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Parques Reunidos Corporate Presentation November 2016 Disclai - - PowerPoint PPT Presentation

Parques Reunidos Corporate Presentation November 2016 Disclai aimer mer This document does not constitute or form part of any purchase, sales or exchange offer, nor is it an invitation to draw up a purchase sales or exchange offer, or advice on


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November 2016

Parques Reunidos Corporate Presentation

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2

Disclai aimer mer

This document does not constitute or form part of any purchase, sales or exchange offer, nor is it an invitation to draw up a purchase sales or exchange offer, or advice on any stock issued by Parques Reunidos Servicios Centrales, S.A. (“Parques Reunidos”). Nor shall this document or any part of it form part of any offer for sale or solicitation of any offer to buy any securities on the basis of or be relied on in connection with any contract or commitment to purchase shares. Neither this document nor any information contained herein may be reproduced in any form, used or further distributed to any other person or published, in whole or in part, for any purpose, except that information may be extracted herefrom and used in equity research reports about Parques Reunidos in compliance with the applicable regulations. Failure to comply with this obligation may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal penalties. This document is not for publication, release, disclosure or distribution, directly or indirectly, in, and may not be taken or transmitted into the United States, Canada, South Africa, Japan or Australia, and may not be copied, forwarded, distributed or transmitted in or into the United States, Canada, South Africa, Japan, Australia or any other jurisdiction where to do so would be unlawful. The distribution of this document in other jurisdictions may also be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with such restrictions may constitute a violation of the laws

  • f the United States, Canada, South Africa, Japan or Australia or any other such jurisdiction.

This document may include, in addition to historical information, forward-looking statements about revenue and earnings of Parques Reunidos and about matters such as its industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, capital resources and other financial and operating information. Forward-looking statements include statements concerning plans,

  • bjective, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”,

“forecast”, “project”, “will”, “may”, “should” and similar expressions may identify forward-looking statements. Other forward looking statements can be identified from the context in which they are made. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of Parques Reunidos and the environment in which Parques Reunidos expects to operate in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Parques Reunidos, or industry results, to be materially different from those expressed or implied by these forward-looking statements. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. Many factors could cause the actual results, performance or achievements of Parques Reunidos to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. Current and future analysts, brokers and investors must operate only on the basis of their own judgment taking into account this disclaimer, as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as its considers necessary or appropriate in the circumstances and not reliance on the information contained in the

  • Presentation. In making this Presentation available, Parques Reunidos gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Parques Reunidos or in any other securities or investments
  • whatsoever. These analysts, brokers and investors must bear in mind that these estimates, projections and forecasts do not imply any guarantee of Parques Reunidos ´s future performance and results, price, margins, exchange

rates, or other events, which are subject to risks, uncertainties and other factors beyond Parques Reunidos ´s control, such that the future results and the real performance could differ substantially from these forecasts, projections and estimates. The information in this document, which does not purport to be comprehensive, has not been independently verified and will not be updated. The information in this document, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. Parques Reunidos expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data and any forward-looking statements, contained in this document, and will not publicly release any revisions that may affect the information contained in this document and that may result from any change in its expectations, or any change in events, conditions or circumstances on which these forward-looking statements are based or whichever other events or circumstances arising on or after the date of this document. Market data and competitive position used in this document not attributed to a specific source are estimates of Parques Reunidos and have not been independently verified. In addition this document may contain certain financial and other information in relation to other companies operating in the leisure sector. This information has been derived from publicly-available sources and Parques Reunidos accepts no responsibility whatsoever and makes no representation or warranty expressed or implied for the fairness accuracy, completeness or verification of such information. Certain financial and statistical information contained in this document is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Certain management financial and operating measures included in this document, including number of visitors or revenues per capita, have not been subject to a financial audit or have been independently verified by a third party. In addition, certain figures contained in this document, which have also not been subject to financial audit, are combined and pro forma figures. None of Parques Reunidos nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or

  • therwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

The information contained in this presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the

  • information. You are solely responsible for seeking independent professional advice in relation to the information contained herein and any action taken on the basis of the information contained herein. No responsibility or

liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. By attending the presentation or receiving this document you agree to be bound by the foregoing limitations.

