thl FY24 Annual Results

As seen, worldwide
44°15’ S —
170°6’ E
INTEGRATED ANNUAL
REPORT 2024

42°46’ S — 147°33’ E
creating
unforgettable
journeys
OUR PURPOSE

Sell
Rent
Buy
Build
RENT
BUILD/BUY
SELL
—— RV has great potential. Mainstream engagement
with the RV category is encouraging a new
generation of younger customers, adding new
demographics to the global community of
travellers keen to experience their world, their way.
—— The economic environment is currently uncertain,
and these headwinds could impact the speed
of the rebound in tourism. But we’re confident
that thl is well-positioned to capitalise on the
resurgence of leisure travel, with a growing rental
fleet and experience set within the RV rental and
retail sales markets.
—— Longer term, further synergies and cost-out
opportunities across our business will add to our
ability to make the RV life simpler, more accessible
and more exciting than ever before.
GLOBAL LEADERS
IN ALL ASPECTS OF RV
VERTICAL INTEGRATION:
THREE POINTS OF MARGIN CAPTURE
PERFORMANCEABOUT thl1
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Dear Shareholders
On behalf of the Board, we present the 2024 Integrated
Annual Report and consolidated financial statements for
the year ended 30 June 2024 (FY24).
The Board acknowledges its responsibility for the integrity
of this Integrated Annual Report. We have been delivering
an Integrated Annual Report for thl stakeholders since
FY19. This year, for the first time we will be publishing
a separate but related Climate Statements report of
our Climate-Related Disclosures and Greenhouse Gas
emissions (GHG / carbon footprint).
We believe the Integrated Reporting <IR> Framework
continues to provide a holistic framework for our context
and business that is increasingly relevant in today’s
complex and dynamic business environment.
The Board has applied its mind to the Integrated Annual
Report and believes that it addresses the most material
issues and presents fairly the integrated performance of
the organisation and its impacts in accordance with the
principles set out in the International Integrated Reporting
Council (IIRC) Framework. The Integrated Annual Report
has been prepared according to the IIRC guidelines. The
Integrated Annual Report was approved by the Board on
27 August 2024 and is signed on its behalf by:
Cathy Quinn ONZM
Chair
Rob Hamilton
Chair of the
Audit & Risk Committee
36°02’ S — 139°33’ E
Acknowledgement
thl acknowledges the Indigenous Peoples of the lands on
which we operate, and we pay our respects to their Elders,
past and present. We recognise their enduring ancestral
connection to our lands, waters and skies.
Our role
At a global level, thl is on a journey to build our cultural
capabilities, specifically the skills, knowledge, behaviours
and protocols required to deliver products and services in
a culturally respectful, genuine and appropriate manner.
PERFORMANCEABOUT thl2
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CONTENTS
23.
24.
26.
27.
29.
30.
32.
34.
31.
It all starts
with the RV
Rentals growth
is our focus
Securing synergies and
cost-efficiencies from our
integrated business model
Product
development –
our Future Fleet
challenge
Health, Safety and
Wellbeing, global
alignment and
growth
Our crew
thriving
Fit for the future – site and
infrastructure developments
Our future-fit sustainability
journey – the first five year
Digital transformation continues
as global systems go live
Strategy in action ———
PERFORMANCE
Our results summary 4
Achievements 5
Letter from the Chair 6
Letter from the CEO 8
ABOUT thl 16
RV worldwide 18
How we create value 20
STRATEGY IN ACTION 22
It all starts with the RV 23
Rentals growth is our focus 24
Securing synergies and cost-efficiencies
from our integrated business model 26
Product development –
our Future Fleet challenge 27
Health, Safety and Wellbeing,
global alignment and growth 29
Our crew thriving 30
Digital transformation continues
as global systems go live 31
Fit for the future – site and
infrastructure developments 32
Our future-fit sustainability journey
– the first five years 34
DISCLOSURES 36
Our Carbon Footprint 37
Our FY24 Future-Fit Health Check 38
Diversity and Inclusion Reporting 41
Enterprise Risk Management 42
FINANCIALS 47
GOVERNANCE 104
Corporate Governance 105
Remuneration 117
Board of Directors 128
Corporate information 130
Global Footprint 131
PERFORMANCEABOUT thl3
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AS AT 30 JUNE 2024
Our results summary
1. Excludes non-recurring items. For further information, refer to slides 6
and 33 of thl’s FY24 Annual Results presentation for reconciliations.
2. Pro forma prior corresponding period includes contribution from 12 months
of Apollo and Just go, notwithstanding that those businesses were
acquired/became wholly-owned part way through the year.
3. As at 30 June 2024.
UNDERLYING NET PROFIT
AFTER TAX
1

$51.8M

-33% (compared to pro forma
2
)
REVENUE
$922M

+5% (compared to pro forma
2
)
STATUTORY NET PROFIT
AFTER TAX
$39.4M

-21%
RENTAL FLEET
3
7,921

+10%
UNDERLYING
EBIT
1
$111.1M

-20% (compared to pro forma
2
)
FULL-YEAR DIVIDEND

9.5CPS

-37%
UNDERLYING
EBITDA
1
$206.9M

-6% (compared to pro forma
2
)
NET DEBT
3

$446M

+56%
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FINANCIAL HIGHLIGHTS

ACQUISITION OF CAMPERAGENT RV DEALERSHIP
IN ADELAIDE, FURTHER EXPANDING OUR RETAIL
CAPABILITY AND CAPACITY.
PROGRESS OF SEVEN GLOBAL DIGITAL
TRANSFORMATION PROJECTS, ALL LEADING
TO SYNERGIES AND EFFICIENCY.
MAJOR UPGRADE AND REFURBISHMENT
PROJECT FOR USA BRANCHES COMPLETED.
ALIGNMENT OF BRISBANE
MANUFACTURING WITH ACTION
MANUFACTURING.
CONTINUED RECOVERY OF
INTERNATIONAL TRAVEL AND GROWTH
IN THE RV RENTALS CATEGORY.
LATEST BRITZ EVOLVE EV PILOT UNDER WAY
IN NEW ZEALAND, UPDATED FUTURE FLEET
SCANS FOR EVERY REGION.
MOTEK FLEET MANAGEMENT SYSTEM SUCCESSFUL
ROLL OUT IN THE USA, UK AND IRELAND. PROJECT
ORANGE SYNERGIES, EFFICIENCIES AND ALIGNMENT
OUTCOMES ACHIEVED.
CANADREAM CARES – RV WITH RESPECT PROGRAMME
AND NEW, GLOBAL TORUS AWARDS TO RECOGNISE
CREW DEMONSTRATING OUR CORE VALUES.
WAYS OF WORKING REVIEW USING AI AND DIGITAL
TOOLS TO CREATE A GLOBAL, DIGITALLY-LED
INTEGRATED MANAGEMENT SYSTEM TO REALIZE
SYNERGIES AND COST-SAVING OPPORTUNITIES.
Expanded
Advancing
Refreshed
Aligned
Growth
Evolving
Delivered
Launched
Upgraded
Achievements
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Driving
to the
conditions
CATHY QUINN
CHAIR
Dear Shareholders
On behalf of the Board of
Directors, I am pleased to share
with you the 2024 Integrated
Annual Report for thl.
There is no doubt that the last six months
have been particularly difficult for parts of
the business. The US and UK businesses
and the Australian Retail Sales division
did not achieve their KPIs due to the
challenging economic conditions as well
as some areas of missed opportunity.
However, the New Zealand and Australian
rental businesses, which had the greatest
opportunity to benefit from the merger of
thl and Apollo, have each delivered strong
profit results and are well positioned for
the future.
Despite the negativity in the market,
thl has achieved an underlying net profit
after tax (NPAT) of $51.8 million for the
year
1
– the second-largest underlying profit
in thl’s history after FY23. The statutory
NPAT of $39.4 million was impacted by
the impairment of goodwill attributable
to the UK/Ireland business.
The underlying performance reflects
our diversification across the different
segments of the RV industry and
geographies and the benefits of the
merger with Apollo and associated cost
synergies. Our combined scale, expertise
and resources strengthen our position
in both favourable and challenging
economic conditions.
We are continuing to invest in our fleet,
our technology and our people to create a
business that is positioned to gain market
share in this tough market and to gain
greater benefits when the cycle turns.
We have maintained our dividend policy,
declaring a final FY24 dividend of 5 cents
per share, making the total FY24 dividend
9.5 cents per share and representing a 40%
payout ratio.
We have also recently completed a
refinancing of our syndicated banking
facilities, which has enabled us to
substantially grow the size of our bank
debt facilities with the addition of new
lenders ASB and Royal Bank of Canada
to the syndicate as well as improving our
covenant structure and achieving a more
favourable pricing structure. We believe
that these elements reflect thl’s balance
sheet strength and our confidence in the
long-term outlook for thl.
Operationally, the business has continued
to design and develop new product types,
focus on the continuous improvement
of the health, safety and wellbeing of our
people and embed new ways of working,
leveraging AI to improve productivity
and efficiency.
1 Excludes $12.4M goodwill impairment relating
to UK/Ireland division.
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LETTER FROM THE CHAIR

This year, we are presenting our first
remuneration report in our Integrated
Annual Report, which offers more
information on thl’s remuneration
policies and wider executive remuneration
disclosures. Moreover, later this year,
we will be providing our first climate-
related disclosures under the new
framework, after five years of disclosing
our greenhouse gas emissions and
sustainability actions as part of our
Integrated Annual Report.
As a Board and management, we are
committed to delivering on our strategy,
our vision and our values and to creating
long-term value for our shareholders. We
have a strong and capable team who are
focused on managing the impact of the
ongoing economic challenges while setting
up thl for a prosperous future. We have
an excellent working relationship with
effective and constructive engagement
between the Board and management,
which was evidenced in a positive
Board evaluation undertaken earlier this
year. I would like to acknowledge the
contribution of Debbie Birch to thl as a
Director since 2016 as she departs the
Board later this year.
The current environment is uncertain,
leading us to the view that the difficult
operating environment will continue over
the upcoming year. We believe that we are
prepared for this uncertainty, with balance
sheet strength and renewed financing
arrangements that position us well to
manage persisting economic pressures.
We will continue to focus on improving
operational performance, cost reduction
(primarily on fleet as our largest single
investment) and achieving target returns
on capital across all our businesses. We
believe this will set the business up for a
positive future.
We thank you for your trust and loyalty
and look forward to sharing our progress
and achievements with you in the future.
Sincerely,
Cathy Quinn
CHAIR
As a Board and management, we are
committed to delivering on our strategy,
our vision, and our values, and to creating
long-term value for our shareholders.
CATHY QUINN — CHAIR
UNDERLYING NET PROFIT AFTER TAX (NPAT)
$51.8M
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LETTER FROM THE CHAIR

FY24 is a year that requires deep reflection – a year with an
undeniably disappointing financial result but also one in which
we have reset and responded by realigning the business to the
practices that have historically made thl successful.
It is this realignment that should see thl
return to delivering a great return on funds
employed (ROFE) in the future. Although
there aren’t any publicly listed companies
that are directly comparable to thl, our
experience of the broader RV industry and
the rental industry indicates that thl has
fared reasonably well. In addition, our core
discipline of balance sheet management
provides thl with stability that sets us apart
from many in the industry.
The share price fall following the May 2024
downgrade was a defining moment for thl,
the Board and the management team. The
degree of reflection that I and the business
as a whole have undertaken, from the
Board right through to our frontline crew
who are shareholders, has been significant.
We have questioned ourselves deeply,
listened to shareholders, considered what
we could have done better and adjusted
where appropriate.
We recognise that the substantial decline
in profit with just two months left in the
financial year will have come as a shock
to our shareholders. The volatility of our
earnings in FY24 partly stemmed from
the pandemic. thl achieved record sales
margins as fleet values rose, but this also
Moving
forward
together
GRANT WEBSTER
CEO
exposed our earnings as demand fell in the
last quarter and we did not sell as many
vehicles as expected.
Going forward, we do expect to see greater
stability in our earnings profile as we sell the
remainder of our abnormally high-margin
vehicles, our overall vehicle sales margins
normalise, and the source of our earnings
reverts towards the rental business. Under
these circumstances, we would not expect
to see thl experience such a significant
fluctuation in profit within such a short
period of time.
Despite the reduction in our profitability
and negative broader macroeconomic
environment, we did achieve several
milestones and successes in the year.
Some of our highlights include:
•
a continued recovery of New Zealand
Rentals with significant growth and
delivering a record result with a
positive outlook for further growth
in the coming years
•
expanding our sales capabilities in
Australia by acquiring Camperagent
RV Centre, a leading motorhome and
caravan dealership in South Australia
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LETTER FROM THE CEO

•
investing in improving the machinery,
technology and processes in our
Australian manufacturing business
as we brought it under the Action
Manufacturing umbrella, enabling
enhancements in both efficiency
and quality
•
spending over $350 million on new fleet
and growing our global rental fleet by
10% to a fleet of 7,921 at year-end
•
launching our newest EV trial in
New Zealand and continuing our
Future Fleet work towards becoming
a more sustainable business
•
continuing the next step towards
common global technology platforms
across the business.
In particular, the last highlight is a major
ongoing digital transformation project
that will substantially change how our
business operates. The complexity of this
change and the consequential potential
benefits should not be underestimated.
Neither old Apollo nor thl had a truly global
business with all regions operating on
common systems, delivering common
detailed metrics and benchmarking.
There are significant efficiencies to
be gained through the elimination
of process duplication.
Naturally, these highlights are
overshadowed by the challenging vehicle
sales conditions that have significantly
impacted our performance for the year.
We are of the view that the vehicle sales
challenges are directly attributable to
wider economic issues, and as such, we
anticipate a recovery in this area of our
business as economic conditions improve.
We have seen RV travel lose category share
to cruise ship travel, which has experienced
a significant recovery in the last 18 months.
However, we have confidence that RV
travel is well positioned and poised for
future success. Our optimism stems
from the growing interest in RV travel
among younger demographics, the rising
population of individuals aged 65 and older
over the coming decades and the wider
shift in tourism preferences in favour of
sustainable, local travel and unique
adventures.
Summary of performance in FY24
Our FY24 results reflect a mixed set
of outcomes by business area and
geography. The overall underlying NPAT
of $51.8 million, while still a significant
number, is below what we believe to be
achievable for thl and well below the
expectations we had some months ago.
Our core rentals businesses have
performed well, particularly in markets
like New Zealand and Australia, but
challenging conditions in vehicle sales, the
return to normal sales margins in certain
markets and difficult economic conditions
have impacted our overall performance.
Positively, the New Zealand Rentals & Sales,
Action Manufacturing and New Zealand
Tourism divisions have all achieved record
EBIT results. This success is reflective of
the recovery in international tourism to
New Zealand as well as the continued
growth of Action Manufacturing following
several small acquisitions in the past
few years.
Our core rentals businesses
have performed well, particularly
in markets like New Zealand
and Australia.
GRANT WEBSTER — CEO
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LETTER FROM THE CEO

