001-16017 | 98-0223493 | |
(Commission file number) | (I.R.S. Employer Identification No.) |
99 | News release of Belmond Ltd. dated July 29, 2015, being furnished to the Commission. |
Exhibit Number | Description | |
99 | News release of Belmond Ltd. dated July 29, 2015, 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 |
▪ | Second quarter same store revenue per available room (“RevPAR”) up 11% in local currency over prior-year quarter, exceeding guidance range of 3% to 7% |
▪ | Excluding the impact of currency movements: |
◦ | Second quarter total revenue up $10.3 million or 6% over prior-year quarter |
◦ | Second quarter total adjusted EBITDA up $7.2 million or 17% over prior-year quarter |
▪ | Continued strategic capital recycling with May 2015 sale of Hotel Ritz Madrid for 50.0 times 2014 EBITDA |
▪ | Repurchased 1.4 million of the Company's Class A common shares for an aggregate purchase price of $18.2 million during the second quarter of 2015 |
• | Executes strategic disposal of Hotel Ritz, Madrid, Spain — In May 2015, the Company and its joint venture partner, Omega Capital S.L., sold the 167-key Hotel Ritz for €130.0 million ($144.6 million as of May 21, 2015), |
• | Continues focus on board renewal — At the annual general meeting of shareholders on June 8, 2015, Prudence Leith retired from the Company's board of directors. At the same time, Gail Rebuck, a prominent publishing executive with deep public board experience, was elected to the board as a new independent director. |
• | PeruRail enters into new contract — In June 2015, PeruRail, the Company's 50/50 joint venture that engages in passenger and freight transportation operations, entered into a new transportation agreement with a Peruvian subsidiary of MMG Limited, a minerals and mining company that is publicly traded on the Hong Kong stock exchange. The 15-year agreement provides for PeruRail to transport copper concentrate from a transit site near the Las Bambas mine, one of the world's largest copper mines. In connection with this project, PeruRail plans to obtain certain non-recourse financing. We expect that the mine will begin production, and PeruRail will commence transport of the copper concentrate, in January 2016. |
• | Prevails in Ubud Hanging Gardens arbitration; awarded monetary damages — In November 2013, the third-party owner of Ubud Hanging Gardens, Bali, Indonesia, dispossessed the Company from operating the hotel under a long-term lease without prior notice. The Company has since been unable to operate the hotel and has been pursuing legal remedies under its lease, which provides for resolution of disputes by arbitration in Singapore. In June 2015, the Singapore arbitration panel issued its final award in favor of the Company, holding that the owner had breached Indonesian law and the lease. The arbitration panel granted monetary damages and costs to the Company in an amount equal to approximately $8.5 million. The Company has since issued a demand letter to the owner for those monies and has commenced the process of enforcing this arbitral award. While the Company can give no assurances, it believes that it should ultimately be able to enforce this award. |
Third Quarter 2015 | Full Year 2015 | |||
Owned hotels same store RevPAR growth guidance (1) | ||||
