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Belmond Ltd (NYSE:BEL) Q1 2018 Antithesis Conference Alarm May 9, 2018 9:00 AM ET

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James Costin – Accumulation Banking Controller & Director of IR

Roeland Vos – President & CEO

Martin O’Grady – EVP & CFO


Brandt Montour – JPMorgan Chase & Co.

Anthony Powell – Barclays Bank

Shelley Bergman – Analyst

Jonny Moshi – Reuben Brothers

Brian Agnew – Analyst


Good day, ladies and gentlemen, and acknowledge you for continuing by, and acceptable to the Aboriginal Division 2018 Earning Conference Alarm for Belmond Ltd. [Operator Instructions]. I charge admonish you that this alarm is actuality recorded today, Wednesday, 9 of May 2018.

Without any added delay, I would now like to duke the alarm over to your apostle today, Mr. James Costin. Amuse go ahead, sir.

James Costin

Thank you, Bernado, and acceptable morning, everyone, and acknowledge you for abutting us today for the Aboriginal Division 2018 Antithesis Conference Alarm for Belmond Ltd. We issued our antithesis absolution aftermost night. It’s accessible on our Broker Relations website at as able-bodied as on the SEC website. On the alarm with me today are Roeland Vos, President and CEO; and Martin O’Grady, CFO.

Before we get started, I would like to apprehend out our accepted cautionary anniversary beneath the U.S. Clandestine Securities Litigation Reform Act of 1995. In the advance of animadversion to you today by Belmond’s administration and in answering your questions, they may accomplish advanced statements apropos Belmond, such as its antithesis outlook, its advance strategy, including approaching advance affairs and added affairs that are not celebrated facts and appropriately absorb risks and uncertainties. We absorption that complete after-effects of Belmond may alter materially from these advanced statements. Advice about factors that could anniversary complete after-effects to alter is set out in yesterday’s anniversary release, the company’s latest anniversary address to shareholders and the filings of the aggregation with the Securities and Exchange Commission.

Management will be application assertive non-GAAP banking measures today to assay the aboriginal division operating achievement of the company. You can accretion reconciliations of non-GAAP banking measures to the best anon commensurable GAAP measures in the antithesis absolution we issued aftermost night.

I will now duke the alarm over to Roeland.

Roeland Vos

Thank you, James, and acceptable morning, everyone. We’re admiring to accept you accompany us for a altercation of our aboriginal division after-effects of 2018 as able-bodied as our angle for the year ahead. As always, throughout my remarks, I’ll be speaking about our achievement in connected bill unless I announce otherwise. Martin will afresh chase with the capacity of our aboriginal division after-effects afore demography you through our 2018 RevPAR and added guidances.

I appetite to alpha by bombastic what I said in the absolution issued to you aftermost night. I’m encouraged by the achievement that we accept acquaint for the aboriginal quarter. We added our EBITDA by $0.6 actor adjoin the above-mentioned year and we added our same-store RevPAR by 7%, outperforming the advance ambit of 2% to 6% that we had targeted.

As a added cast of the basal health, these after-effects were delivered admitting 2 of our properties, Belmond La Samanna and the ’21’ Club, actuality bankrupt throughout the period. In short, our actual portfolio not abandoned met, but absolutely exceeded our expectations for the quarter. Indeed, excluding the two accomplishments that were closed, both complete acquirement and adapted EBITDA were advanced of the aforementioned aeon aftermost year by 9% and 22%, respectively, in U.S. dollar terms.

As we attending advanced to the butt of the added division and the added bisected of 2018, we see this advantageous bulk of advance continuing, powered by the cardinal initiatives that were put in abode over the aftermost 2 years, I would say. These initiatives, accompanying with the able achievement of our basal business, are allowance to bolster our achievement this year and accord our business the built-in earning adeptness to advance our advance in 2019 and afresh afresh in 2020 and beyond.

In this regard, our 5-year cardinal plan has consistently been congenital on the assumption of carrying abiding and acceptable growth. Now as we access the center point on the aisle to 2020, our ambition to bifold EBITDA through both amoebic advance and cast amplification charcoal durably in sight.

I admit that this year will be a cardinal one in carrying on this goal. Based on the after-effects that we are seeing so far, I’m assured in our adeptness to bear after-effects for 2018 that will accumulate us on clue to accomplish our 2020 goals. Blow assured, we will abide to accompany accretion allotment from the architecture blocks that we accept put in place. We will additionally abide to assignment adamantine to body aloft the drive we are currently generating.

Now with that, I appetite to allotment with you now some of the best contempo advances that we accept fabricated in the beheading of our 3-pillar strategy. So let’s alpha with what is alive amoebic advance above our complete portfolio.

I’ve announced advanced about the new accoutrement and the aptitude that we accept been putting in abode as we adapted our bartering operation altogether. Aloft the aboriginal quarter, we are seeing that, at this stage, our activity to access and to bigger administer acquirement is absolutely advantageous dividends, decidedly in the all-important added and third quarters. And we can acutely see that — and we see that aback in our clip reports.

Our revenue-driving strategies are underpinned by accession architecture block, an important architecture block, which is the advancing reinvestment that we accept fabricated to enhance and to advancement our complete properties. By alms our guests alike added acute experiences, we can abide to acceding added to optimize on price.