Unfortunately, weighing on the overall
result are disappointing results from the
US Rentals & Sales, UK/Ireland Rentals &
Sales and Australian Retail Sales divisions.
These results reflect the difficult vehicle
sales environment today. We remain
positive about the future of the US
business with several recent actions under
way, including new leadership overseeing
North America. We believe closer
integration between the US and Canadian
businesses will yield future benefits that
improve overall performance.
Merger integration
Having now spent a year and a half as
a merged business, our integration
continues positively. We are entering
another phase in the integration, including
ongoing development through our digital
transformation towards having a global
business on common platforms.
To date, our performance in achieving
synergies has been broadly in line with the
projections made at the time of the merger,
and we provide further detail on these
synergies in the Investor Presentation.
While this seems contrary to the result for
this year, a primary reason for the merger
was to enable cost synergies that neither
thl nor Apollo could access independently.
I can confidently say our result for FY24
is significantly higher than what thl
and Apollo would likely have achieved
separately without the merger.
Given the level of integration between thl
and Apollo today, we are now in a position
where there is little distinction between
merger synergy opportunities and general
cost-out and efficiency.
We are currently in the process of rebasing
our targets to capture the broader cost-out
opportunities and the incremental synergy
opportunities we’ve identified post the
merger. We intend to set these rebased
targets relative to the FY24 cost base as
opposed to a no-merger counterfactual,
enabling simpler reporting both internally
and externally.
At present, this is an ongoing project.
We intend to provide more detail on our
rebased cost-out goals at the Annual
Meeting in October.
I can confidently say our result
for FY24 is significantly higher
than the result thl and Apollo
would likely have achieved
separately without the merger.
GRANT WEBSTER — CEO
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LETTER FROM THE CEO

Outlook
Despite operating conditions for the
coming period being uncertain, we expect
an increase in underlying NPAT in FY25
compared to FY24.
To date, tourism has been more resilient
than other sectors amid the tough
economic circumstances as international
leisure travel has continued to recover from
the sharp decline seen in 2020.
Our current rental forward bookings
demonstrate year-on-year growth in hire
days in FY25 within our key markets of
New Zealand, Australia and North America.
However, booking intakes in recent weeks
indicate that the recovery is slowing,
potentially impacting rentals in calendar
year 2025. This indicates that it may take
longer than initially expected to return
to pre-COVID-19 levels, which aligns with
broader industry feedback and sentiment.
Fleet purchases and production for
FY25 and FY26 have been adjusted
accordingly, with lower fleet capital
expenditure planned.
We expect that vehicle sales will
remain subdued for longer in FY25 and
ultimately rebound in line with a wider
economic recovery once interest rates
fall and household financial pressures
ease, allowing for increased consumer
confidence in making large discretionary
purchases. This is supported by industry
performance indicators in both the North
American and Australian markets.
We see these headwinds as cyclical and
associated with the wider economic
downturn rather than any structural
change for the RV industry. We have a
positive longer-term outlook for the RV
category and believe it is positioned to
increase its share of the broader tourism
market. thl is well positioned within
the industry as the global leader in RV
rentals with opportunities for synergies
and cost reduction supported by balance
sheet strength and strong capital
management disciplines.
Our renewed bank debt facilities also
reflect our lenders’ confidence in thl’s
outlook and provide us with increased
flexibility to continue to invest in new
fleet and take other opportunities as
they arise in a down market when others
in our industry cannot.
thl continues its strong focus on ROFE,
and we recognise that the returns from
the US, UK/Ireland and Canada divisions
in FY24 are unacceptable. Addressing
the northern hemisphere is a key focus
for management. While we expect ROFE
in FY25 for these divisions will remain
below our 15% target, the changes we
have implemented should lead to future
improvements in ROFE, particularly in
bringing the North American businesses
more closely together.
Our future NPAT goal
We have previously stated a goal to achieve
$100 million in NPAT in FY26. In light of
the economic uncertainty that exists
currently, we understand that there may
be questions regarding the feasibility of
this target being achieved by FY26.
We continue to believe that the core
assumptions supporting our $100 million
goal are intact for thl. Nevertheless, the
economic climate in the key markets of
New Zealand and Australia and more
broadly overseas has deteriorated more
than anticipated when we set this goal
and, in our view, makes achievement of
this goal by FY26 unrealistic.
Given the prevailing economic conditions
and persisting uncertainties, it would
be inappropriate for us to set a precise
timeline for reaching our goal. We remain
steadfast in our belief that we have the
necessary components and will advance
towards our goal as tourism rebounds and
general economic conditions improve.
thl and our crew
In FY25, I will reach the milestone of
working for thl for 20 years. This is
something I never expected and, given
the nature of publicly listed companies,
is not that common. Throughout my
tenure, I have continued to be amazed
at how thl responds to challenges and
change in a way that always creates the
opportunity for more growth – growth
for crew, customer numbers, leadership
skills, footprint, financial returns and
global interest. We constantly challenge
the path we have set and make sure the
fundamentals of the business remain.
Where we are today is a testament to
our crew. They have come off a record
high, endured a decent fall, adapted and
are responding with passion, energy and
a commitment to delivery. On behalf of all
thl shareholders, I thank our crew.
Grant Webster
CEO
Where we are today is a
testament to our crew.
They have come off a
record high, endured a
decent fall, adapted, and
are responding with
passion, energy and a
commitment to delivery.
GRANT WEBSTER — CEO
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LETTER FROM THE CEO

126° 52’ S — 47° 39’ E
Build/Buy
In FY24, Apollo Manufacturing in
Brisbane was brought into the Action
Manufacturing family, establishing Trans-
Tasman alignment in people, process,
systems and product. This has created
integration benefits from Action’s strong
processes, commitment to a design-led
approach, greater efficiencies, ongoing
improvements in quality and driving build
costs down. The expansion of Action
Manufacturing into Australia opens future
expansion opportunities into the broader
commercial vehicle manufacturing market
in Australia.
This year, Action Manufacturing embarked
on a collaboration with Hato Hone St John
in New Zealand to create the first custom-
built electric vehicle (EV) ambulance in
Australasia. The custom-built EV has a real-
world range of 220 kilometres and delivers
specific requirements for the ambulance’s
weight and electrical demands for the
unique needs of emergency medical
response. This demonstrates Action
Manufacturing’s expertise and innovation
in designing lightweight vehicles that
can support the demands of electrical
equipment and different use cases.
The thl rental business has embarked
on a journey of organic fleet regrowth,
following the sell-down of fleet by thl and
Apollo through the pandemic. In FY24,
over $350 million was spent on new fleet
vehicles and the global rental fleet grew
by 10% to 7,921, further bolstering the
strong market position thl holds in each
operating region.
The recovery of international tourism
combined with fleet regrowth is expected
to be the key driver of profitability growth
for thl in the upcoming period. Globally,
thl today stands at 7,918 vehicles, and still
remains below pre-pandemic levels, as
does global leisure travel.
We have been actively developing new
rental segments outside of traditional
tourism. These include business models
for bookings in disaster recovery and
emergency accommodation and servicing
domestic markets for event accommodation
and mobile accommodation for the film
industry. These new business segments
emerged during the pandemic when
traditional tourism bookings declined,
and we will continue to actively pursue
opportunities to leverage new markets
going forward.
This innovative project showcases
Action Manufacturing’s design-led
philosophy and dedication to pushing
the boundaries of what is achievable
in manufacturing. It also contributes
learning for our Future Fleet programme,
including work on our second electric
RV (eRV) pilot, to address our priority
future-fit sustainability goals and thl’s
climate-related risk of the lack of supply
of suitable long-range vehicles and
innovation in commercial vehicles.
Throughout the year, Action
Manufacturing has also been progressing
a project to identify and partner with
trusted Chinese suppliers. As the RV
componentry market in China matures,
this presents substantial opportunities
for Action Manufacturing to import high-
quality, low-cost RV components sourced
from reputable Chinese suppliers. This is
expected to contribute towards overall
cost efficiency and quality enhancement
for Action Manufacturing’s products.
Motek, thl’s industry-leading bespoke
booking and scheduling software, has
been successfully launched in the UK
during the period and is on track for its
upcoming launch in Canada later this year.
The Motek system is a critical component
of thl’s one-fleet ecosystem, providing
internal teams with a portal to manage
fleets, optimise scheduling, define pricing,
manage bookings and automate branch
operations and ultimately creating cost
efficiencies and rental utilisation benefits.
The continued global rollout of Motek
represents a further step in thl aligning
its global systems and operations to
create comparable benchmarks to drive
productivity improvements. The scale of
thl’s global rental operations provides a
competitive advantage, and having aligned
systems across regions is expected to
enhance this further.
In FY24, we completed a comprehensive
back-of-house operations process review.
The insights and lessons learned from
this review are being shared across
all thl businesses globally, fostering
a culture of continuous improvement
and operational excellence.
Rent
ACTION MANUFACTURINGMOTEK – SOFTWARE
UKAUCANNZ
LAUNCHED
2024
LAUNCH
L ATE 2024
TRANS-TASMAN
ALIGNMENT
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OUR BUSINESS

Despite the challenging automotive sales
environment globally, thl sold over 4,100
vehicles in FY24.
thl has 24 sales locations with seven
in Australia, five in New Zealand, nine
in North America and three in the UK/
Ireland. thl sells, all of its ex-rental
vehicles exclusively through its own
retail dealerships in Australia and the
majority of its ex-rental vehicles in
New Zealand.
The recent expansion of RV Super Centre
into Hamilton and Palmerston North in
New Zealand coupled with the acquisition
of Camperagent RV Centre in Adelaide in
Australia, has further solidified thl’s build/
buy-rent-sell model across Australasia.
This continued growth and expansion
reinforces thl’s position in the New Zealand
market as the largest nationwide retailer
of RVs.
While economic headwinds are currently
affecting the demand for big-ticket
consumer discretionary goods, including
RVs, these impacts should ease as the
economic conditions improve and
interest rates decline.
Over the longer term, thl remains
positive about the outlook for the RV
category of travel, supported by positive
demographic shifts such as an ageing
population and growing interest in RV
travel among younger travellers.
The strategic acquisition of Camperagent
RV Centre in January 2024 has further
enhanced our RV sales capabilities to
enable thl to sell a greater number
of ex-rental vehicles annually. This
accelerates the turnover of the rental
fleet and reducing the age of the rental
fleet, enabling thl to achieve higher
yields at lower maintenance costs.
It also creates additional demand for
thl’s manufacturing facilities, increasing
the number of vehicles built. This
demonstrates the positive impacts and
benefits of thl’s interconnected build/
buy-rent-sell business model.
Sell
LOCATIONS – GLOBAL SALES
24
AU 7 NZ 5
NORTH AMERICA 9 UK/IRELAND 3
Kiwi Experience
Kiwi Experience had strong summer
demand until a challenging last quarter
with youth traveller demand still below
pre-COVID-19 levels. We are lucky to
have an experienced and resilient team,
strong brand and long-standing industry
relationships, connecting guests to a wide
range of experiences across New Zealand.
Our accommodation partnerships have
increased by 76% compared to pre-
pandemic levels, providing our guests
with greater choice.
Currently, the only touring company
operating Hop-On Hop Off experiences in
New Zealand, we have continued to grow
our product. Small group tours have seen
increased growth with the launch of new
tours and destinations in the South Island.
In FY25, we will be training our crew with
an emphasis on cultural capability, our
future-fit sustainability goals and delivering
the Tiaki Promise, being the commitment
to care for Aotearoa New Zealand. We will
be developing Meaningful Tours to connect
customers with authentic community,
conservation and cultural activities.
Discover Waitomo
FY24 saw the Discover Waitomo range of
small group products continue to resonate
with returning international guests and our
domestic guests.
Key focus areas for FY24 included building
on our world-class guest experience and
the continued evolution of operational
health and safety. Time and again,
customer feedback further validates just
how important our crew are in making sure
our guests have a safe, memorable and
enjoyable experience with us in Waitomo.
Noting a record Net Promoter Score
(customer feedback score) at the Waitomo
Glowworm Caves, GM Daniel Thorne said:
“Our crew are doing an exceptional job
of delivering on our vision of inspiring
Manuhiri (guests) through unforgettable
and sustainable experiences”.
FY25 looks bright, with further
opportunities to make positive
impacts on both community and key
conservation projects as part of our
future fit sustainability commitment.
Our Tourism Experiences
ABOUT thl13thl INTEGRATED ANNUAL REPORT 2024
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PERFORMANCE
OUR BUSINESS

We are a global leader in recreational vehicle brands, offering
enriching experiences for travellers worldwide. Our diverse range of
brands provide opportunities to embrace the RV lifestyle, with options
tailored to meet the needs and preferences of every demographic.
Signature range
Our premium brands
with the newest, most
sophisticated and
fully self-contained
motorhomes to travel
in style.
Flagship range
Our most extensive
and diverse fleets,
offering options to suit
roadtrippers’ unique
style and needs.
Adventure range
Unrivalled choice for
freedom and adventure
to find the road less
travelled.
Value range
The basics done
brilliantly, with value
around every turn.
Build/BuyRent
Action Manufacturing and its subsidiaries deliver
innovative, durable and high-quality vehicle bodies
and trailers, catering to the RV, ambulance, refrigerated
transport, logistics and mobile health sectors.
ABOUT thl14thl INTEGRATED ANNUAL REPORT 2024
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PERFORMANCE
OUR BRANDS

Our Retail Dealerships
Our RV Brands
* Sold under licensing arrangements
* Sold under licensing arrangements
Sell
Tourism
Our network of sales dealerships offers a wide range of quality
new and used motorhomes, campervans and caravans, after-
sales and service options and extensive retail ranges – everything
the lifetime RV owner needs.
A range of award-winning adventure experiences and
flexible touring options – from Black Water Rafting to the
Kiwi Experience travel network to free independent travel
with our app-based travel platform CamperMate.
Discover Waitomo
Embark on a journey
to explore the natural
wonders, culture and
adventure experiences
of the world-famous
Waitomo region.
Discover more.
Discover Waitomo.
Kiwi Experience
Award-winning, flexible and
adventure-filled Hop-On Hop-
Off and small group bus tours
across New Zealand, catering
to travellers seeking a unique
and social way to explore.
Travel technology
We empower independent
travellers to explore and book
unique adventures throughout
Australia and New Zealand. This
leading experiential travel platform
offers a user-friendly app available
on the App Store and Google Play
Store, along with a comprehensive
website at www.campermate.com.
ABOUT thl15thl INTEGRATED ANNUAL REPORT 2024
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PERFORMANCE
OUR BRANDS

-14°19’ S — 132°34’ E
About thl
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ABOUT thl

To day thl is a leading interconnected global operator in the
RV industry with comprehensive integration across the build
(manufacturing), rental and sales segments. Our rentals business
remains the cornerstone of thl, providing the largest contribution
to earnings. This vertically integrated model sets us apart from our
global competition, and in the Australasian markets where we are
fully integrated, this has enabled thl to achieve an improved return
on funds employed.
We have decades of experience constructing durable vehicles
specifically designed for the rental market that maximise returns from
the rental phase and for the strategic optimisation of value on sale.*
Our business model generates profit at each stage – during the build,
through the rental phase and on the retail sale of each RV – to extract
the greatest value from each RV throughout its lifecycle.
* thl only manufactures in New Zealand and Australia.
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ABOUT thl
WHAT WE DO

— RV Rentals
— New and Ex-Rental RV Sales
— RV and Commercial Manufacturing
— Tourism Attractions & Activities
— Digital Tourism App
— RV Rentals
— Ex-Rental RV Sales
— Digital Tourism App
— RV Rentals
— Ex-Rental RV Sales
— RV Rentals
— New and Ex-Rental RV Sales
— RV Manufacturing
— Digital Tourism App
— RV Rentals
— Ex-Rental RV Sales
UK + IRECANUSAAUNZ
FOOTPRINT AS AT 30 JUNE 2024
RV worldwide
thl is the largest commercial RV rental operator in the world,
a multinational, vertically integrated RV manufacturing,
rental and retail business for motorhomes, campervans and
caravans. Our build/buy-rent-sell model and global footprint
reflects the strong expansion of the business and positions
thl positively for the future as a world-class leader in the RV
space. It’s an exciting time for the RV industry.
SA
SOUTHERN AFRICA
JPN
JAPAN
RENTAL FLEET
1,257
RENTAL FLEET
1,746
RENTAL FLEET
2,361
FRANCHISE
RENTAL FLEET
1,967
TOTAL RENTAL FLEET
7, 92 1
RENTAL FLEET
590
16%22%30%25%
7%
GLOBAL
PERFORMANCE18
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ABOUT thl
GLOBAL FOOTPRINT