In local currency | ||||
Europe | 12% - 16% | 12% - 16% | ||
North America | 1% - 5% | 2% - 6% | ||
Rest of world | (9)% - (5)% | 0% - 4% | ||
Worldwide | 5% - 9% | 6% - 10% | ||
In U.S. dollars | ||||
Europe | (9)% - (5)% | (8)% - (4)% | ||
North America | 0% - 4% | 1% - 5% | ||
Rest of world | (30)% - (26)% | (18)% - (14)% | ||
Worldwide | (12)% - (8)% | (8)% - (4)% | ||
Statement of operations guidance ($ millions) | ||||
Central overheads | $5.8 - $6.8 | $28.1 - $30.1 | ||
Share-based compensation | $1.8 - $2.8 | $7.4 - $9.4 | ||
Central marketing costs | $0.8 - $1.8 | $4.1 - $6.1 | ||
Depreciation & amortization | $12.0 - $13.0 | $48.9 - $50.9 | ||
Interest | $7.1 - $8.1 | $27.8 - $29.8 | ||
Tax expense | $11.4 - $12.4 | $20.1 - $22.1 | ||
Cash flow guidance ($ millions) | ||||
Cash interest expense | $6.1 - $7.1 | $26.3 - $28.3 | ||
Cash taxes | $4.9 - $5.9 | $21.5 - $23.5 | ||
Scheduled loan repayments | $0.7 - $1.7 | $3.9 - $5.9 | ||
(1) Projected same store RevPAR growth for the third quarter ending September 30, 2015 excludes the operations of Belmond Eagle Island Lodge. Projected same store RevPAR growth for the full year ending December 31, 2015 excludes the operations of Inn at Perry Cabin by Belmond, St. Michaels, Maryland, Belmond Miraflores Park and Belmond Eagle Island Lodge. |
$ millions – except per share amounts | Three months ended June 30, | Six months ended June 30, | ||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Revenue and earnings from unconsolidated companies | ||||||||||
Owned hotels | ||||||||||
- Europe | 71.8 | 78.2 | 83.8 | 92.7 | ||||||
- North America | 39.7 | 37.3 | 80.6 | 75.6 | ||||||
- Rest of world | 25.5 | 33.2 | 62.3 | 69.7 | ||||||
Total owned hotels | 137.0 | 148.7 | 226.7 | 238.0 | ||||||
Part-owned / managed hotels | 0.2 | 2.0 | 0.1 | 1.7 | ||||||
Total hotels | 137.2 | 150.7 | 226.8 | 239.7 | ||||||
Owned trains & cruises | 20.1 | 23.3 | 27.7 | 34.3 | ||||||
Part-owned / managed trains | 5.5 | 4.0 | 7.4 | 5.8 | ||||||
Total trains & cruises | 25.6 | 27.3 | 35.1 | 40.1 | ||||||
Total (1) | 162.8 | 178.0 | 261.9 | 279.8 | ||||||
Analysis of earnings | ||||||||||
Owned hotels | ||||||||||
- Europe | 29.4 | 29.8 | 21.9 | 21.5 | ||||||
- North America | 9.4 | 6.9 | 20.2 | 14.2 | ||||||
- Rest of world | 3.0 | 6.7 | 14.5 | 17.5 | ||||||
Total owned hotels | 41.8 | 43.4 | 56.6 | 53.2 | ||||||
Part-owned / managed hotels | — | 1.8 | (0.3 | ) | 1.3 | |||||
Total hotels | 41.8 | 45.2 | 56.3 | 54.5 | ||||||
Owned trains & cruises | 2.8 | 2.5 | 0.5 | 1.7 | ||||||
Part-owned / managed trains | 5.5 | 4.0 | 7.4 | 5.8 | ||||||
Total trains & cruises | 8.3 | 6.5 | 7.9 | 7.5 | ||||||
Central overheads | (7.9 | ) | (7.0 | ) | (16.7 | ) | (14.4 | ) | ||
Share-based compensation | (3.0 | ) | (2.2 | ) | (3.7 | ) | (3.0 | ) | ||
Central marketing costs | (1.2 | ) | (1.4 | ) | (2.6 | ) | (2.4 | ) | ||
EBITDA before gain on disposal and impairment | 38.0 | 41.1 | 41.2 | 42.2 | ||||||
Gain on disposal of property, plant and equipment | 19.8 | 0.2 | 20.0 | 3.9 | ||||||
Impairment of goodwill | (5.7 | ) | — | (5.7 | ) | — | ||||
EBITDA | 52.1 | 41.3 | 55.5 | 46.1 | ||||||
Depreciation & amortization | (12.4 | ) | (12.8 | ) | (25.0 | ) | (24.9 | ) | ||
Loss on extinguishment of debt | — | — | — | (14.5 | ) | |||||
