Thunderbird Resorts 2015 Annual Report Filed
/EINPresswire.com/ -- 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 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@ing.nl). Copies are also available on SEDAR at www.SEDAR.com.
Below are certain material excerpts from the full 2015 Annual Report the entirety of which can be found on our website at www.thunderbirdresorts.com.
LETTER FROM CEO
During 2015 we have continued our efforts to:
1. Increase our EBITDA1 2. Improve our profit / (loss) 3. Reduce our borrowings 4. Evaluate strategic alternatives
As described below, we have made progress on all of these fronts through December 31, 2015.
1. INCREASE OUR EBITDA
-- Adjusted EBITDA (after deducting Corporate-level expenses) grew on a
consolidated basis in 2015 by $730 thousand or a 31.1% increase as
compared to 2014.
-- Property EBITDA in Peru grew by $177 thousand or a 3.7% increase as
compared to 2014.
-- Property EBITDA in Nicaragua grew by $122 thousand or a 5.9% increase as
compared to 2014.
2. IMPROVE OUR PROFIT / (LOSS)
-- Our Loss from Continuing Operations was reduced by $2.9 million or by
34.6% as compared to 2014. Specifically, the Loss from Continuing
Operations was -$5.5 million vs. a loss of -$8.4 million in 2014.
-- Our Profit for the Period grew by $12.0 million or by 111.2% as compared
to 2014. Specifically, the Profit for the Period was a gain of $1.2
million in 2015 vs. a loss of -$10.8 million in 2014. The Profit for the
Period benefitted from an approximate gain of $6.7 million from our sale
of our Costa Rica operating assets during 2015.
3. REDUCE OUR BORROWINGS
-- Group gross debt2 was reduced by $14.0 million or 30% as compared to
December 31, 2014. Specifically, gross debt on December 31, 2015, was
$32.1 million as compared to $46.2 million on December 31, 2014.
-- Group net debt3 was reduced by $12.0 million or 29.1% as compared to
December 31, 2014. Specifically, gross debt on December 31, 2015, was
$29.3 million as compared to $41.3 million on December 31, 2014.
4. EVALUATION OF STRATEGIC ALTERNATIVES
The Group announced in its 2014 Annual Report that it was evaluating the following strategic alternatives.
-- Liquidate additional non-producing and producing real estate in order to
pay down virtually all debt and to retool our asset mix away from real
estate.
-- Raise new equity to pay down virtually all debt and invest in new high
cash flowing gaming operations in our existing markets with the goal of
increasing revenues and bottom line results.
Below is our progress report in regards to strategic alternatives:
-- On November 19, 2015, the Group entered into an agreement with
Binswanger Peru to broker the sale of its Fiesta hotel, office and
commercial real estate, and we believe that we will receive offers to
purchase and lease back to the Group all or strategic portions of this
mixed-use real estate in 2016. Any sale of this valuable real estate in
the Miraflores district of Lima, Peru, should result in the Group paying
down a material portion or perhaps nearly all of its remaining debt.
-- Effective March 21, 2016, the Group sold its office building in Panama
City, Panama, for a gross price of $1.45 million and for net proceeds
after taxes, debt and brokerage fees of approximately $512 thousand.
This transaction has reduced gross debt by approximately $800 thousand.
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
1 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 consolidated from all operations less "corporate expenses", which are the expenses of operating the parent company and its non-operating subsidiaries and affiliates. 2 Gross debt equals total borrowings and finance lease obligations. 3 Net debt equals gross debt less cash and cash equivalents (excludes restricted cash).
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.
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(In thousands, proportional consolidation)
Twelve months ended
December 31 %
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2015 2014 Variance change
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Net gaming wins $ 33,759 $ 34,498 $ (739) -2.1%
Food and beverage sales 3,111 3,334 (223) -6.7%
Hospitality and other sales 4,470 5,938 (1,468) -24.7%
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Total revenues 41,340 43,770 (2,430) -5.6%
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Promotional allowances 4,823 4,674 149 3.2%
Property, marketing and
administration 29,374 32,252 (2,878) -8.9%
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Property EBITDA 7,143 6,844 299 4.4%
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Corporate Expenses 4,068 4,501 (433) -9.6%
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Adjusted EBITDA 3,075 2,343 732 31.2%
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Property EBITDA as a percentage of
revenues 7.4% 5.4%
Depreciation and amortization 2,954 3,922 (968) -24.7%
Interest and financing costs, net 1,154 3,913 (2,759) -70.5%
Management fee attributable to non-
controlling interest 1 (274) 275 -100.4%
Project development 133 - 133 0.0%
Foreign exchange loss 859 437 422 96.6%
Other losses 2,405 1,328 1,077 81.1%
Loss from equity investee 46 1,768 (1,722) 97.4%
Income taxes 1,006 1,166 (160) -13.7%
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Loss for the period from continuing
operations $ (5,483) $ (9,917) $ 4,434 44.7%
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Profit / (loss) for the period from
discontinuing operations 6,695 (856) 7,551 882.1%
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Profit / (loss) for the period 1,212 (10,773) 11,985 111.3%
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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.
