Thunderbird Resorts 2015 Half-Year Report Filed
(Thomson Reuters ONE) -
Thunderbird Resorts Inc. /
Thunderbird Resorts 2015 Half-Year Report Filed
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The issuer is solely responsible for the content of this announcement.
PANAMA, REPUBLIC OF PANAMA--(Marketwired - Aug. 30, 2015) - Thunderbird Resorts
Inc. ("Thunderbird") (FRANKFURT:4TR)(EURONEXT:TBIRD) is pleased to announce that
its 2015 Half-year report has been filed with the Euronext ("Euronext
Amsterdam") and the Netherlands Authority for Financial Markets ("AFM"). As a
Designated Foreign Issuer with respect to Canadian securities regulations, the
Half-year report is intended to comply with the rules and regulations set forth
by the AFM and the Euronext Amsterdam.
Copies of the Half-year report in the English language will be available at no
cost at the Group's website at www.thunderbirdresorts.com.Copies in the English
language are available at no cost at the Group's operational office in Panama
and at the offices of our local paying agent ING Commercial Banking, Paying
Agency Services, Location Code TRC 01.013, Foppingadreef 7, 1102 BD Amsterdam,
the Netherlands (tel: +31 20 563 6619, fax: +31 20 563 6959,
email: iss.pas(at)ing.nl). Copies are also available on SEDAR at www.SEDAR.com.
Below are certain material excerpts from the full 2015 Half-year Report the
entirety of which can be found on our website at www.thunderbirdresorts.com.
LETTER FROM CEO
In the CEO Letter to Shareholders published in the 2014 Annual Report, the Group
stated certain goals to achieve profitability and build growing and sustainable
cash flows. Below is an update on our progress.
PERFORMANCE UNDER OUR FOUR STATED GOALS(1)
1. Development: We committed to "exit" under-performing businesses and invest
proceeds to increase cash flow by either paying down high-amortizing debt or
investing into our remaining markets. Below are development initiatives from the
first half of 2015.
A. On February 25, 2015, the Group sold its economic interest and management
rights in its seven casinos in Costa Rica. We made a strategic decision to exit
a mature operation in which we only owned an approximate 50% stake. The net cash
received for the Group's approximate 50% share was approximately $8.1 million.
The gain from the sale was approximately $6.7 million. We continue to own real
estate in Costa Rica with an appraised value to our 50% of approximately $14.9
million, which real estate is free and clear of debt and is being held for sale.
See page 14 of the full 2015 Half-year Report for more information on the sale
of our Costa Rica operations.
B. On April 22, 2015, the Group opened a 1,200 square meters entertainment venue
in Managua, Nicaragua with 111 slot machines, 21 gaming table positions and 110
F&B positions. Based on the first three full months of operation, this property
is generating on an annualized basis $150 thousand in property EBITDA as
compared to -$23 thousand of property EBITDA in all of 2014 for the Pharaoh's
Holiday Inn that it replaced. See page 12 of the full 2015 Half-year Report for
more information on Nicaragua.
2. Grow EBITDA(2) in Continuing Operations: Property EBITDA increased by 29% and
adjusted EBITDA increased by 98.6% in Half-year 2015 as compared to Half-year
2014. The bullets below describe how these results were achieved as well as the
process underway to continue to improve both property and adjusted EBITDA in the
coming periods.
A. Group revenue decreased by $0.3 million or 1.5% on a USD basis. Under a
currency neutral analysis (in which the exchange rate for Half-year 2015 would
be applied to both periods and thus the impact of Forex swings is removed from
the analysis), Group revenue would actually have grown by $1.4 million (7.2%
growth). The US dollar has gained value against currencies around the globe,
including against our operating currencies. Regardless, based on currency
neutral analysis, it is clear that our underlying fundamentals continue to
improve.
B. Country-level promotional allowances and property, marketing and
administration expense were reduced by $1.2 million through Half-year 2015 as
compared to the same period in 2014. A significant portion of the reduction was
accomplished through personnel restructuring that added approximately $300
thousand in severance expense, meaning that our net reduction of promotional
allowances and property, marketing and administration expense was actually
closer to $1.5 million.