BRANDSBRANDS
BRANDSBRANDSBRANDS
LOCATIONSLOCATIONS
LOCATIONSLOCATIONSLOCATIONS
CREWCREW
CREWCREWCREW
2319
415
1419
4 712
983764
157270428
Ireland
Crew: number of employees including casual staff, as of 30 June 2024.
PERFORMANCE19
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ABOUT thl
GLOBAL FOOTPRINT

OUR RESOURCESBUSINESS MODEL
•
Revenue, growth and financial returns.
•
Worldwide, world-class RV products and services.
•
Guest travel and tourism experiences.
•
Vertically integrated, multinational global RV business.
•
Crew engagement and wellbeing.
•
Healthy and safe workplaces.
•
People Promise to provide the tools, skills and identity to succeed.
•
Fostering a diverse and inclusive culture.
•
Building our cultural capability.
•
Deep connections in tourism and RV industry.
•
Social licence to operate at our sites and where products are used.
•
Responsible travel partnerships and programmes in each region.
•
Working with suppliers to improve supply chain transparency, risks,
sustainability performance and circularity.
•
Climate impacts and carbon emissions from our fleet and operations.
•
Transition plan to address climate-related risks and opportunities.
•
Impacts of our products in communities and destinations guests visit.
•
Promoting regenerative travel that positively impacts destinations.
•
The sensitive ecosystems in which we operate in Waitomo, New Zealand.
•
Resources used by our fleet and operations – fuel, energy and water –
and the emissions and waste our activities generate.
•
New fleet, technology, product design and development innovation.
•
Action to address our greatest climate and carbon challenge – the
emissions from our vehicle fleet.
•
Strong, long-term supplier relationships in RV and tourism sectors.
•
Complex global supply chain has social, environmental and
economic impacts.
•
Global network of sites and infrastructure expanded manufacturing
facilities, equipment and operations.
•
Future-Fit Branch Action Plans to manage impacts of water, energy,
waste and emissions, and positive impacts on communities as well
as congestion and potential impacts from freedom camping.
•
Technologies and systems to manage complexity and growth.
OUR IMPACTS AND OUTCOMES
Chair letter P.6
CEO letter P.8
About thl P.16
Financial statements P.47
HSW and Protect P.29
Cultural capability P.30
DEI Strategy and data P.41
Kiwi Experience P.13
Rentals growth P.24
Cultural capability P.30
Discover Waitomo P.13
Future Fleet P.27
Carbon footprint
and climate-related
risks and opportunities
P.37
Future-fit
health check
P.38-40
Securing synergies P.26
Product development P.27
Enterprise Risk
Management
P.42-46
Digital transformation P.31
Site and infrastructure
development
P.32
LEARN MORE
OUR PURPOSE
OUR VALUES
Creating
unforgettable
journeys
Do the right thing
Be curious
Be happy to
Enjoy the ride
INFRASTRUCTURE
Our multinational
operations, facilities
and equipment
Our global systems
and technology
KNOWLEDGE
Our knowledge,
skills and RV expertise
from our vertically
integrated build/
buy-rent-sell model
NATURE
The natural resources,
ecosystems and
destinations on
which we depend
RELATIONSHIPS
Our partners, industry
relationships and
community
connections
OUR CREW
Our talented crew and
commitment to our
core values
FINANCIAL
Our investors and
access to capital
RENT
BUILD/BUY
SELL
ACTIVE GOVERNANCE AND RISK MANAGEMENT
How we create value
PERFORMANCE20
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ABOUT thl

OUR FUTURE-FIT SUSTAINABILITY JOURNEY
Systems science tells us how our economy and business
operations must be transformed if we are to thrive within
planetary boundaries.
At thl, over the last five years, we have used the 23 goals of the
Future-Fit Business Benchmark to guide our decision-making
and operational activities.
For more detail, see our sustainability progress update and
FY24 Health Check.
For information on our Climate-Related Disclosures and
our progress to combat the risks of modern slavery, see
the reports to be published on www.thlonline.com and
www.thlsustainability.com.
READ MORE > PG 34
Building long-term value through our Global Future-Fit
Sustainability Programme
Protecting the value we create through Enterprise Risk Management
TELLING OUR STORIES
TRAINING & BUILDING CAPABILITY
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
SUSTAINABLE PROCUREMENT
OUR GLOBAL FRAMEWORK AND
CIRCULAR ECONOMY PILOTS
THRIVE
SUPPORTING OUR CREW, CREATING
A HEALTHY CULTURE AND BUILDING
CULTURAL CAPABILITY
ACCELERATE
PARTNERSHIPS FOR POSITIVE IMPACTS
IGNITION
CREATING FUTURE-FIT BRANCHES
• Operational GHGs
• Product GHGs
• Renewable energy
• Product GHGs
• Products repurposed
• Sustainable procurement
• Products repurposed
• Employee health
• Living wage
• Fair employment terms
• Employee discrimination
• Employee concerns
• Community health
• Natural resources
• Operational encroachment
• Community health
• Product communications
• Product concerns
• Product harm
• Renewable energy
• Water use
• Operational emissions
• Operational GHGs
• Operational encroachment
• Operational waste
GOALS
GOALS
GOALS
GOALS
GOALS
GOALS




PERFORMANCE21
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ABOUT thl

45°1’ S — 168°39’ E
Strategy
in action
PERFORMANCEABOUT thl22thl INTEGRATED ANNUAL REPORT 2024
DISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
STRATEGY IN ACTION

RENT
2,220
4,171
7,912
1,194
RENTAL REVENUE
It all starts
with the RV
VERTICAL INTEGRATION:
3 POINTS OF MARGIN CAPTURE
SELL
RV SALES REVENUE*
BUILD / BUY
$298M
$398M
$426M
RV MANUFACTURING
REVENUE*
RVs BUILT IN FY24**RVs BOUGHT IN FY24***
VEHICLES SOLD
GLOBALLY IN FY24
VEHICLES
WORLDWIDE
* Includes intercompany revenue that is eliminated at a group level.
** New Zealand and Australia.
*** North America and UK/Ireland.
PERFORMANCEABOUT thl23thl INTEGRATED ANNUAL REPORT 2024
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Rentals growth
is our focus
Our global fleet today is just shy of 8,000
vehicles, well below pre-pandemic peaks.
While there are some challenges and
softness in the pace of recovery in some
markets due to the tough economic
conditions, international tourism does
remain in recovery mode with a reasonable
runway before it returns to pre-pandemic
levels.  The long-term potential for thl to
return to and exceed its previous peaks
is premised on growth of the rental fleet
as international tourism grows.
We summarise in this section some
of the key trends in the RV sector,
international tourism more broadly,
and our business today:
•
We are seeing trends in our business
globally reverting towards patterns
observed prior to the pandemic. This
includes trends in the length of stay,
booking patterns and lead times, and
marketing channels.
NATURE
INFRASTRUCTURE
OUR RESOURCES
FUTURE-FIT SUSTAINABILITY
CLIMATE & CARBONACCELERATE
At thl, our purpose is to create unforgettable journeys, and
at our heart, we are a travel and tourism business. Our rental
vehicles enable guests (both international and domestic)
to experience the diversity and wonder of the landscapes,
cultures and nature of the destinations they visit and a
sense of freedom, connection and inspiration.
35°25’ N — 54°28’ W
PERFORMANCEABOUT thl24thl INTEGRATED ANNUAL REPORT 2024
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STRATEGY IN ACTION

Sustainable travel
and tourism trends
There is an increasing interest from
travellers seeking authentic, sustainable
and independent travel with opportunities
to connect with nature-based and cultural
tourism experiences. RV travel is well
placed to meet these needs. We continue
to monitor sustainable travel trends and
actively engage with tourism industry
sustainable travel initiatives, including
Tiaki Promise in New Zealand and the
Ecotourism Australia certification. In FY24,
we launched the new CanaDream Cares
– RV with Respect programme to support
guests to travel responsibly.
Climate change is increasing the
frequency of extreme weather events
impacting on destinations our guests
visit, from wildfires in Canada and the
USA to floods and cyclone events in
Australia and New Zealand. The inability
to access attractions and locations due
to infrastructure damage has been
identified as a (non-material) climate-
related physical risk for the business
over the medium to long-term. When
these situations occur, we take swift
action to support our guests, crew and
communities. Our mobile fleet provides
flexibility for guests and temporary mobile
accommodation to support disaster and
emergency responses.
•
International tourism is still recovering.
The United Nations World Tourism
Organization reported that, in the first
quarter of 2024, tourist arrivals to North
America and Oceania increased by 10%
compared to the previous year. Despite
this growth, visits to Oceania were still
15% lower and those to North America
5% lower than the first-quarter figures
of 2019.
The trends we see from a number of
countries suggest that the rebound
in leisure travel is trailing behind
overall tourism recovery, with a faster
recovery observed in travel for the
purpose of visiting friends and family.
These trends indicate that leisure
travel has a reasonable runway to
return to 2019 levels.
•
There is strong mainstream
engagement with RV travel. A recent
survey conducted among American
leisure travellers reveals that 45 million
Americans are gearing up for RV
adventures this summer. Interestingly,
the survey found that 52% of RVers
are planning trips 4–7 hours from
home, and 33% are opting for shorter
getaways, with at least one RV trip
planned within three hours of their
residence. We encourage guests to
drive less and stay longer as part of
our US Travel with Heart responsible
travel programme, including sharing
‘one tank trip’ ideas.
GROWTH IN INTERNATIONAL
VISITORS TO OCEANIA AND
NORTH AMERICA IN Q1 2024*
10%
COMPARED TO Q1 2023
* United Nations World Tourism Organization.
PERFORMANCEABOUT thl25thl INTEGRATED ANNUAL REPORT 2024
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North America fleet
We completed a detailed review of fleet
purchasing, specification and sale practices
across the USA and Canadian businesses,
sharing best practice to enable better
purchasing, alignment of the fleet product
offering (enabling greater cross-border transfer
in future) and selling the right vehicle at the
right time and in the right place.
While we are still in the early stages of piloting
the cross-border fleet programme, a successful
implementation should provide significant
benefits to these businesses over several
years as we start to view the rental fleet as
a single North American fleet and achieve
utilisation benefits. Improved purchasing and
sale practices should also contribute to an
improvement in the Real Depreciation Rate.*
Manufacturing alignment between
New Zealand and Australia
Achieving alignment and integration
efficiencies and improvements across
our expanded manufacturing operations
is well under way. We are taking a
strategic approach to aligning design
and manufacturing capabilities, facilities,
equipment and site locations. This means
sharing expertise, capabilities and best
practice between sites and country
operations. Our Action Manufacturing
design-led thinking disciplines and design
methodology underpin our fleet plan
product design and build process.
Securing synergies and cost-efficiencies
from our integrated business model
FINANCIAL
KNOWLEDGE
INFRASTRUCTURE
FUTURE FLEET
OUR RESOURCES
FUTURE-FIT SUSTAINABILITY
thl’s build/buy-rent-sell model across multiple jurisdictions, combined with the
merger of thl with Apollo Tourism & Leisure in November 2022, provides us with a
unique opportunity to realise synergies and cost efficiencies and share best practice
on a global basis. Realising merger synergies has been a key focus across FY24, and
we are now positioned to take our integration and cost-reduction programme to the
next stage. In FY24, we focused on two key areas:
* The Real Depreciation Rate refers to the difference
between the original purchase price and sale price for
vehicles sold, represented as an annual depreciation
percentage. It allows for no gain on sale or costs
associated with the sale or maintenance of the vehicle.
PERFORMANCEABOUT thl26thl INTEGRATED ANNUAL REPORT 2024
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STRATEGY IN ACTION

Uncertainty in the timing on supply
of cost-effective, low- or zero-emission
vehicle technology is considered a material
climate-related transition risk for thl over
the short to long-term (>10 years). We
continue to actively monitor for transition
tipping points and complete regional
Future Fleet Scans annually to inform
our strategy. We actively track progress
on low-emission fleet developments
and new technologies and share some
industry insights here.
At thl, our greatest sustainability challenge and highest-priority future-fit goal is addressing the emissions
from the vehicles that we build/buy-rent-sell. In 2017 when we launched our first eRV pilot in New Zealand, we
hoped to see significant development in low-emission vehicles to enable our fleet to transition by this point.
Industry progress has been frustratingly slow, and we still do not have access to commercially viable low- or
zero-emissions vehicle (ZEV) options with the range required for RV travel needs. We continue to engage with
original equipment manufacturers (OEMs) and industry partners globally to address this challenge.
Product development
– our Future Fleet challenge
RELATIONSHIPS
INFRASTRUCTURE
OUR RESOURCES
FUTURE-FIT SUSTAINABILITY
CLIMATE & CARBONFUTURE FLEET
•
Massive investment in battery electric
trucks is occurring internationally,
driven by regulations requiring
a transition away from fossil fuel
internal combustion engines and
growing sustainability and carbon-
emission reduction commitments.
Most automotive OEMs have
commitments and carbon emissions
reductions goals, with timeframes
between 2040 and 2050.
•
Commercial medium and heavy-duty
zero-emission trucks models are
increasingly available, with more than
160 models from over 40 OEMs. Medium-
duty battery EV deployments have
doubled. The majority are commercial
cargo vans and pickup trucks produced
by Ford and Rivian. However, the range
requirements for RV use are not currently
being met.
•
Our regional Future Fleet Scans of
global markets indicate that batteries
are currently the leading technology,
followed by hydrogen. Renewable
fuels are still in the mix and interest in
hybrid vehicles is increasing. There is
a still a need for an inflection point on
viable technology and infrastructure
for mass adoption, particularly for
commercial fleets.
•
New regulations on GHG emissions and
ZEV have created both confusion and
adaptation for fleets and manufacturers,
and this is expected to continue. Slower
than expected growth in sales of EVs has
forced several automakers to scale back
once-ambitious production plans.
•
Charging infrastructure is also a
concern. Despite record levels of
investment, a lack of reliable charging
and refuelling stations is a barrier, as are
charging times and concerns about grid
capacity and renewable energy sources
to support the transition. In the USA,
the RVIA is actively working with states,
charging companies and site hosts
to include RV-friendly electric vehicle
infrastructure and the importance
of pull-through charging as major
infrastructure funding is allocated.
Low- and zero-emission fleet deployments
in the transport industry currently are very
small-scale pilots enabling thl to learn and
prepare for the transition. We are taking
a considered approach, investing in small
trials first and considering all technologies
in the mix as we embark on our second
electric RV (eRV) pilot in New Zealand.
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Future Fleet: our new Britz eVolve
eRV pilot programme
Future-Fit Break-Even Goal 18 ‘Products
emit no greenhouse gases’ is our
greatest sustainability challenge and
we’re always aiming to move faster.
As a technology-taker, we face an
ongoing challenge of a global supply
chain focused primarily on electrifying/
decarbonising cars, light commercial
vehicles and heavy freight, not the
specialised future needs of the RV
sector: higher payload and long-
distance range. Access to renewable-
energy charging infrastructure in
tourism destinations is also an issue.
At thl, we’re undertaking our second
eRV pilot with six new vehicles on a
Ford E-Transit LWB High Roof. Designed
to be fully sustainable, our new Britz
eVolve provides a quiet, fully-electric
guest experience with a range of
~200km and no tailpipe emissions.
It sleeps two comfortably, is easy to
drive and features a shower, toilet and
cooking facilities. This initiative is led
by Action Manufacturing and building
on what we have learned from our first
eRV pilot programme in 2017–19.
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PRODUCT DEVELOPMENT – OUR FUTURE FLEET CHALLENGE

