Belmond Ltd. Reports Second Quarter 2017 Results
Revenue of $165.9 million, up $11.4 million or 7% over the prior-year quarter; up $13.1 million or 9% on a constant currency basis |
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Belmond Ltd. Reports Second Quarter 2017 Results
Revenue of $165.9 million, up $11.4 million or 7% over the prior-year quarter; up $13.1 million or 9% on a constant currency basis |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2017-08-09
- Net losses attributable to Belmond Ltd. of $4.9 million compared with net earnings attributable to Belmond Ltd. of $8.4 million for the prior-year quarter; year-over-year decrease largely attributable to acquisition-related costs associated with Cap Juluca, Anguilla, British West Indies, and an impairment charge, partially offset by improved operating results
- Adjusted net earnings from continuing operations of $19.7 million, up $15.7 million over the prior-year quarter
- Adjusted EBITDA of $46.3 million, up $8.2 million or 22% over the prior-year quarter; up $8.5 million or 22% on a constant currency basis
- Same store revenue per available room (“RevPAR”) up 9% over the prior-year quarter; up 8% on a constant currency basis
- Expands global footprint with May 2017 acquisition of Cap Juluca
- Further strengthens board of directors with election of Demetra Pinsent in June 2017
- Increases balance sheet flexibility with July 2017 refinancing of corporate credit facility
- Maintains full year 2017 same store, constant currency RevPAR guidance
Belmond Ltd. (NYSE:BEL) (the “Company”), owners, part-owners or managers of 49 luxury hotel, restaurant, train and river cruise properties, including one scheduled for a 2018 opening in London, which operate in 24 countries, today announced its results for the second quarter ended June 30, 2017.
Roeland Vos, president and chief executive officer, remarked: "Our operating performance for the second quarter of 2017 was strong. We delivered solid year-over-year growth at our European hotels as they entered their peak summer seasons and drove steady gains at our North American properties. While we continued to face headwinds in certain parts of our portfolio, notably in Brazil and Myanmar, the strength that we experienced elsewhere more than offset these challenges. Overall, we are pleased with our second quarter results and expect that the strong demand we have seen for Europe and North America should continue into the third quarter, although we expect that it will be hampered by the performance of our Brazilian hotels due to the challenging comparative period resulting from the 2016 Summer Olympics.
"We remain focused on laying the foundations for our 2020 strategic growth plan. We are continuing to re-invest in our existing properties, including in the types of EBITDA-enhancing projects that contributed to our success for the second quarter, as well as in our team, systems and brand. With regards to footprint expansion, we were pleased to complete the acquisition of Cap Juluca in Anguilla. This resort has long been recognized as having one of the best beaches in the Caribbean and has an established legacy and meaningful cachet among luxury travelers. Cap Juluca perfectly fits the Belmond brand and presents a compelling repositioning opportunity. With the addition of the Belmond flag, investment in the product, improvements to distribution and revenue management, and a focus on providing the ultimate service offering, we expect that we will be able to significantly enhance the resort’s performance and value. The acquisition of Cap Juluca serves as an important milestone in our strategic growth plan, and I am encouraged by our new team's recent progress on both announced deals as well as those currently under consideration.
"Looking ahead, we are maintaining our guidance for full year 2017 same store, constant currency RevPAR growth of between 1% and 5%."
Second Quarter 2017 Operating Results
Revenue for the second quarter of 2017 was $165.9 million, an $11.4 million or 7% increase over revenue for the second quarter of 2016. In constant currency, revenue for the second quarter of 2017 increased $13.1 million or 9% over the second quarter of 2016.
Same store RevPAR for owned hotels for the second quarter of 2017 increased 9% over the prior-year quarter. On a constant currency basis, same store RevPAR for owned hotels increased 8% over the prior-year quarter as a result of a 6% increase in average daily rate ("ADR") and 1 percentage point increase in occupancy.
