001-16017 | 98-0223493 | |
(Commission file number) | (I.R.S. Employer Identification No.) |
99 | News release of Belmond Ltd. dated February 27, 2017, being furnished to the Commission. |
Exhibit Number | Description | |
99 | News release of Belmond Ltd. dated February 27, 2017, 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 $6.7 million, a $6.3 million increase over the prior-year quarter; adjusted net earnings from continuing operations of $1.4 million, a $1.4 million decrease |
▪ | Revenue of $114.2 million, down $8.5 million or 7% from the prior-year quarter; down $7.4 million or 6% on a constant currency basis |
▪ | Same store revenue per available room (“RevPAR”) down 6% from the prior-year quarter; down 7% on a constant currency basis |
▪ | Total adjusted EBITDA of $16.4 million, down $6.1 million from the prior-year quarter; down $6.8 million on a constant currency basis |
▪ | Net earnings attributable to Belmond Ltd. of $36.3 million, a $20.0 million increase over the prior year; adjusted net earnings from continuing operations of $25.6 million, a $7.3 million increase |
▪ | Revenue of $549.8 million, down $1.6 million from the prior year; up $15.0 million or 3% on a constant currency basis |
▪ | Same store revenue per available room (“RevPAR”) up 1% over the prior year; up 3% on a constant currency basis |
▪ | Total adjusted EBITDA of $128.2 million, up $8.7 million or 7% over the prior year; up $9.8 million or 8% on a constant currency basis |
▪ | Re-opened renovated Belmond La Residence d'Angkor in November 2016 |
▪ | Appointed Kenneth Hatton to senior vice president, global development, in January 2017 |
• | Re-opens Belmond La Residence d'Angkor following extensive renovation — In November 2016, following a six-month planned closure for renovation, the Company re-opened Belmond La Residence d'Angkor, Siem Reap, Cambodia. The project included the refurbishment of 51 keys, the addition of a new meeting room and updates to the hotel's public areas and restaurants. The all-suite property now features 59 keys, offering guests a peaceful escape moments away from the UNESCO World Heritage site of Angkor. |
• | Strengthens management team with appointment of Kenneth Hatton to senior vice president, global development — In January 2017, Kenneth Hatton joined the Company as senior vice president, global development, leading the team responsible for executing on Belmond's global footprint expansion. Mr. Hatton brings nearly 20 years of experience with global hotel-related transactions and merger and acquisition activity, most recently serving as Hyatt Hotels Corporation's senior vice president, corporate transactions group, covering Europe, Africa, Middle East and Asia Pacific. Prior to this role, he was a partner at Sonnenschein Nath & Rosenthal LLP (now Dentons), where he led the European operations of the firm's hospitality practice. Mr. Hatton replaced James Simmonds, who previously served the Company in this position. |
• | Enhances regional leadership with appointment of Robert Koren to vice president, southern Europe — In February 2017, Robert Koren joined the Company as vice president, southern Europe, overseeing the Company's operations in Italy, Spain and Portugal. Mr. Koren brings over 30 years of experience in the hospitality industry, most recently serving as vice president, regional director for southern Europe at Starwood Hotels & Resorts, where he was responsible for more than 60 luxury hotels, since 2004. He previously held various operations and finance positions within Starwood Hotels & Resorts, including vice president of operations for the Luxury Collection and W brands. Mr. Koren replaced Maurizio Saccani. |
