Record underlying profit, $0.15 dividend, positive outlook

INTEGRATED ANNUAL
REPORT 2023
UNITED
FOR GROWTH

INTERNATIONAL
BORDERS ARE OPEN
AND PEOPLE
ARE TRAVELLING AGAIN.
The road ahead to global
growth is straightening out and
we’re looking forward to making
real progress. The Apollo integration
is going smoothly and gathering
pace. And with it, a new thl is fast
emerging; a stronger global entity
than before with the most diverse
and complete offer for the
very best in Recreational
Vehicle (RV) living.
thl INTEGRATED ANNUAL REPORT 2023

Dear Shareholders
On behalf of the Board, we present the 2023 Integrated Report and consolidated financial
statements (financial statements) for the year ended 30 June 2023 (FY23).
The Board acknowledges its responsibility to ensure the integrity of the Integrated Report.
We have been delivering an Integrated Annual Report for thl stakeholders since FY19. We
believe the Integrated Reporting <IR> Framework enables us to provide a holistic view of our
context and business that is increasingly relevant in today’s complex and dynamic business
environment. The Board has applied its mind to the Integrated Report and believes that
it addresses the most material issues, presents fairly the integrated performance of the
organisation and its impacts in accordance with the principles set out in the International
Integrated Reporting Council (IIRC) Framework. The Integrated Report has been prepared
according to the IIRC guidelines. The Integrated Report was approved by the Board on
28 August 2023 and is signed on its behalf by:
Cathy Quinn ONZM
Chair
Rob Hamilton
Chair of the Audit
& Risk Committee
02A letter from the Chair
04A letter from the CEO
08Our Year in Review
09A Momentous Year of Achievements
10thl at a Glance
12Creating System Value
13Our Value Creation Model
15Our Business
16We Are One
17We Are RV
18We Are On Track
19Project Orange
20We are RV
21A Global RV Leader
22Our Build/Buy Model
24Our Rental Model
25Our Sales Model
28Our Tourism Experiences
29Our People and Responsibility
30Our Crew, Navigating Change
32Diversity and Inclusion Developments
34Our Global Sustainability Programme
37Our Responsible Management Disclosures
38Our FY23 Carbon Footprint
40Our Climate Disclosures
42Our FY23 Future-Fit Health Check
44Our Enterprise Risk Management Framework
47Our Financial Statements
48Directors’ Statement
99Independent auditor’s report
105Corporate Governance
122Board of Directors
124Corporate Information
CONTENTS
01
thl INTEGRATED ANNUAL REPORT 2023

A letter from
the Chair
Dear Shareholders
On behalf of the Board, I present the
financial statements for the full year
ended 30 June 2023 (FY23). In our first
year returning to profitability since the
start of the pandemic, I am pleased to
confirm that thl has delivered a statutory
net profit after tax (NPAT) of $49.9M,
representing an increase of $52.0M on the
prior year (FY22 statutory net loss after tax
of $2.1M). It is an excellent result and is
evidence that the new thl, following the
merger of thl and Apollo in FY23, is a
larger and stronger entity that is
positioned for future growth.
The Board would also like to take the
opportunity to thank thl and former Apollo
shareholders for their support of the
businesses through-out an unprecedented
challenging period. We are pleased that we
have been able to reward your support
with our strong return to profitability in
FY23, and to see that the thl share price
increased by 65% from the start to the
end of FY23.
thl has achieved many new milestones in
the last financial year, including a listing on
the Australian Stock Exchange as a foreign-
exempt entity. With the addition of our
Australian-based Directors, Sophie Mitchell,
Robert Baker and Luke Trouchet, the thl
Board has strong Australian governance
and capital markets experience befitting
an ASX-listed company. The Board is
strongly focused on supporting the
future growth of thl while appropriately
managing the risks to our business and
people. Embedding a strong health and
safety culture at all levels is an ongoing
priority. As an operational business it is
important that our crew have comfort
that they can expect to go home safely
at the end of each day.
The Board is strongly focused on
supporting the future growth of thl
while appropriately managing the
risks to our business and people.
CATHY QUINN ONZM – CHAIR
02
thl INTEGRATED ANNUAL REPORT 2023A LETTER FROM THE CHAIR

During the year we also saw Karl Trouchet’s
retirement from the business. Having
grown up in the family business, in more
recent years Karl held roles with Apollo
as Chief Financial Officer and Executive
Director. On behalf of the thl Board,
I would like to acknowledge Karl’s
significant contribution to the business
over that time. Both Luke and Karl have
shown a real commitment to thl being
the best it can be.
In 2022 we indicated an intent to
recommence dividends once the merged
group delivered a full year of profit similar
to pre-COVID-19 performance, and that a
review of the dividend policy could result
in a lower pay-out ratio than our pre-
COVID-19 policy (which was a pay-out
ratio of 75 to 90% of NPAT).
As thl has now delivered a financial year’s
profit that has exceeded pre-COVID-19
performance, we are pleased to
recommence dividends with an FY23
dividend of 15 cents per share. This
dividend represents an approximate 42%
NPAT pay-out ratio based on the pro forma
underlying NPAT of $77.1M1. The dividend
represents a full year dividend as no
interim dividend was paid. The timing
of dividend payments in September
complements the seasonal annual
cashflow cycle of the business and enables
more efficient capital management. As
such, we expect the value of any future
dividend payments to be more weighted
towards the final dividend.
The Board have now had the opportunity
to establish an appropriate new dividend
policy, factoring in matters including thl’s
equity position, anticipated fleet regrowth
capital requirements and tax efficiency
given the global nature of thl’s operations.
The Board have agreed that thl will target
a dividend pay-out ratio of 40 to 60% of
underlying net profit after tax.
The company today has multiple growth
levers available to it through the continued
expansion of the Build/Buy - Rent - Sell
model in New Zealand, Australia, North
America and the UK/Europe markets. We
also have a positive history of delivering on
value-adding acquisitions, which we will
continue to explore in future.
Lastly, I would like to acknowledge and
thank all our crew globally. Managing
the strong recovery of tourism volumes
globally alongside the integration of two
large businesses is no easy task, however
our crew have been able to do so while
delivering a record result. The degree of
positive change and results has been
unprecedented.
Grant will cover more details on outlook
in his report.
Cathy Quinn ONZM
Chair
STATUTORY F Y 2 3 NPAT
$49.9M
1 Pro forma underlying NPAT is a non-GAAP measure which includes the results of Apollo and Just go for the 12-months of
FY23 on an assumed 100% ownership basis, notwithstanding that those acquisitions took place part way through the year.
It is not a defined term in New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS). Refer to the
FY23 Investor Presentation for a reconciliation to statutory NPAT.
03
thl INTEGRATED ANNUAL REPORT 2023
A LETTER FROM THE CHAIR

As an organisation, thl is also in a positive position today
with an outlook that should create the opportunity for
several years of sustainable earnings growth.
GRANT WEBSTER – CEO
A letter from
the CEO
04
thl INTEGRATED ANNUAL REPORT 2023
A LETTER FROM THE CEO
Dear Shareholders
We believe it is one of those times to
reflect and celebrate. thl has delivered
a record underlying NPAT having
successfully merged with Apollo Tourism
& Leisure in November 2022 alongside a
long list of other achievements and
progress. The year saw two successful
businesses aligned to form the bigger,
stronger entity that we are today – the
world’s largest commercial Recreational
Vehicle (RV) rental operator, and so much
more. The reality is we aren’t stopping to
celebrate. We have much to do and more
opportunities to maximise.
We have been incredibly active as an
organisation, not only with the strong
momentum in integrating thl and Apollo,
but across all aspects of our business.
We’ve opened new locations, launched
new fleet and retail products and have
been driving forward our sustainability
initiatives. All while managing the return
of international tourism globally and
delivering a record result. It is a strong
testament to all our thl crew globally (old
and new), who come to work every day
with an immense passion for creating
unforgettable journeys.
The tourism industry today is in a positive
place globally. While it is not immune to
broader cost pressures and economic
deterioration, tourism has a unique
COVID-19 recovery demand profile and
competitive landscape that creates an
opportunity for growth for those that are
able to capitalise on it. On the contrary, the
automotive industry is facing challenges
after its COVID-19 pandemic boom, and we
have highlighted our expectation that sales
margins are normalising. Yet this is still a
market where, on balance, we see we are
gaining share.
As an organisation, thl is also in a positive
position today with an outlook that should
create the opportunity for several years of
sustainable earnings growth. The merger
was the first step in creating a platform
for future growth and now that we have
created that platform, we are assessing
the growth options ahead of us, including
through the continued expansion of the
Build – Rent – Sell model globally and
exploring acquisition opportunities as
they arise.

05
thl INTEGRATED ANNUAL REPORT 2023
A LETTER FROM THE CEO
The FY23 results
As with our interim results, we recognise
that the completion of the merger part
way through the financial year has created
a complex set of financial statements.
Looking to the actual
performance in the year, the
statutory NPAT of $49.9M and
pro forma underlying NPAT
of $77.1M is an excellent
achievement, representing a
significant return to profitability.
Given the complexity of the result, we
are committed to providing you, our
shareholders, with a view of our results
that we believe can assist you with a
comparison to our historical performance.
We have therefore presented a pro forma
of the results including both the thl and
Apollo businesses across the full 12 months
of FY23. It also includes the results of Just
go in Q1 FY23 assuming 100% ownership,
notwithstanding it being a 49% owned
joint venture until October 2022. We see
this as providing a view of how our
combined business can potentially
perform across a full 12-month period,
and therefore is a good starting point
to consider future performance.
One of the complexities of the financial
statements has been the impact from
the acquisition accounting adjustments
relating to the merger with Apollo. Under
the process, thl has been required to fair
value all of Apollo’s assets and liabilities.
While this work is not yet complete, the
provisional adjustments to values have
resulted in both a balance sheet and
earnings impact in FY23. There will be
some ongoing impact on reported
earnings, which we go into more detail
on in the Investor Presentation, which I
recommend that you read in conjunction
with this report.
FY23 saw the New Zealand and Australian
businesses return to strength, particularly
the rental businesses which achieved
significant average rental yield growth. The
Tourism division recovered to profitability
with international tourists returning to
New Zealand from August 2022 onwards.
International tourism volumes to these
markets are recovering positively with our
businesses in these markets positioned to
perform well in the coming period.
Our RV rental businesses in the Northern
Hemisphere have been having a positive
calendar 2023 high season. There has been
a recent softening of sales demand in
North America from constrained
household budgets due to the rising cost
of living, however as a supplier of used RVs
we are positioned better than most with
our products sitting at a lower price point.
We are seeing the industry manage the
broader impacts well and with the recent
category growth in RV travel, we have
confidence in the medium to long-term
growth opportunities in the market.
Action Manufacturing Group achieved a
record result on both a standalone basis
and post-elimination basis (eliminating thl
revenue). The business continues to grow
its commercial vehicle manufacturing
scale having embedded the acquisitions
of Freighter and Transcold in the year.
Integration and synergies on track
To date, eight months after completion,
we have realised the previously stated
synergies targets at a faster than expected
pace. Most notably, by June we had
completed the consolidation of 13 branches
across the New Zealand, Australian and
UK rental businesses.
Our work continues in uncovering and
leveraging further merger benefits
across properties, fleet, IT systems,
procurement and processes. Every day
I hear of conversations across the business
about how the old thl and Apollo
approached things, the reasons for any
differences and how best the collective
proceeds. These are often about nuanced
aspects of operating an RV business, in a
way that only happens when you bring
the two leaders in the RV rental industry
together. They demonstrate the value of
the intellectual property in our collective
and the unquantifiable opportunities for
improvements by taking the best parts of

