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DeZwarteRidder
0
MANAGEMENT STATEMENT ON "GOING CONCERN":
This statement is made taking into account the global health crisis and economic fallout caused by the pandemic Covid-19. There is instability in our markets and globally that could impact on Group activities in ways that are currently unpredictable. To account for the unpredictable conditions, in forecasting future cash flows in our assessment of Going Concern, Management has made certain extraordinary assumptions. Specifically, we have:
1.Forecasted a materially negative impact on revenue for the years 2020 and 2021, with revenues returning to 2019 levels only as of 2022.
2.Forecasted expenses to remain approximately at the levels they are as on date of publication of this 2019 Annual Report, meaning we are assuming(for Going Concern assessment only) that the Group has no more flexibility to drive down expenses further.
3.Assumed that: a) A portion of our secured debt will be restructured as an interest-only loan through 2021; and b) Our remaining unsecured debt will be deferred and repaid against liquidity events.
4.Assumed no development nor material construction, but do assume some repurposing of existing real estate to accommodate for changes in demand.
5.Forecasted no extraordinary one-time events that may impact positively or negatively on the Group’s cash flows, though such events are possible particularly given the environment.
6.Assumed a stable regulatory environment in all countries with existing operations, and have forecasted receiving no governmental support apart from what has already been received as described in Other Group Events on pages 10 and 11 of the Group’s 2020 Half-year Report.Management has reviewed their plan with the Directors and has collectively formed a judgment that the Group has adequate resources to continue as a going concern for the foreseeable future, which Management and the Directors have defined as being at least the next 12 months from the filing of this 2020 Half-year Report. In arriving at this judgment, Management has prepared the cash flow projections of the Group. Directors have reviewed this information provided by Management and have considered the information in relation to the financing uncertainties in the current economic climate, the Group’s existing commitments and the financial resources available to the Group. Specifically, Directors have considered: (i) there are probably no sources of new financing available to the Group; (ii) the Group has limited trading exposures to our local suppliers and retail customers; (iii)other risks to which the Group is exposed, the most significant of which is considered to be regulatory risk; (iv) sources of Group income, including management fees charged to and income distributed from its various operations; (v) cash generation and debt amortization levels; (vi) fundamental trends of the Group’s businesses; (vii) ability to re-amortize and unsecured lenders; and (vii) level of interest of third parties in the acquisition of certain operating assets, and status of genuine progress and probability of closing within the Going Concern period. The Directors have also considered certain critical factors that might affect continuing operations, as follows: •Special Resolution: On September 21, 2016, the Group’s shareholders approved a special resolution that, among other items, authorized the Board of Directors of the Corporate to sell “any or all remaining assets of the Corporation in such amounts and at such times as determined by the Board of Directors.” This resolution facilitates the sale of any one or any combination of assets required to support maintaining of a going concern by the Group.•Corporate Expense and Cash Flow: Corporate expense has decreased materially in recent years, but still must accommodate for compliance as a publiccompany.•Liquidity and Working Capital:
As of the date of publication of this 2020 Half-year Report, the Group forecasts operating with low levels of reserves and working capital.

Selling assets will be critical to creating a healthy level of working capital reserves for periods beyond the Going Concern period, which ability to liquidate assets is currently unknown.Considering the above, Management and Directors are satisfied that the consolidated Group has adequate resources to continue as a going concern for at least the 12 months following the filing date of this report. For these reasons, Management and Directors continue to adopt the going concern basis in preparing the consolidated financial statements.
DeZwarteRidder
0
Leuk om te weten is dat T-Bird te weinig geld heeft om de directie te betalen, dus die krijgen hun salaris uitgekeerd in aandelen.
Waaghals
0
Weet iemand wanneer ze met de jaarcijfers komen.
Misschien dat er dan wat meer beweging in komt, want zo schieten we niet op.
DeZwarteRidder
0
quote:

Waaghals schreef op 30 april 2021 17:05:


Weet iemand wanneer ze met de jaarcijfers komen.
Misschien dat er dan wat meer beweging in komt, want zo schieten we niet op.

Je kan beter hopen dat ze NIET met de jaarcijfers komen.............

Deze tent is FAILLIET..........
Waaghals
0
Waar heb jij dat gezien / gehoord maar belangrijkste waar gelezen ??
Ik kan daar niets over vinden.
Heb je diverse links voor mij , voor méér info te verkrijgen daarover.
DeZwarteRidder
0
quote:

Waaghals schreef op 3 mei 2021 12:27:


Waar heb jij dat gezien / gehoord maar belangrijkste waar gelezen ??
Ik kan daar niets over vinden.
Heb je diverse links voor mij , voor méér info te verkrijgen daarover.


zie hun website
DeZwarteRidder
0
quote:

Bert71 schreef op 26 juli 2021 10:48:


Nieuws in aantocht? Of een shuffle? Toch al 20%hoger vandaag!