We have built a clear understanding of our
most critical health and safety risks and
are actively managing these risks as a top
priority. Our global network of HSW Leads
provides advice, guidance and support
to our business groups, and we continue
to invest in safety equipment, facilities
improvements, training and resources
so our crew are equipped with the tools,
skills and training they need.
As we continue to take meaningful steps
on our HSW journey, we have seen a
marked increase in crew engagement,
hazard reporting and safety culture. As a
result of this increase, we have seen our
number of Lost Time Injuries increase,
albeit the total number of lost days has
decreased. Our LTIFR (Lost Time Injury
Frequency Rate*) for FY24 was 32.35,
Health, Safety and Wellbeing,
global alignment and growth
OUR CREW
OUR RESOURCES
FUTURE-FIT SUSTAINABILITY
THRIVE
Health, safety, and wellbeing (HSW) is of paramount importance at thl, and we take a positive,
proactive approach. It is a continuous journey that starts with our unwavering commitment
to HSW and flows from crew engagement through our policies and procedures to ongoing
investment in crew training and effective management and reporting systems. This is
underpinned by our focus on safety leadership, culture and an engaged crew.
We are committed to thl being a
workplace where every crew member
feels empowered to look out for their
own safety and their workmates, to
speak up when they see a risk or issue
and together own the work towards
a safer, healthier workplace every day.
Our values guide our individual and
collective commitment to provide safe
workplaces that prevent injury or illness
and improve people’s overall wellbeing.
In November 2023, leaders from across
our global businesses came together
for a three-day HSW leadership training
programme in Brisbane. This means
continuously seeking out ways to make
our environment safer, healthier and
better every day.
Protect
global safety programme

This year, we launched Protect:
a global programme focused
on preventing harm and empowering
all crew to be safer together
every day. Protect has created a
globally aligned, highly visible crew
engagement brand, with impactful
visuals, messages, resources, tools
and activities. Protect has been
implemented in all locations, with
clear and targeted safety signage,
regular Protect ‘power-up’ sessions,
content for safety huddles and easy
‘snap and solve’ reporting tools.
A highlight from the first year of
Protect was the ‘what’s your why’
contest where crew shared inspiring
photos of what matters most to them
beyond work: their ‘why’ or driving
force for keeping safe to go home
safely every day.
and we believe we have the right controls
in place to see a material reduction of this
metric into FY25.
Our HSW programme continues to
focus on protecting our crew, guests
and stakeholders from harm, a central
component of which is managing risk
in a practical way at all global locations.
We have seen an increase from 481 HSW
site-specific risks managed at the end of
FY23 to 938 at the end of FY24, giving our
leaders clear direction to safely control
hazardous activities.
12-month LTIFR*End FY23End FY24
Rental & Retail
businesses
13.7019.82
Tourism48.9162.64
Manufacturing35.9131.22
Group27.1132.35
* thl includes all Lost Time Injuries in LTIFR calculations,
including any other injury that involved any lost time
such as a Restricted Work injury that included any
lost time.
PERFORMANCEABOUT thl29thl INTEGRATED ANNUAL REPORT 2024
DISCLOSURESREMUNERATIONGOVERNANCEFINANCIALSSTRATEGY IN ACTION

To support our global transformation
programme, new Change Manager
roles in each country will support
business leaders to effectively implement
change projects, manage complexity,
support crew with changes and provide
assurance and feedback to improve future
transformation projects.
In FY24, we undertook a comprehensive
review of crew training to inform a new
global training and Human Resources
Information System to be deployed in FY25.
We are committed to being a business
that is open, inclusive, respectful and
culturally aware for all our crew, customers,
communities and the many stakeholders
with whom we engage. With the launch
of our first Diversity, Equity and Inclusion
(DEI) Strategy, we aim to improve the data
we gather and make a positive difference
to our crew (see page 41).
We believe that travel brings people
together and builds understanding
and connection across diverse cultures,
communities and experiences. Reflecting
our global commitment, we continued our
journey to build our cultural capability and
respectful relationships with First Nations
Peoples and promote Indigenous tourism
experiences to our guests.
We have been working hard to make
progress on our People Promise that all
crew will have the tools, training, and
identity to be successful. Through the
launch and roll out of our new thl story,
values and shared language, we have built
a collective culture and celebrate our crew
displaying our values through our monthly,
quarterly, and annual Torus Recognition
Awards. The labour market conditions
impacting crew recruitment and retention
in the previous year have eased, and we
are pleased to have experienced lower
levels of crew turnover.
Many of our crew have experienced
significant change over the past 12 months
as we continued to merge our businesses
together. This has been challenging at
times as teams adapted to new locations,
roles, systems, products and services,
and ways of working. The adaptability,
commitment and resilience shown by our
crew is to be commended. We are aware
that crew engagement in some areas has
been impacted by the level of change and
that we have more work to do.
Our crew thriving
OUR CREW
OUR RESOURCES
FUTURE-FIT SUSTAINABILITY
THRIVESUSTAINABLE PROCUREMENT
We are a people business,
and our crew are key to
our success.
1. Cultural Awareness training,
Indigenous Tourism Alberta
2. Kōwhaiwhai Oranga programme,
NZ Rentals managers
3. NAIDOC Week event as part of our
Reconciliation Action Plan journey
1.
2. 3.
PERFORMANCEABOUT thl30thl INTEGRATED ANNUAL REPORT 2024
DISCLOSURESREMUNERATIONGOVERNANCEFINANCIALSSTRATEGY IN ACTION

•

We are moving forward at pace to develop
and implement system improvements
to bring all our global operations onto
common systems across a number of
business areas. This will be transformative
for the business. This will enable thl to
deliver multiple synergies that translate
into hard cost savings, effectively
manage operations, plan, report
and track performance.
Moving to common platforms will create
for the first time (in the history of thl or
Apollo) the system capability to look for
improvements, synergies and efficiency
opportunities across all business
groups globally. This will support global
benchmarking, KPI setting, assurance
and sharing best practice. The revenue
and efficiency benefits to be realized
from operating a single platform are
worth pursuing.
To make this happen, thl has
implemented seven major digital
transformation projects across
our global business.
Digital transformation continues
as global systems go live
FINANCIAL
KNOWLEDGE
OUR RESOURCES
FUTURE-FIT SUSTAINABILITY
CLIMATE & CARBONFUTURE FLEET
A core element of managing complexity and achieving growth
for thl globally is having the right technologies and systems in place.
While we recognise the temporary
burden this has created for the business
as we implement these changes,
this transformation is intended
to deliver outstanding returns over
the longer term.
In addition to the major transformation
projects, we are also piloting innovative
ways of working using the latest
technology tools to enable our crew
to work in a way that is connected to
share knowledge and best practice
that is efficient and enables easy global
collaboration. This will enable our crew
to co-create solutions to business needs
and drive our business forward.
1. Motek fleet management system
into Canada
2. Global dealer management
systems for retail sales, finance
and purchasing
3. A single content management
system for our websites
4. A new, global Human Resources
Information System (HRIS)
5. Global, single finance platform:
Microsoft D365
6. Databricks, a global data ‘lakehouse’
(platform)
7. A global fleet asset management
system for back-of-house process
improvements
PERFORMANCEABOUT thl31thl INTEGRATED ANNUAL REPORT 2024
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STRATEGY IN ACTION

Our FY24 focus was on consolidation
and planning to set us for substantive
moves in FY25. These include new site
developments, location moves, branch
refurbishments and manufacturing site
and facility improvements. We continue
to invest in our existing sites and facilities,
improving standards, safety and
sustainability. This includes technology,
new equipment and system development
underlying infrastructure.
Our successful Ignition future-fit
branches sustainability programme has
been extended to all branches globally.
Each Branch Action Plan focuses on our
largest site-based impacts of energy,
water, waste, operational emissions
and community contribution. We also
apply a future-fit framework lens to
any site developments and changes,
assessing the impacts on future-fit
goals to make progress, working with
a future-fit mindset and methodology.
In FY25, we will develop and embed
Future-Fit Branch Action Plans into our
retail and vehicle sales operations. The
Action Manufacturing sustainability
strategy focuses on four strategic pillars:
reducing emissions, eliminating waste,
promoting wellbeing, and leading our
community and now includes Brisbane
manufacturing.
Fit for the future –
site and infrastructure
development
RELATIONSHIPS
INFRASTRUCTURE
OUR RESOURCES
FUTURE-FIT SUSTAINABILITY
CLIMATE & CARBONIGNITION
In light of our expanded global presence following the merger, we’re
reviewing and refreshing several of our sites and infrastructure in
anticipation of scaling our operations as tourism recovers.
1. Artist render of Waitomokia – our new flagship Auckland site
PERFORMANCEABOUT thl32thl INTEGRATED ANNUAL REPORT 2024
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New sites – in development
We are hugely excited to be
developing Waitomokia, the new
flagship Auckland site bringing
branch, retail and head office
teams together. This will be a
transformative step, creating
a new global headquarters
for thl and connecting our
crew, customers, guests and
communities, with positive
impacts for our future-fit progress.
We have plans to develop new site
locations in Queenstown and Perth
in the coming years.
Manufacturing alignment
Our expanded manufacturing
facilities and capabilities in Australia
and New Zealand present good
opportunities to bring operations
together to better leverage sites
and investments in equipment
and facilities and to share skills
and knowledge.
Retail experience design
We have restarted our retail design
programme with a focus on
enhancing customer experiences
and product management.
Development work to improve
margins and metrics for retail will
be a focus in FY25.
Australian site moves
and changes
In Australia, we are maximising the
potential synergies, efficiencies and
ease of connection for our crew and
customers by developing shared
locations for retail and sales.
Our Adelaide branch and sales
site will move to the Camperagent
dealership site, creating a combined
rental, sales and services site
with improved sustainability
performance provided by on-
site solar energy and water
capture systems.
USA branches refreshed
We have invested in an extensive
branch refresh programme focused
on lifting standards of presentation
and functionality, improving visitor
areas and workspaces to enhance
our guest and crew experience. This
included refurbishing and updating
the three largest branches to reflect
thl new brand standards.
PERFORMANCEABOUT thl33thl INTEGRATED ANNUAL REPORT 2024
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STRATEGY IN ACTION
FIT FOR THE FUTURE: SITE AND INFRASTRUCTURE DEVELOPMENT

We initially identified three high-priority
future-fit goals to tackling our biggest
challenges and impacts and eight future-
fit goals we would progress through
addressing knowledge and data gaps
about our impacts.
We have made substantial progress on
nine of these goals but remain off-track
on Break-Even Goals 18 ‘Products emit
no greenhouse gases’ and 19 ‘Products
can be repurposed’. We will tackle
these goals head-on in FY25 as part of
our Climate Transition Plan that we are
calling Changing Gear.
The priority future-fit goals that underpin
our global sustainability programme have
been updated to reflect the progress we
have made, our expanded manufacturing
and retail vehicle sales activities and
changing context.
We remain confident that we are
focused on the highest-impact areas
of our global business. We are proud to
be recognised as a Future-Fit System-
Changer and know we must continue
to make progress. Our FY24 Future-Fit
Health Check for all 23 goals is available
on page 38.
This year, we also reviewed how
effectively we have integrated future-fit
into our decision-making throughout
the business, from global strategy to
site-based actions. We have made
good progress embedding a future-fit
mindset and methodology throughout
thl but still have more to do. In FY25,
we will further develop our approach to
applying a future-fit lens at key points in
our processes, projects and performance
reporting and within our People Plan.
Applying a future-fit lens will require
decision makers, including the Board,
Executive Team and our crew, to take a
systems-based approach when initiating
new projects. This means considering
sustainability risks and opportunities
(including impacts on and from climate
change), reporting on the project’s
future-fit performance and supporting
our crew to understand their role in
creating a sustainable future for thl.
Our future-fit sustainability
journey – the first five years
RELATIONSHIPS
INFRASTRUCTURE
OUR RESOURCES
FUTURE-FIT SUSTAINABILITY
CLIMATE & CARBONIGNITION
It has been five years since we first made a commitment to
becoming a future-fit business, using the 23 science-based
sustainability goals of the Future-Fit Business Benchmark.
PERFORMANCEABOUT thl34thl INTEGRATED ANNUAL REPORT 2024
DISCLOSURESREMUNERATIONGOVERNANCEFINANCIALSSTRATEGY IN ACTION

Global Sustainability Programme Progress
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
SUSTAINABLE PROCUREMENT
OUR GLOBAL FRAMEWORK AND
CIRCULAR ECONOMY PILOTS
THRIVE
SUPPORTING OUR CREW, CREATING
A HEALTHY CULTURE AND BUILDING
CULTURAL CAPABILITY
ACCELERATE
PARTNERSHIPS FOR POSITIVE IMPACTS
IGNITION
CREATING FUTURE-FIT BRANCHES
Our Climate & Carbon Strategy remains
central to progress on our future-fit journey.
In FY24, we extended our carbon inventory of
Scope 1, 2 and all material Scope 3 emissions
sources to create a new, comprehensive
baseline carbon footprint. Key to this has been
the use of Artificial Intelligence (AI) software
Planet Price.
We have reviewed our global climate risks
and opportunities and further developed our
Climate-Related Disclosures (see page 37).
Future-fit progress depends on working with
our supply chain. We have implemented
‘Level 3’ of our five-year sustainable
procurement framework and will deliver
‘Level 4’ in FY25.
We have a well-established Sustainable
Procurement Policy, Supplier Code of Conduct
and sustainable procurement practices and
projects in place (such as our Global Uniform
Project) and have rolled out training for leaders.
The Global Sustainable Procurement Working
Group provides leadership, engaging suppliers
on our sustainability journey in each region.
Training will be a key focus for FY25.
We work with partners across our value
chain to progress our future-fit journey.
We are an active member of tourism and
RV industry forums such as the RVIA,
Caravan and Camping Association and the
Tourism Reconciliation Industry Network
Group in Australia and The Aotearoa Circle.
We promote responsible travel and work
with industry partners to create positive
impacts for communities and destinations.
Our greatest future-fit challenge remains
the emissions from our vehicles, and we are
frustrated by the lack of suitable low/zero-
emission, long-range RV vehicle technology.
We continue to seek solutions and have
completed our annual Future Fleet Scan
of technology tipping points, regulation
and infrastructure in each country in
which we operate.
We have been making progress where
possible, including launching our second
eRV pilot in New Zealand following our
first pilot in 2017–19.
Future-fit progress for all our crew continues.
In FY24, we developed a global Diversity,
Equity and Inclusion Strategy for thl and
continued our cultural capability journey
in each region.
Our second anti-modern slavery
statement will be published in October,
and we have embedded anti-modern
slavery roadmap actions into our
sustainable procurement framework.
Our site-based sustainability activities
are the foundation for our future-fit
work. In FY24, we extended our Future-
Fit Branch Action Plans to include
all our new businesses and locations
globally to address and improve our impacts
on energy, water, waste, operational
emissions and community contribution.
We track progress through regular Carbon
Impact reports. We also piloted new online
training modules for our crew.
PERFORMANCEABOUT thl35thl INTEGRATED ANNUAL REPORT 2024
DISCLOSURESREMUNERATIONGOVERNANCEFINANCIALSSTRATEGY IN ACTION

36°27’ N — 116°52’ W
Disclosures
PERFORMANCEABOUT thl36thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
DISCLOSURES

