18.9M (with Apollo
December contribution of A$1.8M), up $19.8M on the pcp loss.
•On a pro forma consolidated basis, the Australian businesses delivered
A$37.4M EBIT in H1 –up from a loss of A$2.4M in the pcp. A$7.9M of the
EBIT result reflects the gain on the sale of 200 motorhomes to Jucy Rentals in
the ordinary course, prior to the merger completing.
1
•Strong rental performance driven by elevated yields. Average rental yield was
nearly 70% up on the same period in FY19, in line with earlier guidance
provided.
•A material uplift in average gross fleet sales margins from A$24.7k in the pcp
to A$36.1k (reflects thlfleet sales only). The business has successfully held
price given market supply shortages. Margin lift also reflects a greater
proportion of thl sales volumes through the retail channel (65% vs 20% in pcp)
with the opening of RVSC in Brisbane in 2022.
•Non-tourism bookings contributed approximately A$5.7M in revenue to the
result, an increase of A$3.6M on the pcp. Non-tourism included a booking of
scale across the six-month period in relation to the NSW floods.
•Inclusive of the Apollo fleet, the total Australian fleet as of 31 December 2022
was 1,855.
1
The pro forma result includes certain Apollo group head office costs that Apollo have historically
recognised in the Australian region division and excludes A$4.9M in non-recurring merger
transaction costs that were incurred by Apollo between July –November 2022 (prior to
completion of the merger).
Note: In the vehicle register table, FY23 opening fleet reflects the thl fleet and FY23 closing fleet reflects the combined
thl and Apollo fleet. FY23 sales and purchases include thl across the six months, plus Apollo for December 2022. All
FY22 metrics reflect thlonly.
A stellar performance from the largest division of the merged group
1
Pro Forma Consolidated H1
AUD $M
FY23
FY22
VAR
VAR %
Rental revenue
63.2
26.9
36.3
135%
Sale of goods revenue
(1)
138.6
111.4
27.1
24%
Costs
(164.3)
(140.8)
(23.5)
(17%)
EBIT
37.4
(2.4)
39.8
1,644%
(1)
Excludes buyback fleet sales revenue
6 Months to 31 December
thl
H1 (including ATL's December)
AUD $M
FY23
FY22
VAR
VAR %
Rental revenue
42.0
14.9
27.1
182%
Sale of goods revenue
(1)
30.9
15.4
15.5
100%
Costs
(54.1)
(31.3)
(22.8)
(73%)
EBIT
18.9
(0.9)
19.8
2,148%
(1)
Excludes buyback fleet sales revenue
6 Months to 31 December
Vehicle Fleet
Units:
FY23
FY22
VAR
VAR %
Opening Fleet - 30 Jun
1,207
1,208
(1)
(0%)
Fleet Sales
(1)
(165)
(214)
(49)
(23%)
Buyback Sales
(167)
(100)
67
67%
Fleet Purchases - Apollo Acquisition
706
-
706
N/A
Fleet Purchases - Other
225
164
61
37%
Buyback Purchases
49
60
(11)
(18%)
Closing Fleet - 31 Dec
1,855
1,118
737
66%
Retail/Non-fleet RV Sales
(198)
(2)
196
N/A
Total RV Sales
(2)
(363)
(216)
147
68%
(1)
Includes vehicles written off.
(2)
Total sales excludes buyback sales.
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
USA Rentals & Sales
18
•EBIT of US$10.5M, up US$2.6M or 34% on the pcp. At the NZD level, EBIT
growth was approximately 54% on the pcp due to favourable movements
in the NZD:USD exchange rate.
•Total revenue increased by US$1.5M to US$57.3M, as growth in rental
revenue exceeded the reduction in vehicle sales revenue.
•As previously advised, peak season fleet size was constrained as 200
vehicles scheduled for delivery in Q4 FY22 were delayed. Despite this, the
rentals business delivered a strong result, driven by a 55% increase in
average rental yields compared to the first half of FY19.
•The closing fleet balance of 1,434 is an increase of 296 vehicles on the
prior corresponding period.Uncertainty on new unit production
timelines has resulted in delaying fleet salesto maintain a desired fleet
size for 2023.
•Gross average vehicle sales margins in the half were down US$1.2k on the
pcp to approximately US$21.5k, a smaller decline than earlier
expectations. Sales margins are expected to continue to reduce
throughout FY23 as retail demand declines.
•Forward booking intake for the 2023 summer has been positive with
strong international demand. Current bookings are at similar yield growth
trends as seen in the first half.
•Supply chain challenges and inflation in the cost of new vehicles are
ongoing. Supply issues are expected to remain for the coming months
with potential improvements in Q3 CY23.
Growth despite peak season supply challenges
Vehicle Fleet
Units:
FY23
FY22
VAR
VAR %
Opening Fleet - 30 Jun
1,642
1,487
155
10%
Fleet Sales
(1)
(319)
(559)
(240)
(43%)
Fleet Purchases
111
210
(99)
(47%)
Closing Fleet - 31 Dec
1,434
1,138
296
26%
(1)
Includes vehicles written off.
6 Months to 31 December
thl
H1
USD $M
FY23
FY22
VAR
VAR %
Rental income
30.9
18.8
12.1
64%
Sale of goods
26.4
37.0
(10.6)
(29%)
Costs
(46.7)
(47.9)
1.2
(2%)
EBIT
10.5
7.9
2.6
34%
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Canada Rentals & Sales
19
•On a pro-forma basis showing year-on-year performance, the Canada business
delivered EBIT of CAD$12.3M, up CAD$9.5M on the pcp.
•The contribution to the statutory thlresult was an EBIT loss of CAD$0.2M
(reflecting December trading only), being a low season month.
•Pro forma rental revenue increased CAD$11.4M due to growth in hire days on
the pcp, while average rental yield was in line with the pcp (but 40%+ higher than
the corresponding period in FY19). The growth in days enabled the business to
achieve a significant lift in utilisation over the peak period.
•Shortage of used RV inventory in the marketplace increased used prices for both
wholesale and retail consumers in Q1 FY23. Average gross fleet sales margins in
