Thunderbird Resorts 2016 Annual Report Filed
(firmenpresse) - PANAMA, REPUBLIC OF PANAMA -- (Marketwired) -- 04/29/17 -- Thunderbird Resorts Inc. ("Thunderbird") (FRANKFURT: 4TR)(EURONEXT AMSTERDAM: TBIRD) is pleased to announce that its 2016 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 2016 Annual Report the entirety of which can be found on our website at .
LETTER FROM CEO
Dear Shareholders and Investors:
Below is an update on Thunderbird Resorts, Inc. that summarizes the Group''s performance and progress through December 31, 2016.
1. PERFORMANCE UNDER our previously-stated goals
A. Increase our EBITDA(2): Adjusted EBITDA (after deducting Corporate-level expenses) increased by $67 thousand or 2.2% as compared to year-end 2015. In 2016, the US dollar continued to gain value against currencies around the globe, including against our operating currencies, which means that on a local currency basis our gains were stronger than presented above in USD.
B. Improve our Profit / (Loss): Our Loss from Continuing Operations would have improved by $197 thousand or 3.6% as compared to year-end 2015 if the Group would not have registered an impairment loss of $1.6 million related to probable, realizable sale price of its Tres Rios property in Costa Rica based on more recent feedback from the market as we pursue a sale of this asset held for sale.
C. Reduce our borrowings: Gross debt(3) has been reduced to $29.3 million at year-end December 31, 2016 as compared to $32.1 million at year-end December 31, 2015. Net debt (gross debt less cash and cash equivalents) has been reduced to $27.8 million at year-end December 31, 2016 as compared to $29.3 million at year-end December 31, 2015.
2. PERFORMANCE ON ASSET SALES
In our September 21, 2016 Annual General and Special Shareholders'' Meeting, shareholders approved Special Resolutions that, among other items, authorized the Board of Directors to sell "any or all remaining assets of the Corporation in such amounts and at such times as determined by the Board of Directors". The Group has made progress on this goal, and announcements are expected in the coming quarters.
To view the Half-year 2016 Report in which we summarize more detail the Group''s approach to this flexible strategy, please click on or copy and paste this link:
To view the materials for the Annual General and Special Shareholders'' Meeting, including a copy of the resolution itself, please click on or copy and paste this link: .
We will keep you informed as there are material events and progress.
Salomon Guggenheim
Chief Executive Officer and President
1. Unless otherwise stated, all figures reported herein are in USD and report the results of those businesses that were continuing as of December 31, 2016 as compared to those same businesses through the twelve months ended December 31, 2015. The purpose is for the reader to understand the performance of the Group''s continuing businesses.
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.
3.. Gross debt equals total borrowings and finance lease obligations
GROUP OVERVIEW
Below is our consolidated profit / (loss) summary for the twelve months ended December 31, 2016, as compared with the same period of 2015. In summary, Group revenue decreased by almost $3.0 million or 7.2% on a USD basis (see "Forex" note below for information on currency neutral revenue), while adjusted EBITDA increased by $67 thousand or 2.2% as a result of aggressive cost efficiency at the country and corporate levels.
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 2015. 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 decreased by just $763 thousand (2.0% reduction) and adjusted EBITDA would have increased by approximately $453 thousand (16.9% growth).
Consolidated Loss for the period is $6.8 million, a loss approx. $1.4 million above 2015 results. This was mainly due to higher net financing costs (2015 benefited from the fact that the Group reduced the debt balance owed to a single lender, which resulted in a gain upon the release of liabilities on loan extinguishment), and to the $1.6 million impairment related to the Tres Rios property in Costa Rica.
Group Debt: Below is the Group''s Gross debt and Net debt on December 31, 2016.
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 $100 thousand variance with the total principal balance below.
The Group estimates its gross debt schedule effective as of December 31, 2016:
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 2016 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 2016 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 of third parties in the acquisition of certain operating assets, and status of genuine progress and probability of closing within the Going Concern period.
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, 2016
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
(Expressed in thousands of United States dollars)
For the year ended December 31, 2016
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Expressed in thousands of United States dollars)
For the year ended December 31, 2016
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued)
(Expressed in thousands of United States dollars)
For the year ended December 31, 2016
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Expressed in thousands of United States dollars)
For the year ended December 31, 2016
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed in thousands of United States dollars)
For the year ended December 31, 2016
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:
Peter LeSar
Chief Financial Officer
(507) 223-1234
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 29.04.2017 - 12:50 Uhr
Sprache: Deutsch
News-ID 1501380
Anzahl Zeichen: 2832
contact information:
Contact person:
Town:
PANAMA, REPUBLIC OF PANAMA
Phone:
Kategorie:
Recreation
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 576 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Thunderbird Resorts 2016 Annual Report Filed
"
steht unter der journalistisch-redaktionellen Verantwortung von
Thunderbird Resorts Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