• | Bolsters corporate operations team with appointment of Ariel Bouzas to vice president, project management office — In February 2017, Ariel Bouzas joined the Company as vice president, project management office, reporting to the Company's chief operating officer. Mr. Bouzas most recently served as head of business transformation at easyJet plc and previously held the position of principal at Boston Consulting Group, where he focused on travel and tourism clients. |
First Quarter 2017 | Full Year 2017 | |||
Same store worldwide owned hotel RevPAR growth guidance (1) | ||||
On a constant currency basis | (11)% - (7)% | 1% - 5% | ||
In U.S. dollars | (5)% - (1)% | 2% - 6% | ||
Statement of operations guidance ($ millions) | ||||
Central overheads (2) | $7.2 - $8.2 | $26.8 - $30.8 | ||
Share-based compensation | $1.1 - $2.1 | $5.7 - $9.7 | ||
Central marketing costs | $1.8 - $2.8 | $2.8 - $6.8 | ||
Depreciation & amortization | $12.6 - $13.6 | $50.7 - $54.7 | ||
Interest | $7.3 - $8.3 | $28.4 - $32.4 | ||
Tax (benefit) / expense | $(10.0) - $(9.0) | $27.3 - $31.3 | ||
Cash flow guidance ($ millions) | ||||
Cash interest expense | $5.9 - $6.9 | $25.1 - $29.1 | ||
Cash taxes | $5.4 - $6.4 | $21.5 - $25.5 | ||
Scheduled loan repayments | $0.8 - $1.8 | $3.2 - $7.2 | ||
(1) Projected same store RevPAR growth for the full year ending December 31, 2017 excludes the operations of Belmond La Residence d'Angkor, which closed for refurbishment in May 2016 and reopened in mid-November 2016. | ||||
(2) Projected central overheads for the first quarter and full year ending December 31, 2017 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, starting with the Company's third quarter 2016 results. | ||||
$ millions – except per share amounts | Three months ended December 31, | Twelve months ended December 31, | ||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Revenue | ||||||||||||
Owned hotels | ||||||||||||
- Europe | 26.4 | 27.1 | 199.1 | 200.0 | ||||||||
- North America | 37.6 | 38.2 | 145.9 | 148.1 | ||||||||
- Rest of world | 33.7 | 37.6 | 130.3 | 124.4 | ||||||||
Total owned hotels | 97.7 | 102.9 | 475.3 | 472.5 | ||||||||
Owned trains & cruises | 12.2 | 16.3 | 59.3 | 65.5 | ||||||||
Management fees | 4.3 | 3.5 | 15.2 | 13.4 | ||||||||
Revenue | 114.2 | 122.7 | 549.8 | 551.4 | ||||||||
Earnings | ||||||||||||
Owned hotels | ||||||||||||
- Europe | 1.4 | 2.4 | 67.6 | 65.4 | ||||||||
- North America | 7.5 | 8.4 | 28.8 | 31.6 | ||||||||
- Rest of world | 8.2 | 12.7 | 33.1 | 31.3 | ||||||||
Total owned hotels | 17.1 | 23.5 | 129.5 | 128.3 | ||||||||
Owned trains & cruises | 0.2 | 2.5 | 3.8 | 6.7 | ||||||||
Management fees | 4.3 | 3.5 | 15.2 | 13.4 | ||||||||
Share of pre-tax earnings from unconsolidated companies | 5.0 | 3.5 | 16.7 | 10.5 | ||||||||
26.6 | 33.0 | 165.2 | 158.9 | |||||||||
Central overheads (1) | (6.9 | ) | (6.7 | ) | (26.6 | ) | (34.6 | ) | ||||
Share-based compensation | (1.0 | ) | (1.9 | ) | (6.3 | ) | (6.7 | ) | ||||
Central marketing costs | (1.6 | ) | (2.1 | ) | (4.5 | ) | (5.5 | ) | ||||