Net losses attributable to Belmond Ltd. for the second quarter of 2017 were $4.9 million ($0.05 per common share), which compared to net earnings attributable to Belmond Ltd. of $8.4 million ($0.08 per common share) for the second quarter of 2016. The year-over-year decrease was largely attributable to $13.2 million of acquisition-related costs associated with Cap Juluca and an $8.2 million impairment charge, partially offset by improved operating results. Acquisition-related costs for Cap Juluca represented professional fees incurred in preliminary design and planning, structuring, assessment of financing opportunities, legal, tax, accounting and engineering due diligence and the negotiation of the purchase and sale agreements, and other ancillary documents, with the principal owner and leaseholder, together with three owners of villas and separate subleases, as well as a memorandum of understanding and ground lease with the Government of Anguilla.
Adjusted net earnings from continuing operations for the second quarter of 2017 were $19.7 million ($0.19 per common share), a $15.7 million increase over adjusted net earnings from continuing operations of $4.0 million ($0.04 per common share) for the second quarter of 2016.
Adjusted EBITDA for the second quarter of 2017 was $46.3 million, an $8.2 million or 22% increase over adjusted EBITDA of $38.1 million for the second quarter of 2016. In constant currency, adjusted EBITDA for the second quarter of 2017 increased $8.5 million or 22% over the second quarter of 2016.
Recent Company Highlights
- Expands global footprint with strategic acquisition of legendary Cap Juluca in Anguilla, British West Indies — On May 26, 2017, the Company completed its previously announced acquisition of the 96-key Cap Juluca resort on the Caribbean island of Anguilla for a total transaction value of $84.5 million, including all related taxes and costs. On the same date, the Company assumed management of the resort, which was previously independently managed, and began marketing the property under the name Belmond Cap Juluca.
- Enhances suite offering at Belmond La Residencia, Mallorca, Spain — On May 26, 2017, the Company introduced six new suites at Belmond La Residencia, increasing the hotel's key count by 9%. The new suites, four of which have private plunge pools, are nestled within the UNESCO World Heritage-listed Tramuntana Mountains, with stunning views of the Mediterranean Sea.
- Further strengthens board of directors — At the annual general meeting of shareholders on June 1, 2017, John Campbell retired from the Company's board of directors. At the same time, Lady Demetra Pinsent, a prominent thought leader in the luxury consumer and branding space, was elected to the board as a new independent director. Lady Pinsent has served as chief executive officer of Charlotte Tilbury Beauty Ltd., a privately owned beauty and cosmetics company, since 2012 and was previously a partner with McKinsey & Co.
- Increases balance sheet flexibility with refinancing of corporate credit facility — On July 3, 2017, the Company completed an amendment and restatement of its corporate credit facility, which, among other things, provided for an increase in the Company's term loan borrowings, a three-year extension of the maturity dates, and decreased interest rates. The Company's term loan borrowings increased from $500.0 million outstanding at June 30, 2017 to $603.4 million, which includes a $400.0 million U.S.-dollar-denominated tranche and a €179.0 million euro-denominated tranche ($203.4 million as of the closing date). The amended and restated agreement also includes a $100.0 million multi-currency revolving credit facility, under which there were no borrowings as of the closing date. As a result of the refinancing, the maturity dates for the term loans and revolving credit facility were extended to July 3, 2024 and July 3, 2022, respectively, and certain terms of the existing facility, including interest rates, were favorably revised. Proceeds from the refinancing were used to repay the then-outstanding term loan and revolving credit facility balances, including $45.0 million of borrowings made under the revolving credit facility in connection with the acquisition of Cap Juluca, as well as for fees and expenses related to the refinancing. The Company intends to use the majority of the balance of the proceeds for future capital needs related to the Company's 2020 strategic growth plan.
- Receives top travel industry awards — Several of the Company's properties were recently recognized by the readers of Travel + Leisure in the magazine's 2017 world's best awards. In addition to being named one of the top 15 hotel brands, the Company also received top honors in Central and South America, with Belmond Palacio Nazarenas, Cusco, Peru, awarded the best city hotel in the region, and in Venice, with Belmond Hotel Cipriani named the city's number one hotel. In total, six Belmond properties were recognized in the magazine's annual poll.