1
Includes thl closing balance of 4,062 at 30 June 2022 and Apollo’s closing balance of 2,613 at 30 June 2022. thl closing balance includes Just go fleet.
06
thl INTEGRATED ANNUAL REPORT 2023
each business moving forward. It creates
an exciting challenge for the crew across
the business.
During the year we spent approximately
$3M in synergy implementation costs
(excluding merger transaction costs)
and estimate that approximately $5M in
cumulative synergies were realised. Based
on this, we believe there was a $2M net
cash saving contribution to our FY23
performance. We remain on track with our
original expectations for the expected fixed
synergies to be fully realised by the end
of FY25 or earlier.
Managing our fleet regrowth
and capital structure
During FY23, we invested approximately
$404M in gross capital expenditure
(mostly on new fleet), or $119M on net
capital expenditure after deducting sales
proceeds from vehicles sold during the
year, in each case on a pro forma basis. This
investment saw our combined fleet grow
by over 550 vehicles from 6,675 at the start
of the financial year
1
to a closing fleet of
7,233 as at 30 June 2023.
We are focused on smart fleet
growth and continue to manage
the right balance between
maximising utilisation, rental
yields and vehicles sales margins.
We expect to invest approximately the
same net capital expenditure as FY23
(~$160M) in net fleet capital expenditure
for FY24. The bulk of this net investment
is expected to be in New Zealand and
Australia. We also see an opportunity to
significantly grow our business in the UK
market and will be investing in growing
fleet in that region.
In North America, we saw that wholesale
demand slow to return in the early selling
season, expected partly due to dealers
having overstocked on towable vehicles,
extended winter weather conditions and
uncertainty around the rising interest rates.
As the season has progressed it has
become clearer that demand for retail RV
sales in North America is softening due to
the current macroconditions. Positively we
see thl as being in a stronger position than
most as we sell used motorised RVs
exclusively. Used RVs are available at a
lower price point, so has the benefit of
buyers substituting down from the more
expensive option of a new motorhome.
We are seeing the industry manage the
changes well, with new RV supply
responding quickly to the changes in
demand. Market expectations are that new
RV shipments in 2023 will be at ~50% of
2022 volumes, showing that manufacturers
are conscious of managing the conditions
in the overall market.
As we have shown, we are capable of
managing purchases to rental and sales
demand to keep fleet utilised. This will
likely mean a more conservative purchase
volume for CY24 in North America than
previously anticipated.
Most importantly, RV travel has
experienced category growth over recent
years with appeal to a new generation of
younger customers. We have confidence
that in the medium to long-term, the
industry will experience ongoing growth,
and that we are managing the near-term
impacts well.
Our medium-term expectations are
now that global fleet will be below 9,500
vehicles at the end of FY25. We will be
monitoring how the return of supply
impacts the market dynamics in each
operating jurisdiction and are maintaining
a focus on market share, indeed aiming to
grow share in some markets as demand
increases. A key message I would hope was
taken from our Investor Day materials is
that we are heavily focused on fleet
management, are proactive in responding
to changing market conditions and have
multiple levers that we can apply to
appropriately manage any situation.
We have confidence in funding our
fleet regrowth programme through our
available debt facilities and expected
future retained earnings. Our net debt
at 30 June of $285M is in a good position
representing a net debt to EBITDA ratio of
~1.3x based on our pro forma FY23 EBITDA.
We continue to have strong lender support
with the recent refinance of our syndicated
bank facilities seeing an increase in facility
size and lower borrowing fees reflecting
the strengthening outlook in the
tourism industry.
The return of dividends
As mentioned by the Chair, we are pleased
to confirm thl’s new dividend policy which
targets a pay-out ratio of 40 to 60% of
underlying NPAT and to declare a dividend
A LETTER FROM THE CEO

07
thl INTEGRATED ANNUAL REPORT 2023
The start of a new era
The tourism industry was certainly severely
impacted during the COVID-19 related
international border closures. It saw us
reduce the number of crew, sell fleet and
properties, cease dividends and seriously
change the way we look at the business.
Due solely to the great work of the crew
across the business and the leadership
of the Board and Executive team we are
today a better, bigger business, with
more to come in our story. If you are a
shareholder or crew member reading this
report, enjoy the next part of the ride, we
will remain curious, be happy to receive
feedback from any of you, and we will
always aim to do the right thing.
Grant Webster
CEO
of 15 cents per share. The final dividend will
be 100% imputed and 25% franked.
The Dividend Reinvestment Plan is
available to those eligible shareholders that
wish to participate and a 2% discount is
available. I recommend that you read our
Investor Presentation for more detail on
the dividend and read our Dividend
Reinvestment Plan Offer Document
available at the Dividends section of
www.thlonline.com for further information.
Leveraging retail opportunities
thl today, post-merger, has a much larger
footprint, experience set and capital
allocation within the retail RV sales market
globally. A significant proportion of our
global retail sales volumes are generated in
the Australian market, where we had over
1,300 retail RV sales (without including any
sales by Apollo before the merger). We
have been exploring the retail model as it
stands in each country to determine the
best approach and footprint to maximise
the future opportunity. Retail sales are a
critical component of thl’s business model
and an aspect that we have prided
ourselves on improving over consecutive
years. We will look to update the market
by the end of the calendar year about our
direction for retail sales within the group.
Other highlights from the year
FY23 has been a year of real achievement
across the business. We share some of
these stories in the Integrated Annual
Report, however some key highlights
outside of the merger include:
1. Global roll-out of Motek (formerly
Cosmos) – the implementation of our
bespoke global fleet management and
scheduling systems into the United
States and UK businesses, and
integration of the thl and Apollo fleets
in Australasia, is a major milestone that
will create opportunities for efficiency
and optimisation
2. Manufacturing acquisitions –
the continued diversification and
strengthening of our manufacturing
capabilities with Action’s acquisitions of
Freighter and Transcold in New Zealand
3. Acquisition of the remaining interest
in Just go – following the purchase of
the remaining 51% shareholding, thl
now has a meaningful combined RV
rentals presence in UK/Ireland between
Just go and Bunk Campers with
ambitions to grow the fleet in this
market to 1,000+ in future
4. Restart of Kiwi Experience – with the
return of international tourists to New
Zealand, Kiwi Experience restarted
operations for a hugely successful
2022/2023 season, after several years
of hibernation.
Outlook – FY24 and beyond
The merger of thl and Apollo has created a
platform for future growth, and while we
are focused on integration and synergy
realisation, we intend that the new
collective continues this growth in
the coming years.
For thl, we believe the pro forma underlying
NPAT in FY23 is a good starting point that
illustrates the merged group’s underlying
performance across a full 12 months.
Looking ahead to FY24, we must consider
several additional factors:
• our focus on synergy realisation is
expected to deliver a material benefit,
particularly given that the cost synergy
savings in FY23 were mostly offset by
implementation costs incurred in
the period;
• we intend to continue to grow our
global fleet size, bookings and volume in
line with returning airline capacity and
the ongoing recovery of international
tourism demand, on a considered
market-by-market basis; and
• we expect the performance to be
positively underpinned by the current
strong RV rental yields.
We expect that the growth from these
improvements would be partly offset by:
• the continuing normalisation of vehicle
sales margins and, in some cases,
volumes; and
• the ongoing increase in core operating
costs due to inflation, particularly in
vehicle costs (resulting in higher
ongoing holding costs), interest costs,
labour, general expenses and property
lease costs.
The Apollo acquisition accounting
adjustments will also have an impact on
the reported FY24 NPAT, estimated to be a
reduction of $4.4M. It is important to note
that this is an accounting impact and does
not change the cash or economic
performance of the business.
We are positive about thl’s opportunity for
growth in FY24 and beyond, and intend to
provide further guidance on our medium-
term growth aspirations at the 2023
Annual Meeting.
A LETTER FROM THE CEO

AS AT 30 JUNE 2023
Our Year in Review
+$52.0M
STATUTORY
NET PROFIT
AFTER TAX (NPAT)
$
49.9
M
(FY22: -$2.1M)
+$226.6M
NET DEBT
4
$
285.1
M
(FY22: $58.5M)
+$53.2M
UNDERLYING NPAT
1

$
47.8
M
(FY22: -$5.4M)
+3,172
FLEET AT YEAR END
7,233
(FY22: 4,061)
5
UNDERLYING PRO
FORMA NPAT
1,2

$
77.1
M
(FY22: N/A)
+$318.0M
TOTAL REVENUE
$
663.8
M
(FY22: $345.8M)
+$82.0M
EBIT
$
88.9
M
(FY22: $6.9M)
UNDERLYING
PRO FORMA NPAT
1,2,3

(REMOVING ACQUISITION
ACCOUNTING ADJUSTMENTS)
$
81.1
M
(FY22: N/A)
1
Excludes the following non-recurring items: A $4.1M gain on the revaluation of 49% shareholding in Just
Go and existing Apollo shares, a $1.0M gain on revaluation of shares held in Camplify Holdings Limited;
offset by $$3.0M (after tax) of transaction costs in relation to the Apollo merger.
2
Includes 12 months of Apollo and Just go results at assumed 100% ownership, notwithstanding that
those businesses became wholly-owned part way through the year. Refer to the Investor Presentation
for reconciliations to Statutory NPAT.
3
$81.1M result is after removing the $4.0M net reduction in NPAT impact of the Apollo acquisition
accounting adjustments.
4
Net debt refers to interest bearing loans and borrowings less cash and cash equivalents.
5
4,061 includes Just go fleet and therefore differs from thl’s reported fleet at FY22 year-end of 3,858.
08
thl INTEGRATED ANNUAL REPORT 2023
OUR YEAR IN REVIEW
The last 12 months have seen numerous achievements and new milestones.
We have merged thl and Apollo to create the world’s largest commercial RV
rental operator. We have delivered a record profit result. We have listed on
the Australian Stock Exchange and we have recommenced the payment
of dividends. It is a truly exciting time at thl as we have taken actions and
capitalised on opportunities over the last 12 months to create the potential
for years of future growth.

A Momentous Year
of Achievements
RELAUNCH OF
KIWI EXPERIENCE
FROM HIBERNATION
RETURN OF
INTERNATIONAL TOURISTS
TO DISCOVER WAITOMO
ROLL OUT OF MOTEK, OUR
GLOBAL BOOKING AND FLEET
MANAGEMENT PLATFORM
IMPLEMENTED NEW FINANCING
ARRANGEMENTS FOR
MERGED GROUP
RATIONALISATION OF
FINANCING STRUCTURE WITH
REDUCTION OF LENDERS
LAUNCH OF NEW
FUTURE FLEET EV
PROJECTS GLOBALLY
US OPERATIONS REDUCED
WATER USE BY 50% OVER
LAST FOUR YEARS
AUSTRALIA BRANCHES
REDUCED ELECTRICITY USE BY
22% OVER LAST THREE YEARS
MELBOURNE REDUCED
WASTE BY 35% OVER LAST
THREE YEARS
ROLLOUT OF NEW
FUTURE-FIT BRANCH ACTION
PLANS GLOBALLY
LAX REDUCED WASTE TO
LANDFILL BY ~30% OVER LAST
THREE YEARS
211 NOMINATIONS
FOR CREW
RECOGNITION AWARD
TRANSFORMATIONAL
MERGER WITH APOLLO
TOURISM & LEISURE LTD
ACHIEVED HIGHEST MARKET
CAPITALISATION IN
thl’s HISTORY IN FY23
DUAL-LISTED
ON AUSTRALIAN
STOCK EXCHANGE
DELIVERED A RECORD
UNDERLYING NET PROFIT
AFTER TAX RESULT
ACTION MANUFACTURING’S
ACQUISITIONS OF TRANSCOLD
AND FREIGHTER
ACQUIRED REMAINING
SHAREHOLDING IN
JUST GO MOTORHOMES
CONSOLIDATION OF 13 thl
AND APOLLO BRANCHES
ACROSS AUSTRALASIA
DIVESTMENT OF
MOTORHOMES AND BRANCHES
TO JUCY RENTALS
NEW PLATINUM
4-BERTH AND 6-BERTH
VEHICLE DESIGNS
EXPANSION OF TOWABLE AND
MOTORISED PRODUCT RANGE IN
AUSTRALIAN RV DEALERSHIPS
RELOCATION OF
ACTION MANUFACTURING
TO NEW HAMILTON FACTORY
SALE AND LEASEBACK
OF APOLLO’S PROPERTIES
IN CANADA
09
thl INTEGRATED ANNUAL REPORT 2023
A MOMENTOUS YEAR OF ACHIEVEMENTS

thl at a Glance
1,400
FLEET SIZE
909
EMPLOYEES
334,540
CUSTOMER EXPERIENCES
DELIVERED1
2,081
FLEET SIZE
703
EMPLOYEES
66,427
CUSTOMER EXPERIENCES
DELIVERED
Auckland – CBD and Mangere,
Christchurch, Hamilton,
Palmerston North,
Queenstown, Waitomo
Adelaide, Alice Springs, Brisbane,
Broome, Cairns, Darwin, Hobart,
Melbourne, Perth, Sydney
436
VEHICLE SALES COMPLETED
1,478
VEHICLE SALES COMPLETED
EmployeesTotal number of employees including casual staff, as of 30 June 2023.
Fleet SizeTotal rental fleet, as of 30 June 2023.
Customer
Experiences
Delivered
Approximate number of customer experiences delivered, excluding
retail but including experiences through vehicle rentals, Discover
Waitomo products and Kiwi Experience, as of 30 June 2023. Figures
include Apollo customer experiences from 1 July 2022.
Vehicle Sales
Completed
Total ex-fleet, retail and trade-in sales in FY23. Excludes sales by
Apollo prior to merger on 30 November 2022. Includes vehicle
write-offs.
1 New Zealand customer experiences higher than other markets due to inclusion of Discover Waitomo and Kiwi Experience.
10
thl INTEGRATED ANNUAL REPORT 2023
thl AT A GLANCE

1,818
FLEET SIZE
1,402
FLEET SIZE
337
EMPLOYEES
271
EMPLOYEES
76,346
CUSTOMER EXPERIENCES
DELIVERED
23,226
CUSTOMER EXPERIENCES
DELIVERED
532
FLEET SIZE
157
EMPLOYEES
17,503
CUSTOMER EXPERIENCES
DELIVERED
Calgary, Edmonton, Halifax, Montreal,
Toronto, Vancouver, Whitehorse
Belfast, Dublin, Edinburgh, Hamburg,
London: Heathrow, Toddington
Chicago; Dallas; Denver; Las Vegas; Los Angeles:
LAX/Santa Fe Springs, San Bernadino, Van Nuys,
Agoura Hills; Miami; New Jersey; New York City;
Orlando; Reno; Sacramento; Salt Lake City;
San Diego; San Francisco: Dublin, San Leandro;
Santa Cruz; Seattle; Victorville
789
VEHICLE SALES COMPLETED
179
VEHICLE SALES COMPLETED
113
VEHICLE SALES COMPLETED
11
thl INTEGRATED ANNUAL REPORT 2023
thl AT A GLANCE

