results presentation for the october to december period q4
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RESULTS PRESENTATION FOR THE OCTOBER TO DECEMBER PERIOD (Q4) 27 - PowerPoint PPT Presentation

RESULTS PRESENTATION FOR THE OCTOBER TO DECEMBER PERIOD (Q4) 27 February 2019 Key Highlights The BoD has appointed Jose Diaz as CEO of Parques Reunidos The company is working on a new Strategic Plan that will be presented to the market in


  1. RESULTS PRESENTATION FOR THE OCTOBER TO DECEMBER PERIOD (Q4) 27 February 2019

  2. Key Highlights ➤ The BoD has appointed Jose Diaz as CEO of Parques Reunidos ➤ The company is working on a new Strategic Plan that will be presented to the market in the coming months: • Back to basics 2019 Key Actions • Focus on delivering organic growth • Integrate and achieve the expected returns on Tropical Islands acquisition • Delivering returns on capex investments • Balance sheet deleverage ➤ Change of fiscal year from ending at September 30 th to December 31 st • The October to December period becomes the Q4 FY18 of our new fiscal year ➤ Good performance during this quarter: • Revenue increased by 6.4% on a like for like basis fostered by a higher attendance and percaps Results Highlights • Revenue growth during off season events reached 6% • Season passes sales grew by 13% improving earnings visibility for the peak season • Q4 represents c.13% of the Group’s annual revenues ➤ Parques Reunidos is early implementing IFRS 16 Q4FY18 results presentation 2

  3. +6% Like-for-Like Revenue Growth Q4 Like-for-Like (1) Q4 Reported Figures + 6.4% + 4.5% 2,607 2,772 2,494 2,606 Visitors ('000) Q4 FY17 Q4 FY18 Q4 FY17 Q4 FY18 76.9 Revenue (€ MM) + 11.8% 72.7 + 6.4% 68.4 68.7 Q4 FY17 Q4 FY18 Q4 FY17 Q4 FY18 Q4 FY17 Q4 FY18 Q4 FY17 Q4 FY18 EBITDA (€ MM) Recurrent (2.5) (2.8) + 17.3% (4.1) (4.9) (1) Like-for-like figures: Assumes 2018 constant FX rates and same park portfolio perimeter (excluding Teleférico de Madrid concession, the acquisitions of Belantis and Wet’N’Wild Sydney; and the disposal of Mar de Plata) Like-for-like figures also includes IFRS 16 impact both in Q4 FY17 and Q4 FY18 Q4FY18 results presentation 3

  4. Delivered revenue growth across all regions Revenue Bridge 0.5 72.7 3.0 0.5 68.7 68.4 0.4 (0.4) (1) Q4 FY17 Reported FX and Changes in Portfolio Q4 FY17 like-for-like Spain Rest of Europe US HQ Q4 FY18 like-for-like Perimeter (1) Headquarters include management contracts and indoor entertainment centers businesses Q4FY18 results presentation 4

  5. Spain: Delivered a Strong Performance ➤ Record revenue achieved in Q4 Revenue ( € MM ) Recurrent EBITDA ( € MM ) • +1.7% like-for-like revenue growth driven by percap increase 21.1 +1.7% 20.8 (over a historical all-time high revenue achieved in the same period during 2017) +21.2% 5.1 4.2 ➤ Growth driven by: • Strong performance during off-season events (Halloween and Christmas) reaching a revenue growth of 14%, with a remarkable performance of Warner • This has more than offset a slow performance in October Q4 FY17 Q4 FY18 Q4 FY17 Q4 FY18 • Increase in the sale of season passes of c.16% Visitors (’000) Percap ( € ) ➤ EBITDA growth of 21.2% to reach €5.1 MM • EBITDA positively impacted by the deferral of some expenses (1.7%) +3.5% that will be accounted over the next quarters 1,038 20.7 1,020 20.0 ➤ This quarter represents c. 14% of the region annual revenues Q4 FY17 Q4 FY18 Q4 FY17 Q4 FY18 Like-for-like figures also including IFRS 16 impact both in Q4 FY17 and Q4 FY18 Q4FY18 results presentation 5

  6. RoE: Good Revenue Performance Recurrent EBITDA ( € MM ) ➤ Revenue has grown by 1.8% like-for-like Revenue ( € MM ) • Growth mainly driven by a higher percap • Strong performance of Central Europe Parks (Movie Park reached a new all-time high during Halloween) +1.8% 27.9 27.4 • Revenue from off-season events grew by c.7% 2.6 • Season passes sales increased by 17% driven by volume (21.2%) 2.1 growth ➤ EBITDA has decreased to €2.1 MM • Mainly explained by the mix of parks opened during the Q4 FY17 Q4 FY18 Q4 FY17 Q4 FY18 season Visitors (’000) Percap ( €) ➤ This quarter represents c.13% of our annual revenue in RoE +0.4% 1,012 1,007 +1.4% 27.6 27.2 Q4 FY17 Q4 FY18 Q4 FY17 Q4 FY18 Like-for-like figures also including IFRS 16 impact both in Q4 FY17 and Q4 FY18 Q4FY18 results presentation 6