EBITDA before gain on disposal and impairment | 17.1 | 22.3 | 127.8 | 112.1 | ||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.2 | 0.2 | 0.9 | 20.3 | ||||||||
Impairment of goodwill, property, plant and equipment | — | — | (1.0 | ) | (9.8 | ) | ||||||
EBITDA | 17.3 | 22.5 | 127.7 | 122.6 | ||||||||
Depreciation & amortization | (12.7 | ) | (13.3 | ) | (52.4 | ) | (50.5 | ) | ||||
Gain on extinguishment of debt | — | — | 1.2 | — | ||||||||
Interest | (5.9 | ) | (7.7 | ) | (28.3 | ) | (31.2 | ) | ||||
Foreign currency, net | — | (1.5 | ) | 9.2 | (5.0 | ) | ||||||
(Losses) / earnings before tax | (1.3 | ) | — | 57.4 | 35.9 | |||||||
Tax | 5.4 | 1.4 | (16.4 | ) | (17.0 | ) | ||||||
Share of tax from unconsolidated companies | 1.7 | — | (5.6 | ) | (1.5 | ) | ||||||
Net earnings from continuing operations | 5.8 | 1.4 | 35.4 | 17.4 | ||||||||
Discontinued operations | 1.0 | (0.9 | ) | 1.0 | (1.5 | ) | ||||||
Net earnings | 6.8 | 0.5 | 36.4 | 15.9 | ||||||||
Net (earnings) / losses attributable to non-controlling interests | (0.1 | ) | (0.1 | ) | (0.1 | ) | 0.4 | |||||
Net earnings attributable to Belmond Ltd. | 6.7 | 0.4 | 36.3 | 16.3 | ||||||||
Net earnings per common share attributable to Belmond Ltd. | 0.07 | 0.00 | 0.36 | 0.16 | ||||||||
Weighted average number of shares – millions | 101.77 | 102.08 | 101.60 | 103.16 | ||||||||
(1) Starting with the Company's third quarter 2016 results, expenses associated with the Company’s development team, which is the department engaged in pursuing the Company’s footprint expansion strategy, are included in central overheads. |
Three months ended December 31, | Twelve months ended December 31, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Room Nights Available | ||||||||||||
Europe | 58,907 | 58,908 | 271,963 | 273,052 | ||||||||
North America | 63,974 | 62,904 | 256,726 | 255,216 | ||||||||
Rest of world | 94,944 | 94,112 | 376,952 | 371,207 | ||||||||
Worldwide | 217,825 | 215,924 | 905,641 | 899,475 | ||||||||
Rooms Nights Sold | ||||||||||||
Europe | 32,095 | 32,450 | 175,060 | 169,371 | ||||||||
North America | 38,874 | 39,803 | 171,392 | 171,828 | ||||||||
Rest of world | 52,072 | 60,486 | 204,944 | 211,059 | ||||||||
Worldwide | 123,041 | 132,739 | 551,396 | 552,258 | ||||||||
Occupancy | ||||||||||||
Europe | 54 | % | 55 | % | 64 | % | 62 | % | ||||
North America | 61 | % | 63 | % | 67 | % | 67 | % | ||||
Rest of world | 55 | % | 64 | % | 54 | % | 57 | % | ||||
Worldwide | 56 | % | 61 | % | 61 | % | 61 | % | ||||
ADR (in U.S. dollars) | ||||||||||||
Europe | 430 | 429 | 676 | 689 | ||||||||
North America | 433 | 441 | 421 | 429 | ||||||||
Rest of world | 383 | 360 | 388 | 356 | ||||||||
Worldwide | 411 | 401 | 490 | 481 | ||||||||
RevPAR (in U.S. dollars) | ||||||||||||
Europe | 234 | 236 | 435 | 427 | ||||||||
North America | 263 | 279 | 281 | 289 | ||||||||
Rest of world | 210 | 231 | 211 | 202 | ||||||||
Worldwide | 232 | 247 | 298 | 295 | ||||||||
Same Store RevPAR (in U.S. dollars) (1) | ||||||||||||
Europe | 234 | 236 | 435 | 427 | ||||||||
North America | 263 | 279 | 281 | 289 | ||||||||
Rest of world | 215 | 235 | 216 | 207 | ||||||||
Worldwide | 235 | 249 | 303 | 299 |
Same Store RevPAR (% change) | U.S. dollar | Constant currency | U.S. dollar | Constant currency | ||||||||
Europe | (1 | )% | 2 | % | 2 | % | 4 | % | ||||
