Project`s Structure

Transcription

Project`s Structure

walnutfinance Projects
The Tunisia Leisure Complex | walnutfinance
Investors Presentation | September 2012
 walnutfinance is building a €415 MM resort in Tunisia that will comprise hotels, golfs, a waterpark and an amusement
center
 We seek a €5 MM anchor investor to whom we will offer a privileged return on equity and/or an optional stake in the
Project’s management company
 We seek €410 MM investors that will fully participate in the Project’s growth and benefits
 The Project aims to deliver outsized long-term capital appreciation and superior returns on exit
Terms
 Our Management has an outstanding track record in Project Management
 Tourism investments typically return in excess of 20% on average assets
 Investors realized total returns in excess of 245%, Realized/Unrealized returns of 86% in typical €250 MM+ tourism
investments
Anchors Investors
 Minimum Subscription | €5,000,000
 Investment period | 4 years
 Privileged 100% return with optional Equity stake
Structure
Track
Record
Proposal
Executive Summary
 walnutfinance is a Dubai-based financial company
 D&Cie is a Geneva-based financial company
 Open to High Net Worth / Institutional investors
Project Investors
 Minimum Subscription | €25,000,000
 Investment period | 4 to 10 years
 Superior return
© walnutfinance 2012 | 2
The Tunisia Leisure Complex
Why this Venture will Deliver
…we possess all the ingredients for success
 Attractive Sector / Geography – Tourism / Hospitality by its very nature outgrows the underlying economy.
Exposure to the higher growth markets of South Asia, GCC & Africa provides an added tailwind
 Deep Investment / Projects Expertise - Management Team members are issued from the investment
banking and project management industries, they have proven results in Project Management. They have a
deep understanding of the underlying business and have experience in the frontline of tourism & hospitality
 Multi-year Financial Expertise – Spans buy side/sell side/consulting with an emphasis on rigorous analysis
and a history of structuring deals that work
 Outstanding Track Record – Consistent delivery with an ability to successfully manage a project through
economic cycles, be they favorable or foul
 Extensive Networks / Access to Deals ‐ We are connected with tourism & hospitality leaders and dealmakers
globally, across the full scale of the industry
 Rigorous Platform – We apply the highest regulatory and ethical standards and are process-driven
 Access to High Net Worth / Institutional Capital – We have deep relationships with long-term investors of
sizeable firepower whose investment goals are aligned with our offering
Philippe Rey
Cie Financière de Suez
African Countries
Business Development
1987
Banque Indosuez
Dubai (UAE)
Assistant Vice President
1990
Banque Indosuez
Abu Dhabi (UAE)
Private Banking
1992
Walnut Finance
Projects Dubai (UAE)
Co-Founder
CEO
Salomon Smith
Barney Dubai (UAE)
Senior Vice President
1995
Merrill Lynch Int’l
Dubai (UAE)
Vice President
2001
2004
2011
Tunisia Aquapark &
Resorts
Management Team
CEO
Walnut Finance
Dubai (UAE)
Co-Founder
Managing Partner
Olivier Frichou
Cie Financière de Suez
African Countries
1988
Banque Indosuez
Dubai (UAE)
Assistant Vice President
1992
Banque Indosuez
Abu Dhabi (UAE)
Private Banking
1994
Walnut Finance
Co-Founder
CFO
Salomon Smith
Barney Dubai (UAE)
Senior Vice President
1995
Merrill Lynch Int’l
Dubai (UAE)
Vice President
2001
2004
2011
Tunisia Aquapark &
Resorts
Management Team
CFO
Walnut Finance
Dubai (UAE)
Co-Founder
Managing Partner
Waldemar Holzer
Chessell SA
Paris (France)
Finance &
Administrative Director
1985
1990
Data Controle
Paris (France)
Sales & Marketing
Director
1998
AMDI-Inter Access
Paris (France)
GM, Managing Director
Abessan Immobilier
Southern France
2000
2003
Prime Systems
Partners Paris (France)
Arcana Int’l Dvpt
Hammamet (Tunisia)
Managing Director
2008
2010
Tunisia Aquapark &
Resorts
Management Team
COO
Delta Security Solutions
Paris (France)
Managing Director
Jean-Pierre Déchaut
A.S.C.O. Shipyards
Bordeaux (France)
Construction Manager
1984
IKEA France
Paris (France)
Project Manager
1990
AGECA
Architecture &
Engineering
Bordeaux (France)
Project Manager
1992
Gulmar Offshore ME
Sharjah (UAE)
Offshore Manager
1997
D. Tech Access
Paris (France)
Managing Director
2001
Walnut Finance
Global Project Director
2008
2011
Tunisia Aquapark &
Resorts
Management Team
Global Project
Director
Kart Marine
Sharjah (UAE)
Manager
Project’s Structure
Investors | Equity
Anchor Investors
(€5 MM)
Concept
Continuation
Team
Investors | Equity
Investors | Equity
Walnut Finance
Dubai
Project Supervision
Project Management
Company
Dubai
The Tunisia Leisure
Complex
Project Management
Operating Company
D&Cie
Geneva
Financial Engineering
Legal &
Risks
Committee
Investments
Committee
Compliance
& HSSE
Committee
Financial Institutions
Debt
Governance & Risk Controls
Performance of the Project is Important, but Discipline comes First
 We seek to…




