DOCSLIB.ORG

Not 100% – but Four Steps Closer to Sustainable Tourism

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Not 100% – but Four Steps Closer to Sustainable Tourism C.12 EMBARGOED until 2pm Thursday 18 February 2021 Not 100% – but four steps closer to sustainable tourism February 2021 EMBARGOED until 2pm Thursday 18 February 2021 This report has been produced pursuant to subsections 16(1)(a) to (c) of the Environment Act 1986. The Parliamentary Commissioner for the Environment is an independent Officer of Parliament, with functions and powers set out in the Environment Act 1986. His role allows an opportunity to provide Members of Parliament with independent advice in their consideration of matters that may have impacts on the environment. This document may be copied provided that the source is acknowledged. This report and other publications by the Parliamentary Commissioner for the Environment are available at pce.parliament.nz. Parliamentary Commissioner for the Environment Te Kaitiaki Taiao a Te Whare Pāremata PO Box 10-241 Wellington 6143 Aotearoa New Zealand T 64 4 471 1669 F 64 4 495 8350 E [email protected] W pce.parliament.nz February 2021 ISBN 978-0-947517-24-3 (print) 978-0-947517-25-0 (electronic) Photography Cover images: Hot Water Beach, Eli Duke, Flickr; Akaroa, Bruno d’Auria, Flickr; contrails, Andreina Schoeberlein, Flickr. Chapter header images: Leptopteris superba, John Barkla, iNaturalist; Cyathea dealbata, Hymenophyllum demissum, Paul Bell-Butler, iNaturalist; Anogramma leptophylla, Schizaea australis, Pteris macilenta, Sarah Richardson, iNaturalist; Notogrammitis billardierei, Chris Ecroyd, iNaturalist. EMBARGOED until 2pm Thursday 18 February 2021 Not 100% – but four steps closer to sustainable tourism February 2021 EMBARGOED until 2pm Thursday 18 February 2021 Acknowledgements The Parliamentary Commissioner for the Environment is indebted to a number of people who assisted him in conducting this investigation. Special thanks are due to Andrew McCarthy who led the project, supported by Leana Barriball, Dr Robert Dykes, Tessa Evans, Vivienne Holm, Shaun Killerby, Peter Lee and Megan Martin. The Commissioner would like to acknowledge the following organisations for their time and assistance during the preparation of this report: • Ahipara Luxury Travel • Ministry for the Environment • Air New Zealand • Ministry of Business, Innovation and • Akaroa Civic Trust Employment • Akaroa District Promotions Society • Ministry of Foreign Affairs and Trade • Akaroa Ratepayers and Residents Association • Ministry of Transport • Auckland Airport • National Energy Research Institute • Auckland University of Technology • New Zealand Motor Caravan Association • Black Cat Cruises • New Zealand Productivity Commission • Christchurch Airport • Ōnuku Rūnanga • Christchurch City Council • Queenstown Lakes District Council • ChristchurchNZ • Schiff Consulting • Department of Conservation • Stats NZ • Department of Internal Affairs • Swedish Transport Agency • Environment Canterbury Regional Council • Tasman District Council • Federated Mountain Clubs • thinkstep ANZ • Gisborne District Council • Tourism Holdings Limited • HM Revenue and Customs • Tourism Industry Aotearoa • HM Treasury • Tourism New Zealand • Kapiti Island Nature Tours • Waka Kotahi NZ Transport Agency • Mackenzie District Council • Wanaka Stakeholders Group • Marketview • Westland District Council. • Marlborough District Council The Commissioner wishes to thank the following individuals for reviewing earlier drafts of the report. While he has benefited hugely from their insights, any errors, omissions or opinions are entirely his own. • Professor Susanne Becken • Aaron Cosbey • Raewyn Peart • Dr Hugh Logan • Keith Turner • Geoff Lewis. • Te Rau Kupenga EMBARGOED until 2pm Thursday 18 February 2021 Contents 1 Introduction 3 1 2 Addressing tourism-related aviation emissions 13 3 Government tourism funding through a sustainability lens: Introducing environmental and social conditionality 39 4 Protecting wildness and natural quiet in public conservation lands and waters 63 5 Stronger requirements for self-contained freedom camping and improved oversight of the certification process 95 6 Appendix: Existing tourism policy mix and funding 115 References 119 EMBARGOED until 2pm Thursday 18 February 2021 2 1 Leptopteris superba Introduction My proposals and how they were reached Late in 2019 I published Pristine, popular… imperilled?, an investigation into the environmental pressures resulting