001-16017 | 98-0223493 | |
(Commission file number) | (I.R.S. Employer Identification No.) |
99 | News release of Belmond Ltd. dated February 26, 2015 regarding fourth quarter and annual consolidated earnings for the quarter and year ended December 31, 2014, being furnished to the Commission. |
Exhibit Number | Description | |
99 | News release of Belmond Ltd. dated February 26, 2015 regarding fourth quarter and annual consolidated earnings for the quarter and year ended December 31, 2014, being furnished to the Commission. |
Martin O'Grady | Amy Brandt | |
Executive 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”) of $244 down 7% in U.S. dollars as compared to the fourth quarter of 2013 |
▪ | Total revenue of $126.9 million down 8% from the prior-year quarter |
▪ | Total adjusted EBITDA of $21.6 million up 1% over the prior-year quarter |
▪ | Excluding the impact of currency movements, Belmond brand costs and Inn at Perry Cabin, which the Company sold in March 2014: |
▪ | RevPAR up 7% as compared to the prior-year quarter |
▪ | Total revenue up $2.5 million or 2% over the prior-year quarter |
▪ | Adjusted EBITDA up $5.0 million or 24% over the prior-year quarter |
• | Same store RevPAR of $313 consistent with 2013 RevPAR in U.S. dollars |
• | Total revenue of $594.5 million down 1% from the prior year |
• | Total adjusted EBITDA of $117.7 million down 2% from the prior year |
• | Excluding the impact of currency movements; Belmond brand costs; Inn at Perry Cabin; Belmond Grand Hotel Europe, which was negatively impacted by the economic situation in Russia; and Belmond Miraflores Park, which was closed for several months for planned renovation: |
▪ | RevPAR up 6% over the prior year |
▪ | Total revenue up $27.3 million or 5% over the prior year |
▪ | Adjusted EBITDA up $17.1 million or 17% over the prior year |
• | During the year, the Company made significant progress on its long-term strategy by: |
▪ | Launching the Belmond brand |
▪ | Strengthening its balance sheet with its first corporate debt facility |
▪ | Optimizing its portfolio with the sale of Inn at Perry Cabin for gross proceeds of $39.7 million |
▪ | Entering into its first third-party management agreements for Inn at Perry Cabin in Maryland and Belmond Cadogan Hotel in the key gateway city of London |
• | Strengthens senior management team with appointment of new head of development — The Company announced on January 5, 2015 that it had appointed James Simmonds as senior vice president, global development in order to accelerate long-term growth through third-party management agreements. |
• | Commences refurbishment of Belmond Eagle Island Lodge, Botswana — The Company recently commenced an approximate $6.5 million complete renovation of Belmond Eagle Island Lodge in the Okavango Delta, one of the Company's three safari camps in Botswana. The lodge closed in January 2015 and is expected to reopen at the end of the year. |
First Quarter 2015 | Full Year 2015 | |||
Owned hotels same store RevPAR growth guidance (1) | ||||
In local currency | ||||
Europe | 6% - 10% | 5% - 9% | ||
North America | 6% - 10% | 3% - 7% | ||
Rest of world | 2% - 6% | (3%) - 1% | ||
Worldwide | 4% - 8% | 2% - 6% | ||
In U.S. dollars | ||||
Europe | (20%) - (16%) | (13%) - (9%) | ||
North America | 5% - 9% | 3% - 7% | ||
Rest of world | (11%) - (7%) | (17%) - (13%) | ||