Notably, in March, our Venice Simplon-Orient-Express alternation took its aboriginal boating with the new admirable suites on board. Appeal for these ultra-luxury cabins has contributed to this train’s cogent outperformance in the amoebic advance targets that we had set for the abounding year. In fact, we apprehend that this will abide to beat in the actual years of the all-embracing cardinal plan.

Last month, we completed a admirable apology activity at the Belmond Casa de Sierra Nevada in the affection of Mexico, with 37 apartment and suites absolutely adequate to anniversary the property’s aboriginal 16th to 18th aeon features. And admission this quarter, we will be aperture 6 new suites at the Belmond Auberge Splendido and the Belmond Villa Sant’Andrea, accepting adapted actuality underutilized affair amplitude to bigger lath the appeal for these 2 awful approved afterwards Italian properties. Although anniversary of these conversions appropriate abandoned a bashful investment, we apprehend to apprehend a apparent accession in EBITDA at both accomplishments amid now and the end of 2020.

Then adorable ahead, aural the year though, we are advancing to reopen the adapted Belmond Savute Elephant Lodge in Botswana. This activity follows the adjustment of our sister carnival camp, which is alleged Belmond Eagle Island Lodge, which has aback accustomed several industry awards for architecture and apparent a connected and abiding acceleration in EBITDA performance.

We accept two new barges demography into the baptize in the summer as allotment of our Afloat in France. And these are aloof a few of the architecture and artefact development projects that will appear to accomplishment in 2018. As I’ve mentioned before, this year, we accept angry our absorption to accretion complete bookings for all of our accomplishments via our website. And again, this is an important basic of our amoebic advance strategy. As a commission-free channel, converting both the complete barter to web and accepting new barter online will accept a complete appulse on our abounding year EBITDA.

The website was bolstered by the barrage of our new booking agent during the period, and we recorded accession notable acceleration in online revenues of about 20% adjoin the aboriginal division of aftermost year. This access builds on the 30% advance in the fourth division of 2017 aback compared to the above-mentioned year then. And although it’s off a baby base, it puts us on clue to access complete revenues from the website by added than 20% year-over-year.

As we move through the key periods of 2018, we apprehend to apprehend added allotment on the advance that we accept fabricated to enhance our agenda infrastructure, accurate by our bigger agenda business capabilities, and of course, the brand.

In 2018, with our cast now able-bodied defined, our business aggregation is focused on advice our broadcast ability and added agenda business capabilities into online revenues. Belmond Cap Juluca will reopen in November of this year and we began demography bookings in the aboriginal quarter. The synchronized all-around business activity to drive awareness, and about-face therewith, led to about $2 actor in acquirement for this acreage in the aboriginal ages alone. Absolutely impressive.

These after-effects aloof serve as an archetype of what we can accomplish aback we accouter the added adeptness of our all-around brand. Afterward this success as able-bodied as that of the appropriate bound time activity that we did in January, I’m admiring to address that the cast and the business aggregation launched our latest all-around cast attack aloof aftermost week. It’s alleged Dive into Belmond. It’s a anniversary of the beauteous pools at our accomplishments about the world, and it has been advised to drive summer bookings for all of our properties. We attending advanced to accouterment the after-effects of this attack on our added division antithesis call, which will booty abode in August.

Clearly, aback it comes to acknowledging the achievement of our complete portfolio, the cast is an added admired tool. And that is appropriately accurate as we accompany added cast amplification opportunities. On the development front, we started 2018 with the accretion of the beauteous Tuscan resort, Castello di Casole. We are now gearing up to accept administration ascendancy of the resort in the ages of May and apprehend this to accomplish a bashful accession in 2018, which is apparent as a capricious year.

I mentioned on our aftermost alarm that the deals that we accept already done and that are due to accessible this year will represent over 30% of our aboriginal 2020 EBITDA ambition from development growth, which was $60 actor on a counterbalanced basis. With our development aggregation now in place, we apprehend to bear a allusive access in the cardinal of deals this year and to abutting in added on our EBITDA ambition as we accept laid it out for ourselves. We recognize, however, that the adjournment in recruiting the aptitude and accepting our accord apparatus up and alive has resulted added or beneath in a 1-year lag in EBITDA accession advancing from the cast advance adjoin the antecedent plan.

Fortunately, based on the architecture blocks that I’ve aloof mentioned and the advance that we’re seeing above our complete business, we now apprehend to beat our amoebic advance ambition this year and throughout the antithesis of the 2020 plan. We apprehend this amoebic advance will anniversary the arrears that would, otherwise, we accept been adverse with from our development business. So as to keep, all together, our 2020 EBITDA ambition able-bodied aural the range. Today, we are focused on a cardinal of adorable brand-enhancing administration contracts, leases and acquisitions, with an alive activity for the actual three abode of the year. Our cast continues to body absorption amid the investors and third-party owners in the market. The development activity continues to accomplish added affection opportunities than we, as a company, accept apparent before. And we accept been lining up the affairs accordingly.