from tourism activity in Aotearoa.1 Two key insights emerged from that work. First, the persistent growth of New Zealand’s tourism industry in recent decades had created a set of increasingly serious environment issues. From the greenhouse gas emissions associated with long-distance travel to the pressure on wastewater networks from seasonal peaks, tourism was found to be less environmentally benign than it had often been made out to be. Second, the increase in visitor numbers that was – at the time – forecast would only serve to exacerbate those pressures. I concluded that business-as-usual growth had the potential to undermine the very thing that New Zealand’s tourism industry is based on – the quality of our natural environment. Rather than move immediately to propose remedies, I asked for feedback on two issues. Firstly, was the problem statement contained in the report accurate? Secondly, if it was accurate, what policy approaches might be relied upon to reduce the environmental footprint of tourism? I received 27 pieces of feedback in response. Four main interest groups were represented: the tourism industry, central government agencies, concerned citizens and academia. Notably, none of these groups questioned the accuracy of the problem statement in Pristine, popular… imperilled? On the basis that no one denied the mounting environmental pressures described in the report, I set out to identify a very short list of policies that could make a real difference. This report is the result of that exercise. The shortlist was developed from the feedback provided by respondents, as well as informal comments picked up along the way. In general, the focus was on identifying interventions that could materially reduce tourism-related environmental pressures while also being practical. Where possible, consideration was also given to interventions with fewer economic side-effects and those that might further the ability of Māori to exercise tino rangatiratanga, kaitiakitanga and manaakitanga. 1 See https://www.pce.parliament.nz/publications/pristine-popular-imperilled-the-environmental-consequences-of-projected- tourism-growth. 1 – Introduction I have chosen to promote four concrete policy proposals that – if implemented – would help to address some of the major environmental pressures that I have described. They are: • Introducing a departure tax that reflects the environmental cost of flying internationally from 4 New Zealand and use the resulting revenues to support the development of low-carbon aviation technologies and provide a source of climate finance for Pacific Island nations (chapter two). • Making any future central government funding for tourism infrastructure conditional on environmental criteria and consistent with the community’s vision for tourism development – as expressed in a local destination management plan (chapter three). • Clarifying and, where necessary, strengthening the tools that the Department of Conservation (DOC) has to address the loss of wildness and natural quiet that had – prior to Covid-19 – occurred in the most popular parts of the conservation estate (chapter four). • Introducing stronger requirements for self-contained freedom camping and improving oversight of the process for certifying compliance (chapter five). These four proposals do not pretend to be a comprehensive response to the totality of the issues raised in my first report. But each would provide real leverage in respect of some of the environmental pressures I have identified. Each proposal is given its own chapter and should be judged on its own merits. While each proposal stands alone, all four are informed by a common framing of the problem. The balance of this introduction explains why these proposals should be considered now, and what reform principles should guide the conversation. Is this the right time to consider such proposals? Barely three months after Pristine, popular… imperilled? was released Covid-19 brought tourism to a halt in New Zealand and around the world. International visitor arrivals to New Zealand have declined to levels last seen in the 1950s, prior to the emergence of long-haul air travel.2 Weekly international arrivals numbered in the hundreds during April, May and June 2020. During the equivalent period in 2019 arrivals numbered between 40,000 and 80,000 per week.3 The cessation of international tourism has threatened the commercial viability of many of New Zealand’s tourism-related businesses. International tourists have traditionally accounted for around 40 per cent of all tourism spending in New Zealand. Spending associated with an increase in domestic tourism has made up some of the shortfall,4 but it seems likely that total tourism spending will still fall significantly overall. Understandably, the Government responded to the sharp economic contraction with a broad package of support measures. While the majority of these were economy-wide in nature, tourism businesses have been significant beneficiaries. Estimates from ANZ Bank New Zealand indicate that tourism businesses received $1.35 billion (12.4 per cent) of the $10.9 billion in wage subsidy payments made before 22 May 2020.5 Tourism also received