North America | (6 | )% | (5 | )% | (3 | )% | (2 | )% | ||||
Rest of world | (9 | )% | (14 | )% | 4 | % | 9 | % | ||||
Worldwide | (6 | )% | (7 | )% | 1 | % | 3 | % | ||||
(1) Same store RevPAR for the three and twelve months ended December 31, 2016 excludes the operations of Belmond Eagle Island Lodge, one of the Company's three safari lodges in Botswana, which was closed for refurbishment from January through November 2015, and Belmond La Residence d'Angkor, which was closed for refurbishment from May to November 2016. |
$ millions | December 31, | December 31, | ||||
2016 | 2015 | |||||
Assets | ||||||
Cash | 153.4 | 135.6 | ||||
Restricted cash | 1.8 | 2.6 | ||||
Accounts receivable | 25.8 | 27.1 | ||||
Due from unconsolidated companies | 12.2 | 12.1 | ||||
Prepaid expenses and other | 12.3 | 13.3 | ||||
Inventories | 23.9 | 25.6 | ||||
Total current assets | 229.4 | 216.3 | ||||
Property, plant & equipment, net of accumulated depreciation | 1,074.7 | 1,078.4 | ||||
Investments in unconsolidated companies | 79.3 | 71.7 | ||||
Goodwill | 113.3 | 114.0 | ||||
Other intangible assets | 13.9 | 13.9 | ||||
Other assets | 13.5 | 15.2 | ||||
Total assets (1) | 1,524.1 | 1,509.5 | ||||
Liabilities and Equity | ||||||
Accounts payable | 16.4 | 15.8 | ||||
Accrued liabilities | 69.0 | 71.7 | ||||
Deferred revenue | 31.3 | 32.3 | ||||
Current portion of long-term debt and capital leases | 5.3 | 5.3 | ||||
Total current liabilities | 122.0 | 125.1 | ||||
Long-term debt and obligations under capital leases | 585.8 | 577.5 | ||||
Liability for pension benefit | 1.4 | 0.4 | ||||
Deferred income taxes | 122.3 | 123.9 | ||||
Other liabilities | 5.4 | 20.5 | ||||
Liability for uncertain tax positions | 0.3 | 3.6 | ||||
Total liabilities (2) | 837.2 | 851.0 | ||||
Shareholders’ equity | 686.5 | 658.1 | ||||
Non-controlling interests | 0.4 | 0.4 | ||||
Total equity | 686.9 | 658.5 | ||||
Total liabilities and equity | 1,524.1 | 1,509.5 | ||||
(1) Balance at December 31, 2016 includes $210.3 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 December 31, 2016 includes $121.6 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 December 31, | Twelve months ended December 31, | ||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
EBITDA | 17.3 | 22.5 | 127.7 | 122.6 | ||||||||
Adjusting items: | ||||||||||||
Restructuring and other special items (1) | (0.7 | ) | 0.2 | 0.4 | 7.4 | |||||||
Gain on disposal of property, plant and equipment and equity method | ||||||||||||
investments (2) | (0.2 | ) | (0.2 | ) | (0.9 | ) | (20.3 | ) | ||||
Impairment of goodwill and property, plant and equipment | — | — | 1.0 | 9.8 | ||||||||
Total adjusted EBITDA | 16.4 | 22.5 | 128.2 | 119.5 | ||||||||
Net earnings attributable to Belmond Ltd. | 6.7 | 0.4 | 36.3 | 16.3 | ||||||||
Net (earnings) / losses attributable to non-controlling interests | (0.1 | ) | (0.1 | ) | (0.1 | ) | 0.4 | |||||
Net earnings | 6.8 | 0.5 | 36.4 | 15.9 | ||||||||
Discontinued operations net of tax | 1.0 | (0.9 | ) | 1.0 | (1.5 | ) | ||||||
Net earnings from continuing operations | 5.8 | 1.4 | 35.4 | 17.4 | ||||||||
Adjusting items: | ||||||||||||
Restructuring and other special items (1) | (0.7 | ) | 0.2 | 0.4 | 7.4 | |||||||
Gain on disposal of property, plant and equipment and equity method | ||||||||||||
investments (2) | (0.2 | ) | (0.2 | ) | (0.9 | ) | (20.3 | ) | ||||