Interest | (6.3 | ) | (8.2 | ) | (13.6 | ) | (17.4 | ) | ||
Foreign currency, net | (1.1 | ) | (1.3 | ) | (3.8 | ) | (0.9 | ) | ||
Earnings / (losses) before tax | 32.3 | 19.0 | 13.1 | (11.6 | ) | |||||
Tax | (16.9 | ) | (12.5 | ) | (7.0 | ) | (1.9 | ) | ||
Net earnings / (losses) from continuing operations | 15.4 | 6.5 | 6.1 | (13.5 | ) | |||||
Discontinued operations | (0.1 | ) | (0.5 | ) | (0.2 | ) | (1.2 | ) | ||
Net earnings / (losses) | 15.3 | 6.0 | 5.9 | (14.7 | ) | |||||
Net losses attributable to non-controlling interests | 0.1 | 0.1 | — | — | ||||||
Net earnings / (losses) attributable to Belmond Ltd. | 15.4 | 6.1 | 5.9 | (14.7 | ) | |||||
Net earnings / (losses) per common share attributable to Belmond Ltd. | 0.15 | 0.06 | 0.06 | (0.14 | ) | |||||
Number of shares – millions | 103.65 | 103.73 | 103.88 | 103.73 | ||||||
(1) Comprised of revenue of $160.8 million (2014 - $175.6 million) and earnings from unconsolidated companies of $2.0 million (2014 - $2.4 million) for the three months ended June 30, 2015, and revenue of $260.3 million (2014 - $278.1 million) and earnings from unconsolidated companies of $1.6 million (2014 - $1.7 million) for the six months ended June 30, 2015. |
Three months ended June 30, | Six months ended June 30, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Room Nights Available | ||||||||||
Europe | 84,580 | 83,541 | 127,971 | 127,126 | ||||||
North America | 64,974 | 65,065 | 129,234 | 136,435 | ||||||
Rest of world | 92,365 | 93,457 | 183,715 | 185,887 | ||||||
Worldwide | 241,919 | 242,063 | 440,920 | 449,448 | ||||||
Rooms Nights Sold | ||||||||||
Europe | 54,715 | 50,322 | 71,219 | 65,994 | ||||||
North America | 46,155 | 44,697 | 90,749 | 88,862 | ||||||
Rest of world | 43,514 | 46,414 | 102,643 | 103,623 | ||||||
Worldwide | 144,384 | 141,433 | 264,611 | 258,479 | ||||||
Occupancy | ||||||||||
Europe | 65 | % | 60 | % | 56 | % | 52 | % | ||
North America | 71 | % | 69 | % | 70 | % | 65 | % | ||
Rest of world | 47 | % | 50 | % | 56 | % | 56 | % | ||
Worldwide | 60 | % | 58 | % | 60 | % | 58 | % | ||
Average Daily Rate (in U.S. dollars) | ||||||||||
Europe | 775 | 888 | 672 | 773 | ||||||
North America | 431 | 422 | 456 | 448 | ||||||
Rest of world | 339 | 432 | 376 | 417 | ||||||
Worldwide | 534 | 591 | 483 | 519 | ||||||
RevPAR (in U.S. dollars) | ||||||||||
Europe | 501 | 535 | 374 | 401 | ||||||
North America | 306 | 290 | 320 | 292 | ||||||
Rest of world | 160 | 215 | 210 | 233 | ||||||
Worldwide | 319 | 346 | 290 | 298 | ||||||
Same Store RevPAR (in U.S. dollars) (1) | ||||||||||
Europe | 501 | 535 | 374 | 401 | ||||||
North America | 306 | 290 | 320 | 302 | ||||||
Rest of world | 160 | 212 | 209 | 245 | ||||||
Worldwide | 319 | 345 | 292 | 309 |
Same Store RevPAR (% change) | U.S. dollar | Local currency | U.S. dollar | Local currency | ||||||
Europe | (6 | )% | 19 | % | (7 | )% | 19 | % | ||
North America | 6 | % | 6 | % | 6 | % | 7 | % | ||
Rest of world | (25 | )% | (5 | )% | (15 | )% | 3 | % | ||
Worldwide | (8 | )% | 11 | % | (6 | )% | 10 | % | ||
(1) Same store RevPAR for the three months ended June 30, 2015 excludes the operations of Belmond Eagle Island Lodge. Same store RevPAR for the six months ended June 30, 2015 excludes the operations of Inn at Perry Cabin, Belmond Miraflores Park and Belmond Eagle Island Lodge. |
