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Thank You Keith. This Is the 25Th Annual Thank you Keith. This is the 25th Annual Meeting of thl a company that could be considered “restless” in a positive manner. We have clearly changed significantly over those 25 years and been part of varied segments of the tourism industry here in New Zealand and abroad. Ibelievetherestlessnatureisakeyculturalpillar within the business today and reflects our willingness to change and adjust based on the needs of the business. Over the past three years we have transformed the product, experience delivery and business model of thl to set ourselves apart and create wealth for you the shareholders. We are now recognised in the industry for what we deliver to our customers. We are clear as an organisation that we need further change to see the improved financial results we all expect. 1 The Chairman has provided an overview of the results of the company which are on the screen. From my perspective the EBITDA performance of the business at $47m was key at only $2.0m lower than the previous year and $2.0m higher than the 2009 financial year. EBIT decreased by $6.0m. The difference is depreciation where the increase was the biggestimpacttotheresult. Higher build costs in 2007 and 2008 flowing through, more larger vehicles (which obviously cost more) and excess fleet to requirements have been the driver of the increased depreciation costs. Depreciation for thl is a real cost and reflects the need to rotate fleet just as a retailer rotates stock. There are some distinct measurable strategies we have in place to see this cost reduce significantly over the coming two years which I will discuss today. 2 As the results on the screen show, from a business unit perspective the year was financially unacceptable, however there were a couple of highlights in trends. Rentals New Zealand was most affected by a drop in revenue which was primarily due to the lower than expected numbers from the UK market. Despite the drop of $2.3m in revenue, pleasingly the result was held at the EBIT level with the prior year. This last year was the first for a few years where we have seen costs within the business decline. The Australian rentals business managed to grow revenue primarily through strong fleet sales. The rentals market had been growing from a revenue perspective for a number of years until this last financial year. The forward booking position at the start of the financial year and market indicators suggested that there would continue to be revenue growth. The appreciation of the Australian dollar through 2010 and the start of 2011 affected both inbound arrivals and also encouraged the domestic tourist, which is one of our key markets, to travel abroad to long haul destinations such as the USA. This effect compounded by the natural disasters created a dramatic decline in bookings which simply left us with too much fleet and all the associated costs of holding that fleet. The USA business performed well in its first six months of thl ownership. Thetourismbusinessessawthefallinrevenuedroptothebottomlineastherearefew variable costs that can be saved as revenue drops. 3 This year with the Target Company Statement, various market updates and the Annual Report we have clearly summarised the previous year’s performance and the Chairman has indicated the broad direction we are taking as an organisation. As such I would like to provide another insight into what is occurring within the business and industry. 4 We have good reason today to be pleased with the early progress of the Road Bear business within the thl group. Now approaching the anniversary of the acquisition we have had no negative surprises with the business and Daniel has delivered everything he committed to at the start of the year. From a trade customer perspective the change has been well received. As CEO of Road Bear, Daniel will today provide you with his view on the business. Daniel has a passion for the business and our industry that has enabled him to fit in with thl very effectively. Daniel has also provided some useful insights into aspects of the New Zealand and Australian rentals business. We enjoy having him and his team as part of the broader thl crew. 5 Based on a December 2011 calendar year rental revenue for Road Bear will likely exceed the previous year by over 25%. This has been driven by our commitment to expand the business from a peak fleet last year of 355 vehicles to 440 this year. Vehicle sales in the USA remain well below the 2008 peak, pre the Global Financial Crisis however the market has stabilised. The 2011 trading season for Road Bear is now complete and the business will effectively move into winter mode from now until Easter next year. Early indications for the 2012 calendar year (which will flow into the thl’s 2013 financial year) are positive and the early bird booking special has exceeded previous year’s intakes. 6 For thl the move into the USA was one which was well forecast for a number of years. We planned on two key areas of integration in the first months of operation, online activity and traditional trade sales activity. The picture on the slide is the new Road Bear website that went live within six weeks of the acquisition. This is a perfect example of the benefit of the investment in the online space that thl has made over the past few years. 7 The rotation of fleet within thl is paramount to controlling depreciation costs, the debt position and customer proposition. As you can see on the slide, revenue, margin and total number of fleet sold increased year on year. Inclusive of Road Bear we sold 940 motorhomes. We have a strong and dedicated dealer network in Australia and New Zealand and a broad network we access within the USA. We also have a dominant retail presence within the New Zealand market which we intend on growing into the future. I will discuss in more detail shortly the plan to see vehicle sales become an even more important part of thl’s business model moving forward. 8 We have discussed the turnaround in the manufacturing business within thl and this year we achieved the targeted profitability. The diversification of the specialist vehicle sector of the business has provided a good base to leverage overheads. I would like to take this opportunity to congratulate the crew at Motek in Hamilton on securing the St John ambulance contract which was in my view achieved because of the design led, customer focussed approach the crew took from the outset of the tender process. The challenge for this business into the future is how to operate in a profitable manner whilst demand remains slow. 9 One of the pillars of the operational success in the business has been our product development. All the products on the screen have been introduced new over the past two years. The designs have all been targeted for different rentals and retail ownership markets. Daniel will discuss how he operates with manufacturers in the USA to achieve the same goals as New Zealand and Australia. The Maui Platinum range has been well received and the new Britz product has rejuvenated that brand. Britz is no longer regarded as just old Maui products but a different style of product that suits a broader range of customers. We have seen the new products grow new categories of customers, predominantly in an incremental fashion. The need to continue to innovate in product design and reduce build cost is critical and we have aggressively sought cost reductions. As we have transitioned from the old range we have created some complexity with too many product categories. The range we offer is being simplified for the rentals market over the coming year as the old ranges are rotated out of the fleet. 10 We have also recently re‐launchedtheOxfordcaravanrangeinNewZealandandhavean example outside for you to view today. This is an exciting re‐entry into the market where thl has previously held a sizeable market share. 11 The online market has continued to grow for thl albeit at a slower pace. The focus today is on conversions. Overthepastyearwehavecompletedasignificantprojectfocussedonincreasing conversions. We now have the capability for automated alternative availability, automated cross sell between our brands, and the ability to save and return quotes. The online world continues to evolve at pace and we are confident we are keeping up with developments. The social media strategy continues to be a focus as well. There are many stories of the power of social media and in May this year Black Water Rafting had its own experience. We were very fortunate to have the singer Katy Perry experience our Black Water Rafting product. Whilst we weren’t able to conduct any direct PR, Katy tweeted to over 7 million followers about the experience and as a result our following month’s sales were up over 50% with no other changes to the marketing mix. 12 Last month New Zealand experienced possibly one of the largest events in our tourism history with the Rugby World Cup. There has been close to three years of significant planning by many of the thl crew. The focus was to secure as many customers as possible and prepare the business to deliver on new record high pick up days. I am very pleased to say that the thl crew across the board in New Zealand were engaged in the event, ensuring its success. 13 Let’s see a very short video of how we looked. 14 From a financial perspective we exceeded our expectation of $3.0m incremental EBIT from the event.
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