THL
26/08/2014 09:06
FLLYR
REL: 0906 HRS Tourism Holdings Limited
FLLYR: THL: Tourism Holdings Annual Results to 30 June 2014
26 August 2014
MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)
FINANCIAL RESULTS FOR THE YEAR TO 30 JUNE 2014
thl NPAT up 192% with more growth forecast
HIGHLIGHTS:
- Net Profit After Tax (NPAT) of $11.1 million up 192% on prior year
- Operating Profit Before Financing Costs and Tax (EBIT) (note 1) of $22.8
million up 57% on prior year
- Net Debt reduced to $79 million (note 2) from $120 million
- Final dividend of 6 cents per share (cps) declared, making total for year
of 11 cps up from 4 cps in prior year
- All operating businesses improved profitability in FY14
- Forecast FY15 NPAT of at least $15 million, or at least 35% growth over
FY14
New Zealand's leading tourism group Tourism Holdings Limited (thl) (NZX:THL)
announces a successful turnaround in the company's profitability and outlook
with a 192% increase in NPAT, a further 35% increase in forecast NPAT for
FY15 and a gross annual dividend of 11 cents in calendar 2014.
Chairman, Mr Rob Campbell said, "The thl team has achieved the commitments we
made to shareholders a year ago. We cannot yet claim to be a successful
company, but we will be. We have higher expectations for the company,
expectations for growth and the development of a business model that is more
robust, less capital intensive and focused on world leading customer
experiences.
We have confidence in the coming year and have set a forecast of at least $15
million NPAT for FY15. This represents a further increase of 35% on the FY14
result released today. Shareholders should expect more from us in the
future. That is the expectation we have of ourselves."
The final dividend of 6 cps will be partially imputed (up to 50%). The
company has been in a tax loss position in New Zealand and will resume a cash
tax paying position in New Zealand in FY15.
Chief Executive Officer, Mr Grant Webster said, "From my perspective I have
been encouraged that the turnaround in profitability has been driven by both
revenue growth in most business units, and cost reductions. We are focussed
on both.
Every business unit within thl has improved profitability. Importantly, this
is not just a market led recovery. We have had clear plans for improvement
and business model changes that we see the benefits of within the FY14
results.
There is still lots of work to do in this business and we can now
aggressively focus on growth strategies as well as ensuring returns improve
on the current capital employed.
We have confidence in the FY15 forecast given the USA high season is well
underway, our current cost run rates are in line with cost reduction plans
and forward bookings for the New Zealand and Australia upcoming summer
seasons are meeting expectations."
thl also announces it has commissioned research coverage from Edison Group.
The initial independent report is expected to be released this week.
Notes:
(1) EBIT excludes joint venture earnings
(2) In addition to Net Debt in FY14, there is a $6.0 million commitment
against a Letter of Credit facility in favour of RVMG LP for Work in Progress
fleet purchases which wasn't in place in the prior corresponding period
ENDS
TAKE OUT COMMENT: "thl profit up 192% and forecasts further growth in FY15."
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
Mark Davis
thl Chief Financial Officer
Direct Dial: +64 9 336 4212
Mobile: +64 21 444 0199
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. In the USA we own and operate the Road Bear RV Rentals and
Sales brand. 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. In 2012 thl entered in a joint
venture to form RV Manufacturing Group LP, New Zealand's largest motorhome
and specialist vehicle manufacturer. RVMG LP has operations both in Auckland
and Hamilton. Our purpose is to create unforgettable holidays by providing
unique, wonderful experiences that make vacations truly memorable.
End CA:00254376 For:THL Type:FLLYR Time:2014-08-26 09:06:36
