Orient-Express Hotels Ltd. : Orient-Express Hotels Reports Third Quarter 2011 Results
11/02/2011| 05:35pm US/Eastern
Recommend:
HAMILTON, Bermuda, November 2, 2011 /PRNewswire via COMTEX/
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Third Quarter Earnings Summary
-
Third quarter total revenue, excluding Real Estate, up 17%
to $183.2 million
-
Revenue from Owned Hotels up 16% to $150.0
million
-
Same store RevPAR up 19% in US dollars, up 14% in local
currency
-
Adjusted EBITDA before Real Estate up 29% to $46.7
million
-
Adjusted net earnings from continuing operations increased
to $19.9 million from $6.1
million in the third quarter of 2010
KeyEvents
-
Completed the refinancing of an $88 million
loan on Copacabana Palace, Rio de Janeiro, and
Hotel das Cataratas, Iguassu Falls. The new $115
million loan has a maturity of three years and
includes a $15 million capital expenditure
facility
-
Completed the financing of a new $45 million
loan facility for renovation works at El Encanto, a 92-key
historic property in Santa Barbara,
California, scheduled to open in late 2012
-
Opened Bar '21', a new bar and lounge at
'21' Club, New York
-
Launched eight week digital brand awareness campaign in the
US market
Orient-Express Hotels Ltd. (NYSE: OEH, http://www.orient-express.com),
owners or part-owners and managers of 49 luxury hotel,
restaurant, tourist train and river cruise properties
operating in 24 countries, today announced its results for
the third quarter ended September 30, 2011.
"The Company's growth in operating results in the
third quarter reflected continued robust demand for our
luxury leisure travel products in most of our markets. We
were pleased by the strong performance of our iconic Italian
portfolio of properties, most of which are on track to
achieve their best ever annual results," said Bob
Lovejoy, Chairman and Interim Chief Executive Officer.
"Worldwide revenue excluding Real Estate grew by 17%
compared to the third quarter of 2010. Adjusted EBITDA before
Real Estate grew for the seventh consecutive quarter,
increasing by 29% compared to the prior year quarter.
"Looking forward, we see a continuing positive demand
picture in our markets. Rooms revenue achieved and on the
books for the fourth quarter of 2011 is currently 19% above
the same figure at this time last year. Rooms revenue on the
books for 2012 is currently 18% ahead of the same time last
year.
"In the third quarter the Company also strengthened its
financial position by refinancing the last significant piece
of debt that was due in 2012. We are also seeing good data
from our digital media brand awareness campaign launched in
the US during the quarter, with over 25 million individuals
having already visited websites advertising the
Orient-Express brand."
Business Highlights
Revenue, excluding Real Estate, was $183.2
million in the third quarter of 2011, up $26.8
million or 17% from the third quarter of 2010.
Revenue from Owned Hotels for the third quarter was
$150.0 million, up $20.7 million or
16% from the third quarter of 2010. On a same store basis,
Owned Hotels RevPAR was up 19% in US dollars and up 14% in
local currency.
Trains and Cruises revenue in the third quarter was
$28.9 million compared to $23.6
million in the third quarter of 2010, an increase of
22%.
Adjusted EBITDA before Real Estate was $46.7
million for the third quarter, up 29% compared to
$36.3 million in the prior year. The principal
increase was at the Italian hotels, where EBITDA was up
$7.4 million from the same period in the prior
year, led by Hotel Cipriani, Venice (up
$2.4 million) and the two Sicilian properties
(up $3.1 million). Other improvements included
Reid's Palace, Madeira (up $1.1 million), La
Residencia, Mallorca (up $1.0 million), the
Copacabana Palace Hotel (up $0.8 million), and
share of earnings from PeruRail (up $1.3
million), offset by The Westcliff,
Johannesburg (down $1.2 million)
and Mount Nelson Hotel, Cape Town (down
$1.4 million).
Adjusted net earnings from continuing operations for the
third quarter were $19.9 million
($0.19 per common share), compared with
$6.1 million ($0.07 per common
share) in the third quarter of 2010. Net losses, after tax
effected impairments of $57.8 million
($0.56 per common share), for the third quarter
were $50.1 million ($0.49 per
common share), compared with a net loss of $22.5
million ($0.25 per common share) in the
third quarter of 2010.