the half were CAD$37.5k, compared to CAD$20.9k in the pcp, reflecting the older
fleet (with lower net book value)sold in the half.
•Forward bookings for 2023 season are maintaining higher yields than expected.
We expect yields to continue to increase into the 2023 season due to strong
domestic demand and the return of international guests.
•Supply chain issues continue to impact RV manufacturers and chassis producers.
Uncertainty on new unit production timelines has resulted in delaying fleet sales
to maintain a desired fleet size for 2023.
•Inflation and fears of recession are showing signs of impacting the sales markets.
As 2023 progresses, sales margins are expected to decline.
Growth despite peak season supply challenges
Note: The statutory result includes only one month of performance (December 2022). As such, thl considers that it does
not provide useful information and has not provided this breakdown.
ATL H1
CAD $M
FY23FY22
VAR
VAR %
Rental revenue22.210.811.4106%
Sale of goods revenue5.73.91.949%
Costs(15.7)(11.9)(3.8)32%
EBIT12.32.79.5348%
6 Months to 31 December
Vehicle Fleet
Units:
FY23
FY22
VAR
VAR %
Opening Fleet - 30 Jun
-
–
-
N/A
Fleet Purchases - Apollo
Acquisition
1,182
-
1,182
N/A
Fleet Sales
(20)
–
(20)
N/A
Closing Fleet - 31 Dec
1,162
-
1,162
N/A
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Pro Forma Consolidated H1
GBP £M
FY23
FY22
VAR
VAR %
Rental revenue
5.7
5.5
0.2
4%
Sale of goods revenue
2.1
2.1
(0.1)
(4%)
Costs
(6.1)
(5.1)
(1.0)
21%
EBIT
1.6
2.6
(1.0)
(38%)
6 Months to 31 December
UK/Europe Rentals & Sales
20
•On a pro forma consolidated basis, the UK/Europe businesses had an EBIT
of £1.6M, down £0.9M on the pcp.
1
•Both Just go and Bunk/Apollo operated a lower than planned peak fleet
size due to vehicle delivery delays, impacting high season performance
inH1.
•Average rental yield for the Just go business is tracking in excess of 40%
above FY19 levels.Relative to the pcp, average yields have slightly
reduced due to the mix of direct and indirect bookings taken.
•Vehicle sales margins in the half (in the Just go business) were £19.5k
compared to £9.8k in the pcp, however volumes were down from 73 to
51 (excluding five sold by Apollo in December), largely dueto uncertainty
on new production.
•The statutory EBIT loss in this market was£0.6M, being the Just go result
for October -December 2022 (post the acquisition of the remaining 51%
shareholding by thl), and the Apollo result for December 2022 (post the
merger with thl). Ittherefore does not provide any meaningful
information on a year-on-year basis.
•Just go’s contribution to thlup to September 2022 is included in thl’s
statutory results as an equity investment. The 49% shareholding in Just go
for that period contributed NPAT of £0.4M.
1
Pro forma includes 100% of Just go’s result, despite Just go being a part-owned business
that was equity accounted by thl up to September 2022.
Growth despite peak season supply challenge
Note: In the vehicle fleet table, FY23 opening fleet reflects the thl fleet and FY23 closing fleet reflects the combined thl and
Apollo fleet. FY23 sales and purchases include Just goacross the six months, plus Apollo for December 2022. All FY22 metrics
reflect thlonly.
1
Vehicle Fleet
Units:
FY23FY22
VAR
VAR %
Opening Fleet - 30 Jun204 212 (8)(4%)
Fleet Sales
(1)
(56)(73) (17)(23%)
Fleet Purchases - Apollo Acquisition231 – 231 N/A
Fleet Purchases - Other76 28 48 171%
Closing Fleet - 31 Dec455 167 288 172%
(1)
Includes vehicles written off.
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Funding arrangements
21
•thl’s funding is sourced from multiple lenders through various facility types,
including a syndicated corporate debt facility, asset financiers and floor plan finance.
This structure aims to provide an effective balance of certainty, quantum and cost of
funding, recognising the profile of thl’smobile, saleable assets.
•Asset financiers include a number of existing ATL lenders providing total facilities of
approximately $402M. Floor plan facilities are used to fund the dealership inventory
in Australia. The range of asset and floor plan financiers has been further
rationalised since 31 December with facilities being repaid or consolidated.
•On 31 December, thl had approximately $308.1M in drawn debt, with an additional
$335.9M in undrawn facilities.
•Syndicated corporate debt makes up the majority of funding in NZ and the USA.
Asset financing is the predominant method of funding utilised in Australia and sole
funding source in Canada and UK/Europe.
•Expectations are that the improved strength of the combined balance sheet due to
recent debt repayment and forecast earnings will result in lending rate margin
reduction. However, with ongoing central bank rate increases any margin reduction
may be offset by base rate increases.
•thl is subject to a range of customary covenants under its syndicated corporate debt
facility and asset finance facilities. For further information, refer to note 11 of the
consolidated interim FY23 financial statements.
31 December 2022Total facility sizeDrawnUndrawn
Syndicated corporate debt$148.4M$98.6M$49.8M
Asset finance$401.9M$140.5M$261.4M
Floor plan finance$60.3M$37.3M$23.0M
Other loans
1
$33.4M$31.7M$1.7M
Total$644.0M$308.1M$335.9M
RegionKey lenders
AustralasiaANZ, Westpac, Mercedes, Toyota, DLL
USAANZ, Westpac, Wells Fargo
CanadaRoyal Bank of Canada
UK/EuropeHSBC
1
These facilities have largely been repaid post 31 December. This includes repayment of the Canadian property mortgage
following the sale of the Canadian properties in January 2023.

