HAMILTON, Bermuda, February 24, 2011 /PRNewswire/ -- Fourth Quarter Earnings Summary
- Fourth quarter total revenue, excluding Real Estate, up 13% to $126.6 million - Revenue from Owned Hotels up 15% to $102.2 million - Same store RevPAR up by 9% in local currency, up 10% in US dollars - Adjusted EBITDA before Real Estate of $16.2 million, up 17%
- Raised $117.3 million of cash in common share offering - Completed the refinancing of six European hotels with new loan facilities totaling EUR187.5 million ($251.5 million) - Completed the refinancing of four US properties with new loan facilities totaling $122.9 million, bringing the total amount of debt refinanced in the fourth quarter of 2010 to $374.4 million - Appointed Roy Paul as Vice President and Chief Development Officer to drive management contract opportunities - Refurbished 32 rooms and opened new Planet Restaurant at Mount Nelson Hotel, Cape Town - Second phase of three year refurbishment in Sicily completed - Hotel Ritz Madrid celebrated the 100th anniversary of its inauguration in the presence of Infanta D.(a) Elena, the eldest daughter of King D. Juan Carlos I of Spain
Orient-Express Hotels Ltd. (NYSE: OEH, http://www.orient-express.com), owners or part-owners and managers of 50 luxury hotel, restaurant, tourist train and river cruise properties operating in 24 countries, today announced its results for the fourth quarter and full year ended December 31, 2010.
"Widespread belief that our industry has begun to enter a sustained period of recovery was supported by a fourth consecutive quarter of good RevPAR growth, albeit in a quarter that is 'low season' for many of our properties," said Paul White, President and Chief Executive Officer. "The same store RevPAR growth of 10% (9% in local currency) was driven primarily by occupancy, with rates holding up well. In addition to this solid operating performance, the Company continued to improve its balance sheet after completing key refinancings on ten assets and raising $117.3 million of cash by way of a successful common share offering.
"I am pleased to see Orient-Express continue to achieve the highest recognition for its service levels, with more awards from the most highly regarded sources in the industry. Credit must be given to our workforce around the world, who continually strive to exceed customer expectations - the true driver of RevPAR."
Revenue, excluding Real Estate, was $126.6 million in the fourth quarter of 2010, up $14.5 million from the fourth quarter of 2009.
Revenue from Owned Hotels for the fourth quarter was $102.2 million, up $13.1 million from the fourth quarter of 2009. On a same store basis, Owned Hotels RevPAR was up 9% in local currency and up 10% in US dollars.
Trains and Cruises revenue in the fourth quarter was $17.6 million compared to $16.1 million in the fourth quarter of 2009.
Adjusted EBITDA before Real Estate was $16.2 million compared to $13.8 million in the prior year. The principal variances from the fourth quarter of 2009 included the Brazilian hotels (up $2.0 million), La Samanna, St Martin (up $0.9 million), Hotel Cipriani, Venice (up $0.8 million), Trains and Cruises (up $0.8 million) and '21' Club, New York, (up $0.5 million), offset by Southern African hotels (down $1.2 million), Grand Hotel Europe, St Petersburg (down $0.6 million) and Maroma Resort & Spa, Riviera Maya (down $0.6 million).
Adjusted net losses from continuing operations for the period were $16.0 million (loss of $0.17 per common share), compared with $11.0 million ($0.14 per common share) in the fourth quarter of 2009. Net loss attributable to Orient-Express Hotels Ltd. for the period was $26.5 million (loss of $0.27 per common share), compared with a net loss attributable to Orient-Express Hotels Ltd. of $16.8 million (loss of $0.22 per common share) in the fourth quarter of 2009. The current quarter net loss includes a $5.2 million tax charge in respect of valuation allowances compared to no charge in respect of valuation allowances in the prior year quarter.
In November, the Company completed its public offering of 10 million Class A common shares. In addition, the underwriters for the offering exercised in full their over-allotment option to purchase an additional 1.5 million Class A common shares, bringing the total shares sold to 11.5 million at a price of $10.75 per share for gross proceeds of $123.6 million. The Company received net proceeds of approximately $117.3 million, after deducting underwriting discounts and offering expenses.