Second Quarter 2017 Business Unit Results
Owned hotels:
Europe:
For the second quarter of 2017, revenue from owned hotels was $72.1 million, an increase of $5.0 million or 7% over $67.1 million for the second quarter of 2016. In constant currency, revenue for the region for the second quarter of 2017 increased $5.7 million or 9% over the prior-year quarter primarily due to a $3.6 million or 9% revenue increase for the Company's Italian hotels and a $1.7 million or 18% increase at Belmond Grand Hotel Europe, St. Petersburg, Russia. Revenue growth for the Company's Italian hotels was largely driven by the performances of Belmond Hotel Cipriani, Venice, which benefited from the Biennale Arts Festival, which takes place every other year in Venice, and Belmond Villa San Michele, Florence, which grew occupancy by 13 percentage points year-over-year due in large part to driving increased group business. Belmond Grand Hotel Europe's year-over-year growth was primarily due to increased revenue during the annual St. Petersburg International Economic Forum coupled with the benefit of the 2017 FIFA Confederations Cup, which took place from mid-June 2017 through early-July 2017.
In constant currency, same store RevPAR for owned hotels in the region increased 11% over the prior-year quarter as a result of an 8% increase in ADR and 2 percentage point increase in occupancy.
Adjusted EBITDA for the region for the quarter of $30.9 million represented an increase of $4.6 million or 17% over $26.3 million for the second quarter of 2016. In constant currency, adjusted EBITDA for the region for the second quarter of 2017 increased $4.7 million or 18% over the prior-year quarter mainly due to a $1.9 million or 39% increase in adjusted EBITDA at Belmond Hotel Cipriani and a $1.6 million or 35% increase in adjusted EBITDA at Belmond Grand Hotel Europe.
North America:
Revenue from owned hotels for the second quarter of 2017 was $42.4 million, up $4.4 million or 12% over $38.0 million for the second quarter of 2016. In constant currency, revenue for the region for the second quarter of 2017 increased $4.4 million or 11% over the prior-year quarter primarily due to revenue growth of $2.2 million or 10% at Belmond Charleston Place, South Carolina, and $0.5 million or 23% at Belmond Maroma Resort & Spa, Riviera Maya, Mexico. Both properties benefited from increased group business, which resulted in solid year-over-year RevPAR and food and beverage revenue growth.
In constant currency, same store RevPAR for owned hotels in the region increased 7% over the prior-year quarter due to a 5% increase in ADR and 1 percentage point increase in occupancy.
Adjusted EBITDA for the region for the quarter was $9.7 million, an increase of $1.2 million or 14% over $8.5 million for the second quarter of 2016. In constant currency, adjusted EBITDA for the region for the second quarter of 2017 increased $1.1 million or 13% over the prior-year quarter as a result of a $0.9 million or 10% adjusted EBITDA increase at Belmond Charleston Place and a $0.4 million adjusted EBITDA increase at Belmond Maroma Resort & Spa.
Rest of world:
Revenue from owned hotels for the second quarter of 2017 was $25.9 million, an increase of $1.6 million or 7% over $24.3 million for the second quarter of 2016. In constant currency, revenue for the second quarter of 2017 increased $0.2 million or 1% over the prior-year quarter principally as a result of revenue growth of $1.4 million or 55% at Belmond Mount Nelson Hotel, Cape Town, South Africa; $1.1 million or 53% at Belmond Safaris, Botswana; and $0.4 million or 17% at Belmond Miraflores Park, Lima, Peru. All three properties benefited from the Company's project capital expenditure investments over the past few years. Additionally, revenue at Belmond La Résidence d'Angkor, Siem Reap, Cambodia, increased $0.2 million or 66% over the prior-year quarter following a full renovation of the property in 2016. Partially offsetting this growth was a combined $3.0 million or 20% year-over-year revenue decrease for the Company's two Brazilian hotels largely as a result of the country's political and economic issues.
In constant currency, same store RevPAR for owned hotels increased 3% over the prior-year quarter as a result of a 1 percentage point increase in occupancy and 1% increase in ADR.