Manufactured Capital
Manufactured objects used in the production of goods or
the provision of services, including vehicles, buildings,
equipment and infrastructure.
Intellectual Capital
thl’s knowledge-based intangibles, including intellectual
property such as patents, copyrights, software, rights and
licences; and our systems, procedures and protocols.
Human Capital
Our crew’s competencies, capabilities and experience,
and their motivation to innovate on, support, implement
and improve; our governance framework, risk
management approach, ethical values, corporate
strategy; processes; goods and services, including
our crew’s ability to lead, manage and collaborate.
Social & Relationship Capital
thl’s social licence to operate; our relationships,
with institutions and groups of stakeholders including
communities, governments, suppliers and customers;
the ability to transparently share information to enhance
collective wellbeing; our integrity, values and behaviours,
trustworthiness, brand value and reputation.
Natural Capital
Includes resources we use such as air, water, land,
minerals and forests, solar energy, crops and carbon
sinks; biodiversity and ecosystem health; and resources
which cannot be replaced such as fossil fuels.
Financial
Funds obtained through financing or generated by
means of productivity.
To see the six capitals in the context of our
business, see our Value Creation Model.
These six capitals represent stocks of value
that thl draws on and transforms into outputs,
to create system value through our Future-Fit
Sustainability Programme shown on the right.
Protecting the value we create through Enterprise Risk Management
Building long-term value through our Global Future-Fit Sustainability Programme
TRAINING & BUILDING CAPABILITY
TELLING OUR STORIES
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
• Operational GHGS
• Product GHGS
GOALS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
• Product harm
• Product GHGS
• Products repurposed
GOALS
SUSTAINABLE PROCUREMENT
OUR GLOBAL FRAMEWORK AND
CIRCULAR ECONOMY PILOTS
• Procurement
• Products repurposed
GOALS
THRIVE
SUPPORTING OUR CREW, CREATING
A HEALTHY CULTURE AND BUILDING
CULTURAL CAPABILITY
• Employee health
• Living wage
• Fair employment terms
• Employee discrimination
• Employee concerns
GOALS
ACCELERATE
PARTNERSHIP FOR POSITIVE IMPACTS
• Natural resources
• Operational encroachment
• Community health
• Product communications
• Product concerns
• Product harm
GOALS
IGNITION
CREATING FUTURE-FIT BRANCHES
• Renewable energy
• Water use
• Operational emissions
• Operational GHGS
• Operational waste
GOALS
Creating
System Value
12
thl INTEGRATED ANNUAL REPORT 2023
CREATING SYSTEM VALUE

W
E

A
R
E

T
H
E

R
V

N
E
T
W
O
R
K

F
O
R

E
A
R
T
H

Our Value
Creation Model
At thl we recognise that we are part of wider, interconnected
systems and that all our value creation activities have positive or
negative impacts. We take a science-based, ‘future-fit’ approach
to address issues and create value for ourselves and the systems
in which we operate. We create value through all our business
activities, build long-term value through our sustainability
programme and protect the value we create through our
Enterprise Risk Management framework.
Natural Capital
• Global Sustainability Work Programme (page 34)
• Future-fit Goals and Health Check (page 42)
• Tourism Experiences - Discover Waitomo (page 28)
Manufactured Capital
• Future Fleet Programme (page 23)
• Design and Manufacturing (page 22)
Intellectual Capital
• We Are RV (page 20)
• Our People and Responsibility (page 29)
Human Capital
• Our Crew - Navigating Change (page 30)
• Health Safety and Wellbeing (page 30)
• Diversity and Inclusion Developments (page 32)
Social & Relationship Capital
• Accelerate – Responsible Travel Partnerships (page 33)
• Sustainable Procurement (page 36)
• Building our Cultural Capability (page 33)
Financial
• Our Business (page 15)
• Financial Statements (page 47)
Our Impacts & Outcomes
Our Inputs
Natural Capital
Manufactured Capital
Intellectual Capital
Human Capital
Social & Relationship Capital
Financial
O
U
R

P
U
R
P
O
S
E

–

C
r
e
a
t
i
n
g

U
n
f
o
r
g
e
t
t
a
b
l
e

J
o
u
r
n
e
y
s
TOURISM
EXPERIENCES
DESIGN
BUILD
BUY
RENT
SELL
IMPACT & OUTCOMES INFORM CAPITAL INPUTS
OUR VALUES
Be curious
Do the right thing
Enjoy the ride
Be happy to
13
thl INTEGRATED ANNUAL REPORT 2023
OUR VALUE CREATION MODEL

Our InputsOur Impacts & Outcomes
Natural Capital
The natural resources, energy, fuels and water used in our
vehicles and operations. The pristine karst and cave
environment that our Discover Waitomo business - and the
glowworms in the Waitomo caves - depend on. The high
quality environments, ecosystems and cultural values of the
destinations our customers visit.
• Natural resources and ecosystem health - aiming to limit harm and addressing impacts on
and from climate change; environmental, natural resource and destination impacts of our
vehicles, tourism experiences, products and operations.
• Contributing positively to communities and destinations where we operate or have
an impact.
• Restoring and regenerating the environment and sensitive ecosystems in Waitomo
New Zealand.
Manufactured Capital
Expertise and innovation as the largest global RV rental
operator, in manufacturing, in tourism operations and
customer services and in creating compelling experiences.
• True expertise and passion for improving our products, experiences and impacts.
• RV design build and rental expertise providing safe, comfortable, high quality vehicles.
• Future fleet development to reduce GHG emissions and impacts of our vehicles.
• Innovating with circular economy products, materials and business models.
Intellectual Capital
The RV fleet we design, build, rent and sell. Buildings and
infrastructure we lease and maintain for our operations. The
technology, process and systems to improve our customer
experiences and operations.
• Curiosity, creativity and commitment to continuously improve our operations, products,
guest experiences and services.
• Ignition programme reducing the impacts of our country and branch operations.
• Responsible innovation and improvement in technology, processes and systems.
Human Capital
Our crew’s skills, talent, energy and engagement. Leadership,
strong values and our future-fit pathway. Governance and
management systems for risk, health, safety and wellbeing,
and operational performance.
• Diverse, equitable and inclusive teams; engaged, skilled and committed crew; addressing
crew concerns and supporting health and wellbeing.
• Flexible working policies, fair employment terms, healthy and safe workplaces.
• Crew, training and development pathways and recognition awards.
• Promoting a healthy and safe work environment for our suppliers through our Supplier Code
of Conduct that supports human rights and has a strong stance against modern slavery.
Social & Relationship
Capital
Active engagement with: industry partners, tourism, travel
and transport groups/forums. Relationships with: local
communities, Iwi/hapū/Indigenous groups, Government
agencies, and local partners where we are based, and where
our products create impact. Our engagement with a global
network of suppliers.
• Accelerate partnerships for positive impact for communities, stakeholders and destinations.
• Promoting responsible travel, addressing community concerns and creating opportunities to
authentically connect with communities.
• Building our cultural capability and relationships with Indigenous and First Nations Peoples.
• Supplier relationships, embedding our sustainable procurement framework for positive
impact across our value chains.
Financial Capital
The revenue and value we generate and access to funds and
investment into our products, experiences, people and the
places where we operate.
• Creating value for our customers, crew and communities, shareholders and stakeholders.
• Products and experiences we provide creating unforgettable journeys and positive economic
impacts for communities.
• Protecting the value we create and managing obstacles to business objectives through our
Enterprise Risk Management framework.
Our Value Creation Model cont.
14
thl INTEGRATED ANNUAL REPORT 2023
OUR VALUE CREATION MODEL

15
thl INTEGRATED ANNUAL REPORT 2023

thl was recognised with the
MinterEllisonRuddWatts M&A
Transaction of the Year Award at
the INFINZ Awards in May 2023.
This award is given to the corporate and
adviser to the best merger, acquisition or
divestment transaction as nominated by
the industry and determined by an expert
judging panel. The judges commented
that; “The winning transaction displayed
uniqueness, complexity and was well received
by investors. This was a rare example of an
NZX-listed company successfully completing
a scrip-for-scrip acquisition of an ASX-listed
company by way of Scheme of Arrangement”.
We Are One
The completion of the merger between thl
and Apollo in November 2022 was a major
milestone, creating a new thl that is
bigger and broader in scale, listed on the
ASX and NZX. The new global group is
diversified across five key regions, with
2,377 employees, a fleet of 7, 2 3 3, and we
delivered over half a million customer
experiences in FY23.
We have the strength, scale and levers for
growth, connected and enabled globally,
reflecting the unique heritage of our
diverse brands in each market. This reach
brings purchasing benefits built on
long-standing relationships with
We are thl, a global family, providing the most
enriching way to experience the world.
manufacturers and deep connections with
tourism bodies and industry associations in
each market.
As a merged group, thl will continue to
invest, grow and be future-fit, drawing
on decades of experience designing and
building durable Recreational Vehicles
(RVs) for rentals, and a diverse range of
brands and products.
16
thl INTEGRATED ANNUAL REPORT 2023
OUR BUSINESS

The thl Build/Buy - Rent - Sell business model is vertically integrated and multi-
national, with a unique reach, scale and network globally, this means we hold a
global leadership position in the RV industry. We are a leader in RV rentals, with
a network of RV brands and aligned businesses (tourism and manufacturing).
This means thl is RV-centric, but not RV-exclusive.
Our products, services and connections enable us to provide all that our guests,
owners and customers need throughout their RV journey. Our manufacturing
expertise enables innovation, such as our Future Fleet electric (eRV) pilot, and
to respond to challenges including continuing supply chain issues.
We Are RV
B
U
I
L
D
/
B
U
Y
R
E
N
T
S
E
L
L
INTEGRATED GLOBAL RV LEADERS
17
thl INTEGRATED ANNUAL REPORT 2023
OUR BUSINESS
At thl we are the global RV
network, ambitious for what
RVs can do and how we move
forward with true expertise in
our craft, and pure passion for
our product and experiences.

The merger created a unique opportunity to build on the best of both businesses, to
become better, and to deliver the synergies and opportunities identified through the
merger process. Over the first eight months we have been laser focused on rapidly
unlocking the merger synergies and benefits quantified at $27 to $31 million per annum
at a pre-tax cash level. We are progressing well, realising merger synergy opportunities,
leveraging the existing overheads of rentals businesses, integrating properties, fleet,
systems and processes as shown in the Project Orange update on the following page
and in the FY23 Investor Presentation.
We Are On Track
Over the first eight months we
have been laser focused on
rapidly unlocking the merger
synergies and benefits
quantified at $27 to $31 million
per annum at a pre-tax cash
level. Within FY23, we incurred
$3M in one-off synergy
implementation costs
and estimate that $5M in
cumulative synergies were
realised, resulting in a net
$2M cash saving contribution.
Combining the skills, resources and
knowledge of both businesses provided
rapid testing, learning and transformation
opportunities, based on real data and
experiences. This enabled us to identify
and implement improvements effectively.
The use of design-thinking, creative
collaboration, and our science- and
systems-based future-fit mindset to
bring opportunities to life around the
organisation has been very powerful.
At thl, we know our people make us who
we are. Our greatest strengths are the
skills, passion and commitment of our
crew. We recognise the merger impacts
have created both opportunities and
challenges for our crew, navigating change
and uncertainty. Through our People
Promise, we will provide the tools, skills
and brand identity our crew need to be
successful. In addition, we have revitalised
the thl brand system to represent our
identity as a collective, and the
interconnectedness of our
diverse business.
18
thl INTEGRATED ANNUAL REPORT 2023
OUR BUSINESS
Our Future-Fit Mindset and Methodology
At thl over the past four years, we
have used the Future-Fit Business
Benchmark, a systems-thinking and
science-based holistic approach, as
both a mindset and methodology,
guiding our decision-making and
activities, recognising that business,
society and the environment are
systems which depend on one
another to thrive.
Our global approach focuses
on our priority future-fit
goals, reflects each country’s
context and is activated by
crew locally at each location.
Our future-fit commitment remains
core to our business strategy and is
implemented through our Global
Sustainability Programme (pages
34-36). Embedding our future-fit
framework across all businesses
globally has been a priority following
the merger. We continue to actively
collaborate with partners in each region,
sharing our experience on our future-
fit pathway, and our aspiration to
contribute towards an environmentally
restorative, socially just and
economically inclusive society.
Motek Global Fleet management system
A major milestone in FY23 was the successful implementation of Motek (previously
Cosmos), our global fleet management system across the US, UK, Ireland, and the
merged locations in Australia and New Zealand. Motek provides a unified global
platform that gives greater visibility over our global fleet, creating new opportunities
for growth, efficiency, productivity, sustainability and for enhancing our
customer experience.
Implementation was a complex and ambitious undertaking for our global
operations and will improve efficiency and customer experience. A huge
thanks to our talented team for doing a fantastic job making it happen.

