Q1 FY17 RESULTS PRESENTATION 8 February 2017 Q1 FY17 Results Presentation
Delivered Strong Performance Supported by Season Passes and Off-Season Events ➤ Our strategy focused on increasing season passes and expanding the season is paying off ➤ +12% like-for-like revenue growth ➤ +86% like-for-like EBITDA growth ➤ Achieved record in season passes and pre-sales ➤ +50% and +17% growth in revenue from season passes in Spain and RoE respectively ➤ +25% growth in US pre-sales ➤ Enhanced visibility of earnings and reduced weather risk ➤ Continued expanding the season through off-season events ➤ +14% revenue growth achieved in Halloween and Christmas events ➤ Focused on our growth strategy and delivering 2017 results ➤ Q1 represents c.10% of total revenues Q1 FY17 Results Presentation 2
Achieve Highly Atractive Growth Rates Like-for-Like Figures Reported Figures +7.2% +12.4% 67.5 70.5 Revenue ( € MM) 65.7 60.1 Q1 FY16 Q1 FY17 Q1 FY16 Q1 FY17 Q1 FY17 Q1 FY16 Q1 FY17 Q1 FY16 EBITDA ( € MM) (0.8) (1.9) +86.0% (5.6) (3.2) +41.3% Drop Through/Reactivity ratio 64.3 % -18.1% -20.5% CAPEX ( € MM) 13.3 13.1 10.9 10.4 Q1 FY16 Q1 FY17 Q1 FY16 Q1 FY17 Q1 FY17 Results Presentation 3
Delivered Growth Across All Regions Revenue Bridge ( € MM) 70.0 1.1 67.5 0.3 3.0 65.7 3.0 (0.3) 60.1 60.0 (5.3) 50.0 Q1 FY16 FX Impact Marineland Q1 FY16 Spain Rest of US HQ Q1 FY17 Reported Like for Like Europe Like for Like EBITDA Bridge ( € MM) - 0.3 1.8 (1.0) (0,2) (0.2) (0.8) 2.9 (3.0) (3.2) (0.1) (2.3) (5.6) (6.0) Q1 FY16 FX Impact Marineland Spain Rest of US HQ Q1 FY17 Q1 FY16 Reported Europe Like for Like Like for Like Q1 FY17 Results Presentation 4
Spain: Achieved +16% Revenue Growth Visitors (’000) Percap ( € MM) ➤ Outstanding quarter in the region +9.2% +6.1% ➤ Strong off-season events 1,023 21.7 964 ➤ Extended length of events both at 19.9 Warner and Parque de Atracciones ➤ Christmas holiday slightly affected by calendar ➤ + 20% growth in revenues Q1 FY16 Q1 FY16 Q1 FY17 Q1 FY17 Q1 FY16 Q1 FY17 ➤ Focused on increasing penetration Revenues ( € MM) EBITDA ( € MM) of season passes +15.9% +93.2% ➤ Successfully launched marketing 22.2 campaigns to boost sales (Black 6.0 19.1 Friday, Cyber-Monday, Christmas) ➤ +50% growth in revenues 3.1 ➤ Q1 revenues represents c.13% of annual revenues in Spain Q1 FY16 Q1 FY17 Q1 FY16 Q1 FY17 EBITDA Drop Through 94.3% Q1 FY17 Results Presentation 5
RoE (Ex-Marineland): Achieved +14% Revenue Growth Visitors (’000) Percap ( € MM) ➤ Outstanding quarter in the region +11.0% +2.7% ➤ Strong Halloween season 26.6 921 921 23.9 ➤ Extended length of events (more 897 days) and length of stay (more hours) ➤ Roll-out to new parks (Tusenfryd) ➤ Christmas holiday events (mainly Q1 FY16 Q1 FY17 1 2 at Slagharen) affected by Q1 FY16 Q1 FY17 Q1 FY16 Q1 FY17 calendar days ➤ Revenues ( € MM) EBITDA ( € MM) +20% growth in revenues from off-season events +14.0% +77.7% ➤ Increased penetration of season 4.1 24.5 passes 21.5 ➤ +14% growth in revenues 2.3 ➤ Q1 revenues represents c.12% of annual revenues in RoE Q1 FY16 Q1 FY17 Q1 FY16 1 Q1 FY17 2 1 2 EBITDA Drop Through 60.1% Q1 FY17 Results Presentation 6
US: Achieved Record Pre-sales Figures (+25% Growth) Visitors (’000) Percap ( € MM) ➤ Record levels of pre-sales achieved in Q1 +13.5% -10.5% 45.0 +25% growth (+ € 1.8 MM of ➤ 480 39.7 430 additional revenue) ➤ Provides visibility of revenue in coming quarters ➤ Most relevant KPI in a marginal quarter (only represents c.8% of Q1 FY16 Q1 FY17 annual revenues in US) Q1 FY16 Q1 FY17 1 2 ➤ Achieved like-for-like revenue growth Revenues ( € MM) EBITDA ( € MM) of 1.6% +1.6% Q1 FY16 Q1 FY17 ➤ +3.1% on a reported basis supported by USD appreciation 19.4 19.1 ➤ +8.0% like-for-like revenue growth proforma including pre- sales (6.0) (6.3) +4.8% Q1 FY16 Q1 FY17 1 2 EBITDA Drop Through 98.6% Q1 FY17 Results Presentation 7
