WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010

FINAL RESULTS ANNOUNCEMENT

Year ended 29 February 2012

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Agenda

Welcome Andy Payne, CEO

Review of the year to Feb 2012 Andy Payne, CEO

Final results Derek de la Harpe, CFO

Outlook and prospects Andy Payne, CEO

Questions

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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Economic and industry environment

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

Regardless, uncertainty in source markets

Exchange rates were largely against us, although there was a favourable swing in Q3/Q4

Inflation running at 6% to 9%

Industry in South Africa and Namibia under pressure, due to:o Over-supply of bedso Strength of the ZAR/NAD

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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

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 Year/s of Serviceo Introduction of the 4Cs platformo Virtual training platformso Wilderness TVo Travel trade portal

Realignment of certain business units to lower demand

Continued investment in initiatives to improve productivityo Solar investments (Mombo and Xigera)o 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

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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Achievements

Numerous awards for quality and sustainable tourism productso 2012 WTTC Global Business Category finalisto Trip Advisor Certificate of Excellence for Mombo

Further progress in implementing our 4Cs sustainability platformo Award winning Integrated Reporto Sustainability web-site and 4Cs iPad app

Increased investment in human capitalo Innovations in training and quality management

Further innovations in brands, products and communications

Capex of P65 million: all facilities are properly maintainedo Rebuild of Duma Tau, opening June 2012

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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Financial highlights

Bednight sales increased by 5% to nearly 190,000

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

Source currency turnover increased by at least 10% in all currencies except NAD

Reported turnover has increased by 12% to P1.066 billion

Reported EBITDA is level with the PYo 16% up on PY in currency adjusted terms

P67 million cash generated from operations, up 46% on prior period:o Year end cash position is P158 million

Dividend of P20 million declared

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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Revenue drivers

Our business has three major revenue drivers:

Bednight sales

Revenue per bednight

Exchange rates

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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Bednight sales

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Botswana Namibia Seychelles South Africa Zambia Zimbabwe

2010 - Prior 66760 70720 4333 14948 10987 9824

2011 - Prior 73916 59058 5446 14007 14150 14131

2012 - Actual 82882 50428 5155 15514 19174 16718

5,000 15,000 25,000 35,000 45,000 55,000 65,000 75,000 85,000

2010 2011 2012 Budget 170,000

175,000

180,000

185,000

190,000

195,000

177,572

180,708

189,871

Bednight sales totals

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 20129

10%

14%

51%

10%

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Currency performance

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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-IS

Budget 201220112010

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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-IS

Budget201220112010

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ADIN

G W

ORS

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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Abridged income statementBWP 000s 2012 2011 ChangeRevenue 1,066,243 948,607 12%

EBITDA 77,781 77,417 0.5%

Operating profit 29,739 50,532 -41%

Net finance costs (5,021) (6,925)

Unrealised forex (loss)/gain on loans (8,207) 7,974

Share of profits of associates (492) 59,437

Profit before tax 16,019 111,018 -86%

Taxation (7,824) (18,895)

Profit after tax 8,195 92,123 -91%

EPS basic (thebe) 4.91 43.79

EPS diluted (thebe) 4.91 43.30

HEPS (thebe) 3.76 11.05

HEPS diluted (thebe) 3.76 10.92

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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Abridged balance sheet

BWP 000s 2012 2011

Assets

Non current assets 451,100 440,997

Current assets 287,451 289,769

Total assets 738,551 730,766

Equity and liabilities

Capital and reserves 331,212 332,949

Non current liabilities 145,709 141,138

Current liabilities 261,630 256,679

Total equity and liabilities 738,551 730,766

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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Cash flow extracts

BWP 000s 2012 2011

Net cash inflow from operating activities 67,374 45,979

Cash used in investing activities (47,469) (40,453)

Net cash (outflow)/flow from financing activities (28,016) 84,726

Increase in cash and cash equivalents (8,111) 90,252

Unrealised exchange gains/(losses) on foreign cash balances

13,022 (1,582)

Cash and equivalents at beginning of year 152,593 63,923

Cash and equivalents at end of the year 157,504 152,593

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WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Ratio analysis

Detail 2012 2011

Gross profit 43% 44%

EBITDA 7% 8%

Effective tax rate 49% 17%

Return on equity 2% 28%

Debt : equity 44% 44%

Interest cover (times) 6 7

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Dividends

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A dividend of 8.6 thebe per share has been declaredo Payable on or about 27 Juneo To shareholders registered on 15 June

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Summary and outlookWhile economic climate remains challenging and uncertain we are forecasting real growth

Forward booking sheets show gradual recovery in forward bednight sales

Cash generation continues - noting:o All facilities are fully maintainedo Dividends maintained

Innovation continues in the business:o 4Cs platform (relevance of the offering)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 Authorised capital expenditure of P102 million

New camps opening in current year:o Duma Tau (Botswana)o Segera (Kenya)o Odzala (Republic of Congo) 16

WILDERNESS HOLDINGS – AUDITED YEAR END RESULTS 2010WILDERNESS HOLDINGS LIMITED – FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2012

Questions?

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