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Tourism Holdings Limited Tel : +64 9 336 4299 The Beach House Fax : +64 9 309 0913 Level 1 , 83 Beach Road www.thlonline.com Auckland City PO Box 4293 , Shortland Street thl Auckland 1140 , New Zealand 26 February 2021 NZX | MEDIA RELEASE TOURISM HOLDINGS LIMITED ( thl ) HALF - YEAR RESULTS TO 31 DECEMBER 2020 thl reduces net debt to $ 22M and delivers a record vehicle sales performance amid a challenging rentals environment • • • Net debt of $ 22M as at 31 December 2020 , reflecting a reduction of approximately $ 106M across H1 FY21 and $ 175M since 24 March 2020 . Balance sheet strength with net tangible assets at 31 December 2020 of approximately $ 266M , and $ 312M including intangible assets . We remain committed to becoming a Future - Fit Business . An 89 % increase in the number of fleet sold and 132 % increase in global vehicle sales revenue on the рср . • EBIT of $ 16.6M in the USA business , up 34 % on the pcp . • • • • Statutory net loss after tax of $ 1.8M and underlying net loss after tax of $ 3M , down on a statutory / underlying profit of $ 13.1M in the pcp . Total revenue of $ 205.8M , down 1 % on the pcp , driven by the growth in vehicle sales revenue . Global rental revenue of $ 64.8M , down 50 % on the pcp . Entry into agreement to acquire the remaining 50 % interest in Action Manufacturing from joint venture partner for $ 9 million , payable in $ 7.5M of the shares being issued to Alpine Bird Manufacturing , with the remaining $ 1.5M paid in cash . • thl digital strategy review completed . • It remains difficult to provide guidance for FY21 however our expectations remain for a full year FY21 loss as disclosed in our most recent market update.¹ thl Chair , Rob Campbell , said “ thl is has reduced debt significantly , in particular over the last six months , and is positioned well to face uncertainty . The manner in which we operate the business and the decisions we make today are critical to the long - term positioning and success of thl . " 1 ' FY21 Market Update ' released on 23 December 2020 . Self drive experiences New Zealand Australia USA UK Design & manufacturing Guided experiences New Zealand Australia New Zealand creating unforgettable holidays