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
22
Balance sheet and debt
•Net debt on 31 December 2022 was $249M, up approximately $190M since the
commencement of the financial year.
•A key focus for thl is the strengthening of its balance sheet. While the expected
improvement in earnings will be able to support this, thl has taken several other steps
recently to strengthen it’s balance sheet:
•Sale of Roadpass Digital shares for NZ$23.9M
•Sale of Mighway and SHAREaCAMPERfor A$7.4M in shares in Camplify Holdings
Limited and divestment of a loss-making business unit. thl’s current shareholding in
Camplify has an approximate value of A$16M
•Sale of 310 motorhomes to Jucy Rentals for net proceeds of ~NZ$42.8M, at retail
pricing and margins
•Sale of Apollo’s Canadian properties for CA$51M, with CA$25.6M in net proceeds
(after sales expenses and mortgage repayment) used for debt repayment
1
•Approximately NZ$101M of debt has been repaid since the completion of the merger
from the sale of motorhomes to Jucy Rentals and sale of Canadian properties.
1
The
lending group has been rationalised through the removal of ten of Apollo’s former
lenders.
•With the funding available under the current structure, we do not currently expect to
require additional equity to undertake our re-fleeting plan.
•While debt is expected to rise through the regrowth plan, the thl Board and
management are focused on retaining an appropriate net debt to EBITDA ratio.
1
Includes the repayment of debt following the sale of Apollo’s Canadian properties on 6 January 2023, being
after the end of the financial period on 31 December 2022.
Sold Apollo’s Canadian
properties
1
January 2023
Sale of Mighway and
SHAREaCAMPER
May 2022
Sale of Roadpass
Digital shares
March 2022
Sold 310 motorhomes
to Jucy Rentals
November 2022

