Thunderbird Resorts 2022 Half-Year / Semi-Annual Report

0
377


ZURICH, Sept. 29, 2022 (GLOBE NEWSWIRE) — Thunderbird Resorts Inc. (“Thunderbird”) (FSE: 4TR; and Euronext: TBIRD) is happy to announce that its 2022 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 rules, the Half-year report is meant to adjust to the foundations and rules set forth by the AFM and the Euronext Amsterdam.

Copies of the 2022 Half-year report and Unaudited Consolidated Financial Statements Report within the English language will probably be obtainable for gratis on the Group’s web site at www.thunderbirdresorts.com. Copies within the English language can be found for gratis on the Group’s operational workplace in Panama and on the workplaces of our native 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, e-mail: iss.pas@ing.nl). Copies are additionally obtainable on SEDAR at www.SEDAR.com. 

Below are sure materials excerpts from the total 2022 Half-year report the whole lot of which might be discovered on our web site at www.thunderbirdresorts.com.

Dear Shareholders and Investors:

The beneath summarizes the Group’s efficiency by means of June 30, 2022.

A.  EBITDA: Peru property EBITDA elevated by $64 thousand and adjusted EBITDA by $99 thousand over the identical interval in 2021. The will increase had been pushed by a $439 thousand enhance in income over the identical interval, whereas bills had been managed given the inflationary surroundings.

B.  Profit / (Loss): Based on Continuing Operations, the Group skilled a Profit of $241 thousand, a decline of $160 thousand as in comparison with Half-year 2021. While money bills beneath the EBITDA line improved, the decline in earnings was pushed by increased non-cash bills.

C.  Net Debt: There was primarily nil progress in internet debt within the interval. We do anticipate to announce materials progress with internet debt by the tip of the fiscal 12 months 2022.

1.  IMPACT OF COVID-19 ON 2021 AND BEYOND

Covid-19 continues to affect on our markets. Having mentioned that, Management has stabilized its operations and its money administration. To be prudent, nonetheless, we preserve unchanged our Management Statement on Going Concern as final up to date in our 2021 Annual Report.

2.  SHAREHOLDER MANDATE AND OUR ASSETS

We proceed to pursue choices that assist one of the best curiosity of shareholders in accordance with the shareholder mandate set forth within the September 21, 2016 Special Resolutions. Please learn the next rigorously.

A.  Peru Real Estate Assets: As of the publication of this 2022 Half-year Report, the Group accomplished the method to transform a 66-suite resort right into a condominium residence constructing of 66 models on the market. In the identical mixed-use constructing, the Group additionally continues to personal roughly 6,703 m2 of rentable-sellable workplace area, and 158 underground parking areas. Please word the next:

  • The Group accomplished the conversion of the 66-suite resort into condominiums. Sales are advancing. We mission to have accomplished sale of all condominiums within the first half of 2023.
  • The Group is evaluating the conversion of its 6,703 m2 of workplaces to residences. Given the pre-sale efficiency of the resort conversion into condominium residences, the Group has begun an evaluation of the conversion of its workplace complicated (positioned in the identical constructing). We have contracted for development plans and are within the budgeting mode. We have lively tenants, the development funds would probably be in extra of $3 million, and the timing of such a mission may take one to 2 years. The Group will hold shareholders apprised.

B.  Nicaragua Gaming and Real Estate Assets: As of the publication date of this 2022 Half-year Report, the Group continues to personal a 56% curiosity in a Nicaraguan holding firm that owns the next belongings: i) Gaming: Five full casinos and two slot parlors with a mixed roughly 733 gaming positions; and ii) Real Estate: Approximately 4,562 m2 of land divided amongst 5 parcels, and a few with tenant enhancements as extra totally detailed on web page 10.

See also  Goa University Vice-Chancellor Harilal Menon Inaugurates Auditorium and other Infrastructure at VMSIIHE

C.  Costa Rica Real Estate Asset: As of the publication of this 2022 Half Year Report, the Group continues to personal a 50% curiosity in a Costa Rican entity that owns the 11.6-hectare actual property property often called “Tres Rios”. Tres Rios, with its personal, devoted off ramp, is positioned near the nation’s 2nd largest mall on the freeway between the capital metropolis of San Jose and the commuter metropolis of Cartago.

GROUP OVERVIEW: The Group’s consolidated revenue/ (loss) abstract for the six months ended June 30, 2022, as in contrast with the identical interval of 2021 is contained within the Group’s 2022 Half-year Report positioned at www.thunderbirdresorts.com. In abstract, Group income elevated by $439 thousand or 6.7%, whereas adjusted EBITDA elevated by $99 thousand or 4.9%.

