Tourism Holdings Limited · NZX:THL
Tourism — Tourism Holdings Rentals — H1 FY2024 Earnings Presentation
29 slides from Tourism's earnings presentation, Feb 20, 2024
Slide 1: FY24 Interim Results – United for Growth
For personal use only FY24 INTERIM RESULTS UNITED FOR GROWTH 20 F E B R U A R Y 2024
Slide 2: Important notes
thl FY24 INTERIM RESULTS PRESENTATION 2 Important For personal use only notes • All financials are in NZ dollars unless stated otherwise (throughout • The average NZD:AUD cross-rate for H1 FY24 was 0.9241 (H1 FY23 - 0.9045). presentation). All comparisons are against prior corresponding period unles
Slide 3: Explanatory Note to Presentation of Financial Metrics
thl FY24 INTERIM RESULTS PRESENTATION 3 Explanatory Note to Presentation of Financial Metrics • thl’s FY24 interim consolidated financial statements for the period ended 31 December 2023 include results from all thl and Apollo entities across the entire For personal use only reporting period • Howev
Slide 4: Executive Summary
thl FY24 INTERIM RESULTS PRESENTATION 4 Executive Summary • Net profit after tax of $39.7M, an increase of 58% on the pcp For personal use only • Rentals performs well globally, with rental yields growing or remaining stable in all markets • Continued rental fleet growth, with closing rental fleet o
Slide 5: Results Summary
thl FY24 INTERIM RESULTS PRESENTATION 5 Results Summary Compared to the prior corresponding period NET PROFIT AFTER TAX For personal use only Statutory/Underlying $ 39.7M +58% (vs statutory) +51% (vs underlying1) EBIT EBITDA $ 74.0M +75% $119.7M +69% REVENUE CLOSING RENTAL FLEET2 $ 449M +72% 7,366 +
Slide 6: Rental Yields and Sales Margins
thl FY24 INTERIM RESULTS PRESENTATION 6 Rental Yields and Sales Margins • On a global basis, rental yields (weighted by hire days) in H1 increased by 9%: For personal use only • New Zealand and Canada achieved double-digit percentage yield growth • Australia and the UK achieved high single-digit per
Slide 7: Dividend and Capital Management
thl FY24 INTERIM RESULTS PRESENTATION 7 Dividend and Capital Management Total facility 31 December 2023 Drawn Undrawn size • FY24 interim dividend of 4.5 cents per share, 100% imputed and 25% franked For personal use only Syndicated bank debt $249.1M $176.3M $72.8M • As previously indicated, thl’s t
Slide 8: Merger Integration and Synergies
thl FY24 INTERIM RESULTS PRESENTATION 8 Merger Integration and Synergies • We are on track to deliver our original scope of $27 to $31 million in annual cost-out For personal use only Expected synergies and phasing as disclosed in the synergies ahead of original expectations Replacement Scheme Bookl
Slide 9: Divisional Review
thl FY24 INTERIM RESULTS PRESENTATION 9 Divisional For personal use only Review
Slide 10: New Zealand Rentals & Sales
thl FY24 INTERIM RESULTS PRESENTATION 10 New Zealand Rentals & Sales • New Zealand delivered EBIT growth of 160% against the pcp, 6 months to 31 December and 8% growth against the pro forma pcp. The pro forma also Pro Forma NZD $M FY24 FY23 VAR VAR % FY23 VAR VAR % For personal use only included $4.
Slide 11: Australian Rentals, Sales & Manufacturing
thl FY24 INTERIM RESULTS PRESENTATION 11 Australian Rentals, Sales & Manufacturing 6 months to 31 December • EBIT growth of 9% against pcp and a decline of 45% against pro Pro Forma forma pcp. A solid rental performance was impacted by AUD $M FY23 For personal use only FY24 FY23 VAR VAR % VAR VAR %
Slide 12: USA Rentals & Sales
thl FY24 INTERIM RESULTS PRESENTATION 12 USA Rentals & Sales • EBIT was down 40%, with rentals improvement weighed 6 months to 31 December down by a challenged vehicle sales performance USD $M FY24 FY23 VAR VAR % For personal use only Rental revenue 32.7 30.9 1.8 6% • Rental revenue growth of 6% was
Slide 13: Canada Rentals & Sales
thl FY24 INTERIM RESULTS PRESENTATION 13 Canada Rentals & Sales • CanaDream performed well in the period with EBIT growth of 6 months to 31 December 23% achieved through growth in rentals and sales volumes, Pro forma despite the difficult sales market For personal use only CAD $M FY24 FY23 VAR VAR %
Slide 14: UK/Ireland Rentals & Sales
thl FY24 INTERIM RESULTS PRESENTATION 14 UK/Ireland Rentals & Sales • EBIT of £1.5M, broadly in line with the pro forma pcp 6 months to 31 December Pro forma • Rental revenue grew by 2% with good growth in rental yields For personal use only GBP £M FY24 FY23 VAR VAR % offsetting a small decline in h