Adjusted EBITDA for the region for the quarter of $2.4 million increased $0.3 million or 14% over adjusted EBITDA of $2.1 million for the prior-year quarter. In constant currency, adjusted EBITDA for the region increased $0.5 million or 24% over the prior-year quarter largely as a result of adjusted EBITDA increases of $1.0 million at Belmond Mount Nelson Hotel, $0.6 million at Belmond Safaris, and $0.2 million or 34% at Belmond Miraflores Park. These increases were partially offset by a combined $1.4 million adjusted EBITDA decrease for the Company's two Brazilian hotels.
Owned trains & cruises:
Revenue for the second quarter of 2017 was $21.8 million, up $0.3 million or 1% over $21.5 million for the second quarter of 2016. In constant currency, revenue increased $2.7 million or 14% primarily as a result of the Belmond Grand Hibernian train in Ireland, which commenced its first full year of operations in April 2017 and recorded $2.0 million of revenue for the second quarter. Additionally, the Belmond Royal Scotsman train in Scotland grew revenue by $0.8 million or 39% year-over-year primarily as a result of generating higher-revenue charter business and operating one additional trip in the current-year quarter.
Adjusted EBITDA for the quarter was $4.2 million, a $0.6 million or 17% increase over adjusted EBITDA of $3.6 million for the second quarter of 2016. In constant currency, adjusted EBITDA increased $1.1 million or 35% over the prior-year quarter largely due to adjusted EBITDA growth for Belmond Royal Scotsman and Belmond Grand Hibernian of $0.6 million and $0.3 million, respectively.
Management fees:
Adjusted EBITDA from management fees for the second quarter of 2017 was $4.4 million, an increase of $0.8 million or 22% over $3.6 million for the second quarter of 2016 primarily as a result of a $0.5 million or 19% increase in fees from the Company's PeruRail joint venture and a $0.4 million or 34% increase in fees from the Company's Peru hotels joint venture. The growth in management fee income from PeruRail resulted from increased revenue from both its passenger and freight operations, and the growth in management fee income from the Peru hotels joint venture was primarily the result of increased occupancy at the joint venture's two hotels in Cusco.
Share of pre-tax earnings from unconsolidated companies:
Adjusted share of pre-tax earnings from unconsolidated companies for the second quarter of 2017 was $5.3 million, an increase of $1.7 million of 47% over $3.6 million for the second quarter of 2016 largely for the same reasons described above for the management fees increase.
Central overheads:
For the second quarter of 2017, adjusted central overheads of $7.2 million were $1.1 million or 18% higher than adjusted central overheads of $6.1 million for the prior-year quarter mainly due to increased development and other corporate headcount to support the 2020 strategic growth plan.
Depreciation and amortization:
For the second quarter of 2017, depreciation and amortization of $15.1 million was $1.8 million or 14% higher than depreciation and amortization of $13.3 million for the prior-year quarter primarily as a result of the recent completion of several capital projects and accelerated depreciation expense to write-off assets that are expected to be replaced.
Impairment of property, plant and equipment:
In the second quarter of 2017, the Company recorded an $8.2 million impairment charge relating to property, plant and equipment, consisting of $7.1 million for the Belmond Road to Mandalay river cruise boat in Myanmar as a result of increased competition and anticipated lower occupancy levels and $1.1 million for the Belmond Northern Belle train in England due to forecasted lower demand.
Provision for income taxes:
For the second quarter of 2017, provision for income taxes was $2.1 million, which compared to provision for income taxes of $14.3 million for the prior-year quarter. The year-over-year decrease in income tax expense was largely attributable to a reduction in pre-tax earnings, mainly as a result of acquisition-related costs associated with Cap Juluca in the current-year quarter.