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P R E S E N T A T I O N
Integration
with Apollo
23

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
24
Realisation of merger synergies
Expected cost-out recurring synergies
1
Indicative phasing of fixedsynergies
-
25%
50%
75%
100%
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
% of fixed synergies realised
56%
47%
14%
15%
30%
25%
14%
EBITPre-tax cash
Interest savingsVariable
PropertyDuplication of corporate costs
$23m –$24m p.a.
$27m –$31m p.a.
Fixed
70%
Fixed
62%
% realised at
FY end
FY23FY24FY25
19% 79% 100%
Expected synergies as disclosed in the Replacement Scheme Booklet dated 26 October 2022
•The Board and management are strongly focused on synergy
realisation as part of the integration programme –Project
Orange.
•We have established timelines and targets to guide synergy
realisation while minimising business interruption.
•All rental branches in New Zealand and Australia are on track
to be consolidated by June 2023.
•We believe we are on track to realise the previously stated
synergies or potentially more.
•The identified synergy opportunities are a benefit over the
counterfactuals (at the time of the merger) of thl and Apollo
continuing to operate as standalone businesses. The further
we progress, the more difficult it becomes to accurately
measure against these hypothetical counterfactual scenarios.
Potential fleet synergies between the two North American
businesses are being scoped and are expected to be
implemented for CY2024. These will be challenging to
quantify against a counterfactual.
•Initial synergies for the UK/Europe businesses have been
established and include one branch consolidation. The
expected savings will be material for the region but not for
the thl group.
1.Percentages based on mid point of synergy range

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Apollo acquisition accounting
•Provisional transaction accounting values for the ATL acquisition have been included in the FY23 interim results. The
provisional opening balance sheet is shown in the financial statements.
•As part of the acquisition accounting, thl is required to fair value all of the assets and liabilities that have been
acquired as part of the transaction.The process that thl is undertaking to conclude the acquisition accounting
includes:
•assessing and identifying the tangible and intangible assets and liabilities acquired;
•determining an appropriate valuation methodology for each of the assets and liabilities;
•undertaking the valuations;
•identification of the cash-generating units (CGU);
•allocation of the goodwill to CGU’s; and
•audit of the transaction accounting values.
•thl has up to 12 months to finalise the acquisition accounting and will therefore complete the process prior to the
FY24 interim results.
•The provisional acquisition accounting balances included in the interim financial statements primarily reflect the
carrying book values of ATL.Fair value adjustments have been included for the Camplify investment and Canadian
properties that were held by ATL as fair values were readily available.
•The impact of the remaining fair value adjustments will likely be to increase asset values and reduce the goodwill
value currently shown in the provisional acquisition values.
•Once the acquisition accounting is finalised, this will have a flow on impact on the financial statements, particularly on
values and depreciation expense on fleet, and the gain on sale of fleet when sold.Until valuations are completed, it is
not possible to quantify these changes.
The accounting outcome does not
change the cash or economic
performance of the business
25