$ millions | June 30, | December 31, | ||||
2015 | 2014 | |||||
Assets | ||||||
Cash | 156.7 | 135.1 | ||||
Restricted cash | 2.9 | 1.9 | ||||
Accounts receivable | 35.3 | 30.3 | ||||
Due from unconsolidated companies | 10.5 | 15.9 | ||||
Prepaid expenses and other | 19.9 | 17.8 | ||||
Inventories | 28.2 | 30.5 | ||||
Total current assets | 253.5 | 231.5 | ||||
Property, plant & equipment, net of accumulated depreciation | 1,130.3 | 1,168.8 | ||||
Investments in unconsolidated companies | 68.5 | 65.8 | ||||
Goodwill | 122.5 | 132.6 | ||||
Other intangible assets | 14.3 | 14.0 | ||||
Other assets | 26.7 | 55.6 | ||||
Total assets (1) | 1,615.8 | 1,668.3 | ||||
Liabilities and Equity | ||||||
Accounts payable | 23.0 | 24.9 | ||||
Accrued liabilities | 79.0 | 68.6 | ||||
Deferred revenue | 41.0 | 31.0 | ||||
Current portion of long-term debt and capital leases | 5.4 | 5.5 | ||||
Total current liabilities | 148.4 | 130.0 | ||||
Long-term debt and obligations under capital leases | 595.8 | 612.2 | ||||
Deferred income taxes | 131.3 | 134.1 | ||||
Other liabilities | 27.0 | 29.7 | ||||
Total liabilities (2) | 902.5 | 906.0 | ||||
Shareholders’ equity | 712.4 | 761.2 | ||||
Non-controlling interests | 0.9 | 1.1 | ||||
Total equity | 713.3 | 762.3 | ||||
Total liabilities and equity | 1,615.8 | 1,668.3 | ||||
(1) Balance at June 30, 2015 includes $210.8 million (December 31, 2014 - $207.7 million) of assets of consolidated variable interest entities ("VIEs") that can only be used to settle obligations of the VIEs. | ||||||
(2) Balance at June 30, 2015 includes $121.6 million (December 31, 2014 - $122.1 million) of liabilities of consolidated VIEs whose creditors have no recourse to Belmond Ltd. |
$ millions – except per share amounts | Three months ended June 30, | Six months ended June 30, | ||||||||
2015 | 2014 | 2015 | 2014 | |||||||
EBITDA | 52.1 | 41.3 | 55.5 | 46.1 | ||||||
Adjusted items: | ||||||||||
Pre-opening expenses (1) | 0.6 | — | 0.6 | — | ||||||
Management restructuring (2) | 0.4 | — | (0.2 | ) | (0.5 | ) | ||||
Write-down of assets (3) | — | — | 0.5 | — | ||||||
Brand development costs (4) | — | — | — | 0.1 | ||||||
Write-offs of accumulated depreciation and deferred financing costs at joint venture (5) | 0.6 | 0.5 | 0.6 | 0.5 | ||||||
Tax migration costs and settlement related to sales tax (6) | — | 0.3 | 1.1 | 0.3 | ||||||
Proceeds from insurance claim at joint venture | (0.6 | ) | — | (0.6 | ) | — | ||||
Legal settlement | 0.3 | — | 0.3 | — | ||||||
Disposal costs incurred by joint venture (7) | 1.6 | — | 1.6 | — | ||||||
Gain on disposal (8) | (19.8 | ) | (0.2 | ) | (20.0 | ) | (3.9 | ) | ||
Impairment of goodwill (9) | 5.7 | — | 5.7 | — | ||||||
Total adjusted EBITDA | 40.9 | 41.9 | 45.1 | 42.6 | ||||||
Reported net earnings / (losses) attributable to Belmond Ltd. | 15.4 | 6.1 | 5.9 | (14.7 | ) | |||||
Net losses attributable to non-controlling interests | 0.1 | 0.1 | — | — | ||||||
Reported net earnings / (losses) | 15.3 | 6.0 | 5.9 | (14.7 | ) | |||||
Discontinued operations net of tax | (0.1 | ) | (0.5 | ) | (0.2 | ) | (1.2 | ) | ||
Net earnings / (losses) from continuing operations | 15.4 | 6.5 | 6.1 | (13.5 | ) | |||||
Adjusted items net of tax: | ||||||||||
Pre-opening expenses (1) | 0.5 | — | 0.5 | — | ||||||