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3

Leading global leisure operator of regional parks

One of the 3, truly global operators with a global platform of 62 parks in 14 countries(1)

 Reported revenues of €606 MM and EBITDA of €195MM

in FY2015

 21 MM visitors in 2015

Notes

  • 1. Includes two parks in Dubai, two parks in Vietnam and five MECs under development
  • 2. Source: Inference from AECOM’s 2014 global attractions attendance report based on attendance

 #8 Leisure Park Operator Worldwide(2)  #2 European Leisure Park Operator(2)  #1 Water Park Operator Worldwide

Theme Parks Animal Parks Water Parks Other MECs

Vietnam Theme Park Vietnam Water Park

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4

Well-diversified portfolio of regional parks

Note te

  • 1. Other includes Netherlands, UK, Denmark, Argentina

2015 Revenue Geographical Split

40% 23% 7% 7% 7% 4% 3% 8%

Spain Italy USA Germany Belgium Norway France Other(1)

Park 2 Park 1 Park 3 Park 4 Park 5 Park 6 Park 7 Park 8 Park 9 Park 10

Park 11

Park 55

7%

2015 Revenue Split By Park

We benefit from a truly diversified portfolio Regional park business model resilient to adverse macro-economic conditions  Strong regional brands  Good value for money proposition  Stable, predictable local demand  Low dependence on tourism  Non destination parks

USA Spain 21% 60% 78% 22% 14% 5%

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5

Highly regarded park portfolio with strong local brands and access to hot IPs when needed

Highly regarded strong local brands Proven ability to

  • btain hot

IPs

Largest New York area water park and one of America’s top water parks Oldest park in North America (1846) A leading park in Germany 2nd largest leisure park in Italy Designated a US National Historic Landmark Spain’s largest urban park

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We operate in a growing market with highly attractive fundamentals

Strong structural growth drivers

 Proportion of income dedicated towards leisure and recreational activities is expected to rise  Growing middle class  More than half of the world's population is aged below 30: the main target group for leisure parks  Tourism is expected to continue growing

High barriers to entry

 Scarcity of suitable locations without strong incumbent players  Significant initial capex requirements and time to build a new park and long lead time to reach breakeven  Scarcity of management know-how  Lack of economies of scale from a single park

Fragmented market with significant potential for consolidation

 Market largely composed of small to medium individual parks and independent operators  Family and state-owned companies, whose owners are expected to be sellers overtime  Limited number of competitors targeting similar acquisition targets

Positive recent market trends

 Ongoing macroeconomic and consumer spending recovery  Increasing number of new developments of greenfield projects in Asia and the Middle East that require industry management skills  Introduction of new entertainment concepts: Mall Entertainment Centers (“MECs”)

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SLIDE 7

7 5,2% 6,8% 8,7% 0,0% 2,5% 5,0% 7,5% 10,0% Revenue L-f-L EBITDA L-f-L Operating Free Cash Flow L-f-L

We are best in class operators

Our ability to benchmark is a unique management tool Our parks are consistently

  • perated at high

margins Our cost base is flexible and benefits from

  • perating

leverage  Continuous benchmarking across 62 parks  Over 300 cost / cash flow KPIs monitored on a park level monthly  State-of-the-art IT systems  Best practice transfer between existing and new parks

2013–2015 CAGR(2)

Notes

  • 1. Analysis excludes 5 FECs, 2 cable cars, 2 Dubai contracts and expansion projects that are shown collectively with the main park
  • 2. Includes Revenue and EBITDA coming from expansion projects while the operating free cash flow does not include the capex invested in expansion projects
  • 3. Defined as EBITDA – Recurrent Capex (maintenance of the parks’ facilities + capex for novelties)

(3)