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Outlook
26

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Key performance drivers and outlook
Margins in 1H23 up
~NZ$8.2k on 1H22 -
expected to remain stable
in CY23 as business sells
older fleet
Yields in 1H23 up ~55%
on 1H19
Fleet sales volumes in
1H23 reduced by 238 on
1H22
Yields
1
Fleet sales
margins
1,2
Fleet sales
volumes
3
New Zealand
Margins in 1H23 up
~A$11.4k on 1H22 -
expected to remain stable
in CY23 as business sells
older fleet
Yields in 1H23 up ~70%
on 1H19
Fleet sales volumes in
1H23 reduced by 49 on
1H22
Australia
Margins in 1H23 down
~US$1.2k on 1H22 –
expected to continue to
normalise across FY23
and FY24
Yields in 1H23 up ~40%
on 1H19
Fleet sales volumes in
1H23 reduced by 240 on
1H22
USA
Margins in 1H23 up
~CAD$16.6k on 1H22 –
expected to normalise
across FY23 and FY24
Yields in 1H23 up ~40%
on 1H19 and remained in
line with 1H22
Fleet sales volumes in
1H23 up by 6 on 1H22
Canada
Margins in 1H23 up
~£9.7k on 1H22 –
expected to remain stable
in FY23 and normalise in
FY24
Yields in 1H23 up ~55%
on 1H19 but slightly
down from 1H22
Fleet sales volumes in
1H23 down 17 on 1H22
UK/Europe
1
For New Zealand, Australia, USA and UK/Europe, figures reflect those of the thl business units.
2
Average gross fleet sales margins reflect sales revenue (net of any dealer commissions) less the net book value of the vehicles sold. It excludes other costs of sale. The methodology may differ to sales margin metrics previously reported by thl.
3
Volumes for New Zealand, Australia and UK/Europe include volumes sold by Apollo in December 2022. Canada reflects the underlyingsales by CanaDream in the respective periods. For completeness, thl did not operate a Canadian business prior to the
merger with ATL on 30 November 2022.
27

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Key performance drivers and outlook for yield
Airline/accommodation capacity
expected to remain constrained in
CY23 and start to increase in CY24
International
tourism
trends
New Zealand
Airline/accommodation capacity
expected to start increasing
slowly in CY23 with some pricing
pressure returning in CY24 as
supply increases
Australia
Airline/accommodation capacity
has been increasing and could
increase beyond pre-pandemic
levels by end of CY24
USA
Airline/accommodation has been
increasing but remains well below
pre-pandemic levels
Canada
Airline capacity is less relevant to
performance in this market.
General tourism pricing (car
rentals, accommodation) are
reducing but remain above pre-
pandemic levels
UK/Europe
Capacity expected to be stable in
CY23 but is expected to start growing
in late CY23, however market capacity
to remain ~40% below pre-pandemic
levels into CY24
Rental
industry RV
capacity
Capacity expected to be stable with
little to no growth expected across
CY23. Capacity in CY24 remains
uncertain
Capacity expected to be stable with
ongoing supply shortages in CY24.
Capacity in CY24 remains uncertain
Capacity expected to be stable with
little to no growth expected across
CY23. Capacity in CY24 remains
uncertain
Capacity is expected to grow across
CY23, while supply trends in CY24
remain uncertain
We believe that yields will remain 5 –10% higher than pre-COVID on an ongoing basis as a result of general inflation
Inflation
Lifts in ‘break out yield’ across shoulder seasons (reflecting underlying
demand elasticity) have been maintained in FY23 and are expected to be
a permanent shift
Structural
shifts in
rental
market
Limited structural shifts in the RV rental market
We are closely following key factors we believe are driving elevated yields
Elevated rental fleet utilisation expected to remain while vehicle supply and capacity is constrained
Transitory impact
Permanent impact
28