C. Corporate expenses remained flat in Half-year 2015 as compared to Half-year
2014. The Group has, however, started implementation of a plan to reduce
Corporate expense from the $4.4 million annual run rate at Half-year 2015 to an
approximate $3.0 million run rate by Q1 2016 and to an approximate $2.5 million
run rate by Q4 2016. The first steps we have undertaken, which should achieve
approximately $935 thousand in Corporate expense savings annually, are as
follows:
i. Through Half-year 2015 the Group eliminated certain Corporate employee
positions, which should reduce ongoing Corporate expense by approximately $290
thousand annually.
ii. Subsequent to Half-year 2015 the Group: a) Restructured and bought out
certain officer contracts; and b) Notified certain other employees that their
positions would be eliminated between the periods Q4 2015 and Q1 2016.
Collectively, these efforts should further reduce Corporate expense by
approximate $645K annually as described more fully on page 15 of the full 2015
Half-year Report.
3. Reduce Debt and / or Refinance Remaining Debt: We have committed to reduce
debt and / or refinance our remaining debt under more favorable terms. The goal
is to improve cash flow. Below are the results through Half-year 2015.
A. Gross debt has been reduced to $35.5 million on June 30, 2015 as compared to
$46.2 million on December 31, 2014. Net debt (gross debt less cash and cash
equivalents) has been reduced to $27.8 million on June 30, 2015 as compared to
$41.3 million on December 31, 2014.
B. As of this date, we continue to seek refinancing of our secured Peru-related
debt.
4. Increase Shareholder Value: We continue to believe that our share price still
does not reflect the intrinsic value of the company. We continue to evaluate our
capital structure, the sale of part or all of our approximately $75 million in
real estate (based on appraised values) and other strategic alternatives to
optimize value for shareholders. The goal of any material transaction would be
to "right size" cash flow and to build shareholder value by investing in growth.
We will keep you informed as there are material events and progress.
Salomon Guggenheim
Chief Executive Officer and President
August 30, 2015
(1. )Unless otherwise stated, all figures reported herein are in USD and report
the results of those businesses that were continuing as of June 30, 2015 as
compared to those same businesses through the six months ended June 30, 2014 or
through year-end 2014. Our stated goals have evolved slightly over the last
year, but are materially the same as set forth in previous reports.
(2. )"EBITDA" is not an accounting term under IFRS, and refers to earnings
before net interest expense, income taxes, depreciation and amortization, equity
in earnings of affiliates, minority interests, development costs, other gains
and losses, and discontinued operations. "Property EBITDA" is equal to EBITDA at
the country level(s). "Adjusted EBITDA" is equal to property EBITDA less
"Corporate expenses", which are the expenses of operating the parent company and
its non-operating subsidiaries and affiliates.
GROUP OVERVIEW
Below is our consolidated profit / (loss) summary for our continuing operations
for the six months ended June 30, 2015 as compared with the same period of
2014. In summary, Group revenue decreased by $0.3 million or 1.5% on a USD basis
(see "Forex" note below), but adjusted EBITDA increased by $0.9 million or
98.6% due to aggressive efficiency programs that have led to a material ongoing
reduction of country-level and Corporate expenses. See notes on certain key
items below.
It should be noted that, when including our $6.7 million gain from discontinued
operations, which in this case refers to our sold Costa Rica operations as
described on page 14, our gain through Half-year 2015 was approximately $4.3
million. See Chapter 4, 2015 Interim Condensed Consolidated Financial Statements
and Notes, for more information.