Worldwide | (5%) - (1%) | (10%) - (6%) | ||
Statement of operations guidance ($ millions) | ||||
Central overheads | $5.7 - $6.7 | $22.8 - $26.8 | ||
Share-based compensation | $1.7 - $2.7 | $8.9 - $12.9 | ||
Central marketing costs | $0.8 - $1.8 | $3.2 - $7.2 | ||
Depreciation & amortization | $11.7 - $12.7 | $46.8 - $50.8 | ||
Interest | $6.5 - $7.5 | $26.0 - $30.0 | ||
Tax (benefit) / expense | ($4.5) - ($5.5) | $22.5 - $26.5 | ||
Cash flow guidance ($ millions) | ||||
Cash interest expense | $6.1 - $7.1 | $24.4 - $28.4 | ||
Cash taxes | $4.7 - $5.7 | $22.5 - $26.5 | ||
Scheduled loan repayments | $1.0 - $2.0 | $4.0 - $8.0 | ||
(1) Projected same store RevPAR growth for the first quarter ending March 31, 2015 and full year ending December 31, 2015 excludes the operations of Inn at Perry Cabin, Belmond Miraflores Park and Belmond Eagle Island Lodge. |
$ millions – except per share amounts | Three months ended December 31, | Twelve months ended December 31, | ||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Revenue and earnings from unconsolidated companies | ||||||||||
Owned hotels | ||||||||||
- Europe | 25.6 | 33.5 | 212.7 | 222.1 | ||||||
- North America | 38.7 | 38.6 | 142.6 | 146.5 | ||||||
- Rest of world | 39.6 | 40.0 | 142.7 | 141.7 | ||||||
Total owned hotels | 103.9 | 112.1 | 498.0 | 510.3 | ||||||
Part-owned / managed hotels | 1.8 | 1.2 | 6.0 | 3.8 | ||||||
Total hotels | 105.7 | 113.3 | 504.0 | 514.1 | ||||||
Owned trains & cruises | 16.8 | 20.6 | 74.3 | 73.7 | ||||||
Part-owned / managed trains | 4.4 | 4.1 | 16.2 | 14.4 | ||||||
Total trains & cruises | 21.2 | 24.7 | 90.5 | 88.1 | ||||||
Total (1) | 126.9 | 138.0 | 594.5 | 602.2 | ||||||
Analysis of earnings | ||||||||||
Owned hotels | ||||||||||
- Europe | (0.5 | ) | 0.5 | 62.8 | 63.8 | |||||
- North America | 8.1 | 5.8 | 24.0 | 23.2 | ||||||
- Rest of world | 11.6 | 12.3 | 36.5 | 36.0 | ||||||
Total owned hotels | 19.2 | 18.6 | 123.3 | 123.0 | ||||||
Part-owned / managed hotels | 1.7 | 1.0 | 5.2 | 2.3 | ||||||
Total hotels | 20.9 | 19.6 | 128.5 | 125.3 | ||||||
Owned trains & cruises | 3.1 | 4.2 | 7.3 | 8.4 | ||||||
Part-owned / managed trains | 4.4 | 4.1 | 16.2 | 14.4 | ||||||
Total trains & cruises | 7.5 | 8.3 | 23.5 | 22.8 | ||||||
Central overheads | (6.0 | ) | (7.5 | ) | (27.1 | ) | (29.6 | ) | ||
Share-based compensation | (2.3 | ) | (3.9 | ) | (7.9 | ) | (10.4 | ) | ||
Central marketing costs | (2.3 | ) | (0.3 | ) | (4.7 | ) | (1.1 | ) | ||
EBITDA before gain on disposal and impairment | 17.8 | 16.2 | 112.3 | 107.0 | ||||||
Gain on disposal of property, plant and equipment | 0.2 | — | 4.1 | — | ||||||
Impairment | (1.2 | ) | (0.8 | ) | (1.2 | ) | (36.4 | ) | ||
EBITDA | 16.8 | 15.4 | 115.2 | 70.6 | ||||||
Depreciation & amortization | (15.1 | ) | (14.3 | ) | (52.0 | ) | (48.7 | ) | ||
Gain / (loss) on extinguishment of debt | — | 3.5 | (14.5 | ) | 3.5 | |||||
Other income | 1.3 | — | 1.3 | — | ||||||
Interest | (9.8 | ) | (9.5 | ) | (35.5 | ) | (33.2 | ) | ||
Foreign currency, net | 2.5 | 0.5 | 2.3 | 0.9 | ||||||
(Losses) / earnings before tax | (4.3 | ) | (4.4 | ) | 16.8 | (6.9 | ) | |||
Tax | 3.5 | (9.1 | ) | (14.8 | ) | (19.3 | ) | |||
Net (losses) / earnings from continuing operations | (0.8 | ) | (13.5 | ) | 2.0 | (26.2 | ) | |||
Discontinued operations | (1.1 | ) | (4.4 | ) | (3.8 | ) | (5.3 | ) | ||
