001-16017 | 98-0223493 | |
(Commission file number) | (I.R.S. Employer Identification No.) |
99 | News release of Belmond Ltd. dated August 3, 2016, being furnished to the Commission. |
Exhibit Number | Description | |
99 | News release of Belmond Ltd. dated August 3, 2016, 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 |
▪ | Total revenue (1) of $158.1 million, down $4.7 million or 3% from the prior-year quarter; up $0.6 million on a constant currency basis |
▪ | Same store revenue per available room (“RevPAR”) down 4% from the prior-year quarter; down 1% on a constant currency basis |
▪ | Total adjusted EBITDA of $38.1 million, down $2.8 million or 7% from the prior-year quarter; down 5% on a constant currency basis |
▪ | Net earnings attributable to Belmond Ltd. of $8.4 million, a $7.0 million decrease from the prior-year quarter; adjusted net earnings from continuing operations of $4.0 million, a $2.9 million decrease |
▪ | In June 2016, announced further expansion of the Company's trains and cruises offerings with Belmond Andean Explorer, a luxury sleeper train scheduled to launch in Peru in May 2017 |
▪ | In June 2016, refinanced Belmond Charleston Place loan |
• | Announces new luxury train in Peru — In June 2016, the Company announced the launch of South America’s first luxury sleeper train, Belmond Andean Explorer in Peru. The new train, which is expected to launch in May 2017, is set to travel along one of the highest rail routes on earth, traversing the Peruvian Andes from Cusco to Lake Titicaca and Arequipa, on one- and two-night journeys with a maximum of 68 guests. The train is owned by PeruRail, the Company's 50/50 joint venture that engages in passenger and freight train operations, and will be managed by the Company. |
• | Refinances loan secured by Belmond Charleston Place, South Carolina — In June 2016, Charleston Place LLC, the owner of Belmond Charleston Place, refinanced its $86.0 million loan secured on its real and personal property with an amended $112.0 million loan. The amended loan has approximately three years remaining until maturity with no annual amortization and an interest rate of LIBOR plus 2.35%. The majority of the additional proceeds from this refinancing were used to repay in full a local loan facility with a principal balance of $10.0 million and an accrued interest balance of $16.8 million. |
• | Expands room product offering at Belmond Miraflores Park, Lima, Peru — In July 2016, the Company commenced operation of eight new junior suites on the third floor of Belmond Miraflores Park. Replacing offices, meeting space and a business center, the new keys increase the hotel's key count by 10% — from 81 to 89. |
Third Quarter 2016 | Full Year 2016 | |||
Same store worldwide owned hotel RevPAR growth guidance (1) | ||||
On a constant currency basis | 7% - 11% | 3% - 7% | ||
In U.S. dollars | 8% - 12% | 0% - 4% | ||
Statement of operations guidance ($ millions) | ||||
Central overheads | $5.9 - $6.9 | $23.9 - $25.9 | ||
