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thl reduces net debt to $22M and delivers a record vehicle sales performance amid a challenging rentals environment

March 1, 2021 Financial No Comments Email Email

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.”

thl Chief Executive, Grant Webster, said “thl has executed on its accelerated vehicle sales plan to deliver total revenue in the first half of FY21 that is approximately equal to the prior period, despite the substantial reduction in rental revenue.

Our net debt will increase in the remainder of the financial year as we re-invest in new fleet, given the volume of vehicles recently sold. We have confidence that we can sell vehicles to generate a profit, based on the sales performance over the last 12 months.

We are proactively adapting our business and product mix to match the current domestic trading
environment, whilst also undertaking several business improvement projects to see that we come out as the leader in the market as international tourism returns.

We continue to retain our commitment to the Future-Fit Business Benchmark, and it continues to
influence the way we operate our business on a daily basis. We see this as fundamental to see that we survive and contribute to society in the long-term.

While we consider that our result for the half has been positive in the circumstances, particularly within our USA business, we are realistic about the losses that we will be incurring in the remainder of 2021.”

The financial statements, results presentation, commentary and a Chair and Chief Executive letter to
shareholders is available at www.nzx.com and www.thlonline.com.

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