Managing the transition, creating synergies
Project Orange, the integration
programme for thl, Apollo Tourism
& Leisure, and Just go, launched on
December 1st, 2022, and enabled
significant progress and strong
momentum in a short timeframe.
Our approach has been one of “Better
Together” knitting together the best of
both, for a new whole. Bringing together
people, property, and technology has
been a critical integration step, and we
prioritised transition to realise synergies
and stand together as quickly as possible.
Within six months of merger completion,
we successfully completed a global
organisation design, consolidated rental
and retail branch operations, unified
under Motek as a single booking and fleet
management platform, and consolidated
fleet plans in Australia, New Zealand, and
the UK and Europe. The realisation of
synergies is progressing well and we are
on track to deliver a steady-state EBIT
uplift of $23 - $24 million.
Property consolidation was completed
in mid-May, 13 properties have been
consolidated, duplicate fixed costs are
being removed, and repairs and
maintenance synergies are delivering,
while managing against inflation-based
cost increase. Synergy opportunities across
commercial, operational and marketing are
underway and the next phase of IT and
finance projects have been initiated. We
expect to complete most integration work
by the end of 2024.
Work aligning operational processes,
policies, and standards and pursuing
procurement opportunities that incorporate
our future-fit approach is ongoing. Looking
ahead, synergy benefits include
opportunities refining the manufacturing
model in Australia and New Zealand,
exploring procurement, fleet utilisation and
sales channels synergies for the United
States and Canada. In the United Kingdom
and Ireland consolidation opportunities for
marketing, product standardisation,
scheduling, servicing and repairs.
Bringing Branches
together ‘As One’
As an integral part of Project Orange, we
successfully consolidated 13 rental and
retail branch locations. In New Zealand, this
included Auckland and Christchurch. In
Australia, the locations were Adelaide, Alice
Springs, Brisbane, Broome, Cairns, Darwin,
Hobart, Melbourne, Perth, and Sydney. In
the UK and Europe, consolidation took
place in Edinburgh.
These property integrations have brought
numerous benefits, in fleet flexibility and
utilisation, rental synergies, team
productivity, and collaboration. Initially,
we operated side-by-side operations in
the consolidated branch as teams came
together and technology integrations were
still in progress. This created an immersive
opportunity to learn from one another’s
operational processes.
Project
19
thl INTEGRATED ANNUAL REPORT 2023
OUR BUSINESS
Now, all overlapping properties are unified,
and function as one team, led by one
branch manager and operating on one
system: Motek. Our crew have done an
exceptional job coming together, being
positive, open and productive so that
customer service delivery and satisfaction
remained consistently high.
Looking ahead our teams will focus on
optimising performance, implementing
a unified approach to processes, policies,
and standards and progressing Future-Fit
Branch Action Plans as part of the Ignition
Programme. There are a few sites that will
be challenged for space in the coming
years, so we are actively exploring
appropriate options for the future.

20
thl INTEGRATED ANNUAL REPORT 2023

UK & EUROPE
Rental Fleet
532 (7%)
.RV Rentals
.Ex-Rental RV Sales
GLOBAL
RENTAL FLEET
7, 2 3 3
NEW ZEALAND
Rental Fleet
1,400 (19%)
.RV Rentals
.New and Ex-Rental RV Sales
.RV and Commercial Manufacturing
.Tourism Attractions & Activities
.Digital Tourism App
CANADA
Rental Fleet
1,402 (19%)
.RV Rentals
.Ex-Rental RV Sales
.Digital Tourism App
US
Rental Fleet
1,818 (25%)
.RV Rentals
.Ex-Rental RV Sales
AUSTRALIA
Rental Fleet
2,081 (29%)
.RV Rentals
.New and Ex-Rental RV Sales
.RV Manufacturing
.Digital Tourism App
SOUTH AFRICA
Franchise
JAPAN
Franchise
FOOTPRINT AS AT 30 JUNE 2023
A Global RV Leader
thl is the largest commercial RV rental operator in the world, a multi-
national, vertically integrated RV manufacturing, rental, and retail
business for motorhomes, campervans and caravans. Our Build/Buy
- Rent - Sell model and global footprint reflects the strong expansion of
the business and positions thl positively for the future as a world-class
leader in the RV space. It’s an exciting time for the RV industry.
21
thl INTEGRATED ANNUAL REPORT 2023
WE ARE RV

Manufacturing plays an important role
in our business and has contributed
considerably to our growth. The scale,
strength, and scope of our manufacturing
has expanded considerably, with five
manufacturing facilities in New Zealand,
one in Brisbane and a sub-assembly plant
in Melbourne.
To ensure we are making the most of
our expertise and scale across our
manufacturing operations, Brisbane
manufacturing has become part of the
Action Manufacturing family, led by Chris
Devoy, CEO of Action Manufacturing.
This change strengthens opportunities
to collaborate and leverage the strengths
of both businesses for the greater
advancement of manufacturing and the
wider organisation. Combining decades
of experience designing and building
durable RVs, strong relationships with key
suppliers, scale purchasing benefits and
creating new opportunities to innovate.
Action Manufacturing New Zealand:
innovation, integration and growth
A major milestone for Action this year was
bringing our motorhome production
together in Hamilton (from Albany) and
opening a second Hamilton factory. The
diverse experience of our teams combined
with our customer centric, design-led
approach coming together in one location
has created a large scale (~8000m2)
manufacturing center of excellence.
Action has continued to grow and
expand its non-motorhome commercial
manufacturing of heavy trucks and trailers,
through Fairfax and the acquisition of
MaxiTrans’ New Zealand assets, now
named Freighter NZ.
We are proud to have become a market
leader in temperature-controlled transport
in New Zealand. We also acquired
Transcold the New Zealand distributor for
Carrier refrigeration units and Dhollandia
tail lifts with service outlets available to
support our customers through the whole
of life of the vehicle. Bringing these market
leading businesses together delivers many
benefits, vertically integrating systems,
diversification, design of new products and
buildings designed for manufacturing.
Growth and success relies on our great
people and the team has grown to nearly
400 crew today, compared to under 240
crew before the pandemic.
Successful recruitment in a tight labour
market is a positive reflection of our culture
which is creative, innovative and safety
focused, underpinned by supportive
teamwork, training and development
pathways, including well-established
apprenticeships. Supply chain challenges
that were significant through last year are
easing and stabilising, with congestion
at ports the main remaining pressure.
Through strong relationships with
suppliers, creativity and lean
manufacturing to reduce waste, improve
efficiency and promote quality we have
managed the supply chain challenges well.
The team is working hard on our
sustainability progress, recognising the
critical role and impact design and
manufacturing has in achieving the
future-fit priority goals. The most
significant challenge being carbon
emissions from our fleet. We are working
on a new electric RV model as part of our
Future Fleet programme. In our operations
we are reviewing our sustainability at our
facilities, exploring circular materials and
product innovations and contributing in
our communities.
Our Build/Buy Model
Connecting the expertise, resources and skills of our diverse
businesses has been a huge highlight. We are focused on
maintaining the strengths of each business while building our
Action culture, capability and capacity to expand our impact as
manufacturing leaders. United for growth, we are leveraging the
benefits from a design, innovation and scale perspective in both
aspects of the business.
CHRIS DEVOY, CHIEF EXECUTIVE OFFICER - ACTION MANUFACTURING
In New Zealand, Action Manufacturing
designs and manufactures specialist
commercial vehicles, taking a design-led
approach, for a range of public and private
customers and manufacture truck and
trailer bodies. In Australia, Apollo RV
Manufacturing in Brisbane, now part of
Action Manufacturing, produces motorised
(motorhomes and campervans) and
towable (caravans and camper-trailers)
products for the Australian and
New Zealand markets.
In the United States, Canada, and the
United Kingdom we purchase assembled
motorhomes from manufacturers, and
have long-standing relationships with key
suppliers. Supply remained a challenge in
each market, however lead times are
continuing to normalise as the pandemic
backlog and labour shortages are
addressed. New vehicle pricing has
increased in each market, reflecting
inflation and other pressures, with the
greatest increases in North America.
22
thl INTEGRATED ANNUAL REPORT 2023
WE ARE RV

Apollo RV Manufacturing (part of the Action
family) – Brisbane building for the future
It has been a positive and highly
productive year for the manufacturing
team in Brisbane, with continued growth
and expanded production. The team has
repeatedly set new production output
records, achieving a 20% increase in factory
output in FY23. Work on new product
designs and vehicle models is ongoing;
a highlight this year was the introduction
of the new Euro Mini (2-Berth van)
into production.
We are committed to creating new product
ranges to meet the needs of current and
future customers through quality design
and building a diverse range of products.
As a result of this strong growth, the team
in the Brisbane factory has increased from
200 to over 300 crew. Critical to the success
of our expanded team is building a strong
and supportive health, safety and
wellbeing culture.
We continue to uplift safety across the
business with a constant focus on
eliminating and controlling critical risk
areas in our manufacturing operations.
We have also launched new leadership
programmes focused on culture,
performance teamwork and development
opportunities. We have continued to
manage the impacts of major supply
chain disruptions for vehicles and key
components used in production. This
included making significant improvements
in our inventory management, reducing
inventory holdings and increasing
inventory turns, to maximise efficiency
in procurement and reduce costs.
Looking ahead, the team is excited for
what lies ahead. We have built the
foundations we need and are excited to
be working on a number of projects that
will continue our growth and improve
sustainability performance including
reducing waste, emissions and improving
energy efficiency to contribute to future-fit
priority goals.
The team have really stepped up to the challenges
of the last couple of years. Being able to continue
to grow despite these challenges has established
the foundation we need moving forward.
JOSH ANNELLS, GM – BRISBANE MANUFACTURING
Future Fleet - Preparing for the transition to eRV
The emissions from our motorhome fleet is our greatest sustainability challenge and
highest priority future-fit goal. This year we are developing six new EV campervans in
the New Zealand market, built by Action Manufacturing on a chassis manufactured by
a key OEM manufacturer. We plan to trial this new EV rental product for the 2023/24
New Zealand summer. Notably, the travel range is expected to be up to 250kms,
a meaningful increase from thl’s earlier 2018 EV trial which had an expected range of
up to 140kms. The Board has approved a level of ongoing annual capital expenditure to
trial EV and other sustainable new vehicle technologies. Our category of vehicles (light
commercial, long-range) remains a low priority for Original Equipment Manufactures
(OEMs) globally, but we continue to explore tipping points, technology developments
and partnership opportunities in each market.
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
• Product harm
• Product GHGS
• Products repurposed
GOALS
23
thl INTEGRATED ANNUAL REPORT 2023
WE ARE RV

Our Rental Model
We are the largest commercial RV rental
operator in the world and thl is now the
largest or second-largest commercial
RV rental operator in each operating
jurisdiction1 (#1 in New Zealand, Australia
and United Kingdom, #2 in North
America). We are in a strong growth
position as the travel and tourism industry
has remained resilient and is experiencing
strong growth despite broader
macroeconomic challenges.
In each rental market we operate in, we
are focused on the return of international
visitors and continuing to grow our
domestic customer base. We continue to
provide technology solutions that enhance
our guest experiences including triptech,
Roadtrippers App and CanaDream Club,
and play important roles in industry
responsible travel partnerships
and programmes.
In Australia and New Zealand, rental
vehicles range from small to large and
new to ~6 years of age, across a portfolio
of brands which targets all customer
segments. Nearly all the fleet is self-
manufactured supported by European
imports. The greater rental durability of
vehicles we manufacture means these
vehicles remain on the rental fleet for
longer than in other markets.
The New Zealand rental market is
strongly concentrated on the international
customer segment. In Australia, the market
is less seasonal, and has a greater domestic
market, with more consistent utilisation
being achieved across the year, noting the
four-wheel drive (4WD) fleet is seasonal
with a peak from April to November.
Australia had a stellar rental performance
driven by elevated yields over the summer.
International visitor arrivals are forecast to
return to, and exceed, pre-pandemic levels
by 2025 in Australia and New Zealand.
North America is the largest RV sales
market in the world, however it is also a
highly fragmented rental market, with few
operators of scale and significant private
equity investment in peer to peer (P2P) in
recent years. The US fleet has 4 to 8-Berth
Class A to Class C vehicles, with Road Bear
offering near-new fleet and El Monte
having vehicles with a longer average age.
The CanaDream fleet of 2 to 6-Berth
Class C, Class B and campers is mostly
under two years old. The Canadian market
has a greater weighting of international
bookings compared to the United States
with both a domestic and international
customer base.
In Canada, with the return of international
guests, volume and utilisation were up, and
high yields were maintained during the
summer season. In the US peak season,
fleet size was constrained as 200 vehicles
scheduled for delivery in Q4 FY22 were
delayed. Despite this the rentals business
delivered a strong result.
Just go and Bunk are collectively the
largest commercial RV rental operator in
the UK, where the rental market is highly
fragmented and predominantly domestic.
We offer a premium product and operate
a young fleet with a good opportunity to
increase the fleet, and growing interest
in motorhome and RV travel.
1 Market position based on management estimates.
24
thl INTEGRATED ANNUAL REPORT 2023
WE ARE RV

