Belmond ltd. (BEL)
CashFlow / TTM
Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Cash flows from operating activities:
Net (losses)/earnings

-28,252

-33,543

-38,471

-41,892

-44,948

-8,569

6,646

19,925

36,433

30,217

16,813

23,839

15,854

13,391

18,793

9,455

-1,735

-17,717

-16,475

-5,134

-31,496

-36,005

-34,448

-40,107

-6,888

-12,497

-80,246

-86,703

-87,596

-86,010

-58,418

-64,421

-62,580

0

0

0

Less: Net (losses)/earnings from discontinued operations, net of tax

-10

-11

-10

85

122

1,106

1,105

1,168

1,032

-859

-1,236

-1,445

-1,534

-1,735

-2,823

-3,237

-3,782

-7,084

-6,120

-5,251

-5,318

105

5,195

3,290

4,538

-43,298

-66,333

-65,596

-67,705

-58,664

-39,465

-40,260

-34,299

0

0

0

(Losses)/earnings from continuing operations

-28,242

-33,532

-38,461

-41,977

-45,070

-9,675

5,541

18,757

35,401

31,076

18,049

25,284

17,388

15,126

21,616

12,692

2,047

-10,633

-10,355

117

-26,178

-36,110

-39,643

-43,397

-11,426

30,801

-13,913

-21,107

-19,891

-27,346

-18,953

-24,161

-28,281

0

0

0

Adjustments to reconcile net (losses)/earnings to net cash provided by operating activities:
Depreciation and amortization

61,278

62,590

64,679

64,986

62,852

58,705

54,808

53,057

52,396

52,882

51,907

51,001

50,513

52,236

52,118

52,464

52,004

51,319

49,913

49,381

48,740

46,546

46,435

44,710

43,753

42,660

43,299

43,162

43,633

40,915

41,416

42,526

42,630

0

0

0

Impairment of property, plant and equipment and other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

36,430

39,517

39,517

39,517

3,837

0

0

0

-

-

-

-

-

-

-

-

Amortization of finance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

5,001

5,728

7,236

6,893

8,201

6,931

4,826

4,785

0

0

0

(Gain)/loss on disposal of property, plant and equipment and equity method investments

750

-153

-153

-153

-153

600

938

938

938

938

600

20,275

20,275

20,275

20,246

574

4,128

3,978

3,857

3,704

0

0

0

0

-

-

-

-

13,372

483

650

14

0

0

0

0

Gain on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-14,506

-10,989

-10,989

-10,989

3,517

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

(Earnings)/losses from unconsolidated companies, net of tax

9,355

-9,166

-9,270

-9,213

-10,213

11,090

11,769

10,554

11,013

11,388

10,487

9,585

9,075

10,696

10,128

10,222

9,484

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt issuance costs and discount on secured term loan

3,003

3,092

3,721

3,716

3,682

3,662

3,081

3,056

3,044

2,941

2,900

2,916

2,903

2,736

2,925

3,135

3,921

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Undistributed earnings of unconsolidated companies

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

7,790

8,484

7,346

6,627

5,610

3,915

6,536

4,486

0

0

0

Tax on earnings of unconsolidated companies

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

2,596

2,820

2,489

2,270

0

0

0

-

-

-

-

Share-based compensation

5,364

5,013

4,869

5,157

5,809

6,039

6,677

6,165

6,272

7,184

6,123

7,599

6,707

7,005

8,670

7,887

7,928

9,561

9,493

9,629

10,388

8,965

7,138

6,374

6,761

6,283

6,649

7,117

6,752

6,200

6,515

6,050

5,965

0

0

0

Excess share-based compensation tax benefit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

373

363

363

267

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Loss/(gain) on derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Change in provisions for uncertain tax positions