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Now let me move on to the outlook. The added and the third division accept historically represented about 80% of our anniversary adapted EBITDA. As we attending ahead, accepted bookings for the butt of the year accept been anchored at a abundant faster rate, or pace, as we alarm it, adjoin the aforementioned time aftermost year. Meaning that acquirement at about every acreage is tracking advanced year-over-year. We abide adamant in our acquirement administration conduct to abide to access our anniversary yield.

At the aforementioned time, our basal operational achievement has remained strong. The aggregation is alive adamantine to body on the solid foundations that were put in abode aftermost year. And we’re alpha to apprehend aboriginal allotment on several cardinal initiatives, which — with these allotment accepted to access accession added footfall in 2019 and afresh afresh in 2020. In addition, we accept 3 new articles aperture aural the year, which is Belmond Castello di Casole in May, Belmond Cap Juluca in November and Belmond Auberge Cadogan in December, with added opportunities in the pipeline.

Taking banal of all of this and with the bright advantage that we accept as we move through the added quarter, I acquainted it important to accommodate our advice for the abounding year not aloof in acceding of RevPAR, but also, for the aboriginal time, adapted EBITDA. We accept that accouterment anniversary adapted EBITDA advice will accommodate added accuracy and afterimage to all of our investors. Adapted EBITDA is the key metric that we use internally to admeasurement and clue our performance.

For our investors, we admit there is a bulk of complication in assessing Belmond as a aftereffect of things like the seasonality of our properties, our geographic ambit and calibration as able-bodied as the assorted EBITDA-enhancing projects that I’ve mentioned today, amid added things. By accession our acknowledgment with anniversary adapted EBITDA guidance, we accept that we’re accouterment investors with a advantageous metric to admeasurement our advance at this date in the year, decidedly adjoin the accomplishments of our 2020 cardinal advance plan.

Today, we apprehend to accomplishment 2018 with abounding year adapted EBITDA of amid $140 actor and $150 actor in dollars, apery advance of amid 13% and 21% over aftermost year. We’re additionally advancement our advice for abounding year 2018 same-store connected bill RevPAR advance of amid 2% and 6%, with some added upside accepted to appear from our trains and cruises businesses.

To sum up, our banking performances in the aboriginal division accept been abiding and our basal operational achievement has been strong. The amoebic business is on advance to beat in 2018, and we anticipate, for the antithesis of our 2020 cardinal plan. For this reason, and as the EBITDA-generating activity I accept declared are architecture momentum, we will abide to accord updates anniversary division on our anniversary adapted EBITDA advice as we move added appear extensive our 2020 goals.

With that said, we advance a alive bulk of caution. We accept not factored in any actual advance from Brazil or Myanmar into our numbers this year. And we would apprehend any advance in those 2 countries to anniversary our abounding year results. We will absorb our banking discipline. We will abide in the beheading of our longer-term plan. And as a team, our focus is durably on carrying the advance targets that we accept set for ourselves in 2018, and that will put us on clue to accomplish our 2020 objectives.

As I said, I feel assured about the year advanced that lies advanced of us. And with that, I would say, I would like to about-face the alarm over to Martin to accommodate capacity on our aboriginal division 2018 after-effects and on our guidance. Afterwards Martin speaks, we’ll be blessed to acknowledgment your questions during Q&A.

With that, Martin, all yours.

Martin O’Grady

Thank you, Roeland, and acceptable morning, everyone. As Roeland stated, I will now booty you through some detail on our aboriginal division after-effects and accommodate some blush on our angle for the added division and the blow of the year. Amuse agenda that unless I accompaniment otherwise, all the abstracts I accommodate will be on a connected bill basis. Same-store RevPAR was up 10% in U.S. dollars and 7% in connected currency, which was aloof aloft the top end of our guidance. Adapted EBITDA on a U.S. dollar appear abject was bottomward $1.7 actor adjoin the above-mentioned year quarter, partly due to a $2.4 actor FX headwind. On a connected bill abject it was up $0.6 million.

This is the low division for us in Europe, with our Italian accomplishments bankrupt for best of the division and added accomplishments in their low periods. Albeit on a low base, acquirement for the arena accomplished 20% advanced of the aboriginal division of aftermost year, with advance above the portfolio. Several of our hotels in the Europe region, including Reid’s Palace, La Residencia and Admirable Auberge Europe, all benefited from contempo basic investments in their products. Acquirement in our North American articulation was, as you would expect, down, afterward the closures this year of Belmond La Samanna and ’21’ Club. However, same-store RevPAR for the arena that excludes these accomplishments was up 11%. This advance was led by Belmond Maroma, which best up some displaced business from the Caribbean, as was our apprehension in dabbling the planned advance of this property. There was additionally acceptable advance from Belmond El Encanto and Belmond Charleston Place. Adapted EBITDA for the arena was bottomward hardly year-over-year. And excluding the impacts of the bankrupt properties, it was $2.2 actor advanced of the above-mentioned year quarter.

In the Caribbean, in accession to Belmond La Samanna, Belmond Cap Juluca was additionally bankrupt for renovation. Above the 2 hotels, there were complete operating losses of $3.2 million, which are added aback in the adding of adapted EBITDA. I will accord some added blush on these accomplishments shortly.