Net losses | (1.9 | ) | (17.9 | ) | (1.8 | ) | (31.5 | ) | ||
Net earnings attributable to non-controlling interests | (0.2 | ) | — | (0.1 | ) | (0.1 | ) | |||
Net losses attributable to Belmond Ltd. | (2.1 | ) | (17.9 | ) | (1.9 | ) | (31.6 | ) | ||
Net losses per common share attributable to Belmond Ltd. | (0.02 | ) | (0.17 | ) | (0.02 | ) | (0.31 | ) | ||
Number of shares – millions | 103.97 | 103.49 | 103.84 | 103.23 | ||||||
(1) Comprised of revenue of $124.0 million (2013 - $135.0 million) and earnings from unconsolidated companies of $2.9 million (2013 - $3.0 million) for the three months ended December 31, 2014, and revenue of $585.7 million (2013 - $594.1 million) and earnings from unconsolidated companies of $8.8 million (2013 - $8.1 million) for the twelve months ended December 31, 2014. |
Three months ended December 31, | Twelve months ended December 31, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Room Nights Available | ||||||||||
Europe | 58,675 | 59,030 | 272,097 | 278,043 | ||||||
North America | 62,987 | 70,223 | 262,562 | 274,677 | ||||||
Rest of world | 94,484 | 93,257 | 374,855 | 370,079 | ||||||
Worldwide | 216,146 | 222,510 | 909,514 | 922,799 | ||||||
Rooms Nights Sold | ||||||||||
Europe | 27,737 | 27,073 | 152,369 | 159,394 | ||||||
North America | 41,683 | 43,293 | 171,967 | 183,378 | ||||||
Rest of world | 56,894 | 57,513 | 208,106 | 211,405 | ||||||
Worldwide | 126,314 | 127,879 | 532,442 | 554,177 | ||||||
Occupancy | ||||||||||
Europe | 47 | % | 46 | % | 56 | % | 57 | % | ||
North America | 66 | % | 62 | % | 65 | % | 67 | % | ||
Rest of world | 60 | % | 62 | % | 56 | % | 57 | % | ||
Worldwide | 58 | % | 57 | % | 59 | % | 60 | % | ||
Average Daily Rate (in US dollars) | ||||||||||
Europe | 421 | 573 | 783 | 784 | ||||||
North America | 447 | 419 | 425 | 405 | ||||||
Rest of world | 393 | 419 | 413 | 395 | ||||||
Worldwide | 417 | 451 | 523 | 510 | ||||||
RevPAR (in US dollars) | ||||||||||
Europe | 199 | 263 | 439 | 449 | ||||||
North America | 296 | 258 | 278 | 270 | ||||||
Rest of world | 236 | 258 | 229 | 226 | ||||||
Worldwide | 244 | 259 | 306 | 306 | ||||||
Same Store RevPAR (in US dollars) (1) | ||||||||||
Europe | 199 | 263 | 439 | 449 | ||||||
North America | 296 | 264 | 282 | 272 | ||||||
Rest of world | 236 | 258 | 235 | 229 | ||||||
Worldwide | 244 | 261 | 313 | 313 | ||||||
Same Store RevPAR (% change) | US dollar | Local currency | US dollar | Local currency | ||||||
Europe | (24 | )% | 12 | % | (2 | )% | 1 | % | ||
North America | 12 | % | 13 | % | 4 | % | 4 | % | ||
Rest of world | (9 | )% | — | % | 3 | % | 11 | % | ||
Worldwide | (7 | )% | 7 | % | — | % | 4 | % | ||
(1) Same store RevPAR for the three months ended December 31, 2014 excludes the operations of Inn at Perry Cabin. Same store RevPAR for the twelve months ended December 31, 2014 excludes the operations of Inn at Perry Cabin, Belmond El Encanto and Belmond Miraflores Park. |
$ millions | December 31, | December 31, | ||||
2014 | 2013 | |||||
Assets | ||||||
Cash | 135.1 | 123.2 | ||||
Restricted cash | 1.9 | 6.0 | ||||
Accounts receivable | 30.3 | 35.5 | ||||
Due from unconsolidated companies | 15.9 | 11.8 | ||||
Prepaid expenses and other | 17.8 | 25.9 | ||||
Inventories | 30.5 | 45.0 | ||||
Other assets held for sale | — | 34.4 | ||||
Total current assets | 231.5 | 281.8 | ||||
Property, plant & equipment, net of accumulated depreciation | 1,168.8 | 1,309.6 | ||||
