001-16017 | 98-0223493 | |
(Commission file number) | (I.R.S. Employer Identification No.) |
99 | News release of Belmond Ltd. dated November 2, 2016, being furnished to the Commission. |
Exhibit Number | Description | |
99 | News release of Belmond Ltd. dated November 2, 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 |
▪ | Net earnings attributable to Belmond Ltd. of $22.9 million, a $12.9 million increase over the prior-year quarter; adjusted net earnings from continuing operations of $23.3 million, an $8.7 million increase |
▪ | Total revenue (1) of $183.7 million, up $15.3 million or 9% over the prior-year quarter; up $16.9 million or 10% on a constant currency basis |
▪ | Same store revenue per available room (“RevPAR”) up 12% from the prior-year quarter; up 10% on a constant currency basis |
▪ | Total adjusted EBITDA of $65.7 million, up $13.8 million or 27% from the prior-year quarter; up $13.0 million or 25% on a constant currency basis |
▪ | Expanded trains & cruises portfolio with the launch of Belmond Grand Hibernian, Ireland's first luxury overnight train, in August 2016 |
▪ | Appointed Arnaud Champenois to senior vice president, marketing & brand, in September 2016 |
• | Expands global trains & cruises portfolio with launch of Belmond Grand Hibernian — On August 30, 2016, the Company commenced operations of Belmond Grand Hibernian, the first luxury overnight train to travel throughout the island of Ireland. The latest addition to the Company's stable of world-renowned luxury rail experiences, Belmond Grand Hibernian accommodates up to 40 passengers and offers guests spectacular two-, four- and six-night journeys, each beginning and ending in Dublin and traversing the Irish countryside, coasts and cities. |
• | Strengthens management team with appointment of Arnaud Champenois to senior vice president, marketing & brand — During the quarter, the Company completed its search for an experienced leader to drive its brand and marketing efforts with the appointment of Arnaud Champenois to the position of senior vice president, marketing & brand. Joining the Company in September 2016, Mr. Champenois brings more than 20 years' experience in leading brands, marketing and communications in the luxury goods and services sector. Mr. Champenois most recently served as vice president, brand director for Asia Pacific at Starwood Hotels & Resorts since 2011 and previously held various positions with L'Oreal in Paris and Asia and Cartier in London. |
• | Increases brand awareness with recognition in Condé Nast Traveler magazine's readers' choice awards — Condé Nast Traveler magazine recently announced the results of its annual readers' choice awards. The 2016 poll ranked 17 of the Company’s properties among the best in their locations. |
Fourth Quarter 2016 | Full Year 2016 | |||
Same store worldwide owned hotel RevPAR growth guidance (1) | ||||
On a constant currency basis | (5)% - (1)% | 3% - 5% | ||
In U.S. dollars | (1)% - 3% | 1% - 3% | ||
Statement of operations guidance ($ millions) | ||||
Central overheads (2) | $6.4 - $7.4 | $26.2 - $27.2 | ||
Share-based compensation | $1.2 - $2.2 | $6.4 - $7.4 | ||
Central marketing costs | $1.0 - $2.0 | $3.9 - $4.9 | ||
Depreciation & amortization | $13.2 - $14.2 | $52.8 - $53.8 | ||
Interest | $6.8 - $7.8 | $29.3 - $30.3 | ||
Tax (benefit) / expense | $(6.0) - $(5.0) | $23.1 - $24.1 | ||
Cash flow guidance ($ millions) | ||||
