Thunderbird Resorts 2015 Half-Year Report Filed

Thunderbird Resorts Inc. / Thunderbird Resorts 2015 Half-Year Report Filed . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement. PANAMA, REPUBLIC OF PANAMA--(Marketwired - Aug. 30, 2015) - Thunderbird Resorts Inc...

PANAMA, REPUBLIC OF PANAMA--(Marketwired - Aug. 30, 2015) - Thunderbird Resorts Inc. ("Thunderbird") (FRANKFURT:4TR)(EURONEXT:TBIRD) is pleased to announce that its 2015 Half-year report has been filed with the Euronext ("Euronext Amsterdam") and the Netherlands Authority for Financial Markets ("AFM"). As a Designated Foreign Issuer with respect to Canadian securities regulations, the Half-year report is intended to comply with the rules and regulations set forth by the AFM and the Euronext Amsterdam.

 

Copies of the Half-year report in the English language will be available at no cost at the Group's website at www.thunderbirdresorts.com.Copies in the English language are available at no cost at the Group's operational office in Panama and at the offices of our local paying agent ING Commercial Banking, Paying Agency Services, Location Code TRC 01.013, Foppingadreef 7, 1102 BD Amsterdam, the Netherlands (tel: +31 20 563 6619, fax: +31 20 563 6959, email: [email protected]). Copies are also available on SEDAR at www.SEDAR.com.

 

Below are certain material excerpts from the full 2015 Half-year Report the entirety of which can be found on our website at www.thunderbirdresorts.com.

 

LETTER FROM CEO

 

In the CEO Letter to Shareholders published in the 2014 Annual Report, the Group stated certain goals to achieve profitability and build growing and sustainable cash flows. Below is an update on our progress.

 

PERFORMANCE UNDER OUR FOUR STATED GOALS¹

 

1. Development: We committed to "exit" under-performing businesses and invest proceeds to increase cash flow by either paying down high-amortizing debt or investing into our remaining markets. Below are development initiatives from the first half of 2015.

 

A.  On February 25, 2015, the Group sold its economic interest and management rights in its seven casinos in Costa Rica. We made a strategic decision to exit a mature operation in which we only owned an approximate 50% stake. The net cash received for the Group's approximate 50% share was approximately $8.1 million. The gain from the sale was approximately $6.7 million. We continue to own real estate in Costa Rica with an appraised value to our 50% of approximately $14.9 million, which real estate is free and clear of debt and is being held for sale. See page 14 of the full 2015 Half-year Report for more information on the sale of our Costa Rica operations. 

 

B. On April 22, 2015, the Group opened a 1,200 square meters entertainment venue in Managua, Nicaragua with 111 slot machines, 21 gaming table positions and 110 F&B positions. Based on the first three full months of operation, this property is generating on an annualized basis $150 thousand in property EBITDA as compared to -$23 thousand of property EBITDA in all of 2014 for the Pharaoh's Holiday Inn that it replaced. See page 12 of the full 2015 Half-year Report for more information on Nicaragua. 

 

2. Grow EBITDA² in Continuing Operations: Property EBITDA increased by 29% and adjusted EBITDA increased by 98.6% in Half-year 2015 as compared to Half-year 2014. The bullets below describe how these results were achieved as well as the process underway to continue to improve both property and adjusted EBITDA in the coming periods.

 

A. Group revenue decreased by $0.3 million or 1.5% on a USD basis. Under a currency neutral analysis (in which the exchange rate for Half-year 2015 would be applied to both periods and thus the impact of Forex swings is removed from the analysis), Group revenue would actually have grown by $1.4 million (7.2% growth). The US dollar has gained value against currencies around the globe, including against our operating currencies. Regardless, based on currency neutral analysis, it is clear that our underlying fundamentals continue to improve. 

 

B. Country-level promotional allowances and property, marketing and administration expense were reduced by $1.2 million through Half-year 2015 as compared to the same period in 2014. A significant portion of the reduction was accomplished through personnel restructuring that added approximately $300 thousand in severance expense, meaning that our net reduction of promotional allowances and property, marketing and administration expense was actually closer to $1.5 million. 