--------------------------------------------------------------------------------
(In thousands, proportional consolidation)
Six months ended
June 30 %
----------------------
2015 2014 Variance change
----------------------------------------------
Net gaming wins $ 17,209 $ 16,786 $ 423 2.5 %
Food and beverage sales 1,501 1,644 (143 ) -8.7 %
Hospitality and other sales 2,313 2,909 (596 ) -20.3 %
----------------------------------------------
Total revenues 21,023 21,339 (316 ) -1.5 %
----------------------------------------------
Promotional allowances 2,282 2,226 (82 ) 2.5 %
Property, marketing and
administration 14,724 15,998 (1,274 ) -8.0 %
----------------------------------------------
Property EBITDA 4,017 3,115 902 29.0 %
----------------------------------------------
Corporate Expenses 2,182 2,191 (9 ) -0.4 %
----------------------------------------------
Adjusted EBITDA 1,835 924 911 98.6 %
----------------------------------------------
Property EBITDA as a percentage
of revenues 8.7 % 4.3 %
Depreciation and amortization 1,836 1,918 (82 ) -4.3 %
Interest and financing costs, net 2,124 2,027 97 4.8 %
Management fee attributable to
non-controlling interest - (253 ) 253 -100.0 %
Project development 48 - 48 0.0 %
Foreign exchange (gain) / loss 466 (32 ) 498 -1556.3 %
Share of loss from equity
accounted investments 10 300 (290 ) -96.7 %
Other (gains) / losses (470 ) (288 ) (182 ) 63.2 %
Income taxes 169 164 5 3.0 %
----------------------------------------------
Loss for the period from
continuing operations (2,348 ) (2,912 ) 564 -19.4 %
Loss for the period from
continuing operations 6,690 (201 ) 6,891 -3428.4
Loss for the period from
continuing operations $ 4,342 $ (3,313 ) $ 7,455 -239.5 %
--------------------------------------------------------------------------------
Forex: The strengthening of the US dollar versus our operating currencies
continues to have a material impact on our as reported profit / (loss) as
compared to the same period in 2014. Under a currency neutral analysis (in which
the Half-year 2015 exchange rate would be applied to both periods so as to
remove Forex swings from the analysis), Group revenue would have grown by $1.4
million (7.2% growth) and adjusted EBITDA would have increased by approximately
$1.2 million (170.6% growth).
Group Debt: Below is the Group's Gross debt and Net debt on June 30, 2015.
--------------------------------------------------------------------------------
(In thousands; proportional consolidation)
Jun-15 Mar-15 Dec-14
-----------------------------
Borrowings $ 34,947 $ 37,088 $ 43,485
Borrowings associated with assets held for sale - - 1,890
Obligations under leases and hire purchase
contracts 564 684 780
-----------------------------
Gross Debt $ 36,511 $ 37,773 $ 46,155
Less: cash and cash equivalents (excludes
restricted cash) 7,755 10,525 4,885
-----------------------------
Net Debt $ 27,756 $ 27,248 $ 41,270
--------------------------------------------------------------------------------
Note: Gross debt above is presented net of debt issuance costs (costs of debt at
time of issuance, which are currently non-cash and amortize over time) which is
why there is an approximate $0.4 million variance as compared to the total
principal balance below. Our reduction in gross debt of approximately $10.6
million since December 2014 is the result of the deconsolidation of our sold
Costa Rica operations, of extraordinary debt pay down made with the proceeds
from the sale of those assets and of our scheduled amortization of debt at
country and Group levels.
The Group estimates its debt as follows starting in July 2015:
-------------------------------------------------------------------------------------------------------
Principal
Payment 2015 2016 2017 2018 2019 Thereafter Total
--------------------------------------------------------------------------------------------
Corporate $ 4,046,001 $ 5,833,599 $ 4,909,213 $ 2,513,506 $ 1,375,026 $ 3,397,095 $ 22,074,440
Peru-
Related
Debt 357,968 5,252,363 4,657,041 1,232,413 1,375,026 3,397,095 16,271,905
Dead
Debt 3,310,959 - - - - - 3,310,959
Others 377,074 581,236 252,172 1,281,093 - - 2,491,575
Peru 805,648 1,499,542 1,288,639 1,395,824 6,810,756 - 11,800,409
Nicaragua 140,007 268,715 269,563 294,887 757,341 329,593 2,060,106
--------------------------------------------------------------------------------------------
Total $ 4,991,656 $ 7,601,856 $ 6,467,415 $ 4,204,217 $ 8,943,123 $ 3,726,687 $ 35,934,955
--------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Interest
Payment 2015 2016 2017 2018 2019 Thereafter Total
--------------------------------------------------------------------------------------------
Corporate $ 1,157,853 $ 1,676,919 $ 908,049 $ 619,272 $ 456,979 $ 419,584 $ 5,238,656
Peru-
Related
Debt 800,706 1,523,014 782,080 599,593 456,979 419,584 4,581,955
Dead
Debt 185,274 - - - - 185,274
Others 171,873 153,906 125,969 19,679 - - 471,426
Peru 475,179 842,535 729,552 620,176 223,950 - 2,891,392
Nicaragua 112,525 179,435 147,028 120,439 92,985 30,880 683,292
--------------------------------------------------------------------------------------------
Total $ 1,745,557 $ 2,698,890 $ 1,784,629 $ 1,359,886 $ 773,914 $ 450,464 $ 8,813,340
--------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
RISK MANAGEMENT
For more detail on Risk Factors, see Chapter 5 of the 2015 Half-year Report.