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Outlook
29
•As previously advised on 15 February 2023, 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 on30
November 2022. We consider the Jucy fleet sale to be an ordinary course of business item, as those vehicles would have been sold
at some point in the coming year(s).
•Excluding ATL’s profit for the period before completion of the merger but inclusive of ATL’s contribution for the seven months after,
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.
•We previously indicated that if dividends resumed, it would likely be at a lower pay-out ratio. We are committed to establishinga
dividend policy range that allows thl to maintain an appropriate gearing ratio during the expected fleet regrowth phase and
recognises the higher proportion of overseas earnings of the group.
•Based on our current performance expectations for FY23, we expect that thlwill be in a position in August to declare a dividend.
Any dividend payment at this time will need to balance funding the rebuild of the global fleet with returns to shareholders. The
longer-term dividend policy is being reviewed post merger and will be provided to the market by the full year results.
•Following completion of the merger, combined fleet plans in all regions are currently under review. We expect net debt at 30 June
2023 to be around NZ$275 million, however there may be significant shifts in the timing of vehicle purchases and sales acrossall
markets between now and then, which would impact this number and any capital expenditure guidance that would be provided.
1
The merger of thland ATL completed on 30 November 2022. Consequently, ATL’s FY23 results for the period prior to completion of the merger willnot 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.
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.

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Notes
30

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Important notes
31
General
•All financials are in NZ dollars unless stated otherwise (throughout presentation).
•All comparisons are against prior corresponding period (pcp) unless stated otherwise.
•The average NZD:AUD cross-rate (average of the six months rates) for H1 FY23 was 0.9045 (H1 FY22 -0.9518).
•The average NZD:USD cross-rate (average of the six months rates) for H1 FY23 was 0.6075 (H1 FY22 -0.6969).
•Return On Funds Employed (ROFE) is a non-GAAP measure that thluses to measure performance of business units, and the
Group, in relation to the financial resources utilised.ROFE is calculated as EBIT divided by average monthly net funds
employed. Net funds employed are measured as total assets, less non-interest bearingliabilities and cash on hand. Lease
liabilities resulting from IFRS 16 are not considered in determining funds employed. Accordingly, the interest expense arising
from IFRS 16 is also deducted from EBIT for the purposes of ROFE. The calculation is done in NZ dollars.
•Net debt refers to interest bearing loans and borrowings less cash and cash equivalents.
•The balance sheet is converted at the closing rate as at31 December 2022. The USD cross-rate used was 0.6335 (H1 FY22 –
0.6832); the AUD cross-rate used was 0.9366 (H1 FY22 –0.9421); the CAD cross-rate used was 0.8588; and the GBP cross-rate
used was 0.5252 (H1 FY22 –0.5061).
•H1 FY23 includes the following non-recurring items:
•$5.2M in transaction costs relating to the merger with Apollo;
•a $3.5M gain on thl’s equity investment in Just go held prior to the acquisition of the remaining shareholding,
as a result of the acquisition; and
•a $0.6M gain on thl’s equity investment in Apollo held prior to the merger, as a result of the merger.
•H1 FY22 includes a non-recurring expense of $2.1M in transaction costs relating to the merger with Apollo.
•The depreciation expense and interest expense recognised in H1 FY23 in relation to IFRS 16 Leases is $6.4M (H1 FY22: $4.8M)
and $2.7M (H1 FY22: $1.7M), respectively. The actual lease payments during the period were $8.1M (H1 FY22: $6.5M).

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Supplementary
information
32

