Thunderbird Resorts 2015 Annual Report Filed
(firmenpresse) - PANAMA, REPUBLIC OF PANAMA -- (Marketwired) -- 04/26/16 -- Thunderbird Resorts Inc. ("Thunderbird") (FRANKFURT: 4TR)(EURONEXT: TBIRD) is pleased to announce that its 2015 Annual Report and Audited Consolidated Financial Statements have 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 Annual Report is intended to comply with the rules and regulations set forth by the AFM and the Euronext Amsterdam.
Copies of the Annual 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 Annual Report the entirety of which can be found on our website at .
LETTER FROM CEO
During 2015 we have continued our efforts to:
As described below, we have made progress on all of these fronts through December 31, 2015.
1. INCREASE OUR EBITDA
2. IMPROVE OUR PROFIT / (LOSS)
3. REDUCE OUR BORROWINGS
4. EVALUATION OF STRATEGIC ALTERNATIVES
The Group announced in its 2014 Annual Report that it was evaluating the following strategic alternatives.
Below is our progress report in regards to strategic alternatives:
The Group continues efforts to sell its remaining non-strategic real estate in Costa Rica and Nicaragua. More information on these real estate assets can be found on page 8 of this 2015 Annual Report. Assuming a successful sale of all of the assets described above, the Group will be left with its gaming operating assets in Nicaragua and Peru and possibly its hotel operating assets in Peru.
One final note is that the Group continues to carefully and strategically reduce its Corporate platform. Corporate Expense in 2015 was $4.1 million, but Corporate Expense in Q1 2016 was $767 thousand or approximately $3.1 million on an annualized basis.
We look forward to communicating with shareholders as material events unfold.
Sincerely,
Salomon Guggenheim
President & CEO
GROUP OVERVIEW
Below is our consolidated profit / (loss) summary for the twelve months ended December 31, 2015, as compared with the same period of 2014. In summary, Group revenue decreased by $2.4 million or 5.6% on a USD basis (see "Forex" note below where it shows revenue on a currency neutral basis has grown), while adjusted EBITDA increased by $732 thousand or 31.2% as a result of aggressive cost efficiency.
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 same exchange rate would be applied to both periods so as to remove Forex swings from the analysis), Group revenue would have grown by $1.5 million (3.7% growth) and adjusted EBITDA would have increased by approximately $1.3 million (77.9% growth).
Consolidated Profit for the period is $1.2 million (an improvement of $12.0 million as compared to 2014), which primarily is the result of the profit generated to the Group by the sale of Costa Rica operations in February 2015.
Interest and Financing costs, net: Interest and financing costs, net has reduced by $1.2 million compared to the same period in 2014, while our average weighted borrowing cost is below 9% as we have continued to pay down our highest interest debt.
Group Debt: Below is the Group''s Gross debt and Net debt on December 31, 2015.
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 $0.3 million variance with the total principal balance below.
The Group estimates its gross debt schedule effective as of December 31, 2015:
RISK MANAGEMENT
For more detail on Risk Factors, see Chapter 8 of the Annual 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 12 months from the filing of this 2015 Annual Report. 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. 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.; (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 12-month period following the filing date of this 2015 Annual Report; (ix) ability to re-amortize and unsecured lenders; (x) level of probability of refinancing of secured debt; (xi) liquidation of undeveloped and therefore non-performing real estate assets that have been held for sale; and (xii) level of interest by third parties in the acquisition of certain operating assets.
The Directors have also considered certain critical factors that might affect its continuing operations, as follows:
Considering the above, Management and Directors are satisfied that the consolidated Group has adequate resources to continue as a going concern for at least the 12 months following the filing date of this report. For these reasons, Management and Directors continue to adopt the going concern basis in preparing the consolidated financial statements.
FINANCIAL STATEMENTS
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued)
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
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 Annual 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 Annual 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 Annual 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: 26.04.2016 - 14:04 Uhr
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