 

C. Corporate expenses remained flat in Half-year 2015 as compared to Half-year 2014. The Group has, however, started implementation of a plan to reduce Corporate expense from the $4.4 million annual run rate at Half-year 2015 to an approximate $3.0 million run rate by Q1 2016 and to an approximate $2.5 million run rate by Q4 2016. The first steps we have undertaken, which should achieve approximately $935 thousand in Corporate expense savings annually, are as follows: 

 

i. Through Half-year 2015 the Group eliminated certain Corporate employee positions, which should reduce ongoing Corporate expense by approximately $290 thousand annually.

ii. Subsequent to Half-year 2015 the Group: a) Restructured and bought out certain officer contracts; and b) Notified certain other employees that their positions would be eliminated between the periods Q4 2015 and Q1 2016. Collectively, these efforts should further reduce Corporate expense by approximate $645K annually as described more fully on page 15 of the full 2015 Half-year Report.

 

3. Reduce Debt and / or Refinance Remaining Debt: We have committed to reduce debt and / or refinance our remaining debt under more favorable terms. The goal is to improve cash flow. Below are the results through Half-year 2015.

 

A. Gross debt has been reduced to $35.5 million on June 30, 2015 as compared to $46.2 million on December 31, 2014. Net debt (gross debt less cash and cash equivalents) has been reduced to $27.8 million on June 30, 2015 as compared to $41.3 million on December 31, 2014.

 

B. As of this date, we continue to seek refinancing of our secured Peru-related debt.

 

4. Increase Shareholder Value: We continue to believe that our share price still does not reflect the intrinsic value of the company. We continue to evaluate our capital structure, the sale of part or all of our approximately $75 million in real estate (based on appraised values) and other strategic alternatives to optimize value for shareholders. The goal of any material transaction would be to "right size" cash flow and to build shareholder value by investing in growth.

 

We will keep you informed as there are material events and progress.

 

Salomon Guggenheim

 

Chief Executive Officer and President

 

August 30, 2015

 

^1. Unless otherwise stated, all figures reported herein are in USD and report the results of those businesses that were continuing as of June 30, 2015 as compared to those same businesses through the six months ended June 30, 2014 or through year-end 2014. Our stated goals have evolved slightly over the last year, but are materially the same as set forth in previous reports.

^2. "EBITDA" is not an accounting term under IFRS, and refers to earnings before net interest expense, income taxes, depreciation and amortization, equity in earnings of affiliates, minority interests, development costs, other gains and losses, and discontinued operations. "Property EBITDA" is equal to EBITDA at the country level(s). "Adjusted EBITDA" is equal to property EBITDA less "Corporate expenses", which are the expenses of operating the parent company and its non-operating subsidiaries and affiliates.

 

GROUP OVERVIEW

 

Below is our consolidated profit / (loss) summary for our continuing operations for the six months ended June 30, 2015 as compared with the same period of 2014. In summary, Group revenue decreased by $0.3 million or 1.5% on a USD basis (see "Forex" note below), but adjusted EBITDA increased by $0.9 million or 98.6% due to aggressive efficiency programs that have led to a material ongoing reduction of country-level and Corporate expenses. See notes on certain key items below.

 

It should be noted that, when including our $6.7 million gain from discontinued operations, which in this case refers to our sold Costa Rica operations as described on page 14, our gain through Half-year 2015 was approximately $4.3 million. See Chapter 4, 2015 Interim Condensed Consolidated Financial Statements and Notes, for more information.

 

(In thousands, proportional consolidation)
		Six months ended
		June 30												%
		2015				2014				Variance				change
Net gaming wins		$	17,209			$	16,786			$	423			2.5	%
Food and beverage sales			1,501				1,644				(143	)		-8.7	%
Hospitality and other sales			2,313				2,909				(596	)		-20.3	%
Total revenues			21,023				21,339				(316	)		-1.5	%
Promotional allowances			2,282				2,226				(82	)		2.5	%
Property, marketing and administration			14,724				15,998				(1,274	)		-8.0	%
Property EBITDA			4,017				3,115				902			29.0	%
Corporate Expenses			2,182				2,191				(9	)		-0.4	%
Adjusted EBITDA			1,835				924				911			98.6	%
Property EBITDA as a percentage of revenues			8.7	%			4.3	%
Depreciation and amortization			1,836				1,918				(82	)		-4.3	%
Interest and financing costs, net			2,124				2,027				97			4.8	%
Management fee attributable to non-controlling interest			-				(253	)			253			-100.0	%
Project development			48				-				48			0.0	%
Foreign exchange (gain) / loss			466				(32	)			498			-1556.3	%
Share of loss from equity accounted investments			10				300				(290	)		-96.7	%
Other (gains) / losses			(470	)			(288	)			(182	)		63.2	%
Income taxes			169				164				5			3.0	%
Loss for the period from continuing operations			(2,348	)			(2,912	)			564			-19.4	%
Loss for the period from continuing operations			6,690				(201	)			6,891			-3428.4
Loss for the period from continuing operations		$	4,342			$	(3,313	)		$	7,455			-239.5	%