500 1.000 1.500

  • 15%

0% 15% 30% 45% 60% 75%

250 500 750 250 500 750 1.000

% of 2015 EBITDAR generated by parks with different EBITDAR margins 7% 17% 60% 15% >60% ≥45-60% ≥35-45% <35%

Visitors

2015 Parks EBITDAR margin(1) Water Parks Theme Parks Animal Parks 85% above 35% margins

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8

68 189

40 80 120 160 200 240

2006 2015

We have a proven and unique track record, creating a truly global and diversified leader, with enormous potential

Parques Reunidos EBITDA

…whilst de-risking the business model Delivering growth and improving efficiency…

€MM

195

Parques Reunidos 2006 Parques Reunidos today 22 parks 5 countries 58% Revenue in Spain Financial leverage 9.2x EBITDA 62 parks 14 countries 24% Revenue in Spain Financial leverage 2.9x EBITDA +40 +9

  • 34%
  • 6.3x
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9

Clear and well defined strategy focused on growth

Existing portfolio

1

Selective acquisitions

4

Management contracts

2

Roll-out of Mall Entertainment Centers (“MECs”)

3

  • Numerous top line

growth initiatives

  • Strict cost control
  • Expansion capex

projects

  • Capex for new

attractions

  • Collaboration

agreements

  • Pipeline
  • Uniquely positioned
  • Dubai
  • Vietnam
  • New potential

licensing agreements

  • 5 agreements

signed (2018 targets already achieved)

  • Strong pipeline
  • 5/6 openings per

year in mature phase

  • All elements are in

place

  • Track record
  • Identified pipeline

Safety is the #1 priority

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Top line initiatives

Parques Reunidos has well-defined actions in place to increase visitors…

1

5 10 15 20 25 2013 2015

2015 Group Growth

Like-for-Like visitors, MM

Actions

 New attrections: innovative new rides, animal enclosures, themes or shows  Marketing, channels and customer analytics: focus on direct channels  E-commerce: Migrate towards online channels  Expand existing catchment areas and increase presence in existing markets  Strong regional brands with flexibility to introduce other hot brands  Package deal hotels: Asset light initiative to sell packages (hotel + park ticket) without investing in hotels  Expand the season through off season events to reduce seasonality

  • f the business and maximize park attendance

 Reduce non paying visitors without compromising attendance levels  Season passes to enhance revenue visibility

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11

Yield Management Dynamic Pricing Upselling initiatives Cross-selling initiatives Actions

Top line initiatives

…ticketing revenues...

1

€ MM

Group ticketing performance

Like for Like ticketing revenue

279 310 100 200 300 400 500 2013 2015

 Push high yield channels and increase percaps across channels  Different online prices based on anticipation (implemented since 2013)  Dynamic pricing based on visitors demand (implemented since 2015)  Increase visitor average ticketing percap  Provide better and unique customer experience  Promote visits to other parks of the Group in a given area  Benefit from having clusters of parks

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Top line initiatives

…and in-park revenues

1

Actions

Like for Like In-park Revenue

Group In-park performance

210 228 100 200 300 400 2013 2015 € MM

 Develop branded partnerships  Improve facilities  Introduce new upcharge experiences  Enhance throughput  Introduce all-inclusive offers  Offer VIP products and services  CRM initiatives

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13 3,3% 3,1% 3,0% 26,5% 26,1% 25,2% 27,6% 27,9% 27,8% 57,4% 57,1% 56,0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 2013 2014 2015 Rents Other Operating Costs Personnel Costs

Note

  • 1. Excludes rents

COGS Other Operating Costs(1) Personnel Costs

Cost item (% of total costs 2015)

17% 41% 37% (Variable Costs) Operating Costs Rents 4%

Over 20 lines of variable costs items and over 150 lines of continuous benchmarking operating costs are analysed on a monthly basis

Strict cost control

Relentless attention to detail and continuous reconsideration

  • f every item of the cost structure is in Parques Reunidos’ DNA

Like-for-Like Group Operating costs as % of Revenues

1

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We introduce a flagship attraction every 3 / 4 years in each big park

