H1 FY17 RESULTS PRESENTATION 7 June 2017 H1 FY17 Results - - PowerPoint PPT Presentation

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H1 FY17 RESULTS PRESENTATION 7 June 2017 H1 FY17 Results - - PowerPoint PPT Presentation

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H1 FY17 RESULTS PRESENTATION 7 June 2017 H1 FY17 Results Presentation Str trong ng H H1 P Performanc ance Del eliver ered ed strong p per erformance i e in H H1 201 017 -0.2% like-for-like 1 revenue growth in H1 2017

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SLIDE 1

H1 FY17 Results Presentation

H1 FY17 RESULTS PRESENTATION

7 June 2017

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SLIDE 2

H1 FY17 Results Presentation

➤ Del eliver ered ed strong p per erformance i e in H H1 201 017

➤

  • 0.2% like-for-like1 revenue growth in H1 2017

➤

H1 results are not comparable due to calendar shift of Easter holidays

➤

8.4% increase in like-for-like revenue YTD as of May 7th (to factor in Easter holidays and May bank holiday weekend) ➤ Ou Our g growth th s str trategy for th the y year is p paying o

  • ff

➤

Achieved record in season passes (+21% growth vs. prior year)

➤

Continued expanding the season through off-season events (+16% revenue growth achieved in Halloween and Christmas events)

➤

Delivered strong results during Easter holidays ➤ Focus used o

  • n d

n delivering ng 2 2017 r resul ults and nd m making ng p progress on o n our ur e expans nsion s n strategy ➤ H1 rep epres esen ents c c.17 % % o

  • f t

total r reven enues es

➤

Enhanced visibility of earnings and reduced weather risk ➤ H1 result lts r refle lect ct new a accountin ing p policy licy regardin ing s season passes

➤

Accounting criteria has been standardized across the entire group and season pass revenues are gradually recorded throughout the year

(1) Like-for-Like figures represent the performance of the business assuming constant FX rates

2

Str trong ng H H1 P Performanc ance

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SLIDE 3

H1 FY17 Results Presentation

➤ YTD TD M May f figu gures t s to incl clude th the impact o ct of Eas aster c cal alendar ar sh shift and d May ba bank h holida day week eeken end Visitors (´000)

3 H1 H1 Rep eported ed Fi Figur ures

3,525 3,441 H1 FY16 H1 FY17

  • 2.4%

%

Revenue (€ MM)

107.3 105.8 H1 FY16 H1 FY17

  • 1.4%

%

EBITDA (€ MM)

4,796 5,248 YTD FY16 YTD FY17 +9.4% %

  • 25.4
  • 28.3

H1 FY16 H1 FY17

Flat at H1 Revenue Per erformance a e and + 8.4% Grow

  • wth YT

YTD as as of May y 7th th

3,525 3,441 H1 FY16 H1 FY17

  • 2.4%

% 144.6 156.8 YTD FY16 YTD FY17 +8.4% % 106.0 105.8 H1 FY16 H1 FY17

  • 0,

0,2%

  • 24.4
  • 28.3

H1 FY16 H1 FY17

H1 H1 Li Like-fo for-Li Like Fi Figur ures YTD TD Ma May Li Like-fo for-Li Like Fi Figur ures

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SLIDE 4

H1 FY17 Results Presentation

  • 5.4
  • 5.5

Q1 FY16 Q1 FY17

  • 3.3
  • 1.9

Q1 FY16 Q1 FY17

Account unting ng Polic licy Revenue nue (€ MM) MM) EBIT BITDA ( (€ MM MM)

4 Li Like-fo for-Li Like Fi Figur ures ( (ol

  • ld account

unting ng polic licy) Li Like-fo for-Li Like Fi Figur ures ( (ne new account unting ng polic licy)

Q1 F FY17 F Figures under New ew Account Policy for Seas ason Passes

65.4 70.5 H1 FY16 H1 FY17 +7.8% % 63.2 66.8 Q1 FY16 Q1 FY17 +5.6% % Q1 FY16 Q1 FY17

➤ Spa pain, Ro RoE and U d US: Season passes are allocated based on an estimated average percap multiplied by the actual number of visitors ➤ No i

  • impac

act on

  • n a y

a year arly bas asis ➤ Spa pain a and d Ro RoE: : Season passes revenues are recorded when the season pass is sold ➤ US US: Season passes are allocated based