During the half-year ended June 30, 2022, the Group engaged within the following materials occasions:

  1. Peru Hotel Real Estate Converted to Apartment Units: As of the date of publication of this 2022 Half 12 months Report, the Group has transformed it is 66-suite resort in Lima, Peru right into a 66-unit condominium residence complicated. The Group has: i) Legally sub-divided the previous resort in to 66 individually titled residence models; ii) Procured all change of use and different regulatory approvals; and iii) Restructured roughly $4.5 million of senior debt based mostly on the change of use, enabling us to promote models and speed up debt cost with every sale.
  2. The Group is evaluating the conversion of its 6,703 m2 of workplaces to residences: Given the pre-sale efficiency of the resort conversion into condominium residences, the Group has begun an evaluation of the conversion of its workplace complicated (positioned in the identical constructing). We have contracted for development plans and are within the budgeting mode. We have lively tenants, the development funds would probably be in extra of $3 million, and the timing of such a mission may take one to 2 years. The Group will hold shareholders apprised.

From the six months ended June 30, 2022 till the date of publication of this 2022 Half-year Report, the Group has engaged within the following materials occasions:

  1. Peru Hotel Real Estate Converted to Apartment Units: The Group has now offered nearly all of the models with attainable completion of this transaction within the first half of 2023.
  2. Guatemala Tax Cases: In November 2019, the Third Economic courtroom issued a decision in opposition to the arguments of Thunderbird de Guatemala in a case associated to 2009 tax interval for an approximate quantity of $100 thousand. An Administrative Cassation Appeal was filed in July 2021 earlier than the Third Economic Court alleging that the decide omitted among the arguments and information introduced by Thunderbird de Guatemala. On July 20, 2022, Thunderbird de Guatemala was served with the Supreme Court Resolution 01002-2021-00644, wherein was determined to take care of the prior choices in opposition to the Company pursuits. At this occasion, no additional challenges can be found. The Company is registering a provision of roughly US$109,000 in accordance with the quantity acknowledged within the March 19, 2021 ruling for this case.

RISK MANAGEMENT: For extra element on Risk Factors, see Chapter 5 of the Group’s 2022 Half-year Report.

MANAGEMENT STATEMENT ON “GOING CONCERN”: This assertion is made making an allowance for the worldwide well being disaster and financial fallout brought on by the pandemic Covid-19. There is instability in our markets and globally that would affect on Group actions in methods which are presently unpredictable. To account for the unpredictable circumstances, in forecasting future money flows in our evaluation of Going Concern, Management has made sure extraordinary assumptions. Specifically, we’ve:

  1. Forecasted a materially destructive affect on income for the years 2023 and 2024.
  2. Forecasted bills to stay roughly on the ranges they’re as on date of publication of our 2022 Annual Report, that means we’re assuming (for Going Concern evaluation solely) that the Group has no extra flexibility to drive down bills additional.
  3. Assumed that the Group will be capable of proceed to defer junior debt and to barter phrases for reimbursement as liquidity turns into obtainable.
  4. Assumed no improvement nor materials development, however do assume some repurposing of present actual property to accommodate for adjustments in demand.
  5. Forecasted no extraordinary one-time occasions which will affect positively or negatively on the Group’s money flows, although such occasions are attainable significantly given the surroundings.
  6. Assumed a steady regulatory surroundings in all international locations with present operations, and have forecasted receiving no governmental assist other than what has already been acquired.
See also  OYO plans to launch IPO by year-end

Management has reviewed their plan with the Directors and has collectively shaped a judgment that the Group has sufficient sources to proceed as a going concern for the foreseeable future, which Management and the Directors have outlined as being at the very least the subsequent 12 months from the submitting of this 2022 Half-year Report. In arriving at this judgment, Management has ready the money stream projections of the Group. 