Share-based compensation | $1.5 - $2.5 | $5.8 - $7.8 | ||
Central marketing costs | $0.1 - $1.1 | $3.3 - $5.3 | ||
Depreciation & amortization | $13.1 - $14.1 | $52.3 - $54.3 | ||
Interest | $6.9 - $7.9 | $28.8 - $30.8 | ||
Tax expense | $17.6 - $18.6 | $25.4 - $27.4 | ||
Cash flow guidance ($ millions) | ||||
Cash interest expense (2) | $8.3 - $10.3 | $42.1 - $44.1 | ||
Cash taxes | $6.7 - $7.7 | $21.5 - $23.5 | ||
Scheduled loan repayments | $0.8 - $1.8 | $4.4 - $6.4 | ||
(1) Projected same store RevPAR growth for the third quarter ending September 30, 2016 and the full year ending December 31, 2016 exclude the operations of Belmond Eagle Island Lodge and Belmond La Residence d'Angkor. | ||||
(2) Projected cash interest expense for the full year ending December 31, 2016 includes a $14.3 million accrued interest payment related to the June 2016 repayment in full of a local loan facility at Belmond Charleston Place. |
$ millions – except per share amounts | Three months ended June 30, | Six months ended June 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Revenue and earnings from unconsolidated companies | ||||||||||||
Owned hotels | ||||||||||||
- Europe | 67.0 | 71.8 | 80.5 | 83.8 | ||||||||
- North America | 38.1 | 39.7 | 77.7 | 80.6 | ||||||||
- Rest of world | 24.3 | 25.5 | 59.5 | 62.3 | ||||||||
Total owned hotels | 129.4 | 137.0 | 217.7 | 226.7 | ||||||||
Part-owned / managed hotels | 1.7 | 0.2 | 2.3 | 0.1 | ||||||||
Total hotels | 131.1 | 137.2 | 220.0 | 226.8 | ||||||||
Owned trains & cruises | 21.4 | 20.1 | 27.9 | 27.7 | ||||||||
Part-owned / managed trains | 5.6 | 5.5 | 9.3 | 7.4 | ||||||||
Total trains & cruises | 27.0 | 25.6 | 37.2 | 35.1 | ||||||||
Total (1) | 158.1 | 162.8 | 257.2 | 261.9 | ||||||||
Analysis of earnings | ||||||||||||
Owned hotels | ||||||||||||
- Europe | 26.3 | 29.4 | 20.7 | 21.9 | ||||||||
- North America | 8.5 | 9.4 | 18.0 | 20.2 | ||||||||
- Rest of world | 2.1 | 3.0 | 13.6 | 14.5 | ||||||||
Total owned hotels | 36.9 | 41.8 | 52.3 | 56.6 | ||||||||
Part-owned / managed hotels | 1.3 | — | 1.7 | (0.3 | ) | |||||||
Total hotels | 38.2 | 41.8 | 54.0 | 56.3 | ||||||||
Owned trains & cruises | 3.4 | 2.8 | 0.6 | 0.5 | ||||||||
Part-owned / managed trains | 5.6 | 5.5 | 9.3 | 7.4 | ||||||||
Total trains & cruises | 9.0 | 8.3 | 9.9 | 7.9 | ||||||||
Central overheads | (5.8 | ) | (7.9 | ) | (12.4 | ) | (16.7 | ) | ||||
Share-based compensation | (1.5 | ) | (3.0 | ) | (3.2 | ) | (3.7 | ) | ||||
Central marketing costs | (1.5 | ) | (1.2 | ) | (2.5 | ) | (2.6 | ) | ||||
EBITDA before gain on disposal | 38.4 | 38.0 | 45.8 | 41.2 | ||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.2 | 19.8 | 0.3 | 20.0 | ||||||||
Impairment of goodwill | — | (5.7 | ) | — | (5.7 | ) | ||||||
EBITDA | 38.6 | 52.1 | 46.1 | 55.5 | ||||||||
Depreciation & amortization | (13.3 | ) | (12.4 | ) | (26.4 | ) | (25.0 | ) | ||||
Gain on extinguishment of debt | 1.2 | — | 1.2 | — | ||||||||
Interest | (7.5 | ) | (6.3 | ) | (14.9 | ) | (13.6 | ) | ||||
Foreign currency, net | 4.9 | (1.1 | ) | 7.7 | (3.8 | ) | ||||||