  • n an estimated average percap

multiplied by the actual number of visitors

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SLIDE 5

H1 FY17 Results Presentation

1.7 0.9 H1 FY16 H1 FY17 30.5 29.8 H1 FY16 H1 FY17 20.6 19.9 H1 FY16 H1 FY17

Vi Visito tors (’000) 000)

Spai ain: Achieved Record Per erformance

5

➤ Rec ecord p per erformance i e in t the e re region

➤

  • 2.5% revenue drop in H1

➤

+19% revenue increase on a like-for-like basis as of May 7th to factor in the effect of Easter holidays ➤ Growth d h driven n by attend ndanc nce

➤ + 23% revenue growth during

  • ff season events (Halloween

and Christmas)

➤ +29% revenue growth in

season passes (enhancing repetitive visits)

➤ Strong Easter holiday season

➤ H1 reven enues es r rep epres esen ents c c.21% o

  • f

annua nnual r revenue nues in S n Spain n

1,484 1,493 H1 FY16 H1 FY17

  • 2.5

.5% (+18 18.7 .7% Y YTD a as o

  • f May)

y) +0.6 .6% (+19 19.5 .5% YTD a as o

  • f M

May) y)

  • 3.1%

.1% (-0.7 .7% Y YTD a as o

  • f May)

y)

Rev even enues es (€ MM) MM) EBI BITDA DA ( (€ MM) MM) Perc rcap (€ MM) MM)

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SLIDE 6

H1 FY17 Results Presentation

  • 2.0
  • 5.0

RoE: Results are On On Track with th Enhanced Visibility from Seas ason Passes

6

➤ RoE performan ance i is o

  • n t

trac ack

➤ -4.4% revenue drop in H1 ➤ +3.5% increase on a like-for-

like basis as of May 7th to factor in the effect of Easter holidays ➤ Growth d h driven n by attend ndanc nce

➤ + 22.5% revenue growth

during off season events (Halloween and Christmas)

➤ +16% revenue growth in

season passes (enhancing repetitive visits)

➤ Strong Easter holiday season

➤ H1 reven enues es r rep epres esen ents c c.17% of annua nnual r revenue nues in n RoE

39.8 38.0 H1 FY16 H1 FY17 30.0 29.7 H1 FY16 H1 FY17 1,327 1,282 H1 FY16 H1 FY17

  • 3.

3.4% (+5. (+5.4% Y YTD as of M May)

  • 4.

4.4% 4% (+3 (+3.5% Y YTD a as o

  • f May)
  • 1%

1% (-1.8 1.8% Y YTD a as o

  • f M

May) y)

H1 FY16 H1 FY17

Vi Visito tors (’000) 000) Rev even enues es (€ MM) MM) EBI BITDA DA ( (€ MM) MM) Perc rcap (€ MM) MM)

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SLIDE 7

H1 FY17 Results Presentation

US: Rea eached ed Record Pre-Sales Figures (+23.5% 5% Grow

  • wth)

7

➤ Record rd l levels o

  • f p

pre re-sa sales s ach chie ieved in in H H1

➤ +23.5% growth (+ €2 MM of

additional revenue)

➤ Provides visibility of revenue in

coming quarters

➤ Most relevant KPI in a marginal

H1 (only represents c.14% of annual revenues in US) ➤ Ach chie ieved lik like-fo for-like r e reven enue e growth th o

  • f 1.

1.4% % in H H1 a 1 and 1. 1.8% % YTD as of Ma May y 7th

th 32.5 32.9 H1 FY16 H1 FY17

  • 17.9
  • 16.5

45.5 49.4 H1 FY16 H1 FY17 714 666 H1 FY16 H1 FY17

  • 6.7

.7% (-3. 3.4% Y YTD a D as o

  • f May)

+8.7 .7% (+5. (+5.4% Y YTD as of M May) +1.4 1.4% (+1.8 1.8% YTD a as of M May) y)

H1 FY16 H1 FY17

Vi Visito tors (’000) 000) Rev even enues es (€ MM) MM) EBI BITDA DA ( (€ MM) MM) Perc rcap (€ MM) MM)

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SLIDE 8

H1 FY17 Results Presentation

3.3 5.1 H1 FY16 H1 FY17

8

HQ: Q: Increase in n Manag anagement nt Fees ees Offs ffset et by Expec ected ed Increase in HQ Q Co Costs

➤ Revenue nue growth d h driven n by managem emen ent s ser ervices es provided ed ➤ Increa ease i e in o

  • per

erating e expen enses es in lin line wit ith e expect ctatio ions

➤ Increase in costs associated with

becoming a publicly traded company

H1 FY16 H1 FY17

  • 7.2
  • 7.7

Rev even enues es (€ MM) MM) EBI BITDA DA ( (€ MM) MM)