Directors have reviewed this data offered by Management and have thought of the knowledge in relation to the financing uncertainties within the present financial local weather, the Group’s present commitments and the monetary sources obtainable to the Group. Specifically, Directors have thought of: (i) there are most likely no sources of latest financing obtainable to the Group; (ii) the Group has restricted buying and selling exposures to our native suppliers and retail prospects; (iii) different dangers to which the Group is uncovered, probably the most vital of which is taken into account to be regulatory threat; (iv) sources of Group earnings, together with administration charges charged to and earnings distributed from its numerous operations; (v) money technology and debt amortization ranges; (vi) basic traits of the Group’s companies; (vii) potential to re-amortize and unsecured lenders; and (vii) degree of curiosity of third events within the acquisition of sure working belongings, and standing of real progress and likelihood of closing throughout the Going Concern interval. The Directors have additionally thought of sure vital components that may have an effect on persevering with operations, as follows:

  • Special Resolution: On September 21, 2016, the Group’s shareholders accredited a particular decision that, amongst different gadgets, approved the Board of Directors of the Corporate to promote “any or all remaining assets of the Corporation in such amounts and at such times as determined by the Board of Directors.” This decision facilitates the sale of anyone or any mixture of belongings required to assist sustaining of a going concern by the Group.
  • Corporate Expense and Cash Flow: Corporate expense has decreased materially lately, however nonetheless should accommodate for compliance as a public firm.
  • Liquidity and Working Capital: As of the date of publication of this 2022 Half-year Report, the Group forecasts working with low ranges of reserves and dealing capital. Selling belongings will probably be vital to making a wholesome degree of working capital reserves for intervals past the Going Concern interval, which potential to liquidate belongings is contingent on market components that aren’t throughout the management of the Group.
See also  Radisson Individuals debuts in Egypt with the opening of

Considering the above, Management and Directors are happy that the consolidated Group has sufficient sources to proceed as a going concern for at the very least the 12 months following the submitting date of this report. For these causes, Management and Directors proceed to undertake the going concern foundation in getting ready the consolidated monetary statements.

THUNDERBIRD RESORTS, INC. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Expressed in hundreds of United States {dollars}) for the half-year ended June 30, 2022, had been accredited by the Board of Directors on September 29, 2022, and are contained within the Half-year Report for 2022 posted at www.thunderbirdresorts.com. The consolidated monetary statements and the accompanying notes are an integral a part of these consolidated monetary statements. 

ABOUT THE COMPANY

We are a world supplier of branded on line casino and hospitality companies, centered on markets in Latin America. Our mission is to “create extraordinary experiences for our guests”. Additional details about the Group is obtainable at www.thunderbirdresorts.comContact: Peter LeSar, Chief Financial Officer ∙ Email: plesar@thunderbirdresorts.com

Cautionary Notice: The Half-year Report referred to on this launch accommodates sure forward-looking statements throughout the that means of the securities legal guidelines and rules of assorted worldwide, federal, and state jurisdictions. All statements, aside from statements of historic truth, included within the Half-year Report, together with with out limitation, statements concerning potential income and future plans and goals of Thunderbird are forward-looking statements that contain threat and uncertainties. There might be no assurances that such statements will show to be correct and precise outcomes may differ materially from these anticipated in such statements. Important components that would trigger precise outcomes to vary materially from Thunderbird’s forward-looking statements embrace aggressive pressures, unfavorable adjustments in regulatory buildings, and normal dangers related to business, all of that are disclosed beneath the heading “Risk Factors” and elsewhere in Thunderbird’s paperwork filed every so often with the Euronext Amsterdam and different regulatory authorities. Included within the Half-year Report are sure “non-IFRS financial measures,” that are measures of Thunderbird’s historic or estimated future efficiency which are completely different from measures calculated and introduced in accordance with IFRS, throughout the that means of relevant Euronext Amsterdam guidelines, which are helpful to buyers. These measures embrace (i) Property EBITDA consists of earnings from operations earlier than depreciation and amortization, write-downs, reserves and recoveries, mission improvement prices, company bills, company administration charges, merger and integration prices, earnings/(losses) on pursuits in non-consolidated associates and amortization of intangible belongings. Property EBITDA is a supplemental monetary measure we use to judge our country-level operations. (ii) Adjusted EBITDA represents internet earnings earlier than curiosity expense, earnings taxes, depreciation and amortization, fairness in earnings of associates, minority pursuits, improvement prices, and acquire on refinancing and discontinued operations. Adjusted EBITDA is a supplemental monetary measure we use to judge our total operations. Property EBITDA and Adjusted EBITDA are supplemental monetary measures utilized by administration, in addition to trade analysts, to judge our operations. However, Property and Adjusted EBITDA shouldn’t be construed as an alternative choice to earnings from operations (as an indicator of our working efficiency) or to money flows from working actions (as a measure of liquidity) as decided in accordance with typically accepted accounting rules. Thunderbird’s paperwork filed from time-to-time with the Euronext Amsterdam and different regulatory authorities.

Contact Information:
Peter LeSar
Chief Financial Officer
plesar@thunderbirdresorts.com
6192611138

This content material was issued by means of the press launch distribution service at Newswire.com.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here