Property Portfolio Highlights
In September, the Company launched its first ever
Internet-based brand awareness campaign across the US, called
"A journey like no other", aimed at building
recognition of Orient-Express within its largest customer
market. The eight week campaign highlights experiences at
selected properties using digital media advertisements placed
on a variety of lifestyle and travel websites. These digital
advertisements link to a microsite, http://www.orient-express.com/journeylikenoother,
where nine short films follow the travel experiences of a
cast of fictional characters and real-life staff members.
During the quarter the Company finalized a new $45
million loan facility for the refurbishment works at
El Encanto, a 92-key landmark hotel in Santa
Barbara that will be one of the premier luxury
properties in Southern California when it opens
in late 2012.
In September, the Company launched Bar '21', a
10-seat bar and lounge on the ground floor of the
'21' Club serving a casual yet refined menu,
including a new version of the famed '21' burger. The
bar welcomes the guest upon arrival with a warm, informal
atmosphere that remains true to the inspiration of the
original '21' Club space.
Several of the Company's properties received significant
awards in the quarter. Readers of Condé Nast Traveller (UK)
voted the Hiram Bingham train, operating between Cuzco and
Machu Picchu, Best Specialist Train Operator in its
prestigious Reader's Travel Awards 2011. Readers of the
US edition of the same magazine placed Keswick Hall,
Virginia first in the Best Small US Resort
category and The Observatory Hotel, Sydney, Best
Hotel in Oceania. Members of Virtuoso, North
America's network of leading luxury travel
specialists, voted Hotel Cipriani Hotel of the Year at its
2011 Best of the Best Awards.
Regional Performance
Europe:
In the third quarter, revenue from Owned Hotels was
$89.0 million, up $16.6 million or
23% from $72.4 million in the third quarter of
2010. Third quarter revenue increased at all locations, but
continued to be led by strong demand from the UK and US at
the Italian properties. Revenue from Italian properties
increased by $11.4 million or 25% compared to
the same quarter in 2010. Same store RevPAR in
Europe was up 30% from the prior year in US
dollars (up 21% in local currency). EBITDA for the quarter
was $36.7 million compared to $28.1
million in the third quarter of 2010, which represents
an $8.6 million or 31% increase. This
improvement arose largely from the Italian hotels where the
impact of refurbishments at Hotel Cipriani contributed to
EBITDA growth of $2.4 million. Compared with the
third quarter of 2010, the Company's two hotels in
Sicily achieved year on year EBITDA growth of
$3.1 million. During the quarter the region also
included a non-recurring management restructuring charge of
$1.2 million.
North America:
Revenue from Owned Hotels for the quarter was $24.4
million, up 5% from $23.3 million in the
third quarter of 2010, largely due to a strong September
performance driving a revenue growth in the quarter of
$0.9 million or 7% at Charleston Place,
Charleston. Same store RevPAR in the region increased by 8%
in both US dollars and local currency. EBITDA was $1.5
million compared to $0.8 million in the
third quarter of 2010.
Rest of World:
Southern Africa:
Third quarter revenue was $7.3 million, compared
to $10.0 million in the third quarter of 2010.
Same store RevPAR was down 26% in both US dollars and local
currency. EBITDA was $0.1 million, compared to
$2.7 million in the third quarter of 2010. The
decrease was largely the result of the absence of the
football World Cup played in South Africa in
2010, although EBITDA has also been negatively impacted by
new competition in both Cape Town and
Johannesburg, resulting in significant pressure
on both rates and margins.
South America:
Revenue increased by 22% to $17.7 million in the
third quarter of 2011, from $14.5 million in the
third quarter of 2010. Year on year revenue increased at
Hotel das Cataratas, Iguassu Falls, by $0.8
million or 32% following the major refurbishment that
was completed in November 2010. Year on year
revenue increased at Copacabana Palace by $2.2
million or 22%, driven by record occupancy and strong
growth in average daily rate with an increase in US guest
numbers. Same store RevPAR in the region increased by 15% in
both US dollars and local currency. EBITDA was $2.5
million, compared to $1.3 million last
year.
