001-16017 | 98-0223493 | |
(Commission file number) | (I.R.S. Employer Identification No.) |
99 | News release of Belmond Ltd. dated November 5, 2014 regarding third quarter consolidated earnings for the quarter ended September 30, 2014, being furnished to the Commission. |
Exhibit Number | Description | |
99 | News release of Belmond Ltd. dated November 5, 2014 regarding third quarter consolidated earnings for the quarter ended September 30, 2014, being furnished to the Commission. |
Martin O'Grady | Amy Brandt | |
Vice President, Chief Financial Officer | Vice President, Investor Relations | |
Tel: +44 20 3117 1333 | Tel: +1 212 764 8210 | |
E: martin.ogrady@belmond.com | E: amy.brandt@belmond.com |
• | Same store revenue per available room (“RevPAR”) up 2% in U.S. dollars and local currency as compared to the prior-year quarter; up 10% in U.S. dollars and up 8% in local currency excluding Belmond Grand Hotel Europe |
• | Third quarter total revenue of $187.8 million, a $1.5 million or 1% decrease from prior-year quarter |
• | Third quarter total adjusted EBITDA up $0.9 million or 2% to $53.5 million; up $7.8 million or 18% excluding Inn at Perry Cabin and Belmond Grand Hotel Europe |
• | Announced new business expansion with Ireland's first luxury overnight train, expected to commence operations in summer 2016 |
• | Executed new management agreement with Cadogan Estates to expand Belmond Cadogan Hotel with the addition of Durley House |
• | Launched inaugural Belmond brand advertising campaign in September with full-page, color advertisements in The New York Times and The Wall Street Journal |
• | Completed $86.0 million refinancing of Belmond Charleston Place term loan |
• | Expands portfolio of leading global travel experiences with first luxury train in Ireland — Earlier today, the Company announced Belmond Grand Hibernian, the first luxury rail experience of its kind in Ireland, which will tour the unique countryside of Ireland when it commences operations in the summer of 2016. The luxury sleeper train will accommodate up to 40 guests in 20 en-suite cabins. Belmond Grand Hibernian will build on the Company's expertise in operating a stable of the world’s most famous trains, including Belmond Royal Scotsman, currently the U.K.'s only luxury sleeper train, and the legendary Venice Simplon-Orient-Express. |
• | Executes agreement with Cadogan Estates to manage Durley House in London — Following the Company's July 2014 agreement with Cadogan Estates Limited to manage The Cadogan hotel in London, the Company signed an additional agreement with the same owner to operate Durley House, an all-suite, private-residence-style property located within the same block of Sloane Street as Belmond Cadogan Hotel in the prestigious Knightsbridge area of London. As with the hotel, Durley House is currently undergoing a renovation and is expected to reopen in the summer of 2016. Upon reopening, the 15 renovated long-stay suites at Durley House will be serviced by Belmond Cadogan Hotel and guests will have full use of the hotel’s facilities. |
• | Builds brand awareness with inaugural print and online advertising campaign — In September, the Company commenced its first large-scale print and online advertising campaign to build awareness of the Belmond brand. The campaign includes multiple placements in consumer lifestyle and travel magazines continuing throughout the remainder of 2014 and into 2015. |