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SLIDE 9

H1 FY17 Results Presentation

P&L &L: +27% 7% N Net Incom

  • me G

Growth

9

H1 FY16 H1 FY17 Var.%

Rep eported ed EBITDA DA

(24.4 .4) (28.3 .3) (16 16.4 .4%)

D&A

(29.6) (33.1) (11.8%)

Non-recurrent items

(16.9) (17.9) (5.6%)

Ope perat ating ng pro rofit

(70.9 .9) (79.3) 3) (11.9 11.9%)

Net financial expenses

(45.2) (14.2) 68.5%

Income tax

26.3 28.1 6.8%

Net t inco come

(89.8 .8) (6 (65. 5.5) 27.1 .1% Net et Incom

  • me (€ MM)

MM)

➤ Achieved ed a +27% Net et Income e growth

➤ Non-recurring items include: ➤ Impairment test amounting €10 MM

regarding 3 parks in US

➤ €5 MM provision related to Mountain

Creek Termination Fee

➤ Substantial reduction of interests

expenses due to post IPO capital structure

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SLIDE 10

H1 FY17 Results Presentation

Evol

  • lution
  • n Ne

Net t De Debt (€MM) MM)

Cash Flow G Generation A Affected by Se Seasonality of the B Business

10

➤ Net et deb ebt i increa eased ed up to to €551 €551 M MM

➤

+ €11 MM increase due to USD appreciation ➤ €114 4 MM o

  • f c

cas ash swing ng d due ue t to i int ntra year workin ing ca capit ital l need eeds

➤ Int ntra-year ar wo working cap apital al need eeds: : €114 114 M MM

539.8 11.5 551.4 28.3 31.1 27.9 2.9 15.8 7.9 665.3

250 400 550 700

Net Debt (Sept 2016) FX Impact Net Debt (March 2017) EBITDA Capex Changes in Working Capital Taxes Interest Others Net Debt + intra-year WC needs (March 2017)

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SLIDE 11

11

Company Fully Focused on Delivering 201 017 Results

➤ 2017 7 capex ex prog

  • gram is on
  • n t

track k

➤ Main attractions and IPs already launched ➤ 1st and only Star Trek themed coaster worldwide launched at Movie Park

(Germany)

➤ Strong success achieved from recently launched Virtual Reality coasters ➤ Batman Escape (Warner Park) – the 1st Virtual Reality coaster in Spain ➤ Virtual Reality upcharge experience at Sky Rocket coaster in Kennywood (US) ➤ Master Thai coaster at Mirabilandia (Italy) ➤ Virtual Reality experience at TNT coaster in Parque de Atracciones de Madrid

(Spain) to come soon

Capex ex Pla lan

H1 FY17 Results Presentation

➤ Achieved ed rec ecord r reven enue e le levels ls

➤

Outstanding performance during off-season events

➤

Reached record levels in season passes ➤ Top lin line in init itia iativ ives in in p pla lace t to d deliv liver o

  • ur t

targets

➤

Season passes to enhance earnings visibility and reduce weather risk

➤

Pricing policies focuses on maximizing ticketing percaps

➤

Multiple initiatives implemented to increase in park revenues

To Top L Line Init itia iativ ives Divide dends ds

➤ €20 M MM ( (€0.25/share) di divi vide dend pa d payment t to be be pa paid o d on J July 1 19th

th

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SLIDE 12

H1 FY17 Results Presentation

Company Continues Executing its Growth St Strategy Going Forward

12

Expa pansi sion Projects cts Man anag agement

Contr tracts ts

➤ 5 L Lea ease e agreem eemen ents s signed ed a and parks are u e under er d devel elopmen ent ➤ Over 2 20 a act ctiv ive dis iscu cussio ions f for new p potentia ial lo l loca catio ions in in E Europe a and U US ➤ Ongoin ing dis iscu cussio ions wit ith g glo lobal b l brands to r reach ch n new lic licensin ing agreements

MECS CS Acquis isit itio ions

➤ Dubai ai an and V Vietnam am p par arks ar are o

  • pen

➤ Act ctiv ive dis iscu cussio ions acr cross mult ltip iple le regio ions ➤ Strateg egic agreem eemen ent w with Harve ves

➤

To develop theme parks and indoor entertainment concepts in China

➤

Harves brings a strategic partnership with China Development Bank Capital

➤

Full scope of services from preliminary consultation phase all the way to the management and operation of the future parks ➤ Act ctiv ive in in a acquis isit itio ions wit ith several l partie ies ➤ 2017 Expansio ion p proje ject cts

➤

Slagharen new lodging facilities open

➤

Expansion of Warner Beach to come in August ➤ Multiple p e projec ects expec ected ed to c come f e for t the n e next sea easons

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SLIDE 13

H1 FY17 Results Presentation

Company Fully Focused on Delivering Results

APPENDIX

13

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SLIDE 14

H1 FY17 Results Presentation

  • 1. Per

erformance e by reg egion – H1 F Figures

14

€ MM

H1 FY16 H1 FY17

Var.

