Q Results Presentation

Transcription

1 Q3 Results Presentation 11 th November EXPERIENCE AMAZING

2 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. This presentation is for information purposes and convenient reference. It is not definitive advice, nor should it be relied upon as such. This presentation does not purport to contain all of the information that may be required to evaluate any potential transaction and should not be relied on in connection with any such potential transaction. Any projection, estimate, forecast or other forward-looking statement in this presentation only illustrates hypothetical performance under specified assumptions of events or conditions, and is not a reliable indicator of future performance. 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. The LEGO Group. LEGOLAND IS A PART OF THE MERLIN ENTERTAINMENTS plc.

3 CONTENT Highlights of Q3 Project Update Corporate and Operational Update Financial Summary

4 Q3 Performance Highlights On track to open in October % procurement completed 73% projects structure works completed 50% resort wide infrastructure completed AED 4.8 billion cumulative project expenditure as at the end of September Property and equipment, investment properties and 4,369 2,564 advances and other receivables Cash and other financial assets 3,269 4,314 Total assets 7,638 6,878 Loss for the period First drawdown on bank facility Leasing at Riverland TM Dubai progressing with a total of 12 lease proposals signed Theme park ticket packages and prices finalised As at 30 September, the Company had not commenced revenue generating activities; consequently there is no operating revenue during the period Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 September figures are unaudited interim condensed consolidated figures. 4

5 Industry Macro news Source of Visitor by Region (% YTD June ) Americas 7% Western Europe 22% MENA GCC 13% South Asia Africa 8% RUSSIA, CIS, EE 8% 21% 16% Total Overnight International Guests 7.2m North Asia and South East Asia 8% Australasia 2% TOP SOURCE MARKETS FOR VISITORS TO DUBAI ( 2014 ) 2014 % change 1 INDIA % 2 KSA % 3 UK % 4 OMAN % 5 USA % 6 GERMANY % 7 PAKISTAN % 8 IRAN % 9 CHINA % 10 KUWAIT % 15 RUSSIA % HOTEL INVENTORY BY CATEGORY AND PERFOMANCE KPIs ( 2014 ) Occupied Room Nights Guests' Length of Stay Average Daily Rate Revenue per Avail. Room Category Price Car Pass 20 th Season VIP Packages Global village Entry Tickets Valet Parking Tickets Fantasy Island cards Souvenir Dirhams 1 10, Drhm , Drhm , Drhm Drhm m Nights AED AED DXB arrivals up 12.4% for the first 8 months of Flydubai has committed a major shift towards Al Maktoum International (DWC) in 2017 starting with 70 flights a week Sources: DTCM, Dubai Tourism Performance, Half Year Report, Published August 20,. Global Village published prices in October as per their website. 3 The National Dubai International Airport celebrates 55 th anniversary with record passenger numbers figures for first 8 months of. Khaleej Times, Flydubai eyes major shift to Al Maktoum International in 2017, October. 5

6 CONTENT Highlights of Q3 Project Update Corporate and Operational Update Financial Summary

7 Project Update Snapshot 2014 Q3 Target 20% 50% 65% 65% 97% 100% 50% 87% 100% Master plan approved. Traffic Impact Study and Environment Impact Analysis approval obtained. 64% 86% 100% Ride orders placed; using tried and tested ride technology from leading global providers 2014 Q3 Target 50% 85% 100% 2014 Q3 Target 0% 13% 70%** 2014 Q3 Target 88% 96% 100% 2014 Q3 Target 31% 63% 99% 2014 Q3 Target 31% 71% 100% 2% 33% 60%** Structure works 16%* 73% 96% MEP 0% 13% 50%** * Previously reported percentage completion of 25% included district cooling and substation. This updated figure is only for project structure works. ** Revised target Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 September figures are unaudited. 7

8 Construction update DreamWorks Building DreamWorks Building Rajmahal Theatre Rajmahal Theatre 8

9 Construction update continued Riverland TM Dubai motiongate TM Dubai LEGOLAND Dubai Lapita TM Hotel 9

10 Q3 Project Expenditure Infrastructure and others Key Indicators (AED million) TOTAL Cumulative project expenditure at the end of ,602 Cumulative project expenditure at the end of Q3 1, ,414 4,781 Cumulative project expenditure target for the end of 5,900 Hard Costs 51% Pre-Opening 2% Land 19% Soft Costs 28% Riveland TM Dubai formerly known as Riverpark Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 September figures are unaudited. Total project expenditure does not include interest income and finance costs (refer Cash Flow statement). 10