Our Sales Model
Through our retail sales business, we offer
a wide range of caravan and motorhome
brands including our own brand suite and
products ranging from new to ex-rental,
towables and motorised. We are focused
on maximising the value achieved in sales,
leveraging existing overheads of rentals
businesses and ancillary opportunities in
the RV category.
In Australia and New Zealand (ANZ) we sell
new RVs and the majority of the ex-rental
fleet via our retail sites to maximise value.
Australia has eight dealerships, and New
Zealand has three dealerships and is
growing. We offer a wide range of RV
accessories in-store and online, we also
offer finance, insurance, protection
products, parts and servicing. Outside
of the ANZ markets, our vehicle sales are
focused on the ex-rental fleet. Vehicle sales
are via retail and wholesale and mix can
vary by year depending on supply and
demand constraints and opportunities.
Vehicle sales demand in all regions has
softened from recent peaks. While vehicle
sales margins have remained elevated
longer than earlier expectations, these are
now starting to normalise in most markets,
with the United States experiencing the
most rapid change.
FY23 vehicle sales Number of vehicles sold
1
New Zealand Rentals and Sales432
Australia Rentals and Sales1,478
United States Rentals and Sales789
Canada Rentals and Sales179
United Kingdom & Europe Rentals and Sales113
We encourage shareholders to refer to the Investor Presentation Pack for a more detailed
analysis of vehicle sales movements.
1
Includes fleet and non-fleet sales and vehicle write-offs.
RETAIL
EXPERIENCE
BUILD/
BUY
SERVICE/
SUPPORT
25
thl INTEGRATED ANNUAL REPORT 2023
WE ARE RV

Over the coming year we will focus on building a strong sales
network, enhancing our customer experience, improving our
retail experience, bringing new products to market and
enabling existing and new owners to fully enjoy the RV lifestyle.
STACEY DAVIS, COO AUSTRALIA
9%
PRO FORMA AUSTRALIAN SALE OF GOODS REVENUE
$228.9M
1
1 Pro forma Australia sales of goods revenue represents both thl and Apollo for the twelve months ending 30 June 2023. The prior year comparison also includes twelve months of both thl and Apollo, despite Apollo not being owned by thl in that period.
Australia Dealership Retail Network Strengthens
Our dealership and sales network in
Australia source brands to sell, either built
in our factory or from our manufacturer
partners. Offering a range of towable and
motorised brands and additional products
and services, including RV accessories
in-store and online, finance, insurance,
protection products, parts and servicing.
The team is committed to giving all our
customers an excellent experience
throughout their RV ownership journey.
Creating great connectivity across our
vehicle sales activities has been a priority
in FY23. Our expanded network includes
well-known dealerships purchased through
the Apollo merger: George Day, Kratzmann,
Sydney RV, and Apollo RV sales.
Building strong foundations for future
growth will be a key objective for FY24.
Through the delivery of consistency and
alignment of systems, skills, sustainability,
and strategy, we will not only be paving
the way for growth in sales, but raise the
bar in terms of standards, service, and
most importantly the support of our
valued owners. We will also look to
leverage our supplier network purchasing
power to provide great products, great
prices and great after-sales services.
Strong sales and marketing efforts to
drive leads in a softer market is a priority,
coupled with aligning sales teams to
market conditions through training and
development. Understanding how our
diverse brands and products are
positioned and aligned for changing
customer demands will also drive future
sales growth.
We are working to enhance our customer
experience across all our activities, from
shows, to in store and online sales, to
enable our dealerships and retail offering
to stand out and have an impact in market,
reflecting our scale, range and service
excellence. We were very proud of our
George Day team winning the ‘2023
Judges choice Award’ at the Perth
Caravan and Camping Show, for best
display, best range, best access and
best customer service.
26WE ARE RVthl INTEGRATED ANNUAL REPORT 2023

ACCELERATE
PARTNERSHIP FOR POSITIVE IMPACTS
• Natural resources
• Operational encroachment
• Community health
• Product communications
• Product concerns
• Product harm
GOALS
Accelerate Responsible and Regenerative travel - partnerships for positive impact
We have deep connections with tourism
bodies and industry associations in each
market and we continue to engage in
industry action towards this transition
and move from responsible to
regenerative travel. While broader
tourism trends towards regenerative,
lower-carbon and sustainable holidays
are apparent, they remain far from
tipping points. We are focused on having
a positive impact for communities and
destinations and continuing our cultural
capability journey as part of our future-
fit commitment.
Promoting Responsible Travel
We continue to actively engage in
responsible and regenerative travel
partnerships globally. In New Zealand we
were a founding member of Tiaki – Care
for New Zealand and this year have
reinvigorated our efforts to engage all
guests with the Tiaki Promise actions in
each branch and through our tourism
experiences with updated materials and
Tiaki training for our crew.
The US team continued to extend Travel
with Heart, sharing responsible travel
ideas, information and itineraries with
guests, new initiatives include developing
one-tank trip itineraries to encourage
customers to drive less, and spend more
time experiencing the places they visit.
In Australia we are progressing on the
new Sustainable Tourism certification
developed by Ecotourism Australia
building on the current certification and
green travel leader status. We were proud
to be featured in Tourism Australia’s
sustainability storyteller profiles sharing
our experiences working to tackle the
global challenge of measuring, managing
and minimising (or eliminating) carbon
and other greenhouse gas emissions.
Our Digital Tourism Apps
– creating meaningful
connections
Through our Digital Travel Apps we
connect travellers with everything they
need to plan their trip, explore and book
activities when on the road. This creates
exciting opportunities to showcase
businesses and operators providing
unique, authentic and immersive
experiences that create benefits for
communities and destinations across
Australia, New Zealand and Canada.
A great example from Australia is the
new partnership triptech developed
with non-profit Welcome to Country
enabling app users to discover over 150
unforgettable experiences guided by
Traditional Custodians of Country
showcased in the ‘Indigenous
Experiences’ category in the App.
Creating opportunities for travellers to
learn from the wisdom of the world’s
oldest living cultures, and for First Nations
tourism operators and business owners to
access to a new audience of travellers.
Industry Collaboration
for Impact
This year thl became a member of the
newly created RV Industry Association
(RVIA) Sustainability Committee in the
United States. The committee was created
to be the primary advisory body providing
ongoing guidance and best practices
on promoting sustainable RVs and a
sustainable RV lifestyle. It serves as the
convening body for sustainability experts
in the RV industry to share ideas and best
practices as well as an educational
resource for companies looking to
increase their sustainability practices.
In New Zealand thl is a partner in the
Aotearoa Circle inputting into their
Tourism Sector Adaptation Roadmap
which is helping to ensure the sector
is resilient and reducing the impact of
climate change. The aim is to create an
abundant, regenerative tourism sector
that ensures that people, planet and
prosperity are balanced.
thl’s Chief People & Capability Officer,
Kate Meldrum, was appointed to the
Board of the Caravan Industry Association
of Australia (CIAA) in 2021 and has been
Deputy Co-Chair since 2022. thl is now
a proud sponsor of the CCIA Future
Leaders Award that recognises young
professionals and allows this next
generation of leaders to influence the
future of their industry.
27
thl INTEGRATED ANNUAL REPORT 2023
WE ARE RVthl ANNUAL INTEGRATED REPORT 2023

Our Tourism
Experiences
I am really proud of how the
team has exceeded customer
expectations in every aspect
of their visit, from product
experience, hospitality, retail
and customer service, right
through to the presentation
of our sites, crew and vehicles.
For this to be validated by guest
and trade partner feedback –
really makes me confident
we are on the right track.
DAN THORNE, GM WAITOMO
Strong restart for Kiwi Experience
Kiwi Experience rebounded this year, with
a strong restart from hibernation during
the pandemic. Starting with small group
tours, followed by Hop-On, Hop-Off tours
relaunching in November 2022 and we
are currently the only touring company
operating Hop-On, Hop-Off experiences in
New Zealand. It was fantastic to open the
new office to provide customer support
and welcome guests once again. We were
delighted to have a large number of our
driver-guides return to Kiwi Experience
after being away so long.
There was exceptional and rapid demand
as we reopened and from January to
March 2023 we were fully booked. Driver-
guide recruitment, training and retention
is a priority in a competitive labour market,
retention payments and appropriate
reviews of base pay have helped attract
new driver-guides as required.
This summer was an extremely challenging
environment to operate in, with many
severe weather impacts across the country.
Limited accommodation options in some
locations also impacted routes and
utilisation. The team were extremely
resilient and did an incredible job caring
for customers and dealing with disruptions
impacting operations, including road
closures and impacts of flooding,
cyclones and ferry cancellations.
We are lucky to have strong brand
awareness and long-standing industry
relationships enabling us to connect guests
to a wide range of products and activities.
Hop-On, Hop-Off departures are set to
double and new small group tours will be
released in FY24, including our ‘Revive’
North Island tour with a focus on
sustainable travel, aligned to our future-fit
priority goals, crew cultural capability
training and embedding the Tiaki Promise.
Discover Waitomo – Exceeding guest expectations
International guests returned to Waitomo
in FY23 and the team responded superbly
to meet the rapid demand in visitor
numbers while maintaining the word class
visitor experiences. The continuation of the
small group tours provided an intimate
visitor experience in Waitomo Glowworm
enabling deeper storytelling and sharing
Tikanga (protocols) and environmental
outcomes with guests. This authentic,
more personal experience is increasingly
what guests are seeking, reflected in
increased guest feedback scores.
Recruitment and training has been major
focus points. Rebuilding and retraining our
teams and retaining excellence in health,
safety and environmental management,
underpinned by values of Kaitiakitanga
(guardianship), Manaakitanga (hospitality,
respect) and Whanaugatanga (connection,
kinship). It was great to see the Homestead
acting as a true gateway to Waitomo with
guests booking tours, checking in and
collecting general information over
the summer.
It is a privilege to operate in Waitomo
and we are committed to contributing
positively, from community conservation
projects and promoting Tiaki Promise
to local sourcing in our retail products.
Among other awards, the Waitomo team
was proud to be awarded the Waikato
Chamber of Commerce Community
Contribution Award in recognition of our
contribution to the Waitomo community
including the Kaimahi for Nature
restoration project.
Photo by Stephen Barker Photography
28
thl INTEGRATED ANNUAL REPORT 2023
WE ARE RV

29
thl INTEGRATED ANNUAL REPORT 2023

Our Crew,
Navigating Change
Health, Safety and Wellbeing is paramount
The health, safety and wellbeing (HS&W) of our crew, guests and visitors is an ongoing
journey of improvement, one on which the organisation is keenly focused. In FY22, we
reviewed and significantly developed our HS&W capability, employing a new global
Health, Safety and Wellbeing lead. This year we have further developed our internal
capability and support in each jurisdiction, with HS&W leads either appointed or
commenced in all jurisdictions.
We are implementing initiatives to
continuously improve our HS&W systems,
processes and culture, empowering our
crew to make decisions, speak up and
continuously improve in health, safety and
wellbeing. Since the merger we have been
capitalising on the best of both businesses’
systems. A key focus was to ensure that
HS&W was the top priority as we merged
operational sites.
This focus means we continue to challenge
ourselves to ensure that we are reporting
the right metrics to improve safety
outcomes and ultimately, to reduce the
number of injuries to our crew. A key metric
that we track at Executive and Board level
is our Lost Time Injury Frequency Rate
(LTIFR). In FY22 we reported an LTIFR of
21.51 for the combined AU and NZ rentals
businesses. The LTIFR for the same
business units is 12.24 at the end FY23,
a reduction of 54.8%. As the business has
changed substantially during this period,
we are implementing standardised
reporting for each business unit as a
goal for FY24 which includes LTIFR,
Total Recordable Incident Frequency
Rate (TRIFR) and key leading indicators.
We believe that all injuries at our sites are
preventable and recognise that we are still
firmly on a journey of reducing the number
of injuries that occur on our sites globally.
Our strong focus on mental health
continues to enable our crew to thrive.
On the back of mental health training
conducted last year, we have piloted
Mental Health First Aid courses and will
be broadening our base of Mental Health
First Aiders in FY24.
Looking ahead in FY24, we will continue
to empower our leaders and crew to
embed our focus on proactive reporting,
implement critical risk controls, broaden
mental health training and ensure our crew
have the right training, tools and support
to do their jobs safely.
Our crew have experienced
a significant degree of change
since the merger in December
2022 and our teams brought
their best selves to the
challenge and worked through
the necessary changes with
intelligence, resilience and
compassion for each other
and our customers. We were
committed to retaining and
growing the great talent in
our combined crew, providing
opportunities and optionality
for development and growth.
Overall, we came through the
first six months of change in
good shape and positive
about the future.
KATE MELDRUM, CHIEF PEOPLE
AND CAPABILITY OFFICER
THRIVE
SUPPORTING OUR CREW, CREATING
A HEALTHY CULTURE AND BUILDING
CULTURAL CAPABILITY
• Employee health
• Living wage
• Fair employment terms
• Employee discrimination
• Employee concerns
GOALS
30
thl INTEGRATED ANNUAL REPORT 2023
OUR PEOPLE AND RESPONSIBILITY