New customers

Increase repetition

Increase prices

Increase brand awareness

Increase recommendation Description

Novelties

New attractions are a key factor to drive attendance and increase percaps

1

Examples

New Warner Beach water park Transformation of kids area

Recurrent capex (maintenance and new attractions) represent 10- 11% of annual revenues

Mirabilandia: New western Area Lake Compounce: First triple launch coaster in New England

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Strong and visible growth opportunity  Second gate parks or hospitality in available space within or adjacent to an existing park that generates  Benefit from low operational risk and high visibility of target attendance (vs. a greenfield project)  Efficient use of unexploited space (c.400 acres of available land)  Significant cross selling opportunity  Tangible cost synergies by leveraging on the structure of the main park  Lower investment requirements by leveraging on existing facilities and rides

Expansion capex projects

Expansion capex projects: Maximizing the value of the existing portfolio

1

Water park Hotel Camping Lagoon

4 different types of expansion projects facilities already successfully proven

 Already developed in Mirabilandia and Slagharen  Already developed in Lake Compounce  Already developed in Marineland  Already developed in Marineland and being developed in Miami

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Expansion capex projects

Expansion capex is a proven, strong and visible organic growth

  • pportunity

1

4 projects already under operation

Note

  • 1. Defined as run-rate EBITDA (EBITDA after 2 full years in operation) / Initial Investments; Slightly lower for hotel projects as they are more capital intensive

Target ROICs(1) of c.20% to be achieved in 2 full seasons Over 20 potential expansion projects identified

 A water park, a new lagoon, an upgrade and extension of lodging facilities and a new aquarium  2 projects in Europe and 2 in US  Represent c.€33 MM of investment  To be developed in 2017 and parks are expected to open in 2017/2018

Target of €25 MM investment per year Total amount invested: €31.1 MM

Marineland Lagoon Lake Compounce Campground Aqua Mexicana Slagharen Marineland Hotel

4 projects identified and approved for development in 2017 Large number of future projects already identified

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17

MotionGate and Bollywood parks expected to represent the largest investments in the entire leisure destination

1 2 3 4 5 6 Capex: $2.9 Bn

Infrastructure and Other 46% Lapita 6% Legoland 10% Bollywood 13% Motiongate 25%

Operated by: Operated by: Operated by: Operated by: Operated by:

Management contracts

Dubai Parks and Resorts: $2,900 MM premier year-round regional leisure and entertainment destination expected to open in Q4 2016

2

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18

Management contracts

We have been recently awarded a new management contract in Vietnam; expanding our presence in to Asia

2

Key Terms of the Agreement  10 year management contract with Sun Group to operate a theme park and a water park in Vietnam  Expected opening date: 1st half of 2017  First class theme park and water park located in Ha Long City with 214 hectares  Fees structure − Development fee − Management fee: Variable fee based on performance (linked to both revenues and EBITDA) and with a minimum fee guaranteed

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SLIDE 19

19  New ad-hoc leisure concepts located in high-traffic areas

developed in partnership with the owner of the facility

 Small indoor facilities, of c.4,000 – 7,000 sqm, located in

urban centers

 Win–win opportunity  Large number of opportunities worldwide  Attractive value proposition for shopping mall developers

globally

 Very limited competition and with limited product overlap  Indoor parks that further hedges PQR seasonality exposure  Strong, visible and growing pipeline of opportunities

Simple business model… The feasibility analysis works

Visitors (‘000) Percap (€) Revenue (€MM) EBITDAR (€MM) % Margin Rent paid to real estate developer (€MM) % Revenue EBITDA (€MM) % Margin Required investment (€MM) PQR investment (€MM) Developer investment (€MM) PQR ROIC 300 16.0 4.8 1.9 40.0% (0.8) 17.0% 1.1 23.0% 10.0 5.0 5.0 22.1% Illustrative example: Financing shared 50% / 50% with Real Estate Developer

