q1 2016 earning results presentation - dxb entertainments...cash and other financial assets 3,493...
TRANSCRIPT
Q1 2016 Earning Results Presentation
12th May 2016
EXPERIENCE AMAZING
DISCLAIMER
IMPORTANT NOTICE
THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL.
This presentation has been prepared and issued by Dubai Parks and Resorts PJSC (the “Company”). For the purposes of this notice, “presentation” means this document, its contents or any part of it, any oral presentation, any question or answer session and any written or oral material discussed or distributed during the presentation meeting.
The information set out in this presentation may be subject to updating, revision, verification and amendment and such information may change materially. Neither the Company, any of its parent or subsidiary undertakings, the subsidiary undertakings of such parent undertakings, nor any of such person’s respective directors, officers, employees, agents, affiliates or advisers is under an obligation to update or keep current the information contained in this presentation to which it relates or to provide the recipient of with access to any additional information that may arise in connection with it and any opinions expressed in this presentation are subject to change without notice. None of the Company or any of its parent or subsidiary undertakings, or the subsidiary undertakings of such parent undertakings, and any of such person’s respective directors, officers, employees, agents, affiliates or advisers shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this presentation, or otherwise arising in connection with this presentation.
This presentation is an advertisement for the purposes of the United Kingdom Prospectus Rules and the information contained herein are not an offer of securities for sale in the United States nor any other jurisdiction. This presentation does not constitute or form part of, and should not be construed as, any offer, invitation, solicitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.
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To the extent available, the industry and market data contained in this presentation may have come from official or third party sources. Such third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry and market data contained in this presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company generally believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation.
You agree to be bound by the foregoing limitations and conditions and, in particular, will be deemed to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice.
LEGO, the LEGO logo, LEGOLAND are trademarks of the LEGO Group. ©2015 The LEGO Group. LEGOLAND IS A PART OF THE MERLIN ENTERTAINMENTS plc.
CONTENT
Highlights of Q1 2016
Project Update
Corporate and Operational Update
Financial Summary
Property and equipment, investment properties and advances and other receivables
6,186 3,001
Cash and other financial assets 3,493 3,921
Total assets 9,679 6,922
Loss for the period 38 13
Q1 2016 Performance Highlights
On track to open in October 2016
• 85% overall infrastructure construction completed• 76% overall ride system completed• 65% overall facilities construction completed• 41% overall show systems completed
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 31 March 2016 figures are unaudited. 4
As at 31 March 2016, the Company had not commenced revenue generating activities; consequently there is no operating revenue during the period
Drawn down AED 2.3 billion of banking facility
• Received first international award “Most Exclusive Leisure Product”
• Over 65% of total available space at Riverland™ Dubai leased at the end of March with 39 lease proposals signed.
• Launched the sale of Annual Passes• Announced the launch of AED 1.68 billion Rights Issue to
primarily finance Six Flags Dubai
2015 2014 % change
1 INDIA 1,601 1,272 26%
2 KSA 1,542 1,292 19%
3 UK 1,188 1,074 11%
4 OMAN 1,002 853 17%
5 USA 602 585 3%
6 PAKISTAN 513 463 11%
7 IRAN 462 438 6%
8 GERMANY 461 429 7%
9 CHINA 450 350 29%
10 KUWAIT 410 461 -11%
15 RUSSIA 211 420 -50%
Source of Visitor by Region (% YTD – DEC 2015)
Favourable UAE tourism growth trends
Sources: DTCM and Mastercard Global Destination Index.
WesternEurope21%
GCC23%
MENA12% South Asia
16%
Americas
7%North Asia and South‐East Asia
8%
RUSSIA, CIS, EE
5%
Africa 5%
Australasia3%
Total OvernightInternationalGuests
14.2m2015
2015
2014 $10.9 Billion
$11.68 Billion
Total OvernightInternationalGuests
4.1mQ1 2016
CONTENT
Highlights of Q1 2016
Project Update
Corporate and Operational Update
Financial Summary
Overall constructionAchieved 2015 Q1 2016
Structure works 88% 96%
MEP 29% 51%
Envelope & Façade 30% 50%
Finishes 24% 45%
Overall Project Completion Snapshot
Ride systemsAchieved 2015 Q1 2016
Production 89% 94%
Delivery 63% 74%
Installation and Commissioning
9% 23%
Achieved 2015
100%
Show systems Achieved 2015 Q1 2016
Production 32% 55%
Delivery 14% 35%
Installation and Commissioning
0% 1%
Achieved 2015 Q1 2016
89% 93%
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 31 March 2016 figures are unaudited. 7
Construction update
8
DreamWorks Building
motiongate™ Dubai
motiongate™ Dubai
motiongate™ Dubai
Construction update…continued
9
Rajmahal TheatreRajmahal Theatre
Bollywood Park™ Dubai Bollywood Park™ Dubai
Construction update…continued
10
Riverland™ Dubai
LEGOLAND® Water ParkLEGOLAND® Dubai
Lapita™ Hotel
CONTENT
Highlights of Q1 2016
Project Update
Corporate and Operational Update
Financial Summary
12
Corporate and Operational Update
Awarded ‘The Most ExclusiveLeisure Product’ Award at OTM2016, India’s biggest travel tradeshow.
The award, which recognisedDubai Parks and Resorts as aunique attraction thatshowcases the very best fromEast to West, is thedestination’s first internationalaward.
Dubai Parks and Resorts participated at the Arabian Travel Market 2016, the leading international travel and tourism event, for the second consecutive year.