Creating development opportunities for our
crew globally has been a huge highlight this
year. The US Reservations teams did a fantastic
job supporting Australia and New Zealand to
provide 24-hour cover for customers during the
southern hemisphere summer. Our first global
branch manager secondment was a real
success with Kathryn Gerstel, a US-based
Branch Manager taking up a leadership role
with the Auckland Branch, sharing skills,
knowledge and capacity. The implementation
of Motek also enabled US team members to
step up, learn and lead important areas of
work as part of the project team.
GORDON HEWSTON, COO USA
Leadership Conference - moving forward together
In May, 170 leaders from around the
world arrived in Auckland for our global
Leadership Conference with the theme
moving forward together. It was exciting to
see our combined culture developing and
our shared values and language coming to
life as thl leaders from around the globe
connected, shared experiences and
learned from each other. Our Brand
and Culture journey was shared at this
sustainably-run event, and we will see
this evolve over the next few months.
The identity of each individual and each
regional team are important foundations
that make up thl’s DNA. We know our crew
are at the heart of our business success.
The development of our company culture
will be supported by meaningful elements
for our crew such as recognition awards,
benefits and training.
31
thl INTEGRATED ANNUAL REPORT 2023
OUR PEOPLE AND RESPONSIBILITYthl ANNUAL INTEGRATED REPORT 2023

In late 2021, thl re-commenced a programme of work around diversity and inclusion.
The initial focus was on collating data regarding the gender representation within main
role categories across New Zealand, Australia and the United States. This year, post-
merger, we include Canada and the United Kingdom and Ireland. Gender Diversity
Reporting Data and analysis is outlined below. Our intent in FY23 was to go beyond
the gender dimension to provide a fuller diversity and inclusion picture. With merger
activities this work is now scheduled for FY24.
being undertaken as part of cultural
capability building work shared below.
Diversity is considered in several thl
future-fit goals within our Thrive
sustainability programme which aims
to support our crew, building a healthy
culture and cultural capability across
thl globally.
Gender Diversity Reporting Data
The continued focus for FY23 diversity
and inclusion reporting has been on
female representation across the business
in terms of four main categories: Key
Management People (KMP) representing
C-Suite executives, senior management,
middle and supervisory level management,
and non-management roles. The table
below reflects the outcome of the
analysis undertaken to date.
The Board endorses and supports the thl
Diversity, Equality and Inclusion Policy.
It has reviewed and approved the 40:40:20
categorisation approach and recognises
that there is more work to be done.
Diversity and
Inclusion Developments
Analysis:
The initial information contained in the
table reflects an overall participation rate
of women within the thl workforce of
36.5% percent. The participation rate of
females in the thl workforce excluding
manufacturing is 46.0%. The Apollo RV
Manufacturing business now comes under
New Zealand’s Action Manufacturing
business and the figures are combined.
That combined manufacturing workforce
represents 29% of the total thl workforce
and is predominantly male at present.
However, Action Manufacturing has
increased representation of females in
senior executive management albeit from
a low base. Female participation in other
parts of the business in New Zealand,
Australia and the US largely remains
the same as FY22.
New Zealand and United States
representation of females in leadership
roles remains similar to last year, with
some re-assignment of Branch Managers
to ‘Middle Managers’ to align with other
jurisdictions. Australia sees an increase
in senior executive and management
compared to FY22 due to the merger
that has brought more women into the
business in senior group services roles as
well as COO Australia, taking over from
another female in this role. Canada has the
strongest representation of females in the
business at 53%. The United Kingdom is
also strong at 44%, with opportunities
in both countries to increase female
representation at senior executive
and management levels.
There continues to be some key areas
within thl, such as representation at
KMP (27%) and senior management level
positions (33%) which will need to be
considered when setting any measurable
objectives or targets and approaches to
succession planning for FY24.
Female %KMP
Senior Executive and
Management
Middle Managers and
Supervisory PositionsNon-Managers
Overall Combined
Female Representation
Across All Categories
NZ34.6%53.0%51.4%50.5%
AU46.2%2 7. 5%37.9%36.7%
US28.6%40.5%40.9%40.1%
CA30.0%60.0%52.5%52.6%
UK25.0%50.0%44.6%44.1%
NZ and AU Manufacturing28.6%13.9%12.5%13.0%
Combined Representative26.7%32.9%38.6%36.4%36.5%
FEMALE REPRESENTATION SUMMARY BY BUSINESS UNITS
Out of Balance (male dominant)
(if < 40%)
Balance Achieved (40-60% or more)
(i.e. female representation is achieved)
Please note: The analysis used in the table above has used a 40/40/20 categorisation as an interim review method, which has
been adopted by a number of organisations to identify balances and possible imbalances in terms of the participation of
women with the organisation. The analysis covers all employees within thl regions, including the merged entities and all
permanent/continuous, fixed term, seasonal and casual roles. The above information excludes female representation at the
thl Board level which currently is at 50 percent.
A broader understanding of diversity is
required within the company and the
approach will be considered in FY24 as
part of a review of our approach to diversity,
equity and inclusion. This programme of
work will be redefined, including a focus
on education and training around diversity
and inclusion for leadership groups and
hiring managers, plus the ongoing work
32
thl INTEGRATED ANNUAL REPORT 2023
OUR PEOPLE AND RESPONSIBILITY

Our Cultural Capability Journey Continues
Last year, thl made a global commitment to building our cultural capabilities,
specifically: the skills, knowledge, behaviours and protocols required to plan, support,
improve and deliver products and services in a culturally respectful, genuine and
appropriate manner. This means taking a place-based approach to building our cultural
capability in each Country, guided by a set of global principles, actively recognising,
valuing and respecting First Nations Peoples and Cultures and their continuing
connection to lands, waters, air and communities.
At our global Leadership Conference we were very privileged to hear from inspirational
Indigenous and First Nations leaders from Aotearoa New Zealand, Australia and Canada
during a panel discussion on Building our Cultural Capability and Indigenous
Tourism Connections.
Aotearoa New Zealand
Kowhaiwhai Oranga, our programme in
Aotearoa, means ‘to intertwine all cultures,
ideas and aspirations, and ensure our
collective health and wellbeing by moving
forward together as one’. It reflects not only
our obligations under Te Tiriti o Waitangi
(the Treaty of Waitangi) in which our
leadership team have been trained, but
also the commitment of our crew in
Aotearoa to learn from our long
partnership with the Ruapuha Uekaha
Hapū (sub-tribe) in Waitomo to grow
cultural capability across our branches.
Discover Waitomo, in partnership with
Ruapuha Uekaha Hapū, have continued
to develop cultural experiences and
immersive education programmes,
including bilingual and full immersion Te
Reo Māori tours. Matariki events continue
to be an inspiring focal point for our crew
and guests to learn and connect, with a
diverse range of activities celebrating
Māori culture and Mātauranga Māori
(Indigenous wisdom). In FY24 we will be
implementing a Te Tiriti Action Plan and
providing Te Reo Māori language classes
for our crew in Aotearoa.
Australia
We have completed our first ‘Reflect’
Reconciliation Action Plan (RAP) in
partnership with Reconciliation Australia
and have delivered actions under each
RAP pillar of respect, relationships,
opportunities and governance. We are
growing our cultural awareness and
learning, building relationships, connecting
our guests with Aboriginal Experiences
and commencing our procurement
journey with First Nations Suppliers.
In FY24, we will continue to deliver our
Reflect RAP to bring the wider Australia-
based crew along the journey and we
will start work on exploring reciprocal
opportunities with communities locally.
We are members of the new Tourism
Reconciliation Industry Network Group
(RING) a partnership with Tourism
Australia, Reconciliation Australia
supported by 21 tourism businesses. The
RING provides members with a space to
share challenges and learnings with the
delivery of their RAP and provides a
platform to hear from a diverse range
of Aboriginal and Torres Strait Islander
Peoples involved in tourism or culture and
create opportunities for collaboration
and partnerships.
North America
In North America we are beginning our
cultural capability journey focusing on
learning and building relationships with
First Nations groups in Canada and the
United States. We are building our
cultural awareness and connecting
with Indigenous Tourism groups and
Indigenous Tourism Associations at a
Federal, Province and State level to
explore opportunities including
through the CanaDream club where
we partner with over 25 Indigenous
Tourism operators.
ACCELERATE
PARTNERSHIP FOR POSITIVE IMPACTS
• Natural resources
• Operational encroachment
• Community health
• Product communications
• Product concerns
• Product harm
GOALS
33
thl INTEGRATED ANNUAL REPORT 2023
OUR PEOPLE AND RESPONSIBILITY

Our sustainability strategy implemented
through our Global Sustainability
Programme is underpinned by the 23
science-based goals of the Future-Fit
Business Benchmark. For more
information, see the Creating Systems
Value and the FY23 Health Check
sections of this report.
We are focused on addressing our most
significant sustainability impacts. These
include the emissions from our fleet of
Internal Combustion Engine (ICE) vehicles
and our operations, ensuring our products
do not cause harm to people or the
environment, and protecting the health
of communities and ecosystems where
we operate and where our products and
activities have an impact.
Our work on our Climate & Carbon Strategy,
building our cultural capability, embedding
a sustainable procurement framework, and
embedding Ignition future-fit branch
actions at each location is highlighted in
this report. We transparently share our
progress towards all 23 future-fit goals in
the updated FY23 Health Check and how
we protect the value we create through our
Enterprise Risk Management framework –
find both in Our Responsible Management
Disclosures section.
Our priority in FY23 has been to onboard,
embed and integrate the global
sustainability workstreams at a country
and branch level following the merger,
bringing in new locations, businesses
and teams. Future-fit progress is a core
component of thl country, business and
branch plans, supported with resources,
training and tools, this year 127 rental crew
completed new future-fit modules as
part of our TRX 25 customer experience
training. The year ahead holds exciting
opportunities to activate and expand the
impact of our future-fit progress across
all regions.
Ignition – branch sustainability impact
The Ignition Programme is delivered locally
in every branch and is the foundation of our
sustainability progress. All branches have
targets and actions underway for five priority
impact areas for our operations: energy
efficiency and renewables, water conservation,
waste, operational emissions and community
contribution. Country and Branch Impact
Reports track progress on actions, reduction
targets and emissions impacts annually.
We share some highlights from our Ignition
Programme 2023 review (based on FY22
verified data) and look forward to reporting
impact across our expanded operations,
including all Apollo sites, in 2024.
• Our San Francisco branches moved to 100%
renewable energy in FY23 through the
community energy purchase scheme.
• Overall, the US branches reduced energy
use by 15% and operational emissions by
38% from FY20.
• A major focus on water in response to severe
drought conditions has seen US operations
reduce water use by over 50% in the last
four years.
• Australia delivered a significant reduction
in overall operational emissions which
reduced by 22% from FY20. Energy
efficiency changes reduced energy
use by 20% in the same period.
• The Melbourne manufacturing site reduced
waste generation by 35% over the last three
years, through waste reduction initiatives
implemented by our factory team.
Our Global
Sustainability
Programme
IGNITION
CREATING FUTURE-FIT BRANCHES
• Renewable energy
• Water use
• Operational emissions
• Operational GHGS
• Operational waste
GOALS
Five Sustainability Focus Areas
for all branches globally
ENERGY
EFFICIENCY
LOWERING
EMISSIONS
COMMUNITY
CONTRIBUTION
CONSERVING
WATER
REDUCING WASTE
TO LANDFILL
34
thl INTEGRATED ANNUAL REPORT 2023
OUR PEOPLE AND RESPONSIBILITY

Climate & Carbon Strategy
Our Climate & Carbon Strategy remains
front and centre for the business. At thl
we’re facing this challenge head-on
through our Future Fleet programme,
despite the frustratingly slow - but
improving - progress of low-emissions RV
technologies, read more on page 23. We
have also updated our Climate Risks and
Opportunities (CR&O) and the scenarios we
use, to reflect our global business and new
disclosure standards. See Our Responsible
Management Disclosures section for our
CR&O summary reporting aligned with the
Taskforce on Climate-related Financial
Disclosures (TCFD).
This year’s carbon footprint looks different
from prior years, being a ‘transitional’
footprint now including many Apollo sites.
Our FY23 full footprint with commentary
is in Our Responsible Management
Disclosures section. Reflecting our status
as a merged business, we will be restating
our baseline in FY24 to capture our full
global business activities and Scope 3
emissions. This will also require an update
to our science-aligned carbon reduction
target, currently an absolute reduction
in emissions of 50.4% from a FY20
baseline by 2032 to limit warming
within 1.5 degrees Celsius.
In our view, any target needs to be
accompanied by a realistic plan for
achievement. We have been frustrated by
the lack of progress across our supply chain
to transition to zero or low-emissions
chassis. We are therefore not comfortable
setting a reduction target for our Scope 3
emissions as was our intention in FY23,
but will be continue to stay abreast
of developments.
In the meantime we will in FY24 seek to
set interim and intensity targets to drive
change which will require the whole
business to get behind our climate and
carbon challenge. We’re in good shape to
make progress as we engaged a consultant
(WSP) to deliver our first Future Fleet
Global Scan of infrastructure readiness for
eRVs, ICE phase-out regulation deadlines,
technology tipping points, climate trends
and innovation grants.
OUR PRIORITY CLIMATE RISKS & OPPORTUNITIES (CR&O)
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
• Operational GHGS
• Product GHGS
GOALS
SHORT-TERM
0-24 MONTHS
MEDIUM-TERM
2-10 YEARS
LONG-TERM
>10 YEARS
OPPORTUNITY: Increased demand for mobile housing and emergency service vehicles
TRANSITION RISK: Reduction in
customer demand due to a trend
away from carbon-intensive travel
TRANSITION RISK: Speed of
regulatory change and legal
compliance
PHYSICAL RISK: Changes in
booking patterns due to physical
climate impacts
PHYSICAL RISK: Inability to access
attractions and locations due to
infrastructure damage
OPPORTUNITY: Gain competitive
advantage by positioning thl as a
first mover where appropriate
TRANSITION RISK: Uncertainty in the supply of
cost-effective, long-range, low emissions technology
A high proportion of our business is
exposed to transition risks, in particular
the need to decarbonise our fleet. A low
to moderate portion of our business is
exposed to physical risks, including the
impacts of extreme weather events.
Quantitative metrics for our climate
disclosures will be developed in FY24
aligned with industry metrics. These will
be informed by qualitative metrics that
are already used within our Future-Fit
Business Benchmark.
35
thl INTEGRATED ANNUAL REPORT 2023
OUR PEOPLE AND RESPONSIBILITY