Cash interest expense (3) | $8.8 - $9.8 | $42.8 - $43.8 | ||
Cash taxes | $7.6 - $8.6 | $20.5 - $21.5 | ||
Scheduled loan repayments | $0.8 - $1.8 | $4.9 - $5.9 | ||
(1) Projected same store RevPAR growth for the fourth quarter and full year ending December 31, 2016 exclude the operations of Belmond Eagle Island Lodge, which was closed for refurbishment from January through November 2015, and Belmond La Residence d'Angkor, which closed for refurbishment in May 2016 and is expected to re-open in mid-November 2016. | ||||
(2) Projected central overheads for the fourth quarter and full year ending December 31, 2016 include expenses associated with the Company's development team, which is the department engaged in pursuing the Company’s footprint expansion strategy, as a result of the relocation of these expenses to central overheads from its previous location in the results for part-owned / managed hotels. | ||||
(3) 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 September 30, | Nine months ended September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Revenue | ||||||||||||
Owned hotels | ||||||||||||
- Europe | 92.3 | 89.3 | 172.8 | 173.1 | ||||||||
- North America | 30.6 | 29.3 | 108.2 | 109.9 | ||||||||
- Rest of world | 37.0 | 24.4 | 96.6 | 86.7 | ||||||||
Total owned hotels | 159.9 | 143.0 | 377.6 | 369.7 | ||||||||
Owned trains & cruises | 19.2 | 21.4 | 47.1 | 49.1 | ||||||||
Management fees (1) | 4.6 | 4.0 | 10.9 | 9.9 | ||||||||
Total | 183.7 | 168.4 | 435.6 | 428.7 | ||||||||
Earnings | ||||||||||||
Owned hotels | ||||||||||||
- Europe | 45.6 | 41.1 | 66.4 | 63.2 | ||||||||
- North America | 3.2 | 3.0 | 21.2 | 23.2 | ||||||||
- Rest of world | 11.3 | 4.1 | 24.9 | 18.6 | ||||||||
Total owned hotels | 60.1 | 48.2 | 112.5 | 105.0 | ||||||||
Owned trains & cruises | 3.1 | 3.7 | 3.6 | 4.2 | ||||||||
Management fees (1) | 4.6 | 4.0 | 10.9 | 9.9 | ||||||||
Share of earnings from unconsolidated companies (2) | 6.3 | 5.3 | 11.7 | 6.8 | ||||||||
74.1 | 61.2 | 138.7 | 125.9 | |||||||||
Central overheads (3) | (6.8 | ) | (10.8 | ) | (19.8 | ) | (27.9 | ) | ||||
Share-based compensation | (2.1 | ) | (1.0 | ) | (5.3 | ) | (4.8 | ) | ||||
Central marketing costs | (0.4 | ) | (0.9 | ) | (3.0 | ) | (3.4 | ) | ||||
EBITDA before gain on disposal and impairment | 64.8 | 48.5 | 110.6 | 89.8 | ||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.5 | 0.2 | 0.8 | 20.1 | ||||||||
Impairment of goodwill, property, plant and equipment | (1.0 | ) | (4.1 | ) | (1.0 | ) | (9.8 | ) | ||||
EBITDA | 64.3 | 44.6 | 110.4 | 100.1 | ||||||||
Depreciation & amortization | (13.1 | ) | (12.2 | ) | (39.6 | ) | (37.2 | ) | ||||
Gain on extinguishment of debt | — | — | 1.2 | — | ||||||||
Interest | (7.6 | ) | (9.9 | ) | (22.4 | ) | (23.5 | ) | ||||
Foreign currency, net | 1.4 | 0.3 | 9.2 | (3.5 | ) | |||||||
Earnings before tax | 45.0 | 22.8 | 58.8 | 35.9 | ||||||||
Tax | (22.1 | ) | (12.9 | ) | (29.1 | ) | (19.9 | ) | ||||
Net earnings from continuing operations | 22.9 | 9.9 | 29.7 | 16.0 | ||||||||
Discontinued operations | — | (0.4 | ) | 0.1 | (0.6 | ) | ||||||
Net earnings | 22.9 | 9.5 | 29.8 | 15.4 | ||||||||
Net losses / (earnings) attributable to non-controlling interests | — | 0.5 | (0.1 | ) | 0.5 | |||||||
Net earnings attributable to Belmond Ltd. | 22.9 | 10.0 | 29.7 | 15.9 | ||||||||
Net earnings per common share attributable to Belmond Ltd. | 0.23 | 0.10 | 0.29 | 0.15 | ||||||||