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(In thousands; proportional
consolidation)
Dec-15 Sep-15 Jun-15
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Borrowings $ 30,701 $ 34,187 $ 34,947
Obligations under leases and hire
purchase contracts 1,432 1,673 564
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Gross Debt $ 32,133 $ 35,860 $ 35,511
Less: cash and cash equivalents
(excludes restricted cash) 2,869 4,668 7,755
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Net Debt $ 29,264 $ 31,192 $ 27,756
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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:
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Principal Balance 2016 2017 2018 2019
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Corporate $ 6,444,245 $ 4,980,186 $ 2,513,506 $ 1,375,026
Peru 2,197,744 1,749,765 1,420,385 6,497,237
Nicaragua 265,953 269,563 294,887 726,161
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Total $ 8,907,942 $ 6,999,514 $ 4,228,778 $ 8,598,424
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Principal Balance 2020 Thereafter Total
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Corporate $ 1,534,143 $ 1,862,952 $ 18,710,058
Peru - - 11,865,131
Nicaragua 175,462 113,188 1,845,214
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Total $ 1,709,605 $ 1,976,140 $ 32,420,403
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Interest Payment 2016 2017 2018 2019
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Corporate $ 1,734,597 $ 922,745 $ 619,272 $ 456,979
Peru 1,016,292 792,428 595,615 213,110
Nicaragua 172,373 148,068 120,439 92,985
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Total $ 2,923,262 $ 1,863,241 $ 1,335,326 $ 763,074
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Interest Payment 2020 Thereafter Total
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Corporate $ 297,863 $ 121.721 $ 4,153,177
Peru - - 2,617,445
Nicaragua 24,205 6.675 564,745
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Total $ 322,068 $ 128.396 $ 7,335,367
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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:
-- Debt Repayment and Cash Flow: Debt service payments for secured bank
loans in Peru and secured and unsecured loans at the Corporate-level
continue to be a significant part of the Group's outflow. The Group has
invested significant time and effort to refinance debt under longer-term
amortizations, but the banking industry in Latin America is not easily
amenable to financing our gaming operations or real estate that depend
on gaming income. The Group may need to sell the majority of its real
estate assets in order to pay down virtually all Group debt and revert
the Group to positive cash flow. Progress in this regard includes the
announced sale of our Panama office building (see page 6).
-- Corporate Expense and Cash Flow: Corporate expense has decreased
materially in recent years, and is expected to continue to decrease.
Combined with debt reduction, achieving the Group's announced Corporate
expense targets (see page 6) is critical to achieving positive cash
flow. Progress in this regard includes preliminary, unaudited Corporate
expense in Q1 2016 of $767 thousand, or an annualized run rate of
approximately $3.1 million, which is a material reduction from the $4.1
million reported for 2015.
-- Liquidity and Working Capital: The Group is currently operating with low
levels of reserves and working capital. Selling all or virtually all
Group real estate and reverting cash flow will be critical to creating a
healthy level of working capital reserves.