MANAGEMENT STATEMENT ON "GOING CONCERN"
Management routinely plans future activities including forecasting future cash
flows. Management has reviewed their plan with the Directors and has
collectively formed a judgment that the Group has adequate resources to continue
as a going concern for the foreseeable future, which Management and the
Directors have defined as being at least the next 18 months from June 30, 2015.
In arriving at this judgment, Management has prepared the cash flow projections
of the Group, which incorporates a 5-year rolling forecast and detailed cash
flow modeling through the current financial year. Directors have reviewed this
information provided by Management and have considered the information in
relation to the financing uncertainties in the current economic climate, the
Group's existing commitments and the financial resources available to the Group.
The expected cash flows have been modeled based on anticipated revenue and
profit streams with debt funding programmed into the model and reducing over
time. The model assumes no new construction projects during the forecast period,
with the exception of one business that was in development in 2014 and has since
opened as of April 22, 2015. The model assumes a stable regulatory environment
in all countries with existing operations. Sensitivities have been applied to
this model in relation to revenues not achieving anticipated levels.
The Directors have considered the: (i) base of investors and debt lenders
historically available to Thunderbird Resorts, Inc., including existing
unsecured lenders that have demonstrated willingness to renegotiate debt terms
if and as required; (ii) global capital markets; (iii) limited trading exposures
to our local suppliers and retail customers; (iv) other risks to which the Group
is exposed, the most significant of which is considered to be regulatory risk;
(v) sources of Group income, including management fees charged to and income
distributed from its various operations; (vi) cash generation, debt amortization
levels and key debt service coverage ratios; (vii) fundamental trends of the
Group's businesses; (viii) extraordinary cash inflows and outflows from one-time
events forecasted to occur in the 18-month period following June 30, 2015; (ix)
refinancing of Peru and Peru-related debt; and (x) liquidation of undeveloped
and therefore non-performing real estate assets that have been held for sale.
Considering the above, Management and Directors are satisfied that the Group has
adequate resources to continue as a going concern for at least 18 months
following June 30, 2015. For these reasons, Management and Directors continue to
adopt the going concern basis in preparing the financial statements.
FINANCIAL STATEMENTS
THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
(Expressed in thousands of United States dollars)
As of June 30, 2015 and December 31, 2014
--------------------------------------------------------------------------------
June December
30, 2015 31, 2014
----------------------------
Assets
Non-current assets
Property, plant and equipment (Note 7) $ 25,572 $ 28,720
Investment accounted for using the equity method
(Note16) 6,040 6,403
Intangible assets 6,064 7,783
Deferred tax asset 491 566
Trade and other receivables 1,663 1,543
Due from related parties (Note 13) 64 5,651
----------------------------
Total non-current assets 39,894 50,666
Current assets
Trade and other receivables 2,170 2,766
Due from related parties (Note 13) 2,038 1,019
Inventories 761 738
Restricted cash 1,561 1,802
Cash and cash equivalents 7,755 4,749
----------------------------
Total current assets 14,285 11,074
----------------------------
Total assets $ 54,179 $ 61,740
----------------------------
--------------------------------------------------------------------------------
THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION (continued)
(Expressed in thousands of United States dollars)
As of June 30, 2015 and December 31, 2014
--------------------------------------------------------------------------------
June December
30, 2015 31, 2014
--------------------------------
Equity and liabilities
Capital and reserves
Share capital (Note 11) 110,240 110,144
Share option reserve 269 289
Retained earnings (102,159 ) (106,552 )
Translation reserve (3,448 ) (1,725 )
--------------------------------
Equity attributable to equity holders of the
parent 4,902 2,156
Non-controlling interest 1,740 6,404
--------------------------------
Total equity 6,642 8,560