Weighted average number of shares – millions | 101.75 | 102.83 | 101.53 | 103.53 | ||||||||
(1) Management fees is a new item disclosing management fees earned from joint ventures and third-party owned assets, which amounts were previously included in the results for part-owned / managed hotels and part-owned / managed trains. | ||||||||||||
(2) Share of earnings from unconsolidated companies is a new item disclosing the Company’s share of earnings from unconsolidated companies, which amounts were previously included in the results for part-owned / managed hotels and part-owned / managed trains. | ||||||||||||
(3) Expenses associated with the Company’s development team, which is the department engaged in pursuing the Company’s footprint expansion strategy, which were previously included in the results for part-owned / managed hotels, are now included in central overheads. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Room Nights Available | ||||||||||||
Europe | 86,112 | 86,173 | 213,056 | 214,144 | ||||||||
North America | 62,986 | 63,078 | 192,752 | 192,312 | ||||||||
Rest of world | 94,944 | 93,380 | 282,008 | 277,095 | ||||||||
Worldwide | 244,042 | 242,631 | 687,816 | 683,551 | ||||||||
Rooms Nights Sold | ||||||||||||
Europe | 68,102 | 65,702 | 142,965 | 136,921 | ||||||||
North America | 42,246 | 41,276 | 132,518 | 132,025 | ||||||||
Rest of world | 46,985 | 47,930 | 152,872 | 150,573 | ||||||||
Worldwide | 157,333 | 154,908 | 428,355 | 419,519 | ||||||||
Occupancy | ||||||||||||
Europe | 79 | % | 76 | % | 67 | % | 64 | % | ||||
North America | 67 | % | 65 | % | 69 | % | 69 | % | ||||
Rest of world | 49 | % | 51 | % | 54 | % | 54 | % | ||||
Worldwide | 64 | % | 64 | % | 62 | % | 61 | % | ||||
ADR (in U.S. dollars) | ||||||||||||
Europe | 839 | 835 | 731 | 751 | ||||||||
North America | 359 | 356 | 418 | 425 | ||||||||
Rest of world | 479 | 309 | 390 | 354 | ||||||||
Worldwide | 603 | 545 | 512 | 506 | ||||||||
RevPAR (in U.S. dollars) | ||||||||||||
Europe | 664 | 637 | 490 | 480 | ||||||||
North America | 241 | 233 | 287 | 292 | ||||||||
Rest of world | 237 | 158 | 211 | 193 | ||||||||
Worldwide | 389 | 348 | 319 | 310 | ||||||||
Same Store RevPAR (in U.S. dollars) (1) | ||||||||||||
Europe | 664 | 637 | 490 | 480 | ||||||||
North America | 241 | 233 | 287 | 292 | ||||||||
Rest of world | 244 | 165 | 216 | 198 | ||||||||
Worldwide | 395 | 354 | 324 | 315 |
Same Store RevPAR (% change) | U.S. dollar | Constant currency | U.S. dollar | Constant currency | ||||||||
Europe | 4 | % | 5 | % | 2 | % | 4 | % | ||||
North America | 3 | % | 4 | % | (2 | )% | (1 | )% | ||||
Rest of world | 48 | % | 38 | % | 9 | % | 20 | % | ||||
Worldwide | 12 | % | 10 | % | 3 | % | 6 | % | ||||
(1) Same store RevPAR for the three and nine months ended September 30, 2016 excludes the operations of Belmond Eagle Island Lodge, which was closed for refurbishment from January through November 2015, and Belmond La Residence d'Angkor, which closed for refurbishment in May 2016 and is expected to re-open in mid-November 2016. |
$ millions | September 30, | December 31, | ||||
2016 | 2015 | |||||
Assets | ||||||
Cash | 177.9 | 135.6 | ||||
Restricted cash | 5.4 | 2.6 | ||||
Accounts receivable | 32.3 | 27.1 | ||||
Due from unconsolidated companies | 13.7 | 12.1 | ||||
Prepaid expenses and other | 11.6 | 13.3 | ||||
Inventories | 26.9 | 25.6 | ||||
