Turismo
Thunderbird Resort Published 2014 Half-Year Report and July 2014 Revenue Report
PANAMA, REPUBLIC OF PANAMA--(Marketwired - Aug 26, 2014) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (EURONEXT: TBIRD)(FRANKFURT: 4TR) announces its interim results for the second quarter and six months ended 30 June 2014.
Below is: 1) Our summary half-year 2014 consolidated income statement(1); 2) The same statement adjusted for fluctuations in currency values by applying the 2014 year-to-date exchange rate average to the same period in 2013 in order to compare the Group's performance trend net of the impact of forex; 3) 2014 Half-year Financial Highlights; 4) 2014 Half-year Other Highlights; and 5) July 2014 Revenue Report.
We include this currency neutral(2) adjusted statement because a material portion of variance through half-year 2014 has been related to exchange rate fluctuations and this adjustment provides the reader with a better apples-to-apples comparison of operating performance trends.
1. SUMMARY 2014 HALF-YEAR CONSOLIDATED INCOME STATEMENT
2. SUMMARY 2014 HALF-YEAR CONSOLIDATED INCOME STATEMENT ADJUSTED FOR CURRENCY NEUTRAL
3. 2014 HALF-YEAR FINANCIAL HIGHLIGHTS
Development : We continue to develop our current operating markets where we can leverage existing management teams to more efficiently generate cash flow from new revenues.
Revenue Performance : We continue to focus on growth, but have been challenged by forex:
Expense Reduction : We continue to control and reduce country-level and corporate expenses:
Adjusted EBITDA and Profit / (Loss) for the Period : Our bottom line results are improving in spite of forex-driven reduction in EBITDA:
Efforts to Reduce Debt and to Refinance Remaining Debt : We continue to reduce debt and refinancing our remaining debt remains a high priority.
We previously announced efforts to refinance Peru and Peru-related debt principal balances (includes some debt on parent company books), and are specifically attempting to refinance approximately $20.9 million of principal balances with $22 million of bank financing at an 8.5% rate, 10-15-year amortization with a 10-year balloon. Such a transaction would reduce our amortization on and improve our cash flow by approximately $1.5 million to $2.1 million annually.
4. 2014 HALF-YEAR OTHER HIGHLIGHTS
In Q1 2014, the Group announced material events and entered into material contracts as follows :
In Q2 2014, the Group announced material events and entered into material contracts as follows :
As subsequent events to half-year 2014, the Group announced material events and entered into material contracts as follows :
5. JULY 2014 REVENUE REPORT
Document Availability : This announcement is a summary of, and should be read in conjunction with the interim results for the second quarter and six months ended 30 June 2014, which can be found on the Group's website at www.thunderbirdresorts.com . Copies of the 2014 Half-year Report 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: iss.pas@ing.nl ). Copies are also available on SEDAR at www.SEDAR.com .
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 : 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 herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Group 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 the Group'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 the Group's documents filed from time-to-time with the AFM and other regulatory authorities.
Contacts:
Peter LeSar
Chief Financial Officer
Phone: (507) 223-1234
Email: plesar@thunderbirdresorts.com
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