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Divisional EBIT –thl H1 (including ATL’s December)
33
thl H1 (including ATL's December)
$MFY23FY22VARVAR %
thl Rentals
New Zealand4.7 (7.0)11.7 167%
Australia18.8 (1.0)19.8 2062%
USA17.2 11.2 6.0 54%
UK(0.8)0.0 (0.8)NA
Total thl Rentals
39.9 3.3 36.7 1120%
Action Manufacturing3.9 1.1 2.8 248%
Tourism Group1.5 (2.4)3.9 160%
Apollo Group (December 2022)2.3 0.0 2.3 N/A
Total operating divisions47.6 2.0 45.6 2326%
Group Support Services(5.3)(3.1)(2.2)(71%)
Total EBIT42.3 (1.1)43.4 3846%
EBIT before non-recurring items43.4 1.0 42.4 4369%
Non-recurring items
Merger transaction costs(5.2)(2.1)(3.1)148%
Gain on equity investments4.1 0.0 4.1 NA
Total non-recurring items(1.1)(2.1)1.0 (48%)
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Income statement summary –thl H1 (including ATL’s December)
34
$MFY23FY22VARVAR %
Sale of services 134.1 50.3 83.8 167%
Sale of goods 127.0 124.6 2.4 2%
Total revenue 261.0 174.9 86.2 49%
Costs 190.2 152.9 37.3 24%
EBITDA 70.8 21.9 48.9 223%
Depreciation & Amortisation 28.5 23.1 5.5 24%
EBIT 42.3 (1.1) 43.4 (3,846%)
Interest 6.7 (4.9) 11.6 235%
Share of Associates 0.8 1.2 (0.4) (31%)
Profit/(loss) before taxation 36.4 (4.9) 41.3 (843%)
Taxation 11.3 0.5 10.7 (2,001%)
Profit/(loss) for the period 25.2 (4.4) 29.6 676%
Profit/(loss) is attributable to:
Equity holders of the Company 25.2 (4.0) 29.6 722%
Non-controlling interest – (0.3) – (100%)
Basic EPS (in cents)* 15.3 (2.7)
Diluted EPS
15.3 (2.7)
* Based on weighted average shares on issue across the financial period
6 Months to 31 Decemberthl H1 (including ATL's December)

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Revenue –thl H1 (including ATL’s December)
35
Note: Action Manufacturing’s results include intercompany transactions with thl rentals, which are eliminated in “Other”. The
December results of all of Apollo Group’s business divisions are included in “Apollo Group (December 2022)”.
thl H1 (including ATL's December)
$MFY23FY22VARVAR %
thl Rentals - Rental Revenue
New Zealand24.96.218.7304%
Australia42.215.726.5169%
USA50.726.923.888%
UK/Europe0.50.00.5NA
118.248.769.5143%
thl Rentals - Sale of Goods Revenue
New Zealand20.941.8-21.0-50%
Australia15.416.2-0.8-5%
USA44.053.0-9.0-17%
UK/Europe2.30.02.3NA
82.6111.0-28.4-26%
Action Manufacturing61.630.531.1 102%
Tourism Group9.40.88.5 1007%
Apollo Group (December 2022)28.10.028.1 NA
thl digital0.50.7(0.2)-27%
Other (including intercompany elimination) -39.4-17.0(22.4)132%
Total Revenue261.0174.986.249%
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
EBITDA –thl H1 (including ATL’s December)
36
thl H1 (including ATL's December)
$MFY23FY22VARVAR %
EBIT42.3 (1.1)43.4 3846%
Add back non-cash items:
Depreciation 27.5 22.1 5.4 24%
Amortisation1.0 0.9 0.1 6%
EBITDA70.8 21.9 48.9 223%
thl H1 (including ATL's December)
$MFY23FY22VARVAR %
EBIT before non-recurring items43.4 1.0 42.4 4369%
Add back non-cash items:
Depreciation 27.5 22.1 5.4 24%
Amortisation1.0 0.9 0.1 6%
EBITDA before non-recurring items71.9 24.0 47.9 199%
6 Months to 31 December
6 Months to 31 December

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Balance sheet –thl H1 (including ATL’s December)
37
Note: The transaction accounting for the acquisition of ATL has not yet been completed and therefore only provisional values have beenincluded in this presentation.This also relates to the divisional reporting as
the determination of cash-generating units (CGU’s) has not yet been completed.Refer to slide 25 for more information.
thl H1 (including ATL's December) - $M
31 Dec 2231 Dec 21VAR
Equity570.8 313.4 257.4
Non current liabilities197.4 66.2 131.2
Current liabilities270.9 45.8 225.1
Lease liabilities120.2 81.1 39.0
Total source of funds1,159.4 506.6 652.8
Intangible assets and goodwill212.5 52.3 160.2
Retained interest in Togo Group0.0 22.0 (22.0)
Financial Assets20.3 0.0 0.0
Investments in associates and joint ventures0.1 6.2 (6.0)
Property, plant and equipment473.2 235.1 238.1
Right-of-use assets130.4 70.1 60.3
Current assets322.8 121.0 201.8
Total use of funds1,159.4 506.6 652.8
Net debt position (excluding lease liabilities)249.3 18.7 230.5
Net tangible assets358.3 261.2 97.2
Net tangible assets per share*$1.67$1.72
Book value of net assets per share*$2.67$2.06
Debt / debt + equity ratio (net of intangibles)41%7%
Equity ratio (net of intangibles)38%57%
AUD exchange rate at period end0.93660.9421
USD exchange rate at period end0.63350.6832
GBP exchange rate at period end0.52520.6032
CAD exchange rate at period end0.8588n/a
* Based on shares on issue at the relevant balance date