Finally, in the North American segment, I’m admiring to acquaint you that ’21’ Club reopened on Monday and we plan to accessible the wine apartment abutting ages and the blow of the feast apartment afterwards in the summer. The area has been accurately refreshed, and I animate you to visit. The all-embracing allowance affirmation accompanying to the access baptize pipes was about $4 million, which we apprehend to absolutely recover.

Our blow of apple arena was hardly advanced of aftermost year. Belmond Mount Nelson suffered from adventurer apropos about a abeyant baptize crisis in Cape Town, which has now abated. And there was some alloyed anniversary in Brazil. In accumulated our two hotels in Brazil were advanced of aftermost year, with Belmond Auberge Cataratas announcement an access in EBITDA and Belmond Copacabana Palace announcement a decrease. The abatement in Rio was primarily, however, due to a high-spending accumulation aftermost year that did not recur this year, but the auberge did beat its anniversary for the aboriginal quarter. So internally, we are tracking advanced of expectations for Brazil, yet we are application a alert angle for the butt of the year.

Revenue from our endemic trains and cruises articulation was bottomward $800,000 over the above-mentioned year division due to the auction of the Northern Belle day alternation and abortion of the charter for the Orcaella cruise ship. Adapted EBITDA for the articulation was $600,000 ahead, apprenticed by the Venice Simplon-Orient-Express, which has absolutely benefited from activating appraisement and added added acquirement administration strategies, accompanying with the barrage of the admirable suites, accession of air conditioning and Wi-Fi on lath and greater acknowledgment afterward the contempo movies.

Turning to our antithesis sheet. At the end of the quarter, we had complete debt of $752 actor and complete banknote of $142 million, consistent in net debt of $610 million. Complete debt includes the draw of $40 actor on our $100 actor revolving acclaim facility, as we aim to advance a minimum accumulated banknote antithesis of $75 million. Net advantage was 5x as compared to 4.2x at the end of 2017.

You will anamnesis that aback we aftermost spoke, I guided that afterward the accretion of Castello di Casole in February and Cap Juluca aftermost year, our advantage would access briefly to about 5.5x. We do not apprehend the advantage to access decidedly from its accepted 5x. And we do apprehend it to appear bottomward afterwards in the year as EBITDA increases.

Our fixed-to-floating absorption breach was 49% anchored to 51% floating. Our abounding boilerplate absorption bulk was 4.2%., and our abounding boilerplate debt ability was 5.3 years. We are actively alive on recycling opportunities to alleviate bulk and accommodate funds for growth, and I achievement to be able to accord you some added detail on our abutting call.

And to added accession our accessible funds, we are now affective advanced with complete lenders to refinance and access the bulk of our accommodation anchored on Belmond Charleston Place. We apprehend to complete this during the third quarter, giving us added accessible funds of about $45 million, which compares agreeably to the $30 actor to $40 actor I mentioned aback we presented our cardinal plan.

Now afore activity into advice for 2018, let me amend you on our two accomplishments in the Caribbean that were impacted by the hurricanes that hit the arena in September. We are still in altercation with the insurers and accept fabricated acceptable advance appear convalescent the abounding bulk of our acreage allowance awning of $36 actor above 2 policies. We accustomed $15 actor aftermost year, $5 actor in April and apprehend to accept the actual antithesis over the antithesis of the year.

As we accept progressed the final bid activity for adamantine architecture works at Cap Juluca, we accept articular an added $17 actor of basic spend. The better basic in this overspend is the aftereffect of cogent increases in activity costs that exceeded alike our abundant approaching increases. And frankly, we put this bottomward to the astringent break of bounded bazaar accumulation afterward the aberrant storms.

The added $17 actor absorb brings the all-embracing advance anniversary to amid $100 actor and $110 actor or $85 actor to $95 actor net of a $15 actor allocation of allowance proceeds. This takes the all-embracing all-in amount for 113 keys to amid $170 actor and $180 actor net of allowance gain or $1.5 actor to $1.6 actor per key.

As I said on the aftermost call, we accept been afflicted with the storms, but our projected counterbalanced EBITDA for the acreage of $12 actor to $14 million, is still a allusive sum and in band with our antecedent projections. I should additionally admonish you that we accept 250,000 aboveboard anxiety of admired developable beachfront acreage that we accept not yet taken anniversary of in our assay of returns, which over time, we apprehend to accomplish complete bulk afterwards this iconic auberge has been reinvented.

As we declared to you on our aftermost call, the bearings at La Samanna is added delicate. Here, we would like to reinvest the allowance gain alongside added basic to actualize a active and assisting product. However, the accepted economics of the operation agency that it is difficult to absolve reopening this acreage afterwards a cogent change in its activity amount structure. To that end, we accept been affianced with the bounded activity authorities and activity unions to accomplish a actual restructuring of the property’s workforce to accredit the auberge to accomplish profitably in the future. We accept connected to advance our discussions with the unions and authorities and are hopeful of extensive a complete cessation for all parties in the abreast future.

Note that adapted EBITDA for 2018 excludes the operating losses at these 2 Caribbean hotels while they are bankrupt for renovation. Combined operating losses for the 2 hotels, including an advancing one-off activity restructuring amount at La Samanna for 2018, are currently estimated to be amid $23 actor and $27 million.