Earnings before tax | 23.9 | 32.3 | 13.7 | 13.1 | ||||||||
Tax | (15.8 | ) | (16.9 | ) | (7.0 | ) | (7.0 | ) | ||||
Net earnings from continuing operations | 8.1 | 15.4 | 6.7 | 6.1 | ||||||||
Discontinued operations | 0.2 | (0.1 | ) | 0.1 | (0.2 | ) | ||||||
Net earnings | 8.3 | 15.3 | 6.8 | 5.9 | ||||||||
Net losses attributable to non-controlling interests | 0.1 | 0.1 | — | — | ||||||||
Net earnings attributable to Belmond Ltd. | 8.4 | 15.4 | 6.8 | 5.9 | ||||||||
Net earnings per common share attributable to Belmond Ltd. | 0.08 | 0.15 | 0.07 | 0.06 | ||||||||
Weighted average number of shares – millions | 101.53 | 103.65 | 101.42 | 103.88 | ||||||||
(1) Comprised of revenue of $154.5 million (2015 - $160.8 million) and earnings from unconsolidated companies of $3.6 million (2015 - $2.0 million) for the three months ended June 30, 2016, and revenue of $251.9 million (2015 - $260.3 million) and earnings from unconsolidated companies of $5.3 million (2015 - $1.6 million) for the six months ended June 30, 2016. |
Three months ended June 30, | Six months ended June 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Room Nights Available | ||||||||||||
Europe | 83,159 | 84,580 | 126,944 | 127,971 | ||||||||
North America | 64,883 | 64,974 | 129,766 | 129,234 | ||||||||
Rest of world | 93,607 | 92,365 | 187,064 | 183,715 | ||||||||
Worldwide | 241,649 | 241,919 | 443,774 | 440,920 | ||||||||
Rooms Nights Sold | ||||||||||||
Europe | 55,791 | 54,715 | 74,863 | 71,219 | ||||||||
North America | 45,519 | 46,155 | 90,272 | 90,749 | ||||||||
Rest of world | 42,863 | 43,514 | 105,887 | 102,643 | ||||||||
Worldwide | 144,173 | 144,384 | 271,022 | 264,611 | ||||||||
Occupancy | ||||||||||||
Europe | 67 | % | 65 | % | 59 | % | 56 | % | ||||
North America | 70 | % | 71 | % | 70 | % | 70 | % | ||||
Rest of world | 46 | % | 47 | % | 57 | % | 56 | % | ||||
Worldwide | 60 | % | 60 | % | 61 | % | 60 | % | ||||
ADR (in U.S. dollars) | ||||||||||||
Europe | 727 | 775 | 632 | 672 | ||||||||
North America | 422 | 431 | 445 | 456 | ||||||||
Rest of world | 327 | 339 | 350 | 376 | ||||||||
Worldwide | 512 | 534 | 460 | 483 | ||||||||
RevPAR (in U.S. dollars) | ||||||||||||
Europe | 488 | 501 | 373 | 374 | ||||||||
North America | 296 | 306 | 310 | 320 | ||||||||
Rest of world | 150 | 160 | 198 | 210 | ||||||||
Worldwide | 305 | 319 | 281 | 290 | ||||||||
Same Store RevPAR (in U.S. dollars) (1) | ||||||||||||
Europe | 488 | 501 | 373 | 374 | ||||||||
North America | 296 | 306 | 310 | 320 | ||||||||
Rest of world | 154 | 167 | 209 | 222 | ||||||||
Worldwide | 311 | 325 | 288 | 297 |
Same Store RevPAR (% change) | U.S. dollar | Constant currency | U.S. dollar | Constant currency | ||||||||
Europe | (3 | )% | — | % | — | % | 3 | % | ||||
North America | (3 | )% | (3 | )% | (3 | )% | (3 | )% | ||||
Rest of world | (8 | )% | 1 | % | (6 | )% | 10 | % | ||||
Worldwide | (4 | )% | (1 | )% | (3 | )% | 3 | % | ||||
(1) Same store RevPAR for the three and six months ended June 30, 2016 excludes the operations of Belmond Eagle Island Lodge and Belmond La Residence d'Angkor. |