Load more

Recommended publications
  • Inbound E-Directory 2016
    INBOUND E-DIRECTORY 2016 What is the Tourism Export Council of New Zealand? The Tourism Export Council of New Zealand is a trade association that has represented the interests of inbound tourism since 1971. Their inbound members package holidays for international visitors whether they be part of a group tour, independent traveller, conference/incentives, education or cruise visitors. What do we do & who do we represent? The Tourism Export Council’s focus is to build long term business relationships with distribution networks in New Zealand and offshore. The relationship with product suppliers in New Zealand and offshore wholesalers is integral to the country’s continued growth as a visitor destination. Member categories include: . Inbound member - inbound tour operators (ITO’s) . Allied member - attraction, activity, accommodation, transport and tourism service suppliers Examples of the allied membership include: . Attraction – Milford Sound, SkyTower, Te Papa Museum . Activities – Jetboating, Whalewatch, Maori Culture show . Accommodation – hotels, luxury lodges, backpackers . Transport – airlines, bus & coaches, sea transport, shuttles . Tourism services – Regional Tourism Organisations (RTO’s) digital & marketing companies, education & tourism agencies eg. DOC, Service IQ, Qualmark, AA Tourism, BTM Marketing, ReserveGroup Why is tourism considered an export industry? Tourism, like agriculture is one of New Zealand’s biggest income earners. Both are export industries because they bring in foreign dollars to New Zealand. With agriculture, you grow an apple, send it offshore and a foreigner eats it. A clear pathway of a New Zealand product consumed or purchased by someone overseas. Tourism works slightly differently: The product is still developed in NZ (just like the apple) It is sold offshore (like the apple) It is purchased by a foreigner (again like the apple) BUT it is experienced in NZ and therein lies the difference.
    [Show full text]
  • Thl Interim Report 2012
    Interim Report Tourism Holdings Limited 2012 Chairman’s Report Keith Smith Tourism Holdings Limited (thl) has achieved a significant Summary of Results turnaround in performance in the half-year to December The NPAT for the first half at $4.2m is well above the prior 2011, with a strong increase in profit, resumption in dividend corresponding period due to the Rugby World Cup effect in New payments and positive indicators for continued growth. Zealand and the first high-season profit from the Road Bear business in the USA. Net Profit After Tax (NPAT) for the first half was well above the Revenue for the period increased by $23m or 27%. Revenue December 2010 half-year result, due to the Rugby World Cup effect excluding fleet sales increased by $16m to $83m. Road Bear in New Zealand and the first high-season profit from the Road Bear represented $11m of the increase. business in the USA, acquired in December 2010. The Road Bear business has continued to perform above The Board is encouraged by the performance of the business in an expectations, with an EBIT of NZD$6.1m. This included the USA operating environment that continues to be difficult. high season period. The winter low season (January – June 2012) forecast is a loss of up to $1.0m at the EBIT level. As announced by our CEO Grant Webster, the new manufacturing Net Debt for the half was $102m compared to $91m for the prior joint venture RV Manufacturing Group LP (RVMG LP) provides an corresponding period. The debt increase for the half of $11m outstanding and rare opportunity to create a step change in reducing including increased fleet in Road Bear and the purchase of the costs, improving efficiency and provides a platform for strong profit Motek Hamilton building for $7.3m growth in that business.