• | Extends debt maturity profile with refinancing of term loan secured by Belmond Charleston Place, South Carolina — On August 27, 2014, the Company refinanced its $83.2 million term loan secured by Belmond Charleston Place one year ahead of the loan's October 2015 maturity date with a new $86.0 million term loan due in August 2019. Terms of the new loan are favorable, with no required amortization payments and an interest rate margin of 2.12% for the new term loan as compared to $1.6 million of annual amortization payments and an interest rate margin of 3.5% for the previous term loan. |
Fourth Quarter 2014 | Full Year 2014 | |||
Owned hotels same store RevPAR growth guidance (1) (2) | ||||
In U.S. dollars (3) | ||||
Europe | (22%) - (18%) | (5%) - (1%) | ||
North America | 7% - 11% | (1%) - 3% | ||
Rest of world | (4%) - 0% | 3% - 7% | ||
Worldwide | (6%) - (2%) | (2%) - 2% | ||
In local currency | ||||
Europe | 1% - 5% | (3%) - 1% | ||
North America | 7% - 11% | 0% - 4% | ||
Rest of world | 2% - 6% | 11% - 15% | ||
Worldwide | 4% - 8% | 1% - 5% | ||
Statement of operations guidance ($ millions) | ||||
Central overheads | $5.0 - $6.0 | $26.1 - $27.1 | ||
Share-based compensation | $2.0 - $3.0 | $7.7 - $8.7 | ||
Central marketing costs | $1.5 - $2.5 | $4.0 - $5.0 | ||
Depreciation & amortization | $12.0 - $13.0 | $49.0 - $50.0 | ||
Interest | $7.0 - $8.0 | $32.5 - $33.5 | ||
Tax expense | $2.7 - $3.7 | $21.0 - $22.0 | ||
Cash flow guidance ($ millions) | ||||
Cash interest expense | $6.5 - $7.5 | $29.4 - $30.4 | ||
Cash taxes | $7.4 - $8.4 | $22.0 - $23.0 | ||
Scheduled loan repayments | $1.0 - $2.0 | $6.7 - $7.7 | ||
(1) Projected same store RevPAR growth for the fourth quarter ending December 31, 2014 excludes the operations of Inn at Perry Cabin. | ||||
(2) Projected same store RevPAR growth for the full year ending December 31, 2014 excludes the operations of Inn at Perry Cabin, Belmond El Encanto and Belmond Miraflores Park, Lima, Peru. | ||||
(3) Projected U.S. dollar same store RevPAR growth for the fourth quarter ending December 31, 2014 includes the impact of retranslating the RevPAR results recorded for the nine months ended September 30, 2014 at the projected average foreign exchange rates for the twelve months ending December 31, 2014. |
$ millions – except per share amounts | Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Revenue and earnings from unconsolidated companies | ||||||||||
Owned hotels | ||||||||||
- Europe | 94.5 | 97.3 | 187.2 | 188.5 | ||||||
- North America | 28.3 | 32.9 | 103.9 | 107.9 | ||||||
- Rest of world | 33.4 | 30.1 | 103.1 | 101.7 | ||||||
Total owned hotels | 156.2 | 160.3 | 394.2 | 398.1 | ||||||
Part-owned / managed hotels | 2.5 | 1.8 | 4.2 | 2.7 | ||||||
Total hotels | 158.7 | 162.1 | 398.4 | 400.8 | ||||||
Owned trains & cruises | 23.2 | 22.2 | 57.4 | 53.1 | ||||||
Part-owned / managed trains | 5.9 | 5.0 | 11.8 | 10.3 | ||||||
Total trains & cruises | 29.1 | 27.2 | 69.2 | 63.4 | ||||||
Total (1) | 187.8 | 189.3 | 467.6 | 464.2 | ||||||
Analysis of earnings | ||||||||||
Owned hotels | ||||||||||
- Europe | 41.8 | 43.1 | 63.3 | 63.3 | ||||||
- North America | 1.7 | 2.9 | 15.9 | 17.4 | ||||||
- Rest of world | 7.6 | 6.0 | 25.0 | 23.7 | ||||||
Total owned hotels | 51.1 | 52.0 | 104.2 | 104.4 | ||||||
Part-owned / managed hotels | 2.2 | 1.5 | 3.5 | 1.3 | ||||||
Total hotels | 53.3 | 53.5 | 107.7 | 105.7 | ||||||
Owned trains & cruises | 2.5 | 2.8 | 4.2 | 4.3 | ||||||