Impairment of goodwill and property, plant and equipment | — | — | 1.0 | 9.8 | ||||||||
Gain on extinguishment of debt (3) | — | — | (1.2 | ) | — | |||||||
Accelerated depreciation | — | 0.8 | 1.3 | 0.2 | ||||||||
Interest adjustments (4) | (1.4 | ) | 0.2 | (1.4 | ) | 1.6 | ||||||
Foreign currency, net (5) | — | 1.5 | (9.2 | ) | 5.0 | |||||||
Tax-related adjustments | (2.4 | ) | — | (1.8 | ) | — | ||||||
Income tax effect of adjusting items (6) | 0.3 | (1.1 | ) | 2.0 | (2.8 | ) | ||||||
Adjusted net earnings from continuing operations | 1.4 | 2.8 | 25.6 | 18.3 | ||||||||
Reported EPS | 0.07 | 0.00 | 0.36 | 0.16 | ||||||||
Reported EPS from continuing operations | 0.06 | 0.01 | 0.35 | 0.17 | ||||||||
Adjusted EPS from continuing operations | 0.01 | 0.03 | 0.25 | 0.18 | ||||||||
Weighted average number of shares (millions) | 101.77 | 102.08 | 101.60 | 103.16 | ||||||||
(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) Represents adjustments to interest expense for litigation costs and Italian withholding tax. | ||||||||||||
(5) Non-cash item arising from the translation of certain assets and liabilities denominated in currencies other than the functional currency. | ||||||||||||
(6) Represents income tax effect of adjusting items by applying the applicable statutory tax rate to the adjusting items. | ||||||||||||
$ millions | EBITDA | Restructuring and Other Special Items (1) | Gain on Disposal of Property, Plant and Equipment and Equity Method Investments (2) | Adjusted EBITDA | ||||||||
Three months ended December 31, 2016 | ||||||||||||
Owned hotels: | ||||||||||||
- Europe | 1.4 | — | — | 1.4 | ||||||||
- North America | 7.5 | — | — | 7.5 | ||||||||
- Rest of world | 8.2 | — | — | 8.2 | ||||||||
Total owned hotels | 17.1 | — | — | 17.1 | ||||||||
Owned trains & cruises | 0.2 | — | — | 0.2 | ||||||||
Management fees | 4.3 | — | — | 4.3 | ||||||||
Share of pre-tax earnings from unconsolidated companies | 5.0 | — | — | 5.0 | ||||||||
26.6 | — | — | 26.6 | |||||||||
Central overheads | (6.9 | ) | — | — | (6.9 | ) | ||||||
Share-based compensation | (1.0 | ) | (0.7 | ) | — | (1.7 | ) | |||||
Central marketing costs | (1.6 | ) | — | — | (1.6 | ) | ||||||
EBITDA before gain on disposal and impairment | 17.1 | (0.7 | ) | — | 16.4 | |||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.2 | — | (0.2 | ) | — | |||||||
EBITDA | 17.3 | (0.7 | ) | (0.2 | ) | 16.4 | ||||||
Three months ended December 31, 2015 | ||||||||||||
Owned hotels: | ||||||||||||
- Europe | 2.4 | (0.4 | ) | — | 2.0 | |||||||
- North America | 8.4 | — | — | 8.4 | ||||||||
- Rest of world | 12.7 | — | — | 12.7 | ||||||||
Total owned hotels | 23.5 | (0.4 | ) | — | 23.1 | |||||||
Owned trains & cruises | 2.5 | 0.1 | — | 2.6 | ||||||||
Management fees | 3.5 | — | — | 3.5 | ||||||||
Share of pre-tax earnings from unconsolidated companies | 3.5 | 0.4 | — | 3.9 | ||||||||
33.0 | 0.1 | — | 33.1 | |||||||||
Central overheads | (6.7 | ) | — | — | (6.7 | ) | ||||||
Share-based compensation | (1.9 | ) | (0.2 | ) | — | (2.1 | ) | |||||
Central marketing costs | (2.1 | ) | 0.3 | — | (1.8 | ) | ||||||
EBITDA before gain on disposal and impairment | 22.3 | 0.2 | — | 22.5 | ||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.2 | — | (0.2 | ) | — | |||||||
EBITDA | 22.5 | 0.2 | (0.2 | ) | 22.5 | |||||||
(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. |