…with strong growth fundamentals

MECs

The roll-out of MECs represents a highly attractive growth

  • pportunity for Parques Reunidos

3

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20

MECs

Designed MEC concepts

3

Water park

Wave Pool

Jungle park

Jungle Trail

Seaquarium

Shark acrylic tunnel

Nickelodeon Centre

Nickelodeon ‘s strong international IPs Key Features * Area 5,000-7500 sqm Visitor Capacity 1,000-1,200 (max) Main Attractions

  • Playground
  • Mini rides and

Attractions

  • 4D Cinema
  • Photo Call
  • Driving school
  • Play stage
  • Big space with

more than 20 interactive games

  • Party rooms

* Estimated figures Key Features * Area 6,000 sqm Visitor Capacity 1,500 per day (max) Main Attractions

  • Coral Reef

Experience

  • Shark Experience
  • Penguin Encounter
  • Big Main Tank
  • Touch pools
  • Interactions and

pavilions

  • VIP Diving

experience * Estimated figures Key Features * Area 6,000 sqm Visitor Capacity 1,500 (max) Main Attractions

  • Wave Pool
  • Spa Area
  • Slides and

loops

  • Lazy River
  • Children’s

area * Estimated figures Key Features * Area 5,000 sqm Visitor Capacity 1,500 Main Attractions

  • Mangrove Sea
  • Lemur

Interaction

  • Otter Habitat
  • Jungle Trail
  • Interactions and

pavilions

  • Tropical birds

* Estimated figures

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21

Already accomplished our 2017-18 goals Large and growing pipeline Ongoing conversations to analyse new potential projects are taking place Pipeline Signed Contracts  Over 20 additional situations being discussed and at different stages  Provides high visibility to accomplish our targets for the period 2017-20

MECs

Strong pipeline of opportunities

3

MECs Location Real Estate Operator Concept Lease Agreement Signed Expected Opening THADER Murcia, Spain Metrovacesa Nickelodeon Mar-16 Q4-17 LAKESIDE London, UK Intu Nickelodeon May-16 Q4-18 LISBON Lisbon, Portugal Eurofund Nickelodeon Jul-16 Q4-17 / Q1-18 XANADU Madrid, Spain Ivanhoe Nickelodeon Jul-16 Q1-18 XANADU Madrid, Spain Ivanhoe Aquarium Jul-16 Q4-17

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Selective acquisitions

Unique track record sourcing, executing and creating value through acquisitions

4

Acquisition # Parks Country Year Acquired Implied EBITDA multiple paid(1)

Bobbejaanland 1 Belgium 2004 Bo Sommarland 1 Norway 2006 Marineland 1 France 2006 Mirabilandia 1 Italy 2006 Warner 1 Spain 2007 Aqualud 1 France 2007 Grant Leisure 3 UK 2007 BonBonLand 1 Denmark 2007 Tusenfryd 1 Norway 2008 Faunia 1 Spain 2008 Palace Group (FECs) 31 US 2008 Hawaii 1 US 2008 Kennywood Group 5 US 2008 Movie Park 1 Germany 2010 Dutch Wonderland 1 US 2010 Slagharen 1 Netherlands 2012 Noah’s Ark 1 US 2012 Miami Seaquarium 1 US 2014 Total 54 5.8x

All elements are in place to continue being the leading consolidator

Notes

  • 1. Based on EBITDA after 2 full seasons under Parques Reunidos operation

 18 transactions successfully completed across 10 countries since 2004  Target average EBITDA improvement of c.50% after 2 full seasons under Parques Reunidos management  Implied EBITDA multiple paid(1) post integration of 5.8x

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23

Attractive financial profile delivering growth

541 606 400 500 600 700 2013 2015 €MM 167 195 100 150 200 2013 2015 113 133 100 200 2013 2015

Notes

  • 1. Defined as EBITDA – Recurrent Capex (maintenance of the parks’ facilities + capex for new attractions)
  • 2. Defined as EBITDA – Recurrent Capex / EBITDA

€MM €MM

Margin

30.9% 32.2%

Cash flow Conversion(2)