Part-owned / managed trains | 5.9 | 5.0 | 11.8 | 10.3 | ||||||
Total trains & cruises | 8.4 | 7.8 | 16.0 | 14.6 | ||||||
Central overheads | (6.6 | ) | (6.6 | ) | (21.1 | ) | (22.1 | ) | ||
Share-based compensation | (2.7 | ) | (2.6 | ) | (5.7 | ) | (6.5 | ) | ||
Central marketing costs | (0.1 | ) | (0.2 | ) | (2.4 | ) | (0.8 | ) | ||
EBITDA before gain on disposal and impairment | 52.3 | 51.9 | 94.5 | 90.9 | ||||||
Gain on disposal of property, plant and equipment | 0.1 | — | 4.0 | — | ||||||
Impairment | — | — | — | (35.7 | ) | |||||
EBITDA | 52.4 | 51.9 | 98.5 | 55.2 | ||||||
Depreciation & amortization | (12.1 | ) | (10.7 | ) | (37.0 | ) | (34.4 | ) | ||
Loss on extinguishment of debt | — | — | (14.5 | ) | — | |||||
Interest | (8.2 | ) | (8.6 | ) | (25.5 | ) | (23.7 | ) | ||
Foreign currency, net | 0.7 | (2.5 | ) | (0.3 | ) | 0.5 | ||||
Earnings / (losses) before tax | 32.8 | 30.1 | 21.2 | (2.4 | ) | |||||
Tax | (16.4 | ) | (13.5 | ) | (18.3 | ) | (10.2 | ) | ||
Net earnings / (losses) from continuing operations | 16.4 | 16.6 | 2.9 | (12.6 | ) | |||||
Discontinued operations | (1.5 | ) | (0.5 | ) | (2.7 | ) | (0.9 | ) | ||
Net earnings / (losses) | 14.9 | 16.1 | 0.2 | (13.5 | ) | |||||
Net losses / (earnings) attributable to non-controlling interests | — | — | 0.1 | (0.1 | ) | |||||
Net earnings / (losses) attributable to Belmond Ltd. | 14.9 | 16.1 | 0.3 | (13.6 | ) | |||||
Net earnings / (losses) per common share attributable to Belmond Ltd. | 0.14 | 0.16 | — | (0.13 | ) | |||||
Number of shares – millions | 103.92 | 103.34 | 103.79 | 103.14 | ||||||
(1) Comprised of revenue of $183.5 million (2013 - $185.3 million) and earnings from unconsolidated companies of $4.3 million (2013 - $4.0 million) for the three months ended September 30, 2014, and revenue of $461.7 million (2013 - $458.6 million) and earnings from unconsolidated companies of $5.9 million (2013 - $5.6 million) for the nine months ended September 30, 2014. |
Three months ended September 30, | Nine months ended September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Room Nights Available | ||||||||||
Europe | 86,296 | 86,756 | 213,422 | 219,013 | ||||||
North America | 63,140 | 70,346 | 199,575 | 204,454 | ||||||
Rest of world | 94,484 | 93,288 | 280,371 | 276,822 | ||||||
Worldwide | 243,920 | 250,390 | 693,368 | 700,289 | ||||||
Rooms Nights Sold | ||||||||||
Europe | 58,638 | 63,803 | 124,632 | 132,321 | ||||||
North America | 41,422 | 47,872 | 130,284 | 140,085 | ||||||
Rest of world | 47,589 | 46,311 | 151,212 | 153,892 | ||||||
Worldwide | 147,649 | 157,986 | 406,128 | 426,298 | ||||||
Occupancy | ||||||||||
Europe | 68 | % | 74 | % | 58 | % | 60 | % | ||
North America | 66 | % | 68 | % | 65 | % | 69 | % | ||
Rest of world | 50 | % | 50 | % | 54 | % | 56 | % | ||
Worldwide | 61 | % | 63 | % | 59 | % | 61 | % | ||
Average Daily Rate (in US dollars) | ||||||||||
Europe | 967 | 922 | 864 | 827 | ||||||
North America | 353 | 347 | 418 | 400 | ||||||
Rest of world | 429 | 359 | 421 | 385 | ||||||
Worldwide | 621 | 583 | 556 | 527 | ||||||
RevPAR (in US dollars) | ||||||||||
Europe | 657 | 678 | 505 | 499 | ||||||
North America | 232 | 236 | 273 | 274 | ||||||
Rest of world | 216 | 178 | 227 | 214 | ||||||
Worldwide | 376 | 368 | 326 | 321 | ||||||
Same Store RevPAR (in US dollars) (1) | ||||||||||
Europe | 657 | 678 | 505 | 499 | ||||||
North America | 232 | 218 | 275 | 272 | ||||||
Rest of world | 216 | 178 | 235 | 214 | ||||||
Worldwide | 376 | 367 | 336 | 327 | ||||||