Our carbon footprint
FY24 is the first full-year carbon
footprint for thl as a merged
business, having previously
reported seven months’ post-
merger data in FY23.
We are disclosing our Scope 1 and 2 direct
emissions and for the first time extending
our Scope 3 indirect emissions to include
all material Scope 3 categories across our
value chain. This extended FY24 footprint
will become our new baseline year.
We have also changed the way we
calculate our emissions from this year
from an ‘equity share’ approach to an
‘operational control’ approach.* This is
appropriate with no joint ventures at thl
in the past two years. This means our
customer journey emissions, previously
reported in Scope 1, are now being
reported as Scope 3 emissions. The size
of our total footprint would be consistent
under either approach, as we are now
reporting our extended Scope 3 footprint.
This year, we will be publishing our
GHG emissions data in our Climate
Statements report, which shares
our climate-related disclosures
aligned with New Zealand Climate
Standards (NZ CS) 1, 2 and 3. We
have focused on completeness (per
NZ CS 3) for our merged entity and
extended Scope 3 data. As a result
of including our extended Scope
3 emissions, our FY24 reported
footprint will increase significantly.
We will not be sharing comparative
data for this year with FY23 data as
it would not provide a representative
comparison with our reset baseline,
which includes additional locations in
New Zealand (such as new RV Super
Centre sites), improved data for retail
and manufacturing (including for Action
Manufacturing subsidiaries) and a full
year of Apollo business data (versus
seven months in FY23), including
the CanaDream high season. FY23
and prior years’ data is available in
our FY23 Integrated Annual Report.
In FY25, we will be refining our Scope 1
and 2 science-aligned target from the
new baseline year and developing a robust
Climate Transition Plan – ‘Changing Gear’ –
to engage the business using our extended
FY24 footprint and industry data. This
will include setting interim and intensity
GHG reduction targets as part of a realistic
and evidence-based plan to mitigate
our climate risks and seek to realize
our opportunities.
* The three consolidation approaches under the
GHG Protocol Reporting Standards (and the same
for ISO 14064-1) are:
1. Equity share: a company accounts for GHG
emissions from operations according to its share
of equity in the operation. The equity share reflects
economic interest, which is the extent of rights a
company has to the risks and rewards flowing from
an operation.
2. Financial control: a company accounts for 100%
of the GHG emissions over which it has financial
control. It does not account for GHG emissions from
operations in which it owns an interest but does not
have financial control.
3. Operational control: a company accounts for 100%
of the GHG emissions over which it has operational
control. It does not account for GHG emissions from
operations in which it owns an interest but does not
have operational control.
Our Climate-Related Disclosures (CRD)
thl is a climate-reporting entity under
the New Zealand Financial Markets
Conduct Act 2013. Information about
our GHG emissions, our climate risks and
opportunities and how these are being
managed will be disclosed in a separate
Climate Statements report to be published
by 31st October 2024 on: www.thlonline.com
and www.thlsustainability.com.
PERFORMANCEABOUT thl37thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONREMUNERATIONGOVERNANCEFINANCIALSDISCLOSURES

We are on track and can
continue our journey
We have minor gaps but
know how to close them
We have major gaps and
need to rethink
We are off track and need
to redesign our course
Our FY24 Future-Fit Health Check
KEY – Health Check assessments, done in accordance
with the internationally-recognised Future-Fit Business
Benchmark, show how thl is performing against the
Future-Fit Break-Even Goals.
FY19FY20FY21FY22FY23FY24FY 24 Health Check Commentary 
BE01: Renewable
Energy
PRIORITY GOAL
Renewable energy is a priority future-fit goal. In the prior year, electricity was over 25% of operational emissions (excluding
customer journey). Analysis of renewable energy in grid and purchase options is an ongoing focus in areas with high fossil
fuel in the grid mix. Our San Francisco locations switched to purchasing 100% renewable electricity in FY23, and the new
Camperagent dealership in Australia runs on solar power. Energy efficiency actions are a priority for all branches under our
Ignition programme, focusing on high-impact areas (heating, cooling, lighting, equipment). Canadian branches upgraded
to LED lights in their first year in this programme.
BE02:
Water Use
Water saving is a priority in areas experiencing high water stress, and we have assessed water stress for our new locations.
US sites have maintained a reduction in water use of 50% over the last five years by improving efficiency of high water-use
activities and crew awareness of water saving and leak detection. We are currently testing a new vehicle wash bay water
recycling system in Los Angeles and plan for our new headquarters in New Zealand to recycle 80% of wash bay water. In
Australia, work is under way on options for installing water tanks following site moves. In Waitomo, we work to manage
the health of the water in the cave and karst ecosystem and in water and wastewater treatment plants.
BE03:
Natural
Resources
Waitomo is our only location where we directly manage natural resources we operate in. Our environmental management
practices at Discover Waitomo meet a high standard, guided by the Environmental Management Plan, intensive monitoring
and oversight by the Environmental Management Advisory Group.
BE04:
Procurement
PRIORITY GOAL
Sustainable procurement is a high-priority goal, and we continue to make good progress on our global sustainable
procurement framework. Our first global modern slavery statement was published in October 2023. We have an anti-
modern slavery roadmap in place, and these actions are integrated into a five-year sustainable procurement maturity
framework. We successfully delivered level 3 Practice in FY24 through the work of the Global Sustainable Procurement
Group. We have extended our Supplier Code of Conduct engagement and include this and sustainability clauses in
contracts and tenders. A new sustainable procurement training module for leaders has been rolled out. The SpeakUp
mechanism is now available on the website for any suppliers or others to raise concerns. Future-fit hotspot assessments
were reviewed with a focus on climate and carbon and modern slavery risks. Work to better understand our supplier data is
under way, but as a global business, there is a significant amount to do to fully understand our supply chain risks.
BE05: Operational
(Chemical)
Emissions

Our branch activities do not directly generate measurable liquid, gas or solid emissions released directly into
nature. However, use of some chemical products and a potential for spills is an ongoing risk we manage. For example,
globally, we have had four spills including oil into stormwater drains, chemical AdBlue into a drain and oil spilt on the ground,
which we are addressing through a global project uplift at all locations and improving containment. We are reviewing how
we track, report and measure emissions that may occur from spills at our locations. We will be expanding the scope of this
goal to reflect our expanded manufacturing operations and next year will have separate ratings for manufacturing to reflect
our findings.
PERFORMANCEABOUT thl38thl INTEGRATED ANNUAL REPORT 2024
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FY19FY20FY21FY22FY23FY24FY 24 Health Check Commentary 
BE06:
Operational GHGs
PRIORITY GOAL
Reducing operational GHG emissions is a high-priority future-fit goal. Operational emissions increased last health check
as new businesses and locations (an additional 20 sites) and Kiwi Experience tours also resumed. We have added new site
data to the carbon footprint, and this data is used for Carbon Impact reports to track site action plan targets and progress.
We measure, monitor and report operational emissions as part of our annual verified carbon footprint (future-fit Break-Even
Goal 18 relates to our fleet emissions). We have previously set a Science-Aligned Target for Scope 1 and 2 emissions and in
FY25 will be refining this and adding interim and intensity targets based on work undertaken in FY24 to extend our Scope 1,
2 and 3 GHG inventory.
BE07: Operational
Waste
Tackling waste to landfill continues to be a challenge and a priority for improvement in site action plans globally, taking a
refuse, reduce, reuse/repurpose then recycle approach. Successes include expanded surplus item donation programmes,
improving recycling and providing crew training. We are working with suppliers to reduce packaging waste, investigate
product stewardship options and find more circular products. Location moves and site upgrades also generated additional
waste in FY24. In manufacturing, waste reduction efforts focus on expanding recycling and repurposing of materials,
including plywood, cardboard, omnipanel offcuts, pallets and soft plastics.
BE08:
Operational
Encroachment
Our branch and manufacturing operations are generally located in developed, industrial areas with low risk of impact on
sensitive areas, ecosystems and community health. We have a Future-Fit framework to assess encroachment impacts for
new locations that considers these impacts. For the development of our new headquarters Waitomokia in Auckland, future-
fit goals have been considered throughout the design and redevelopment of the site. In Waitomo, we manage operational
impacts on communities and the cave and karst ecosystem and care for cultural sites.
BE09:
Community
Health
We continue to work with partners to protect the health of communities where we operate and where our products
impact, but we have more to do. As part of our global commitment to building our cultural capability and developing
respectful relationships with First Nations Peoples, we have cultural capability plans in place to guide this work. In Australia,
we completed our first Reflect Reconciliation Action Plan (RAP) and work is under way on our next Innovate level RAP.
In Canada, 40 leaders completed a full-day cultural awareness training with Indigenous Tourism Alberta. In Aotearoa
New Zealand, our crew were given the opportunity to take te reo Māori classes and our Kōwhaiwhai Oranga groups visited
the Māori Tokikapu Marae (meeting grounds) to develop a deeper understanding of Māori culture and of the local hapū
(sub-tribe) whose caves we manage and many of whom work with us at Discover Waitomo.
BE10: Employee
Health
The business continues to have a firm focus on accelerating our health, safety and wellbeing (HSW) journey. We continue to
invest in training, systems, process and assurance as well as Protect – our new communication programme to connect our
crew to why HSW is a priority at thl. We have developed robust practices to manage our critical risks in a practical, site-based
system as we continue to challenge the effectiveness of our controls.
BE11:
Living Wage
We continue to make progress on this goal. We have extended our assessment of the Living Wage model to the UK, Ireland
and Canada in addition to the US and NZ. We will continue to regularly assess our Future-Fit Wage approach through an
annual review considering minimum wage and Living Wage reference points alongside the Consumer Price Index and any
other external or internal factors.
BE12:
Fair Employment
Terms
We have good fitness for most of the criteria for this goal in each region. We improved our fitness for this goal in the US this
year with changes to increase paid time off for crew that align with this future-fit goal. The USA variation in employment
regulations, including paid leave, had impacted this goal previously.
BE13: Employee
Discrimination
We have the policies, procedures and training in place to achieve this goal. This year, we have commenced work on our
Diversity, Equity and Inclusion (DEI) Strategy, underpinned by our DEI policy. We have also extended our cultural capability
training globally. These initiatives will continue to evolve and embed through FY25.
BE14: Employee
Concerns
We achieved this goal last year with our new crew concerns anonymous reporting mechanism, our SpeakUp policy, and the
associated campaign and training have been widely communicated throughout the business and have been well received.
We will continue to promote and encourage our crew and suppliers to raise any concerns, including through SpeakUp,
mechanism available internally and externally.
PERFORMANCEABOUT thl39thl INTEGRATED ANNUAL REPORT 2024
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OUR FY24 FUTURE-FIT HEALTH CHECK

FY19FY20FY21FY22FY23FY24FY 24 Health Check Commentary 
BE15:
Product
Communications
Providing guests and customers with information and support for the safe use of products is critical. We meet this goal and
regularly refresh information materials for guests, responding to feedback to continuously improve. We continue to work
with partners to promote responsible travel in each country. In FY24, we launched the new CanaDream Cares – RV with
Respect programme to guests.
BE16:
Product Concerns
We have robust mechanisms in place for customers to raise concerns at any stage, including roadside assistance so that
guests have the information and support they need before, during and after their journey. Our customers and owners
have channels in multiple languages to raise concerns and get support and advice, and we proactively manage any issues
identified. Our SpeakUp mechanism is now available online for anyone to raise concerns at: www.thlsustainability.com/
suppliers.
BE17:
Product Harm
We are committed to taking steps to minimise the risk of our products causing harm to people or the environment. This
includes issues connected to freedom camping and driving accidents in addition to traffic management on site. We share
responsible travel tips in each country (Tiaki Promise, Travel with Heart, RV with Respect and Leave No Trace) and promote
safe driving to support our customers to avoid causing harm when using our products.
BE18:
Product GHGs
PRIORITY GOAL
This is our highest priority future-fit goal with the highest impact and is the greatest challenge due to the GHG
emissions from our fleet. We continue to engage with suppliers and OEMs in each region to understand transition and
tipping points for low- or zero-emission vehicles suitable for RVs through our Future Fleet programme. We also continue to
measure and report the customer journey emissions for our rental fleet in our carbon footprint.
In FY24, our Carbon Footprint includes all locations, with an operational control approach reflecting a more accurate
representation of the changes to the business following the merger (some of the new locations were partially reported
or excluded in the FY23 footprint). The FY24 footprint also includes extended Scope 3 emissions, calculated using the AI
platform Planet Price, to capture emissions across our business value chain from upstream to downstream emissions.
BE19:
Products can be
Repurposed
PRIORITY GOAL
This goal has been reviewed and is a high-priority future-fit goal following a review of progress on previous priority
goals and reflecting our expanded manufacturing and vehicles sales activity. While recycling infrastructure and rates
for vehicles are established in each region, the complexity and variety of components and materials in a motorhome
make this a challenging goal. Repurposing begins at the design stage of manufacturing from the choice of material
to designing components to be more circular, through the use phase and then proper management to recover materials
at end of life. Understanding new product stewardship, extended producer responsibility and right to repair regulations
and opportunities for circular economy pilots is a focus for the Global Sustainable Procurement Group.
BE20:
Business Ethics
We continue to meet this goal through our Code of Ethics and a Governance and Ethics Committee, ethics training and
regular reviews.
BE21:
Right Tax
As a publicly-listed company, we engage reputable tax advisers to give us confidence that we meet the standards required
for this goal.
BE22:
Lobbying &
Advocacy
We do not undertake lobbying activities directly but continue to engage with tourism and RV industry groups. Through
engagement in these forums, we promote the importance of addressing future-fit sustainability issues and impacts as
an industry.
BE23:
Financial Assets
As a company, we do not directly manage financial investment assets beyond standard financing activities. We have
reviewed this goal and many of the risk areas identified do not apply directly to our activities or are managed in other goals.
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OUR FY24 FUTURE-FIT HEALTH CHECK