Investments
The Company continued its strategy of disciplined re-investment in core assets and projects with attractive forecasted returns. During the second quarter of 2017, the Company invested a total of $15.4 million in its portfolio, including $1.7 million on the Venice Simplon-Orient-Express train primarily for required statutory works; $1.1 million at Belmond La Residencia largely for the addition of six new suites; $1.0 million at Belmond Hotel Cipriani in part for works related to the renovation of two existing junior suites and the addition of a new junior suite; $1.0 million at Belmond Grand Hotel Europe largely for improvements to the hotel's heating and air conditioning system and renovation of its deluxe rooms; and $1.0 million for corporate projects, which included the Company's new enterprise resource planning system and website.
Balance Sheet
Following the May 2017 acquisition of Cap Juluca, at June 30, 2017, the Company had total debt of $647.9 million, including $45.0 million of borrowings on the Company's revolving credit facility to finance the acquisition, and cash balances of $125.3 million, resulting in total net debt of $522.6 million and a ratio of net debt to trailing-twelve-months adjusted EBITDA of 4.1 times, which compared to net debt of $435.1 million and a ratio of net debt to trailing-twelve-months adjusted EBITDA of 3.4 times at December 31, 2016.
Following the Company's corporate credit facility refinancing, which closed after the end of the second quarter of 2017, total debt increased by $60.3 million and, after refinancing-related fees and expenses, cash increased by $51.1 million. After giving effect to this refinancing, pro forma as at June 30, 2017, the Company had total debt of $708.2 million and cash balances of $176.4 million, resulting in total net debt of $531.8 million and a ratio of net debt to trailing-twelve-months adjusted EBITDA of 4.2 times. In addition, the Company had $100.0 million available under its revolving credit facility.
Outlook
The Company is providing the following RevPAR and other guidance for the third quarter and full year 2017:
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Third Quarter 2017 |
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Full Year 2017 |
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| Same store worldwide owned hotel RevPAR growth guidance (1) |
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| On a constant currency basis |
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(3)% - 1% |
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1% - 5% |
| In U.S. dollars |
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(3)% - 1% |
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2% - 6% |
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| Statement of operations guidance ($ millions) |
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| Adjusted central overheads |
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$7.2 - $8.2 |
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$28.4 - $30.4 |
| Adjusted share-based compensation |
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$1.6 - $2.6 |
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$6.5 - $8.5 |
| Adjusted central marketing costs |
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$0.6 - $1.6 |
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$4.4 - $6.4 |
| Depreciation and amortization (2) |
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$16.1 - $17.1 |
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$60.4 - $62.4 |
| Interest expense (3) |
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$7.0 - $8.0 |
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$29.3 - $31.3 |
| Tax expense (4) |
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$21.4 - $22.4 |
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$21.2 - $23.2 |
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| Cash flow guidance ($ millions) |
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| Cash interest expense (3) |
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$6.8 - $7.8 |
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$28.5 - $30.5 |
| Cash tax expense (5) |
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$4.9 - $5.9 |
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$19.5 - $21.5 |
| Scheduled loan repayments (3) |
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$1.1 - $2.1 |
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$4.4 - $6.4 |
(1) Projected same store RevPAR growth for the third quarter ending September 30, 2017 and full year ending December 31, 2017 excludes the operations of Belmond Cap Juluca, Anguilla, British West Indies, which was acquired in May 2017, and Belmond La Résidence d'Angkor, Siem Reap, Cambodia, which closed for refurbishment in May 2016 and reopened in mid-November 2016.
(2) Projected depreciation and amortization expense for the third quarter ending September 30, 2017 and full year ending December 31, 2017 includes forecasted accelerated depreciation related to an expected renovation at one of the Company's properties, which accelerated depreciation had not been assumed in the Company's prior depreciation and amortization guidance.
(3) Interest expense, cash interest expense and scheduled loan repayments guidance includes the impact of the Company's corporate credit facility refinancing, which closed on July 3, 2017.
(4) Tax expense guidance includes the Company's share of provision for income taxes of unconsolidated companies.
(5) Cash tax expense guidance does not include the Company's share of provision for income taxes of unconsolidated companies.
BELMOND LTD.