Management restructuring (2) | 0.3 | — | (0.3 | ) | (0.6 | ) | ||||
Write-down of assets (3) | — | — | 0.4 | — | ||||||
Brand development costs (4) | — | — | — | 0.1 | ||||||
Write-offs of accumulated depreciation and deferred financing costs at joint venture (5) | 0.4 | 0.3 | 0.4 | 0.3 | ||||||
Tax migration costs and settlement related to sales tax (6) | — | 0.4 | 1.0 | 0.4 | ||||||
Proceeds from insurance claim at joint venture | (0.4 | ) | — | (0.4 | ) | — | ||||
Legal settlement | 0.3 | — | 0.3 | — | ||||||
Disposal costs incurred by joint venture (7) | 1.2 | — | 1.2 | — | ||||||
Gain on disposal (8) | (19.3 | ) | (0.1 | ) | (19.4 | ) | (2.3 | ) | ||
Impairment of goodwill (9) | 5.7 | — | 5.7 | — | ||||||
Loss on extinguishment of debt (10) | — | — | — | 11.6 | ||||||
Accumulated depreciation at owned property (11) | (0.7 | ) | — | (0.7 | ) | — | ||||
Interest adjustments (12) | (1.0 | ) | — | (1.0 | ) | — | ||||
Taxation (13) | 3.7 | — | 3.7 | — | ||||||
Foreign exchange (14) | 0.8 | 0.9 | 3.3 | 0.7 | ||||||
Adjusted net earnings / (losses) from continuing operations | 6.9 | 8.0 | 0.8 | (3.3 | ) | |||||
Reported EPS | 0.15 | 0.06 | 0.06 | (0.14 | ) | |||||
Reported EPS from continuing operations | 0.15 | 0.06 | 0.06 | (0.13 | ) | |||||
Adjusted EPS from continuing operations | 0.07 | 0.08 | 0.01 | (0.03 | ) | |||||
Number of shares (millions) | 103.65 | 103.73 | 103.88 | 103.73 | ||||||
(1) Pre-opening expenses relating to Belmond Grand Hibernian and PeruRail's new transportation contract for the Las Bambas mine | ||||||||||
(2) Restructuring and redundancy costs and credits to reverse previous share-based compensation expense | ||||||||||
(3) Write-down of an owned property's operating equipment | ||||||||||
(4) Costs associated with development of new brand and the write-off of existing brand materials | ||||||||||
(5) Non-cash write-offs of depreciation and unamortized deferred financing costs at the Peruvian hotels joint venture | ||||||||||
(6) Costs associated with the Company's migration of its tax residency to the United Kingdom on April 1, 2015 and settlement related to non-recoverable value added tax | ||||||||||
(7) Costs incurred by the Hotel Ritz joint venture for termination fee payment and write-off of deferred financing costs | ||||||||||
(8) Gain on sale of Hotel Ritz and on disposal of property, plant and equipment at Inn at Perry Cabin | ||||||||||
(9) Non-cash impairment charges related to goodwill |
(10) Write-off of unamortized deferred financing costs, swap cancellation costs, prepayment costs and associated legal and extension fees on extinguishment of debt | ||||||||||
(11) Non-cash adjustments to accumulated depreciation at one owned property | ||||||||||
(12) Interest adjustments relating to Italian withholding tax and social security litigation | ||||||||||
(13) Taxation adjustment relating to the change in quarterly profit mix following goodwill impairments and the sale of Hotel Ritz | ||||||||||
(14) 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 | Twelve months ended June 30, | Six months ended June 30, | Year ended December 31, | ||||||||
2015 | 2015 | 2014 | 2014 | ||||||||
EBITDA | 124.6 | 55.5 | 46.1 | 115.2 | |||||||
Adjusted items: | |||||||||||
Pre-opening expenses (1) | 0.6 | 0.6 | — | — | |||||||