During the fourth quarter the refinancing of six European hotels was completed with new loan facilities totaling EUR187.5 million ($251.5 million at the exchange rate at December 31, 2010). Also during the quarter, four US properties were refinanced for a total of $122.9 million. This brings the total amount of debt refinanced in the fourth quarter of 2010 to $374.4 million, all of which has a maturity profile of at least three years.
In November 2010, the Company reached agreement for the sale of a non-core asset in France for $12.1 million and the sale is scheduled to complete in the first quarter of 2011.
In January 2011, the Company appointed Roy Paul as Vice President and Chief Development Officer to drive its planned entry into the management contract business. Until 2007, Roy Paul had led the development team at Four Seasons Hotels and Resorts for 20 years.
During the quarter, 32 rooms overlooking the garden in the main building of the Mount Nelson Hotel were refurbished. The rooms have been designed along classic lines with refreshing contemporary elements. In December, the hotel successfully launched a new concept gourmet restaurant called Planet.
The EUR2.0 million ($2.7 million) second phase of a three year complete renovation project at Grand Hotel Timeo and Villa Sant'Andrea, Taormina, which the Company acquired in January 2010, continued this quarter whilst both hotels were closed for the winter season. Villa Sant'Andrea has a new infinity edge pool overlooking the Bay of Mazzaro and the pool restaurant at Grand Hotel Timeo has been extended. Since acquisition, across both properties 25 new suites and junior suites have been created from existing room stock. More than 80% of room stock at both properties has been refurbished since acquisition.
La Residence Phou Vao, Luang Prabang received the Enduring Excellence Award 2011 at Tatler magazine's Travel Awards, and the Copacabana Palace, Rio de Janeiro was awarded the Hotels Green Stamp prize from the Brazilian Association of the Hotel Industry.
In the fourth quarter, revenue from owned hotels was $29.7 million, up 10% from $26.9 million in the fourth quarter of 2009. Same store local currency RevPAR was unchanged from the prior year (down 7% in US dollars). EBITDA was a loss of $0.3 million in 2010 versus a profit of $1.2 million in the prior year. The two new hotels in Sicily, which were closed for most of the quarter, reported an EBITDA loss of $1.5 million.
Revenue from owned hotels was $28.1 million, up 14% from $24.6 million in the fourth quarter of 2009. Local currency same store RevPAR increased by 11%. EBITDA was $3.3 million compared to $2.6 million in the fourth quarter of 2009. Charleston Place, Charleston and La Samanna benefited from revenue growth of 17% and 23%, respectively.
Rest of World:
Fourth quarter revenue was $9.8 million, up 7% from $9.2 million in the fourth quarter of 2009 largely as a result of strong corporate business at The Westcliff, Johannesburg. Same store local currency RevPAR was down 8% (up 1% in US dollars). EBITDA was $1.4 million, compared to $2.6 million in the fourth quarter of 2009. EBITDA was negatively impacted by pre-opening costs for the new Planet Restaurant and energy tariff increases at the Mount Nelson Hotel.
Revenue increased by 23% to $24.1 million in the fourth quarter of 2010, from $19.6 million in the fourth quarter of 2009. Same store RevPAR increased by 18% in both local currency and US dollars. EBITDA was $6.0 million, compared to $4.2 million last year, an increase of 43%. Year on year revenue increased at Hotel das Cataratas, Iguassu Falls by $1.9 million or 75% following the recent major refurbishment of the rooms and public areas to Orient-Express standards. Year on year revenue increased at Copacabana Palace by $2.4 million or 16%, primarily driven by growth in average rate.
Revenue for the fourth quarter of 2010 was $10.6 million, an increase of $1.8 million or 20% year over year. Same store local currency RevPAR increased by 22% in local currency (22% in US dollars). EBITDA was $2.5 million compared to $2.1 million in the fourth quarter of 2009.
Hotel management and part-ownership interests:
EBITDA for the fourth quarter of 2010 was $0.4 million compared to EBITDA of $1.2 million in the fourth quarter of 2009. The share of results from Hotel Ritz Madrid and Peru hotels decreased by $0.5 million and $0.4 million, respectively.
Revenue from '21' Club in the fourth quarter of 2010 was $6.5 million compared to $5.7 million in the same quarter of 2009, and EBITDA was $2.2 million compared with $1.7 million in 2009. This growth is largely attributable to a 7% increase in average spend.