Sustainable Procurement
Framework
Our Global Sustainable Procurement
Working Group, supported by country-
level groups, continues to make strong
progress against our five-year ‘Flexible
Framework’ plan. We have moved from
embedding sustainable procurement in
FY23 to improving practices in FY24 and
working towards circular economy
outcomes in FY25.
Achievements include the
continued on-boarding of
suppliers to our Supplier Code
of Conduct which has been
positively received; publication
of our Sustainable Procurement
Policy; ongoing future-fit
hotspot assessments of supplier
categories now linked to our
tender process; and sustainable
procurement as a key element
in our Global Uniform Project.
We’ve also taken positive steps in our
supplier diversity approach, with a
Supplier Diversity plan developed in
Australia as part of our Reconciliation
Action Plan (RAP). A pilot partnership
in New Zealand was not effective in
delivering value for local suppliers
given thl’s vehicle-focussed supplier
requirements - this is an area for further
development. A product stewardship
assessment has set us up well for a pilot
project with RVSC suppliers who are keen
to partner with us on sustainability.
SUSTAINABLE PROCUREMENT
OUR GLOBAL FRAMEWORK AND
CIRCULAR ECONOMY PILOTS
• Procurement
• Products repurposed
GOALS
STRATEGY
INTERNAL CAPACITY
SUSTAINABLE
PROCUREMENT
EXTERNAL
COLLABORATION
GOVERNANCE
GRIEVANCE &
REMEDIATION
Modern Slavery Statement
This year we worked with Edge Impact to complete a
global assessment of our modern slavery risks as a merged
business. We completed a gaps and opportunities analysis
and progressed work on our global Modern Slavery
Statement and Implementation Roadmap covering the
six key pillars shown below. The Statement will be made
available online on the thl sustainability website:
www.thlsustainability.com
36
thl INTEGRATED ANNUAL REPORT 2023
OUR PEOPLE AND RESPONSIBILITY

37
thl INTEGRATED ANNUAL REPORT 2023
Our
Responsible
Management Disclosures

Our FY23 carbon footprint is a ‘transitional’
footprint given the merger with Apollo
businesses. To capture as much data as
possible, we took a materiality approach
to include the larger sites in our footprint
which now covers approximately 85% of
our total combined sites. Excluded sites
include three sites in the UK / Ireland,
three newly acquired Action
Manufacturing sites and two Australian
dealership sites. Scope 1 and 2 emissions
for specific sites across Canada, Australia,
the UK and Ireland have been included as
partial years from date of acquisition.
Our transitional footprint continues to be
based on our previous approach (full Scope
1 and 2 and limited Scope 3), keeping to a
FY19 baseline for consistency with previous
years, with customer journeys included in
our Scope 1 emissions. Our total transitional
footprint as a much larger merged
business is 65,472 tCO2e, this includes data
for merged business units since date of
acquisition. This footprint includes an
increase in our operational emissions of
73% from FY22 (an increase of 4% from our
FY19 baseline year), and also an increase in
our customer journey emissions of 58%
from FY22 (a decrease of 22% from our FY19
baseline year).
Prior to the merger, our intention was to
extend our FY23 footprint to include our
full Scope 3 emissions. However, given the
additional data required from Apollo
businesses, we will instead be restating our
entire greenhouse gas inventory in FY24,
to include full Scope 1, 2 and 3 emissions.
FY24 will then become our new baseline
year, which will enable us to refine our
science-aligned target as discussed in
the Climate & Carbon Strategy section
in this report.
In the following graphs we have included
customer journey emissions in Scope 1
but have also reported them separately
for consistency with previous years. As
international visitors return to New
Zealand, Kiwi Experience has restarted
after a period of hibernation and we have
seen a corresponding increase in their
emissions and from our Discover
Waitomo tourism operations.
Note: thl uses the ISO 14064-1:2018
standard but also aligns with language
and framing from the GHG Protocol’s
standards. thl follows the equity
share approach.
Our full Scope 3 GHG inventory in FY24
will align with the GHG Protocol Value
Chain (Scope 3) Standard.
Country-specific emission factors have
been used if available. For further
information please visit
www.thlsustainability.com.
Our FY23
Carbon Footprint
2,773
New Zealand
1,724
US
911
Canada
219
UK & Ireland
1,958
Australia
0
Joint ventures
7,585
Total GHG
emissions
(tonnes CO
2
e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS FY23*
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS YEAR-ON-YEAR – EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
New Zealand
Total GHG emissions (tonnes CO
2
e)
Australia
Joint
venturesUS
59,393
Total tonnes CO
2
e
GROUP-WIDE GHG EMISSIONS BY SCOPE FY23
– INCLUDING CUSTOMER JOURNEYS IN SCOPE 1
(tonnes CO₂e)
Scope 1
1,953
Scope 2
4,126
Scope 3
91%
3%
6%
GROUP-WIDE GHG EMISSIONS BY EMISSION SOURCE FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
7%
10%
52%
26%
5%
GROUP-WIDE CUSTOMER JOURNEY GHG EMISSIONS FY23
(tonnes CO₂e)
73% increase
on FY22
(includes data for
merged business
units since
acquisition date).
58% increase
on FY22
(includes data for
merged business
units since
acquisition date).
23,768
Australia
11,030
New Zealand
2,034
Canada
583
UK & Ireland
20,472
US
0
Joint ventures
57,887
Total GHG
emissions
(tonnes CO
2
e)
3,920
Transport & Stationary Fuels
1,953
Electricity
533
Air Travel
8
Taxi Use
424
Waste sent to Landfill
747
Materials
7,585
Total FY23 footprint
(tonnes CO
2
e)
25
62,695
211
1,619
559
57
Head Office
GHG EMISSIONS BY BUSINESS UNIT FY23
– INCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
96%
2%
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
65,472
Total GHG
emissions
(tonnes CO
2
e)
37%
40%
35%
4,696
6,600
7,924
26%
24%
25%
1%
0%
1%
36%
36%
39%
1,7101,1941,74943
2,3731,5722,63421
3,1081,9792,793
44
FY21
37%4,39430%1%32%
1,4221,2981,62945
FY22
FY20
FY19
NOTE: 97% (~57,887 tCO₂e) of Scope 1 emissions comprises of
customer journey emissions which we can influence but not control
(transitional year)(transitional year)
36%7,58526%0%23%
CanadaUK & Ireland
0%
0%
0%
0%
0%
0 %
0%0%
12%3%
1,7241,9582,773
FY23
(transitional
year)
911219
65,472Total FY23 footprint
(tonnes CO
2
e)
(transitional year)
(transitional year)
GHG EMISSIONS BY BUSINESS UNIT FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
63%
21%
25
4,808
211
1,619
559
57
Head Office
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
306
Discover Waitomo
7,585
Total GHG
emissions
(tonnes CO
2
e)
(transitional year)
4%
3%
(transitional year)
36%
26%
23%
12%
3%
41%
19%
35%
4%
1%
7%
1%
306
Discover Waitomo
1%
2,773
New Zealand
1,724
US
911
Canada
219
UK & Ireland
1,958
Australia
0
Joint ventures
7,585
Total GHG
emissions
(tonnes CO
2
e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS FY23*
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS YEAR-ON-YEAR – EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
New Zealand
Total GHG emissions (tonnes CO
2
e)
Australia
Joint
venturesUS
59,393
Total tonnes CO
2
e
GROUP-WIDE GHG EMISSIONS BY SCOPE FY23
– INCLUDING CUSTOMER JOURNEYS IN SCOPE 1
(tonnes CO₂e)
Scope 1
1,953
Scope 2
4,126
Scope 3
91%
3%
6%
GROUP-WIDE GHG EMISSIONS BY EMISSION SOURCE FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
7%
10%
52%
26%
5%
GROUP-WIDE CUSTOMER JOURNEY GHG EMISSIONS FY23
(tonnes CO₂e)
73% increase
on FY22
(includes data for
merged business
units since
acquisition date).
58% increase
on FY22
(includes data for
merged business
units since
acquisition date).
23,768
Australia
11,030
New Zealand
2,034
Canada
583
UK & Ireland
20,472
US
0
Joint ventures
57,887
Total GHG
emissions
(tonnes CO
2
e)
3,920
Transport & Stationary Fuels
1,953
Electricity
533
Air Travel
8
Taxi Use
424
Waste sent to Landfill
747
Materials
7,585
Total FY23 footprint
(tonnes CO
2
e)
25
62,695
211
1,619
559
57
Head Office
GHG EMISSIONS BY BUSINESS UNIT FY23
– INCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
96%
2%
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
65,472
Total GHG
emissions
(tonnes CO
2
e)
37%
40%
35%
4,696
6,600
7,924
26%
24%
25%
1%
0%
1%
36%
36%
39%
1,7101,1941,74943
2,3731,5722,63421
3,1081,9792,793
44
FY21
37%4,39430%1%32%
1,4221,2981,62945
FY22
FY20
FY19
NOTE: 97% (~57,887 tCO₂e) of Scope 1 emissions comprises of
customer journey emissions which we can influence but not control
(transitional year)(transitional year)
36%7,58526%0%23%
CanadaUK & Ireland
0%
0%
0%
0%
0%
0 %
0%0%
12%3%
1,7241,9582,773
FY23
(transitional
year)
911219
65,472Total FY23 footprint
(tonnes CO
2
e)
(transitional year)
(transitional year)
GHG EMISSIONS BY BUSINESS UNIT FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
63%
21%
25
4,808
211
1,619
559
57
Head Office
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
306
Discover Waitomo
7,585
Total GHG
emissions
(tonnes CO
2
e)
(transitional year)
4%
3%
(transitional year)
36%
26%
23%
12%
3%
41%
19%
35%
4%
1%
7%
1%
306
Discover Waitomo
1%
Our FY23 greenhouse gas (carbon) footprint has been
independently assured by McHugh & Shaw Ltd. It is considered
consistent with the mandatory requirements of ISO 14064-1:2018,
with Reasonable Assurance (Scope 1/ISO Category 1 Emissions
and Scope 2/ISO Category 2 Emissions) and Limited Assurance
(Scope 3/ISO Category 3-6 Emissions).
38
thl INTEGRATED ANNUAL REPORT 2023
OUR RESPONSIBLE MANAGEMENT DISCLOSURES