Same Store RevPAR (% change) | US dollar | Local currency | US dollar | Local currency | ||||||
Europe | (3 | )% | (4 | )% | 1 | % | — | % | ||
North America | 6 | % | 6 | % | 1 | % | 1 | % | ||
Rest of world | 21 | % | 20 | % | 10 | % | 18 | % | ||
Worldwide | 2 | % | 2 | % | 3 | % | 4 | % | ||
(1) Same store RevPAR for the three months ended September 30, 2014 excludes the operations of Inn at Perry Cabin. Same store RevPAR for the nine months ended September 30, 2014 excludes the operations of Inn at Perry Cabin, Belmond El Encanto and Belmond Miraflores Park. |
$ millions | September 30, | December 31, | ||||
2014 | 2013 | |||||
Assets | ||||||
Cash | 158.8 | 123.2 | ||||
Restricted cash | 2.5 | 6.0 | ||||
Accounts receivable | 38.7 | 35.5 | ||||
Due from unconsolidated companies | 9.3 | 11.8 | ||||
Prepaid expenses and other | 25.2 | 25.9 | ||||
Inventories | 40.8 | 45.0 | ||||
Other assets held for sale | — | 34.4 | ||||
Total current assets | 275.3 | 281.8 | ||||
Property, plant & equipment, net of accumulated depreciation | 1,222.1 | 1,309.6 | ||||
Investments in unconsolidated companies | 67.6 | 63.4 | ||||
Goodwill | 141.2 | 156.9 | ||||
Other intangible assets | 14.1 | 14.2 | ||||
Other assets | 59.6 | 54.0 | ||||
Total assets (1) | 1,779.9 | 1,879.9 | ||||
Liabilities and Equity | ||||||
Working capital loans | — | 0.1 | ||||
Accounts payable | 25.1 | 23.8 | ||||
Accrued liabilities | 80.9 | 74.2 | ||||
Deferred revenue | 42.1 | 37.0 | ||||
Other liabilities held for sale | — | 1.6 | ||||
Current portion of long-term debt and capital leases | 5.6 | 72.8 | ||||
Total current liabilities | 153.7 | 209.5 | ||||
Long-term debt and obligations under capital leases | 621.3 | 566.9 | ||||
Deferred income taxes | 159.7 | 169.4 | ||||
Other liabilities | 26.9 | 23.4 | ||||
Total liabilities (2) | 961.6 | 969.2 | ||||
Shareholders’ equity | 817.2 | 908.3 | ||||
Non-controlling interests | 1.1 | 2.4 | ||||
Total equity | 818.3 | 910.7 | ||||
Total liabilities and equity | 1,779.9 | 1,879.9 | ||||
(1) Balance at September 30, 2014 includes $207.3 million (December 31, 2013 - $200.3 million) of assets of consolidated variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. | ||||||
(2) Balance at September 30, 2014 includes $182.4 million (December 31, 2013 - $179.1 million) of liabilities of consolidated VIEs whose creditors have no recourse to Belmond Ltd. |
$ millions – except per share amounts | Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | |||||||
EBITDA | 52.4 | 51.9 | 98.5 | 55.2 | ||||||
Adjusted items: | ||||||||||
Pre-opening expenses (1) | — | — | — | 2.7 | ||||||
Management restructuring (2) | 0.8 | 0.2 | 0.3 | 3.3 | ||||||
Write-down of assets (3) | 0.2 | 0.2 | 0.2 | 0.9 | ||||||
Acquisition proposal costs (4) | — | — | — | (0.1 | ) | |||||
Brand-related costs (5) | — | — | 0.1 | — | ||||||
Amortization of share-based compensation (6) | — | 0.3 | — | 0.6 | ||||||
Write-off of deferred financing costs in joint venture (7) | — | — | 0.5 | — | ||||||
VAT settlement provision (8) | 0.4 | — | 0.7 | — | ||||||
Gain on sale of hotel business (9) | (0.1 | ) | — | (4.0 | ) | — | ||||
Gain on disposal of building (10) | (0.2 | ) | — | (0.2 | ) | — | ||||
Impairment (11) | — | — | — | 35.7 | ||||||
Total adjusted EBITDA | 53.5 | 52.6 | 96.1 | 98.3 | ||||||
Reported net earnings / (losses) attributable to Belmond Ltd. | 14.9 | 16.1 | 0.3 | (13.6 | ) | |||||