 

Forex: The strengthening of the US dollar versus our operating currencies continues to have a material impact on our as reported profit / (loss) as compared to the same period in 2014. Under a currency neutral analysis (in which the Half-year 2015 exchange rate would be applied to both periods so as to remove Forex swings from the analysis), Group revenue would have grown by $1.4 million (7.2% growth) and adjusted EBITDA would have increased by approximately $1.2 million (170.6% growth).

 

Group Debt: Below is the Group's Gross debt and Net debt on June 30, 2015.
(In thousands; proportional consolidation)
		Jun-15			Mar-15			Dec-14
Borrowings		$	34,947		$	37,088		$	43,485
Borrowings associated with assets held for sale			-			-			1,890
Obligations under leases and hire purchase contracts			564			684			780
Gross Debt		$	36,511		$	37,773		$	46,155
Less: cash and cash equivalents (excludes restricted cash)			7,755			10,525			4,885
Net Debt		$	27,756		$	27,248		$	41,270

 

Note: Gross debt above is presented net of debt issuance costs (costs of debt at time of issuance, which are currently non-cash and amortize over time) which is why there is an approximate $0.4 million variance as compared to the total principal balance below. Our reduction in gross debt of approximately $10.6 million since December 2014 is the result of the deconsolidation of our sold Costa Rica operations, of extraordinary debt pay down made with the proceeds from the sale of those assets and of our scheduled amortization of debt at country and Group levels.

 

The Group estimates its debt as follows starting in July 2015:
Principal Payment				2015			2016			2017			2018			2019			Thereafter			Total
	Corporate			$	4,046,001		$	5,833,599		$	4,909,213		$	2,513,506		$	1,375,026		$	3,397,095		$	22,074,440
		Peru-Related Debt			357,968			5,252,363			4,657,041			1,232,413			1,375,026			3,397,095			16,271,905
		Dead Debt			3,310,959			-			-			-			-			-			3,310,959
		Others			377,074			581,236			252,172			1,281,093			-			-			2,491,575
	Peru				805,648			1,499,542			1,288,639			1,395,824			6,810,756			-			11,800,409
	Nicaragua				140,007			268,715			269,563			294,887			757,341			329,593			2,060,106
Total				$	4,991,656		$	7,601,856		$	6,467,415		$	4,204,217		$	8,943,123		$	3,726,687		$	35,934,955
Interest Payment					2015			2016			2017			2018			2019			Thereafter			Total
Corporate				$	1,157,853		$	1,676,919		$	908,049		$	619,272		$	456,979		$	419,584		$	5,238,656
		Peru-Related Debt			800,706			1,523,014			782,080			599,593			456,979			419,584			4,581,955
		Dead Debt			185,274			-			-			-			-						185,274
		Others			171,873			153,906			125,969			19,679			-			-			471,426
	Peru				475,179			842,535			729,552			620,176			223,950			-			2,891,392
	Nicaragua				112,525			179,435			147,028			120,439			92,985			30,880			683,292
Total				$	1,745,557		$	2,698,890		$	1,784,629		$	1,359,886		$	773,914		$	450,464		$	8,813,340

 

RISK MANAGEMENT

 

For more detail on Risk Factors, see Chapter 5 of the 2015 Half-year Report.

 

MANAGEMENT STATEMENT ON "GOING CONCERN"

 

Management routinely plans future activities including forecasting future cash flows. Management has reviewed their plan with the Directors and has collectively formed a judgment that the Group has adequate resources to continue as a going concern for the foreseeable future, which Management and the Directors have defined as being at least the next 18 months from June 30, 2015. In arriving at this judgment, Management has prepared the cash flow projections of the Group, which incorporates a 5-year rolling forecast and detailed cash flow modeling through the current financial year. Directors have reviewed this information provided by Management and have considered the information in relation to the financing uncertainties in the current economic climate, the Group's existing commitments and the financial resources available to the Group. The expected cash flows have been modeled based on anticipated revenue and profit streams with debt funding programmed into the model and reducing over time. The model assumes no new construction projects during the forecast period, with the exception of one business that was in development in 2014 and has since opened as of April 22, 2015. The model assumes a stable regulatory environment in all countries with existing operations. Sensitivities have been applied to this model in relation to revenues not achieving anticipated levels.