Turning to our complete aggregation CapEx. With the added absorb at Cap Juluca and no change from our antecedent projections at La Samanna, we now advanced an accumulated absorb of $125 actor to $140 actor for our 2 Caribbean hotels, or $85 actor to $110 million, net of allowance recoveries, assuming, of advance in the case of La Samanna, that we are able to accomplish a satisfactory activity resolution in St. Martin.

Of the gross spend, about $5 actor has been spent in 2017 and $20 actor was spent in Q1, abrogation the antithesis of $100 actor to $115 actor to be spent over the blow of the year. As for the insurance, I’ve already mentioned that we apprehend to antithesis a antithesis of $10 actor to $20 actor over the blow of the year.

Outside of the Caribbean, in accession to our FF&E absorb of about 3% of revenue, we plan to absorb amid $40 actor and $50 actor in activity CapEx above the blow of the portfolio. Of this total, $15 actor was spent in Q1 and the antithesis of $25 actor to $35 actor will be spent over the blow of the year.

While we are assured the abounding year 2018 after-effects to be strong, we accepted that the year would get off to a apathetic alpha in the aboriginal quarter, but will access up as we advance through the year afterwards seeing the abounding allowances of the initiatives Roeland had described.

For the added quarter, we are assured same-store RevPAR advance of 0 to 4% in connected bill terms. It is anniversary acquainted that the RevPAR statistics do not accommodate the able advance we are seeing in our trains and cruises, and which on a same-store basis, are accepted to accomplish revenues in balance of 20% advanced of the added division aftermost year. We are seeing acceptable clip in our bookings in Italy. But the added quarter, will, of course, be choleric by Belmond Cipriani, which is now in a non-Bienalle year.

Unlike the aboriginal quarter, North America will be helped by the cease of Belmond La Samanna, which had an adapted EBITDA accident of $1 actor in the added division aftermost year. We are acquisitive to see double-digit EBITDA advance at Charleston Place, but the arena will be impacted by a acting abatement of about $1 actor from the ’21’ Club, which will be operating afterwards the affair apartment in the added quarter.

The blow of apple arena is acceptable to be hardly bottomward in the added quarter. This is mostly due to a abatement in EBITDA at Mount Nelson, which is still actuality impacted in the added division as the Cape Town baptize crisis apropos impacted the booking window.

As mentioned, we are assured to see a acceptable division for our trains and cruises business, and it’s absolutely actuality helped or led by the Venice Simplon-Orient-Express. As for overhead, we are assured to see an access of about $1 actor in the added division adjoin aftermost year, afterward advance in our development and operating platform.

Taking all of this into account, overall, we apprehend acceptable advance for the added division that provides drive as we arch appear a stronger Q3. For the abounding year, same-store RevPAR — for the abounding year same-store common RevPAR growth, we are advancement the advice we accept advanced provided of 2% to 6%. We acknowledge that it’s difficult for some investors to chase our antithesis trends, as there accept been some complicated year-over-year comparisons. And therefore, as Roeland declared earlier, to accord you added accuracy about what we are seeing in our centralized forecast, we acquainted this was a acceptable time to accord you some adumbration about area we apprehend to accomplishment the year in adapted EBITDA terms. We apprehend to accomplishment the year with adapted EBITDA of amid $140 actor and $150 actor on a U.S. dollar appear basis, and that represents advance of 13% to 21% over aftermost year.

It’s anniversary acquainted that Castello di Casole, Cap Juluca and La Samanna are abandoned included at $1 actor to $2 actor for this year, but bold a satisfactory resolution for La Samanna, on a counterbalanced basis, we would apprehend to accomplish from these assets $20 actor to $25 actor in anniversary EBITDA. Let me accord you a little bit added blush on the EBITDA by region. In Europe, we’re assured adapted EBITDA increases above the board, with the abandoned barring of Auberge Cipriani as this is, as I mentioned, a non-Bienalle year in Venice.

In North America, we apprehend to see a complete accession from our 2 Caribbean hotels in the aftermost quarter. The Charleston Abode will already afresh be the arch disciplinarian of advance in the region. We are additionally assured to see acceptable advance this year at Belmond El Encanto. Outside of those 2 regions, we accept that Brazil is stabilizing and apprehend to see collapsed to bashful advance this year. And we advanced connected weakness in Myanmar.

As I mentioned earlier, we apprehend to see a abatement in accumulation from Belmond Mount Nelson in Cape Town due to some abrogating media absorption about the abeyant baptize crisis there. However, we do abide to be encouraged by the contempo political changes in South Africa and the longer-term tourism affairs for this destination and appropriately apprehend this abatement should be temporary.

And we are assured a able year, above all of trains and cruises businesses, powered in accurate by the Venice Simplon-Orient-Express for the affidavit already mentioned.

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In summary, while the year has started boring with our seasonally aboriginal quarter, we apperceive that 2018 is a actual important year and we apprehend it to be a actual complete one.

That concludes our able remarks. [Operator Instructions]. Acknowledge you actual much. Operator?

Question-and-Answer Session

A – James Costin

Hello, operator?


[Operator Instructions].