EARNINGS RELEASE SCHEDULES
TABLE OF CONTENTS |
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| Statements of Condensed Consolidated Operations |
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9 |
| Segment Information - Revenue and Adjusted EBITDA |
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10 |
| Summary of Operating Information for Owned Hotels |
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11 |
| Condensed Consolidated Balance Sheets |
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12 |
| Reconciliations - Adjusted EBITDA and Adjusted Share of Pre-Tax Earnings from Unconsolidated Companies |
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13 |
| Reconciliations - Adjusted Net Earnings / (Losses) |
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14 |
| Net Debt to Adjusted EBITDA |
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15 |
BELMOND LTD.
STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS
(Unaudited) |
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| $ millions – except per share amounts |
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Three months ended
June 30, |
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Six months ended
June 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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| Revenue |
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165.9 |
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154.5 |
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260.7 |
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251.9 |
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| Expenses: |
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| Cost of services |
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66.8 |
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69.4 |
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112.8 |
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114.5 |
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| Selling, general and administrative (1) |
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73.7 |
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50.3 |
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124.8 |
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96.9 |
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| Depreciation and amortization |
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15.1 |
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13.3 |
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28.8 |
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26.4 |
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| Impairment of property, plant and equipment |
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8.2 |
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— |
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8.2 |
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— |
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| Total operating costs and expenses |
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163.8 |
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133.0 |
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274.6 |
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237.8 |
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| Gain on disposal of property, plant and equipment |
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0.2 |
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0.2 |
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0.3 |
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0.3 |
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| Earnings / (losses) from operations |
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2.3 |
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21.7 |
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(13.6 |
) |
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14.4 |
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| Gain on extinguishment of debt |
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— |
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1.2 |
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— |
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1.2 |
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| Interest income |
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0.2 |
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0.2 |
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0.3 |
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0.3 |
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| Interest expense |
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(7.9 |
) |
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(7.7 |
) |
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(15.5 |
) |
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(15.2 |
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| Foreign currency, net |
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(1.0 |
) |
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4.8 |
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(1.2 |
) |
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7.7 |
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| (Losses) / earnings before income taxes and earnings from unconsolidated companies, net of tax |
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(6.4 |
) |
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20.2 |
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(30.0 |
) |
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8.4 |
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| (Provision) / benefit for income taxes |
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(2.1 |
) |
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(14.3 |
) |
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3.1 |
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(4.8 |
) |
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| (Losses) / earnings before earnings from unconsolidated companies, net of tax |
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(8.5 |
) |
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5.9 |
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(26.9 |
) |
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3.6 |
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| Earnings from unconsolidated companies, net of tax provision of $1.8, $1.4, $2.0 and $2.2 |
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3.5 |
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2.2 |
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3.9 |
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3.1 |
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| (Losses) / earnings from continuing operations |
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(5.0 |
) |
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8.1 |
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(23.0 |
) |
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6.7 |
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| Net earnings from discontinued operations, net of tax provision of $Nil, $Nil, $Nil and $Nil |
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0.1 |
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0.2 |
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0.1 |
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0.1 |
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| Net (losses) / earnings |
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(4.9 |
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8.3 |
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(22.9 |
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6.8 |
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| Net losses / (earnings) attributable to non-controlling interests |
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— |
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0.1 |
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(0.1 |
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— |
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| Net (losses) / earnings attributable to Belmond Ltd. |
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(4.9 |
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8.4 |
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(23.0 |
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6.8 |
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| EPS attributable to Belmond Ltd. |
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(0.05 |
) |
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0.08 |
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(0.23 |
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0.07 |
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| Weighted average number of shares – millions |
|
102.15 |
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101.53 |
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|
102.01 |
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|
101.42 |
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(1) Selling, general and administrative expenses include operating costs of businesses plus central overheads, share-based compensation and central marketing costs. Selling, general and administrative expenses also included acquisition-related costs associated with the May 26, 2017 acquisition of Cap Juluca of $13.2 million and $13.8 million for the three and six months ended June 30, 2017, respectively. Selling, general and administrative expenses also included certain trains and cruises expenses of $4.3 million that were reclassified from cost of services in the second quarter of 2017.
BELMOND LTD.