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
2015 2014
---------- ----------
Assets
Non-current assets
Property, plant and equipment (Note 10) $ 24,019 $ 28,720
Investment accounted for using the equity method
(Note 27) 5,908 6,403
Intangible assets (Note 9) 5,985 7,783
Deferred tax assets (Note 8) 423 566
Trade and other receivables (Note 12) 1,629 1,543
Due from related parties (Note 20) 42 5,651
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Total non-current assets 38,006 50,666
Current assets
Trade and other receivables (Note 12) 1,126 2,766
Due from related parties (Note 20) 2,070 1,019
Inventories (Note 13) 480 738
Restricted cash (Note 14) 1,534 1,802
Cash and cash equivalents (Note 14) 2,869 4,749
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Total current assets 8,079 11,074
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Total assets $ 46,085 $ 61,740
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THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
2015 2014
---------- ----------
Equity and liabilities
Capital and reserves
Share capital (Note 18) 110,456 110,144
Share option reserve 89 289
Retained earnings (104,633) (106,552)
Translation reserve (5,209) (1,725)
---------- ----------
Equity attributable to equity holders of the
parent 703 2,156
Non-controlling interest 1,911 6,404
---------- ----------
Total equity 2,614 8,560
Non-current liabilities
Borrowings (Note 16) 22,966 28,532
Obligations under leases and hire purchase
contracts (Note 21) 441 317
Deferred tax liabilities (Note 8) 22 77
Provisions (Note 17) 616 1,475
Trade and other payables (Note 15) 1,133 1,318
---------- ----------
Total non-current liabilities 25,178 31,719
Current liabilities
Trade and other payables (Note 15) 5,943 6,203
Due to related parties (Note 20) 983 2,368
Borrowings (Note 16) 7,735 9,763
Obligations under leases and hire purchase
contracts (Note 21) 991 463
Other financial liabilities (Note 24) 379 615
Current tax liabilities 361 821
Provisions (Note 17) 1,901 1,228
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Total current liabilities 18,293 21,461
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Total liabilities 43,471 53,180
---------- ----------
Total equity and liabilities $ 46,085 $ 61,740
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THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
2014
2015 (Restated)
----------- -----------
Net gaming wins $ 33,759 $ 34,498
Food, beverage and hospitality sales 7,581 9,272
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Total revenue 41,340 43,770
Cost of goods sold (16,224) (16,673)
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Gross profit 25,116 27,133
Other operating costs
Operating, general and administrative (22,042) (24,516)
Project development (133) -
Depreciation and amortization (2,954) (3,922)
Other gains and (losses) (Note 5) (2,405) (1,328)
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Operating loss (2,418) (2,633)
Share of loss from equity accounted investments (46) (1,768)
Financing
Foreign exchange loss (859) (437)
Financing costs (Note 7) (4,196) (4,528)
Financing income (Note 7) 3,065 652
Other interest (Note 7) (23) (37)
----------- -----------
Finance costs, net (2,013) (4,350)
----------- -----------
Loss before tax (4,477) (8,751)
Income taxes expense (Note 8)
Current (1,018) (1,387)
Deferred 12 221
----------- -----------
Income tax expense (1,006) (1,166)
----------- -----------
Loss for the year from continuing operations $ (5,483) $ (9,917)
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Gain / (loss) for the year from discontinued
operations (Note 11) 6,695 (856)
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Profit / (loss) for the year $ 1,212 $ (10,773)
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THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued)
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
2014
2015 (Restated)
----------- -----------
Other comprehensive income (amounts, which will
be recycled)
Exchange differences arising on the translation
of foreign operations $ (3,484) $ (2,459)
----------- -----------
Other comprehensive income for the year (3,484) (2,459)
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Total comprehensive income for the year $ (2,272) $ (13,232)
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Loss for the year attributable to:
Owners of the parent 1,072 (11,084)
Non-controlling interest 140 311
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$ 1,212 $ (10,773)
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Total comprehensive income attributable to:
Owners of the parent (2,412) (13,543)
Non-controlling interest 140 311
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$ (2,272) $ (13,232)
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Basic loss per share (in $): (Note 18)
Loss from continuing operations (0.23) (0.45)
Gain / (loss) from discountinued operations 0.28 (0.04)
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Total 0.05 (0.49)
Diluted loss per share (in $): (Note 18)
Loss from continuing operations (0.23) (0.45)
Gain / (loss) from discountinued operations 0.28 (0.04)
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Total 0.05 (0.49)
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THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
Attributable to equity holders of parent
---------------------------------------------
Currency
Share options translation
Share capital reserve reserve
---------------------------------------------
Balance at January 1, 2014 $ 109,926 $ 467 $ 734
Transactions with owners:
Issue of new shares 218 - -
Buy-back of subsidiary shares - - -
Options cancellation and
expiration - (178) -
---------------------------------------------
$ 218 $ (178) $ -
---------------------------------------------
Loss for the year - - -
Other comprehensive income