Analysis
The table reflects an overall participation
rate of women within the thl workforce
of 36.6%, the same as last year. The overall
participation rate of women in the thl
workforce (excluding manufacturing) in
FY24 was 46%.
Female representation in Senior Executive
and Management dropped marginally
to 31.3% from 32.9%. However female
representation of Middle Manager and
Supervisory Positions has increased to
40.5% from 38.6%. Female representation
of Non Managers remained static at 36.1%
from 36.4%.
New Zealand increased female
representation across all categories to
52.5% of the workforce (from 50.5% in
FY23. Australia also increased female
representation across all categories with
40.1% of the workforce, up from 36.7%
in FY23. This included a solid increase in
female representation at Senior Executive
and Management level. Our manufacturing
businesses in Australia and New Zealand
have also increased female representation
in the Middle Manager and Supervisory
positions.
In FY24, US female representation across
all categories decreased to 37.5% of
the workforce from 40.1% the previous
year. Female representation across all
categories in Canada also decreased to
44% of the workforce from 52.6% in FY23.
However, female representation at the
Senior Executive and Management level
in Canada increased by 33% (10 pts).
In the UK and Ireland business female
representation decreased across all
categories to 40.8% of the workforce
from 44.1% in FY23. However, female
representation at the Senior Executive and
Management level increased by 8.3 pts and
at the Middle Manager and Supervisory
level female representation increased by
25% (12.5 pts).
We are working to accelerate equitable
pathways at thl, guided by our global DEI
Strategy. Priorities in FY25 include fostering
and developing a diverse leadership
pipeline, proactively encouraging
diverse applicants to apply for all roles,
creating mentoring opportunities to
support emerging leaders and working
to understand and address barriers to
inclusion.
Diversity and inclusion reporting
We continue to report data on gender diversity in FY24 and share
this data here. We aim to mature our understanding of dimensions
of diversity as we move forward with our new global Diversity, Equity
and Inclusion (DEI) Strategy. We will look to report on DEI more broadly
as we improve data collection over time.
Female Representation Summary by Business Units
Female %KMP
Senior Executives
and Management
Middle Managers
and Supervisory
PositionsNon-Managers
Overall
combined Female
representation
across all categories
NZ30.0%61.5%51.6%52.5%
AU3 7. 5%34.9%41.2%40.1%
US26.7%2 7. 9 %40.0%3 7. 5%
CA40.0%52.0%41.8%44.0%
UK and IRE33.3%62.5%34.8%40.8%
ANZ Manufacturing23.1%16.9%12.0%12.9%
Combined Representative35.3%31.3%40.5%36.1%36.6%
Out of balance
(male dominant) (if <40%)
Out of balance
(female dominant)
Balance achieved (40 – 60% or more)
(i.e. female representation is achieved)
Diversity and inclusion reporting is currently
focused on female representation across
the business in four main categories: Key
Management People (KMP) representing
C-Suite executives, senior management,
middle and supervisory level management
and non-management roles. The table
below reflects the outcome of the analysis
undertaken to date.
We continue to learn, improve and
advance our commitment guided
by our DEI Strategy and Roadmap.
We are open to new and diverse
perspectives and are actively seeking input
and guidance from our crew, communities
and partners to identify needs,
opportunities and areas for focus.
The Board endorses and supports the thl
Diversity, Equity and Inclusion Policy and
the global DEI Strategy. It has reviewed and
approved the diversity data categorisation
approach and recognises that there is
more work to be done.
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Enterprise Risk Management
At thl, we take an integrated
approach to Enterprise Risk
Management (ERM), seeking
to manage risks at all levels of
the organisation. We identify
and manage our strategic,
operational and regulatory
risks using our ERM Framework:
a suite of policies and tools such
as our ERM Policy and our online
Risk Register which allows us
to monitor our risks, including
material risks from, and
contributing to, climate change.
Risks and opportunities identified by our
operational Risk Champions are reviewed
and reported up to Risk Owners in the
Risk & Improvement Committee (RIC).
RIC provides executive-level governance
and a consistent approach to ERM across
thl. In turn, RIC reports key strategic and
‘front and centre’ operational risks up to
the Audit & Risk Committee (ARC), which
provides Board-level oversight of our ERM.
Our critical risks are detailed below,
noting that climate-related risks are
reported to the ARC. Please visit
www.thlsustainability.com for our full
Climate-Related Disclosures drafted
in accordance with the New Zealand
Climate Standards and available online
from 31 October 2024.
FY24 has seen the Responsible
Management team focus on climate
risks and opportunities with an aim to
understand how physical climate risks
could impact our business. We undertook
a Risk Simulation exercise where, with
the support of an external facilitator, we
workshopped how we would respond if
a climate-related cyclone impacted our
Australia and New Zealand businesses,
crew, customers and communities. A wide-
reaching exercise, it showed that thl has
a good resilience ‘muscle’, having been
through a number of challenging situations
over the years and across our international
locations. However, we are not complacent:
we expect that climate-related extreme
weather events will become more frequent
and severe. The Risk Simulation was a
useful exercise to test our response at an
operational level.
In February, we undertook our annual Risk
Culture survey, but this year we surveyed all
our crew rather than just key stakeholders,
with the exception of Manufacturing (as
they had recently undertaken a separate
exercise). With the merger of thl and
Apollo businesses now in the rearview
mirror, we understand that it will still
take some time for risk management
to become embedded and normalised
at all levels of the business. We were
therefore not surprised that, while our Risk
Champions and RIC members have a good
understanding of ERM, this comprehensive
survey with 1,121 responses showed that
we have more work to do in terms of
maturity, with a mixed understanding and
level of comfort with thl’s ERM framework
among our crew. There is a need for better
communication, education and resources
to improve understanding and application
of ERM within the business. This will be a
key focus for FY25.
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RRN

RRN

NORTHERN HEMISPHERE
US, Canada, UK, Europe
SOUTHERN HEMISPHERE
Australia, New Zealand
OPERATIONAL
OVERSIGHTREPORTING, RECOMMENDING AND ESCALATION
EXECUTIVE / SENIOR MANAGEMENT
BOARD

The thl Board has ultimate responsibility for group-wide risks, including those related to climate and modern slavery.
The Board approves thl’s Climate Statements and CRD.
The thl Risk & Improvement Committee (RIC) is comprised of thl’s Executives and Senior Managers
who are Risk Owners. The RIC oversees progress of risk management using the ERM framework. The
Chief Responsibility Officer, who has skills and knowledge of climate and modern slavery risks, oversees
the ERM framework, Climate & Carbon Strategy, including the CRD process, and the Anti-Modern Slavery
Action Plan. The CRO reports key risks up to ARC.
The Executive Team provides Management-level approval, ownership and management of thl Enterprise
Risks including those relating to climate and modern slavery. Climate Risks and Opportunities (CR&O) are
discussed at executive ‘Front & Centre’ meetings and at offsite workshops. Executive Team Risk Owners
participate in the RIC.
The Responsible
Management
(RM) Team is
led by the Chief
Responsibility
Officer (CRO)
who oversees the
ERM framework
and ‘future-fit’
sustainability
programmes
delivered by the
Sustainability
Director and the
GHG Inventory
delivered by
the Risk &
Sustainability
Manager.
RIC

EXECUTIVE TEAM

The thl Regional Risk Networks (RRNs) are comprised of thl’s Risk
Champions and Owners, including Branch / Location Managers and crew
with operational roles. Our ERM framework is implemented at this level and
new risks identified are reported up to the RIC. The RRNs are chaired by the
Risk & Sustainability Manager who is a member of the RM Team.

The thl Health, Safety & Sustainability Committee (HSSC) oversees
the operationalisation of thl’s sustainability efforts, including
the prioritisation of future-fit goals and sustainability initiatives.
The HSSC recommends the setting of science-aligned carbon
reduction targets to the thl Board, oversees thl’s sustainability
strategy and monitors thl’s progress in the achievement of its
carbon reduction targets on behalf of the thl Board.
KEY
ARC

thl

BOARD
RRN

HSCC

RM TEAM

The thl Board Audit & Risk Committee (ARC) oversees thl’s
Enterprise Risk Management (ERM) system and the management of
sustainability risks (including climate and modern slavery risks). The
ARC reviews thl’s CRD and makes recommendations to the Board.
Enterprise Risk Management
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Risk TitleRisk DescriptionImpactsRisk ControlsOur Resources
Cyber securityWithin our global digital landscape, we face
numerous cyber threats that can severely
impact operations, reputation and customer
trust. One of the most significant risks is the
potential for a data breach and unauthorised
access to sensitive information.
Financial losses due to regulatory
fines, legal settlements and
recovery costs. Loss of customer
trust may also result in reduced
revenue. Business disruption:
for business-critical systems,
productivity could be affected
along with customer service and
overall business continuity.
Implementation of appropriate cyber and data policies,
standards, software and processes outlining how we will address
cyber security risks and protecting our assets in line with our
Written Information Security Programme. Prioritising cyber
risks, undertaking regular risk assessments to identify assets
across our global landscape and implementing strategies to
mitigate risks. Employee training and awareness programmes
tailored to specific business units to share best practices for data
handling procedures and phishing prevention. Several phishing
campaigns have been initiated to address cyber threats and
enhance crew training. There is an ongoing emphasis on data
security, utilising Microsoft products for data labelling and
managing data age. thl Digital will collaborate with the business
to implement a data retention policy.
KNOWLEDGE
FINANCIAL
OUR CREW
Supply chain
disruption
Supply chain issues (shipping delays,
product shortages, manufacturing
disruptions) contributing to delays and/or a
shortage of vehicles, increased manufacture
cost, potentially causing rental booking
cancellations and delaying retail vehicle
deliveries.
Impact on delivery for customers
and/or increase in cost of vehicle
buy/build/maintenance impacting
profitability. Potential reputational
and revenue impact.
Maintain ongoing relationships and communication with
existing suppliers and potential new suppliers; regular
monitoring, review and production meetings; fleet and revenue
planning; increased raw material stock. Reforecast revenue
quarterly in line with reforecasted manufacturing assumptions;
reschedule vehicle sale plans; and explore alternative rental/sales
product types.
NATURE
FINANCIAL
RELATIONSHIP
Major market
shocks or
cyclical/abnormal
macroeconomic
factors
Global or local macroeconomic factors
or market shocks that impact supply or
demand in all or some of the markets
we operate in, including pandemic,
war, terrorism, economic recession and
geopolitical tensions. Some markets in
which thl operates remain in recession with
the potential for other markets to revert
back into recession.
Market shocks or abnormal
macroeconomic factors can
lead to a material reduction and/
or increased volatility in rental
demand, positive or negative
vehicle sales margin and overall
tourism visitor numbers. This in
turn would have a significant
impact on profitability, liquidity
and potentially capital structure.
Active monitoring of global trends and the economic
environment; agility and diversification in business models,
product offerings and across geographies. Development of
domestic tourism and non-tourism markets and non-RV-related
manufacturing. Long-term fixed costs and commitments
minimised where appropriate to maintain cost flexibility.
Monitoring of the forward-booking trends to detect changes and
adapt pricing or fleet as required. Strong fiscal management of
balance sheet through means such as having a liquid fleet asset
base and re-financing of banking facilities with greater capacity
and more favourable terms, allowing us to quickly adjust debt
levels and tolerance.
KNOWLEDGE
FINANCIAL
INFRASTRUCTURE
Long-term
global inflation
Long-term global inflation could cause
detrimental impact to vehicle sales margins
and overall business model, as seen with
OEM pricing, shipping and other supply
chain increases.
A significant reduction in
profitability could occur if long-
term inflation becomes embedded
in the manufacturing supply chain
and these cost rises are not able to
be passed on to vehicle purchasers,
causing a loss of sales margin and
threatening the overall business
model.
Fleet planning consideration given to impact on return on funds
employed (ROFE); regular meetings and active monitoring of
supply chain and availability; reviewing and adjusting fleet sales
scheduling.
FINANCIALS
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Risk TitleRisk DescriptionImpactsRisk ControlsOur Resources
Competitor
behaviour
disrupts market
New or existing competitors entering
or expanding in the market (including
manufacturers entering the rentals space).
Peer-to-peer market continuing to grow.
Additional fleet supply and new
entrant behaviours alter market
dynamics, putting business model,
revenue and profitability at risk.
Regular fleet and pricing review; price checks; mystery shoppers;
competitor assessments; multi-channel distribution presence;
explore alternative rental / sales product types. Continued
product development based on current customer need.
KNOWLEDGE
FINANCIAL
RELATIONSHIPS
Megatrends in
tourism
Market shifts, technology advancements
and changing preference/attitudes can
cause shifts in tourism patterns and
demands both in the short and long-term.
Reduction in inbound tourism
reduces demand, impacting
profitability and ROFE.
External factors increase the
cost of air travel. Potential
reputational impact.
Maintain presence in core markets through geographic
spread of thl businesses; develop new markets; continue
to source non-tourism revenue opportunities and to
engage with tourism bodies; monitor economic/external
environment; manage balance sheet ratios, flex fleet; drive
and communicate sustainability progress to meet/anticipate
customer expectations.
NATURE
OUR CREW
Regulatory and
legal compliance
Changing governments or political contexts
can result in sudden changes in regulatory
and legal standards. With thl operating in
several countries and industries (including
tourism, automotive manufacturing and
transportation), the legislative context
is complex.
Potential legal, financial and
reputational impacts such as
exposure to litigation, revenue
loss and operational disruption.
Monitoring of upcoming legal policy and compliance
changes through engagement with legal advisers in each
region. The thl Future Fleet Global Scan highlights changing
regulation with regard to internal combustion engine vehicle
import cut-off dates and eRV charging infrastructure.
OUR CREW
FINANCIAL
INFRASTRUCTURE
Vehicle
technological
and obsolescence
risks
Our business currently relies on motorhome
manufacturing, rentals and sales. There
are several potential risks associated with
the possible poor selection of future fleet
and investment in new, low-emission
vehicle technology alongside the expected
rapid pace of technology change. Evolving
technology and regulatory changes such as
internal combustion engine sales / import
cut-off dates may cause parts for repair
to no longer be available and/or entire
vehicles to become obsolete.
Early adoption of the wrong
product (in volume) leads to having
a fleet profile that is misaligned
with demand, a lack of reduction
in emissions contributing to
climate change and financial
consequences. Obsolescence of
existing fleet has a risk that it could
lead to impairment of all or some
of fleet, operational impacts of
poor decisions and disruption to
daily activity.
Continue delivery of the Future Fleet programme including
Future Fleet eRV trials and regular external Future Fleet Global
Scans providing an overview of regulation, low-emissions
technology tipping points, renewable energy infrastructure
and climate trends. ‘Small bets often’ is the mitigation mantra.
NATURE
FINANCIAL
INFRASTRUCTURE
RELATIONSHIPS
Labour supply
risk: recruitment
and retention
Globally, recruitment challenges are easing
with some locational hotspots and some
roles still tight on supply. Overall, we remain
in a low unemployment environment with
continued wage pressures in all jurisdictions.
The challenge continues to prepare to have
the right number of crew with the right skills
to deliver operationally. This is a particular
risk in the lead-up to peak periods.
Lack of skilled labour and
sustainable labour force/high
churn impacting operations and
customer offering. Loss or lack
of key crew members (such as
from increased cost of working
holiday visas) resulting in loss of
knowledge, skills or reputation
that could impair the execution
of the business strategic plan.
Clear strategies to retain our crew through personal
development plans, wellbeing and appropriate remuneration
for each role where possible aligned with our Future-Fit Wage.
Regarding talent acquisition, our brand as an employer of choice
has been redefined to reflect the significant opportunities of
our merged businesses and development of assets to support
effective recruitment is under way. Continue to keep watching
brief on availability of visitor working visas and permits in the
different regions in which we operate.
OUR CREW
FINANCIAL
RELATIONSHIPS
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Risk TitleRisk DescriptionImpactsRisk ControlsOur Resources
Health, Safety &
Wellbeing (HSW)
The safety of our crew and customers
remains a critical priority to thl. The key
operational health and safety risks to
our business to proactively manage are
onsite traffic management, working at
heights, manufacturing services and
adventure tourism.
Potential for serious injury
or loss of life; financial and
reputational consequences;
operational disruption; impact
on mental health of those
directly and indirectly impacted
by a HSW event.
Protect programme embedded throughout rental and retail
business to connect the purpose of managing HSW to all crew,
especially those in high-risk environments. Regular internal
and external site audits and assessments are undertaken, with
outcomes being captured as part of ongoing risk assessments.
HSW team working within operational business units to
capitalise on global learnings and implement best practices at a
site level; process, procedure and training remains a core growth
area in the business. Ongoing assessment of high-risk tasks,
equipment and products, including assessing latest technology
that may enable risk elimination. New HSW recording system
is being rolled out throughout business with clear connection
of risks to incidents and near misses, allowing us to continue to
monitor and improve our controls.
OUR CREW
FINANCIAL
RELATIONSHIPS
Extreme weather
events, including
from climate
change
Globally, extreme weather events continue
to cause disruption and ongoing impacts
to the communities we operate in and the
destinations our customers visit. According
to the IPCC’s most recent report on climate
adaptation, disasters fuelled by the climate
crisis are already worse than scientists
originally predicted. These weather events
have the potential to impact operations and
infrastructure, cause loss of fleet and disrupt
our customers’ travel plans to tourism
destinations as well as posing a potential
safety risk.
Disruption to travel infrastructure
impacting customers, crew
or suppliers and/or impacting
operations. Disruption to our
tourism businesses including
the Discover Waitomo tours,
cave and karst ecosystem and
glowworm population.
Continue to proactively monitor potential significant events
and climate conditions and their possible impact on our
customers, crew and assets; regular training and crew
awareness/engagement. Telematics enables us to identify
who is in/near impacted areas and provide advance warning.
Consider proactive improvements to locations to minimise
impacts from weather events.
We recently undertook a climate-related extreme weather
event Risk Simulation which tested the emergency
preparedness of Australian and New Zealand leaders.
thl Climate Risks & Opportunities will be disclosed separately
in thl’s Climate Statements report in alignment with the
XRB Climate Standards. See Our carbon footprint section
of this report for more information.
NATURE
FINANCIAL
INFRASTRUCTURE
RELATIONSHIPS
Mass safety
recalls
Voluntary or required product recalls on
OEM-built product occur from time to time
and are overseen by a regulator. All factory
recalls are controlled and managed by
the manufacturer.
Serious safety concerns could lead to
grounding of fleets and could relate to
OEM-built product or vehicle components.
Potential serious injury or
death as a result of defective
manufacturing practices,
processes or component failure.
Impacts also include operational
disruption and impacts
to reputation.
Preventive controls include targeting reputable
manufacturers and aiming to have, where possible, a diverse
range of products, putting in place service-level agreements
with major suppliers and extended warranties.
We also have procedures in place covering recall processes
with regular Steering Committee meetings and a reporting
system to verify that all vehicles are actioned or repaired.
OUR CREW
FINANCIAL
INFRASTRUCTURE
RELATIONSHIPS
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-38°31’ S — 143°57’ E
Financials
Directors’ Statement 48
Consolidated statement of comprehensive income 49
Consolidated statement of financial position 50
Consolidated statement of changes in equity 51
Consolidated statement of cash flows 52
Notes to the consolidated financial statements 53
Independent Auditor’s Report 101
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FINANCIALS

