Tourism Holdings Limited · NZX:THL
Tourism — Tourism Holdings Rentals — H1 FY2025 Earnings Presentation
37 slides from Tourism's earnings presentation, Feb 25, 2025
Slide 1: FY25 Interim Results Presentation
For personal use only FY25 INTERIM RESULTS PRESENTATION As seen, worldwide 25 FEBRUARY 2025
Slide 2: Disclaimer
thl FY25 INTERIM RESULTS PRESENTATION 2 For personal use only Disclaimer This presentation contains forward- This presentation has been laws. Past performance information This presentation does not take into looking statements and projections. prepared for publication in New given in this presentati
Slide 3: Executive Summary
thl FY25 INTERIM RESULTS PRESENTATION 3 Executive Summary • Underlying net profit after tax of $26.5M, down 33% For personal use only • Statutory net profit after tax of $25.3M, down 36% • Group Return on Funds Employed (trailing 12 months) of 8.1% • Underlying EBITDA of $113.3M, down 5% • Continued
Slide 4: Results Summary
thl FY25 INTERIM RESULTS PRESENTATION Results Summary COMPARED TO THE PRIOR CORRESPONDING PERIOD For personal use only RENTAL REVENUE SALE OF GOODS REVENUE CLOSING RENTAL FLEET1 INTERIM DIVIDEND $232M $206M 8,172 2.5cps +8% -4% +11% -44% UNDERLYING NET PROFIT AFTER TAX2 STATUTORY NET PROFIT AFTER TA
Slide 5: Return on Funds Employed (Trailing Months)
thl FY25 INTERIM RESULTS PRESENTATION 5 Return on Funds Employed (Trailing 12 Months) New Zealand divisions above target; North America and UK/Ireland bring down group performance • Due to the seasonality of thl’s divisions, ROFE should Trailing 12 Months to 31 December 2024 For personal use only be
Slide 6: thl Global Snapshot
thl FY25 INTERIM RESULTS PRESENTATION 6 thl Global Snapshot Rental fleet and revenue are growing, while sales are at a cyclical low For personal use only Average RevPARV Ex-Fleet Sales Ex-Fleet Retail RV Retail RV Rental Volumes1 Sales Margin1 Sales Volumes Sales Margin Fleet Size 7,807 $29.8k 595 2
Slide 7: RV Industry Market Overview
thl FY25 INTERIM RESULTS PRESENTATION 7 RV Industry Market Overview RV operators worldwide are navigating tough market conditions For personal use only • thl has remained profitable and continues to pay a dividend through what we believe are the most challenging conditions in the RV sales industry i
Slide 8: Dividend
thl FY25 INTERIM RESULTS PRESENTATION 8 Dividend Interim dividend of 2.5 cps declared • The Board has approved an interim FY25 dividend of 2.5 cents per share, 100% imputed and 0% franked For personal use only • The dividend reinvestment plan is offered for eligible shareholders with a 2% discount a
Slide 9: Strengthening Financial Resilience
thl FY25 INTERIM RESULTS PRESENTATION 9 Strengthening Financial Resilience Closing Net Debt1 Average Net Focus on prudent management of balance sheet Debt1 • Closing net debt of $477M. Higher debt attributable to fleet $477M $468M For personal use only growth during period and slower than anticipate
Slide 10: Disciplined Capital Management
thl FY25 INTERIM RESULTS PRESENTATION 10 Disciplined Capital Management Conservatively growing fleet in current conditions Capital Management For personal use only • We are implementing thl’s capital management disciplines Gross Fleet Capital Ex-Fleet Sales by moderating fleet manufacturing and purc
Slide 11: Cost Out and Optimisation Initiatives
thl FY25 INTERIM RESULTS PRESENTATION 11 Cost Out and Optimisation Initiatives Confidence remains high in meeting our targeted cost reduction plan for at least $12M NPAT benefit in FY27 For personal use only ✓ Closure of the Melbourne sub-assembly plant, with activity consolidated into the Brisbane