Asia Pacific:
Revenue for the third quarter of 2011 was $11.6
million, an increase of $2.4 million or
26% year over year, reflecting strong growth at all
properties, most notably at Napasai, Koh Samui where revenue
increased by $0.7 million or 74% year on year
following the creation of a new lagoon. Same store RevPAR
increased by 21% in both US dollars and local currency.
EBITDA was $3.0 million compared to $2.2
million in the third quarter of 2010.
Additional Information
Hotel management and part-ownership interests:
EBITDA for the third quarter of 2011 was $1.3
million compared to $1.0 million in the
third quarter of 2010. The improvement was largely
attributable to the Company's share of results from
Peru hotels, as the third quarter of 2010 was
negatively impacted by flooding and landslides in the country
earlier in that year. The quarterly result also included
$0.4 million of costs relating to the
Company's initiative to enter the Management Contract
business.
Restaurants:
Revenue from '21' Club in the third quarter of 2011
was $2.5 million compared to $2.4
million in the same quarter of 2010. EBITDA was a loss
of $1.8 million after a $1.5
million non-recurring charge relating to the
settlement of employee litigation, compared to a loss of
$0.4 million in the same quarter of 2010.
Trains and Cruises:
Revenue increased by $5.3 million or 22% to
$28.9 million in the third quarter of 2011 from
$23.6 million in the prior year, reflecting
strong increases in all products. EBITDA was $9.0
million compared to $6.9 million in the
same quarter of 2010, largely due to an increase in share of
results from PeruRail of $1.3 million as the
business has now fully recovered from the floods and
landslides of 2010.
Central costs:
In the third quarter of 2011, central costs were $10.3
million compared with $7.6 million in the
prior year period. The increase was largely due to
non-recurring professional fees and management restructuring
costs of $2.0 million in the current quarter.
Real Estate:
In the third quarter of 2011, there was an EBITDA loss of
$1.6 million from Real Estate activities,
primarily related to Porto Cupecoy, Sint
Maarten, compared with a loss of $1.9
million in the third quarter of 2010. During the
quarter, the Company recognized $3.9 million of
revenue from six units transferred to customers.
Cumulatively, at the end of the quarter, 113 units or 61% of
the total had been sold. In addition to the EBITDA loss, the
Company recorded an impairment of $38.6 million
at Porto Cupecoy due to changes in future sales and cost
estimates in light of recent sales experience and current
market conditions.
Depreciation, amortization and impairment:
The depreciation and amortization charge for the third
quarter of 2011 was $12.0 million compared with
$11.7 million in the third quarter of 2010.
The Company recorded a total pre-tax impairment charge for
the quarter of $64.8 million. The total charge
included the impairment charge at Porto Cupecoy noted above,
as well as impairments of $23.9 million at
Keswick Hall and $2.3 million at Casa de Sierra
Nevada, San Miguel de Allende.
Interest:
The interest charge for the third quarter of 2011 was
$13.0 million, up from $8.0 million
in the third quarter of 2010 principally due to swap and loan
termination costs of $3.5 million related to
loan facilities in Brazil and
Italy, coupled with higher interest rates on
refinanced debt.
Tax:
The tax benefit for the quarter was $4.8 million
compared to a charge of $9.3 million in the same
quarter in the prior year. The third quarter 2011 tax benefit
included a deferred tax credit of $4.2 million
arising from fixed asset timing differences following
depreciation of certain local currencies against the US
dollar in the quarter, compared with a deferred tax charge of
$1.3 million in the same quarter in the prior
year. The current year quarter additionally included a
deferred tax credit of $7.0 million arising from
fixed asset timing differences following the impairment of
various fixed assets, compared with $nil in the same quarter
in the prior year.
Investment:
The Company invested $14.1 million during the
quarter, including $3.2 million for the ongoing
restoration of El Encanto, $2.8 million at La
Samanna, Saint Martin and $2.3 million at the
Copacabana Palace for the planned refurbishment of rooms and
public areas, and routine capital expenditure at other
properties.
Balance Sheet
At September 30, 2011, the Company had long-term
debt (including the current portion and debt of consolidated
variable interest entities) of $662.7 million,
working capital loans of $0.2 million, and cash
balances of $133.0 million (including
$14.0 million of restricted cash), giving a
total net debt of $529.9 million compared with
total net debt of $576.0 million at the end of
the second quarter of 2011.