Slide 15: Action Manufacturing Group
thl FY24 INTERIM RESULTS PRESENTATION 15 Action Manufacturing Group • Action Manufacturing continues growth, delivering a 6 months to 31 December record half-year performance on both a third party and NZD $M FY24 FY23 VAR VAR % For personal use only post intercompany elimination basis Sale of goods
Slide 16: Tourism
thl FY24 INTERIM RESULTS PRESENTATION 16 Tourism • 253% growth in EBIT as the businesses benefit from a 6 months to 31 December recovering New Zealand tourism market NZD $M FY24 FY23 VAR VAR % For personal use only • The Waitomo businesses had a strong start to the year with Revenue 18.3 9.4 8.9 95%
Slide 17: Group Support Services & Other; Group Eliminations
thl FY24 INTERIM RESULTS PRESENTATION 17 Group Support Services & Other; Group Eliminations • Group Support Services & Other contains costs relating to Group Support Service & Other 6 months to 31 December New Zealand-based corporate staff, administration and other NZD $M FY24 FY23 VAR VAR % For per
Slide 18: Divisional Performance
thl FY24 INTERIM RESULTS PRESENTATION 18 Divisional Performance 6 months to 31 December 2023 6 months to 31 December 2022 DIVISIONAL DIVISIONAL AVE FUNDS DIVISIONAL DIVISIONAL AVE FUNDS $M NZD REVENUE REVENUE EBITDA EBIT EMPLOYED EBITDA EBIT EMPLOYED For personal use only New Zealand Rentals & Sales
Slide 19: Divisional Performance (Pro Forma)
thl FY24 INTERIM RESULTS PRESENTATION 19 Divisional Performance Prior period reflecting pro forma performance of collective thl and Apollo across six months 6 months to 31 December 2023 6 months to 31 December 2022 (Pro Forma) DIVISIONAL DIVISIONAL DIVISIONAL DIVISIONAL $M NZD REVENUE REVENUE For pe
Slide 20: Outlook
thl FY24 INTERIM RESULTS PRESENTATION 20 Outlook For personal use only
Slide 21: Outlook
thl FY24 INTERIM RESULTS PRESENTATION 21 Outlook • Whilst EBITDA and EBIT continue to track to our expectations, a slower vehicle sales market in H1 FY24 and For personal use only earlier than expected payments for new fleet have resulted in higher net debt and interest costs • Our current expectati
Slide 22: For personal use only
thl FY24 INTERIM RESULTS PRESENTATION 22 For personal use only This presentation contains forward-looking statements and This presentation is for information purposes only and does Generally Accepted Accounting Practice in New Zealand projections. These reflect thl’s current expectations, based not
Slide 23: Thank you
thl FY24 INTERIM RESULTS PRESENTATION 23 For personal use only Thank you
Slide 24: Supplementary information
thl FY24 INTERIM RESULTS PRESENTATION 24 For personal use only Supplementary information
Slide 25: Divisional EBIT before Non-recurring Items, Group Eliminations & Gain on Jucy Sales
thl FY24 INTERIM RESULTS PRESENTATION 25 Divisional EBIT before Non-recurring Items, Group Eliminations & Gain on Jucy Sales Prior period reflecting pro forma performance of collective thl and Apollo across six months Earnings before interest and tax (EBIT) $35.0 For personal use only $31.9 $30.0 $2
Slide 26: Income Statement Summary
thl FY24 INTERIM RESULTS PRESENTATION 26 Income Statement Summary 6 Months to 31 December NZD $M FY24 FY23 VAR VAR % For personal use only Revenue Sale of services 234.0 134.0 100.0 75% Sale of goods 215.2 127.0 88.2 69% Total revenue 449.2 261.0 188.2 72% Costs (329.5) (190.2) (139.3) (73%) EBITDA
Slide 27: Balance Sheet
thl FY24 INTERIM RESULTS PRESENTATION 27 Balance Sheet As at NZD $M 31 Dec 2023 30 Jun 2023 VAR 31 Dec 2022 VAR Equity 618.4 611.0 7.4 570.8 47.6 Non current liabilities (excl lease liabilities) 388.5 287.7 100.8 197.4 191.1 For personal use only Current liabilities (excl lease liabilities) 255.3 28
Slide 28: Ex-Rental Fleet Sales (Excludes Retail Sales)
thl FY24 INTERIM RESULTS PRESENTATION 28 Ex-Rental Fleet Sales (Excludes Retail Sales) Prior period reflecting pro forma performance of collective thl and Apollo 6 months to 31 December 6 months to 31 December Pro Forma Pro Forma For personal use only $M FY24 FY23 VAR VAR % $k FY24 FY23 VAR VAR % Pr
Slide 29: thlonline.com
For personal use only thl online.com
Tourism Holdings Rentals — H1 FY2024 Earnings Presentation on 6ix