    [Show full text]
  • Annual Financial Results | 2012
    Annual Financial Results | 2012 Directors’ Statement The directors of Air New Zealand Limited are pleased to present to shareholders the Annual Report* and financial statements for Air New Zealand and its controlled entities (together the “Group”) for the year to 30 June 2012. The directors are responsible for presenting financial statements in accordance with New Zealand law and generally accepted accounting practice, which give a true and fair view of the financial position of the Group as at 30 June 2012 and the results of the Group’s operations and cash flows for the year ended on that date. The directors consider the financial statements of the Group have been prepared using accounting policies which have been consistently applied and supported by reasonable judgements and estimates and that all relevant financial reporting and accounting standards have been followed. The directors believe that proper accounting records have been kept which enable with reasonable accuracy, the determination of the financial position of the Group and facilitate compliance of the financial statements with the Financial Reporting Act 1993. The directors consider that they have taken adequate steps to safeguard the assets of the Group, and to prevent and detect fraud and other irregularities. Internal control procedures are also considered to be sufficient to provide a reasonable assurance as to the integrity and reliability of the financial statements. This Annual Report is signed on behalf of the Board by: John Palmer Roger France CHAIRMAN DIRECTOR
    [Show full text]
  • Nzbotsoc No 86 Dec 2006
    NEW ZEALAND BOTANICAL SOCIETY NEWSLETTER NUMBER 86 DECEMBER 2006 New Zealand Botanical Society President: Anthony Wright Secretary/Treasurer: Ewen Cameron Committee: Bruce Clarkson, Colin Webb, Carol West Address: c/- Canterbury Museum Rolleston Avenue CHRISTCHURCH 8001 Subscriptions The 2006 ordinary and institutional subscriptions are $25 (reduced to $18 if paid by the due date on the subscription invoice). The 2006 student subscription, available to full-time students, is $9 (reduced to $7 if paid by the due date on the subscription invoice). Back issues of the Newsletter are available at $2.50 each from Number 1 (August 1985) to Number 46 (December 1996), $3.00 each from Number 47 (March 1997) to Number 50 (December 1997), and $3.75 each from Number 51 (March 1998) onwards. Since 1986 the Newsletter has appeared quarterly in March, June, September and December. New subscriptions are always welcome and these, together with back issue orders, should be sent to the Secretary/Treasurer (address above). Subscriptions are due by 28th February each year for that calendar year. Existing subscribers are sent an invoice with the December Newsletter for the next years subscription which offers a reduction if this is paid by the due date. If you are in arrears with your subscription a reminder notice comes attached to each issue of the Newsletter. Deadline for next issue The deadline for the March 2007 issue is 25 February 2007 Please post contributions to: Melanie Newfield 17 Homebush Rd Khandallah Wellington Send email contributions to [email protected]. Files are preferably in MS Word (Word XP or earlier) or saved as RTF or ASCII.
    [Show full text]
  • Annual Report Year Ended 30 June 2019
    Annual Report Year Ended 30 June 2019 GENERAL Year in Review 4 Creating Value 6 Performance 8 Diversity Snapshot 12 Chair’s Review 14 Chief Executive Officer’s Review 15 Delivering Our Group Strategy 16 About SkyCity 24 Auckland 27 Hamilton 31 Adelaide 32 Queenstown 34 International Business 35 Our Risk Profile and Management 36 Our Board 40 Our Senior Leadership Team 44 SUSTAINABILITY Our Sustainability 48 Our Sustainability Pillars Our Customers 52 Our People 58 Our Communities 72 Our Suppliers 78 Our Environment 84 Independent Limited Assurance Statement 91 CORPORATE GOVERNANCE STATEMENT AND OTHER DISCLOSURES Corporate Governance Statement 92 Director and Employee Remuneration 104 Shareholder and Bondholder Information 118 Directors’ Disclosures 121 Company Disclosures 123 This annual report is dated 14 August 2019 and is signed on behalf of the Board of directors of SkyCity Entertainment Group Limited (SkyCity or the company and, together with its subsidiaries, the Group) by: FINANCIAL STATEMENTS Independent Auditor’s Report 127 Income Statement 134 Statement of Comprehensive Income 135 Rob Campbell Bruce Carter Balance Sheet 136 Chair Deputy Chair Statement of Changes in Equity 137 An electronic copy of this annual report is available in the Investor Centre section of the company’s Statement of Cash Flows 138 website at www.skycityentertainmentgroup.com Notes to the Financial Statements 139 Reconciliation of Normalised Results to Reported Results 174 GRI CONTENT INDEX 178 ABOUT THIS ANNUAL REPORT GLOSSARY 182 Unless otherwise stated, all dollar amounts in this annual report are expressed in New Zealand dollars. DIRECTORY 183 Where appropriate, information is also provided in relation to activities that have occurred after 30 June 2019, but prior to publication of this annual report.