Undrawn amounts available to the Company at September
30, 2011 under short-term lines of credit were
$4.6 million, bringing total cash availability
(excluding restricted cash) at September 30,
2011, to $123.6 million.
At September 30, 2011, approximately 53% of the
Company's debt was at fixed interest rates and 47% was at
floating interest rates. The weighted average maturity of the
debt was approximately 3.6 years and the weighted average
interest rate (including margin and swaps) was approximately
4.3%.
At September 30, 2011, the Company had
$68.4 million of debt repayments due within 12
months. These are expected to be met through a combination of
operating cash flow, refinancing of the facilities and
utilization of available cash.
During the quarter, the Company completed the refinancing of
an $88 million loan secured by its two Brazilian
properties. The new $115 million loan includes a
$15 million capital expenditure facility to
assist with the planned refurbishment of the main building of
the Copacabana Palace to take place during 2012. The new loan
has a term of three years. The prior $88 million
loan was due to mature in October 2012, and
represented the Company's only significant debt maturity
in 2012.
Also in the quarter, the Company signed a new $45
million loan facility for the completion of El
Encanto. The loan has a term of three years with two one-year
extensions.
As reported in the Company's second quarter 2011 earnings
news release, the Company's balance sheet as at
December 31, 2010 has been restated to correct
an understatement of non-current deferred income tax
liabilities. The prior period increase to non-current
deferred tax liabilities of $6.0 million (and a
corresponding decrease to retained earnings) does not affect
the Company's net losses or losses per share for the year
ended December 31, 2010.
Reconciliation and Adjustments
Nine months
Three months ended ended
$'000 - except per share amounts September 30 September 30
2011 2010 2011 2010
EBITDA (24,450) 2,589 13,338 30,909
Real Estate 1,572 1,884 4,680 4,663
EBITDA before Real Estate (22,878) 4,473 18,018 35,572
Adjusted items:
Gain on disposal (1) 18 - (502) -
Impairment (2) 64,787 30,511 64,787 30,511
Legal costs (3) - 13 - (157)
Grand Hotel Timeo & Villa
Sant'Andrea (4) - 84 - 1,724
Cipriani litigation (5) - - - (788)
'21' Club settlement (6) 1,546 - 2,546 -
Peru hotels depreciation
adjustment (7) - 1,240 - 1,240
Management restructuring (8) 3,191 (11) 4,707 1,111
Adjusted EBITDA before Real Estate 46,664 36,310 89,556 69,213
Reported net loss attributable to
Orient-Express
Hotels Ltd. (49,921) (22,452) (59,674) (36,280)
Net loss/(earnings) attributable
to non-controlling
interests 146 23 (148) (184)
Reported net loss (50,067) (22,475) (59,526) (36,096)
Discontinued operations net of tax 741 (749) 1,430 (3,486)
Net loss from continuing
operations (49,326) (23,224) (58,096) (39,582)
Adjusted items net of tax:
Gain on disposal (1) 12 - (326) -
Impairment (2) 57,786 30,511 57,786 30,511
Legal costs (3) - 13 - (157)
Grand Hotel Timeo & Villa
Sant'Andrea (4) - 61 - 1,286
Cipriani litigation (5) - - - (788)
'21' Club settlement (6) 1,005 - 1,655 -
Peru hotels depreciation
adjustment (7) - 853 - 853
Management restructuring (8) 3,229 (8) 4,484 925
Loan financing costs (9) 693 - 1,841 -
Interest rate swaps (10) 2,965 673 3,481 668
Foreign exchange (11) 3,517 (2,793) 2,000 (2,563)
Adjusted net earnings/(loss) from
continuing
operations 19,881 6,086 12,825 (8,847)
Reported EPS (0.49) (0.25) (0.58) (0.40)
Reported EPS from continuing
operations (0.48) (0.26) (0.57) (0.44)
Adjusted EPS from continuing
operations 0.19 0.07 0.13 (0.10)
Number of shares (millions) 102.60 90.84 102.50 89.33
-
Gain on disposal of New York hotel project.
-
Impairment charges on Porto Cupecoy and two owned
properties.