Exchange differences arising
on
translation of foreign
operations - - (2,459)
---------------------------------------------
Total comprehensive income for
the year (2,459)
---------------------------------------------
Balance at December 31, 2014 $ 110,144 $ 289 $ (1,725)
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Currency
Share options translation
Share capital reserve reserve
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Balance at January 1, 2015 $ 110,144 $ 289 $ (1,725)
Transactions with owners:
Issue of new shares 632 - -
Shares buy-back (320) - -
Options cancellation and
expiration - (200) -
Costa Rica disposal - - -
---------------------------------------------
$ 312 $ (200) $ -
---------------------------------------------
Profit for the year - - -
Other comprehensive income
Exchange differences arising
on
translation of foreign
operations - - (3,484)
---------------------------------------------
Total comprehensive income for
the year - - (3,484)
---------------------------------------------
Balance at December 31, 2015 $ 110,456 $ 89 $ (5,209)
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Attributable to equity holders of parent
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Non-
Retained controlling Total
earnings Total interest equity
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Balance at January 1, 2014 $ (95,666) $15,461 $ 6,117 $21,578
Transactions with owners:
Issue of new shares - 218 - 218
Buy-back of subsidiary shares 20 20 (24) (4)
Options cancellation and
expiration 178 - - -
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$ 198 $ 238 $ (24) $ 214
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Loss for the year (11,08 (10,77
(11,084) 4) 311 3)
Other comprehensive income
Exchange differences arising
on
translation of foreign
operations - (2,459) - (2,459)
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Total comprehensive income for (13,54 (13,23
the year (11,084) 3) 311 2)
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Balance at December 31, 2014 $ (106,552) $ 2,156 $ 6,404 $ 8,560
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Non-
Retained controlling Total
earnings Total interest equity
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Balance at January 1, 2015 $ (106,552) $ 2,156 $ 6,404 $ 8,560
Transactions with owners:
Issue of new shares - 632 - 632
Shares buy-back - (320) - (320)
Options cancellation and
expiration 200 - - -
Costa Rica disposal - - (4,633) (4,633)
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$ 200 $ 312 $ (4,633) $(4,321)
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Profit for the year 1,072 1,072 140 1,212
Other comprehensive income
Exchange differences arising
on
translation of foreign
operations 647 (2,837) - (2,837)
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Total comprehensive income for
the year 1,719 (1,765) 140 (1,625)
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Balance at December 31, 2015 $ (104,633) $ 703 $ 1,911 $ 2,614
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THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed in thousands of United States dollars)
For the year ended December 31, 2015
2014
2015 (Restated)
----------- -----------
Cash flow from operating activities
Loss for the year $ (5,483) $ (9,917)
Adjustments for:
Depreciation and amortization 2,954 4,306
Loss on disposal of property, plant and - (107)
equipment
Unrealized foreign exchange 870 510
Increase / (decrease) in provision 115 (1,367)
Bad debt expense 19 128
Other losses / (gains) 1,306 1,286
Share based payments 632 219
Finance income (3,065) (652)
Finance cost 4,196 4,528
Other interests 23 37
Disposal of equity accounted investments 2,415 -
Results from equity accounted investments 46 1,768
Tax expenses 1,006 1,171
Net change in non-cash working capital items
Decrease in trade, prepaid and other (682) 6,729
receivables
Decrease in inventory 178 87
Decrease in trade payables and accrued (739) (465)
----------- -----------
Cash (used) from operations 3,795 8,282
Total tax paid (1,048) (1,059)
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Net cash generated by continuing operations 2,747 7,223
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Net cash generated by discontinued operations 76 12
----------- -----------
Net cash from operating activities $ 2,823 $ 7,235
----------- -----------
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Cash flow from investing activities
Expenditure on property, plant and equipment (3,752) (2,943)
Proceeds on sale of property, plant and 36 1,622
equipment
Proceeds on sale of Costa Rica operation, net of 7,618 -
cash disposed
Cost of sale of Costa Rica operation (160) -
Cost of sale of Philippines operation - (259)
Interest received 156 652
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Net cash used from (used) investing activities $ 3,898 $ (928)
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Cash flow from financing activities
Shares buy-back (320) -
Proceeds from issuance of new shares 36 -
Proceeds from issue of new loans 870 534
Repayment of loans and leases payable (5,418) (3,535)
Interest paid (3,405) (3,819)
----------- -----------
Net cash used from financing activities $ (8,237) $ (6,820)
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Net change in cash and cash equivalents during (1,516) (513)
the year
Cash and cash equivalents, beginning of the year 6,551 7,215
Effect of foreign exchange adjustment (632) (151)
----------- -----------
Included in disposal group (Note 11) - (383)
----------- -----------
Cash and cash equivalents, end of the year $ 4,403 $ 6,168
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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 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
plesar@thunderbirdresorts.com
www.thunderbirdresorts.com
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