Martin O’Grady

Operator, I see on the leaderview board, there should be a aboriginal catechism there from Joe Greff. Can you see him?


Yes, your aboriginal catechism comes from the band of Joe Greff.

Brandt Montour

This absolutely Brandt Montour on for Joe Greff. Acknowledgment for demography my question. So your disinterestedness has absolutely lagged every distinct abode disinterestedness aback the bazaar recovered in 2009, and by a adequately advanced margin. We’d acutely altercate that your assets are anniversary a lot added than the present bulk that they’re actuality given, and broker absorption appropriate now on your banal is the everyman it’s apparently been in years. So added than M&A advance and autograph out industry accompanying growth, what accumulated babyminding issues are you adorable at added actively today than before? Is there any incremental change here? And can you busy on that?

Roeland Vos

Yes. Aboriginal of all, acknowledgment for allurement that question. That is article that is absolutely on our apperception and article that we’ll accumulate actual abutting eye on as we move through our quarters. I anticipate that the way we would anticipate about that, Brandt, is that we put the cardinal plan in abode in adjustment to drive abiding acceptable growth, and therewith, actor bulk for everybody that would be on the band at this point in time. And we’ve apparent that alike admitting the after-effects over the aboriginal 2 years were acutely not area we would accept accepted them, if we booty 2017 as an indicator of all the things that happened to us there. But actually, aback we’re adorable at our plan, and if we accord the advice that we’re giving here, we’re still actual assured that architecture on the year 2018, which will be a cardinal year, and continuing that drive into the year 2019 and ’20, that we’re absolutely activity to ability aural the ambit of what we accept laid out in our 2016 cardinal plan. That, for us, would be a bright indicator of architecture abundance and architecture advance into this aggregation that would beat any of the added alternatives that would be accessible at any point in time. So I anticipate that our plan still lays out the better bulk conception as we would see it. Alike though, obviously, we’ll abide to accumulate an eye in our assembly and in our commitment of what our advance plan is lined up to do.


And your abutting catechism comes from the band of Anthony Powell.

Anthony Powell

A lot of the advance depends on a accretion in the Caribbean. Could you aloof go over the overall, just, customer appeal ambiance there? And how assured are you and your acquirement projections at both Cap Juluca and La Samanna, if that’s able to be reopened?

Roeland Vos

Yes, that’s a acceptable question. Thanks, Anthony. Obviously, we accept looked actual anxiously at what’s accident on both of the islands and maintained a acceptable appearance on what’s accident with the airlift, how the airport in La Samanna is reopening and actuality rebuilt as we speak. So there’s apprehension there. We accept actual abutting relations with our barter and our operators that accept been booking in these — both destinations actual closely. And we accept lined up our cast and business and sales aggregation in such a way that at the moment that the booking windows accessible up for these two properties, that we were in a position to go out and to acquaint the story. Specifically, what I aloof mentioned on the Cap Juluca, the efforts that were fabricated and aloof in a 1-month period, area we opened up the booking window for Cap Juluca, we managed to drive about $2 actor in revenues for — and that is for a aeon of abandoned 6 weeks at the aback end of this year. So I feel adequate that those accomplishments will get the absorption and the demand. And specifically, demography agenda as able-bodied that, while, that there is a cardinal of added destinations in the Caribbean that will not be reopened to the aforementioned ambit of what we are talking about. Therefore, the appeal all-embracing will be there. It’s now up to us to adviser it into our hotels. But I feel adequate that with the efforts and with the ability that we accept at this point in time, that we should be able to drive a lot of absorption in barter spending their Christmas and anniversary periods in those properties.

Anthony Powell

Got it. And I anticipate Martin, you mentioned what advantage was currently. What do you apprehend your advantage to be at the end of your plan in 2020?

Martin O’Grady

We’ve consistently said that we would apprehend the — or planned to accept the advantage at beneath 5x. I can’t say absolutely what it ability be because it will depend on the timing of what ability be acquired as we run up to that point in time. But we’re actual acquainted of that goal. We’ve additionally said that aloft 2020, we would aim to get aback into the candied atom of net advantage of about 3.5x, area we came from and area we’d apprehend to go aback to already those anew acquired assets balance over time.

Anthony Powell

And does it affair you that you may be at 5x or college advantage in 2020, which apparently could be very, actual backward in the bread-and-butter cycle?

Martin O’Grady

Well, we absolutely accumulate an eye on the bread-and-butter cycle, the macro cycle, the macro ante and all of that, and we accept ambiguity strategies appropriately about that. But it’s article that we accept to booty into our thinking, we consistently do so. But one of the affidavit why we accept a ambition to not go through 5x, and absolutely been there afore and I don’t appetite to go aback there, but to get it aback bottomward appear 3.5x, as I mentioned.


And your abutting catechism comes from the band of Shelley Bergman.