Trains and Cruises:
Revenue increased by $1.5 million to $17.6 million in the fourth quarter of 2010, an increase of 9% year over year, and EBITDA increased by $0.8 million to $5.4 million. Fourth quarter EBITDA for the Venice Simplon-Orient-Express increased from 2009 by $0.4 million as a result of increased passenger numbers, and EBITDA for Road to Mandalay increased by $0.7 million as operations in 2009 had only just re-commenced after a full refurbishment. These gains are offset by a decrease in the share of results from PeruRail of $0.5 million, caused largely by higher fuel costs and the scheduled reduction of an allowance received against concession fees payable to the Peruvian government.
In the fourth quarter of 2010, central costs decreased by $0.9 million to $5.6 million compared with $6.5 million in the prior year period.
In the fourth quarter of 2010, there was an EBITDA loss of $0.7 million from Real Estate activities, primarily related to Porto Cupecoy, Sint Maarten, compared with a loss of $1.9 million in 2009. During the quarter, six units were sold and the Company recognized $7.9 million of revenue from eight units transferred to customers. Cumulatively, at the end of the quarter, 103 units net of cancellations had been sold and the legal title of 95 units had been transferred. Since the end of the quarter, a further eight units have been sold, resulting in 111 or 60% of the total units sold and leaving 73 units unsold.
Depreciation, amortization and impairment:
The depreciation and amortization charge for the fourth quarter of 2010 was $11.4 million compared with $11.0 million in the fourth quarter of 2009. The increase was largely due to the depreciation charge relating to the two new Sicilian hotels.
During the quarter, there was an impairment charge of $8.0 million, which included $6.4 million relating to the Company's New York hotel project, and a charge of $1.6 million relating to two model homes at Keswick Estate, Virginia.
The interest charge for the fourth quarter of 2010 was $11.7 million compared with $6.7 million in the fourth quarter of 2009. The current year quarter included a $1.3 million charge to write off deferred finance costs relating to debt that was refinanced in the quarter and a $1.9 million associated cost of termination of interest rate swaps.
The tax charge for continuing operations for the fourth quarter of 2010 was $9.9 million, compared to a tax charge of $4.6 million in the same quarter in the prior year. The 2010 fourth quarter tax charge included a $5.2 million charge in respect of valuation allowances.
Losses from discontinued operations in the quarter were $2.8 million. This included a loss of $1.7 million at Windsor Court Hotel, New Orleans, where an insurance settlement resulted in the write off of costs above a $0.5 million award, and an impairment charge of $1.1 million in respect of two Internet businesses that were written down to reflect the level of an offer received.
The Company invested $3.0 million during the quarter in the two new Sicilian properties. Payments of a further $1.5 million were made to the New York Public Library and there was additional capital expenditure of $11.9 million, including $1.8 million at Mount Nelson Hotel, $1.6 million at Hotel das Cataratas and $1.3 million at El Encanto, Santa Barbara.
At December 31, 2010, the Company had long-term debt (including the current portion and debt of consolidated variable interest entities) of $728.4 million, working capital loans of $1.2 million and cash balances of $158.8 million (including $8.4 million of restricted cash), giving a total net debt of $570.8 million compared with total net debt of $659.2 million at the end of the third quarter of 2010. The decrease in net debt is largely attributable to the equity raise completed during the quarter.
At December 31, 2010, undrawn amounts available to the Company under short-term lines of credit were $12.1 million and undrawn amounts available to the Company under secured revolving credit facilities were $12.0 million, bringing total cash availability (excluding restricted cash) at December 31, 2010, to $174.5 million.
At December 31, 2010, approximately 54% of the Company's debt was at fixed interest rates and 46% was at floating interest rates. The weighted average maturity of the debt was approximately 3.4 years and the weighted average interest rate (including margin and swaps) was approximately 4.5%.
At December 31, 2010, excluding revolving credit facilities of $28.0 million which are available for redrawing, the Company had $98.6 million of debt repayments due within 12 months. The Company is in advanced discussions with two existing lenders regarding the refinancing of two loans totaling $58.7 million that mature within 12 months, leaving a further $39.9 million of scheduled debt amortization due within the 12 month period.
