Segment information (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of revenues from external customers by segment

Revenue from external customers by segment:



	2017	2016	2015
Year ended December 31,	$’000	$’000	$’000

Owned hotels:
Europe	212,379	199,251	200,059
North America	149,284	145,868	148,103
Rest of world	124,219	130,255	124,369
Total owned hotels	485,882	475,374	472,531
Owned trains & cruises	63,193	59,287	65,471

Part-owned/managed hotels	1,036	4,400	5,232
Part-owned/managed trains	10,888	10,763	8,151
Total management fees	11,924	15,163	13,383

Revenue	560,999	549,824	551,385

Schedule of reconciliation of the total of segment profit to consolidated net earnings (losses) from operations

Reconciliation of consolidated (losses)/earnings from continuing operations to adjusted EBITDA:



	2017		2016		2015
Year ended December 31,	$’000		$’000		$’000

Adjusted EBITDA
Owned hotels:
Europe	73,687		67,590		66,349
North America	29,814		29,334		31,788
Rest of world	24,474		33,115		31,295
Total owned hotels	127,975		130,039		129,432
Owned trains and cruises	4,420		4,318		7,199

Part-owned/managed hotels	6,782		6,299		7,115
Part-owned/managed trains	23,988		25,907		19,846
Total adjusted share of earnings from unconsolidated companies and management fees	30,770		32,206		26,961

Unallocated corporate:
Central costs	(33,324	)	(30,763	)	(34,369	)
Share-based compensation	(5,809	)	(7,637	)	(9,752	)

Adjusted EBITDA	124,032		128,163		119,471

Reconciliation from (losses)/earnings from continuing operations to adjusted EBITDA:

(Losses)/earnings from continuing operations	(45,070	)	35,401		17,388
Depreciation and amortization	62,852		52,396		50,513
Gain on extinguishment of debt	—		(1,200	)	—
Interest income	(1,058	)	(853	)	(926	)
Interest expense	32,455		29,155		32,101
Foreign currency, net	3,034		(9,186	)	5,016
Provision for income taxes	6,554		16,368		17,041
Share of (benefit from)/provision for income taxes of unconsolidated companies	(4,451	)	5,650		1,466
	54,316		127,731		122,599
Restructuring and other special items ⁽¹⁾	11,715		363		7,351
Acquisition-related costs ⁽²⁾	14,032		—		—
Loss/(gain) on disposal of property, plant and equipment	153		(938	)	(20,275	)
Impairment of goodwill and property, plant and equipment	13,716		1,007		9,796
Impairment of assets in unconsolidated companies	30,100		—		—

Adjusted EBITDA	124,032		128,163		119,471

(1) Represents adjustments for insurance deductibles and losses while Belmond Cap Juluca and Belmond La Samanna are closed following the impact of Hurricanes Irma and Jose, restructuring, severance and redundancy costs, pre-opening costs and other items, net.
(2) Represents professional fees incurred in preliminary design and planning, structuring, assessment of financing opportunities, legal, tax, accounting and engineering due diligence and the negotiation of the purchase and sale agreements, and other ancillary documents, with the principal owner and leaseholder, together with three owners of villas and separate subleases, as well as a memorandum of understanding and ground lease with the Government of Anguilla.

Schedule of reconciliation of assets by segment to total assets

Reconciliation of assets by segment to total assets:



	2017	2016
December 31,	$’000	$’000

Owned hotels:
Europe	575,584	504,758
North America	518,493	468,088
Rest of world	252,861	245,167
Total owned hotels	1,346,938	1,218,013
Owned trains & cruises	87,139	88,069

Part-owned/ managed hotels	21,894	20,007
Part-owned/ managed trains	52,517	68,397
Total part/owned managed	74,411	88,404

Unallocated corporate	145,149	129,582

Total assets	1,653,637	1,524,068

Schedule of reconciliation of other significant items by segment to consolidated

Reconciliation of capital expenditure to acquire property, plant and equipment by segment:



	2017	2016	2015
Year ended December 31,	$’000	$’000	$’000

Owned hotels:
Europe	23,431	11,777	18,648
North America	14,845	9,796	11,881
Rest of world	17,158	19,190	14,168
Total owned hotels	55,434	40,763	44,697
Owned trains & cruises	7,927	12,882	11,415

Unallocated corporate	4,469	1,459	283

Total capital expenditure to acquire property, plant and equipment	67,830	55,104	56,395

Earnings from unconsolidated companies, net of tax:



	2017		2016	2015
Year ended December 31,	$’000		$’000	$’000

Part-owned/managed hotels	1,037		1,112	106
Part-owned/managed trains	(11,250	)	9,901	8,969

Total earnings from unconsolidated companies, net of tax	(10,213	)	11,013	9,075

Carrying value of investment in equity method investees:



	2017	2016
December 31,	$’000	$’000

Eastern & Oriental Express	2,642	2,818
Peru hotels	20,869	19,769
PeruRail	38,138	53,652
Buzios	2,893	2,998
Other	102	90

Total investment in equity method investees	64,644	79,327

Schedule of revenue from external customers and property, plant and equipment by location

Revenue from external customers in Belmond's country of domicile and significant countries (based on the location of the property):



	2017	2016	2015
Year ended December 31,	$’000	$’000	$’000

Bermuda	—	—	—
Italy	136,538	128,671	132,385
United Kingdom	56,432	56,016	62,656
United States	112,677	108,238	107,965
Brazil	59,737	73,300	69,142
All other countries	195,615	183,599	179,237

Revenue	560,999	549,824	551,385

Property, plant and equipment at book value in Belmond's country of domicile and significant countries (based on the location of the property):



	2017	2016
December 31,	$’000	$’000

Bermuda	—	—
Italy	336,263	294,773
United Kingdom	52,311	48,577
United States	334,634	343,342
Brazil	74,944	73,843
All other countries	369,892	314,141

Total property, plant and equipment at book value	1,168,044	1,074,676