$ millions | June 30, | December 31, | ||||
2016 | 2015 | |||||
Assets | ||||||
Cash | 144.5 | 135.6 | ||||
Restricted cash | 4.5 | 2.6 | ||||
Accounts receivable | 30.9 | 27.1 | ||||
Due from unconsolidated companies | 15.1 | 12.1 | ||||
Prepaid expenses and other | 12.9 | 13.3 | ||||
Inventories | 27.4 | 25.6 | ||||
Total current assets | 235.3 | 216.3 | ||||
Property, plant & equipment, net of accumulated depreciation | 1,094.1 | 1,078.4 | ||||
Investments in unconsolidated companies | 71.5 | 71.7 | ||||
Goodwill | 115.4 | 114.0 | ||||
Other intangible assets | 13.6 | 13.9 | ||||
Surplus for pension benefit | 0.7 | — | ||||
Other assets | 15.5 | 15.2 | ||||
Total assets (1) | 1,546.1 | 1,509.5 | ||||
Liabilities and Equity | ||||||
Accounts payable | 15.3 | 15.8 | ||||
Accrued liabilities | 78.8 | 71.7 | ||||
Deferred revenue | 47.0 | 32.3 | ||||
Current portion of long-term debt and capital leases | 5.3 | 5.3 | ||||
Total current liabilities | 146.4 | 125.1 | ||||
Long-term debt and obligations under capital leases | 595.0 | 577.5 | ||||
Liability for pension benefit | — | 0.4 | ||||
Deferred income taxes | 121.7 | 123.9 | ||||
Other liabilities | 8.5 | 20.5 | ||||
Liability for uncertain tax positions | 3.8 | 3.6 | ||||
Total liabilities (2) | 875.4 | 851.0 | ||||
Shareholders’ equity | 670.4 | 658.1 | ||||
Non-controlling interests | 0.3 | 0.4 | ||||
Total equity | 670.7 | 658.5 | ||||
Total liabilities and equity | 1,546.1 | 1,509.5 | ||||
(1) Balance at June 30, 2016 includes $209.8 million (December 31, 2015 - $210.7 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, 2016 includes $120.7 million (December 31, 2015 - $122.4 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, | ||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
EBITDA | 38.6 | 52.1 | 46.1 | 55.5 | ||||||||
Adjusting items: | ||||||||||||
Restructuring and other special items (1) | (0.3 | ) | 2.9 | 0.2 | 3.9 | |||||||
Gain on disposal of property, plant and equipment and equity method investments (2) | (0.2 | ) | (19.8 | ) | (0.3 | ) | (20.0 | ) | ||||
Impairment of goodwill | — | 5.7 | — | 5.7 | ||||||||
Total adjusted EBITDA | 38.1 | 40.9 | 46.0 | 45.1 | ||||||||
Net earnings attributable to Belmond Ltd. | 8.4 | 15.4 | 6.8 | 5.9 | ||||||||
Net losses attributable to non-controlling interests | 0.1 | 0.1 | — | — | ||||||||
Net earnings | 8.3 | 15.3 | 6.8 | 5.9 | ||||||||
Discontinued operations net of tax | 0.2 | (0.1 | ) | 0.1 | (0.2 | ) | ||||||
Net earnings from continuing operations | 8.1 | 15.4 | 6.7 | 6.1 | ||||||||
Adjusting items: | ||||||||||||
Restructuring and other special items (1) | (0.3 | ) | 2.9 | 0.2 | 3.9 | |||||||
Gain on disposal of property, plant and equipment and equity method investments (2) | (0.2 | ) | (19.8 | ) | (0.3 | ) | (20.0 | ) | ||||
Impairment of goodwill | — | 5.7 | — | 5.7 | ||||||||
Gain on extinguishment of debt (3) | (1.2 | ) | — | (1.2 | ) | — | ||||||
Accelerated depreciation | 0.5 | (0.7 | ) | 1.3 | (0.7 | ) | ||||||