  7. US: Broadly flat performance but only 10% of annual revenues ➤ New reporting period for US to adapt to the new fiscal year Revenue ( € MM ) Recurrent EBITDA ( € MM ) change • Two weeks added in this quarter Q4 FY17 Q4 FY18 21.6 • Q4 FY17 going from to September 18 th to December 17 th +16.2% 18.6 • Q4 FY18 going from September 17 th to December 31 st ➤ Underlying performance of the business excluding the reporting calendar effect (3.4) (3.8) (12.4%) • Flattish revenue performance • EBITDA increases by €0.7 MM or 21% Q4 FY17 Q4 FY18 Q4 FY18 same reporting period revenues would be of €18.4 MM Q4 FY18 Same reporting period EBITDA losses would be of €2.7 MM ➤ This quarter represents c. 10% of our annual revenues Visitors (’000) Percap ( € ) +14.5% 514 +1.5% 448 41.9 41.3. Q4 FY17 Q4 FY18 Q4 FY17 Q4 FY18 Like-for-like figures also including IFRS 16 impact both in Q4 FY17 and Q4 FY18 Q4FY18 results presentation 7

  8. P&L Summary ➤ P&L affected by the implementation of IFRS 16 Summary P&L Z Q4 FY17 Q4 FY18 € MM (without IFRS 16) (with IFRS16) Var. ➤ Net losses amounted to €45.3 MM, affected by the business seasonality EBITDA (4.9) (4.1) 17.3% ➤ Booked €9 MM of impairments D&A (20.0) (26.0) (29.6% • Related to the Indoor Entertainment Centers, chiefly to EBIT (24.9) (30.0) (20.4%) Nickelodeon Murcia Non-recurrent items (3.8) (6.1) (61.8%) ➤ Non- recurrent items amounted €6 MM including: Net impairments 0.1 (9.2) n.m. • Severance payments • Capital gains from the sale of Mar de Plata Operating Profit (28.6) (45.3) (58.3%) • Advisory fees, provision for bad debt and other concepts Net financial expenses (7.9) (12.1) (52.9%) Exchange gains / (losses) (1.3) (1.0) 24.5% Income tax 7.4 12.6 70.5% Net income (30.4) (45.8) (50.4%) Q4FY18 results presentation 8

  9. Impact from IFRS 16 implementation ➤ Parques Reunidos is early implementing IFRS 16 Comparison on Q4 FY18 figures • Full retrospective method adopted € MM Without IFRS 16 With IFRS 16 Var. • Consequently, the company has calculated newly leased assets and liabilities as if IFRS 16 had applied Recurrent EBITDA (7.1) (4.1) +3.0 since inception • Capitalized contracts with an average life of c.19 years D&A (24.4) (26.0) +1.4 ➤ The impact this Q4 from IFRS 16 implementation: EBIT (31.5) (30.0) +1.4 • €228 MM of new lease liabilities (1) and €198 MM of right-of-use assets Impairments & one-offs (15.3) (15.4) +0.1 • Reduced operating lease expenses by €3 MM • Increased D&A by €1.4 MM as a result of the Operating Profit (46.8) (45.3) +1.6 amortization of the new rights-of-use assets • Increased finance costs by € 2MM Net financial expenses (10.0) (12.1) +2.0 • €0.3MM impact on net losses Exchange/gain losses (1.0) (1.0) 0 Income tax 12.5 12.6 (0.1) Net income (45.3) (45.5) (0.3) (1) Including Warner (already accounted as Financial Leased) total leased liabilities amounts to €291 MM Q4 FY18 results presentation 9

  10. Cash Flow Generation and Net Debt Position ➤ Adjusted Financial Net debt as of December Financial Net Debt Evolution (€ MM) (1) 2018 reached €531 MM • Acquisition of Wet´n´Wild Sydney and disposal of Mar de Plata 591 9 • Forex impact 12 6 33 4 25 531 (4) 506 ➤ Intra-year working capital financing reached €60 MM • Financed through a revolving facility which is not considered as “permanent net debt” ➤ Including the acquisition of Tropical Islands, pro-forma Adjusted Financial Net Debt increases up to €757 MM • Implied leverage of 4.0x Financial Net Acquisitions, Adjusted EBITDA CAPEX Change in Taxes Net Cash Others Financial Net Debt Disposals & FX Financial Net Working Interest Debt (Sept 2018) Debt excluding Capital Expenses (Dec 2018) WC Needs ➤ Intra- year working capital needs: €60 MM (1) Financial Net debt excluding financial leases Q4FY18 results presentation 10

  11. APPENDIX 11

  12. 1. Performance by Region – Reported Figures FY Reported Figures GROUP SPAIN REST OF EUROPE US HQ (1) Q4FY17 Q4FY18 Var. Q4FY17 Q4FY18 Var. Q4FY17 Q4FY18 Var. Q4FY17 Q4FY18 Var. Q4FY17 Q4FY18 Var. € MM Visitors ('000) 2,606 2,772 6.4 % 1,123 1,020 (9.2 % ) 1,035 1,085 4.8% 448 607 35.2% - - - - - - 27.0 27.7 2.5% 40.1 39.0 (2.6%) Total Percap (€) 26.4 27.7 5.1% 18.9 20.7 9.4% Total Revenue 68.7 76.9 11.8 % 21.3 21.1 (0.6 % ) 27.9 30.0 7.5% 18.0 23.7 31.7% 1.6 2.1 30.1% (4.9) (4.1) 17.3% 3.9 5.1 31.1% 2.1 2.0 (4.2%) (4.8) (5.0) (2.9%) (6.0) (6.1) (2.1%) Recurrent EBITDA - - n.m. n.m. - n.m. n..m. - - - - % margin n.m. n.m. n.m. n.m. (11.0%) 3.6 2.6 (26.0%) 3.5 3.0 (15.0%) 0.5 0.3 (43.0%) Recurrent capex 8.7 7.7 1.1 1.8 63.8% (1) Headquarters include management contracts and indoor entertainment centers businesses Q4FY18 results presentation 12

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