Net losses / (earnings) attributable to non-controlling interests | — | — | 0.1 | (0.1 | ) | |||||
Reported net earnings / (losses) | 14.9 | 16.1 | 0.2 | (13.5 | ) | |||||
Discontinued operations net of tax | (1.5 | ) | (0.5 | ) | (2.7 | ) | (0.9 | ) | ||
Net earnings / (losses) from continuing operations | 16.4 | 16.6 | 2.9 | (12.6 | ) | |||||
Adjusted items net of tax: | ||||||||||
Pre-opening expenses (1) | — | — | — | 1.8 | ||||||
Management restructuring (2) | 0.7 | 0.2 | 0.1 | 2.6 | ||||||
Write-down of assets (3) | 0.1 | 0.2 | 0.1 | 0.7 | ||||||
Acquisition proposal costs (4) | — | — | — | (0.1 | ) | |||||
Brand-related costs (5) | — | — | 0.1 | — | ||||||
Amortization of share-based compensation (6) | — | 0.2 | — | 0.7 | ||||||
Write-off of deferred financing costs in joint venture (7) | — | — | 0.3 | — | ||||||
VAT settlement provision (8) | 0.4 | — | 0.8 | — | ||||||
Gain on sale of hotel business (9) | (0.1 | ) | — | (2.4 | ) | — | ||||
Gain on disposal of building (10) | (0.1 | ) | — | (0.1 | ) | — | ||||
Impairment (11) | — | — | — | 35.7 | ||||||
Loss on extinguishment of debt (12) | — | — | 11.6 | — | ||||||
Government grant (13) | — | (0.8 | ) | — | (0.8 | ) | ||||
Interest adjustments (14) | 0.1 | — | 0.1 | 0.4 | ||||||
Foreign currency, net (15) | (0.5 | ) | 1.8 | 0.2 | (0.6 | ) | ||||
Adjusted net earnings / (losses) from continuing operations | 17.0 | 18.2 | 13.7 | 27.8 | ||||||
Reported EPS | 0.14 | 0.16 | — | (0.13 | ) | |||||
Reported EPS from continuing operations | 0.16 | 0.16 | 0.03 | (0.12 | ) | |||||
Adjusted EPS from continuing operations | 0.16 | 0.18 | 0.13 | 0.27 | ||||||
Number of shares (millions) | 103.92 | 103.34 | 103.79 | 103.14 | ||||||
(1) Pre-opening expenses at Belmond El Encanto and Belmond Orcaella | ||||||||||
(2) Restructuring and redundancy costs | ||||||||||
(3) Non-cash write-down of fixed assets, receivables and abandoned projects | ||||||||||
(4) Costs associated with unsolicited proposal by The Indian Hotels Company Limited to acquire the Company | ||||||||||
(5) Costs associated with development of new brand and the write-off of existing brand materials | ||||||||||
(6) Amortization of share-based compensation liability for employees who have already reached retirement age | ||||||||||
(7) Write-off of unamortized deferred financing costs at the Peruvian hotels joint venture | ||||||||||
(8) Provision for settlement related to value added tax settlement | ||||||||||
(9) Gain on disposal of property, plant and equipment at Inn at Perry Cabin | ||||||||||
(10) Gain on sale of building at one owned property | ||||||||||
(11) Non-cash impairment charge related to long-lived assets | ||||||||||
(12) Write-off of unamortized deferred financing costs, swap cancellation costs, prepayment fees and extension fees, all pertaining to loans subsequently repaid | ||||||||||
(13) Reduction in depreciation due to receipt of government grant | ||||||||||
(14) Write-off of unamortized deferred financing costs and change in fair value for interest swaps that are not designated in hedging relationships and the ineffective portion of derivatives that are designated in hedging relationships | ||||||||||
(15) Foreign currency, net is a non-cash item arising on the translation of certain assets and liabilities denominated in currencies other than the functional currency |
$ millions | Twelve months ended September 30, | Nine months ended September 30, | Year ended December 31, | ||||||||
2014 | 2014 | 2013 | 2013 | ||||||||
