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- Release Date: 29/08/13 10:57
- Summary: FLLYR: THL: Tourism Holdings Annual Results to 30 June 2013
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THL
29/08/2013 08:57
FLLYR
REL: 0857 HRS Tourism Holdings Limited
FLLYR: THL: Tourism Holdings Annual Results to 30 June 2013
29 August 2013
NZX | MEDIA RELEASE
TOURISM HOLDINGS LIMITED (thl)
FINANCIAL RESULTS FOR THE YEAR TO 30 JUNE 2013
thl STRATEGIC DECISIONS DELIVERING RESULTS
HIGHLIGHTS:
- Operating Profit Before Financing Costs and Tax (EBIT) of $14.6 million in
line with guidance
- New Zealand merger with KEA Campers & United Campervans fully implemented
- Strong USA result and positive growth in the current high season
- Forward bookings for the New Zealand high season are strong
- Final dividend of 2 cents per share, making total for year of 4 cents per
share
New Zealand's leading tourism group Tourism Holdings Limited (thl) (NZX:THL)
today declared the 2012 merger of its New Zealand rental business with United
Campervans and KEA Campers a success as it reported full-year earnings in
line with market guidance.
thl also announced the Board has elected Rob Campbell as chairman, effective
29 August 2013. Mr Campbell replaces Keith Smith, who signalled
at last year's annual meeting he would step down once integration of New
Zealand rentals, KEA and United businesses was complete. Mr Smith will
retire from the board at the conclusion of this year's annual meeting in
November.
Outgoing chairman Keith Smith said: "The merger with United and KEA has
delivered on its objectives to position thl for the challenging market
conditions it faces. It has linked our highly-competitive international sales
and service infrastructure with high-quality brands servicing complementary
market segments and is allowing the orderly reduction of the New Zealand
motorhome fleet."
"thl is a much stronger company as a result. The rationalisation of the New
Zealand rental fleet is on track. We have consolidated the three businesses'
back-office operations and service centres and the capital invested in the
business."
"Our balance sheet is strong and the New Zealand rentals business' returns on
funds employed (ROFE) - as measured by the ratio of operating profit before
interest and tax (EBIT) to the net value of assets - has improved compared to
FY2012 (excluding the RWC one off benefit). ROFE is a key measure for thl as
it shows the returns we are delivering on the capital provided by our lenders
and shareholders."
Incoming chairman Rob Campbell said: "We are optimistic about the year ahead
and I am looking forward to leading the company in its next phase of
development."
"Motorhome bookings for the New Zealand summer season are shaping up well.
Our US operation, now in the midst of its high season, continues to deliver
excellent results and the New Zealand tourism operations including Kiwi
Experience and Waitomo Caves are performing steadily. Our Australian business
faces tough trading conditions, but restructuring programmes are positioning
it for the future."
"The immediate task ahead of the business is to improve earnings further to
levels which are commensurate with asset value and trading potential. The
board and management are committed to this continuing process."
"Reflecting the board's confidence in thl's outlook, directors have declared
a final dividend of 2 cents per share taking total dividends for the year to
4 cents per share which is the same as last year. This pay-out continues a
consistent record of pay-outs since dividends recommenced in March 2012."
thl Chief Executive Grant Webster said: "It is pleasing to be able to report
the significant and bold strategic decisions made over the past two and half
years of entering the US and the NZ Rentals merger are delivering the
expected results."
Revenue from continuing operations in the 12 months to 30 June 2013 grew 12%
to $225 million from $200 million in the prior year. EBIT decreased 10% from
$16.3 million to $14.6 million, while net profit after tax from continuing
operations fell 16% to $3.8 million.
Mr Webster added: "The results for the 2013 financial year are not directly
comparable to the prior year due to a number of one-off factors. Notably, the
group result includes a $4.5 million EBIT contribution from KEA Campers and
United Campervans and $1.4 million of merger costs. The prior year benefitted
from an estimated one-off $4.5 million EBIT contribution from the Rugby World
Cup."
"We have also faced very challenging trading conditions in Australia.
Demand is still weak due to the combination of continuing economic
difficulties in core European markets and a relatively high Australian dollar
during the financial year under review."
"thl has delivered a very credible result. We are bearing up to the
challenging market conditions we face and continue to take action to position
the business for the future and notably building ROFE and finding new ways to
leverage the current infrastructure."
"We are looking forward to reporting on our progress at the annual meeting in
November."
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
Ian Lewington
thl Chief Financial Officer
Direct Dial: +64 9 336 4212
Mobile: +64 21 952 254
About thl (www.thlonline.com)
thl is New Zealand's premier tourism company. We are listed on the NZX and
are the largest provider of holiday vehicles for rent and sale in Australia
and New Zealand under the Maui, Britz, Mighty, KEA, and United and Motek
Vehicle Sales brands. In the USA we own and operate the Road Bear RV Rentals
& Sales and Britz USA brands. 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. We also have a
50% stake in RV Manufacturing Group LP, New Zealand's largest campervan and
specialist vehicle manufacturer based in Auckland.
End CA:00240364 For:THL Type:FLLYR Time:2013-08-29 08:57:42