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Gain on vehicle sales and gross profit –Pro Forma Consolidated H1
38
Note: Gross fleet sales margins reflect sales revenue (net of any dealer commissions) less the net book value of the vehicles sold. It excludes other costs of sale. The methodology may differ to sales margin metrics previously reported by thl. The
above figures are a Pro Forma Consolidated H1 view of thl and ATL across the six-month period and as such may differ to gross sales margins or sales volumes included in divisional reporting.
Pro Forma Consolidated H1
6 Months to 31 December
$k
FY23
FY22
VAR
VAR %
Fleet vehicles sold (excluding buybacks)
New Zealand
217
482


(265)
(55%)
Australia
216
338


(122)
(36%)
USA
319
559


(240)
(43%)
Canada
52
43


9
21%
UK/Europe
65
102


(37)
(36%)
Total fleet vehicles sold (excluding buybacks)
869


1,524


(655)
(43%)
Pro Forma Consolidated H16 Months to 31 December
$kFY23FY22VARVAR %
Average gross margin on fleet sold
New Zealand22.018.93.116%
Australia31.719.712.061%
USA37.532.55.116%
Canada46.123.922.293%
UK/Europe32.315.616.7107%
Pro Forma Consolidated H1
6 Months to 31 December
$M
FY23
FY22
VAR
VAR %
Proceeds from sale of fleet
New Zealand
14.5
36.8
(22.3)
(61%)
Australia
18.6
22.5
(3.9)
(17%)
USA
44.0
51.9
(7.9)
(15%)
Canada
6.3
4.2
2.1
50%
UK/Europe
6.5


8.07


(1.6)
(20%)
Total proceeds from sale of fleet
89.8
123.4
(33.6)
(27%)
Net book value of fleet sold
New Zealand
9.7
27.7
(18.0)
(65%)
Australia
11.7
15.8
(4.1)
(26%)
USA
32.0
33.7
(1.7)
(5%)
Canada
3.9
3.2
0.7
23%
UK/Europe
4.4
6.5
(2.1)
(33%)
Total net book value of fleet sold
61.7
86.9
(25.1)
(29%)
Gross margin on fleet sold
New Zealand
4.8
9.1
(4.3)
(48%)
Australia
6.8
6.7
0.2
3%
USA
12.0
18.1
(6.2)
(34%)
Canada
2.4
1.0
1.4
133%
UK/Europe
2.1
1.6
0.5
32%
Total gross margin on fleet sold
28.1
36.5
(8.5)
(23%)

2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
2 0 2 3 I N T E R I M R E S U L T S
P R E S E N T A T I O N
Funds employed
39
thl
H1 (including ATL's December)
Average Funds*
$M
31 Dec 22
31 Dec 21
VAR
thl
Rentals
New Zealand
78.5
85.2
(8%)
Australia
56.8
60.1
(5%)
USA
190.3
115.8
64%
Total
thl
Rentals
325.6
261.1
25%
Tourism Group
12.4
16.7
(26%)
Action Manufacturing
45.9
29.2


57%
Apollo Group - December
216.6
0.0
N/A
Just go
16.8
0.0
N/A
Associates
0.0
4.9
(100%)
Group Support Services and Others
128.3
48.1
167%
Total Net Funds Employed
745.6
362.9
105%
* Note:
thl
average funds calculated over a 12 month period. Apollo Group reflects Decemb er closing
b alance.