Tourism : 18Sep2020 - NZX Media Release - thl FY20 Annual Results

Tourism Holdings Limited	Tel: [phone]
The Beach House	Fax: [phone]
Level 1, 83 Beach Road	www.thlonline.com
Auckland City
PO Box 4293, Shortland Street
Auckland 1140, New Zealand

18 September 2020

MEDIA | NZX RELEASE

TOURISM HOLDINGS LIMITED (thl)

ANNUAL RESULTS FOR THE YEAR ENDING 30 JUNE 2020

Resilience to reset

• Statutory net profit after tax (NPAT) of $27.4M, down 8% on the prior corresponding period (pcp), and statutory EBIT of $48.6M, down 22% on the pcp
• Underlying NPAT of $20.0M, down 28% on the pcp result of $27.9M
• Net debt of $128M as at 30 June 2020 has since fallen further to reach $75M as at 31 August 2020
• The USA vehicle sales business achieved 68% (in USD) revenue growth in the last four months of FY20, compared to the pcp
• Global rental revenue was achieving revenue growth in the first eight months of FY20 compared to the pcp, prior to the impact of COVID-19
• Digital strategy refocused to a regional, cost-effective approach through thl digital and investment in triptech (formerly Outdoria)
• Remain committed to our Future-Fit Business strategy

thl today releases its results for the financial year ending 30 June 2020 (FY20).

Mr Rob Campbell, thl Chair, said "thl's result for FY20 is, in the Board's review, an admirable achievement given the shock to the business from COVID-19 since March. The result is a testament to the resilience, intellectual capability and dedication of our people and our organisation."

"There is considerable uncertainty over the coming 12 months, however we are confident that we have the right skills and capabilities to lead thl through these turbulent times and through to a recovery in international tourism. We are constantly assessing all potential scenarios and actively responding to developments as they occur."

Mr. Grant Webster, thl Chief Executive, said "in the last six months of FY20, we have had an unwavering focus on managing the impact of international border closures and lockdown measures on our core businesses, while developing and implementing new product offerings as an essential services provider, and capitalising on growth in demand for RVs to effectively manage our balance sheet by reducing debt."

Self drive		Design &		Guided
Experiences		Manufacturing		Experiences
New Zealand		New Zealand		New Zealand
Australia		Australia
USA
UK

"With good control of the balance sheet and strong ongoing demand for RV sales to date, we have prepared ourselves to operate in the current domestic market environment, and are appropriately positioned to recover at pace when international tourism returns."

As previously advised, given current market conditions no final dividend has been declared for FY20.

The integrated report, including the financial statements, as well as a detailed investor presentation are all available on thl's website.

ENDS

Authorised by:

Rob Campbell

Chairman, Tourism Holdings Limited

For further information contact: Grant Webster

thl Chief Executive

Direct Dial: +64	9 336 4255
Mobile:	+64	21 449 210

About thl(www.thlonline.com)

thl is a global tourism operator. We are listed on the NZX and are the largest provider of RVs for rent and sale in Australia and New Zealand, and the second largest in North America. In the USA, we own and operate the Road Bear RV Rentals & Sales brand and El Monte RV Rentals & Sales. In the UK, thl owns 49% of Just go Motorhomes. Within New Zealand, we operate Kiwi Experience and the Discover Waitomo group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co. thl is a joint venture partner in Action Manufacturing LP, New Zealand's largest motorhome and specialist vehicle manufacturer.