Total current assets | 267.8 | 216.3 | ||||
Property, plant & equipment, net of accumulated depreciation | 1,098.3 | 1,078.4 | ||||
Investments in unconsolidated companies | 76.0 | 71.7 | ||||
Goodwill | 116.0 | 114.0 | ||||
Other intangible assets | 13.7 | 13.9 | ||||
Surplus for pension benefit | 1.1 | — | ||||
Other assets | 15.4 | 15.2 | ||||
Total assets (1) | 1,588.3 | 1,509.5 | ||||
Liabilities and Equity | ||||||
Accounts payable | 17.1 | 15.8 | ||||
Accrued liabilities | 84.6 | 71.7 | ||||
Deferred revenue | 37.1 | 32.3 | ||||
Current portion of long-term debt and capital leases | 5.4 | 5.3 | ||||
Total current liabilities | 144.2 | 125.1 | ||||
Long-term debt and obligations under capital leases | 596.2 | 577.5 | ||||
Liability for pension benefit | — | 0.4 | ||||
Deferred income taxes | 138.1 | 123.9 | ||||
Other liabilities | 7.5 | 20.5 | ||||
Liability for uncertain tax positions | 3.9 | 3.6 | ||||
Total liabilities (2) | 889.9 | 851.0 | ||||
Shareholders’ equity | 698.0 | 658.1 | ||||
Non-controlling interests | 0.4 | 0.4 | ||||
Total equity | 698.4 | 658.5 | ||||
Total liabilities and equity | 1,588.3 | 1,509.5 | ||||
(1) Balance at September 30, 2016 includes $210.1 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 September 30, 2016 includes $122.4 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 September 30, | Nine months ended September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
EBITDA | 64.3 | 44.6 | 110.4 | 100.1 | ||||||||
Adjusting items: | ||||||||||||
Restructuring and other special items (1) | 0.9 | 3.4 | 1.1 | 7.2 | ||||||||
Gain on disposal of property, plant and equipment and equity method | ||||||||||||
investments (2) | (0.5 | ) | (0.2 | ) | (0.8 | ) | (20.1 | ) | ||||
Impairment of goodwill and property, plant and equipment | 1.0 | 4.1 | 1.0 | 9.8 | ||||||||
Total adjusted EBITDA | 65.7 | 51.9 | 111.7 | 97.0 | ||||||||
Net earnings attributable to Belmond Ltd. | 22.9 | 10.0 | 29.7 | 15.9 | ||||||||
Net losses / (earnings) attributable to non-controlling interests | — | 0.5 | (0.1 | ) | 0.5 | |||||||
Net earnings | 22.9 | 9.5 | 29.8 | 15.4 | ||||||||
Discontinued operations net of tax | — | (0.4 | ) | 0.1 | (0.6 | ) | ||||||
Net earnings from continuing operations | 22.9 | 9.9 | 29.7 | 16.0 | ||||||||
Adjusting items: | ||||||||||||
Restructuring and other special items (1) | 0.9 | 3.4 | 1.1 | 7.2 | ||||||||
Gain on disposal of property, plant and equipment and equity method | ||||||||||||
investments (2) | (0.5 | ) | (0.2 | ) | (0.8 | ) | (20.1 | ) | ||||
Impairment of goodwill, property, plant and equipment | 1.0 | 4.1 | 1.0 | 9.8 | ||||||||
Gain on extinguishment of debt (3) | — | — | (1.2 | ) | — | |||||||
Accelerated depreciation | — | — | 1.3 | (0.7 | ) | |||||||
Interest adjustments | — | 2.4 | — | 1.4 | ||||||||
Foreign currency, net (4) | (1.4 | ) | (0.3 | ) | (9.2 | ) | 3.6 | |||||
Tax-related adjustments | — | (3.7 | ) | 0.6 | — | |||||||
Income tax effect of adjusting items | 0.4 | (1.0 | ) | 1.7 | (1.7 | ) | ||||||
Adjusted net earnings from continuing operations | 23.3 | 14.6 | 24.2 | 15.5 | ||||||||
Reported EPS | 0.23 | 0.10 | 0.29 | 0.15 | ||||||||
Reported EPS from continuing operations | 0.23 | 0.10 | 0.29 | 0.15 | ||||||||
Adjusted EPS from continuing operations | 0.23 | 0.14 | 0.24 | 0.15 | ||||||||
Weighted average number of shares (millions) | 101.75 | 102.83 | 101.53 | 103.53 | ||||||||