Investments in unconsolidated companies | 65.8 | 63.4 | ||||
Goodwill | 132.6 | 156.9 | ||||
Other intangible assets | 14.0 | 14.2 | ||||
Other assets | 55.6 | 54.0 | ||||
Total assets (1) | 1,668.3 | 1,879.9 | ||||
Liabilities and Equity | ||||||
Working capital loans | — | 0.1 | ||||
Accounts payable | 24.9 | 23.8 | ||||
Accrued liabilities | 68.6 | 74.2 | ||||
Deferred revenue | 31.0 | 37.0 | ||||
Other liabilities held for sale | — | 1.6 | ||||
Current portion of long-term debt and capital leases | 5.5 | 72.8 | ||||
Total current liabilities | 130.0 | 209.5 | ||||
Long-term debt and obligations under capital leases | 612.2 | 566.9 | ||||
Deferred income taxes | 134.1 | 169.4 | ||||
Other liabilities | 29.7 | 23.4 | ||||
Total liabilities (2) | 906.0 | 969.2 | ||||
Shareholders’ equity | 761.2 | 908.3 | ||||
Non-controlling interests | 1.1 | 2.4 | ||||
Total equity | 762.3 | 910.7 | ||||
Total liabilities and equity | 1,668.3 | 1,879.9 | ||||
(1) Balance at December 31, 2014 includes $207.7 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 December 31, 2014 includes $122.1 million (December 31, 2013 - $118.2 million) of liabilities of consolidated VIEs whose creditors have no recourse to Belmond Ltd. |
$ millions – except per share amounts | Three months ended December 31, | Twelve months ended December 31, | ||||||||
2014 | 2013 | 2014 | 2013 | |||||||
EBITDA | 16.8 | 15.4 | 115.2 | 70.6 | ||||||
Adjusted items: | ||||||||||
Pre-opening expenses (1) | — | 0.3 | — | 3.0 | ||||||
Management restructuring (2) | — | 1.3 | 0.3 | 4.6 | ||||||
Impairments and asset write-downs (3) | 4.6 | 0.8 | 4.8 | 37.3 | ||||||
Acquisition proposal costs (4) | — | — | — | (0.1 | ) | |||||
Brand development costs (5) | — | 1.9 | 0.1 | 1.9 | ||||||
Post-retirement benefit and share-based compensation (6) | — | 1.6 | — | 2.3 | ||||||
Write-off of deferred financing costs in joint venture (7) | — | — | 0.4 | — | ||||||
Tax and legal settlements (8) | 0.5 | 0.1 | 1.4 | 0.1 | ||||||
Gains on sale of hotel business and hotel assets (9) | (0.3 | ) | — | (4.5 | ) | — | ||||
Total adjusted EBITDA | 21.6 | 21.4 | 117.7 | 119.7 | ||||||
Reported net losses attributable to Belmond Ltd. | (2.1 | ) | (17.9 | ) | (1.9 | ) | (31.6 | ) | ||
Net earnings attributable to non-controlling interests | (0.2 | ) | — | (0.1 | ) | (0.1 | ) | |||
Reported net losses | (1.9 | ) | (17.9 | ) | (1.8 | ) | (31.5 | ) | ||
Discontinued operations net of tax | (1.1 | ) | (4.4 | ) | (3.8 | ) | (5.3 | ) | ||
Net (losses) / earnings from continuing operations | (0.8 | ) | (13.5 | ) | 2.0 | (26.2 | ) | |||
Adjusted items net of tax: | ||||||||||
Pre-opening expenses (1) | — | 0.2 | — | 2.0 | ||||||
Management restructuring (2) | — | 1.0 | 0.1 | 3.6 | ||||||
Impairments and asset write-downs (3) | 3.7 | 0.6 | 3.9 | 37.0 | ||||||
Acquisition proposal costs (4) | — | — | — | (0.1 | ) | |||||
Brand development costs (5) | — | 1.5 | 0.1 | 1.5 | ||||||
Post-retirement benefit and share-based compensation (6) | — | 1.6 | — | 2.3 | ||||||
Write-off of deferred financing costs in joint venture (7) | — | — | 0.3 | — | ||||||
Tax and legal settlements (8) | 0.4 | 0.1 | 1.4 | 0.1 | ||||||
Gains on sale of hotel business and hotel assets (9) | (0.2 | ) | — | (2.8 | ) | — | ||||
(Gain)/ loss on extinguishment of debt (10) | — | (2.7 | ) | 11.6 | (2.7 | ) | ||||
