Thunderbird Resorts 2015 Half-Year Report Filed
(firmenpresse) - PANAMA, REPUBLIC OF PANAMA -- (Marketwired) -- 08/31/15 -- 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 . 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: ). Copies are also available on SEDAR at .
Below are certain material excerpts from the full 2015 Half-year Report the entirety of which can be found on our website at .
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 GOALS1
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.
2. Grow EBITDA2 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.
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.
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.
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).
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
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 .
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.
Contacts:
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
(507) 223-1234
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Datum: 30.08.2015 - 23:43 Uhr
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