P&L: +44% EPS Growth Summary P&L Reported Figures ➤ Achieved a +44% EPS growth € MM % Var . Q1 FY16 Q1 FY17 driven by (3 . 2) (1 . 9) 41 . 3% Reported EBITDA ➤ Non-recurrent items benefitted from reversal of provision as a ( 18 . 6 ) ( 18. 3%) D&A (15.7) result of the settlement with ( 6.7 ) Non-recurrent items 1.9 127.5% CACSA (Valencia) ( 25 . 7 ) ( 18 . 6 ) 27 . 4% Operating profit ➤ Substantial reduction of interests expenses due to post IPO capital (8 . 3) 63 . 1% Net financial expenses (22.4) structure (45 . 1%) Income tax 12.7 7.0 (35 . 4) 43 . 7% Net income (20.0) (0 . 44) (0 . 25) 43 . 7% EPS Q1 FY17 Results Presentation 8
Cash Flow Generation Affected by Seasonality of the Business Evolution Net Debt ➤ Permanent net debt increased up to € 558 MM ➤ + € 18 MM increase due to USD appreciation 2.3 611.7 13.6 ➤ € 54 MM of cash swing due 600.0 1.6 23.0 to intra year working 11.5 1.9 18.0 557.8 capital needs 550.0 539.9 500.0 450.0 NET Permanent FX Impact Taxes Interest Others NET EBITDA CAPEX Change DEBT net debt In WC DEBT SEP Dec 2016 DEC 2016 2016 ➤ Intra-year working capital needs: € 54 MM Q1 FY17 Results Presentation 9
Company Fully Focused on Delivering Results ➤ All elements are in place to deliver our organic growth targets ➤ Growth in season passes provides more visibility and reduces weather risk ➤ Off-season events expected to continue delivering positive results in following quarters ➤ Pricing policies focuses on maximizing ticketing percaps ➤ Multiple initiatives implemented to increase in park revenues ➤ 2017 capex program is on track ➤ New attractions and IPs ready to be launched before peak season ➤ Virtual reality being developed at Warner and Kennywood for 2017 season ➤ Expansion projects (extension of Warner Beach and Slagharen Lodging) on track to be open as planned ➤ Continue implementing our external growth strategy for the coming years ➤ Management contracts ➤ Park openings on track and as scheduled ➤ Active discussions across multiple regions ➤ Ongoing negotiations to develop new MECs and potential licensing agreements ➤ Active in acquisitions Q1 FY17 Results Presentation 10
Company Fully Focused on Delivering Results APPENDIX Q1 FY17 Results Presentation 11
1. Performance by region - Reported figures Group Spain RoE (Ex Marineland) Marineland US HQ € MM Q1 16 Q1 17 Var. Q1 16 Q1 17 Var. Q1 16 Q17 Var. Q1 16 Q1 17 Var. Q1 16 Q1 17 Var. Q1 16 Q1 17 Var. Visitors ('000) 4 . 8% 6 . 1% 2 . 7% 5 , 082 . 8% ( 10 . 5% ) - - - 2,342 2,454 964 1,023 897 921 2 80 480 430 Total Percap 2 . 4% 9 . 2% 8 . 0% - 15 . 2% - - - 28.1 28.7 19.9 21.7 24.6 26.6 n.m. n.m. 39.1 45 Total 7 . 2% 15 . 9% 10 . 9% ( 44 . 5% ) 3 . 1% 252 . 4% 65.7 70.5 19.1 22.2 22.1 24.5 5.3 2.9 18.8 19.4 0.4 1.5 Revenue ( 3 . 2 ) ( 1 . 9 ) 41 . 3% 93 . 2% 82 . 6% ( 1 . 1 ) ( 148 . 0% ) ( 6 . 2 ) ( 6 .0) 3 . 4% ( 4 . 7 ) ( 4 . 9 ) ( 5 . 0% ) EBITDA 3.1 6.0 2.3 4.1 2.3 Recurrent ( 18 . 1% ) 65 . 7% 40 . 5% 4 . 1% ( 74 . 2% ) 42 . 3% 13.3 10.9 0.8 1.4 4.7 6.7 0.5 0.5 6.8 1.8 0.4 0.6 capex Q1 FY17 Results Presentation 12
2. Performance by region – Like for Like figures Group Spain RoE (Ex Marineland) US HQ € MM Q1 16 Q1 17 Var. Q1 16 Q1 17 Var. Q1 16 Q1 17 Var. Q1 16 Q1 17 Var. Q1 16 Q1 17 Var. 1.4 % 6 . 1% 2 . 7% ( 10 . 5 ) % - - - Visitors ('000) 2,341 2,374 964 1,023 897 921 480 430 Total Percap 9 . 2% 13 . 5% - - - 25.7 28.5 10.8% 19.9 21.7 23.9 26.6 11.0% 39.7 45.0 Total 12.4 % 15 . 9% 14 . 0% 1 . 6% 250 . 4% 60.1 67.5 19.1 22.2 21.5 24.5 19.1 19.4 0.4 1.5 Revenue EBITDA 86.0 % 93 . 2% 77 . 7% ( 6 .0) 4 . 8% ( 4 . 3 ) % (5.6) (0.8) 3.1 6.0 2.3 4.1 (6.3) (4.7) (4.9) Recurrent (20.5 % ) 65 . 7% 40 . 2% ( 75 . 2% ) 41 . 1% 13.1 10.4 0.8 1.4 4.8 6.7 7.1 1.8 0.4 0.6 capex Q1 FY17 Results Presentation 13
Recommend
More recommend