 

The Directors have considered the: (i) base of investors and debt lenders historically available to Thunderbird Resorts, Inc., including existing unsecured lenders that have demonstrated willingness to renegotiate debt terms if and as required; (ii) global capital markets; (iii) limited trading exposures to our local suppliers and retail customers; (iv) other risks to which the Group is exposed, the most significant of which is considered to be regulatory risk; (v) sources of Group income, including management fees charged to and income distributed from its various operations; (vi) cash generation, debt amortization levels and key debt service coverage ratios; (vii) fundamental trends of the Group's businesses; (viii) extraordinary cash inflows and outflows from one-time events forecasted to occur in the 18-month period following June 30, 2015; (ix) refinancing of Peru and Peru-related debt; and (x) liquidation of undeveloped and therefore non-performing real estate assets that have been held for sale.

 

Considering the above, Management and Directors are satisfied that the Group has adequate resources to continue as a going concern for at least 18 months following June 30, 2015. For these reasons, Management and Directors continue to adopt the going concern basis in preparing the financial statements.

 

FINANCIAL STATEMENTS

 

THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
(Expressed in thousands of United States dollars)
As of June 30, 2015 and December 31, 2014
					June 30, 2015							December 31, 2014
Assets
Non-current assets
Property, plant and equipment (Note 7)					$	25,572						$	28,720
Investment accounted for using the equity method (Note16)						6,040							6,403
Intangible assets						6,064							7,783
Deferred tax asset						491							566
Trade and other receivables						1,663							1,543
Due from related parties (Note 13)						64							5,651
Total non-current assets						39,894							50,666
Current assets
Trade and other receivables						2,170							2,766
Due from related parties (Note 13)						2,038							1,019
Inventories						761							738
Restricted cash						1,561							1,802
Cash and cash equivalents						7,755							4,749
Total current assets						14,285							11,074
Total assets					$	54,179						$	61,740
THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION (continued)
(Expressed in thousands of United States dollars)
As of June 30, 2015 and December 31, 2014
		June 30, 2015							December 31, 2014
Equity and liabilities
Capital and reserves
Share capital (Note 11)			110,240							110,144
Share option reserve			269							289
Retained earnings			(102,159				)			(106,552				)
Translation reserve			(3,448				)			(1,725				)
Equity attributable to equity holders of the parent			4,902							2,156
Non-controlling interest			1,740							6,404
Total equity			6,642							8,560
Non-current liabilities
Borrowings (Note 9)			28,714							28,532
Obligations under leases and hire purchase contracts (Note 10)			58							317
Deferred tax liabilities			73							77
Provisions			502							1,475
Trade and other payables			1,603							1,318
Total non-current liabilities			30,950							31,719
Current liabilities
Trade and other payables			6,663							6,203
Due to related parties (Note 13)			1,041							2,368
Borrowings (Note 9)			6,234							9,763
Obligations under leases and hire purchase contracts (Note 10)			506							463
Other financial liabilities			599							615
Current tax liabilities			788							821
Provisions			756							1,228
Total current liabilities			16,587							21,461
Total liabilities			47,537							53,180
Total equity and liabilities		$	54,179						$	61,740

 

THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(Expressed in thousands of United States dollars)
For the six months ended June 30, 2015
			Six months ended
			June 30 (unaudited)
			2015				2014
Net gaming wins			$	17,209			$	16,786
Food, beverage and hospitality sales				3,814				4,553
Total revenue				21,023				21,339
Cost of goods sold				(7,945	)			(8,056	)
Gross profit				13,078				13,283
Other operating costs
	Operating, general and administrative			(11,243	)			(12,106	)
	Project development			(48	)			-
	Depreciation and amortization			(1,836	)			(1,918	)
	Other gains and (losses) (Note 5)			470				288
Operating profit / (loss)				421				(453	)
Share of loss from equity accounted investments (Note 16)				(10	)			(300	)
Financing
	Foreign exchange (loss) / gain			(466	)			32
	Financing costs (Note 6)			(2,217	)			(2,308	)
	Financing income (Note 6)			106				297
	Other interest (Note 6)			(13	)			(16	)
Finance costs, net				(2,590	)			(1,995	)
Loss before tax				(2,179	)			(2,748	)
Income taxes expense
	Current			(169	)			(164	)
	Deferred			-				-
Income taxes expense				(169	)			(164	)
Loss for the year from continuing operations			$	(2,348	)		$	(2,912	)
Gain / (loss) for the year from discontinued operations (Note 8)				6,690				(201	)
Gain / (loss) for the year			$	4,342			$	(3,113	)
THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME (continued)
(Expressed in thousands of United States dollars)
For the six months ended June 30, 2015