    [Show full text]
  • 25 February 2015 MEDIA | NZX RELEASE TOURISM HOLDINGS LIMITED (Thl) FINANCIAL RESULTS for SIX MONTHS
    Tourism Holdings Limited Tel: +64 9 336 4299 The Beach House Fax: +64 9 309 9269 Level 1, 83 Beach Road www.thlonline.com Auckland City PO Box 4293, Shortland Street Auckland 1140, New Zealand 25 February 2015 MEDIA | NZX RELEASE TOURISM HOLDINGS LIMITED (thl) FINANCIAL RESULTS FOR SIX MONTHS ENDED 31 DECEMBER 2014 GROWTH ACHIEVED, $17M FULL YEAR FORECAST HIGHLIGHTS: Operating Profit Before Financing Costs and Tax (EBIT) of $10.6M up $3.4M or 48% on the prior corresponding period (pcp) Net Profit After Tax of $5.6M versus $2.5M for pcp Interim dividend of 7 cents per share (cps) declared versus 5 cents for pcp Net Debt decreased to $85M down $12M on the pcp FY15 year end NPAT forecast confirmed at greater than $17M Strategic financial goals set at the Annual Meeting are well on track thl today announced a half year profit in line with updated expectations released to the market in December. Chairman Mr Rob Campbell said: “We continue to deliver on the expectations we have provided shareholders. Further earnings improvements will be achieved in the current operations. We are now addressing appropriate smart growth opportunities. We are already the global leader in self drive RV tourist experiences and there are further opportunities to increase the scope and value of this industry segment globally. thl will remain very focused on growing earnings and flexible capital utilisation.” The business also confirmed it anticipates at least $17M Net Profit After Tax for the FY15 financial year. Chief Executive Officer Mr Grant Webster said: “We are operating in a positive tourism environment and have addressed the core operating issues within the business.
    [Show full text]
  • International Small Company Portfolio-Institutional Class As of March 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
    International Small Company Portfolio-Institutional Class As of March 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. This fund operates as a fund-of-funds and generally allocates its assets among other mutual funds, but has the ability to invest in securities and derivatives directly. The holdings listed below contain both the investment holdings of the corresponding underlying funds as well as any direct investments of the fund.