$ millions | EBITDA | Restructuring and Other Special Items (1) | Gain on Disposal of Property, Plant and Equipment and Equity Method Investments (2) | Impairment of Goodwill and Property, Plant and Equipment (3) | Adjusted EBITDA | ||||||||||
Twelve months ended December 31, 2016 | |||||||||||||||
Owned hotels: | |||||||||||||||
- Europe | 67.6 | — | — | — | 67.6 | ||||||||||
- North America | 28.8 | 0.6 | — | — | 29.4 | ||||||||||
- Rest of world | 33.1 | — | — | — | 33.1 | ||||||||||
Total owned hotels | 129.5 | 0.6 | — | — | 130.1 | ||||||||||
Owned trains & cruises | 3.8 | 0.5 | — | — | 4.3 | ||||||||||
Management fees | 15.2 | — | — | — | 15.2 | ||||||||||
Share of pre-tax earnings from unconsolidated companies | 16.7 | 0.4 | — | — | 17.1 | ||||||||||
165.2 | 1.5 | — | — | 166.7 | |||||||||||
Central overheads | (26.6 | ) | 0.3 | — | — | (26.3 | ) | ||||||||
Share-based compensation | (6.3 | ) | (1.4 | ) | — | — | (7.7 | ) | |||||||
Central marketing costs | (4.5 | ) | — | — | — | (4.5 | ) | ||||||||
EBITDA before gain on disposal and impairment | 127.8 | 0.4 | — | — | 128.2 | ||||||||||
Gain on disposal of property, plant and equipment and equity method investments | 0.9 | — | (0.9 | ) | — | — | |||||||||
Impairment of property, plant and equipment | (1.0 | ) | — | — | 1.0 | — | |||||||||
EBITDA | 127.7 | 0.4 | (0.9 | ) | 1.0 | 128.2 | |||||||||
Twelve months ended December 31, 2015 | |||||||||||||||
Owned hotels: | |||||||||||||||
- Europe | 65.4 | 1.0 | — | — | 66.4 | ||||||||||
- North America | 31.6 | 0.2 | — | — | 31.8 | ||||||||||
- Rest of world | 31.3 | — | — | — | 31.3 | ||||||||||
Total owned hotels | 128.3 | 1.2 | — | — | 129.5 | ||||||||||
Owned trains & cruises | 6.7 | 0.4 | — | — | 7.1 | ||||||||||
Management fees | 13.4 | — | — | — | 13.4 | ||||||||||
Share of pre-tax earnings from unconsolidated companies | 10.5 | 3.1 | — | — | 13.6 | ||||||||||
158.9 | 4.7 | — | — | 163.6 | |||||||||||
Central overheads | (34.6 | ) | 5.4 | — | — | (29.2 | ) | ||||||||
Share-based compensation | (6.7 | ) | (3.0 | ) | — | — | (9.7 | ) | |||||||
Central marketing costs | (5.5 | ) | 0.3 | — | — | (5.2 | ) | ||||||||
EBITDA before gain on disposal and impairment | 112.1 | 7.4 | — | — | 119.5 | ||||||||||
Gain on disposal of property, plant and equipment and equity method investments | 20.3 | — | (20.3 | ) | — | — | |||||||||
Impairment of goodwill | (9.8 | ) | — | — | 9.8 | — | |||||||||
EBITDA | 122.6 | 7.4 | (20.3 | ) | 9.8 | 119.5 | |||||||||
(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 and property, plant and equipment. |
$ millions - except ratios | Twelve months ended and as at | |||||
December 31, 2016 | December 31, 2015 | |||||
Cash | ||||||
Cash and cash equivalents | 153.4 | 135.6 | ||||
Restricted cash (including $0.8 million and $0.7 million classified within long-term other assets on the balance sheet for 2016 and 2015, respectively) | 2.6 | 3.3 | ||||
Total cash | 156.0 | 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 (1) | 585.8 | 577.5 | ||||
Total debt | 591.1 | 582.8 | ||||
Net debt | 435.1 | 443.9 | ||||
Total adjusted EBITDA | 128.2 | 119.5 | ||||
Net debt / total adjusted EBITDA | 3.4 | 3.7 | ||||
(1) Long-term debt is after the deduction of unamortized debt issuance costs and discount on secured term loans. |
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