Belmond Ltd. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 28, 2014

Attached files

file filename
8-K - 8-K - Belmond Ltd.oeh-20140228x8k.htm
EX-99.1 - EXHIBIT 99.1 - Belmond Ltd.oeh-ex991_02282014x8k.htm


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EXHIBIT 99.2
 
ORIENT - EXPRESS HOTELS LTD.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW SEGMENT REPORTING PRESENTATION OF HISTORICAL RESULTS
(U.S. dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2011
 
2012
 
2013
 
 
Q1 3
Q2
Q3
Q4
 
FY
 
Q1 3
Q2
Q3
Q4
 
FY
 
Q1 3
Q2
Q3
Q4
 
FY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue and earnings from unconsolidated companies 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owned hotels:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Europe
 
$
14.7

$
76.7

$
89.0

$
32.8

 
$
213.2

 
$
15.8

$
70.9

$
83.5

$
32.1

 
$
202.3

 
$
16.1

$
75.2

$
97.3

$
33.5

 
$
222.1

North America
 
30.7

31.8

23.4

33.1

 
119.0

 
33.0

33.9

23.7

32.9

 
123.5

 
34.4

40.5

33.0

38.6

 
146.5

Rest of world
 
37.3

29.8

28.6

39.9

 
135.6

 
41.7

28.3

24.0

38.9

 
132.9

 
41.4

30.3

30.0

40.0

 
141.7

Total owned hotels
 
82.7

138.3

141.0

105.8

 
467.8

 
90.5

133.1

131.2

103.9

 
458.7

 
91.9

146.0

160.3

112.1

 
510.3

Part-owned / managed hotels
 
(0.1
)
2.9

1.7

1.3

 
5.8

 
(0.2
)
2.2

1.2

1.5

 
4.7

 
(1.1
)
1.9

1.8

1.2

 
3.8

Total hotels
 
82.6

141.2

142.7

107.1

 
473.6

 
90.3

135.3

132.4

105.4

 
463.4

 
90.8

147.9

162.1

113.3

 
514.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owned trains & cruises
 
6.6

23.7

25.0

17.2

 
72.5

 
7.4

23.2

22.2

18.1

 
70.9

 
9.1

21.8

22.2

20.6

 
73.7

Part-owned / managed trains
 
1.0

1.6

3.9

3.4

 
9.9

 
1.9

3.8

3.8

3.0

 
12.5

 
2.1

3.2

5.0

4.1

 
14.4

Total trains & cruises
 
7.6

25.3

28.9

20.6

 
82.4

 
9.3

27.0

26.0

21.1

 
83.4

 
11.2

25.0

27.2

24.7

 
88.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
90.2

$
166.5

$
171.6

$
127.7

 
$
556.0

 
$
99.6

$
162.3

$
158.4

$
126.5

 
$
546.8

 
$
102.0

$
172.9

$
189.3

$
138.0

 
$
602.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Analysis of earnings and adjusted EBITDA 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owned hotels:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Europe
 