SEGMENT INFORMATION
(Unaudited) |
| $ millions |
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Three months ended
June 30, |
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Six months ended
June 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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| Revenue |
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| Owned hotels |
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| - Europe |
|
72.1 |
|
|
67.1 |
|
|
84.1 |
|
|
80.5 |
|
| - North America |
|
42.4 |
|
|
38.0 |
|
|
82.3 |
|
|
77.7 |
|
| - Rest of world |
|
25.9 |
|
|
24.3 |
|
|
61.8 |
|
|
59.5 |
|
| Total owned hotels |
|
140.4 |
|
|
129.4 |
|
|
228.2 |
|
|
217.7 |
|
| Owned trains & cruises |
|
21.8 |
|
|
21.5 |
|
|
26.9 |
|
|
27.9 |
|
| Management fees |
|
3.7 |
|
|
3.6 |
|
|
5.6 |
|
|
6.3 |
|
| |
|
|
|
|
|
|
|
|
| Revenue |
|
165.9 |
|
|
154.5 |
|
|
260.7 |
|
|
251.9 |
|
| |
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Owned hotels |
|
|
|
|
|
|
|
|
| - Europe |
|
30.9 |
|
|
26.3 |
|
|
22.8 |
|
|
20.7 |
|
| - North America |
|
9.7 |
|
|
8.5 |
|
|
19.6 |
|
|
18.6 |
|
| - Rest of world |
|
2.4 |
|
|
2.1 |
|
|
12.4 |
|
|
13.6 |
|
| Total owned hotels |
|
43.0 |
|
|
36.9 |
|
|
54.8 |
|
|
52.9 |
|
| Owned trains & cruises |
|
4.2 |
|
|
3.6 |
|
|
(0.1 |
) |
|
0.8 |
|
| Management fees |
|
4.4 |
|
|
3.6 |
|
|
6.8 |
|
|
6.3 |
|
| Share of pre-tax earnings from unconsolidated companies |
|
5.3 |
|
|
3.6 |
|
|
5.9 |
|
|
5.3 |
|
| |
|
56.9 |
|
|
47.7 |
|
|
67.4 |
|
|
65.3 |
|
| |
|
|
|
|
|
|
|
|
| Central overheads |
|
(7.2 |
) |
|
(6.1 |
) |
|
(14.8 |
) |
|
(13.0 |
) |
| Share-based compensation |
|
(2.0 |
) |
|
(2.0 |
) |
|
(3.6 |
) |
|
(3.8 |
) |
| Central marketing costs |
|
(1.4 |
) |
|
(1.5 |
) |
|
(3.1 |
) |
|
(2.5 |
) |
| |
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
46.3 |
|
|
38.1 |
|
|
45.9 |
|
|
46.0 |
|
BELMOND LTD.
SUMMARY OF OPERATING INFORMATION FOR OWNED HOTELS |
| |
|
Three months ended
June 30, |
|
Six months ended
June 30, |
| |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
| |
|
|
|
|
|
|
|
|
| Room Nights Available |
|
|
|
|
|
|
|
|
| Europe |
|
84,278 |
|
|
83,159 |
|
|
127,318 |
|
|
126,944 |
|
| North America |
|
67,228 |
|
|
64,883 |
|
|
131,398 |
|
|
129,766 |
|
| Rest of world |
|
93,546 |
|
|
93,607 |
|
|
186,426 |
|
|
187,064 |
|
| Worldwide |
|
245,052 |
|
|
241,649 |
|
|
445,142 |
|
|
443,774 |
|
| |
|
|
|
|
|
|
|
|
| Rooms Nights Sold |
|
|
|
|
|
|
|
|
| Europe |
|
57,811 |
|
|
55,791 |
|
|
76,288 |
|
|
74,863 |
|
| North America |
|
47,721 |
|
|
45,519 |
|
|
91,704 |
|
|
90,272 |
|
| Rest of world |
|
44,523 |
|
|
42,863 |
|
|