Non-current liabilities
Borrowings (Note 9) 28,714 28,532
Obligations under leases and hire purchase
contracts (Note 10) 58 317
Deferred tax liabilities 73 77
Provisions 502 1,475
Trade and other payables 1,603 1,318
--------------------------------
Total non-current liabilities 30,950 31,719
Current liabilities
Trade and other payables 6,663 6,203
Due to related parties (Note 13) 1,041 2,368
Borrowings (Note 9) 6,234 9,763
Obligations under leases and hire purchase
contracts (Note 10) 506 463
Other financial liabilities 599 615
Current tax liabilities 788 821
Provisions 756 1,228
--------------------------------
Total current liabilities 16,587 21,461
--------------------------------
Total liabilities 47,537 53,180
--------------------------------
Total equity and liabilities $ 54,179 $ 61,740
--------------------------------------------------------------------------------
THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(Expressed in thousands of United States dollars)
For the six months ended June 30, 2015
--------------------------------------------------------------------------------
Six months ended
June 30 (unaudited)
--------------------------
2015 2014
--------------------------
Net gaming wins $ 17,209 $ 16,786
Food, beverage and hospitality sales 3,814 4,553
--------------------------
Total revenue 21,023 21,339
Cost of goods sold (7,945 ) (8,056 )
--------------------------
Gross profit 13,078 13,283
Other operating costs
Operating, general and administrative (11,243 ) (12,106 )
Project development (48 ) -
Depreciation and amortization (1,836 ) (1,918 )
Other gains and (losses) (Note 5) 470 288
--------------------------
Operating profit / (loss) 421 (453 )
Share of loss from equity accounted investments (Note
16) (10 ) (300 )
Financing
Foreign exchange (loss) / gain (466 ) 32
Financing costs (Note 6) (2,217 ) (2,308 )
Financing income (Note 6) 106 297
Other interest (Note 6) (13 ) (16 )
--------------------------
Finance costs, net (2,590 ) (1,995 )
--------------------------
Loss before tax (2,179 ) (2,748 )
Income taxes expense
Current (169 ) (164 )
Deferred - -
--------------------------
Income taxes expense (169 ) (164 )
--------------------------
Loss for the year from continuing operations $ (2,348 ) $ (2,912 )
--------------------------
Gain / (loss) for the year from discontinued
operations (Note 8) 6,690 (201 )
--------------------------
Gain / (loss) for the year $ 4,342 $ (3,113 )
--------------------------------------------------------------------------------
THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME (continued)
(Expressed in thousands of United States dollars)
For the six months ended June 30, 2015
--------------------------------------------------------------------------------
Six months ended
June 30 (unaudited)
-----------------------
2015 2014
-----------------------
Other comprehensive income (amounts, which will be
recycled) $ (1,723 ) $ (973 )
Exchange differences arising on the translation of
foreign operations
-----------------------
Other comprehensive income for the year (1,723 ) (973 )
-----------------------
Total comprehensive income for the year $ 2,619 $ (4,086 )
-----------------------
Gain / (loss) for the year attributable to:
Owners of the parent 4,372 (3,395 )
Non-controlling interest (30 ) 282
-----------------------
$ 4,342 $ (3,113 )
-----------------------
Total comprehensive income attributable to:
Owners of the parent 2,649 (4,368 )
Non-controlling interest (30 ) 282
-----------------------
$ 2,619 $ (4,086 )
-----------------------
Basic loss per share (in $) : (Note 12)
Loss from continuing operations (0.10 ) (0.14 )
Gain / (loss) from discontinued operations 0.29 (0.01 )
-----------------------
Total 0.19 (0.15 )
Diluted loss per share (in $) : (Note 12)
Loss from continuing operations (0.10 ) (0.14 )
Gain / (loss) from discontinued operations 0.29 (0.01 )
-----------------------
Total 0.19 (0.15 )
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Expressed in thousands of United States dollars)
For the six months ended June 30, 2015
--------------------------------------------------------------------------------
Attributable to equity holders of parent
Share Currency Non-
Share options translation Retained controlling Total
capital reserve reserve earnings Total interest equity
-----------------------------------------------------------------------------------
Balance at
January
1, 2014 $ 109,926 $ 467 $ 734 $ (95,666 ) $ 15,461 $ 6,117 $ 21,578
Transactions
with owners:
Issue of new