-
Legal costs incurred in defending the Company's class B
common share structure, net of awards or claims for
reimbursement.
-
Non-recurring costs and purchase transaction costs incurred
in relation to Grand Hotel Timeo and Villa Sant'Andrea.
-
Cash received in excess of costs incurred following
settlement of "Cipriani" trademark litigation.
-
Non-recurring charge for preliminary settlement of employee
litigation.
-
Additional charge to reflect revision of useful economic
life of assets at Machu Picchu Sanctuary Lodge.
-
Restructuring, redundancy and associated legal and other
costs.
-
Amortization of deferred financing costs on repayment of
debt.
-
Charges on swaps that did not qualify for hedge accounting.
-
Foreign exchange is a non-cash item arising on the
translation of certain assets and liabilities denominated
in currencies other than the reporting currency of the
entity concerned.
Management evaluates the operating performance of the
Company's segments on the basis of segment net earnings
before interest, foreign exchange, tax (including tax on
unconsolidated companies), depreciation and amortization
(EBITDA), and believes that EBITDA is a useful measure of
operating performance, for example to help determine the
ability to incur capital expenditure or service indebtedness,
because it is not affected by non-operating factors such as
leverage and the historical cost of assets.EBITDA is also a
financial performance measure commonly used in the hotel and
leisure industry, although the Company's EBITDA may not
be comparable in all instances to that disclosed by other
companies.EBITDA does not represent net cash provided by
operating, investing and financing activities under US
generally accepted accounting principles (US GAAP), is not
necessarily indicative of cash available to fund all cash
flow needs, and should not be considered as an alternative to
earnings from operations or net earnings under US GAAP for
purposes of evaluating operating performance.
Adjusted EBITDA and adjusted net earnings of the Company are
non-GAAP financial measures and do not have any standardized
meanings prescribed by US GAAP.They are, therefore, unlikely
to be comparable to similar measures presented by other
companies, which may be calculated differently, and should
not be considered as an alternative to net earnings, cash
flow from operating activities or any other measure of
performance prescribed by US GAAP.Management considers
adjusted EBITDA and adjusted net earnings to be meaningful
indicators of operations and uses them as measures to assess
operating performance because, when comparing current period
performance with prior periods and with budgets, management
does so after having adjusted for non-recurring items,
foreign exchange (a non-cash item), disposals of assets or
investments, and certain other items (some of which may be
recurring) which management does not consider indicative of
ongoing operations or which could otherwise have a material
effect on the comparability of the Company's
operations.Adjusted EBITDA and adjusted net earnings are also
used by investors, analysts and lenders as measures of
financial performance because, as adjusted in the foregoing
manner, the measures provide a consistent basis on which the
performance of the Company can be assessed.
This news release and related oral presentations by
management contain, in addition to historical information,
forward-looking statements that involve risks and
uncertainties.These include statements regarding earnings
outlook, investment plans, debt reduction and debt
refinancings, asset sales and similar matters that are not
historical facts.These statements are based on
management's current expectations and are subject to a
number of uncertainties and risks that could cause actual
results to differ materially from those described in the
forward-looking statements.Factors that may cause a
difference include, but are not limited to, those mentioned
in the news release and oral presentations, unknown effects
on the travel and leisure markets of terrorist activity and
any police or military response, varying customer demand and
competitive considerations, failure to realize hotel bookings
and reservations and planned property development sales as
actual revenue, inability to sustain price increases or to
reduce costs, rising fuel costs adversely impacting customer
travel and the Company's operating costs, fluctuations in
interest rates and currency values, uncertainty of
negotiating and completing proposed asset sales, debt
refinancings, capital expenditures and acquisitions,
inability to reduce funded debt as planned or to agree bank
loan agreement waivers or amendments, adequate sources of
capital and acceptability of finance terms, possible loss or
amendment of planning permits and delays in construction
schedules for expansion or development projects, delays in
reopening properties closed for repair or refurbishment and
possible cost overruns, shifting patterns of tourism and
business travel and seasonality of demand, adverse local
weather conditions, changing global or regional economic
conditions and weakness in financial markets which may
adversely affect demand, legislative, regulatory and
political developments, and possible new challenges to the
Company's corporate governance structure.Further
information regarding these and other factors is included in
the filings by the Company with the U.S. Securities and
Exchange Commission.