46

169

174

172

160

-3,487

-3,450

-3,401

-3,350

267

255

259

279

333

413

565

496

-7

857

1,414

-2,526

-2,058

-2,964

-4,050

160

-455

-1,261

-659

-3,004

-2,034

-1,214

-1,443

1,153

0

0

0

(Benefit from)/provision for deferred income tax

-6,219

-23,393

-18,275

-21,637

-13,641

-5,875

-6,293

4,679

-305

6,558

-1,738

-237

-124

-7,364

-5,119

-10,997

-11,246

2,063

-1,879

-5,347

-2,078

7,519

-1,467

1,073

4,204

-7,482

-12,083

-13,385

-11,328

1,559

13,643

10,944

13,840

0

0

0

Other non-cash movements

3,671

3,230

2,214

814

1,596

266

-103

703

567

1,604

209

-684

-1,076

3,043

3,215

4,167

3,950

0

0

0

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Effect of exchange rates on net (losses)/earnings

1,121

5,321

6,133

4,218

2,424

-636

-2,852

-8,781

-12,617

-12,170

-10,262

-5,128

896

-583

-1,579

852

-4,518

-1,753

1,936

-3,914

-3,839

-2,479

-1,993

-6,479

-1,104

0

0

0

-

-

-

-

-

-

-

-

Change in assets and liabilities, net of effects from acquisitions:
Accounts receivable

5,420

18,847

12,073

9,626

633

1,117

5,243

-135

-1,961

-985

-2,326

-2,796

536

-1,536

-699

1,983

-1,593

-1,995

-2,562

-4,175

-414

-4,042

-7,946

-9,730

-8,546

0

0

0

-

-

-

-

-

-

-

-

Increase in receivables, prepaid expenses and other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Due from unconsolidated companies

-2,292

1,176

1,179

-1,269

419

696

-1,092

240

788

170

1,468

136

-1,167

592

982

3,004

2,784

2,831

2,674

3,348

2,414

91

-1,309

312

3,232

-4,452

-6,720

3,631

3,519

10,063

14,422

750

-2,018

0

0

0

Prepaid expense and other

1,275

1,951

787

-1,205

349

1,146

551

688

-668

-1,905

721

131

725

4,431

4,052

576

2,500

-742

-2,767

2,703

1,000

-2,947

-3,299

-6,779

-4,498

0

0

0

-

-

-

-

-

-

-

-

Inventories

-724

-1,122

-2,094

-3,415

-2,539

-1,585

-1,162

-765

504

445

-110

-183

-1,962

-2,879

-2,205

-3,194

-2,251

-502

-917

1,945

1,742

137

631

-1,089

-611

-314

-501

2,017

2,600

3,764

7,096

4,239

1,204

0

0

0

Escrow and prepaid customer deposits

-

-

-

-

-

-

-

-

-

-502

2,180

3,852

1,284

4,368

1,429

344

615

612

-704

-3,302

-3,839

-1,471

142

4,039

1,221

-558

-1,688

-443

-664

0

0

0

-

-

-

-

Accounts payable

6,989

8,735

-697

-35

-2,488

-1,215

698

210

877

-4,056

-5,912

-4,185

-5,703

877

1,221

1,604

3,178

3,079

-1,217

39

-1,320

-5,933

-2,487

-5,292

-4,891

0

0

0

-

-

-

-

-

-

-

-

Accrued liabilities

21,381

17,326

22,618

9,781

12,805

18,041

5,058

25

245

-2,786

3,859

6,417

10,127

10,861

7,140

1,172

-2,059

-11,315

-9,796

-4,782

-3,628

-2,962

-8,343

-7,986

-9,345

0

0

0

-

-

-

-

-

-

-

-

Deferred revenue

8,500

14,583

10,710

5,870

-489

-1,309

-3,447

851

-1,434

-6,622

7,240

5,796

5,877

5,754

1,807

-1,815

227

3,729

2,655

3,405

3,629

5,535

6,601

4,981

4,401

0

0

0

-

-

-

-

-

-

-

-

Other, net

-928

-19

-350

-280

-927

-1,544

-657

-629

-148

1,362

2,503

3,230

3,008

-3,250

-4,725

43

-48

8,198

5,288

-1,855

-407

1,421

6,677

5,816

6,400

0

0

0

-

-

-

-

-

-

-

-

Other cash movements:
Dividends from equity method investees

4,290

4,440

4,440

4,440

4,440

4,611

4,457

4,303

4,449

3,978

3,832

3,945

3,649

3,499

3,984

3,725

3,725

5,703

8,159

8,000

7,841

4,004

2,004

2,492

2,524

0

0

0

-

-

-

-

-

-

-

-

Proceeds from insurance settlements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