Slide 12: Building for a Stronger Future
thl FY25 INTERIM RESULTS PRESENTATION 12 Building for a Stronger Future We are facing a cyclical low but are implementing initiatives for sustainable growth EXPECTED SIZE OF INITIATIVES EXPECTED BENEFITS AND TIMEFRAME For personal use only OPPORTUNITY1 • Organic growth of thl’s rental fleet by 20%+,
Slide 13: Real and Accounting Depreciation Rates
thl FY25 INTERIM RESULTS PRESENTATION 13 Real and Accounting Depreciation Rates • The Real Depreciation Rate (RDR) is a key metric in assessing whether REAL DEPRECIATION RATES For personal use only thl is efficiently purchasing and selling its rental fleet • thl’s RDRs have been below historical nor
Slide 14: Divisional Review
thl FY25 INTERIM RESULTS PRESENTATION 14 For personal use only Divisional Review 36° 14′ N — 116° 49′ W
Slide 15: New Zealand Rentals & Sales
thl FY25 INTERIM RESULTS PRESENTATION 15 New Zealand Rentals & Sales • Return on Funds Employed (TTM) of 19.0% NZD $M H1 FY25 H1 FY24 VAR VAR % Rental revenue 54.7 43.9 10.8 25% For personal use only • Another period of earnings growth due to increased fleet and the Sale of goods revenue 21.6 19.1 2
Slide 16: Australia Rentals, Sales & Manufacturing
thl FY25 INTERIM RESULTS PRESENTATION 16 Australia Rentals, Sales & NZD $M Rental revenue H1 FY25 73.8 H1 FY24 68.0 VAR 5.8 VAR % 8% Manufacturing Sale of goods revenue 115.3 117.4 (2.1) (2%) Costs (173.7) (163.1) (10.6) (7%) • Return on Funds Employed (TTM) of 8.7% Underlying EBIT1 15.4 22.3 (7.0)
Slide 17: North America Rentals & Sales
thl FY25 INTERIM RESULTS PRESENTATION 17 North America Rentals & Sales • Return on Funds Employed (TTM) of 0.5% NZD $M H1 FY25 H1 FY24 VAR VAR % Rental revenue 91.2 91.2 0.1 0% For personal use only • The North America segment combines USA Rentals & Sales and Canada Sale of goods revenue 24.0 36.4 (
Slide 18: UK & Ireland Rentals & Sales
thl FY25 INTERIM RESULTS PRESENTATION 18 UK & Ireland Rentals & Sales • Return on Funds Employed (TTM) <0% NZD $M H1 FY25 H1 FY24 VAR VAR % Rental revenue 12.4 11.9 0.4 4% For personal use only • A disappointing performance in both rentals and RV sales has led to a Sale of goods revenue 10.2 23.6 (1
Slide 19: Action Manufacturing (NZ)
thl FY25 INTERIM RESULTS PRESENTATION 19 Action Manufacturing (NZ) • Return on Funds Employed (TTM) of 27.9% (inclusive of intercompany NZD $M H1 FY25 H1 FY24 VAR VAR % transactions) Sale of goods - third party 35.3 34.3 1.0 3% For personal use only Costs - third party (32.5) (29.9) (2.6) (9%) • EBI
Slide 20: Tourism
thl FY25 INTERIM RESULTS PRESENTATION 20 Tourism • Return on Funds Employed (TTM) of 146%, the highest in the group Tourism NZD $M H1 FY25 H1 FY24 VAR VAR % • Strong result, especially as the pcp had the benefits of the FIFA Women’s World Cup Revenue 19.3 18.3 1.0 6% during typically quiet months Co
Slide 21: Outlook
thl FY25 INTERIM RESULTS PRESENTATION 21 For personal use only Outlook -45° 02’ S — 168° 29’ E
Slide 22: RV industry has a positive long-term outlook
thl FY25 INTERIM RESULTS PRESENTATION 22 We believe the RV industry has a positive long-term outlook Despite today’s challenges, demographic and travel trends should help grow the RV travel category for years to come For personal use only Interest in RV travel from younger generations The median age
Slide 23: Outlook
thl FY25 INTERIM RESULTS PRESENTATION 23 Outlook • We remain focused on increasing underlying NPAT in FY25, but acknowledge the risks and uncertainty in the coming period. • We are growing global rental hire days and we are on track to deliver our cost-out targets which should add significant benefi