shares 120 - - - 120 - 120
Options
cancellation
and
expiration - (34 ) - 34 - - -
-----------------------------------------------------------------------------------
$ 120 $ (34 ) $ - $ 34 $ 120 $ - $ 120
-----------------------------------------------------------------------------------
Loss for the
year - - - (3,395 ) (3,395 ) 282 (3,113 )
Other
comprehensive
income
Exchange
differences
arising on
translation
of foreign
operations - - (973 ) - (973 ) - (973 )
-----------------------------------------------------------------------------------
Total
comprehensive
income for
the year (973 ) (3.395 ) (4,368 ) 282 (4,086 )
-----------------------------------------------------------------------------------
Balance at
June 30, 2014 $ 110,046 $ 433 $ (239 ) $ (99,027 ) $ 11,213 $ 6,399 $ 17,612
-----------------------------------------------------------------------------------
Transactions
with owners:
Issue of new
shares 98 - - - 98 - 98
Buy-back of
subsidiary
shares - - - 20 20 (24 ) (4 )
Options
cancellation
and
expiration - (144 ) - 144 - - -
-----------------------------------------------------------------------------------
$ 98 $ (144 ) $ - $ 164 $ 118 $ (24 ) $ 94
-----------------------------------------------------------------------------------
Loss for the
year - - (7,689 ) (7,689 ) 29 (7,660 )
Other
comprehensive
income
Exchange
differences
arising on
translation
of foreign
operations - - (1,486 ) - (1,486 ) - (1,486 )
-----------------------------------------------------------------------------------
Total
comprehensive
income for
the year - - (1,486 ) (7,689 ) (9,175 ) 29 (9,146 )
Balance at
December
31, 2014 $ 110,144 $ 289 $ (1,725 ) $ (106,552 ) $ 2,156 $ 6,404 $ 8,560
------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
Share Currency Non-
Share options translation Retained controlling Total
capital reserve reserve earnings Total interest equity
------------------------------------------------------------------------------------------------------
Balance at
January
1, 2015 $ 110,144 $ 289 $ (1,725 ) $ (106,552 ) $ 2,156 $ 6,404 $ 8,560
Transactions
with owners:
Issue of new
shares 96 - - - 96 - 96
Buy-back of
subsidiary
shares - - - - - 56 56
Options
cancellation
and
expiration - (20 ) - 20 - - -
Costa Rica
disposal - - - - - (4,690 ) (4,690 )
-----------------------------------------------------------------------------------------
$ 96 $ (20 ) $ - $ 20 $ 96 $ (4,634 ) $ (4,538 )
-----------------------------------------------------------------------------------------
Loss for the
year - - 4,373 4,373 (30 ) 4,343
Other
comprehensive
income
Exchange
differences
arising on
translation
of foreign
operations - - (1,723 ) - (1,723 ) - (1,723 )
-----------------------------------------------------------------------------------------
Total
comprehensive
income for
the year - - (1,723 ) 4,373 2,650 (30 ) 2,620
-----------------------------------------------------------------------------------------
Balance at
June 30, 2015 $ 110,144 $ 269 $ (3,448 ) $ (102,159 ) $ 4,902 $ 1,740 $ 6,642
------------------------------------------------------------------------------------------------------
THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Expressed in thousands of United States dollars)
For the six months ended June 30, 2015
-------------------------------------------------------------------------------
Six months ended
June 30 (unaudited)
-----------------------
2015 2014
-----------------------
Cash flow from operating activities
Loss for the year $ (2,348 ) $ (2,912 )
Items not involving cash:
Depreciation and amortization 1,826 1,918
Loss on disposal of property, plant and equipment
Unrealized foreign exchange 466 (32 )
Increase / (decrease) in provision (1,284 ) (1,404 )
Other losses / (gains) (470 ) (288 )
Share based payments 96 (81 )
Finance income 2,217 2,308
Finance cost (106 ) (297 )
Other interests 13 16
Results from equity accounted investments 10 300
Tax expenses 169 164
Net change in non-cash working capital items
Decrease in trade, prepaid and other receivables (1,605 ) 3,548
Decrease in inventory (48 ) 184
(Decrease) / increase in trade payables and accrued 642 1,010
-----------------------
Cash (used) from operations (412 ) 4,434
Total tax paid (199 ) (639 )
-----------------------
Net cash generated by continuing operations (611 ) 3,795
-----------------------
Net cash (used) from discontinued operations 77 (158 )
-----------------------
Net cash (used) from operating activities $ (534 ) $ 3,637
-----------------------