 

	Six months ended
	June 30 (unaudited)
	2015				2014
Other comprehensive income (amounts, which will be recycled)	$	(1,723	)		$	(973	)
Exchange differences arising on the translation of foreign operations
Other comprehensive income for the year		(1,723	)			(973	)
Total comprehensive income for the year	$	2,619			$	(4,086	)
Gain / (loss) for the year attributable to:
Owners of the parent		4,372				(3,395	)
Non-controlling interest		(30	)			282
	$	4,342			$	(3,113	)
Total comprehensive income attributable to:
Owners of the parent		2,649				(4,368	)
Non-controlling interest		(30	)			282
	$	2,619			$	(4,086	)
Basic loss per share (in $) : (Note 12)
Loss from continuing operations		(0.10	)			(0.14	)
Gain / (loss) from discontinued operations		0.29				(0.01	)
Total		0.19				(0.15	)
Diluted loss per share (in $) : (Note 12)
Loss from continuing operations		(0.10	)			(0.14	)
Gain / (loss) from discontinued operations		0.29				(0.01	)
Total		0.19				(0.15	)
THUNDERBIRD RESORTS, INC.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Expressed in thousands of United States dollars)
For the six months ended June 30, 2015

 

	Attributable to equity holders of parent
	Share capital		Share options reserve			Currency translation reserve			Retained earnings			Total			Non- controlling interest			Total equity
Balance at January 1, 2014	$	109,926	$	467		$	734		$	(95,666	)	$	15,461		$	6,117		$	21,578
Transactions with owners:
Issue of new shares		120		-			-			-			120			-			120
Options cancellation and expiration		-		(34	)		-			34			-			-			-
	$	120	$	(34	)	$	-		$	34		$	120		$	-		$	120
Loss for the year		-		-			-			(3,395	)		(3,395	)		282			(3,113	)
Other comprehensive income
Exchange differences arising on translation of foreign operations		-		-			(973	)		-			(973	)		-			(973	)
Total comprehensive income for the year							(973	)		(3.395	)		(4,368	)		282			(4,086	)
Balance at June 30, 2014	$	110,046	$	433		$	(239	)	$	(99,027	)	$	11,213		$	6,399		$	17,612
Transactions with owners:
Issue of new shares		98		-			-			-			98			-			98
Buy-back of subsidiary shares		-		-			-			20			20			(24	)		(4	)
Options cancellation and expiration		-		(144	)		-			144			-			-			-
	$	98	$	(144	)	$	-		$	164		$	118		$	(24	)	$	94
Loss for the year				-			-			(7,689	)		(7,689	)		29			(7,660	)
Other comprehensive income
Exchange differences arising on translation of foreign operations		-		-			(1,486	)		-			(1,486	)		-			(1,486	)
Total comprehensive income for the year		-		-			(1,486	)		(7,689	)		(9,175	)		29			(9,146	)
Balance at December 31, 2014	$	110,144	$	289		$	(1,725	)	$	(106,552	)	$	2,156		$	6,404		$	8,560

 

		Share capital		Share options reserve			Currency translation reserve			Retained earnings			Total			Non- controlling interest			Total equity
Balance at January 1, 2015	$	110,144	$	289		$	(1,725	)	$	(106,552	)	$	2,156		$	6,404		$	8,560
Transactions with owners:
Issue of new shares		96		-			-			-			96			-			96
Buy-back of subsidiary shares		-		-			-			-			-			56			56
Options cancellation and expiration		-		(20	)		-			20			-			-			-
Costa Rica disposal		-		-			-			-			-			(4,690	)		(4,690	)
	$	96	$	(20	)	$	-		$	20		$	96		$	(4,634	)	$	(4,538	)
Loss for the year				-			-			4,373			4,373			(30	)		4,343
Other comprehensive income
Exchange differences arising on translation of foreign operations		-		-			(1,723	)		-			(1,723	)		-			(1,723	)
Total comprehensive income for the year		-		-			(1,723	)		4,373			2,650			(30	)		2,620
Balance at June 30, 2015	$	110,144	$	269		$	(3,448	)	$	(102,159	)	$	4,902		$	1,740		$	6,642