    [Show full text]
  • Annual Report Year Ended 30 June 2020
    Annual Report Year Ended 30 June 2020 Contents GENERAL CORPORATE GOVERNANCE STATEMENT 4 Chair’s Review AND OTHER DISCLOSURES 6 Chief Executive Officer’s Review 123 Corporate Governance Statement 9 About this Annual Report 134 Remuneration Report 10 Year in Review 145 Shareholder and Bondholder Information 12 Creating Value 148 Directors’ Disclosures 16 Performance 149 Company Disclosures 18 Diversity Snapshot 21 Group Strategy FINANCIAL STATEMENTS 29 About SkyCity 156 Independent Auditor’s Report 31 Auckland 164 Income Statement 34 Hamilton 165 Statement of Comprehensive Income 37 Adelaide 166 Balance Sheet 39 Queenstown 168 Statement of Changes in Equity 41 International Business 169 Statement of Cash Flows 43 Online 170 Notes to the Financial Statements 45 Risk Profile and Management 53 Our Board 224 RECONCILIATION OF NORMALISED RESULTS 56 Our Senior Leadership Team TO REPORTED RESULTS SUSTAINABILITY 228 GRI CONTENT INDEX 63 Sustainability 69 Our Customers 232 GLOSSARY 79 Our People 233 DIRECTORY 93 Our Communities 101 Our Suppliers 111 Our Environment 120 Independent Limited Assurance Statement ANNUAL MEETING Due to the ongoing impacts of COVID-19, the 2020 SkyCity Annual Meeting will be held virtually via an online platform on 16 October 2020 commencing at 1.00pm (New Zealand time). Instructions and further details on how shareholders can participate in the virtual Annual Meeting will be included in the Notice of Meeting. 3 Chair’s Review The 2020 financial year was a tough one for SkyCity and its stakeholders. The external events which impacted the year are well known and the financial performance of the company reflects those events. It also reflects a great deal of skill, energy and support from our stakeholders across the board to react to those events.
    [Show full text]
  • Not 100% – but Four Steps Closer to Sustainable Tourism
    C.12 Not 100% – but four steps closer to sustainable tourism February 2021 This report has been produced pursuant to subsections 16(1)(a) to (c) of the Environment Act 1986. The Parliamentary Commissioner for the Environment is an independent Officer of Parliament, with functions and powers set out in the Environment Act 1986. His role allows an opportunity to provide Members of Parliament with independent advice in their consideration of matters that may have impacts on the environment. This document may be copied provided that the source is acknowledged. This report and other publications by the Parliamentary Commissioner for the Environment are available at pce.parliament.nz. Parliamentary Commissioner for the Environment Te Kaitiaki Taiao a Te Whare Pāremata PO Box 10-241 Wellington 6143 Aotearoa New Zealand T 64 4 471 1669 F 64 4 495 8350 E [email protected] W pce.parliament.nz February 2021 ISBN 978-0-947517-24-3 (print) 978-0-947517-25-0 (electronic) Photography Cover images: Hot Water Beach, Eli Duke, Flickr; Akaroa, Bruno d’Auria, Flickr; contrails, Andreina Schoeberlein, Flickr. Chapter header images: Leptopteris superba, John Barkla, iNaturalist; Cyathea dealbata, Hymenophyllum demissum, Paul Bell-Butler, iNaturalist; Anogramma leptophylla, Schizaea australis, Pteris macilenta, Sarah Richardson, iNaturalist; Notogrammitis billardierei, Chris Ecroyd, iNaturalist. Not 100% – but four steps closer to sustainable tourism February 2021 Acknowledgements The Parliamentary Commissioner for the Environment is indebted to a number of people who assisted him in conducting this investigation. Special thanks are due to Andrew McCarthy who led the project, supported by Leana Barriball, Dr Robert Dykes, Tessa Evans, Vivienne Holm, Shaun Killerby, Peter Lee and Megan Martin.
    [Show full text]
  • 27Nov12 – Thl Annual Meeting 2012 – Chairman | CEO Presentation
    Good afternoon ladies and gentlemen and welcome to the 26th Annual Shareholders Meeting of Tourism Holdings Limited. My name is Keith Smith. I am the chairman of thl. As we have a quorum and it’s 2:00pm, I am very happy to declare thl’s 2012 Annual Meeting open. 1 I’m joined here on the stage by our non‐executive directors Rick Christie, John Bongard, Deepak Gupta, Graeme Wong, and executive director Kay Howe. Kay joined the board at the end of October following the completion of the New Zealand rentals merger. As we discussed at the special meeting in October Kay will become a non‐executive director once the integration process is complete. Unfortunately Graeme Bowker could not be with us today due to personal reasons beyond his control. We’re also joined on stage by our chief executive, Grant Webster, our chief financial officer, Ian Lewington and board secretary, Paul Illingworth. In the audience we also have a number of the executives who I will quickly introduce. Grant Brady, Nicole Edgerton, Quinton Hall, Mike Horne, Kate Meldrum, Andrew Rickett, Sue Sullivan and Daniel Schneider, chief executive officer and president of our USA motorhome operation Road Bear RV Rentals and Sales. Finally, we have representatives from our auditors, PricewaterhouseCoopers and our solicitors Minter Ellison Rudd Watts. Members of the news media are also here today, we welcome you. But I would remind you this is a shareholder meeting. Grant Webster and I will be happy to talk to you afterwards. I can confirm that there is a quorum present and that the Notice of Meeting was sent to all shareholders recorded on the register on 30th October 2012, and to other persons entitled to receive that notice.