Release of contingent consideration (11) | (0.9 | ) | — | (0.9 | ) | — | ||||
Accumulated depreciation (12) | 2.0 | 0.6 | 2.0 | (0.2 | ) | |||||
Interest adjustments (13) | 2.6 | 0.7 | 2.7 | 1.1 | ||||||
Deferred taxation (14) | — | 2.2 | — | 2.2 | ||||||
Foreign exchange (15) | (2.0 | ) | (0.7 | ) | (1.9 | ) | (1.2 | ) | ||
Adjusted net earnings / (losses) from continuing operations | 4.8 | (8.4 | ) | 18.5 | 19.4 | |||||
Reported EPS | (0.02 | ) | (0.17 | ) | (0.02 | ) | (0.31 | ) | ||
Reported EPS from continuing operations | (0.01 | ) | (0.13 | ) | 0.02 | (0.25 | ) | |||
Adjusted EPS from continuing operations | 0.05 | (0.08 | ) | 0.18 | 0.19 | |||||
Number of shares (millions) | 103.97 | 103.49 | 103.84 | 103.23 | ||||||
(1) Pre-opening expenses at Belmond El Encanto and Belmond Orcaella river-cruise ship | ||||||||||
(2) Restructuring and redundancy costs | ||||||||||
(3) Includes non-cash impairments related to long-lived assets and write-down of fixed assets, operating equipment and abandoned projects. The current-year quarter adjustment includes $3.4 million of fixed asset and operating equipment write-downs and a $1.2 million non-cash impairment | ||||||||||
(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) Charge due to change in basis of calculation of post-retirement benefit at one owned property and accelerated amortization of share-based compensation liability for employees who have reached retirement age | ||||||||||
(7) Write-off of unamortized deferred financing costs at the Peruvian hotels joint venture | ||||||||||
(8) Provision for tax and legal settlements | ||||||||||
(9) Gain on disposal of property, plant and equipment at Inn at Perry Cabin by Belmond and gain on sale of building and cars | ||||||||||
(10) Write-off of unamortized deferred financing costs, swap cancellation costs, prepayment costs and associated legal fees and extension fees on extinguishment of debt / discount on early repayment of debt | ||||||||||
(11) Release of contingent consideration relating to the Sicilian hotels | ||||||||||
(12) Non-cash adjustments to accumulated depreciation and impact of government grant received | ||||||||||
(13) Withholding tax provision, write-off of unamortized deferred financing costs, 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 | ||||||||||
(14) Deferred tax adjustments related to changes in tax treatment in multiple jurisdictions | ||||||||||
(15) Foreign exchange is a non-cash item arising on the translation of certain assets and liabilities denominated in currencies other than the functional currency |
$ millions - except ratios | Twelve months ended and as at | |||||
December 31, 2014 | December 31, 2013 | |||||
Cash | ||||||
Cash and cash equivalents | 135.1 | 123.2 | ||||
Restricted cash (including $0.8 million / $7.6 million classified within long-term other assets on the balance sheet) | 2.7 | 13.6 | ||||
Total cash | 137.8 | 136.8 | ||||
Total debt | ||||||
Working capital loans | — | 0.1 | ||||
Current portion of long-term debt and capital leases | 5.5 | 72.8 | ||||
Long-term debt and obligations under capital leases | 612.2 | 566.9 | ||||
Total debt | 617.7 | 639.8 | ||||
Net debt | 479.9 | 503.0 | ||||
Total adjusted EBITDA | 117.7 | 119.7 | ||||
Net debt / adjusted EBITDA | 4.1x | 4.2x |
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