68% 68%

Reported (Group) Like-for-Like (Group)

518 573

400 500 600 700 2013 2015 €MM

163 186

100 150 200 2013 2015

108 128

100 200 2013 2015 €MM €MM

Revenue EBITDA Operating Free Cash flow Generation(1)

31.5% 32.5% 66% 69%

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24

Strong and visible cash flow generation

10–11% Recurrent capex as % of revenues No year-on-year operating working capital requirements

12,6 (8,8)

  • 50

50 100 150 2014 2015

Stable and resilient cash flows with high conversion rates of 65-70%

108 98 128 50 100 150 2013 2014 2015

Group L-f-L operating free cash flow(2)

€ MM

Notes

  • 1. Defined as maintenance of the parks’ facilities + capex for new attractions
  • 2. Defined as EBITDA – Recurrent Capex (maintenance of the parks’ facilities + capex for new attractions)
  • 3. Defined as EBITDA – Recurrent Capex / EBITDA

Group L-f-L recurrent capex(1) Cash generated from change in working capital

€ MM € MM 55 74 58 50 100 150 2013 2014 2015 Cash conversion rates(3) 66.4% 57.0% 68.8% % of revenue 10.6% 13.4% 10.1%

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Capital structure designed to allow delivery of business plan

 €575 MM term loan facility (60%/40% €/$ denominated) ‒ €230 MM Term Loan A ‒ €345 MM Term Loan B  €200 MM multi currency revolving credit facility  Natural hedged to act against currency fluctuations ‒ Local currency expenditures at each location ‒ Balanced capital structure between US debt and European debt Debt Structure Target capital Structure Dividend Policy  Leverage at IPO of c.2.9x Net debt / EBITDA ‒ Excludes draw down of revolver  On average 2.0x-2.5x target net debt / EBITDA in the medium term ‒ Strong cash generation profile to self fund external growth avenues  20-30% pay-out ratio  Annual distributions ‒ Starting in 2017 on the back of 2016 FY results ‒ Allow headroom to seek value/enhancing growth opportunities

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26

Current trading performance affected by external factors

Visitors Like-for-like Growth Visitors Spain 7,5% 2,9% RoE (ex-Marineland) (0,5%) 0,8% US (3,3%) (3,8%) Total Visitors (ex-Marineland) 0,5% (0,1%) Marineland (25,2%) (34,4%) Total Visitors (0,9%) (1,9%) Q4 growth 2016E growth Revenues Like-for-like Growth Revenues Spain 10,5% 5,5% RoE (ex-Marineland) 2,1% 2,5% US (3,1%) (3,6%) Total Revenues (ex-Marineland) 0,9% 0,4% Marineland (33,8%) (25,3%) Total Revenues (1,3%) (1,3%) 2016E growth Q4 growth Q4 performance has been affected by external factors:  Abnormally adverse weather conditions in the North East of the US (represents c.70% of US EBITDA)  Devastating attack suffered in Nice (France) affecting Marineland  Total Q4 revenues as well as annual revenues will decrease by 1.3% on a like-for-like basis Q4 performance by region:  Strong performance achieved in reaching a robust revenue growth for the quarter of 10.5%  RoE (excuding Marineland) has grown revenues by 2.1% in Q4  Both offset by a decrease of 3.6% in the US (affected by abnormally adverse weather conditions) and the impact of the Nice attacks in Marineland The company continues delivering its growth strategy with recent strategic developments  Expansion capex: 4 projects (2 in Europe and 2 in US) are ready for development during 2017  Management contracts: Dubai and Vietnam parks to open in Q4- 16 and Q1-17, respectively  MECs: 2018 targets have been already achieved

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27

Why Parques Reunidos?

We are a leading global platform with strong regional brands 1 We operate in a growing market with attractive fundamentals 2 Our business model is resilient and has been “stress-tested” 4 We have a solid and visible growth potential 5 We are best in class

  • perators

3 Our management team is experienced and committed 6