YTD Q3 FY2018 RESULTS PRESENTATION 27 July 2018
Main highlights of the period ➤ YTD June performance • YTD June like-for-like revenue growth of 2.4% with an EBITDA drop of €4.4 MM • Strong season passes sales across all regions (+15% growth vs. prior year) • +16% revenue growth achieved during off season events • Partially offset by adverse weather conditions during Spring season in Spain and US ➤ Key highlights of the period • On July 17 th , the board accepted the resignation of Peter Long and appointed Richard Golding as new non-Executive Chairman of the Board • Expansion into Australia through the acquisition of Wet’n’Wild Sydney from Village Roadshow • New expansion area – The Steelers Country – at Kennywood; a unique combination of two of the strongest brands in Pennsylvania and the first agreement between a leisure park and a National Football League team ➤ The outlook for the year • c.42% of the revenue is still to come • YTD June performance and July current trading have been affected by poor weather conditions • Our year end target is still achievable if we experience normalized weather conditions Like-for-like figures: Assumes constant FX rates and same park portfolio perimeter (excluding Teleférico de Madrid, concession that expired in December 2017, and the acquisition of Belantis which was completed in March 1 st , 2018 ) Q3 FY18 results presentation 2
Achieved +2% like-for-like revenue growth YTD Q3 FY18 Reported Figures YTD Q3 FY18 Like-for-Like + 1.6% + 2.9% 8,719 8,520 8,578 8,280 Visitors ('000) YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY17 YTD Q3 FY18 + 2.4% + (0.1%) 253,2 248.7 253,5 Revenue (€ MM) 242.9 YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY17 YTD Q3 FY18 Recurrent EBITDA 8.8 8.0 (€ MM) 4.4 5.1 YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY18 results presentation 3
YTD Performance by region Revenue Bridge 0,9 0,2 248,7 4,9 253,5 242,9 (10,6) (0,3) YTD Q3 FY17 Reported Changes in Portfolio and FX YTD Q3 FY17 like-for-like Spain Rest of Europe US HQ YTD Q3 FY18 like-for-like Recurrent EBITDA Bridge 8,8 0,8 8,0 0,5 0,2 (1,6) 4,4 (3,6) YTD Q3 FY17 Reported Changes in Porftolio and FX YTD Q3 FY17 like-for-like Spain Rest of Europe US HQ YTD Q3 FY18 like-for-like YTD Q3 FY18 results presentation 4
Spain: Good underlying performance offset by poor weather during spring ➤ Good underlying performance offset by poor weather during Revenue (€ MM) Recurrent EBITDA (€ MM) spring season • Achieved flat YTD like-for-like revenue performance (0.4%) (7.9%) 71.3 • March to mid-June performance has offset growth achieved 71.6 20,2 18,6 during the low season as we have experienced the rainiest Spring since 1965 • Animal parks, where Spring is peak season, have been more affected • Good underlying performance under normal operating conditions • +10% like-for-like revenue growth in Q1 and +18% revenue increase during off-season events YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY17 YTD Q3 FY18 • Good performance in June Visitors (’000) Percap (€) ➤ All elements in place to achieve growth during the summer season • Season passes sales growing by 23% +0.6% (1.0%) 3,138 3,156 22,6 22.8 • Expansion projects on track: Warner Beach extension and Nickelodeon area at PAM are already opened • On track current trading (July) performance ➤ YTD Q3 revenues represent c.50% of annual revenues in Spain YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY18 results presentation 5
RoE: Best YTD performance across the portfolio ➤ Strong results delivered YTD June Recurrent EBITDA (€ MM) Revenue (€ MM) • 5.0% like-for-like revenue increase driven by both attendance and percap growth 102.9 +5.0% +3.4% • 3.4% like-for-like EBITDA growth 14.7 98.0 14.3 • +c.40% revenue to EBITDA drop through during Q3 standalone • Advanced costs incurred during low season are gradually been absorbed ➤ Key drivers of performance are: YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY17 YTD Q3 FY18 • Good performance in the low season (+13% revenue growth during off-season events) Visitors (’000) Percap (€) • Strong results achieved during Easter and Spring vacations • + 21% growth achieved in season passes sales 3,573 +4.0% 3,436 +1.0% 28,8 ➤ YTD Q3 revenues represent almost half of annual revenues 28,5 in RoE YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY18 results presentation 6
