Fourth Quarter 2015 Highlights

• On a constant currency basis:

• Same store revenue per available room (“RevPAR”) for the fourth quarter up 11% over the prior-year quarter

• Total revenue for the fourth quarter up $10.5 million or 9% over the prior-year quarter

• Total adjusted EBITDA for the fourth quarter up $2.3 million or 11% over the prior-year quarter

• Using actual U.S. dollars, total adjusted EBITDA of $22.5 million for the fourth quarter, up 4% over $21.6 million for the prior-year quarter

Full Year 2015 Highlights

• On a constant currency basis:

• Same store RevPAR for the full year up 11% over the prior year

• Total revenue for the full year up $39.4 million or 8% over the prior year

• Total adjusted EBITDA for the full year up $19.7 million or 20% over the prior year

• Using actual U.S. dollars, total adjusted EBITDA of $119.5 million for the full year, up 2% over $117.7 million for the prior year

• Acted on process of board renewal, welcoming Ian Livingston and Gail Rebuck to the Company's board of directors

• Executed strategic disposal of Hotel Ritz Madrid in May 2015 for gross joint venture proceeds of $144.5 million, generating net proceeds to the Company of $43.7 million

• Announced $75.0 million share repurchase program in March 2015; repurchased approximately $38.0 million through December 31, 2015

• Significantly improved existing assets through EBITDA-enhancing re-investments, including the completion of the three-year, phased rooms renovation at Belmond Charleston Place, South Carolina; the full renovation of the Belmond Eagle Island safari lodge in Botswana; and the addition of a new group function facility at Belmond Villa San Michele, Florence, Italy

HAMILTON, Bermuda-Belmond Ltd. (NYSE: BEL) (the “Company”), owners, part-owners or managers of 46 luxury hotel, restaurant, tourist train and river cruise properties operating in 23 countries, today announced its results for the fourth quarter and full year ended December 31, 2015.

Roeland Vos, president and chief executive officer, remarked: “We are encouraged by our performance in 2015, which exceeded our original guidance despite challenging macroeconomic conditions in several regions. We delivered strong results for the fourth quarter and full year, reporting constant currency adjusted EBITDA growth of 20% for the full year 2015 and establishing a solid financial base for 2016.

"2015 was also a year of important strategic progress and transition for Belmond. We sold our 50% equity interest in Hotel Ritz Madrid, increased our capital allocation optionality with the board's approval of our first share repurchase program, continued to invest in EBITDA-enhancing projects at our existing assets, further strengthened our board of directors, and attracted highly talented industry experts to senior management positions. With a solid foundation and a persistent focus on our strategic plan, I believe that we are now, more than ever, in an excellent position to deliver meaningful growth. To achieve this growth, we are working diligently on driving top- and bottom-line growth at our existing businesses, stepping up our efforts to continue to build brand awareness, and positioning the Company for footprint expansion. With a cohesive management team that is highly focused on these three key areas, I strongly believe we will be successful in delivering near-term results while at the same time driving long-term shareholder value.

"Looking to the year ahead, we are seeing healthy early demand — albeit on relatively low volume at this point in the year, but we remain conscious of global economic uncertainties. We are establishing same store, constant currency RevPAR guidance for the full year 2016 of between 3% and 7%."

Fourth Quarter 2015 Operating Results

Total revenue for the fourth quarter of 2015 was $126.4 million, down $0.5 million from $126.9 million for the fourth quarter of 2014 primarily due to year-over-year currency depreciation. In constant currency, total revenue for the fourth quarter of 2015 increased $10.5 million or 9% over the fourth quarter of 2014.

Same store RevPAR for owned hotels for the fourth quarter of 2015 increased 11% over the prior-year quarter on a constant currency basis as a result of a 6% increase in average daily rate ("ADR") and a 3 percentage point increase in occupancy.

Total adjusted EBITDA for the fourth quarter of 2015 was $22.5 million, a $0.9 million or 4% increase over total adjusted EBITDA of $21.6 million for the fourth quarter of 2014. In constant currency, total adjusted EBITDA for the fourth quarter of 2015 increased $2.3 million or 11%.

Adjusted net earnings from continuing operations for the fourth quarter of 2015 were $2.8 million ($0.03 per common share), a $2.0 million or 42% decrease from $4.8 million ($0.05 per common share) for the fourth quarter of 2014.

Reported net earnings attributable to Belmond Ltd. for the fourth quarter of 2015 were $0.4 million ($0.00 per common share), a $2.5 million increase from reported net losses attributable to Belmond Ltd. of $2.1 million ($(0.02) per common share) for the fourth quarter of 2014.