(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, gain on sale of the spa building at Belmond Casa de Sierra Nevada, San Miguel de Allende, Mexico 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, Property, Plant and Equipment (3) | Adjusted EBITDA | ||||||||||
Three months ended September 30, 2016 | |||||||||||||||
Owned hotels: | |||||||||||||||
- Europe | 45.6 | — | — | — | 45.6 | ||||||||||
- North America | 3.2 | — | — | — | 3.2 | ||||||||||
- Rest of world | 11.3 | — | — | — | 11.3 | ||||||||||
Total owned hotels | 60.1 | — | — | — | 60.1 | ||||||||||
Owned trains & cruises | 3.1 | 0.1 | — | — | 3.2 | ||||||||||
Management fees | 4.6 | — | — | — | 4.6 | ||||||||||
Share of earnings from unconsolidated companies | 6.3 | 0.4 | — | — | 6.7 | ||||||||||
74.1 | 0.5 | — | — | 74.6 | |||||||||||
Central overheads | (6.8 | ) | 0.4 | — | — | (6.4 | ) | ||||||||
Share-based compensation | (2.1 | ) | — | — | — | (2.1 | ) | ||||||||
Central marketing costs | (0.4 | ) | — | — | — | (0.4 | ) | ||||||||
EBITDA before gain on disposal and impairment | 64.8 | 0.9 | — | — | 65.7 | ||||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.5 | — | (0.5 | ) | — | — | |||||||||
Impairment of property, plant and equipment | (1.0 | ) | — | — | 1.0 | — | |||||||||
EBITDA | 64.3 | 0.9 | (0.5 | ) | 1.0 | 65.7 | |||||||||
Three months ended September 30, 2015 | |||||||||||||||
Owned hotels: | |||||||||||||||
- Europe | 41.1 | 0.5 | — | — | 41.6 | ||||||||||
- North America | 3.0 | — | — | — | 3.0 | ||||||||||
- Rest of world | 4.1 | — | — | — | 4.1 | ||||||||||
Total owned hotels | 48.2 | 0.5 | — | — | 48.7 | ||||||||||
Owned trains & cruises | 3.7 | — | — | — | 3.7 | ||||||||||
Management fees | 4.0 | — | — | — | 4.0 | ||||||||||
Share of earnings from unconsolidated companies | 5.3 | 0.9 | — | — | 6.2 | ||||||||||
61.2 | 1.4 | — | — | 62.6 | |||||||||||
Central overheads | (10.8 | ) | 3.8 | — | — | (7.0 | ) | ||||||||
Share-based compensation | (1.0 | ) | (1.8 | ) | — | — | (2.8 | ) | |||||||
Central marketing costs | (0.9 | ) | — | — | — | (0.9 | ) | ||||||||
EBITDA before gain on disposal and impairment | 48.5 | 3.4 | — | — | 51.9 | ||||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.2 | — | (0.2 | ) | — | — | |||||||||
Impairment of goodwill | (4.1 | ) | — | — | 4.1 | — | |||||||||
EBITDA | 44.6 | 3.4 | (0.2 | ) | 4.1 | 51.9 | |||||||||
(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, gain on sale of the spa building at Belmond Casa de Sierra Nevada and gain on sale of Hotel Ritz. | |||||||||||||||
(3) Non-cash impairment charges related to goodwill, property, plant and equipment. |
$ millions | EBITDA | Restructuring and Other Special Items (1) | Gain on Disposal of Property, Plant and Equipment and Equity Method Investments (2) | Impairment of Goodwill, Property, Plant and Equipment (3) | Adjusted EBITDA | ||||||||||
Nine months ended September 30, 2016 | |||||||||||||||
Owned hotels: | |||||||||||||||
- Europe | 66.4 | — | — | — | 66.4 | ||||||||||
- North America | 21.2 | 0.5 | — | — | 21.7 | ||||||||||
- Rest of world | 24.9 | — | — | — | 24.9 | ||||||||||
Total owned hotels | 112.5 | 0.5 | — | — | 113.0 | ||||||||||
Owned trains & cruises | 3.6 | 0.4 | — | — | 4.0 | ||||||||||
Management fees | 10.9 | — | — | — | 10.9 | ||||||||||
Share of earnings from unconsolidated companies | 11.7 | 0.4 | — | — | 12.1 | ||||||||||
138.7 | 1.3 | — | — | 140.0 | |||||||||||