Management restructuring (2) | 0.6 | (0.2 | ) | (0.5 | ) | 0.3 | |||||
Impairments and asset write-downs (3) | 11.0 | 6.2 | — | 4.8 | |||||||
Brand development costs (4) | — | — | 0.1 | 0.1 | |||||||
Tax migration costs and settlements related to sales tax (5) | 1.8 | 1.1 | 0.3 | 1.0 | |||||||
Legal settlements | 0.7 | 0.3 | — | 0.4 | |||||||
Proceeds from insurance claim at joint venture | (0.6 | ) | (0.6 | ) | — | — | |||||
Write-offs of accumulated depreciation and deferred financing costs at joint venture (6) | 0.5 | 0.6 | 0.5 | 0.4 | |||||||
Disposal costs incurred by joint venture (7) | 1.6 | 1.6 | — | — | |||||||
Gains on sale of hotel business and hotel assets (8) | (20.6 | ) | (20.0 | ) | (3.9 | ) | (4.5 | ) | |||
Total adjusted EBITDA | 120.2 | 45.1 | 42.6 | 117.7 | |||||||
EBITDA | 124.6 | 55.5 | 46.1 | 115.2 | |||||||
Depreciation and amortization | (52.1 | ) | (25.0 | ) | (24.9 | ) | (52.0 | ) | |||
Loss on extinguishment of debt | — | — | (14.5 | ) | (14.5 | ) | |||||
Other income | 1.3 | — | — | 1.3 | |||||||
Interest | (31.7 | ) | (13.6 | ) | (17.4 | ) | (35.5 | ) | |||
Foreign exchange | (0.6 | ) | (3.8 | ) | (0.9 | ) | 2.3 | ||||
Earnings / (losses) before tax | 41.5 | 13.1 | (11.6 | ) | 16.8 | ||||||
Tax | (19.9 | ) | (7.0 | ) | (1.9 | ) | (14.8 | ) | |||
Net earnings / (losses) from continuing operations | 21.6 | 6.1 | (13.5 | ) | 2.0 | ||||||
Discontinued operations | (2.8 | ) | (0.2 | ) | (1.2 | ) | (3.8 | ) | |||
Net earnings / (losses) from continuing operations | 18.8 | 5.9 | (14.7 | ) | (1.8 | ) | |||||
(1) Pre-opening expenses relating to Belmond Grand Hibernian and PeruRail's new transportation contract for the Las Bambas mine | |||||||||||
(2) Restructuring and redundancy costs | |||||||||||
(3) Non-cash impairment charge related to goodwill and long-lived assets, and write-down of fixed assets and operating equipment | |||||||||||
(4) Costs associated with development of new brand and the write-off of existing brand materials | |||||||||||
(5) Costs associated with the Company's migration of its tax residency to the United Kingdom on April 1, 2015 and settlements related to non-recoverable value added tax | |||||||||||
(6) Non-cash write-offs of depreciation and unamortized deferred financing costs at the Peruvian hotels joint venture | |||||||||||
(7) Costs incurred by the Hotel Ritz joint venture for termination fee payment and write-off of deferred financing costs | |||||||||||
(8) Gain on disposal of property, plant and equipment at Inn at Perry Cabin, gain on sale of Hotel Ritz, and of building and cars | |||||||||||
$ millions - except ratios | Twelve months ended and as at | |||||
June 30, 2015 | December 31, 2014 | |||||
Cash | ||||||
Cash and cash equivalents | 156.7 | 135.1 | ||||
Restricted cash (including $0.9 million / $0.8 million classified within long-term other assets on the balance sheet) | 3.8 | 2.7 | ||||
Total cash | 160.5 | 137.8 | ||||
Total debt | ||||||
Current portion of long-term debt and capital leases | 5.4 | 5.5 | ||||
Long-term debt and obligations under capital leases | 595.8 | 612.2 | ||||
Total debt | 601.2 | 617.7 | ||||
Net debt | 440.7 | 479.9 | ||||
Total adjusted EBITDA | 120.2 | 117.7 | ||||
Net debt / adjusted EBITDA | 3.7x | 4.1x |
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