Shelley Bergman

Getting aback to Mr. Brandt’s comments, which was the aboriginal one I’m additionally in somewhat of agreement, obviously, that the abode area has done amazingly well. It seems that you’re accepting aback on track. As a accessible company, we’re all talking about the bulk proposition, we are all shareholders who accept fabricated no money, yet there’s acutely 1 admonition aural your aggregation with the 2 altered allotment classes. And until that goes away, I don’t anticipate the billow will lift on your stock, because you’re free the bulk of area the banal is trading, not the public, or not a abeyant value-enhancing event. At what time does the lath sit bottomward and say that you’re, in my mind, depreciating the bulk of your asset by accepting a accessible aggregation with 2 allotment classes that avoids the achievability of somebody abroad cerebration that your aggregation is anniversary more.

Roeland Vos

Yes, acknowledge you for allurement that question. And this is one of those credibility area we accept been and will abide to accept a actual close, abutting focus on, and a altercation that our lath takes actual austere on an advancing basis, as you would able-bodied imagine. Now aboriginal of all, beholden of the actuality that you see and that you admit that we are accepting aback on clue and that we are accepting online in adjustment to accomplish our cardinal targets, which to our opinion, will drive the accomplished bulk into the appearance of our shareholders in a abiding view, with which in this case, drives anywhere amid now and the year 2020 and beyond, because it won’t stop there. I anticipate that one of the capital things that we accept been adage from the actual alpha of this plan and that I’ve been actual complete about, and therewith, apery the position of the board, is that the AB anatomy will not be there forever. But there will be a lot of things that will be of access of aback to accede to lift the AB anatomy and to anticipate about altered alternatives. And that altercation will abide to be captivated on the lath level, ongoing. But one of the things that I would like to mention, too, is to say as we continue, application your own words, accepting aback on clue and creating, therewith, bulk for our shareholders activity forward, you would brainstorm that there would be about a bifold anathema or a bifold lift if, at that point in time, somehow, you would accede to booty abroad the AB structure. So I don’t anticipate that we’re captivation back. We’re aloof authoritative abiding that we do the appropriate affair to actualize the accomplished acknowledgment on advance for our shareholders over time.

Shelley Bergman

Yes, but you’re not accomplishing that because, over the aftermost 5 to 7 years, you’ve had an complete about-face of the board, you’ve had an complete change of your administration aggregation with contempo defections which wasn’t discussed on this call. And at the aforementioned time, you accept apparent bids for your aggregation at abundant college prices than they were today. And already again, you’re the affliction backward abode banal that’s about traded on the board. And you’re adage that aback the time comes. Why doesn’t the time appear eventually than afterwards and let the accessible bulk your company, not the Lath of Directors, who in my mind, and I’ll aloof accord my two cents, I anticipate accept been absolutely inept at acumen the bulk of your company. And you’re sitting there alteration — you’ve afflicted the Lath of Directors, okay, and I anticipate there’s abandoned one aboriginal lath affiliate left. Yet, we’ve been audition about this AB voting structure, yet nothing’s been done. I could accept if your banal performed well, I could accept if bids came for your aggregation that were not account the aggregation higher. But I don’t accept why the pushback. It seems like it’s a appealing adequate aggregation with absurd assets that could apparently be monetized and enhance everybody’s return, and you’re not acceptance that to appear because it’s aloof a administration aggregation who comes in there and runs the aggregation added as a clandestine aggregation than a accessible company.

Roeland Vos

I anticipate you fabricated a lot of comments there. I’ll try to get aback to you on that one. I anticipate the aboriginal affair that I would like to animadversion on is on your point that we had a lot of about-face on the board. We absolutely accept had a lath that has afflicted aback a cardinal of years, but therewith, has been actual stable. I anticipate that if you attending at who are the players on our board, you will see a actual awful able accumulation of bodies who are absolutely acquainted of their fiduciary duties and booty that role acutely actual serious, and all are accumbent in the best absorption of our shareholders as we would see it. For as far as the animadversion on administration change overall, I anticipate that, that is almost baby or — and we haven’t announced about any of that because there’s absolutely annihilation to acknowledgment there.

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We’re architecture up a aggregation that is assured in actuality able in all those areas area we charge to bear in the plan to accept the assets and the backbone and the aptitude in abode to accomplish that happen. So actually, I anticipate that the administration turnover, I would accede that additionally to be a positive. For as far as we’re a adequate company, well, I anticipate we accept a lot of incredible, admirable basal assets that we are aggravating to get to aerate their allotment on — both from an asset bulk point of appearance as able-bodied as from an EBITDA, and therewith, acknowledgment on advance point of view. And abide to assignment on that actual abundant so. So I don’t anticipate that it’s a fair anniversary that we’re not acceptance to accomplish that appraisal happen. I anticipate that we’re accomplishing our complete best to drive the aggregation to a point area we will be alive the allotment as we accept promised our investors and authoritative abiding that, over the breadth of the plan or over the aeon of the plan, we abide to focus on those things that will absolutely accomplish a difference. So I achievement that answered best of your question.

Martin O’Grady

And Shelley, we’d be captivated to abide this chat with you. But we’ve, unfortunately, abandoned got 10 added account and we’ve got 2 added bodies to get through questions. There’s accession big alarm at 3:00. So acknowledge you for the call, and we’d absolutely like to accumulate the chat going.

Roeland Vos

Other question?


And your abutting catechism comes from the band of Jonny Moshi.

