Thunderbird Resorts Inc. 2023 Half Year Report

ROAD TOWN, BRITISH VIRGIN ISLANDS / ACCESSWIRE / September 29, 2023 / Thunderbird Resorts Inc. ("Thunderbird") (FSE:4TR); and (Euronext:TBIRD) is pleased to announce that its 2023 Half-year report has been filed with the Euronext ("Euronext Amsterdam") and the Netherlands Authority for Financial Markets ("AFM"). As a Designated Foreign Issuer with respect to Canadian securities regulations, the Half-year report is intended to comply with the rules and regulations set forth by the AFM and the Euronext Amsterdam.

Copies of the 2023 Half-year report and Unaudited Consolidated Financial Statements Report in the English language will be available at no cost at the Group's website at www.thunderbirdresorts.com. Copies in the English language are available at no cost at the Group's operational office in Panama and at the offices of our local paying agent ING Commercial Banking, Paying Agency Services, Location Code TRC 01.013, Foppingadreef 7, 1102 BD Amsterdam, the Netherlands (tel: [phone], fax: [phone], email: [e-mail]). Copies are also available on SEDAR at www.SEDAR.com.

Below are certain material excerpts from the full 2023 Half-year report the entirety of which can be found on our website at www.thunderbirdresorts.com.

Dear Shareholders and Investors:

The below summarizes the Group's performance through June 30, 2023.

1. EBITDA: Property EBITDA decreased by $190 thousand and adjusted EBITDA by $750 thousand over the same period in 2022. The decreases were largely driven by one-time events around settlements of litigation, related legal fees and spot employee bonuses.
2. Profit / (Loss): Based on Continuing Operations, Profit increased by $549 thousand, an improvement of $195 thousand as compared to Half-year 2022. The improvement was driven primarily by falling interest expense and by one-time gains from debt restructurings.
3. Net Debt: Borrowings were reduced by $1.27 million. Gross debt (inclusive of obligations under leases and hire purchase contracts) were reduced by $1.71 million. Net debt increased by $885 thousand as we deployed cash to reduce borrowings and to cover one-time expenses.
4. IMPACT OF COVID-19 ON 2023 AND BEYOND

Covid-19 is now having little direct impact in our markets. High rates of inflation and the response by central banks in raising interest rate does seem to be suppressing demand in different sectors of our markets, but through the first half of 2023 seems to be minimally impacting on our operations. Management has stabilized its operations and its cash management. To be prudent, however, we maintain unchanged our Management Statement on Going Concern as last updated in our 2022 Annual Report.