Orient-Express Hotels will conduct a conference call on
Thursday, November 3, 2011 at 10.00 hrs EDT
(14.00 GMT) which is accessible at +1-877-280-2342 (US toll
free) or +44(0)20-3427-1918 (Standard International). The
conference ID is 6709748. A re-play of the conference call
will be available until 7pm (EST) Thursday, November
10, 2011 and can be accessed by calling
+1-866-932-5017 (US toll free) or +44(0)20-7111-1244
(Standard International) and entering replay access number
6709748#. A re-play will also be available on the
company's website: http://www.orient-expresshotelsltd.com
.
ORIENT-EXPRESS HOTELS LTD.
Three Months ended September 30, 2011
SUMMARY OF OPERATING RESULTS
(Unaudited)
Three months ended
September 30
$'000 - except per share amounts 2011 2010
Revenue and earnings from unconsolidated
companies
Owned hotels
- Europe 89,045 72,449
- North America 24,391 23,256
- Rest of World 36,583 33,607
Hotel management & part ownership interests 1,727 1,001
Restaurants 2,518 2,412
Trains & Cruises 28,933 23,640
Revenue and earnings from unconsolidated
companies before Real Estate 183,197 156,365
Real Estate 3,875 25,022
Total (1) 187,072 181,387
Analysis of earnings
Owned hotels
- Europe 36,739 28,141
- North America 1,517 805
- Rest of World 5,560 6,175
Hotel management & part ownership interests 1,313 1,001
Restaurants (1,832) (377)
Trains & Cruises 8,951 6,863
Central overheads (10,321) (7,624)
EBITDA before Real Estate and Impairment 41,927 34,984
Real Estate (1,572) (1,884)
EBITDA before Impairment 40,355 33,100
Impairment (64,787) (30,511)
Loss on disposal (18) -
EBITDA (24,450) 2,589
Depreciation & amortization (11,968) (11,685)
Interest (12,951) (8,028)
Foreign exchange (4,768) 3,200
Loss before tax (54,137) (13,924)
Tax 4,811 (9,300)
Net loss from continuing operations (49,326) (23,224)
Discontinued operations (741) 749
Net loss (50,067) (22,475)
Net loss attributable to non-controlling
interests 146 23
Net loss attributable to Orient-
Express Hotels Ltd. (49,921) (22,452)
Net loss per common share (0.49) (0.25)
Number of shares - millions 102.60 90.84
(1)$3,214,000 (2010 - $1,655,000)
and revenue of $183,858,000 (2010 -
$179,732,000).
ORIENT-EXPRESS HOTELS LTD.
Three Months Ended September 30, 2011
SUMMARY OF OPERATING INFORMATION FOR OWNED HOTELS
Three months ended
September 30
2011 2010
Average Daily Rate
(in US dollars)
Europe 830 699
North America 289 272
Rest of World 344 326
Worldwide 515 448
Rooms Available (000's)
Europe 88 89
North America 65 66
Rest of World 119 114
Worldwide 272 269
Rooms Sold (000's)
Europe 64 58
North America 43 42
Rest of World 61 59
Worldwide 168 159
RevPAR (in US dollars)
Europe 598 460
North America 189 175
Rest of World 176 168
Worldwide 316 266
Change %
Same Store RevPAR Local
(in US dollars) Dollar currency
Europe 598 460 30% 21%
North America 189 175 8% 8%
Rest of World 176 168 5% 3%
Worldwide 316 266 19% 14%
ORIENT-EXPRESS HOTELS LTD.