"As we move into 2011," said Paul White, "it is perhaps worth reflecting on some key achievements Orient-Express has made in 2010:
- Same store RevPAR, up 11% (local currency and US dollars) - Strengthened balance sheet with capital raises and key refinancings with maturities of 3-5 years - Net debt to adjusted EBITDA before Real Estate reduced from 9.1x to 6.7x - Acquired two 'iconic' properties in a core market (Italy) and completed the upgrade of Hotel das Cataratas - Won 'Cipriani' trademark litigation, securing a valuable brand in Europe - Closed and agreed sales of three non-core assets for $33.5 million - Completed Porto Cupecoy development with 111 units or 60% sold at February 24, 2011
"This was all in a year where the first quarter was dominated by severe weather conditions in Peru and Madeira, the ash cloud in Europe, and political unrest in South East Asia. As we look forward, the US traveler is returning to our high end properties, backed up by stronger domestic business. Leisure and corporate transient sectors are showing stronger recovery, with groups trailing, with the key result being the ability to drive average daily rate and average daily spend across our portfolio."
Reconciliation and Adjustments
Three months ended Twelve months ended December 31 December 31 $'000 - except per share amounts 2010 2009 2010 2009 6,630 13,215 37,569 69,547 EBITDA Real Estate 666 1,943 5,329 3,476 EBITDA before Real Estate 7,296 15,158 42,898 73,023 Adjusted items: Legal costs (1) (18) 6 (175) 654 Cipriani litigation (2) - - (788) - Grand Hotel Timeo & Villa Sant'Andrea (3) 344 - 2,068 - Management restructuring (4) 555 - 1,666 1,419 Peru hotel depreciation adjustment (5) - - 1,240 - Impairment (6) 7,986 - 38,497 6,500 Gain on insurance proceeds (7) - (1,385) - (1,385) Adjusted EBITDA before Real Estate 16,163 13,779 85,406 80,211 Reported net loss attributable to Orient-Express Hotels Ltd. (26,479) (16,830) (62,759) (68,797) Net losses/(earnings) attributable to non- controlling interests 5 (48) (179) (60) Reported net loss (26,484) (16,782) (62,580) (68,737) Discontinued operations net of 2,793 6,199 ( 469) 48,613 tax Net losses from continuing operations (23,691) (10,583) (63,049) (20,124) Adjusted items net of tax: Legal costs (1) (18) 6 (175) 654 Cipriani litigation (2) - - (788) - Grand Hotel Timeo & Villa Sant'Andrea (3) 249 - 1,535 - Management restructuring (4) 397 - 1,322 1,043 Peru hotel depreciation adjustment (5) - - 853 - Impairment (6) 7,426 - 37,937 6,500 Gain on insurance proceeds (7) - (1,385) - (1,385) Interest rate swaps (8) 1,104 (142) 1,772 823 Amortization of finance costs (9) 906 - 906 - Foreign exchange (10) (2,379) 1,056 (4,946) 812 Adjusted net loss from continuing operations (16,006) (11,048) (24,633) (11,677) Reported EPS (0.27) (0.22) (0.68) (1.01) Reported EPS from continuing operations (0.25) (0.14) (0.69) (0.30) Adjusted EPS from continuing operations (0.17) (0.14) (0.27) (0.17) Number of shares (millions) 96.62 76.84 91.54 68.05
1. Legal costs incurred in defending the Company's class B common share structure, net of awards or claims for reimbursement.
2. Cash received in excess of costs incurred following settlement of 'Cipriani' trademark litigation.
3. Non-recurring costs and purchase transaction costs incurred in relation to Grand Hotel Timeo and Villa Sant'Andrea.
4. Restructuring and redundancy costs.
5. Additional charge to reflect revision of useful economic life of assets at Machu Picchu Sanctuary Lodge.
6. Impairment charges recorded on owned properties and Porto Cupecoy.
7. Gain on the settlement of insurance proceeds received for cyclone-damaged assets on the Road to Mandalay ship.
8. Charges on swaps that did not qualify for hedge accounting and termination costs on closing swaps.
9. Amortization of remaining deferred finance costs on refinanced debt.
10. 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.