Central overheads | (19.8 | ) | 0.4 | — | — | (19.4 | ) | ||||||||
Share-based compensation | (5.3 | ) | (0.6 | ) | — | — | (5.9 | ) | |||||||
Central marketing costs | (3.0 | ) | — | — | — | (3.0 | ) | ||||||||
EBITDA before gain on disposal and impairment | 110.6 | 1.1 | — | — | 111.7 | ||||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.8 | — | (0.8 | ) | — | — | |||||||||
Impairment of property, plant and equipment | (1.0 | ) | — | — | 1.0 | — | |||||||||
EBITDA | 110.4 | 1.1 | (0.8 | ) | 1.0 | 111.7 | |||||||||
Nine months ended September 30, 2015 | |||||||||||||||
Owned hotels: | |||||||||||||||
- Europe | 63.2 | 1.3 | — | — | 64.5 | ||||||||||
- North America | 23.2 | 0.2 | — | — | 23.4 | ||||||||||
- Rest of world | 18.6 | — | — | — | 18.6 | ||||||||||
Total owned hotels | 105.0 | 1.5 | — | — | 106.5 | ||||||||||
Owned trains & cruises | 4.2 | 0.3 | — | — | 4.5 | ||||||||||
Management fees | 9.9 | — | — | — | 9.9 | ||||||||||
Share of earnings from unconsolidated companies | 6.8 | 2.8 | — | — | 9.6 | ||||||||||
125.9 | 4.6 | — | — | 130.5 | |||||||||||
Central overheads | (27.9 | ) | 5.4 | — | — | (22.5 | ) | ||||||||
Share-based compensation | (4.8 | ) | (2.8 | ) | — | — | (7.6 | ) | |||||||
Central marketing costs | (3.4 | ) | — | — | — | (3.4 | ) | ||||||||
EBITDA before gain on disposal and impairment | 89.8 | 7.2 | — | — | 97.0 | ||||||||||
Gain on disposal of property, plant and equipment and equity method investments | 20.1 | — | (20.1 | ) | — | — | |||||||||
Impairment of goodwill | (9.8 | ) | — | — | 9.8 | — | |||||||||
EBITDA | 100.1 | 7.2 | (20.1 | ) | 9.8 | 97.0 | |||||||||
(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, gain on sale of the spa building at Belmond Casa de Sierra Nevada and gain on sale of Hotel Ritz. | |||||||||||||||
(3) Non-cash impairment charges related to goodwill, property, plant and equipment. |
$ millions | Twelve months ended September 30, | Nine months ended September 30, | Year ended December 31, | ||||||||
2016 | 2016 | 2015 | 2015 | ||||||||
EBITDA | 132.9 | 110.4 | 100.1 | 122.6 | |||||||
Adjusting items: | |||||||||||
Restructuring and other special items (1) | 1.3 | 1.1 | 7.2 | 7.4 | |||||||
Gain on disposal of property, plant and equipment and | |||||||||||
equity method investments (2) | (1.0 | ) | (0.8 | ) | (20.1 | ) | (20.3 | ) | |||
Impairment of goodwill, property, plant and equipment (3) | 1.0 | 1.0 | 9.8 | 9.8 | |||||||
Total adjusted EBITDA | 134.2 | 111.7 | 97.0 | 119.5 | |||||||
EBITDA | 132.9 | 110.4 | 100.1 | 122.6 | |||||||
Depreciation and amortization | (52.9 | ) | (39.6 | ) | (37.2 | ) | (50.5 | ) | |||
Gain on extinguishment of debt | 1.2 | 1.2 | — | — | |||||||
Interest | (30.1 | ) | (22.4 | ) | (23.5 | ) | (31.2 | ) | |||
Foreign currency, net | 7.7 | 9.2 | (3.5 | ) | (5.0 | ) | |||||
Earnings before tax | 58.8 | 58.8 | 35.9 | 35.9 | |||||||
Tax | (27.7 | ) | (29.1 | ) | (19.9 | ) | (18.5 | ) | |||
Net earnings from continuing operations | 31.1 | 29.7 | 16.0 | 17.4 | |||||||
Discontinued operations | (0.8 | ) | 0.1 | (0.6 | ) | (1.5 | ) | ||||
Net earnings | 30.3 | 29.8 | 15.4 | 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, gain on sale of the spa building at Belmond Casa de Sierra Nevada and gain on sale of Hotel Ritz. | |||||||||||
(3) Non-cash impairment charges related to goodwill, property, plant and equipment. | |||||||||||