De tent is nog steeds feitelijk failliet.
DeZwarteRidder
0
Dit is het laatste nieuws:

THUNDERBIRD RESORTS MOURNS THE PASSING OF A DIRECTOR
AND ELECTS BOARD MEMBER

Thunderbird Resorts Inc. ("Thunderbird") (FSE: 4TR; and Euronext: TBIRD) announced today that George
Gruenberg, a member of Thunderbird Resorts Inc.’s Board of Directors, has passed away. Mr. Gruenberg had
been a director of the Company since December 2013. Salomon Guggenheim, President and Chairman of the
Board of Thunderbird stated, “We will be forever grateful to George for his dedication and service to Thunderbird
Resorts Inc. It has been a privilege for me and our Board members, as well as Management, to work alongside
George. We are very saddened by George’s passing and he will be greatly missed. George was a tremendous
supporter of the Company and for that, we will always be appreciative of his impact here. The Thunderbird family
offers our thoughts, prayers and support to the entire Gruenberg family at this time.”

Reto Stadelmann, has been elected to the Board pursuant to Thunderbird’s charter. Mr. Stadelmann previously
joined us as a Director in June 2012 and resigned that position in February 2016 to pursue other business interests.
Mr. Stadlemann will join Thunderbird’s audit committee and brings to the Company a world of business and
financial experience.

Salomon Guggenheim
Chief Executive Officer and President

ABOUT THE COMPANY: We are an international provider of hospitality services. Additional information
about the Group is available at www.thunderbirdresorts.com.
DeZwarteRidder
0
Dear Shareholders and Investors:

The below summarizes the Group’s performance through December 31, 2019. Because of the sale of the Group’s
Peru gaming operations in April 2018, we report only continuing operations so that the reader might compare
continuing business with the results of the same businesses through December 31, 2018.
1. CHANGES IN PERFORMANCE IN 2020
A. EBITDA1: Peru property EBITDA fell by $653 thousand through December 31, 2020 as compared to the
same period in 2019. During the same period, Nicaragua property EBITDA decreased by $284 thousand.
Corporate Expense was reduced by $425 thousand in 2020 as compared to 2019. Adjusted EBITDA decreased
by approximately $513 thousand in 2020 as compared to 2019. B. Profit / (Loss): Our Loss worsened by approximately $530 thousand for the period as compared to 2019.
This decrease was overwhelmingly the result of reduced revenue of $3.3 million post the onset of Covid-19,
even though management responded with $2.8 million in expense cuts at all levels. C. Net Debt: Due to a change in accounting policy as required by IFRS 16, the Group is now required to account
for the net present value of real estate operating lease contracts as Obligations under leases and hire purchase
contracts. Approximately $4.4 million of our net debt is comprised of Obligations under leases and hire
purchase contracts. Our Net Debt variance between 2019 and 2020 is virtually nil.
2
T h u n d e r b i r d B u i l d i n g , C a l l e A l b e r t o N a v a r r o , A p t . 0 8 2 3 - 0 0 5 1 4 , P a n a m a , R e p u b l i c o f P a n a m a
T e l e p h o n e : ( 5 0 7 ) 2 2 3 - 1 2 3 4 e - m a i l : info@thunderbirdresorts.comwebsite: www.thunderbirdresorts.com

2. IMPACT OF COVID-19 ON 2020 AND BEYOND
Covid-19 hit our markets harder than in much of the world. Unlike in the developed markets, there was little
fiscal policy implemented to support businesses in our markets. Having said that, Management has stabilized its operations and its cash management, and we feel reasonably
confident that the Group is able to carry on with the shareholder mandate set forth in the September 21, 2016
Special Resolutions. To be prudent, however, we maintain largely unchanged our Management Statement on
Going Concern as last updated in our 2020 Half-year Report.
3. SHAREHOLDER MANDATE AND OUR ASSETS
We continue to pursue decisions that will support the best interest of shareholders according to the shareholder
mandate set forth in the September 21, 2016 Special Resolutions the status of which is summarized below on the
Group’s key remaining assets:

A. Peru Real Estate Assets: As of the publication of this 2020 Annual Report, the Group continued to operate
and wholly own a mixed-use tower containing a 66-suite hotel, approximately 6,703 m2 of rentable-sellable
office space, and 158 underground parking spaces. B. Nicaragua Gaming and Real Estate Assets: As of the publication date of this 2020 Annual Report, the
Group continued to own a 56% interest in a Nicaraguan holding company that owns the following assets: i)
Gaming: Five full casinos and one slot parlor with a combined approximately 772 gaming positions; and ii)
Real Estate: Approximately 4,562 m2 of land divided among 5 parcels, and some with tenant improvements
as more fully detailed on page 14 C. Costa Rica Real Estate Asset: As of the publication of this 2020 Annual Report, the Group continues to
own a 50% interest in a Costa Rican entity that owns the 11.6-hectare real estate property known as “Tres
Rios”. Tres Rios, with its own, dedicated off ramp, is located close to the country’s 2nd largest mall on the
highway between the capital city of San Jose and the commuter city of Cartago. We will continue to pursue decisions that will support the best interest of shareholders according to the shareholder
mandate set forth in the September 21, 2016 Special Resolutions.
DeZwarteRidder
0
GROUP OVERVIEW
The Group’s consolidated profit / (loss) summary for the twelve months ended December 31, 2020, as compared
with the same period of 2019 is contained in the Group’s Annual Report for year ending December 31, 2020,
located at www.thunderbirdresorts.com . In summary, Group revenue and adjusted EBITDA reduced by $3.3
million or 22.0% and $513 thousand or 18.2%, respectively. Consolidated Loss for the period is $2.4 million,
$534 thousands or 29.2% below 2019.
RISK MANAGEMENT For more detail on Risk Factors, see Chapter 8 of the Annual Report.
MANAGEMENT STATEMENT ON “GOING CONCERN”
This statement is made taking into account the global health crisis and economic fallout caused by the pandemic
Covid-19. There is instability in our markets and globally that could impact on Group activities in ways that are
currently unpredictable. We have taken measures already to adjust for the current conditions, which measures
can be found on pages 15-16 under Other Group Updates. To account for the unpredictable conditions, in
forecasting future cash flows in our assessment of Going Concern, Management has made certain extraordinary
assumptions. Specifically, we have: 1. Forecasted a materially negative impact on revenue for the year 2021, as compared to pre-COVID 2019,
with revenues returning to 2019 levels only as of 2022. 2. Forecasted expenses to remain approximately at the levels they are as on date of publication of this 2020
Annual Report, meaning we are assuming (for Going Concern assessment only) that the Group has no more
flexibility to drive down expenses further.

3. Assumed that: a) A portion of our secured debt will remain as an interest-only loan through mid-2021; and b)
Our remaining unsecured debt will be deferred and repaid against liquidity events.

4. Assumed no development nor material construction, but do assume some repurposing of existing real estate
to accommodate for changes in demand.

5. Forecasted no extraordinary one-time events that may impact positively or negatively on the Group’s cash
flows, though such events are possible particularly given the environment.

6. Assumed a stable regulatory environment in all countries with existing operations, and have forecasted
receiving no governmental support apart from what has already been received as described in Other Group
Updates on pages 16 and 17. Management has reviewed their plan with the Directors and has collectively formed a judgment that the Group
has adequate resources to continue as a going concern for the foreseeable future, which Management and the
Directors have defined as being at least the next 12 months from the filing of this 2020 Annual Report. In arriving
at this judgment, Management has prepared the cash flow projections of the Group. Directors have reviewed this information provided by Management and have considered the information in
relation to the financing uncertainties in the current economic climate, the Group’s existing commitments and the
financial resources available to the Group. Specifically, Directors have considered: (i) there are probably no
sources of new financing available to the Group; (ii) the Group has limited trading exposures to our local suppliers
and retail customers; (iii) other risks to which the Group is exposed, the most significant of which is considered
4
T h u n d e r b i r d B u i l d i n g , C a l l e A l b e r t o N a v a r r o , A p t . 0 8 2 3 - 0 0 5 1 4 , P a n a m a , R e p u b l i c o f P a n a m a
T e l e p h o n e : ( 5 0 7 ) 2 2 3 - 1 2 3 4 e - m a i l : info@thunderbirdresorts.comwebsite: www.thunderbirdresorts.com

to be regulatory risk; (iv) sources of Group income, including management fees charged to and income distributed
from its various operations; (v) cash generation and debt amortization levels; (vi) fundamental trends of the
Group’s businesses; (vii) ability to re-amortize and unsecured lenders; and (vii) level of interest of third parties in
the acquisition of certain operating assets, and status of genuine progress and probability of closing within the
Going Concern period. The Directors have also considered certain critical factors that might affect continuing
operations, as follows:

? Special Resolution: On September 21, 2016, the Group’s shareholders approved a special resolution that,
among other items, authorized the Board of Directors of the Corporate to sell “any or all remaining assets of
the Corporation in such amounts and at such times as determined by the Board of Directors.” This resolution
facilitates the sale of any one or any combination of assets required to support maintaining of a going concern
by the Group.
? Corporate Expense and Cash Flow: Corporate expense has decreased materially in recent years, and continues
to decrease, but still must accommodate for compliance as a public company.
? Liquidity and Working Capital: As of the date of publication of this 2020 Annual Report, the Group forecasts
operating with lower levels of reserves and working capital until such time as liquidity events might occur.
Selling assets will be critical to creating a healthy level of working capital reserves for periods beyond the
Going Concern period. Considering the above, Management and Directors are satisfied that the consolidated Group has adequate
resources to continue as a going concern for at least the 12 months following the filing date of this report. For
these reasons, Management and Directors continue to adopt the going concern basis in preparing the consolidated
financial statements.
HOBBYMAN
0
twinkletown
1
quote:

HOBBYMAN schreef op 29 juli 2021 16:46:


Over en uit!
Weer een aandeel waar mee gemarchandeerd wordt lijkt me.

Nogal. Gelukkig zijn de bezoekers van dit forum tijdig door DZR gewaarschuwd. Waarvoor dank!
HOBBYMAN
0
Enkele dagen geleden na enkele mooie ritjes laatste stukken verkocht voor 40ct. Vandaag veel aandelen verhandeld t.o.v. gemiddeld aantal.
Laatste jaarcijfers zijn opgemaakt op continuïteitsbasis, hetgeen betekent dat voorlopig geen faillisement te verwachten is.
Bedrijf heeft in 2020 en begin 2021 n.m.m. flink last gehad van corona.
Weet iemand ( misschien Zwarte Ridder) of er toekomstprognoses zijn afgegeven door directie?

HOBBYMAN
0
Ik heb vanmiddag order uitgezet bij 0.10 eurocent. Naar mijn mening kan koers niet veel verder omlaag.
De parken van Thunderbird zien er goed uit en het wachten is op het moment dat toerisme naar deze plaatsen weer aantrekt.
Verder lijkt me overname van parken door grotere organisatie geen utopie.
Ik weet dat het een gok is maar af en toe mag dit wel eens.
DeZwarteRidder
0
quote:

HOBBYMAN schreef op 5 augustus 2021 13:17:


Ik heb vanmiddag order uitgezet bij 0.10 eurocent. Naar mijn mening kan koers niet veel verder omlaag.
De parken van Thunderbird zien er goed uit en het wachten is op het moment dat toerisme naar deze plaatsen weer aantrekt.
Verder lijkt me overname van parken door grotere organisatie geen utopie.
Ik weet dat het een gok is maar af en toe mag dit wel eens.


Laat me niet lachen; deze tent is een zombie-tent.

Ze hebben trouwens helemaal geen 'parken' en hebben ook in de goede tijden nog NOOIT winst gemaakt.
DeZwarteRidder
0
quote:

HOBBYMAN schreef op 3 augustus 2021 19:49:


Enkele dagen geleden na enkele mooie ritjes laatste stukken verkocht voor 40ct. Vandaag veel aandelen verhandeld t.o.v. gemiddeld aantal.
Laatste jaarcijfers zijn opgemaakt op continuïteitsbasis, hetgeen betekent dat voorlopig geen faillisement te verwachten is.
Bedrijf heeft in 2020 en begin 2021 n.m.m. flink last gehad van corona.
Weet iemand ( misschien Zwarte Ridder) of er toekomstprognoses zijn afgegeven door directie?


De toekomstprognose van de directie is: alles verkopen en de opbrengst gebruiken om de schulden af te lossen.

Helaas wil niemand deze troep kopen.
HOBBYMAN
0
quote:

DeZwarteRidder schreef op 5 augustus 2021 13:59:


[...]

Laat me niet lachen; deze tent is een zombie-tent.

Ze hebben trouwens helemaal geen 'parken' en hebben ook in de goede tijden nog NOOIT winst gemaakt.


De door hun geboden faciliteiten liggen o.a. op of bij vakantieparken.
Dat het bedrijf geen winst gemaakt heeft wil nog niet zeggen dat dit geen bestaansrecht heeft. Alle begin is moeilijk en vaak gaan de kosten voor de baten. Er zijn ooit geldschieters geweest die vertrouwen hadden in de opzet van dit bedrijf.
Zoals u weet zijn er legio bedrijven die nog nooit winst gemaakt hebben en toch goede koersen hebben op basis van toekomstverwachting.

Ik heb eerder al gezegd dat dit een speculatief aandeel is, maar dat wil nog niet zeggen dat de zaak failliet gaat. Volgens de directie in ieder geval nog niet dit jaar.
HOBBYMAN
0
quote:

DeZwarteRidder schreef op 5 augustus 2021 14:00:


[...]

De toekomstprognose van de directie is: alles verkopen en de opbrengst gebruiken om de schulden af te lossen.

Helaas wil niemand deze troep kopen.


Vandaag weer leuk ritje gemaakt. Gekocht op € 0,105en verkoop op € 0.139
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