11 CONTENT Highlights of Q2 Project Update Corporate and Operational Update Financial Summary

12 Corporate and Operational Update Overthecourseofthethirdquarter the DPR team has grown to over 200. In August the career video was launched to drive recruitment, followed by the Emiratisation campaign in September which aims to attract 1,000 Emirati's to the growing theme park industry. Total lease proposals signed: 12 Total lease space signed: 19% of total available Total revenue: 40% of projected revenue motiongate TM Dubai held its first media event in September in conjunction with the premier of Hotel Transylvania 2, unveiling the park for the first time to the public. The event also showcased the Hotel Transylvania Castle, which soars to 42m high and is set within the Sony Pictures Studios zone. The attraction invites guests to join a frenzied five minute seated ride carrying them on a monster-filled journey., showcasing the individual park maps, zones and overview of rides and attractions 12

13 Indicative headline ticket prices announced at World Travel Market Single Park Tickets Price AED Parks (indicative) 2017 Actual 2017 IPO motiongate Dubai Bollywood Parks Dubai LEGOLAND Dubai LEGOLAND Water Park Annual Passes Parks (indicative) Single park Price AED Park + Water Park motiongate Dubai Bollywood Parks Dubai LEGOLAND Dubai 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 Prices are indicative and subject to change at the discretion of Dubai Parks and Resorts 13

14 CONTENT Highlights of Q3 Project Update Corporate and Operational Update Financial Summary

15 Q3 Interim Condensed Consolidated Financial Statements Increased to AED 3,909 million (includes the value of land acquired) advances to contractors and other receivables increased to AED 460 million Investment properties 4% Advances to contractors and other receivables 6% and other financial assets AED 3,269 million of cash Property and equipment 48% Other financial assets 36% first drawdown of AED 585 million increased to AED 969 million increased to AED 49 million Cash and cash equivalents 6% the Company had not commenced its revenue generating activities so there was no operating revenue during the period loss for the period was AED 58 million Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 September figures are unaudited. Advances include interest receivable 15

16 Consolidated Statement of Financial Position Property and equipment 3,636 1,994 Investment properties Advances to contractors and other receivables Other financial assets 2,787 4,150 Cash and cash equivalents Total assets 7,638 6,878 Share capital 6,322 6,322 Equity issue reserve 3 3 Cash flow hedging reserve (7) - Accumulated losses (96) (38) Total equity 6,222 6,287 Bank facilities Trade and other payables Derivative financial instruments 7 - Due to related parties Total liabilites 1, Total equity and liabilities 7,638 6,878 Cash and cash equivalents Other financial assets Advances to contractors and other receivables Investment properties Property and equipment Bank facilities Derivative Financial Instruments Trade and other payables Due to a related party Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 September figures are unaudited. Advances to contractors and other receivables for 2014 include borrowing costs of AED 149 million 16

17 Statement of Comprehensive Income 0 General and administrative expenses (70) (22) Marketing and selling expenses (12) (1) Interest Income 36 2 Finance cost (12) - Loss for the period (58) (21) Other comprehensive income Cash flow hedges fair value loss arising during the period (7) - Total comprehensive loss for the period (65) (21) Loss per share: Basic and diluted loss per share (AED) (0.010) (0.003) -70 Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 September figures are unaudited. 17

18 Statement of Cash Flows Loss for the period (58) Interest Income (36) Finance cost 12 Depreciation expense 2 Increase in advances to contractors and other receivables (284) 2,000 1,500 1,000 1,363 Increase in trade and other payables 394 Net cash used in operating activities 30 Increase in other financial assets 1,363 Additions to property and equipment (1,642) (500) (1,000) 30 (50) 617 Additions to investment properties (73) Interest received 23 Net cash used in investing activities (329) Increase in due to related parties 32 Proceeds from bank facilities 585 Net cash from a financing activity 617 (1,500) (2,000) (1,642) Operating Investing-Financial Assets Investing-Property and Equipment Investing-Other Financing Cash and cash equivalents at start of the period 164 Cash and cash equivalents at the end of the period 482 Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 30 September figures are unaudited. The Group did not hold any cash as at 30 September 2014 and consequently, there are no cash flows for the Group for the period ended 30 September

19 Contact Us Investor Relations Contacts Marwa Gouda Head of Investor Relations Abdulrahman Al Suwaidi Investor Relations Officer Dubai Parks and Resorts Emaar Square, Building 1, Level 2 PO Box , Dubai United Arab Emirates Tel: Fax: contact@dp-r.com 19

20 CONTENT Appendix

21 Shareholder structure Institutional 19% UAE 29% International 18% Meraas 60% Retail 11% KIA 5% Mubasher 5% GCC 53% Rest of MENA 12% UAE 60% International 21% GCC 7% Shareholder structure as at 30 September. * Excluding Meraas 21