Interest adjustments | — | (1.0 | ) | — | (1.0 | ) | ||||||
Foreign currency, net (4) | (4.9 | ) | 1.1 | (7.7 | ) | 3.8 | ||||||
Tax-related adjustments | 0.6 | 3.7 | 0.6 | 3.7 | ||||||||
Income tax effect of adjusting items | 1.4 | (0.4 | ) | 1.4 | (0.7 | ) | ||||||
Adjusted net earnings from continuing operations | 4.0 | 6.9 | 1.0 | 0.8 | ||||||||
Reported EPS | 0.08 | 0.15 | 0.07 | 0.06 | ||||||||
Reported EPS from continuing operations | 0.08 | 0.15 | 0.07 | 0.06 | ||||||||
Adjusted EPS from continuing operations | 0.04 | 0.07 | 0.01 | 0.01 | ||||||||
Weighted average number of shares (millions) | 101.53 | 103.65 | 101.42 | 103.88 | ||||||||
(1) Represents adjustments for restructuring, severance and redundancy costs, pre-opening costs and other items, net. | ||||||||||||
(2) Gain on disposal of property, plant and equipment at Inn at Perry Cabin by Belmond, St. Michaels, Maryland and gain on sale of Hotel Ritz. | ||||||||||||
(3) Represents $4.0 million negotiated discount on repayment less $2.8 million tax indemnification provided to partners in respect of such discount. | ||||||||||||
(4) Non-cash item arising from the translation of certain assets and liabilities denominated in currencies other than the functional currency. | ||||||||||||
$ millions | EBITDA | Restructuring and Other Special Items (1) | Gain on Disposal of Property, Plant and Equipment and Equity Method Investments (2) | Impairment of Goodwill (3) | Adjusted EBITDA | ||||||||||
Three months ended June 30, 2016 | |||||||||||||||
Owned hotels: | |||||||||||||||
- Europe | 26.3 | — | — | — | 26.3 | ||||||||||
- North America | 8.5 | — | — | — | 8.5 | ||||||||||
- Rest of world | 2.1 | — | — | — | 2.1 | ||||||||||
Total owned hotels | 36.9 | — | — | — | 36.9 | ||||||||||
Part-owned / managed hotels | 1.3 | — | — | — | 1.3 | ||||||||||
Total hotels | 38.2 | — | — | — | 38.2 | ||||||||||
Owned trains & cruises | 3.4 | 0.2 | — | — | 3.6 | ||||||||||
Part-owned / managed trains | 5.6 | — | — | — | 5.6 | ||||||||||
Total trains & cruises | 9.0 | 0.2 | — | — | 9.2 | ||||||||||
Central overheads | (5.8 | ) | — | — | — | (5.8 | ) | ||||||||
Share-based compensation | (1.5 | ) | (0.5 | ) | — | — | (2.0 | ) | |||||||
Central marketing costs | (1.5 | ) | — | — | — | (1.5 | ) | ||||||||
EBITDA before gain on disposal | 38.4 | (0.3 | ) | — | — | 38.1 | |||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.2 | — | (0.2 | ) | — | — | |||||||||
Impairment of goodwill | — | — | — | — | — | ||||||||||
EBITDA | 38.6 | (0.3 | ) | (0.2 | ) | — | 38.1 | ||||||||
Three months ended June 30, 2015 | |||||||||||||||
Owned hotels: | |||||||||||||||
- Europe | 29.4 | 0.2 | — | — | 29.6 | ||||||||||
- North America | 9.4 | 0.2 | — | — | 9.6 | ||||||||||
- Rest of world | 3.0 | — | — | — | 3.0 | ||||||||||
Total owned hotels | 41.8 | 0.4 | — | — | 42.2 | ||||||||||
Part-owned / managed hotels | — | 2.2 | — | — | 2.2 | ||||||||||
Total hotels | 41.8 | 2.6 | — | — | 44.4 | ||||||||||
Owned trains & cruises | 2.8 | 0.3 | — | — | 3.1 | ||||||||||