Directors’ Statement
The Directors of Tourism Holdings Limited (thl) are pleased to present to shareholders,
the Annual Financial Statements for thl and its controlled entities (together the ‘Group’)
for the year ended 30 June 2024.
The Directors are responsible for presenting financial statements in accordance with
New Zealand law and generally accepted accounting practice, which present fairly,
in all material respects, the financial position of the Group as at 30 June 2024 and the
results of the Group’s operations and cash flows for the year ended on that date.
The Directors consider the financial statements of the Group have been prepared using
accounting policies which have been consistently applied and supported by reasonable
judgements and estimates and that all relevant financial reporting and accounting
standards have been followed.
The Directors believe that proper accounting records have been kept which enable, with
reasonable accuracy, the determination of the financial position of the Group and facilitate
compliance of the financial statements with the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets
of the Group, and to prevent and detect fraud and other irregularities. Internal control
procedures are also considered to be sufficient to provide a reasonable assurance as
to the integrity and reliability of the financial statements.
This document constitutes the 2024 Annual Report to shareholders of
Tourism Holdings Limited.
This Annual Report is signed on behalf of the Board by:
Cathy Quinn ONZM
Chair of the Board
27 August 2024
Rob Hamilton
Chair of the Audit and Risk Committee
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Notes
2024
$000’s
2023
$000’s
Sales of services2.1440,583 306,988
Sales of goods2.2481,148 356,853
Total revenue921,731 663,841
Cost of sales2.2(374,179) (257,654)
Gross profit547,552 406,187
Administration expenses4(110,288) (86,926)
Operating expenses4(328,542) (238,894)
Other operating income32,374 8,487
Impairment loss14.1(12,481)–
Operating profit before financing costs
(1)
98,615 88,854
Finance income3,265 629
Finance expenses6(43,470) (23,298)
Net finance costs(40,205) (22,669)
Share of profit from associates–812
Profit before income tax expense58,410 66,997
Income tax expense7.1(19,034) (17,139)
Profit for the financial year39,376 49,858
Other comprehensive (loss)/income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation reserve movement (net of tax)
19(315) 2,233
Cash flow hedge reserve movement (net of tax)19(855) 1,697
Items that will not be reclassified subsequently to profit or loss
Equity investment reserve movement (net of tax)
19(2,281) 1,638
Other comprehensive (loss)/income for the financial year(3,451) 5,568
Total comprehensive income for the financial year35,925 55,426
Earnings per shareCENTSCENTS
Basic earnings per share818.226.4
Diluted earnings per share818.126.1
(1) The consolidated statement of comprehensive income 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.
Consolidated statement of comprehensive income
For the financial year ended 30 June 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
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Notes
2024
$000’s
2023
$000’s
Assets
Non-current assets
Property, plant and equipment
10829,284659,291
Intangible assets14186,462190,315
Investments1714823,275
Derivative financial instruments261,2692,422
Right-of-use assets11130,089145,010
Deferred tax assets7.3683–
Total non-current assets1,147,9351,020,313
Current assets
Cash and cash equivalents
56,78576,794
Trade and other receivables2171,08364,035
Inventories13221,216181,928
Investments178266
Current tax receivables–13
Derivative financial instruments26357421
Total current assets349,523323,257
Total assets1,497,4581,343,570
Notes
2024
$000’s
2023
$000’s
Liabilities
Non-current liabilities
Interest-bearing loans and borrowings
20385,515250,715
Deferred tax liabilities7.345,49536,987
Lease liabilities126,909139,226
Employee benefits27300233
Total non-current liabilities558,219427,161
Current liabilities
Interest-bearing loans and borrowings
20117,157111,225
Trade and other payables2282,63362,033
Revenue in advance2369,24375,980
Employee benefits2719,91419,115
Provisions2,7523,495
Derivative financial instruments26105–
Current tax payables9,96812,903
Lease liabilities20,57920,703
Total current liabilities322,351305,454
Total liabilities880,570732,615
Net assets616,888610,955
Equity
Share capital
18516,402503,007
Cash flow hedge reserve191,1632,018
Other reserves1915,13418,081
Retained earnings84,18987,849
Total equity616,888610,955
Consolidated statement of financial position
As at 30 June 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
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Notes
Share
capital
$000’s
Cash flow
hedge
reserve
$000’s
Other
reserves
$000’s
Retained
earnings
$000’s
Total
Equity
$000’s
Balance as at 1 July 2023503,0072,01818,08187,849610,955
Profit for the financial year–––39,37639,376
Other comprehensive loss
for the financial year
–(855)(2,596)–(3,451)
Total comprehensive
(loss)/income for the
financial year
–(855)(2,596)39,37635,925
Transactions with owners,
recorded directly in equity
Dividends paid9–––(42,031)(42,031)
Ordinary shares issued1812,233–––12,233
Transfers from employee
share scheme reserve
181,162–(1,754)592–
Share-based payments29––(194)–(194)
Transfer from equity
investment reserve
19––1,597(1,597)–
Balance as at 30 June 2024516,4021,16315,13484,189616,888
Notes
Share
capital
$000’s
Cash flow
hedge
reserve
$000’s
Other
reserves
$000’s
Retained
earnings
$000’s
Total
equity
$000’s
Balance as at 1 July 2022278,98332114,66437,700331,668
Profit for the financial year–––49,85849,858
Other comprehensive
income for the financial year
–1,6973,871–5,568
Total comprehensive
income for the
financial year
–1,6973,87149,85855,426
Transactions with owners,
recorded directly in equity
Ordinary shares issued for
the acquisition of Apollo
15.2,18212,889–––212,889
Ordinary shares issued as
part of consideration for
51% acquisition of Just go
15.3,188,031–––8,031
Ordinary shares issued18779–––779
Transfers from employee
share scheme reserve
182,325–(2,616)291–
Share-based payments29––2,162–2,162
Balance as at 30 June 2023503,0072,01818,08187,849610,955
Consolidated statement of changes in equity
For the financial year ended 30 June 2024
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
PERFORMANCEABOUT thl51thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS

Consolidated statement of cash flows
For the financial year ended 30 June 2024
Notes
2024
$000’s
2023
$000’s
Cash flows from operating activities
Receipts from customers
446,001316,907
Proceeds from sale of goods471,742352,441
Interest received3,265531
Payments to suppliers and employees(619,716)(400,085)
Purchase of rental assets(345,121)(312,082)
Interest paid(41,756)(23,542)
Net income tax (paid)/received(10,057)4,403
Net cash flows used in operating activities30(95,642)(61,427)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
43058,619
Purchase of property, plant and equipment(12,078)(7,014)
Purchase of intangibles(4,010)(5,107)
Proceeds from sale of investments1720,821–
Purchase consideration for the Camperagent acquisition15.1(11,839)–
Net cash received as part of the Apollo business combination15.2–50,602
Net cash received as part of the step acquisition of Just go15.3–4,374
Advance to joint venture–(172)
Net cash flows (used in)/from investing activities(6,676)101,302
Cash flows from financing activities
Proceeds from exercise of share options
181,780975
Proceeds from interest-bearing loans and borrowings30.3733,317417,741
Repayment of interest-bearing loans and borrowings30.3(593,934)(400,873)
Repayment of lease liability principal 30.3(25,304)(21,938)
Dividends paid(33,354)–
Net cash flows from/(used in) financing activities82,505(4,095)
Net (decrease)/increase in cash and cash equivalents(19,813)35,780
Opening cash and cash equivalents 76,79438,816
Effect of exchange rate fluctuations on cash and
cash equivalents
(196)2,198
Closing cash and cash equivalents 56,78576,794
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
PERFORMANCEABOUT thl52thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS

Notes to the consolidated financial statements
Index
Section A – Financial performance 56
1 Segment reporting 56
2 Revenue 60
3 Other operating income 61
4 Administration and operating expenses 61
5 Employee benefits expense 62
6 Finance expenses 62
7 Income tax 62
8 Earnings per share 65
9 Dividends 65
Section B – Assets used to generate profit 66
10 Property, plant and equipment 66
11 Right-of-use assets 68
12 Capital commitments 70
13 Inventories 70
14 Intangible assets 71
Section C – Investments 75
15 Business combinations 75
16 Material subsidiaries of Tourism Holdings Limited 78
17 Investments 78
Section D – Managing funding 79
18 Share capital 79
19 Reserves 79
20 Interest-bearing loans and borrowings 80
21 Trade and other receivables 82
22 Trade and other payables 83
23 Revenue in advance 83
24 Financial instruments 84
Section E – Managing risk 87
25 Financial risk management 87
26 Derivative financial instruments 90
Section F – Other 92
27 Employee benefits 92
28 Key management personnel and related party disclosures 92
29 Share-based payments 93
30 Notes to the consolidated statement of cash flows 98
31 Auditor’s remuneration 99
32 Contingencies 100
33 Subsequent events 100
PERFORMANCEABOUT thl53thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
About this report
Basis of preparation
The primary operations of Tourism Holdings Limited (the ‘Company’ or ‘thl’) and its
subsidiaries (together the ‘Group’) are the manufacture, rental and sale of recreational
vehicles (RVs) including motorhomes, campervans and caravans and other tourism
related activities. The Company is domiciled in 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 Company’s shares are dual listed on the New Zealand Stock Exchange and the
Australian Securities Exchange (ticker code: THL).
The registered office is:
Level 1, 83 Beach Road
Auckland 1010
New Zealand
The consolidated financial statements of the Group have been prepared:
• in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP)
and comply with New Zealand equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS), as
applicable for a ‘for profit’ entity;
• in accordance with the requirements of Part 7 of the Financial Markets Conduct Act 2013
and the NZX Main Board Listing Rules;
• under the historical cost convention, as modified by the revaluation of certain
assets and liabilities as identified in specific accounting policies; and
• in New Zealand dollars with values rounded to thousands ($000’s) unless
otherwise stated.
These financial statements have been prepared on a going concern basis.
These consolidated financial statements were approved for issue on 27 August 2024.
Throughout this document, critical accounting estimates are identified using the
following key:
Material accounting policies
Critical accounting estimates
Summary of significant accounting policies
(a) Consolidation
The Group consolidates its subsidiaries, as these are the entities over which the Group
has control. The Group controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. Subsidiaries are fully consolidated from the date
on which control is transferred to the Group. They are deconsolidated from the date that
control ceases.
Inter-company transactions, balances and unrealised gains on transactions between
Group companies are eliminated. Unrealised losses are also eliminated but considered
an impairment indicator of the asset transferred. Accounting policies of subsidiaries have
been changed where necessary to ensure consistency with the policies adopted by the
Group. Information on the Group’s subsidiaries can be found in note 16.
(b) Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured
using the currency of the primary economic environment in which the entity operates
(‘the functional currency’). The consolidated financial statements are presented in
New Zealand dollars, rounded to the nearest thousand, which is the Company’s
functional and presentation currency.
Translation into presentation currency
The results and financial position of all the Group entities with foreign operations (none
of which has the currency of a hyperinflationary economy) that have a functional currency
different from the presentation currency are translated into the presentation currency
as follows:
(i) assets and liabilities for each statement of financial position (‘balance sheet’)
presented are translated at the closing rate at the date of that balance sheet;
(ii) income and expenses are translated at the average monthly exchange rates; and
(iii) all resulting exchange differences are recognised as a separate component of equity.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are
treated as assets and liabilities of the foreign entity and translated at the closing rate.
PERFORMANCEABOUT thl54thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
Transactions and balances in the functional currency
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss, except when deferred in equity as qualifying
cash flow hedges.
At the end of each reporting period:
(i) Foreign currency monetary items are translated using the closing rate;
(ii) Non-monetary items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rate at the date of the transaction; and
(iii) Non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was measured.
PERFORMANCEABOUT thl55thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
In this section
This section explains the financial operations of thl, providing additional information
about individual items in the consolidated statement of comprehensive income,
including segmental information, certain expenses and dividend distribution information.
1. Segment reporting
thl is organised into geographic and service type operating segments. They are made up
of the following business operations:
New Zealand Rentals & Sales – Rental of motorhomes and the sale of new and ex-rental
fleet direct to the public and through a dealer network;
Action Manufacturing – Manufacturing and the sale of motorhomes and other speciality
vehicles;
Tourism – Kiwi Experience and the Discover Waitomo Caves Group experiences;
Australia Rentals, Sales & Manufacturing – Rental of motorhomes and 4WD vehicles,
manufacture of RVs, the sale of new and used RVs and ex-rental fleet direct to the public
and through a dealer network and Australian Group Support Services;
United States Rentals & Sales – Rental of motorhomes and the sale of new and ex-rental
fleet directly to the public and through a dealer network;
Canada Rentals & Sales – Rental of motorhomes and the sale of new and ex-rental fleet
directly to the public and through a dealer network;
UK/Ireland Rentals & Sales – Rental of motorhomes and the sale of new and ex-rental
fleet directly to the public and through a dealer network; and
Corporate – New Zealand Group Support Services and thl digital.
Section A – Financial performance
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 together with the Board of Directors
(the Board), who 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
consolidated statement of comprehensive income. The Group is not reliant on any one
external individual customer for 10 per cent or more of the Group’s revenue. Operating
expenses incurred by one segment on behalf of another and recharged on a cost-recovery
basis are presented on a net basis. Intra-group dividends are presented net of
eliminations. Segment assets and liabilities are measured in the same way as in the
consolidated statement of financial position. These assets and liabilities are allocated
based on the operations of the segment, and the physical location for assets.
Segment assets consist primarily of property, plant and equipment, intangible assets,
right-of-use assets, inventories, trade and other receivables and cash and cash equivalents
used in the operations of the segments. The investments and derivatives designated as
hedges of borrowings are allocated to the ‘Corporate’ operating segment as these are
managed and monitored on a Group basis.
PERFORMANCEABOUT thl56thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
1. Segment reporting (continued)
2024
New Zealand
Rentals & Sales
$000’s
Action
Manufacturing
$000’s
Tourism
$000’s
Australia
Rentals, Sales &
Manufacturing
$000’s
United States
Rentals & Sales
$000’s
Canada
Rentals & Sales
$000’s
UK/Ireland
Rentals & Sales
$000’s
Corporate
$000’s
Total
$000’s
Sales of services110,6286041,952129,37087,32951,21218,9971,035440,583
Sales of goods - external37,01573,939–246,82270,06836,69216,612–481,148
Sales of goods - inter-segment–104,503––2,01299915,621–123,135
Total segment revenue147,643178,50241,952376,192159,40988,90351,2301,0351,044,866
Depreciation(20,151)(4,364)(1,464)(32,289)(23,838)(9,313)(3,960)(563)(95,942)
Amortisation(19)(16)(623)544(123)310–(1,493)(1,420)
Impairment loss––––––(12,481)–(12,481)
Other costs - external(81,797)(61,980)(26,889)(302,518)(132,481)(66,722)(32,060)(10,419)(714,866)
Other costs - inter-segment–(98,253)––(1,925)(1,022)(15,484)–(116,684)
Segment operating profit/(loss)
before finance costs
45,67613,88912,97641,9291,04212,156(12,755)(11,440)103,473
Interest income–131–319317931101,5573,265
Interest expense(3,839)(1,194)(999)(12,872)(12,516)(8,633)(3,308)(109)(43,470)
Segment profit/(loss) before income tax41,83712,82611,97729,376(11,157)4,454(16,053)(9,992)63,268
Segment income tax (expense)/benefit(11,169)(3,591)(4,357)(7,500)3,012(739)3731,889(22,082)
Segment profit/(loss) for the financial year30,6689,2357,62021,876(8,145)3,715(15,680)(8,103)41,186
Other segment disclosures
Capital expenditure
129,1832,55438582,88477,83731,97637,9103,153365,882
Non-current assets245,29324,17413,865358,319265,419167,26156,13125,8821,156,344
Total assets285,97373,87716,134525,848302,559194,03867,05940,4401,505,928
PERFORMANCEABOUT thl57thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
2023
New Zealand
Rentals & Sales
$000’s
Action
Manufacturing
$000’s
Tourism
$000’s
Australia
Rentals, Sales &
Manufacturing
$000’s
United States
Rentals & Sales
$000’s
Canada
Rentals & Sales
$000’s
UK/Ireland
Rentals & Sales
$000’s
Corporate
$000’s
Total
$000’s
Sales of services77,029–25,069106,41478,65612,0666,6141,140306,988
Sales of goods - external47,20447,007–132,33297,74122,37210,052145356,853
Sales of goods - inter-segment–71,497––––––71,497
Total segment revenue124,233118,50425,069238,746176,39734,43816,6661,285735,338
Depreciation(13,144)(3,394)(1,470)(22,251)(21,176)(2,959)(2,366)(665)(67,425)
Amortisation(155)(32)(621)(459)(117)(73)–(1,018)(2,475)
Other costs - external(78,806)(39,572)(16,686)(179,996)(141,635)(30,822)(16,157)(1,707)(505,381)
Other costs - inter-segment–(67,208)––––––(67,208)
Segment operating profit/(loss)
before financing costs
32,1288,2986,29236,04013,469584(1,857)(2,105)92,849
Interest income–60–408123106(45)(23)629
Interest expense(682)(752)(61)(6,285)(5,758)(4,346)(1,222)(4,192)(23,298)
Share of profit from associates––––––812–812
Segment profit/(loss) before income tax31,4467,6066,23130,1637,834(3,656)(2,312)(6,320)70,992
Segment income tax (expense)/benefit(9,260)(2,130)(1,856)(4,682)(2,042)1,810345676(17,139)
Segment profit/(loss) for the financial year22,1865,4764,37525,4815,792(1,846)(1,967)(5,644)53,853
Other segment disclosures
Capital expenditure
67,0434,03845462,725125,31549,43817,587742327,342
Non-current assets138,69926,90315,659284,072267,109195,43061,29240,3341,029,498
Total assets
(1)
170,40580,75017,538431,358305,853209,66876,43061,3011,353,303
(1) Provisional goodwill of $102.1 million at 30 June 2023 acquired from the Apollo business combination was reallocated from the Corporate segment to the Australia Rentals & Sales and New Zealand Rentals & Sales operating segments
of $95.1 million and $7.0 million respectively.
1. Segment reporting (continued)
PERFORMANCEABOUT thl58thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
Reconciliation of reportable segment revenue and profit before income tax
RevenueProfit before tax
2024
$000’s
2023
$000’s
2024
$000’s
2023
$000’s
Segment total1,044,866735,33863,26870,992
Consolidation adjustments relating to intra-group sale of goods
(1)
(123,135)(71,497)(4,858)(3,995)
Consolidated total921,731663,84158,41066,997
Reconciliation of reportable segment assets
Non-current assetsTotal assets
2024
$000’s
2023
$000’s
2024
$000’s
2023
$000’s
Segment total1,156,3441,029,4981,505,9281,353,303
Consolidation adjustments relating to intra-group sale of goods
(1)
(8,409)(9,185)(8,470)(9,733)
Consolidated total1,147,9351,020,3131,497,4581,343,570
(1) This consolidation adjustment relates to the elimination of internal sales and purchases of rental fleet vehicles between the Group’s operating segments. Sales and purchases of rental fleet vehicles and inventory between the
Australian manufacturing, retail and rental businesses are eliminated within the Australia Rentals, Sales & Manufacturing operating segment.
1. Segment reporting (continued)
PERFORMANCEABOUT thl59
thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
2. Revenue
The revenue earned by the Group is derived from the satisfaction of one or more
performance obligations, which are satisfied at a point in time or over a period
of time.
(i) Sales of services
Sales of services comprises rental income and service revenue.
Rental income
Leases in which the Group does not transfer substantially all the risks and rewards
of ownership of an asset are classified as operating leases as a lessor. Rental
income is recognised in the accounting period in which the services are rendered,
by reference to completion of the specific transaction. Where the rental covers a
period of more than one day, revenue is recognised on a straight-line basis based
on the number of days of the booking that have occurred by year-end as a
proportion of the total number of days in the booking. The portion of the revenue
that occurs after year-end is shown as revenue in advance on the statement of
financial position.
Service revenue
Service revenue comprises various performance obligations (rental add-ons such
as accessories and customer liability reduction) in which satisfaction in most cases
occurs evenly over the rental period and is recognised accordingly. The Group
recognises this revenue over time, as the customer simultaneously receives and
consumes the benefits provided by the Group’s performance.
Sales from tourism services are recognised when the service is rendered to the
customer and are recognised in the accounting period in which the performance
obligation is satisfied, being when the customer obtains the benefit from the
service. It relates to the satisfaction of a number of performance obligations at a
point in time; the contract price that is determined for any single performance
obligation is based with reference to the stand-alone price and no significant
financing components exist, as the transaction is settled within 12 months from
the transaction date. There are no costs to obtain or fulfil the contract.
The Group prices its services on a fixed basis and the pricing is fixed and
determinable when the duly executed arrangement is finalised. It has also been
determined that there are no significant financing components as part of the
Group’s sale of services arrangements.
Revenue from these sales is recognised net of the estimated discounts or other
promotions. Accumulated experience is used to estimate and provide for the
discounts, using the expected value method, and revenue is only recognised to the
extent that it is highly probable that a significant reversal will not occur.
(ii) Sales of goods
The Group sells a range of RVs including motorhomes, campervans, caravans,
accessories and other merchandise. Sales are recognised when control of the
goods has transferred, being when the goods are delivered to the customer and
the customer has the ability to direct the use of the goods. It relates to the
satisfaction of a single performance obligation at a point in time; the contract price
is determined and no significant financing components exist as the transaction is
settled within 12 months from the transaction date and there are no costs to obtain
or fulfil the contract.
PERFORMANCEABOUT thl60thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
2.1 Sales of services
Sales of services includes revenue from rental of motorhomes, Wi-Fi, accessories,
additional services relating to the rental of motorhomes, revenue from RV repairs
and servicing and the sale of tourism experiences (for Kiwi Experience and Waitomo)
and app subscriptions income (thl digital).
2024
$000’s
2023
$000’s
Rental revenue315,596232,853
Service revenue124,98774,135
Total sales of services440,583306,988
The expected minimum lease payments to be received on lease of motorhomes, based on
the booked rentals as of balance date, are as follows:
2024
$000’s
2023
$000’s
Within one year27,65427,104
Within one to two years426
Total minimum lease payments27,65827,130
2.2 Sales of goods
Sales of goods includes revenue from the sale of motorhomes, caravans, other specialty
vehicles and other merchandise.
Cost of goods includes the net book value of ex-rental fleet sold and the purchase price of
new vehicles, trade-ins and retail goods sold.
2024
$000’s
2023
$000’s
Sales of goods481,148356,853
Cost of sales(374,179)(257,654)
Gross profit106,96999,199
3. Other operating income
2024
$000’s
2023
$000’s
Other income2,5953,339
Fair value gains on financial assets recognised at fair value through
profit or loss
181,638
Gain on previously held equity instrument
(1)
–3,510
Loss on disposals of non-fleet assets(239)–
Other operating income2,3748,487
(1) For the financial year ended 30 June 2023, $3.5 million relates to the Group’s revaluation of its previously held 49%
shareholding in Just go.
4. Administration and operating expenses
Administration and operating expenses include:
Notes
2024
$000’s
2023
$000’s
Depreciation10,1194,35467,131
Amortisation141,4202,475
Repairs and maintenance including damage repairs40,37532,259
Marketing costs13,2639,370
Information technology costs11,3257,822
Raw materials and consumables5,6483,099
Rental and lease costs5,4353,614
Transaction costs
(1)
–5,760
Net foreign exchange gain(612)(812)
(1) For the financial year ended 30 June 2023 transaction costs from the Apollo merger of $5.8 million were expensed
through the consolidated statement of comprehensive income.
2. Revenue (continued)
PERFORMANCEABOUT thl61thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
5. Employee benefits expense
Employee entitlements to salaries and wages and annual leave to be settled
within 12 months of the reporting date represent present obligations resulting
from employees’ services provided up to the reporting date. These are calculated
at undiscounted amounts based on remuneration rates that the Group expects
to pay.
2024
$000’s
2023
$000’s
Wages and salaries167,975120,109
Share-based payments6931,226
Other employee benefits5,7984,123
Total employee remuneration174,466125,458
6. Finance expenses
2024
$000’s
2023
$000’s
Interest on interest-bearing loans and borrowings35,43616,949
Interest on lease liabilities8,0346,349
Total finance expenses43,47023,298
7. Income tax
The Group is subject to income taxes in multiple jurisdictions. Significant judgement
is required in determining the worldwide provision for income taxes. There are many
transactions and calculations for which the ultimate tax determination is subject of a
thorough review. In the event of uncertain tax positions, the Group recognises a tax
liability when there is an expected future outflow of funds to a taxation authority. In
such cases, a provision is made for the most likely amount or expected value to be
settled. Where the final tax outcome of these matters is different from the amounts
that were initially recorded, such differences will impact the income tax and deferred
tax provisions in the period in which such determination is made.
Current and deferred income tax
Income tax expenses comprises current tax and deferred tax.
Current tax is the amount of income tax payable based on the taxable profit for the
current year, plus any adjustments to income tax payable in respect of prior years.
Current tax is calculated using rates that have been enacted or substantially
enacted by balance date.
Deferred tax is the amount of income tax payable or recoverable in future periods
in respect of temporary differences and unused tax losses. Temporary differences
are differences between the carrying amount of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation
of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary
differences. Deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available, against which the deductible temporary
differences or tax losses can be utilised.
Deferred tax is not recognised if the temporary difference arises from the initial
recognition of goodwill or from the initial recognition of an asset and liability in a
transaction that is not a business combination and, at the time of the transaction,
affects neither accounting profit nor taxable profit.
Deferred tax is recognised on taxable temporary differences arising on
investments in subsidiaries and associates, except where the company can control
the reversal of the temporary difference and it is probable that the temporary
difference will not be reversed in the foreseeable future.
PERFORMANCEABOUT thl62thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
Deferred tax is calculated at the tax rates that are expected to apply in the period
when the liability is settled or the asset is realised, using tax rates that have been
enacted or substantially enacted by balance date.
Current tax and deferred tax are charged or credited to profit or loss, except when
it relates to items charged or credited directly to equity, in which case the tax is
classified within equity.
7.1 Income tax expense
2024
$000’s
2023
$000’s
Income tax expense
Current tax expense for the financial year
14,16315,182
Adjustment for prior financial years(2,048)–
Total current tax expense12,11515,182
Deferred tax expense
Increase in deferred tax assets
(5,106)(3)
Increase in deferred tax liabilities12,0251,960
Total deferred tax expense6,9191,957
Total income tax expense19,03417,139
7.2 Reconciliation of income tax expense
The tax on profit before tax differs from the theoretical amount that would arise
using the weighted average tax rate applicable to profits of the consolidated companies.
For the financial year ended 30 June 2024 the weighted average effective tax rate was
32.6% (2023: 25.6%). The impairment of goodwill allocated to the UK/Ireland Rentals & Sales
operating segment has resulted in a higher weighted average effective tax rate and an
increase in expenses not deductible for tax purposes for the 2024 financial year.
2024
$000’s
2023
$000’s
Profit before income tax expense58,41066,997
Tax calculated at domestic rates applicable to the profits/(losses) in
the respective countries
16,40318,947
Prior year adjustments(3,345)(775)
Non-assessable income
(1)
(155)(2,454)
Expenses not deductible for tax purposes5,0211,655
Recognised deferred tax on share-based payments602(234)
Adjustment from removal of depreciation on New Zealand
commercial buildings
588–
Other adjustments(80)–
Income tax expense19,03417,139
(1) The non-assessable income includes income from the Group’s equity investment in Just go to 30 September 2022
and fair value gain from acquiring the remaining 51% shareholding in Just go (note 15.3).
7. Income tax (continued)
PERFORMANCEABOUT thl63thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024

Notes to the consolidated financial statements (continued)
7.3 Deferred income tax
Deferred income tax assets are recognised for tax loss carry-forward to the
extent that the realisation of the related tax benefit through future taxable
profits is probable.
Deferred income tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current liabilities and
when the deferred income tax relates to the same fiscal authority.
Deferred tax assets and liabilities are offset in the consolidated statement of financial
position and presented as a net deferred tax liability where the Group has a legally
enforceable right to set off the recognised amounts and when the Group either intends
to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2024
$000’s
2023
$000’s
Deferred tax assets683–
Deferred tax liabilities(45,495)(36,987)
Net deferred tax liabilities(44,812)(36,987)
The movement in the deferred tax assets and liabilities is provided below:
2024
Opening
balance
as at
1 July
2023
$000’s
Recognised
in profit
or loss
$000’s
Recognised
in equity
$000’s
Closing
balance
as at
30 June
2024
$000’s
Tax losses45,843(2,163)–43,680
Provisions13,0467,519–20,565
Derivative financial instruments2,43272–2,504
Lease liabilities4,006(367)–3,639
Reserves1,12145(1,166)–
Deferred tax assets66,4485,106(1,166)70,388
Property, plant and equipment(92,536)(11,015)–(103,551)
Intangible assets(5,967)(1,720)–(7,687)
Derivative financial instruments(3,823)–384(3,439)
Trade and other receivables(1,109)710–(399)
Reserves––(124)(124)
Deferred tax liabilities(103,435)(12,025)260 (115,200)
Net deferred tax liabilities(36,987)(6,919)(906)(44,812)
7. Income tax (continued)
PERFORMANCEABOUT thl64thl INTEGRATED ANNUAL REPORT 2024
STRATEGY IN ACTIONDISCLOSURESREMUNERATIONGOVERNANCEFINANCIALS
For the financial year ended 30 June 2024