$
(6.8
)
$
28.8

$
36.7

$
1.6

 
$
60.3

 
$
(7.6
)
$
26.8

$
34.5

$
2.6

 
$
56.3

 
$
(7.9
)
$
28.1

$
43.1

$
0.5

 
$
63.8

North America
 
5.9

4.9

(0.6
)
3.3

 
13.5

 
7.5

7.4

1.2

5.6

 
21.7

 
6.3

8.2

2.9

5.8

 
23.2

Rest of world
 
10.8

4.5

4.5

11.8

 
31.6

 
13.6

4.7

3.4

11.0

 
32.7

 
12.9

4.8

6.0

12.3

 
36.0

Total owned hotels
 
9.9

38.2

40.6

16.7

 
105.4

 
13.5

38.9

39.1

19.2

 
110.7

 
11.3

41.1

52.0

18.6

 
123.0

Part-owned / managed hotels
 
(0.1
)
2.5

1.3

1.6

 
5.3

 
(0.7
)
1.6

0.8

1.1

 
2.8

 
(2.0
)
1.8

1.5

1.0

 
2.3

Total hotels
 
9.8

40.7

41.9

18.3

 
110.7

 
12.8

40.5

39.9

20.3

 
113.5

 
9.3

42.9

53.5

19.6

 
125.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owned trains & cruises
 
(1.9
)
4.5

5.1

3.3

 
11.0

 
(2.3
)
4.3

4.2

3.5

 
9.7

 
(1.1
)
2.5

2.8

4.2

 
8.4

Part-owned / managed trains
 
1.0

1.6

3.9

3.4

 
9.9

 
2.0

3.7

3.8

3.0

 
12.5

 
2.1

3.2

5.0

4.1

 
14.4

Total trains & cruises
 
(0.9
)
6.1

9.0

6.7

 
20.9

 
(0.3
)
8.0

8.0

6.5

 
22.2

 
1.0

5.7

7.8

8.3

 
22.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Central overheads
 
(6.3
)
(6.7
)
(9.2
)
(8.6
)
 
(30.8
)
 
(7.5
)
(8.0
)
(7.1
)
(8.5
)
 
(31.1
)
 
(8.6
)
(6.9
)
(6.6
)
(7.5
)
 
(29.6
)
Share-based compensation
 
(1.6
)
(2.0
)
(1.2
)
(2.0
)
 
(6.8
)
 
(2.0
)
(1.6
)
(0.8
)
(2.4
)
 
(6.8
)
 
(1.6
)
(2.3
)
(2.6
)
(3.9
)
 
(10.4
)
Central marketing costs
 
0.1

0.1

0.1

0.2

 
0.5

 
(0.3
)
(0.3
)
(0.2
)
(0.2
)
 
(1.0
)
 
(0.4
)
(0.2
)
(0.2
)
(0.3
)
 
(1.1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA before impairment
 
1.1

38.2

40.6

14.6

 
94.5

 
2.7

38.6

39.8

15.7

 
96.8

 
(0.3
)
39.2

51.9

16.2

 
107.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on disposal of property, plant and equipment and capital lease
 
0.6

(0.1
)
—

16.0

 
16.5

 
—

—

—

1.5

 
1.5

 
—

—

—

—

 
—

Impairment
 
—

—

(2.3
)
(18.4
)
 
(20.7
)
 
—

—

—

(5.9
)
 
(5.9
)
 
(35.6
)
—

—

(0.8
)
 
(36.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA
 
1.7

38.1

38.3

12.2

 
90.3

 
2.7

38.6

39.8

11.3

 
92.4

 
(35.9
)
39.2

51.9

15.4

 
70.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments to EBITDA 2
 
(0.2
)
2.1

7.0

7.6

 
16.5

 
0.4

0.8

1.0

7.8

 
10.0

 
40.4

2.0

0.7

6.0

 
49.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
 
$
1.5

$
40.2

$
45.3

$
19.8

 
$
106.8

 
$
3.1

$
39.4

$
40.8

$
19.1

 
$
102.4

 
$
4.5

$
41.2

$
52.6

$
21.4

 
$
119.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Revenue of Ubud Hanging Gardens 1
$
0.8

$
1.4

$
1.8

$
1.4

 
$
5.4

 
$
1.0

$
1.5

$
1.9

$
1.5

 
$
5.8

 
$
1.2

$
1.4

$
1.9

 N/A

 
$
4.5

Note: Adjusted EBITDA of Ubud Hanging Gardens 1
$
0.1

$
0.4

$
0.8

$
0.5

 
$
1.8

 
$
0.1

$
0.5

$
0.8

$
0.5

 
$
1.9

 
$
0.2

$
0.4

$
0.8

 N/A

 
$
1.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Following the owner’s repossession of Ubud Hanging Gardens in November 2013, results from this hotel have been moved to discontinued operations starting with the fourth quarter of 2013. Prior-period results have been updated accordingly. 
2 Adjustments are as previously reported with the exception of adjustments related to Ubud Hanging Gardens, which have been removed. 
3 Includes minor rounding adjustments. 


Belmond Ltd. Reports