Slide 24: Questions
thl FY25 INTERIM RESULTS PRESENTATION 24 For personal use only Questions -14° 19’ S — 132° 34’ E
Slide 25: Thank you
thl FY25 INTERIM RESULTS PRESENTATION 25 For personal use only Thank you 42° 46’ S — 147° 33’ E
Slide 26: Important Notes
thl FY25 INTERIM RESULTS PRESENTATION 26 For personal use only Important Notes 36° 14′ N — 116° 49′ W
Slide 27: Important notes
27 Important notes For personal use only • All financials are in NZ dollars unless stated • The balance sheet is converted at the following otherwise (throughout presentation). closing rates: • All comparisons are against prior corresponding ▶ The USD cross rate used was 0.5640 (H1 FY24: period unle
Slide 28: Glossary of Key Terms
thl FY25 INTERIM RESULTS PRESENTATION 28 Glossary of Key Terms Average Fleet Size or Average refers to the average of the closing rental fleet balance at the end of each month in the reporting period Fleet For personal use only Average Net Debt refers to the average of the net debt balance at the en
Slide 29: Supplementary Information
thl FY25 INTERIM RESULTS PRESENTATION 29 For personal use only Supplementary Information -45° 02’ S — 168° 29’ E
Slide 30: Divisional Performance
thl FY25 INTERIM RESULTS PRESENTATION 30 Divisional Performance 6 months to 31 December 2024 6 months to 31 December 2023 For personal use only DIVISIONAL DIVISIONAL AVE FUNDS DIVISIONAL DIVISIONAL AVE FUNDS $M NZD REVENUE REVENUE EBITDA EBIT EMPLOYED EBITDA EBIT EMPLOYED New Zealand Rentals & Sales
Slide 31: Reconciliation of NPAT, EBIT and EBITDA
thl FY25 INTERIM RESULTS PRESENTATION 31 Reconciliation of NPAT, EBIT and EBITDA NPAT EBIT For personal use only NZD $M H1 FY25 H1 FY24 NZD $M H1 FY25 H1 FY24 Statutory net profit after tax 25.3 39.7 Reported EBIT 57.8 74.0 Restructuring costs 1.2 – Restructuring costs 1.7 – Underlying net profit af
Slide 32: Income Statement
thl FY25 INTERIM RESULTS PRESENTATION 32 Income Statement NZD $M H1 FY25 H1 FY24 VAR VAR % For personal use only Revenue Sale of services 251.9 234.0 18.0 8% Sale of goods 206.4 215.2 (8.8) (4%) Total revenue 458.4 449.2 9.2 2% Costs (346.8) (329.5) (17.3) (5%) EBITDA 111.6 119.7 (8.1) (7%) Deprecia
Slide 33: Balance Sheet
thl FY25 INTERIM RESULTS PRESENTATION 33 Balance Sheet As at NZD $M 31 Dec 2024 30 Jun 2024 VAR 31 Dec 2023 VAR For personal use only Equity 647.3 616.9 30.4 618.4 28.9 Non-current liabilities (excluding lease liabilities) 531.2 431.3 99.9 388.5 142.7 Current liabilities (excluding lease liabilities
Slide 34: Ex-Rental Fleet Sales
thl FY25 INTERIM RESULTS PRESENTATION 34 Ex-Rental Fleet Sales 6 months to 31 December 6 months to 31 December $M H1 FY25 H1 FY24 VAR VAR % $k H1 FY25 H1 FY24 VAR VAR % For personal use only Proceeds from ex-fleet sales Average gross margin on ex-fleet sales New Zealand 9.7 11.3 (1.6) (14%) New Zeal
Slide 35: Retail RV Sales
thl FY25 INTERIM RESULTS PRESENTATION 35 Retail RV Sales (New Zealand and Australia only) 6 months to 31 December 6 months to 31 December $M H1 FY25 H1 FY24 VAR VAR % $k H1 FY25 H1 FY24 VAR VAR % For personal use only Proceeds from retail RV sales Average gross margin on retail RV sales New Zealand
Slide 36: Fleet Movements
thl FY25 INTERIM RESULTS PRESENTATION 36 Fleet Movements Units: H1 FY25 H1 FY24 VAR VAR % Units: H1 FY25 H1 FY24 VAR VAR % For personal use only New Zealand UK/Ireland Opening fleet - 30 Jun 1,967 1,400 567 41% Opening fleet - 30 Jun 590 532 58 11% On-fleets 652 572 80 14% On-fleets 83 47 36 77% (1)
Slide 37: thlonline.com
For personal use only T H L ONL INE. COM
Tourism Holdings Rentals — H1 FY2025 Earnings Presentation on 6ix