WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 INTERIM RESULTS ANNOUNCEMENT Six months ended 31 August 2012

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010

INTERIM RESULTS ANNOUNCEMENT

Six months ended 31 August 2012


WILDERNESS HOLDINGS LIMITED – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012

Agenda

Welcome Andy Payne, CEO

Review of the period to Aug 2012 Andy Payne, CEO

Final results Derek de la Harpe, CFO

Outlook and prospects Andy Payne, CEO

Questions

2



Overview of the business

Safari operations: 63 camps, 1052 beds, in eight countrieso DumaTau (Botswana) re-builto Two new camps in Odzala National Park, Republic of Congo

(management contract under the Wilderness Collection)o Closure of two camps in Namibia:

• Skeleton Coast and Kulala Wilderness

Air operations: 42 aircraft

Travel shops: six offices in four countries

Employment: 2 800 people

3



Trading environment

Improvement in the overall economic climate mainly driven by recovery in the USA (our largest source market)

Demand out of Europe continues to be soft

Exchange rates:o USD:ZAR in our favour for most of the period

Inflation running at 5.8% to 6.6%

4



Our response to the climate

Investment in service delivery and the relevance of the Wilderness offering (want to be the first to fill and the last to empty)o Virtual training platformso Wilderness TVo Travel trade portal

Realignment of certain business units to lower demand:o Namibiao Zambia

Continued investment in initiatives to improve productivityo Technologyo Flying business

Continued strong focus on marketing and sales efforts

Brand development, including:o Brand simplification (to two trading brands: Wilderness Safaris and Wilderness

Collection)o Connecting with customer (on social network platforms)

Building cash resources and strengthening the balance sheet

5



Non-financial achievements

Awards for quality and sustainable tourism productso Travel and Leisure Global Vision Award for Leadership

Further progress in implementing our 4Cs sustainability platformo Latest Integrated Report

Increased investment in human capitalo Innovations in training and quality management

Capex of P35 million: all facilities are properly maintainedo Rebuild of Duma Tau

6



Financial highlights

Bednight sales decreased by 2% on prior periodo ‘Normalised’ 1% increase

Revenue per bednight increased by average of 4%, in source currency terms

Source currency turnovers (except ZAR) increased:o US$ by 8%

Reported turnover has increased by 17% to P672 million

Reported EBITDA is P71 million, 16% up on prior period

7



Revenue drivers

Our business has three major revenue drivers:

Bednight sales

Revenue per bednight

Exchange rates

8



2010 PRIOR 2011 PRIOR 2012 PRIOR 2013 ACTUAL 2013 BUDGET0

20000

40000

60000

80000

100000

120000

98031 98760104089 102313

Total Group Bednight Sales:6 months to Aug 2012



Botswana Namibia Seychelles South Africa Zambia Zimbabwe Congo

2010 - PRIOR 38818 37698 1700 7787 6753 5275 NaN

2011 - PRIOR 41566 32850 2731 6825 7422 7366 NaN

2012 - PRIOR 47084 27064 2346 7153 10962 9480 NaN

2013 - ACTUAL 48094 23945 2037 7893 11101 9027 216

5000

15000

25000

35000

45000

55000

Bednight sales



US$ Euro BWP N$ ZAR0

20000000400000006000000080000000

100000000120000000140000000160000000180000000

71,527,136

3,385,070

44,738,470

152,257,174

167,192,199

76,962,668

3,704,824

63,257,142

156,492,671164,170,437

Source currency revenue

FY 2012 FY 2013



Foreign exchange rates

12

1 2 3 4 5 6 7 8 9 10 11 12

1

1.05

1.1

1.15

1.2

1.25

3 Years Foreign Exchange History ZAR-BWP

Budget 201320122011

<<---

---TR

ADE

IMPR

OVE

S

1 2 3 4 5 6 7 8 9 10 11 12

6.5

7

7.5

8

8.5

9

9.5

3 Years Foreign Exchange History USD-ZAR

Budget

2013

2012

2011

<<---

---TR

ADIN

G W

ORS

ENS

18% -3%



Abridged income statement

13

BWP 000s 2013 2012 ChangeRevenue 672,323 576,329 17%

EBITDA 71,299 61,416 16%Impairment losses (136) (11,449)

Depreciation and amortisation (23,981) (23,600)

Operating profit 47,182 26,367 79%Net finance costs (3,990) (2,624)

Unrealised forex loss on loans (3,324) (3,343)

Share of profits of associates 712 1,015

Profit before tax 40,580 21,415 89%Taxation (12,300) (9,349)

Profit after tax 28,280 12,066 134%

EPS basic and diluted (thebe) 10.63 6.25

HEPS basic and diluted (thebe) 8.98 7.05 27%



Abridged balance sheet

BWP 000s 2013 2012

Assets

Non current assets 468,338 432,650

Current assets 414,723 376,963

Total assets 883,061 809,613

Equity and liabilities

Capital and reserves 338,460 327,669

Non current liabilities 160,650 133,707

Current liabilities 383,951 348,237

Total equity and liabilities 883,061 809,613

14



Cash flow extracts

BWP 000s 2013 2012

Cash flow from operating activities

EBITDA 71,299 61,416Adjustment for non-cash items 7,372 (9,163)Changes in working capital 49,213 67,648

Cash generated from operations 127,884 119,901

Net finance costs (3,990) (2,624)

Taxation paid (11,405) (4,812)

Net cash generated from operating activities 112,489 112,465

Cash used in investing activities (34,825) (10,204)

Net cash used in financing activities (12,460) (28,899)

Increase in cash and cash equivalents 65,204 73,362

Unrealised exchange gains on foreign cash balances 10,167 2,285

Cash and equivalents at beginning of period 157,504 152,593

Cash and equivalents at end of the period 232,875 228,240

15



Ratio analysis

Detail 2013 2012

Gross profit 43.0% 44.7%

EBITDA 11% 11%

Effective tax rate 30% 44%

Return on equity 8% 6%

Debt : equity 54% 40%

Interest cover (times) 12 10



Dividends

17

A dividend has not been declaredo Due to the annual cash flow cycle of the

business

A final dividend is expected in May each yearo Subject to results, financial position, capital

requirements, etc.



Summary and outlookThe economic climate remains uncertainForward booking sheets show steady recovery in forward bednight salesCash generation continues - noting:o All facilities are fully maintainedo Dividends maintained

Innovation continues in the business:o People development (Wilderness Business School and the virtual training

environment)o Wilderness TVo Technology platforms

We are cautiously optimistic about the outlook:o Re-organised and positioned well for growtho Strong balance sheet and cash reserves (ungeared)o Exchange rate remains in our favour

Now entering ‘green season’o Soft demand till dry season commenceso Measures to increase demando Temporary camp closures to reduce overheads 18



Questions?

19

Documents

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010 INTERIM RESULTS ANNOUNCEMENT Six months ended 31 August 2012