Jonny Moshi

It’s Jonny from Reuben Brothers. I aloof had, well, a catechism originally about the leverage, but I anticipate you answered that. It was aloof for affair about activity over that 5x multiple. I apperceive you talked about ’20 [indiscernible]. Aloof analyze a little bit added in acceding of this banking year, whether you see that activity over the 5x? And afresh the added one was aloof on the allowance piece. You talked about before, like, the $30 actor business abeyance awning for the two accomplishments in Anguilla and St. Martin. I aloof wondered if would aloof accept an amend on what the net advance is afterwards the answer of allowance gain for those two properties.

Martin O’Grady

Yes. And in the absorption of time, I’ll adviser you aback to the calligraphy because I did lay it out anxiously beforehand and blessed to aces that up with you if you didn’t see that. The leverage, as we move through the year, I would apprehend the advantage will appear bottomward as we go through absolutely Q3, abnormally because that’s area we’re activity to accept the arch advance quarter. We absolutely did anticipate the advantage will be at 5.5x this quarter, but we came in at 5x. The ambition is consistently to accept a advantage of 5 or beneath by the end of the year. In Q1, it’s generally the case it ability bleep up because it’s the loss-making quarter. And again, I’m apologetic because of the time. I’ll accept to accredit you aback to the calligraphy on the beforehand question, which I laid out in accurate detail.

Jonny Moshi

Ok I will go through it later


And your abutting catechism comes from the band Brian Agnew.

Brian Agnew

So look, Roeland, a brace of questions. Yes, I apprehend your actor letter with abundant interest. You talked about it on the alarm today. I aloof appetite to accomplish abiding that we’re talking about the aforementioned thing. I anticipate you said in your actor letter and the comments today on the alarm that you feel like you’re advanced of the 2020 amoebic EBITDA ambition of a $180 million. And afresh I anticipate you additionally said today that the acquisitions that you’ve completed to date on the aisle to the 2020 plan will add $20 million. So I guess, if I apprehend you right, you’re tracking appear $200 actor in 2020. I guess, can you affirm that? Let’s alpha there.

Roeland Vos

Yes. Well, let me aboriginal alpha with the allotment on the organic. You’re absolutely right. We see that, based on the clip and based on how we see things putting aback together, that we would be trading advanced of what we initially said, the advance of amoebic advancing through. And you best up on those numbers. For as far as development is concerned, I mentioned today that we see that we’re hardly abaft on what our antecedent expectations were in the development world, and that’s due to the actuality that it acutely took us best to body up the apparatus and to get the aptitude on lath that we charge in adjustment to bear the goods. We still feel adequate that the plan itself will be accomplished as is, it’s aloof with a adjournment of 1 year. So yes, the cardinal there would be a little bit lower than what we had. The $20 actor that you mentioned is added apropos to the deals that we accept already signed. So those would be the accord like Castello or Cap Juluca and the likes. Those, in counterbalanced years, we would be breeding amid the 3 of them, about like $20 actor to $25 million, as Martin mentioned.

Brian Agnew

Okay. Martin, you didn’t acknowledgment annihilation on El Encanto. I apperceive you accept the asset listed for sale. Is there any amend that you can provide? And then, guys, I accept one added quick catechism afterwards that.

Martin O’Grady

Well, we’re in the average of a alive process, so we absitively we didn’t appetite to accomplish any specific comments today on that. We’ll accord you an amend on the abutting call.

Brian Agnew

Yes, understood. Acceptable luck there. And then, Roeland, the aftermost catechism is for you. I assumption I’m analytical that the belief that the lath used, I was account through the proxy over the weekend, and I saw that the Chairman was awarded a $1 actor belted banal grant. And if I apprehend it right, it’s for the accumulation of the 2020 cardinal plan. I would accept anticipation some — any belted banal admission angry to the plan would accept had to do whether or not the plan was absolutely achieved. So I assumption I’m aloof analytical as to why the lath would accolade the Chairman a $1 actor belted banal admission for article that, I guess, has not yet been achieved. It’s aloof a little ambagious in ablaze of aggregate that’s activity on.

Roeland Vos

Yes, I accept the question. But what I would say, the acumen why those were accepted to the Chairman were not aloof for one simple activity or accepting complex in one allotment of putting calm the cardinal plan, area obviously, Roland Hernandez was actual anxiously complex and formed with us in adjustment to put and to claiming the accomplished process. But additionally a lot of added things that, during that aeon of takeover, were important pieces of assignment area he has contributed in a actual actual way. And I anticipate that the way that the admission was laid out, it’s not article that would be accepted over a 1-year period, but it’s article that comes in over a aeon of time that would band up with the achievement of the banal activity advanced as continued as he would still be on the board. I achievement that, that array of clarifies your question.

Brian Agnew

It does. Look, I accept to say, for somebody that’s been complex for 10 years now and running, it’s absolutely shocking, aloof to say the least. But we’ll leave it at that.


Thank you. There are no added questions at this time. Acknowledge you, amuse continue.

James Costin

Okay, great. Acknowledge you actual much, Bernardo. And acknowledge you, anybody on the call, for abutting us today. We attending advanced to talking to you abutting quarter.


Thank you. That does achieve our alarm for today. Acknowledge you all for participating. You may all now disconnect.

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