H1 FY16 H1 FY17

Var.

H1 FY16 H1 FY17

Var.

H1 FY16 H1 FY17

Var.

H1 FY16 H1 FY17

Var.

Visitors ('000)

3,525 3,441 (2.4%) 1,484 1,493 0.6% 1,327 1,282 (3,4%) 714 666 (6.7%)

  • Total

Percap

30.4 30.7 1.0% 20.6 19.9 (3.1%) 31.5 29.7 (5.7%) 44.5 49.4 11.0%

  • Total

Revenue

107.3 105.8 (1,4%) 30.5 29.8 (2.5%) 41.7 38.0 (8.9%) 31.8 32.9 3.6% 3.3 5.1 56.7%

EBITDA

(24.4) (28.3) (16.4%) 1.7 0.9 (47.6%) (1.4) (5.0) (252.4%) (17.5) (16.5) 5.7% (7.1) (7.7) (8.0%)

Recurrent capex

32.5 27.0 (16.9%) 2.5 3.5 39.2% 16.5 15.9 (3.7%) 12.3 5.9 (51.7%) 1.1 1.6 41.9% € MM

H1 FY16 H1 FY17

Var.

H1 FY16 H1 FY17

Var.

H1 FY16 H1 FY17

Var.

H1 FY16 H1 FY17

Var.

H1 FY16 H1 FY17

Var.

Visitors ('000)

3,525 3,441 (2.4%) 1,484 1,493 0.6% 1,327 1,282 (3,4%) 714 666 (6.7%)

  • Total

Percap

30.1 30.7 2.2% 20.6 19.9 (3.1%) 30.0 29.7 (1.0%) 45.5 49.4 8.7%

  • Total

Revenue

106.0 105.8 (0,2%) 30.5 29.8 (2.5%) 39.8 38.0 (4.4%) 32.5 32.9 1.4% 3.3 5.1 56.0%

EBITDA

(25.4) (28.3) (11.6%) 1.7 0.9 (47.6%) (2.0) (5.0) (151.1%) (17.9) (16.5) 7.7% (7.2) (7.7) (6.6%)

Recurrent capex

32.8 27.0 (17.8%) 2.5 3.5 39.2% 16.6 15.9 (4.1%) 12.6 5.9 (52.7%) 1.2 1.6 41.1%

Group Spain RoE US HQ

Repo porte ted Figur ures

Group Spain RoE US HQ

Like ke-for

  • r-Like

ke Figur ures

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SLIDE 15

H1 FY17 Results Presentation

€ MM

YTD FY16 YTD FY17 Var. YTD FY16 YTD FY17 Var. YTD FY16 YTD FY17 Var. YTD FY16 YTD FY17 Var. YTD FY16 YTD FY17 Var.

Visitors

('000)

4,796 5,248 9.4% 1,914 2,288 19.5% 2,010 2,118 5,4% 872 842 (3.4%)

  • Total

Percap

30.2 29.9 (0.9%) 20.8 20.7 (0.7%) 29.6 29.1 (1.8%) 47.4 50.0 5.4%

  • Total

Revenue

144.6 156.8 8,4% 39.9 47.4 18.7% 59.6 61.7 3.5% 41.3 42.1 1.8% 3.8 5.7 50.0%

15

  • 2. P

Per erformance e by r reg egion – YTD as of May 7th Like ke-for-Like Fig igures

Group Spain RoE US HQ

Like ke-for

  • r-Like

ke Figur ures

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SLIDE 16

H1 FY17 Results Presentation

  • 3. Per

erformance b e by reg egion – Q1 Figures under ne new accounting policy for seas ason n pas asses

16

€ MM

Q1 FY16 Q1 FY17

Var.

Q1 FY16 Q1 FY17

Var.

Q1 FY16 Q1 FY17

Var.

Q1 FY16 Q1 FY17

Var.

Q1 FY16 Q1 FY17

Var.