 

 

THUNDERBIRD RESORTS, INC.
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Expressed in thousands of United States dollars)
For the six months ended June 30, 2015
		Six months ended
		June 30 (unaudited)
		2015				2014
Cash flow from operating activities
Loss for the year		$	(2,348	)		$	(2,912	)
Items not involving cash:
Depreciation and amortization			1,826				1,918
	Loss on disposal of property, plant and equipment
Unrealized foreign exchange			466				(32	)
	Increase / (decrease) in provision		(1,284	)			(1,404	)
	Other losses / (gains)		(470	)			(288	)
	Share based payments		96				(81	)
Finance income			2,217				2,308
Finance cost			(106	)			(297	)
	Other interests		13				16
Results from equity accounted investments			10				300
	Tax expenses		169				164
Net change in non-cash working capital items
	Decrease in trade, prepaid and other receivables		(1,605	)			3,548
	Decrease in inventory		(48	)			184
	(Decrease) / increase in trade payables and accrued		642				1,010
Cash (used) from operations			(412	)			4,434
	Total tax paid		(199	)			(639	)
Net cash generated by continuing operations			(611	)			3,795
Net cash (used) from discontinued operations			77				(158	)
Net cash (used) from operating activities		$	(534	)		$	3,637
Cash flow from investing activities
Expenditure on property, plant and equipment			(2,754	)			(1,685	)
Proceeds on sale of property, plant and equipment			44				1,883
Proceeds on sale of Costa Rica operation			8,077				-
Cost of sale of Costa Rica operation			(165	)			-
Interest received			106				297
Net cash used from investing activities		$	5,308			$	495
Cash flow from financing activities
Proceeds from issue of new loans			870				34
Repayment of loans and leases payable			(4,955	)			(2,698	)
Interest paid			(1,791	)			(1,962	)
Net cash used from financing activities		$	(5,876	)		$	(4,626	)
Net change in cash and cash equivalents during the year			(1,102	)			(494	)
Cash and cash equivalents, beginning of the year			6,551				7,215
Effect of foreign exchange adjustments			3,867				(351	)
			9,316				6,370
Included in disposal group (Note 11)			-				(213	)
Cash and cash equivalents, end of the year		$	9,316			$	6,157

 

ABOUT THE COMPANY

 

We are an international provider of branded casino and hospitality services, focused on markets in Latin America. Our mission is to "create extraordinary experiences for our guests."Additional information about the Group is available at www.thunderbirdresorts.com.

 

Cautionary Notice: Cautionary Notice: The 2015 Half-year Report referred to in this release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included in the 2015 Half-year Report, including without limitation, statements regarding potential revenue and future plans and objectives of Thunderbird are forward-looking statements that involve risk and uncertainties. There can be no assurances that such statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Thunderbird's forward-looking statements include competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, all of which are disclosed under the heading "Risk Factors" and elsewhere in Thunderbird's documents filed from time-to-time with the Euronext Amsterdam and other regulatory authorities. Included in the 2015 Half-year Report are certain "non-IFRS financial measures," which are measures of Thunderbird's historical or estimated future performance that are different from measures calculated and presented in accordance with IFRS, within the meaning of applicable Euronext Amsterdam rules, that are useful to investors. These measures include (i) Property EBITDA consists of income from operations before depreciation and amortization, write-downs, reserves and recoveries, project development costs, corporate expenses, corporate management fees, merger and integration costs, income/(losses) on interests in non-consolidated affiliates and amortization of intangible assets. Property EBITDA is a supplemental financial measure we use to evaluate our country-level operations. (ii) Adjusted EBITDA represents net earnings before interest expense, income taxes, depreciation and amortization, equity in earnings of affiliates, minority interests, development costs, and gain on refinancing and discontinued operations. Adjusted EBITDA is a supplemental financial measure we use to evaluate our overall operations. Property EBITDA and Adjusted EBITDA are supplemental financial measures used by management, as well as industry analysts, to evaluate our operations. However, Property and Adjusted EBITDA should not be construed as an alternative to income from operations (as an indicator of our operating performance) or to cash flows from operating activities (as a measure of liquidity) as determined in accordance with generally accepted accounting principles.

 

CONTACT INFORMATION

 

Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
(507) 223-1234
[email protected]

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