US: 70% of revenues are yet to come Revenue (€ MM) Recurrent EBITDA (€ MM) ➤ Slow start of the season in the US • +0.3% like-for-like revenue growth • +1.6% like-for-like EBITDA growth +0.3% 66,3 66,2 YTD Q3 FY17 YTD Q3 FY18 ➤ Key highlights of the performance: • Good performance during the low season (+18% revenue increase during off-season events) • +5.4% growth achieved in season passes sales +1.6% • Partially offset by adverse weather, with a combination of (14.6) (14.8) YTD Q3 FY17 YTD Q3 FY18 cooler temperatures and more rainy days, affecting our parks located in California and North East region Visitors (’000) Percap (€) • And SeaLife Hawaii performance has been negatively affected by a decline in tourism following the eruption of the Kilauea Volcano 1,733 +1.6% (1.3%) 1,705 38.3 38.8 ➤ The first 9 months of the year represents only c.30% of annual revenues YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY17 YTD Q3 FY18 YTD Q3 FY18 results presentation 7
P&L Summary ➤ EPS losses remain flat at €0.72 per share Summary P&L (Reported figures) € MM YTD Q3 FY17 YTD Q3 FY18 Var. ➤ Non recurrent items amounting to €7.6 MM including, Recurrent EBITDA 8.0 5.1 (36.2%) • Miami clean up cost after Hurricane Irma D&A (52.1) (60.8) (16.8%) • Bad debt provision of Vietnam contract • Personnel restructuring, advisory fees, provision for stock EBIT (44.1) (55.7) (26.4%) based compensation and other non-recurrent items Non-recurrent items (11.6) (7.6) (34.5%) Net impairments (10.0) 0 n.m. Operating Profit (65.7) (63.3) 3.6% Net financial expenses (25.6) (25.8) (1.1%) Income tax 32.7 30.8 (5.9%) Net income (58.5) (58.4) 0.3% EPS (0.72) (0.72) 0.3% YTD Q3 FY18 results presentation 8
Cash Flow Generation and Net Debt Position Net Debt Evolution (€MM) ➤ Adjusted net debt, excluding intra-year working capital needs, increased up to €545 MM due to 6 656 28 88 • Acquisition of Belantis 7 (12) • USD to € appreciation 29 545 516 (5) ➤ €111 MM of intra-year working capital needs related to the business seasonality Net Debt Belantis Adjusted Net EBITDA CAPEX Change in Taxes Net Cash Others Net Debt (Sept 2017) Acquisition Debt excluding Working Interest (June 2018) and FX impact WC Needs Capital Expenses ➤ Intra-year working capital needs: €111 MM YTD Q3 FY18 results presentation 9
Current Trading Performance as of July (1) Like-for-like Revenue Growth as of July (1) ➤ +1.3% like-for-like revenue growth YTD as of July 22 nd Current Trading ➤ YTD revenue performance by region YTD June July (1) YTD July (1) • Spain is back to growth • RoE normalization and on track ➤ Spain (0.4%) 7.9% 1.3% • US performance slightly down due to weather but with low year-to-go comparable figures from last year ➤ RoE 5.0% (3.0%) 3.0% ➤ c.42% of annual revenue is still to come ➤ US 0.3% (2.7%) (1.1%) • Our year end target is still achievable if we experience normalized weather conditions ➤ Group 2.4% (1.1%) 1.3% ➤ % Annual c.40% 18% 58% Revenues (1) Includes performance until July 22 nd YTD Q3 FY18 results presentation 10
Expanding in Australia with the acquisition of Wet’n’Wild Sydney ➤ Agreement to acquire Wet’n’Wild Sydney in Australia for AUD40 MM (c.€25 MM) plus a variable compensation depending on revenue performance • The second most visited water park in Australia • Most modern water park in Australia, opened in December 2013 with a total investment of approximately AUD140 MM • Located in Prospect – 40 min. away from Sydney, most populated city with 5.6 MM inhabitants – and boasted with state-of-the-art attractions along its 24 ha ➤ 1 st step in Australia and in the South Hemisphere • Unique opportunity to build a platform in Australia through M&A and development of new indoor centers • Expands the season of the business as peak season in Australia runs during the low season in Europe and US • Represents a step forward to balance our business exposure to external factors ➤ Sizeable value creation opportunity • Significant potential to increase profitability levels of the park • 2018 park EBITDA expected to be breakeven vs. historical peak levels of c.AUD9 MM • Selected PQR US water parks EBITDA margin levels are above 35% • Expansion opportunities through 2 nd gate parks or themed areas ➤ Reinforced our leading market global position • Global presence with operations and projects in Europe, US, Middle East, Asia and now Australia • Strengthen our position as #1 water park operator worldwide with 22 water parks YTD Q3 FY18 results presentation 11
APPENDIX 12
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