101,177 |
|
|
105,887 |
|
| Worldwide |
|
150,055 |
|
|
144,173 |
|
|
269,169 |
|
|
271,022 |
|
| |
|
|
|
|
|
|
|
|
| Occupancy |
|
|
|
|
|
|
|
|
| Europe |
|
69% |
|
|
67% |
|
|
60% |
|
|
59% |
|
| North America |
|
71% |
|
|
70% |
|
|
70% |
|
|
70% |
|
| Rest of world |
|
48% |
|
|
46% |
|
|
54% |
|
|
57% |
|
| Worldwide |
|
61% |
|
|
60% |
|
|
60% |
|
|
61% |
|
| |
|
|
|
|
|
|
|
|
| ADR (in U.S. dollars) |
|
|
|
|
|
|
|
|
| Europe |
|
784 |
|
727 |
|
671 |
|
632 |
| North America |
|
443 |
|
422 |
|
454 |
|
445 |
| Rest of world |
|
341 |
|
327 |
|
379 |
|
350 |
| Worldwide |
|
544 |
|
512 |
|
488 |
|
460 |
| |
|
|
|
|
|
|
|
|
| RevPAR (in U.S. dollars) |
|
|
|
|
|
|
|
|
| Europe |
|
537 |
|
488 |
|
402 |
|
373 |
| North America |
|
315 |
|
296 |
|
317 |
|
310 |
| Rest of world |
|
162 |
|
150 |
|
206 |
|
198 |
| Worldwide |
|
333 |
|
305 |
|
295 |
|
281 |
| |
|
|
|
|
|
|
|
|
| Same Store RevPAR (in U.S. dollars) (1) |
|
|
|
|
|
|
|
|
| Europe |
|
537 |
|
488 |
|
402 |
|
373 |
| North America |
|
316 |
|
296 |
|
318 |
|
310 |
| Rest of world |
|
168 |
|
157 |
|
211 |
|
203 |
| Worldwide |
|
340 |
|
312 |
|
299 |
|
285 |
| |
|
|
|
|
|
|
|
|
| Same Store RevPAR (% change) |
|
U.S.
dollar |
|
Constant
currency |
|
U.S.
dollar |
|
Constant
currency |
| Europe |
|
10% |
|
11% |
|
8% |
|
8% |
| North America |
|
7% |
|
7% |
|
3% |
|
3% |
| Rest of world |
|
7% |
|
3% |
|
4% |
|
(7)% |
| Worldwide |
|
9% |
|
8% |
|
5% |
|
2% |
(1) Same store RevPAR data for the three and six months ended June 30, 2017 and June 30, 2016 excludes the operations of Belmond Cap Juluca, which was acquired in May 2017, and Belmond La Résidence d’Angkor, which closed for refurbishment in May 2016 and re-opened in November 2016.
BELMOND LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) |
| $ millions |
|
June 30, |
|
December 31, |
| |
|
2017 |
|
2016 |
| |
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
| Cash |
|
|
|
|
113.9 |
|
|
153.4 |
| Restricted cash |
|
|
|
|
10.4 |
|
|
1.8 |
| Accounts receivable |
|
|
|
|
37.4 |
|
|
25.8 |
| Due from unconsolidated companies |
|
|
|
|
13.6 |
|
|
12.2 |
| Prepaid expenses and other |
|
|
|
|
13.7 |
|
|
12.3 |
| Inventories |
|
|
|
|
24.5 |
|
|
23.9 |
| |
|
|
|
|
|
|
|
| Total current assets |
|
|
|
|
213.5 |
|
|
229.4 |
| |
|
|
|
|
|
|
|
| Property, plant & equipment, net of accumulated depreciation |
|
|
|
|
1,164.0 |
|
|
1,074.7 |
| Investments in unconsolidated companies |
|
|
|
|
79.2 |
|
|
79.3 |
| Goodwill |
|
|
|
|
123.0 |
|
|
113.3 |
| Other intangible assets |
|
|
|
|
19.9 |
|
|
13.9 |
| Other assets |
|
|
|
|
13.1 |
|
|
13.5 |
| |
|
|
|
|
|
|
|
| Total assets (1) |
|
|
|
|
|