Part-owned / managed trains | 5.5 | (0.2 | ) | — | — | 5.3 | |||||||||
Total trains & cruises | 8.3 | 0.1 | — | — | 8.4 | ||||||||||
Central overheads | (7.9 | ) | 0.2 | — | — | (7.7 | ) | ||||||||
Share-based compensation | (3.0 | ) | — | — | — | (3.0 | ) | ||||||||
Central marketing costs | (1.2 | ) | — | — | — | (1.2 | ) | ||||||||
EBITDA before gain on disposal | 38.0 | 2.9 | — | — | 40.9 | ||||||||||
Gain on disposal of property, plant and equipment and equity method investments | 19.8 | — | (19.8 | ) | — | — | |||||||||
Impairment of goodwill | (5.7 | ) | — | — | 5.7 | — | |||||||||
EBITDA | 52.1 | 2.9 | (19.8 | ) | 5.7 | 40.9 | |||||||||
(1) Represents adjustments for restructuring, severance and redundancy costs, pre-opening costs and other items, net. | |||||||||||||||
(2) Gain on sale on disposal of property, plant and equipment at Inn at Perry Cabin by Belmond and gain on sale of Hotel Ritz. | |||||||||||||||
(3) Non-cash impairment charges related to goodwill. |
$ millions | EBITDA | Restructuring and Other Special Items (1) | Gain on Disposal of Property, Plant and Equipment and Equity Method Investments (2) | Impairment of Goodwill (3) | Adjusted EBITDA | ||||||||||
Six months ended June 30, 2016 | |||||||||||||||
Owned hotels: | |||||||||||||||
- Europe | 20.7 | — | — | — | 20.7 | ||||||||||
- North America | 18.0 | 0.6 | — | — | 18.6 | ||||||||||
- Rest of world | 13.6 | — | — | — | 13.6 | ||||||||||
Total owned hotels | 52.3 | 0.6 | — | — | 52.9 | ||||||||||
Part-owned / managed hotels | 1.7 | — | — | — | 1.7 | ||||||||||
Total hotels | 54.0 | 0.6 | — | — | 54.6 | ||||||||||
Owned trains & cruises | 0.6 | 0.2 | — | — | 0.8 | ||||||||||
Part-owned / managed trains | 9.3 | — | — | — | 9.3 | ||||||||||
Total trains & cruises | 9.9 | 0.2 | — | — | 10.1 | ||||||||||
Central overheads | (12.4 | ) | — | — | — | (12.4 | ) | ||||||||
Share-based compensation | (3.2 | ) | (0.6 | ) | — | — | (3.8 | ) | |||||||
Central marketing costs | (2.5 | ) | — | — | — | (2.5 | ) | ||||||||
EBITDA before gain on disposal | 45.8 | 0.2 | — | — | 46.0 | ||||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.3 | — | (0.3 | ) | — | — | |||||||||
Impairment of goodwill | — | — | — | — | — | ||||||||||
EBITDA | 46.1 | 0.2 | (0.3 | ) | — | 46.0 | |||||||||
Six months ended June 30, 2015 | |||||||||||||||
Owned hotels: | |||||||||||||||
- Europe | 21.9 | 0.9 | — | — | 22.8 | ||||||||||
- North America | 20.2 | 0.2 | — | — | 20.4 | ||||||||||
- Rest of world | 14.5 | — | — | — | 14.5 | ||||||||||
Total owned hotels | 56.6 | 1.1 | — | — | 57.7 | ||||||||||
Part-owned / managed hotels | (0.3 | ) | 2.1 | — | — | 1.8 | |||||||||
Total hotels | 56.3 | 3.2 | — | — | 59.5 | ||||||||||
Owned trains & cruises | 0.5 | 0.3 | — | — | 0.8 | ||||||||||
Part-owned / managed trains | 7.4 | (0.2 | ) | — | — | 7.2 | |||||||||
Total trains & cruises | 7.9 | 0.1 | — | — | 8.0 | ||||||||||
Central overheads | (16.7 | ) | 1.7 | — | — | (15.0 | ) | ||||||||
Share-based compensation | (3.7 | ) | (1.1 | ) | — | — | (4.8 | ) | |||||||