Full Year 2015 Operating Results

Total revenue for the full year 2015 was $561.9 million, down $32.6 million or 5% from $594.5 million for the full year 2014 primarily due to year-over-year currency depreciation. In constant currency, total revenue for the full year 2015 increased $39.4 million or 8% over the prior year.

Same store RevPAR for owned hotels for the full year 2015 increased 11% over the prior year on a constant currency basis as a result of an 8% increase in ADR and a 2 percentage point increase in occupancy.

Total adjusted EBITDA for the full year 2015 was $119.5 million, a $1.8 million or 2% increase over total adjusted EBITDA of $117.7 million for the full year 2014. In constant currency, total adjusted EBITDA for the full year 2015 increased $19.7 million or 20%.

Adjusted net earnings from continuing operations for the full year 2015 were $18.3 million ($0.18 per common share), a $0.2 million or 1% decrease from $18.5 million ($0.18 per common share) for the full year 2014.

Reported net earnings attributable to Belmond Ltd. for the full year 2015 were $16.3 million ($0.16 per common share), an $18.2 million increase from reported net losses attributable to Belmond Ltd. of $1.9 million ($(0.02) per common share) for the full year 2014.

Recent Company Highlights

  • Completes final phase of rooms renovations at Belmond Charleston Place — On December 30, 2015, Belmond Charleston Place re-introduced into operations the last of the rooms renovated under the Company's three-year rooms renovation project. The project commenced in August 2013 and included all 434 of the hotel's keys, with the works done in phases to minimize the disruption to operations.
  • Obtains Michelin star for Oro restaurant at Belmond Hotel Cipriani in Venice, Italy — Oro, overseen by executive chef Davide Bisetto, was awarded its first Michelin star in December 2015, less than two years after the restaurant opened. Belmond Hotel Cipriani is the third hotel in Belmond’s collection to have been awarded a coveted Michelin star: Belmond Le Manoir aux Quat’Saisons has retained its two stars for 32 years and MEE at Belmond Copacabana Palace in Rio de Janeiro, Brazil became one of the first restaurants in South America to receive the accolade in April 2015.

Fourth Quarter 2015 Business Unit Results

Owned hotels:

Europe:

For the fourth quarter of 2015, revenue from owned hotels was $27.1 million, an increase of $1.5 million or 6% from $25.6 million for the fourth quarter of 2014. In constant currency, revenue for the region for the fourth quarter of 2015 increased $2.8 million or 11% over the prior-year quarter primarily due to revenue growth of $1.1 million or 32% at Belmond Grand Hotel Europe, St. Petersburg, Russia largely as a result of increased group business, and revenue growth of $0.7 million or 21% at Belmond Reid's Palace, Madeira, Portugal largely due to increased demand for the destination, which translated into a 19% increase in room nights sold.

In constant currency, same store RevPAR for owned hotels in the region increased 16% over the prior-year quarter due to an 8 percentage point increase in occupancy and ADR that was consistent with the prior-year quarter.

EBITDA for the region for the quarter was $2.4 million, an increase of $2.9 million from an EBITDA loss of $0.5 million for the fourth quarter of 2014. In constant currency, EBITDA for the region for the fourth quarter of 2015 increased $1.6 million over the prior-year quarter mainly due to EBITDA growth of $0.4 million at Belmond Grand Hotel Europe and $0.4 million or 75% at Belmond Reid's Palace.

North America:

Revenue from owned hotels for the fourth quarter of 2015 was $38.2 million, down $0.5 million or 1% from $38.7 million for the fourth quarter of 2014. This decrease was largely the result of a $1.3 million or 7% year-over-year revenue decline at Belmond Charleston Place primarily due to the impact of Hurricane Joaquin in early October 2015, which caused severe flooding in Charleston and impacted the hotel's business both during and in the weeks following the storm but did not cause physical damage to the hotel. This decrease was partially offset by revenue growth of $0.7 million or 16% at Belmond El Encanto, Santa Barbara, California largely due to continued efforts to stimulate group demand, which translated into an increase in group room nights sold and a related increase in banqueting revenue.

In constant currency, same store RevPAR for owned hotels in the region was down 5% from the prior-year quarter due to a 3 percentage point decrease in occupancy and a 1% decrease in ADR.

EBITDA for the region for the quarter was $8.4 million, up $0.3 million or 4% from $8.1 million for the fourth quarter of 2014. Year-over-year growth for the quarter was primarily the result of a $0.5 million EBITDA increase at Belmond El Encanto largely as a result of increased revenue and a heightened focus on retention.