EBITDA | 113.9 | 98.5 | 55.2 | 70.6 | |||||||
Adjusted items: | |||||||||||
Pre-opening expenses (1) | 0.3 | — | 2.7 | 3.0 | |||||||
Management restructuring (2) | 1.6 | 0.3 | 3.3 | 4.6 | |||||||
Write-down of assets (3) | 0.2 | 0.2 | 0.9 | 0.9 | |||||||
Acquisition proposal costs (4) | — | — | (0.1 | ) | (0.1 | ) | |||||
Brand-related costs (5) | 2.0 | 0.1 | — | 1.9 | |||||||
Amortization of share-based compensation (6) | 1.2 | — | 0.6 | 1.8 | |||||||
Write-off of deferred financing costs in joint venture (7) | 0.5 | 0.5 | — | — | |||||||
VAT settlement provision (8) | 0.8 | 0.7 | — | 0.1 | |||||||
Gain on sale of hotel business (9) | (4.0 | ) | (4.0 | ) | — | — | |||||
Gain on disposal of building (10) | (0.2 | ) | (0.2 | ) | — | — | |||||
Impairment (11) | 0.7 | — | 35.7 | 36.4 | |||||||
Post-retirement benefit (12) | 0.5 | — | — | 0.5 | |||||||
Total adjusted EBITDA | 117.5 | 96.1 | 98.3 | 119.7 | |||||||
EBITDA | 113.9 | 98.5 | 55.2 | 70.6 | |||||||
Depreciation and amortization | (51.3 | ) | (37.0 | ) | (34.4 | ) | (48.7 | ) | |||
(Loss) / gain on extinguishment of debt | (11.0 | ) | (14.5 | ) | — | 3.5 | |||||
Interest | (35.0 | ) | (25.5 | ) | (23.7 | ) | (33.2 | ) | |||
Foreign exchange | 0.1 | (0.3 | ) | 0.5 | 0.9 | ||||||
Earnings / (losses) before tax | 16.7 | 21.2 | (2.4 | ) | (6.9 | ) | |||||
Tax | (27.4 | ) | (18.3 | ) | (10.2 | ) | (19.3 | ) | |||
Net earnings / (losses) from continuing operations | (10.7 | ) | 2.9 | (12.6 | ) | (26.2 | ) | ||||
Discontinued operations | (7.1 | ) | (2.7 | ) | (0.9 | ) | (5.3 | ) | |||
Net losses | (17.8 | ) | 0.2 | (13.5 | ) | (31.5 | ) | ||||
(1) Pre-opening expenses at Belmond El Encanto and Belmond Orcaella | |||||||||||
(2) Restructuring and redundancy costs | |||||||||||
(3) Non-cash write-down of fixed assets, receivables and abandoned projects | |||||||||||
(4) Costs associated with unsolicited proposal by The Indian Hotels Company Limited to acquire the Company | |||||||||||
(5) Costs associated with development of new brand and the write-off of existing brand materials | |||||||||||
(6) Amortization of share-based compensation liability for employees who have already reached retirement age | |||||||||||
(7) Write-off of unamortized deferred financing costs at the Peruvian hotels joint venture | |||||||||||
(8) Provision for settlement related to value added tax settlement | |||||||||||
(9) Gain on disposal of property, plant and equipment at Inn at Perry Cabin | |||||||||||
(10) Gain on sale of building at one owned property | |||||||||||
(11) Non-cash impairment charges related to long-lived assets | |||||||||||
(12) Charge due to change in basis of calculation of post-retirement benefit at one owned property |
$ millions - except ratios | Twelve months ended and as at | |||||
September 30, 2014 | December 31, 2013 | |||||
Cash | ||||||
Cash and cash equivalents | 158.8 | 123.2 | ||||
Restricted cash (including $0.6 million / $7.6 million classified within long-term other assets on the balance sheet) | 3.1 | 13.6 | ||||
Total cash | 161.9 | 136.8 | ||||
Total debt | ||||||
Working capital loans | — | 0.1 | ||||
Current portion of long-term debt and capital leases | 5.6 | 72.8 | ||||
Long-term debt and obligations under capital leases | 621.3 | 566.9 | ||||
Total debt | 626.9 | 639.8 | ||||
Net debt | 465.0 | 503.0 | ||||
Total adjusted EBITDA | 117.5 | 119.7 | ||||
Net debt / adjusted EBITDA | 4.0x | 4.2x |
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