Thunderbird Resorts 2015 Half-Year Report Filed
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E-mailPANAMA, 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 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: [email protected]). 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 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.
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 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.
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.
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(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%
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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 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.
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(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
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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 $0.4 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:
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Principal Payment 2015 2016 2017
------------------------------------------------
Corporate $ 4,046,001 $ 5,833,599 $ 4,909,213
Peru-Related Debt 357,968 5,252,363 4,657,041
Dead Debt 3,310,959 - -
Others 377,074 581,236 252,172
Peru 805,648 1,499,542 1,288,639
Nicaragua 140,007 268,715 269,563
------------------------------------------------
Total $ 4,991,656 $ 7,601,856 $ 6,467,415
------------------------------------------------
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Interest Payment 2015 2016 2017
------------------------------------------------
Corporate $ 1,157,853 $ 1,676,919 $ 908,049
Peru-Related Debt 800,706 1,523,014 782,080
Dead Debt 185,274 - -
Others 171,873 153,906 125,969
Peru 475,179 842,535 729,552
Nicaragua 112,525 179,435 147,028
------------------------------------------------
Total $ 1,745,557 $ 2,698,890 $ 1,784,629
------------------------------------------------
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The Group estimates its debt as follows starting in July 2015:
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Principal Payment 2018 2019 Thereafter Total
-------------------------------------------------
Corporate $ 2,513,506 $ 1,375,026 $ 3,397,095 $ 22,074,440
Peru-Related Debt 1,232,413 1,375,026 3,397,095 16,271,905
Dead Debt - - - 3,310,959
Others 1,281,093 - - 2,491,575
Peru 1,395,824 6,810,756 - 11,800,409
Nicaragua 294,887 757,341 329,593 2,060,106
-------------------------------------------------
Total $ 4,204,217 $ 8,943,123 $ 3,726,687 $ 35,934,955
-------------------------------------------------
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Interest Payment 2018 2019 Thereafter Total
-------------------------------------------------
Corporate $ 619,272 $ 456,979 $ 419,584 $ 5,238,656
Peru-Related Debt 599,593 456,979 419,584 4,581,955
Dead Debt - - 185,274
Others 19,679 - - 471,426
Peru 620,176 223,950 - 2,891,392
Nicaragua 120,439 92,985 30,880 683,292
-------------------------------------------------
Total $ 1,359,886 $ 773,914 $ 450,464 $ 8,813,340
-------------------------------------------------
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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 30, December
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
---------- ----------
---------- ----------
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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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
December 31,
June 30, 2015 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
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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)
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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
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----------------------------------------------------------------------------
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 120 - -
Options cancellation
and expiration - (34) -
------------------------------------------------------
$ 120 $ (34) $ -
------------------------------------------------------
Loss for the year - - -
Other comprehensive
income
Exchange differences
arising on
translation of
foreign operations - - (973)
------------------------------------------------------
Total comprehensive
income for the year (973)
------------------------------------------------------
Balance at June 30,
2014 $ 110,046 $ 433 $ (239)
------------------------------------------------------
Transactions with
owners:
Issue of new shares 98 - -
Buy-back of subsidiary
shares - - -
Options cancellation
and expiration - (144) -
------------------------------------------------------
$ 98 $ (144) $ -
------------------------------------------------------
Loss for the year - -
Other comprehensive
income
Exchange differences
arising on
translation of
foreign operations - - (1,486)
------------------------------------------------------
Total comprehensive
income for the year - - (1,486)
Balance at December
31, 2014 $ 110,144 $ 289 $ (1,725)
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Attributable to equity holders of parent
Non-
Retained controlling Total
earnings Total interest equity
------------------------------------------------------
Balance at January 1,
2014 $ (95,666) $ 15,461 $ 6,117 $ 21,578
Transactions with
owners:
Issue of new shares - 120 - 120
Options cancellation
and expiration 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)
------------------------------------------------------
Total comprehensive
income for the year (3.395) (4,368) 282 (4,086)
------------------------------------------------------
Balance at June 30,
2014 $ (99,027) $ 11,213 $ 6,399 $ 17,612
------------------------------------------------------
Transactions with
owners:
Issue of new shares - 98 - 98
Buy-back of subsidiary
shares 20 20 (24) (4)
Options cancellation
and expiration 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)
------------------------------------------------------
Total comprehensive
income for the year (7,689) (9,175) 29 (9,146)
Balance at December
31, 2014 $ (106,552) $ 2,156 $ 6,404 $ 8,560
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------------------------------------------------------
Currency
Share options translation
Share capital reserve reserve
----------------------------------------------------------------------------
Balance at January 1,
2015 $ 110,144 $ 289 $ (1,725)
Transactions with
owners:
Issue of new shares 96 - -
Buy-back of subsidiary
shares - - -
Options cancellation
and expiration - (20) -
Costa Rica disposal - - -
------------------------------------------------------
$ 96 $ (20) $ -
------------------------------------------------------
Loss for the year - -
Other comprehensive
income
Exchange differences
arising on
translation of
foreign operations - - (1,723)
------------------------------------------------------
Total comprehensive
income for the year - - (1,723)
------------------------------------------------------
Balance at June 30,
2015 $ 110,144 $ 269 $ (3,448)
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------------------------------------------------------
Non-
Retained controlling Total
earnings Total interest equity
----------------------------------------------------------------------------
Balance at January 1,
2015 $ (106,552) $ 2,156 $ 6,404 $ 8,560
Transactions with
owners:
Issue of new shares - 96 - 96
Buy-back of subsidiary
shares - - 56 56
Options cancellation
and expiration 20 - - -
Costa Rica disposal - - (4,690) (4,690)
------------------------------------------------------
$ 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)
------------------------------------------------------
Total comprehensive
income for the year 4,373 2,650 (30) 2,620
------------------------------------------------------
Balance at June 30,
2015 $ (102,159) $ 4,902 $ 1,740 $ 6,642
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THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Expressed in thousands of United States dollars)
For the six months ended June 30, 2015
----------------------------------------------------------------------------
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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.
Contacts: Thunderbird Resorts Inc. Peter LeSar Chief Financial Officer (507) 223-1234 [email protected]
Source: Thunderbird Resorts Inc.
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