Net debt / adjusted EBITDA reconciliation
Twelve months ended and as at December 31 $'000 2010 2009 Cash (including restricted cash) 158,773 91,568 Working capital facilities 1,174 6,666 Current portion of long-term debt and capital leases 124,805 173,223 Current portion of long-term debt of consolidated variable interest entities 1,775 165 Long-term debt and obligations under capital leases 511,336 559,042 Long-term debt of consolidated variable interest entities 90,529 79,304 729,619 818,400 Net debt 570,846 726,832 Adjusted EBITDA before Real Estate 85,406 80,211 Net debt / adjusted EBITDA before Real Estate 6.7x 9.1x
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, 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 and regional economic conditions in many parts of the world and weakness in financial markets, 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 Friday, February 25, 2011 at 10.00 hrs EST (15.00 GMT) which is accessible at +1-888-935-4577 (US toll free) or +44-(0)20-7136-6284 (Standard International). The conference ID is 7314941. A re-play of the conference call will be available until 23.00pm (EST) Wednesday, March 2, 2011 and can be accessed by calling +1-347-366-9565 (US) or +44-(0)20-7111-1244 (Standard International) and entering replay access number 7314941#. A re-play will also be available on the company's website: http://www.orient-expressinvestorinfo.com.
ORIENT-EXPRESS HOTELS LTD. Three Months ended December 31, 2010 SUMMARY OF OPERATING RESULTS (Unaudited) Three months ended December 31 $'000 - except per share amount 2010 2009 Revenue and earnings from unconsolidated companies Owned hotels - Europe 29,696 26,894 - North America 28,099 24,609 - Rest of World 44,379 37,621 Hotel management & part ownership interests 353 1,221 Restaurants 6,489 5,719 Trains & Cruises 17,622 16,099 Revenue and earnings from unconsolidated companies before Real Estate 126,638 112,163 Real Estate 7,889 18 Total (1) 134,527 112,181 Analysis of earnings Owned hotels - Europe (264) 1,207 - North America 3,347 2,622 - Rest of World 9,827 8,888 Hotel management & part ownership interests 353 1,221 Restaurants 2,217 1,726 Trains & Cruises 5,432 4,623 Central overheads (5,630) (6,514) EBITDA before Real Estate and Impairment 15,282 13,773 Real Estate (666) (1,943) EBITDA before Impairment 14,616 11,830 Impairment (7,986) - Gain on insurance proceeds - 1,385 EBITDA 6,630 13,215 Depreciation & amortization (11,401) (11,049) Interest (11,701) (6,740) Foreign exchange 2,696 (1,376) Losses before tax (13,776) (5,950) Tax (9,915) (4,633) Net losses from continuing operations (23,691) (10,583) Discontinued operations (2,793) (6,199) Net losses (26,484) (16,782) Net losses / (earnings) attributable to non-controlling interests 5 (48) Net losses attributable to Orient-Express Hotels Ltd. (26,479) (16,830) Loss per common share attributable to Orient- Express Hotels Ltd. (0.27) (0.22) Number of shares - millions 96.62 76.84
(1) Comprises earnings from unconsolidated companies of $963,000 (2009 - $2,331,000) and revenue of $133,564,000 (2009 - $109,850,000).
ORIENT-EXPRESS HOTELS LTD. Three Months Ended December 31, 2010 SUMMARY OF OPERATING INFORMATION FOR OWNED HOTELS Three months ended December 31 2010 2009 Average Daily Rate (in US dollars) Europe 497 555 North America 330 349 Rest of World 343 321 Worldwide 369 373 Rooms Available (000's) Europe 65 58 North America 66 67 Rest of World 120 118 Worldwide 251 243 Rooms Sold (000's) Europe 26 23 North America 42 37 Rest of World 69 63 Worldwide 137 123 RevPAR (in US dollars) Europe 202 216 North America 211 191 Rest of World 198 171 Worldwide 202 187 Change % Same Store RevPAR Dollar Local (in US dollars) currency Europe 144 155 -7% 0% North America 211 191 11% 11% Rest of World 198 171 16% 12% Worldwide 190 173 10% 9%
