Inconsistent Cash GenerationPersistent weak and volatile free cash flow undermines the company's ability to sustainably fund capex, service debt, return capital to shareholders, or build cash buffers. Over the medium term this heightens refinancing and liquidity risk and constrains strategic flexibility during tourism downturns.
Rising LeverageHigher absolute debt and a meaningful debt-to-equity ratio reduce financial resilience and increase fixed obligations. Structurally, this elevates interest and refinancing exposure, limits capacity for opportunistic investments, and increases vulnerability to cyclical hits in visitor volumes and discretionary spending.
Earnings VolatilityA history of large losses and uneven results erodes visibility for future earnings and complicates capital allocation. For stakeholders, recurring volatility reduces confidence in margin sustainability and makes long-term forecasting, budgeting and strategic planning less reliable across tourism cycles.