-

-

-

-

-

-

-

-

Payment of key money

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,000

3,000

3,000

3,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payment of swap termination costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,985

3,985

3,985

3,985

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in real estate assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Increase in payables, accrued liabilities, and deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Net cash provided by operating activities from continuing operations

79,737

73,360

57,642

48,814

51,911

61,612

60,367

58,300

60,765

55,369

51,184

68,549

69,458

71,939

72,494

64,093

53,653

45,230

53,509

59,754

65,073

74,289

56,697

48,938

45,468

45,553

26,182

34,324

46,025

69,648

88,522

83,528

74,219

0

0

0

Net cash (used in)/provided by operating activities from discontinued operations

-10

89

90

85

87

-23

-24

139

38

-859

-1,236

-1,445

-1,534

-990

-1,358

-1,772

-2,317

512

1,302

2,321

1,907

-764

-1,385

-1,739

144

-237

-1,173

-1,466

-3,451

-15,423

-8,896

-12,411

-17,071

0

0

0

Net cash provided by operating activities

79,727

73,449

57,732

48,899

51,998

61,589

60,343

58,439

60,803

54,510

49,948

67,104

67,924

70,949

71,136

62,321

51,336

45,742

54,811

62,075

66,980

73,525

55,312

47,199

45,612

45,316

25,009

32,858

42,574

54,225

79,626

71,117

57,148

0

0

0

Cash flows from investing activities:
Capital expenditure to acquire property, plant and equipment

166,080

150,693

123,294

86,418

67,830

57,560

55,443

56,086

55,104

54,344

52,106

50,566

56,395

53,580

54,779

62,298

63,454

66,801

68,349

63,959

66,646

80,425

90,877

98,661

97,048

89,127

78,601

64,573

59,909

61,033

56,242

67,246

64,578

0

0

0

Acquisitions, net of cash acquired

45,406

45,406

45,406

114,036

68,632

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,605

5,878

-1,824

6,760

46,402

0

0

0

Capital expenditure to acquire intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

714

688

975

975

269

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investments in unconsolidated companies

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,082

4,099

5,572

4,860

5,532

7,239

5,933

5,013

4,858

0

0

0

-

-

-

-

-

-

-

-

Increase in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,805

3,467

1,785

10,177

6,177

0

0

0

Release of restricted cash

-

-

-

-

-

-

-

-

-

-

-

477

519

4,348

4,924

4,563

11,324

14,120

15,363

15,244

8,580

3,055

1,091

1,232

1,013

3,116

3,155

-3,775

1,558

9,904

6,799

11,439

1,666

0

0

0

Proceeds from insurance settlements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

297

63

-137

135

0

234

234

65

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds from sale of property, plant and equipment and equity method investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

37,842

38,133

38,133

38,133

291

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities from continuing operations

-207,174

-173,114

-146,164

-184,796

-120,804

-126,235

-123,562

-53,420

-52,358

-51,650

-49,209

-10,916

-17,409

-13,957

-14,753

-66,403

-22,368

-18,374

-20,689

-14,969

-62,969

-88,925

-106,452

-113,196

-111,712

-79,591

-68,843

-20,347

-25,266

-74,823

-58,195

-79,681

-110,882

0

0

0

Net cash provided by investing activities from discontinued operations

-

-

-

-

-

-

-

-

0

0

0

0

0

0

0

0

0

-50

-112

-152

18,812

43,198

84,277

86,562

88,655

56,992

39,085

33,343

12,058

39,959

14,118

2,267

20,410

0

0

0

Net cash used in investing activities

-207,174

-173,114

-146,164

-184,796

-120,804

-126,235

-123,562

-53,420

-52,358

-51,650

-49,209

-10,916

-17,409

-13,957

-14,753

-66,403

-22,368

-18,424

-20,801

-15,121

-44,157

-45,727

-22,175

-26,634

-23,057

-22,599

-29,758

12,996

-13,208

-34,864

-44,077

-77,414

-90,472

0

0

0

Cash flows from financing activities:
Proceeds from working capital facilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-501