    [Show full text]
  • Thl Letterhead Beach House
    Tourism Holdings Limited Tel: +64 9 336 4299 The Beach House Fax: +64 9 309 9269 Level 1, 83 Beach Road www.thlonline.com Auckland City PO Box 4293, Shortland Street Auckland 1140, New Zealand 11 June 2020 MEDIA | NZX RELEASE TOURISM HOLDINGS LIMITED (thl) GENERAL MARKET UPDATE thl today provides an update on recent trading and general developments within each business. Summary An improvement in domestic rental booking activity as lockdown restrictions begin to ease across the United States, New Zealand and Australia. While vehicle sales activity in March and April was low across the globe, due to the various COVID-19 movement restrictions in place, there has been a recovery across all three countries in May and early June - particularly in the United States, where sales in May significantly exceeded expectations. Discover Waitomo has partially reopened, with a small tour capacity; Kiwi Experience continues to be in hibernation. Net debt as at 30 June 2020 is expected to be $165 to $175 million. Gross capital expenditure for the year ending 30 June 2020 is expected to be approximately $110 million. Debt, capital expenditure and funding arrangements At the time of our interim results in February, thl advised that it expected net debt as at 30 June 2020 to be $135 to $145 million. Given the significant and immediate impact of COVID-19 on revenue across all businesses, thl now expects that net debt at 30 June 2020 will be approximately $165 to $175 million. This change reflects thl’s operating losses for the period and the shortfall in vehicle sales proceeds against previous expectations, prior to COVID-19.
    [Show full text]
  • CIAL Craddocks Car Storage Clearance Application 17
    COMMERCE ACT 1986: BUSINESS ACQUISITION SECTION 66: NOTICE SEEKING CLEARANCE 17 November 2010 The Registrar Market Structure Group Commerce Commission PO Box 2351 Wellington [email protected] PUBLIC VERSION Pursuant to section 66(1) of the Commerce Act 1986 notice is hereby given seeking clearance of a proposed business acquisition. EXECUTIVE SUMMARY Proposed acquisition In this application, Christchurch International Airport Limited (CIAL) seeks clearance to acquire the shares or the business and assets of Craddocks Car Storage (Craddocks) (owned and operated by PMW 2000 Limited). Craddocks owns and operates a high security car storage facility supplying parking and other value added services to users of Christchurch International Airport. These value added services include valet, on-site vehicle grooming, vehicle servicing, warrant of fitness, re-fueling, and panel and paint repairs. The car storage facility is located approximately 1500 metres from the airport terminals and has capacity for approximately [ ] vehicles. Commercial rationale Value added parking services (e.g. valet, car grooming) are currently provided by five organisations, with [ ]. CIAL does not provide value-added parking services – it provides only a basic parking service with three tiers of pricing which are determined with reference to proximity to the terminal and shelter. By offering value-added parking services, CIAL can give its customers greater options and provide an improved service. The acquisition will allow CIAL to compete in an area where it currently does not compete. [ 042545940/1099965.8 1 ]. Competition analysis The relevant market for the purposes of this application is the market for travel to and from Christchurch International Airport.
    [Show full text]