Nine Months ended September 30, 2011
SUMMARY OF OPERATING RESULTS
(Unaudited)
Nine months ended
September 30
$'000 - except per share amounts 2011 2010
Revenue and earnings from unconsolidated
companies
Owned hotels
- Europe 180,409 140,076
- North America 84,836 79,810
- Rest of World 118,850 104,399
Hotel management & part ownership interests 4,504 1,875
Restaurants 9,956 9,320
Trains & Cruises 61,764 50,554
Revenue and earnings from unconsolidated
companies before Real Estate 460,319 386,034
Real Estate 9,066 56,130
Total (1) 469,385 442,164
Analysis of earnings
Owned hotels
- Europe 58,698 37,652
- North America 12,513 11,616
- Rest of World 22,024 23,572
Hotel management & part ownership interests 3,623 1,875
Restaurants (2,093) 259
Trains & Cruises 14,237 11,982
Central overheads (26,699) (20,873)
EBITDA before Real Estate and Impairment 82,303 66,083
Real Estate (4,680) (4,663)
EBITDA before Impairment 77,623 61,420
Impairment (64,787) (30,511)
Gain on disposal 502 -
EBITDA 13,338 30,909
Depreciation & amortization (34,989) (34,268)
Interest (33,576) (22,138)
Foreign exchange (2,629) 2,982
Loss before tax (57,856) (22,515)
Tax (240) (17,067)
Net loss from continuing operations (58,096) (39,582)
Discontinued operations (1,430) 3,486
Net loss (59,526) (36,096)
Net earnings attributable to non-controlling
interests (148) (184)
Net loss attributable to Orient-Express
Hotels Ltd. (59,674) (36,280)
Net loss per common share (0.58) (0.40)
Number of shares - millions 102.50 89.33
(1)$4,647,000 (2010 - $3,523,000)
and revenue of $464,738,000 (2010 -
$438,641,000).
ORIENT-EXPRESS HOTELS LTD.
Nine Months Ended September 30, 2011
SUMMARY OF OPERATING INFORMATION FOR OWNED HOTELS
Nine months ended
September 30
2011 2010
Average Daily Rate
(in US dollars)
Europe 773 669
North America 331 324
Rest of World 341 326
Worldwide 462 416
Rooms Available (000's)
Europe 222 216
North America 201 201
Rest of World 353 343
Worldwide 776 760
Rooms Sold (000's)
Europe 132 113
North America 134 129
Rest of World 196 185
Worldwide 462 427
RevPAR (in US dollars)
Europe 460 351
North America 221 208
Rest of World 190 176
Worldwide 275 234
Change %
Same Store RevPAR Local
(in US dollars) Dollar currency
Europe 469 357 31% 23%
North America 221 208 6% 6%
Rest of World 191 177 8% 4%
Worldwide 274 235 17% 12%
ORIENT-EXPRESS HOTELS LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30 December 31
$'000 2011 2010
(Restated)
Assets
Cash 133,008 158,820
Accounts receivable 45,669 51,405
Due from unconsolidated companies 31,831 19,643
Prepaid expenses 25,193 23,663
Inventories 46,757 44,245
Other assets held for sale 18,067 32,844
Real estate assets 37,663 68,111
Total current assets 338,188 398,731
Property, plant & equipment, net book value 1,205,343 1,268,837
Property, plant & equipment, net book value of
consolidated variable interest entities 186,969 188,502
Investments 59,074 60,428
Goodwill 176,308 177,498
Other intangible assets 19,823 20,007
Other assets 19,953 23,711
2,005,658 2,137,714
Liabilities and Equity
Working capital facilities 175 1,174
Accounts payable 31,414 25,448
Accrued liabilities 82,791 71,554
Deferred revenue 42,728 28,963
Other liabilities held for sale 1,808 2,792
Current portion of long-term debt and capital
leases 66,662 124,805
Current portion of long-term debt of consolidated
variable interest entities 1,766 1,775
Total current liabilities 227,344 256,511
Long-term debt and obligations under capital
leases 505,095 511,336
Long-term debt of consolidated variable interest
entities 89,208 90,529
Deferred income taxes 95,687 106,702
Deferred income taxes of consolidated variable
interest entities 61,835 61,835
Other liabilities 36,878 43,906
Total liabilities 1,016,047 1,070,819
Shareholders' equity 987,547 1,064,973
Non-controlling interests 2,064 1,922
Total equity 989,611 1,066,895
2,005,658 2,137,714
Contact:
Martin O'Grady Vice President, Chief
Financial Officer Tel: +44-20-7921-4038 E: martin.ogrady@orient-express.com
Vicky Legg Director, Corporate Communications
Tel: +44-20-7921-4067 E: vicky.legg@orient-express.com
SOURCE Orient Express Hotels Ltd
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