thl NPAT up 21% at $24.4 million

thl NPAT up 21% at $24.4 million, Revenue up 18% at $279M

HIGHLIGHTS:

• Revenue of $279 million, up 18% compared to the prior corresponding period (pcp)

• Net Profit After Tax (NPAT) of $24.4 million, up 21% on prior year

• Operating Profit Before Financing Costs and Tax (1) (EBIT) of $38.7 million, up 20% on prior year

• Full year Dividend payment of 19cps (partially imputed) up 27% on pcp

• Successful first full year of Flex Fleet intiatives in NZ and AU

• Balance sheet strong. Net Debt of $79M

Chairman, Mr Rob Campbell, said, “We promised revenue growth and are achieving it without any loss in focus on returns on funds. The year’s result is good, but far from faultless, providing more upside in the coming years.”

Earlier in the year thl announced that the target NPAT of $30M, which had been set as a FY19 goal, had been brought forward to FY18. This target excludes growth from any potential acqusitions.

The company confirmed positive progress from a number of the new intiatives that have commenced during the year (Flex Fleet, Mighway and Total Customer Experience).

Mr Campbell said “The launch of new initiatives is pleasing but means nothing until scalable models are proven and returns are achieved. The future of thl is a company that is structured to deliver positive returns from a core business with exciting growth prospects in the global tourism industry through a smart balance of capital management and digital development. ”

Chief Executive Officer, Mr Grant Webster, said, “We know we are now more sustainable in our business model, and have a focus on having a sustainable dividend flow for shareholders. We are also creating new tools for a deeper engagement with our customer and community. We achieved a lot in the last financial year but must do even more in the coming year to be sustainable in all aspects of our business.”

A final dividend of 10 cps, partially imputed (to 50%), was also declared, taking the total dividend to 19cps for the year (50% imputed). thl – Financial Results for the Year to 30 June 2016 Page 2 of 4

The Company has not given any guidance for the full FY17 year, but remains focused on reaching the $30M NPAT target in FY18.

Greater clarity on profit expectations will be provided at the Annual Meeting in October when the USA and UK high seasons are complete and a greater proportion of the high season bookings for New Zealand and Australia have been completed.

(1) EBIT excludes joint venture and associates earnings

ENDS

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