251

0

0

0

0

-

-

-

-

1,065

0

0

0

Repayments of revolving credit facilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

133

0

0

0

-

-

-

-

-

-

-

-

1,072

394

5,195

4,079

6,149

0

0

0

Repurchase of shares

-

-

-

-

-

-

-

-

1,992

12,170

23,038

39,557

37,565

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of common shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

261,878

0

0

0

Issuance costs of common shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

157

6,758

6,758

6,951

13,826

0

0

0

Exercised stock options and vested share awards

7

308

307

304

305

3

4

18

17

19

19

21

35

48

49

35

19

6

6

7

7

5

4

2

3

0

0

0

-

-

-

-

-

-

-

-

Excess share-based compensation tax benefit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

373

363

363

267

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Dividend to non-controlling interest

16

16

12

13

0

8

8

8

15

7

7

7

20

20

20

20

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of long-term debt

105,082

-456,788

147,690

144,690

104,739

0

0

0

-

-

-

-

-

-

-

-

572,046

602,959

668,316

698,087

135,388

129,029

117,474

108,745

105,008

85,565

123,572

128,328

125,209

497,767

402,866

376,221

386,265

0

0

0

Debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17,798

19,007

19,727

16,601

4,305

2,551

1,982

2,927

2,613

0

0

0

-

-

-

-

-

-

-

-

Principal payments under long-term debt

45,278

-499,453

6,206

5,603

5,654

550,150

5,350

14,232

13,904

13,899

13,899

5,363

5,432

5,475

5,857

6,487

565,051

599,786

665,508

674,119

124,444

102,130

105,641

112,472

121,372

125,406

165,926

220,479

209,794

638,678

532,178

508,122

507,363

0

0

0

Net cash provided by financing activities from continuing operations

58,620

41,879

129,707

129,739

89,751

89,569

39,595

11,313

9,641

-327

-11,195

-45,762

-43,838

-34,288

-22,034

-8,486

-10,917

-15,457

-16,554

7,355

7,046

23,211

9,354

-6,401

-18,974

-45,616

-47,999

-96,335

-89,847

-33,555

-29,301

-34,144

111,770

0

0

0

Net cash provided by financing activities from discontinued operations

-

-

-

-

-

-

-

-

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

-

-

-

-

0

0

0

0

Net cash provided by financing activities

58,620

41,879

129,707

129,739

89,751

89,569

39,595

11,313

9,641

-327

-11,195

-45,762

-43,838

-34,288

-22,034

-8,486

-10,917

-15,457

-16,554

7,355

7,046

23,211

9,354

-6,401

-18,974

-45,616

-47,999

-96,335

-89,847

-26,798

-22,544

-27,387

111,770

0

0

0

Effect of exchange rate changes on cash, cash equivalents and restricted cash

-3,364

-4,485

2,787

9,300

7,120

6,351

989

-1,951

-992

760

-1,701

66

-6,196

-6,931

-10,600

-11,298

-6,486

-6,179

1,864

706

302

599

-433

-1,337

-303

6,212

11,425

616

898

-4,290

-11,059

949

50

0

0

0

Net (decrease)/increase in cash, cash equivalents and restricted cash

-72,191

-62,271

44,062

3,142

28,065

31,274

-22,635

14,381

17,094

3,293

-12,157

10,492

481

15,773

23,749

-23,866

11,565

5,682

19,320

55,015

30,171

51,608

42,058

12,827

3,278

-16,687

-41,323

-49,865

-59,583

-11,727

1,946

-32,735

78,496

0

0

0