Visitors ('000)

2,342 2,454 4.8% 964 1,023 6.1% 898 1,001 11.4% 480 430 (10.5%)

  • Total

Percap

27.1 27.2 0.3% 18.5 19.0 2.7% 29.5 26.5 (10.3%) 39.1 45 15.2%

  • Total

Revenue

63.6 66.8 5.1% 17.8 19.4 9.0% 26.5 26.5 (0.1%) 18.8 19.4 3.1% 0.4 1.5 252.4%

EBITDA

(5.4) (5.5) (3.6%) 1.8 3.2 80.0% 3.7 2.1 (43.0%) (6.2) (6.0) 3.4% (4.7) (4.9) (5.0%)

Recurrent capex

13.3 10.9 (18.1%) 0.8 1.4 65.7% 5.2 7.1 37.3% 6.8 1.8 (74.2%) 0.4 0.6 42.3% € MM

Q1 FY16 Q1 FY17

Var.

Q1 FY16 Q1 FY17

Var.

Q1 FY16 Q1 FY17

Var.

Q1 FY16 Q1 FY17

Var.

Q1 FY16 Q1 FY17

Var.

Visitors ('000)

2,342 2,454 4.8% 964 1,023 6.1% 898 1,001 11.4% 480 430 (10.5%)

  • Total

Percap

27.0 27.2 0.8% 18.5 19.0 2.7% 28.9 26.5 (8.2%) 39.7 45,0 13.5%

  • Total

Revenue

63.2 66.8 5.6% 17.8 19.4 9.0% 25.9 26.5 2.2% 19.1 19.4 1.6% 0.4 1.5 250.4%

EBITDA

(5.4) (5.5) (2,4%) 1.8 3.2 80.0% 3.8 2.1 (43.9%) (6.3) (6.0) 4.8% (4.7) (4.9) (4.3%)

Recurrent capex

13.6 10.9 (19.7%) 0.8 1.4 65.7% 5.2 7.1 37.0% 7.1 1.8 (75.2%) 0.4 0.6 41.1%

Group Spain RoE US HQ Group Spain RoE US HQ

Repo porte ted Figur ures Like ke-for

  • r-Like

ke Figur ures

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SLIDE 17

H1 FY17 Results Presentation

4.

  • 4. Bal

alanc ance sheet eet

Asse ssets

€ MM FY16 (30 Sept, 16) FY17 (31 Mar, 17) Var.

Property, plant and equipment 877 890 12 Goodwill 641 644 4 Intangible assets 428 421 (7) Non-current financial assets 44 2 (42) Deferred tax assets 49 60 (12) Tot

  • tal

al n non

  • n-curre

rrent asse ssets 2,0 ,039 2,0 ,018 (21) 1) Inventories 24 25 (1) Trade and other receivables 28 20 (8) Current tax assets 1 2 1 Other current financial assets

  • Other current assets

7 7 Cash and cash equivalents 110 57 (52) Tot

  • tal

al curre rrent asse ssets 169 69 112 112 (57 57) Tot

  • tal

al asse ssets 2, 2,208 208 2,130 130 (78 78)

17

Equ Equity and d Lia iabilit ilitie ies

€ MM FY16 (30 Sept, 16) FY17 (31 Mar, 17) Var.

Share capital 40 40

  • Share Premium

1,328 1,328

  • Other reserves

(269) (288) (19) Other comprehensive income 29 41 12 Retained earnings(Parent) 4 (65) (69) Equ Equity (Paren ent) 1, 1,132 132 1, 1,055 55 (77 77) Non- controlling interests

  • To

Total equit ity 1, 1,132 132 1, 1,056 56 (77) 77) Loans and borrowings 561 569 8 Finance lease 53 58 4 Deferred tax liabilities 247 234 (13) Provisions 11 11 (1) Other non-current liabilities 44 (44) Tot

  • tal n

non

  • n-current lia

liabilit ilitie ies 916 16 871 71 (45 45) Loans and borrowings 33 92 59 Other financial liabilities

  • 20

20 Finance lease 5 4 (1) Trade and other payables 110 63 (46) Current tax liabilities 2

  • (2)

Other current liabilities 10 24 14 To Total current lia liabilit ilitie ies 159 59 203 44 44 To Total lia liabilit ilitie ies 1,0 ,076 1,0 ,074 (1) 1) To Total equit ity and d lia liabilit ilitie ies 2, 2,208 208 2,130 130 (78 78)

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SLIDE 18

H1 FY17 Results Presentation