Rest of world:

Revenue from owned hotels for the fourth quarter of 2015 was $37.6 million, a decrease of $2.0 million or 5% from $39.6 million for the fourth quarter of 2014 primarily due to year-over-year currency depreciation. In constant currency, revenue for the fourth quarter of 2015 increased $7.5 million or 23% over the prior-year quarter principally as a result of revenue growth of $3.4 million or 26% at Belmond Copacabana Palace, revenue growth of $2.2 million or 49% at Belmond Hotel das Cataratas, Iguassu Falls, Brazil and revenue growth of $1.5 million or 34% at Belmond Mount Nelson Hotel, Cape Town, South Africa. Year-over-year revenue growth was mainly driven by 35% RevPAR growth at Belmond Copacabana Palace due to increased occupancy, largely from groups, and a higher ADR from transient guests; RevPAR growth of 56% at Belmond Hotel das Cataratas; and RevPAR growth of 37% at Belmond Mount Nelson Hotel partially due to the Company's recent investments in rooms and banqueting facilities.

In constant currency, same store RevPAR for owned hotels in the region was up 25% over the prior-year quarter due to a 17% increase in ADR and 4 percentage point increase in occupancy.

EBITDA for the region for the quarter of $12.7 million increased $1.1 million or 9% over EBITDA of $11.6 million for the prior-year quarter. In constant currency, EBITDA for the region increased $3.7 million or 39% over the prior-year quarter largely due to EBITDA growth of $1.6 million at Belmond Mount Nelson Hotel, $0.9 million at Belmond Hotel das Cataratas and $0.8 million or 17% at Belmond Copacabana Palace.

Part-owned / managed hotels:

EBITDA for the fourth quarter of 2015 of $2.1 million increased $0.4 million or 24% over EBITDA of $1.7 million for the fourth quarter of 2014 largely as a result of a $0.8 million or 46% increase in EBITDA recognized for the Company's Peru hotels joint venture largely as a result of improved performance for the joint venture's two hotels in Cusco.

Owned trains & cruises:

Revenue for the fourth quarter of 2015 was $16.4 million, down $0.4 million or 2% from $16.8 million for the fourth quarter of 2014. In constant currency, revenue decreased $0.2 million or 1% primarily as a result of a combined $1.5 million or 29% revenue decline for Belmond Road to Mandalay and Belmond Orcaella, the Company's two river cruise ships in Myanmar, largely as a result of increased competition. This decrease was partially offset by a $0.5 million revenue increase from the Company's trains & cruises tour operator business and a combined $0.4 million or 15% revenue increase for Belmond Royal Scotsman and Belmond Northern Belle.

EBITDA for the quarter was $2.5 million, a $0.6 million or 19% decrease from EBITDA of $3.1 million for the fourth quarter of 2014. In constant currency, EBITDA decreased $0.5 million or 18% largely due to a combined $0.9 million or 41% decrease in EBITDA for the Company's two river cruise ships in Myanmar.

Part-owned / managed trains:

EBITDA for the fourth quarter of 2015 of $4.7 million increased $0.3 million or 7% over EBITDA of $4.4 million for the fourth quarter of 2014 primarily as a result of a $0.5 million or 12% increase in EBITDA recognized for the Company’s PeruRail joint venture largely due to an increase in the amount of freight moved by the joint venture.

Central costs:

For the fourth quarter of 2015, central overheads of $6.5 million were $0.5 million higher than central overheads of $6.0 million for the prior-year quarter primarily due to higher legal and professional fees.

The Company also incurred $1.9 million of non-cash share-based compensation expense for the current-year quarter, a $0.4 million reduction in expense from the $2.3 million incurred for the fourth quarter of 2014.

Investments

The Company continued its strategy of disciplined re-investment in core assets and projects with attractive forecasted returns. During the fourth quarter of 2015, the Company invested a total of $13.8 million in its portfolio, including $2.8 million on the Belmond Grand Hibernian luxury sleeper train, which is scheduled to commence operations in Ireland in August 2016; $2.1 million at Belmond Charleston Place largely for the hotel’s rooms renovation project; $1.5 million at Belmond Safaris in Botswana primarily for the renovation of Belmond Eagle Island Lodge; and $1.1 million on the Venice Simplon-Orient-Express mainly for statutory maintenance works.

Share Repurchases

In the fourth quarter of 2015, the Company repurchased approximately 1.0 million of the Company's class A common shares at a total cost of approximately $10.3 million. For the full year 2015, the Company repurchased approximately 3.3 million shares at a total cost of approximately $38.0 million. As of December 31, 2015, approximately $37.0 million remained outstanding under the Company's share repurchase authorization.

Balance Sheet

At December 31, 2015, the Company had total debt of $582.8 million and cash balances of $138.9 million, resulting in total net debt of $443.9 million and a ratio of net debt to trailing twelve-months total adjusted EBITDA of 3.7 times.

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