Central marketing costs | (2.6 | ) | — | — | — | (2.6 | ) | ||||||||
EBITDA before gain on disposal | 41.2 | 3.9 | — | — | 45.1 | ||||||||||
Gain on disposal of property, plant and equipment and equity method investments | 20.0 | — | (20.0 | ) | — | — | |||||||||
Impairment of goodwill | (5.7 | ) | — | — | 5.7 | — | |||||||||
EBITDA | 55.5 | 3.9 | (20.0 | ) | 5.7 | 45.1 | |||||||||
(1) Represents adjustments for restructuring, severance and redundancy costs, pre-opening costs and other items, net. | |||||||||||||||
(2) Gain on sale on disposal of property, plant and equipment at Inn at Perry Cabin by Belmond and gain on sale of Hotel Ritz. | |||||||||||||||
(3) Non-cash impairment charges related to goodwill. |
$ millions | Twelve months ended June 30, | Six months ended June 30, | Year ended December 31, | ||||||||
2016 | 2016 | 2015 | 2015 | ||||||||
EBITDA | 113.2 | 46.1 | 55.5 | 122.6 | |||||||
Adjusting items: | |||||||||||
Restructuring and other special items (1) | 3.7 | 0.2 | 3.9 | 7.4 | |||||||
Gain on disposal of property, plant and equipment and equity method investments (2) | (0.6 | ) | (0.3 | ) | (20.0 | ) | (20.3 | ) | |||
Impairment of goodwill (3) | 4.1 | — | 5.7 | 9.8 | |||||||
Total adjusted EBITDA | 120.4 | 46.0 | 45.1 | 119.5 | |||||||
EBITDA | 113.2 | 46.1 | 55.5 | 122.6 | |||||||
Depreciation and amortization | (51.9 | ) | (26.4 | ) | (25.0 | ) | (50.5 | ) | |||
Gain on extinguishment of debt | 1.2 | 1.2 | — | — | |||||||
Interest | (32.5 | ) | (14.9 | ) | (13.6 | ) | (31.2 | ) | |||
Foreign currency, net | 6.5 | 7.7 | (3.8 | ) | (5.0 | ) | |||||
Earnings before tax | 36.5 | 13.7 | 13.1 | 35.9 | |||||||
Tax | (18.5 | ) | (7.0 | ) | (7.0 | ) | (18.5 | ) | |||
Net earnings from continuing operations | 18.0 | 6.7 | 6.1 | 17.4 | |||||||
Discontinued operations | (1.2 | ) | 0.1 | (0.2 | ) | (1.5 | ) | ||||
Net earnings | 16.8 | 6.8 | 5.9 | 15.9 | |||||||
(1) Represents adjustments for restructuring, severance and redundancy costs, pre-opening costs and other items, net. | |||||||||||
(2) Gain on sale of disposal of property, plant and equipment at Inn at Perry Cabin by Belmond and gain on sale of Hotel Ritz. | |||||||||||
(3) Non-cash impairment charges related to goodwill. | |||||||||||
$ millions - except ratios | Twelve months ended and as at | |||||
June 30, 2016 | December 31, 2015 | |||||
Cash | ||||||
Cash and cash equivalents | 144.5 | 135.6 | ||||
Restricted cash (including $0.9 million and $0.7 million classified within long-term other assets on the balance sheet for 2016 and 2015, respectively) | 5.4 | 3.3 | ||||
Total cash | 149.9 | 138.9 | ||||
Total debt | ||||||
Current portion of long-term debt and capital leases | 5.3 | 5.3 | ||||
Long-term debt and obligations under capital leases | 595.0 | 577.5 | ||||
Total debt | 600.3 | 582.8 | ||||
Net debt | 450.4 | 443.9 | ||||
Total adjusted EBITDA | 120.4 | 119.5 | ||||
Net debt / total adjusted EBITDA | 3.7 | 3.7 | ||||
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