The Dubai Parks and Resorts’ stand gave visitors a chance to “Experience Amazing” and see the destination come to life with holograms, interactive experiences and characters and performers.
• Total lease proposals signed: 39• Total lease space signed: over 65% of total available• Total revenue: over 100% of projected revenue
13
Ticket prices announced at Arabian Travel Market April 2016
Single Park Tickets
330
285
295
240
Annual Passes
865 1095
755 985
765 995
Single park ticket pricing has been adjusted to be in line with regional ticket prices and reflect individual parks product offering in the context of the destination and local market
Multi-park Annual passes
Unlimited access to three theme parks + water park + 15% discount on F&B and others
2,495
Unlimited access to three theme parks + water park + 20% discounts on F&B and others VIP Parking, unlimited Q Fast, access to VIP lounge and tour & VIP seats
6,995
CONTENT
Highlights of Q1 2016
Project Update
Corporate and Operational Update
Financial Summary
Key Indicators (AED million) TOTAL
Total assets as at31 March 2016
1,867 896 925 511 354
Infrastructure and others
9,6795,126
RivelandTM Dubai formerly known as Riverpark
Q1 2016 Financial Summary
Pre-opening expenses(Project to date) 31 19 15 1 5 235164
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 31 March 2016 figures are unaudited. 15
Total at the end of Q1 2016 1,898 915 940 512 359 9,9145,290
Q1 2016 Interim Condensed Consolidated Financial Statements
Increased to AED 5,842 million (Mar 2015: AED 2,577 million)
advances to contractors and other receivables decreased to AED 344 million (Mar 2015: AED 424 million)
AED 3,493 million (Mar 2015: AED 3,921 million)
drawn down AED 2,348 million (Mar 2015: Nil)
increased to AED 1,397 million (Mar 2015: AED 615 million)
reduced to AED Nil (Mar 2015: AED 33 million)
the Company has not commenced its revenue generating activities so there was no operating revenue during the period
loss for the period was AED 38 million (Mar 2015: AED 13 million)
16
Property and equipment
57%
Investment properties3%
Advances to contractors and
other receivables4%
Other financial assets
31%
Cash and cash equivalents
5%
Q1 2016 Interim Condensed Consolidated Financial Statements
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 31 March 2016 figures are unaudited.Advances include interest receivable
Property and equipment 5,519 2,376
Investment properties 323 201
Advances to contractors and other receivables 344 424
Derivative financial instruments - -
Other financial assets 3,033 3,896
Cash and bank balances 460 25
Total assets 9,679 6,922
Share capital 6,322 6,322
Equity issue reserve 3 3
Cash flow hedging reserve (35) -
Accumulated losses (187) (51)
Total equity 6,103 6,274
Bank facilities 2,144 -
Trade and other payables 1,397 615
Derivative financial instruments 35 -
Due to related parties - 33
Total liabilities 3,576 648Total equity and liabilities 9,679 6,922
Consolidated Statement of Financial Position
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 31 March 2016 figures are unaudited. 17
Total Equity
Bank facilities
Trade and other payables
Due to a related party
Property and equipment
Investment properties
Advances to contractors and otherreceivablesDerivative financial instruments
Other financial assets
Cash and bank balances
General and administrative expenses (40) (18)
Marketing and selling expenses (15) (4)
Interest Income 19 13
Amortization of borrowing cost (2) (4)
Loss for the period (38) (13)
Other comprehensive income
Cash flow hedges – loss on fair value (37) -
Total comprehensive loss for the period (75) (13)
Loss per share:
Basic and diluted loss per share (AED) (0.006) (0.002)
Statement of Comprehensive Income
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 31 March 2016 figures are unaudited. 18
Statement of Cash Flows
Loss for the period (38) (13)Depreciation expense 2 -Interest income (19) (13)Amortization of borrowing cost 2 4Provision for employees' end of service indemnity 1 1Decrease / (increase) in advances to contractors and other receivables 44 (37)Increase in trade and other payables 218 40Net cash generated by / (used in) operating activities 210 (18)
(Increase) / decrease in other financial assets (178) 254Additions to property and equipment (844) (382)Additions to investment properties (39) (1)Interest received 3 -Net cash used in investing activities (1,058) (129)
Proceeds from bank facilities 887 -Borrowing costs paid (5) (9)Finance costs paid (22) -Movement in restricted cash (14) -(Decrease)/increase in due to a related party (13) 17Net cash generated by financing activities 833 8Cash and cash equivalents at beginning of the period 363 164Cash and cash equivalents at the end of the period 348 25
19
210
(178)
(884)
3
833
(1,000)
(800)
(600)
(400)
(200)
-
200
400
600
800
1,000
Operating
Investing-Financial Assets
Investing-Property and equipment and Investment properties
Investing-Other
Financing
Statement of Cash Flows
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 31 March 2016 figures are unaudited.
Contact Us
Investor Relations Contacts
Marwa GoudaHead of Investor Relations
Abdulrahman Al SuwaidiInvestor Relations Officer
Dubai Parks and Resorts
Emaar Square, Building 1, Level 2PO Box 123311, DubaiUnited Arab Emirates
Tel: +971 4 378 5001Fax: +971 4 511 4998
20
CONTENT
Appendix
22Shareholder structure as at 31 March 2016. * Excluding Meraas
Shareholder structure
International21%
GCC50%
UAE29%
Rest of MENA17%
International21 %
GCC5%
UAE57%
Meraas60%
Institutional26%
Retail9%
Mubasher5%