$ millions - except ratios | Twelve months ended and as at | |||||
September 30, 2016 | December 31, 2015 | |||||
Cash | ||||||
Cash and cash equivalents | 177.9 | 135.6 | ||||
Restricted cash (including $0.7 million and $0.7 million classified within long-term other assets on the balance sheet for 2016 and 2015, respectively) | 6.1 | 3.3 | ||||
Total cash | 184.0 | 138.9 | ||||
Total debt | ||||||
Current portion of long-term debt and capital leases | 5.4 | 5.3 | ||||
Long-term debt and obligations under capital leases (1) | 596.2 | 577.5 | ||||
Total debt | 601.6 | 582.8 | ||||
Net debt | 417.6 | 443.9 | ||||
Total adjusted EBITDA | 134.2 | 119.5 | ||||
Net debt / total adjusted EBITDA | 3.1 | 3.7 | ||||
(1) Long-term debt is after the deduction of unamortized debt issuance costs and discount on secured term loans. |
$ millions – except per share amounts | 2015 | 2016 | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | ||||||||||||
Revenue | |||||||||||||||||||
Owned hotels | |||||||||||||||||||
Europe | 11.9 | 71.7 | 89.3 | 27.1 | 200.0 | 13.5 | 67.0 | 92.3 | |||||||||||
North America | 41.0 | 39.7 | 29.3 | 38.1 | 148.1 | 39.6 | 38.1 | 30.6 | |||||||||||
Rest of world | 36.8 | 25.6 | 24.4 | 37.6 | 124.4 | 35.3 | 24.3 | 37.0 | |||||||||||
Total owned hotels | 89.7 | 137.0 | 143.0 | 102.8 | 472.5 | 88.4 | 129.4 | 159.9 | |||||||||||
Owned trains & cruises | 7.6 | 20.1 | 21.4 | 16.4 | 65.5 | 6.4 | 21.4 | 19.2 | |||||||||||
Management fees | 2.2 | 3.7 | 4.0 | 3.5 | 13.4 | 2.7 | 3.6 | 4.6 | |||||||||||
Total | 99.5 | 160.8 | 168.4 | 122.7 | 551.4 | 97.5 | 154.4 | 183.7 | |||||||||||
Earnings and adjusted EBITDA | |||||||||||||||||||
Owned hotels | |||||||||||||||||||
Europe | (7.4 | ) | 29.3 | 41.1 | 2.4 | 65.4 | (5.6 | ) | 26.3 | 45.6 | |||||||||
North America | 10.8 | 9.4 | 3.0 | 8.4 | 31.6 | 9.5 | 8.5 | 3.2 | |||||||||||
Rest of world | 11.4 | 3.1 | 4.1 | 12.7 | 31.3 | 11.5 | 2.1 | 11.3 | |||||||||||
Total owned hotels | 14.8 | 41.8 | 48.2 | 23.5 | 128.3 | 15.4 | 36.9 | 60.1 | |||||||||||
Owned trains & cruises | (2.3 | ) | 2.8 | 3.7 | 2.5 | 6.7 | (2.9 | ) | 3.4 | 3.1 | |||||||||
Management fees | 2.2 | 3.7 | 4.0 | 3.5 | 13.4 | 2.7 | 3.6 | 4.6 | |||||||||||
Share of earnings from unconsolidated companies | (0.4 | ) | 2.0 | 5.3 | 3.5 | 10.4 | 1.7 | 3.8 | 6.3 | ||||||||||
14.3 | 50.3 | 61.2 | 33.0 | 158.8 | 16.9 | 47.7 | 74.1 | ||||||||||||
Central overheads | (9.0 | ) | (8.0 | ) | (10.8 | ) | (6.7 | ) | (34.5 | ) | (6.8 | ) | (6.3 | ) | (6.8 | ) | |||
Share-based compensation | (0.8 | ) | (3.0 | ) | (1.0 | ) | (1.9 | ) | (6.7 | ) | (1.6 | ) | (1.5 | ) | (2.1 | ) | |||
Central marketing costs | (1.3 | ) | (1.2 | ) | (0.9 | ) | (2.1 | ) | (5.5 | ) | (1.1 | ) | (1.5 | ) | (0.4 | ) | |||
EBITDA before gain on disposal and impairment | 3.2 | 38.1 | 48.5 | 22.3 | 112.1 | 7.4 | 38.4 | 64.8 | |||||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.2 | 19.7 | 0.2 | 0.2 | 20.3 | 0.1 | 0.2 | 0.5 | |||||||||||
Impairment of goodwill, property, plant and equipment | — | (5.7 | ) | (4.1 | ) | — | (9.8 | ) | — | — | (1.0 | ) | |||||||
EBITDA | 3.4 | 52.1 | 44.6 | 22.5 | 122.6 | 7.5 | 38.6 | 64.3 | |||||||||||
Adjustments to EBITDA (1) | 0.9 | (11.3 | ) | 7.3 | — | (3.1 | ) | 0.4 | (0.5 | ) | 1.4 | ||||||||
Adjusted EBITDA | 4.3 | 40.8 | 51.9 | 22.5 | 119.5 | 7.9 | 38.1 | 65.7 | |||||||||||
(1) Adjustments are as previously reported. |
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