2,773
New Zealand
1,724
US
911
Canada
219
UK & Ireland
1,958
Australia
0
Joint ventures
7,585
Total GHG
emissions
(tonnes CO
2
e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS FY23*
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS YEAR-ON-YEAR – EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
New Zealand
Total GHG emissions (tonnes CO
2
e)
Australia
Joint
venturesUS
59,393
Total tonnes CO
2
e
GROUP-WIDE GHG EMISSIONS BY SCOPE FY23
– INCLUDING CUSTOMER JOURNEYS IN SCOPE 1
(tonnes CO₂e)
Scope 1
1,953
Scope 2
4,126
Scope 3
91%
3%
6%
GROUP-WIDE GHG EMISSIONS BY EMISSION SOURCE FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
7%
10%
52%
26%
5%
GROUP-WIDE CUSTOMER JOURNEY GHG EMISSIONS FY23
(tonnes CO₂e)
73% increase
on FY22
(includes data for
merged business
units since
acquisition date).
58% increase
on FY22
(includes data for
merged business
units since
acquisition date).
23,768
Australia
11,030
New Zealand
2,034
Canada
583
UK & Ireland
20,472
US
0
Joint ventures
57,887
Total GHG
emissions
(tonnes CO
2
e)
3,920
Transport & Stationary Fuels
1,953
Electricity
533
Air Travel
8
Taxi Use
424
Waste sent to Landfill
747
Materials
7,585
Total FY23 footprint
(tonnes CO
2
e)
25
62,695
211
1,619
559
57
Head Office
GHG EMISSIONS BY BUSINESS UNIT FY23
– INCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
96%
2%
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
65,472
Total GHG
emissions
(tonnes CO
2
e)
37%
40%
35%
4,696
6,600
7,924
26%
24%
25%
1%
0%
1%
36%
36%
39%
1,7101,1941,74943
2,3731,5722,63421
3,1081,9792,793
44
FY21
37%4,39430%1%32%
1,4221,2981,62945
FY22
FY20
FY19
NOTE: 97% (~57,887 tCO₂e) of Scope 1 emissions comprises of
customer journey emissions which we can influence but not control
(transitional year)(transitional year)
36%7,58526%0%23%
CanadaUK & Ireland
0%
0%
0%
0%
0%
0 %
0%0%
12%3%
1,7241,9582,773
FY23
(transitional
year)
911219
65,472Total FY23 footprint
(tonnes CO
2
e)
(transitional year)
(transitional year)
GHG EMISSIONS BY BUSINESS UNIT FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
63%
21%
25
4,808
211
1,619
559
57
Head Office
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
306
Discover Waitomo
7,585
Total GHG
emissions
(tonnes CO
2
e)
(transitional year)
4%
3%
(transitional year)
36%
26%
23%
12%
3%
41%
19%
35%
4%
1%
7%
1%
306
Discover Waitomo
1%
2,773
New Zealand
1,724
US
911
Canada
219
UK & Ireland
1,958
Australia
0
Joint ventures
7,585
Total GHG
emissions
(tonnes CO
2
e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS FY23*
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS YEAR-ON-YEAR – EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
New Zealand
Total GHG emissions (tonnes CO
2
e)
Australia
Joint
venturesUS
59,393
Total tonnes CO
2
e
GROUP-WIDE GHG EMISSIONS BY SCOPE FY23
– INCLUDING CUSTOMER JOURNEYS IN SCOPE 1
(tonnes CO₂e)
Scope 1
1,953
Scope 2
4,126
Scope 3
91%
3%
6%
GROUP-WIDE GHG EMISSIONS BY EMISSION SOURCE FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
7%
10%
52%
26%
5%
GROUP-WIDE CUSTOMER JOURNEY GHG EMISSIONS FY23
(tonnes CO₂e)
73% increase
on FY22
(includes data for
merged business
units since
acquisition date).
58% increase
on FY22
(includes data for
merged business
units since
acquisition date).
23,768
Australia
11,030
New Zealand
2,034
Canada
583
UK & Ireland
20,472
US
0
Joint ventures
57,887
Total GHG
emissions
(tonnes CO
2
e)
3,920
Transport & Stationary Fuels
1,953
Electricity
533
Air Travel
8
Taxi Use
424
Waste sent to Landfill
747
Materials
7,585
Total FY23 footprint
(tonnes CO
2
e)
25
62,695
211
1,619
559
57
Head Office
GHG EMISSIONS BY BUSINESS UNIT FY23
– INCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
96%
2%
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
65,472
Total GHG
emissions
(tonnes CO
2
e)
37%
40%
35%
4,696
6,600
7,924
26%
24%
25%
1%
0%
1%
36%
36%
39%
1,7101,1941,74943
2,3731,5722,63421
3,1081,9792,793
44
FY21
37%4,39430%1%32%
1,4221,2981,62945
FY22
FY20
FY19
NOTE: 97% (~57,887 tCO₂e) of Scope 1 emissions comprises of
customer journey emissions which we can influence but not control
(transitional year)(transitional year)
36%7,58526%0%23%
CanadaUK & Ireland
0%
0%
0%
0%
0%
0 %
0%0%
12%3%
1,7241,9582,773
FY23
(transitional
year)
911219
65,472Total FY23 footprint
(tonnes CO
2
e)
(transitional year)
(transitional year)
GHG EMISSIONS BY BUSINESS UNIT FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
63%
21%
25
4,808
211
1,619
559
57
Head Office
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
306
Discover Waitomo
7,585
Total GHG
emissions
(tonnes CO
2
e)
(transitional year)
4%
3%
(transitional year)
36%
26%
23%
12%
3%
41%
19%
35%
4%
1%
7%
1%
306
Discover Waitomo
1%
2,773
New Zealand
1,724
US
911
Canada
219
UK & Ireland
1,958
Australia
0
Joint ventures
7,585
Total GHG
emissions
(tonnes CO
2
e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS FY23*
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS YEAR-ON-YEAR – EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
New Zealand
Total GHG emissions (tonnes CO
2
e)
Australia
Joint
venturesUS
59,393
Total tonnes CO
2
e
GROUP-WIDE GHG EMISSIONS BY SCOPE FY23
– INCLUDING CUSTOMER JOURNEYS IN SCOPE 1
(tonnes CO₂e)
Scope 1
1,953
Scope 2
4,126
Scope 3
91%
3%
6%
GROUP-WIDE GHG EMISSIONS BY EMISSION SOURCE FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
7%
10%
52%
26%
5%
GROUP-WIDE CUSTOMER JOURNEY GHG EMISSIONS FY23
(tonnes CO₂e)
73% increase
on FY22
(includes data for
merged business
units since
acquisition date).
58% increase
on FY22
(includes data for
merged business
units since
acquisition date).
23,768
Australia
11,030
New Zealand
2,034
Canada
583
UK & Ireland
20,472
US
0
Joint ventures
57,887
Total GHG
emissions
(tonnes CO
2
e)
3,920
Transport & Stationary Fuels
1,953
Electricity
533
Air Travel
8
Taxi Use
424
Waste sent to Landfill
747
Materials
7,585
Total FY23 footprint
(tonnes CO
2
e)
25
62,695
211
1,619
559
57
Head Office
GHG EMISSIONS BY BUSINESS UNIT FY23
– INCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
96%
2%
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
65,472
Total GHG
emissions
(tonnes CO
2
e)
37%
40%
35%
4,696
6,600
7,924
26%
24%
25%
1%
0%
1%
36%
36%
39%
1,7101,1941,74943
2,3731,5722,63421
3,1081,9792,793
44
FY21
37%4,39430%1%32%
1,4221,2981,62945
FY22
FY20
FY19
NOTE: 97% (~57,887 tCO₂e) of Scope 1 emissions comprises of
customer journey emissions which we can influence but not control
(transitional year)(transitional year)
36%7,58526%0%23%
CanadaUK & Ireland
0%
0%
0%
0%
0%
0 %
0%0%
12%3%
1,7241,9582,773
FY23
(transitional
year)
911219
65,472Total FY23 footprint
(tonnes CO
2
e)
(transitional year)
(transitional year)
GHG EMISSIONS BY BUSINESS UNIT FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
63%
21%
25
4,808
211
1,619
559
57
Head Office
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
306
Discover Waitomo
7,585
Total GHG
emissions
(tonnes CO
2
e)
(transitional year)
4%
3%
(transitional year)
36%
26%
23%
12%
3%
41%
19%
35%
4%
1%
7%
1%
306
Discover Waitomo
1%
2,773
New Zealand
1,724
US
911
Canada
219
UK & Ireland
1,958
Australia
0
Joint ventures
7,585
Total GHG
emissions
(tonnes CO
2
e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS FY23*
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS YEAR-ON-YEAR – EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
New Zealand
Total GHG emissions (tonnes CO
2
e)
Australia
Joint
venturesUS
59,393
Total tonnes CO
2
e
GROUP-WIDE GHG EMISSIONS BY SCOPE FY23
– INCLUDING CUSTOMER JOURNEYS IN SCOPE 1
(tonnes CO₂e)
Scope 1
1,953
Scope 2
4,126
Scope 3
91%
3%
6%
GROUP-WIDE GHG EMISSIONS BY EMISSION SOURCE FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
7%
10%
52%
26%
5%
GROUP-WIDE CUSTOMER JOURNEY GHG EMISSIONS FY23
(tonnes CO₂e)
73% increase
on FY22
(includes data for
merged business
units since
acquisition date).
58% increase
on FY22
(includes data for
merged business
units since
acquisition date).
23,768
Australia
11,030
New Zealand
2,034
Canada
583
UK & Ireland
20,472
US
0
Joint ventures
57,887
Total GHG
emissions
(tonnes CO
2
e)
3,920
Transport & Stationary Fuels
1,953
Electricity
533
Air Travel
8
Taxi Use
424
Waste sent to Landfill
747
Materials
7,585
Total FY23 footprint
(tonnes CO
2
e)
25
62,695
211
1,619
559
57
Head Office
GHG EMISSIONS BY BUSINESS UNIT FY23
– INCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
96%
2%
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
65,472
Total GHG
emissions
(tonnes CO
2
e)
37%
40%
35%
4,696
6,600
7,924
26%
24%
25%
1%
0%
1%
36%
36%
39%
1,7101,1941,74943
2,3731,5722,63421
3,1081,9792,793
44
FY21
37%4,39430%1%32%
1,4221,2981,62945
FY22
FY20
FY19
NOTE: 97% (~57,887 tCO₂e) of Scope 1 emissions comprises of
customer journey emissions which we can influence but not control
(transitional year)(transitional year)
36%7,58526%0%23%
CanadaUK & Ireland
0%
0%
0%
0%
0%
0 %
0%0%
12%3%
1,7241,9582,773
FY23
(transitional
year)
911219
65,472Total FY23 footprint
(tonnes CO
2
e)
(transitional year)
(transitional year)
GHG EMISSIONS BY BUSINESS UNIT FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
63%
21%
25
4,808
211
1,619
559
57
Head Office
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
306
Discover Waitomo
7,585
Total GHG
emissions
(tonnes CO
2
e)
(transitional year)
4%
3%
(transitional year)
36%
26%
23%
12%
3%
41%
19%
35%
4%
1%
7%
1%
306
Discover Waitomo
1%
2,773
New Zealand
1,724
US
911
Canada
219
UK & Ireland
1,958
Australia
0
Joint ventures
7,585
Total GHG
emissions
(tonnes CO
2
e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS FY23*
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
GROUP-WIDE OPERATIONAL GHG EMISSIONS YEAR-ON-YEAR – EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
New Zealand
Total GHG emissions (tonnes CO
2
e)
Australia
Joint
venturesUS
59,393
Total tonnes CO
2
e
GROUP-WIDE GHG EMISSIONS BY SCOPE FY23
– INCLUDING CUSTOMER JOURNEYS IN SCOPE 1
(tonnes CO₂e)
Scope 1
1,953
Scope 2
4,126
Scope 3
91%
3%
6%
GROUP-WIDE GHG EMISSIONS BY EMISSION SOURCE FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
7%
10%
52%
26%
5%
GROUP-WIDE CUSTOMER JOURNEY GHG EMISSIONS FY23
(tonnes CO₂e)
73% increase
on FY22
(includes data for
merged business
units since
acquisition date).
58% increase
on FY22
(includes data for
merged business
units since
acquisition date).
23,768
Australia
11,030
New Zealand
2,034
Canada
583
UK & Ireland
20,472
US
0
Joint ventures
57,887
Total GHG
emissions
(tonnes CO
2
e)
3,920
Transport & Stationary Fuels
1,953
Electricity
533
Air Travel
8
Taxi Use
424
Waste sent to Landfill
747
Materials
7,585
Total FY23 footprint
(tonnes CO
2
e)
25
62,695
211
1,619
559
57
Head Office
GHG EMISSIONS BY BUSINESS UNIT FY23
– INCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
96%
2%
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
65,472
Total GHG
emissions
(tonnes CO
2
e)
37%
40%
35%
4,696
6,600
7,924
26%
24%
25%
1%
0%
1%
36%
36%
39%
1,7101,1941,74943
2,3731,5722,63421
3,1081,9792,793
44
FY21
37%4,39430%1%32%
1,4221,2981,62945
FY22
FY20
FY19
NOTE: 97% (~57,887 tCO₂e) of Scope 1 emissions comprises of
customer journey emissions which we can influence but not control
(transitional year)(transitional year)
36%7,58526%0%23%
CanadaUK & Ireland
0%
0%
0%
0%
0%
0 %
0%0%
12%3%
1,7241,9582,773
FY23
(transitional
year)
911219
65,472Total FY23 footprint
(tonnes CO
2
e)
(transitional year)
(transitional year)
GHG EMISSIONS BY BUSINESS UNIT FY23
– EXCLUDING CUSTOMER JOURNEYS
(tonnes CO₂e)
63%
21%
25
4,808
211
1,619
559
57
Head Office
thl Digital
Self Drive Experiences (Global)
Dealerships Australia
Manufacturing
Kiwi Experience
306
Discover Waitomo
7,585
Total GHG
emissions
(tonnes CO
2
e)
(transitional year)
4%
3%
(transitional year)
36%
26%
23%
12%
3%
41%
19%
35%
4%
1%
7%
1%
306
Discover Waitomo
1%
Our ‘transitional’ operational carbon
footprint includes:
Scope 1Direct GHG emissions: transport
fuel used in our company cars,
fuel used at our sites (LPG,
natural gas, diesel) and
customer journeys included
in Scope 1 but also reported
separately
Scope 2Indirect GHG emissions from
energy: emissions associated
with purchased electricity
Scope 3Other indirect GHG emissions:
fuel used by staff commuting to
work; air and taxi travel; waste
sent to landfill; and motorhome
maintenance materials
(replacement tyres,
batteries and water)
39
thl INTEGRATED ANNUAL REPORT 2023
OUR RESPONSIBLE MANAGEMENT DISCLOSURES