ORIENT-EXPRESS HOTELS LTD. Twelve Months ended December 31, 2010 SUMMARY OF OPERATING RESULTS (Unaudited) Twelve months ended December 31 $'000 - except per share amount 2010 2009 Revenue and earnings from unconsolidated companies Owned hotels - Europe 169,772 155,830 - North America 107,909 100,486 - Rest of World 148,778 116,182 Hotel management & part ownership interests 2,228 2,995 Restaurants 15,809 14,436 Trains & Cruises 67,913 67,968 Revenue and earnings from unconsolidated 512,409 457,897 companies before Real Estate Real Estate 64,019 1,706 Total (1) 576,428 459,603 Analysis of earnings Owned hotels - Europe 37,388 38,595 - North America 14,963 14,579 - Rest of World 33,399 25,513 Hotel management & part ownership interests 2,228 2,995 Restaurants 2,476 1,757 Trains & Cruises 17,444 20,569 Central overheads (26,503) (25,870) EBITDA before Real Estate and Impairment 81,395 78,138 Real Estate (5,329) (3,476) EBITDA before Impairment 76,066 74,662 Impairment (38,497) (6,500) Gain on insurance proceeds - 1,385 EBITDA 37,569 69,547 Depreciation & amortization (45,483) (39,950) Interest (33,839) (31,068) Foreign exchange 5,686 (1,067) Losses before tax (36,067) (2,538) Tax (26,982) (17,586) Net losses from continuing operations (63,049) (20,124) Discontinued operations 469 (48,613) Net losses (62,580) (68,737) Net earnings attributable to non-controlling interests (179) (60) Net losses attributable to Orient-Express Hotels Ltd. (62,759) (68,797) Loss per common share attributable to Orient- Express Hotels Ltd. (0.69) (1.01) Number of shares - millions 91.54 68.05
(1) Comprises earnings from unconsolidated companies of $4,486,000 (2009 - $8,693,000) and revenue of $571,942,000 (2009 - $450,910,000).
ORIENT-EXPRESS HOTELS LTD. Twelve Months Ended December 31, 2010 SUMMARY OF OPERATING INFORMATION FOR OWNED HOTELS Twelve months ended December 31 2010 2009 Average Daily Rate (in US dollars) Europe 637 702 North America 325 342 Rest of World 331 293 Worldwide 405 407 Rooms Available (000's) Europe 280 257 North America 267 271 Rest of World 463 448 Worldwide 1,010 976 Rooms Sold (000's) Europe 139 119 North America 171 150 Rest of World 254 221 Worldwide 564 490 RevPAR (in US dollars) Europe 317 325 North America 209 189 Rest of World 182 145 Worldwide 226 205 Change % Same Store RevPAR Dollar Local (in US dollars) currency Europe 317 319 -1% 2% North America 208 189 10% 9% Rest of World 188 147 28% 22% Worldwide 227 204 11% 11%
ORIENT-EXPRESS HOTELS LTD. CONSOLIDATED AND CONDENSED BALANCE SHEETS (Unaudited) December 31 December 31 $'000 2010 2009 Assets Cash 158,773 91,568 Accounts receivable 51,386 59,968 Due from unconsolidated companies 19,643 19,385 Prepaid expenses 23,663 22,276 Inventories 44,245 43,678 Other assets held for sale 33,945 64,358 Real estate assets 68,111 120,288 Total current assets 399,766 421,521 Property, plant & equipment, net book value 1,268,822 1,191,531 Property, plant & equipment, net book value of consolidated variable interest entities 188,502 192,682 Investments 60,428 58,432 Goodwill 177,498 149,180 Other intangible assets 18,987 18,936 Other assets 23,711 40,408 2,137,714 2,072,690 Liabilities and Equity Working capital facilities 1,174 6,666 Accounts payable 25,448 23,240 Accrued liabilities 71,436 73,875 Deferred revenue 28,963 68,784 Due to related parties - - Other liabilities held for sale 2,910 14,646 Current portion of long-term debt and capital leases 124,805 173,223 Current portion of long-term debt of consolidated variable interest entities 1,775 165 Total current liabilities 256,511 360,599 Long-term debt and obligations under capital leases 511,336 559,042 Long-term debt of consolidated variable interest entities 90,529 79,304 Deferred income taxes 100,730 94,872 Deferred income taxes of consolidated variable interest entities 61,835 64,100 Other liabilities 43,906 34,295 Total liabilities 1,064,847 1,192,212 Shareholders' equity 1,070,945 878,709 Non-controlling interests 1,922 1,769 Total equity 1,072,867 880,478 2,137,714 2,072,690
Contact: Martin O'Grady Vice President, Chief Financial Officer Tel: +44-20-7921-4038 E: firstname.lastname@example.org Vicky Legg Director, Corporate Communications Tel: +44-20-7921-4067 E: email@example.com
SOURCE Orient Express Hotels Ltd