Cash flow from investing activities
Expenditure on property, plant and equipment (2,754 ) (1,685 )
Proceeds on sale of property, plant and equipment 44 1,883
Proceeds on sale of Costa Rica operation 8,077 -
Cost of sale of Costa Rica operation (165 ) -
Interest received 106 297
-----------------------
Net cash used from investing activities $ 5,308 $ 495
-----------------------
Cash flow from financing activities
Proceeds from issue of new loans 870 34
Repayment of loans and leases payable (4,955 ) (2,698 )
Interest paid (1,791 ) (1,962 )
-----------------------
Net cash used from financing activities $ (5,876 ) $ (4,626 )
-----------------------
Net change in cash and cash equivalents during the year (1,102 ) (494 )
Cash and cash equivalents, beginning of the year 6,551 7,215
Effect of foreign exchange adjustments 3,867 (351 )
-----------------------
9,316 6,370
Included in disposal group (Note 11) - (213 )
-----------------------
Cash and cash equivalents, end of the year $ 9,316 $ 6,157
-----------------------
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services,
focused on markets in Latin America. Our mission is to "create extraordinary
experiences for our guests."Additional information about the Group is available
at www.thunderbirdresorts.com.
Cautionary Notice: Cautionary Notice: The 2015 Half-year Report referred to in
this release contains certain forward-looking statements within the meaning of
the securities laws and regulations of various international, federal, and state
jurisdictions. All statements, other than statements of historical fact,
included in the 2015 Half-year Report, including without limitation, statements
regarding potential revenue and future plans and objectives of Thunderbird are
forward-looking statements that involve risk and uncertainties. There can be no
assurances that such statements will prove to be accurate and actual results
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from Thunderbird's
forward-looking statements include competitive pressures, unfavorable changes in
regulatory structures, and general risks associated with business, all of which
are disclosed under the heading "Risk Factors" and elsewhere in Thunderbird's
documents filed from time-to-time with the Euronext Amsterdam and other
regulatory authorities. Included in the 2015 Half-year Report are certain "non-
IFRS financial measures," which are measures of Thunderbird's historical or
estimated future performance that are different from measures calculated and
presented in accordance with IFRS, within the meaning of applicable Euronext
Amsterdam rules, that are useful to investors. These measures include (i)
Property EBITDA consists of income from operations before depreciation and
amortization, write-downs, reserves and recoveries, project development costs,
corporate expenses, corporate management fees, merger and integration costs,
income/(losses) on interests in non-consolidated affiliates and amortization of
intangible assets. Property EBITDA is a supplemental financial measure we use to
evaluate our country-level operations. (ii) Adjusted EBITDA represents net
earnings before interest expense, income taxes, depreciation and amortization,
equity in earnings of affiliates, minority interests, development costs, and
gain on refinancing and discontinued operations. Adjusted EBITDA is a
supplemental financial measure we use to evaluate our overall operations.
Property EBITDA and Adjusted EBITDA are supplemental financial measures used by
management, as well as industry analysts, to evaluate our operations. However,
Property and Adjusted EBITDA should not be construed as an alternative to income
from operations (as an indicator of our operating performance) or to cash flows
from operating activities (as a measure of liquidity) as determined in
accordance with generally accepted accounting principles.
CONTACT INFORMATION
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
(507) 223-1234
plesar(at)thunderbirdresorts.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thunderbird Resorts Inc. via GlobeNewswire
[HUG#1948531]
Unternehmensinformation / Kurzprofil:
Datum: 31.08.2015 - 08:56 Uhr
Sprache: Deutsch
News-ID 416790
Anzahl Zeichen: 51018
contact information:
Town:
El Cangrejo, Apartado
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Thunderbird Resorts 2015 Half-Year Report Filed"
steht unter der journalistisch-redaktionellen Verantwortung von
Thunderbird Resorts Inc. (Nachricht senden)
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