Align interests between Investors and Management Company
Ensure the Project is rigorously governed
Be fully transparent to Investors
Communicate key metrics to Investors on a regular basis
 The Legal & Risks Committee will ensure full compliance with local and international regulations, and will
control risks associated with Board and Management Company decisions
 The Investments Committee will supervise the feasibility, profitability, and proper funding of new
developments
 The Compliance & HSSE Committee will ensure compliance to financial regulations and will oversee
application of Environment and Safety standards
 The Concept Continuation Team will maintain and improve the level of attractiveness of the Project’s
attractions, hotels and overall image
Corporate Structure
Board of
Directors
Management
Team
Concept
Continuation
Finance
Operations
Commercial
Investors
Supervisory
Committee
Human Resources
Events
Hospitality
Parks
HSSE
Technical
Accounts
IT
Sales
Administration
Entertainment
Hotels
Waterpark
Safety
Utilities
Budgets
Logistics
Marketing
Training
Shows
Villas
Attractions
Security
Maintenance
Legal
PR
Live Events
Broadcast
Restaurants
Golfs
Environment
Cleaning
Outdoors
Vehicles
Project’s Location Rationale
The Tunisia Aquapark & Resorts will be the 1st of its kind in Africa
 There is currently no theme park or waterpark in Africa and the Maghreb
 Theme parks & waterparks in Emerging and Growing countries enjoy annual double-digit growth as compared
to negative or flat growth in developed countries
 Tunisia is ideally located, close to Europe, within Africa, at the heart of the Maghreb and a new destination for
Asian tourists
 Tunisia has a history of being a prime tourist destination, the country is 100% geared towards tourism and is
constantly upgrading its facilities (airports, ports, roads, hotels, communications, …)
 Tunisian climate is ideal for outdoors activities with a sunshine rate in excess of 3,000 hours per year and a
pluviometry bellow 380 mm per year; temperatures are mild to warm
 Tourism levels in Tunisia are back to pre-Spring revolution numbers (Ministry of Tourism)
 Manpower in Tunisia is known to be efficient, friendly, and multilingual
Central Location
Algiers, 50
Rome, 50
Ideally located at between 1h00 and
2h30 flight time from most European and
African capitals, Tunisia is at the center of
a world web
Zurich, 100
Madrid, 100
Frankfurt, 120
Multiple international airports service
Tunisia and a dedicated airport is located
at 15km from the Tunisia Aquapark &
Resorts
Paris, 120
Rabat, 130
Brussels, 140
Amsterdam, 140
Tunisia is currently reachable by most
international airlines and is in the process
of opening to budget carriers in order to
increase tourism
London, 150
Cairo, 170
Stokholm, 200
Helsinki, 220
Moscow, 230
Flight time (in minutes) from
world cities to Tunisia
Doha, 330
Montréal, 540
Capetown, 650
Beijing, 690
Emerging Countries, a better growth option
Aquatica, USA
Six Flags Great America, USA
Everland, South Korea
10%
12%
Window of the World, China
13%
Hong Kong Disneyland, Hong…
13%
Happy Valley, China
18%
Oct East, China
21%
Lotte World, South Korea
22%
Universal Studios Hollywwod,…
Islands of Adventure, USA
Hopi Hari, Brazil
26%
30%
32%
Fastest growing Amusement Parks worldwide*
Schlitterbahn, USA
-2%
Wet'n Wild, USA
-1%
Typhoon Laguna Disney World, USA
-1%
Blizzard Beach at Disney World, USA
-1%
0%
Summerland, Japan
1%
Wild Wadi, UAE
2%
Adventure Island, USA
4%
Ocean World, South Korea
5%
Deoksan Spa Castle, South Korea
5%
Wet'n Wild Water World, Australia
Beach Park, Brazil
Sunway Lagoon, Malaysia
There is a strong case for Theme and Water
Parks in Emerging/Growing countries, they
grow faster.
* Source TEA/AECOM 2010
Top growing Water
Parks are in majority
located in Emerging
and/or Asian
countries
Chimelong Water Park, China
Aquaventure, UAE
The fastest growing Amusement Parks are all
located in Emerging and/or Asian countries
-6%
Water Country, USA
Atlantis Wateradventure, Indonesia
Caribbean Bay Everland Resort, South Korea
Noah'Sark, USA
Top 20
Waterparks growth
Worldwide*
6%
7%
8%
10%
12%
18%
20%
30%
Emerging Countries, a better growth option
Slagaren, the Netherlands
Theme Parks Map
Positive Growth
De Efteling, the Netherlands
Negative Growth
Legoland, Denmark
Legoland, UK
Cedar Point, USA
King’s Island, USA
Europa Park, Germany
Futuroscope, France
Everland, South Korea
Universal Studios, Japan
Gardaland, Italy
Parque de Attraction, Spain
Mirabilandia, Italy
Hersheypark, USA
Six Flags, USA
Buena Park, USA
Phantasialand, Germany
Eurodisney, France
Six Flags, USA
Disneyland, USA
Tivoli Gardens, Denmark
Heide Park, Germany
Alton Towers, UK
Maple Leaf, Canada
Flat Growth
Liseberg, Sweden
Flamingoland, UK
Beijing, China
Disneyland, Japan
Port Aventura, Spain
Busch Gardens, USA
Universal City, USA
Oct East, China
Disneyworld, USA
Plaza de Sesamo, Mexico
Disneyland, HK
Busch Gardens, USA
Six Flags, Mexico
Leisure Complex, Tunisia
Ocean Park, China
Dunia Fantasi, Indonesia
Hopi Hari, Brazil
Beto Carrero World, Brazil
Fantasialandia, Chile
Parque de la Costa, Argentina
Source TEA/AECOM 2010
Key Numbers | Industry
A
Total attendance for the top 25 parks worldwide, an
increase of 1.9 percent from 2009.
A
B
Total attendance for the top 20 theme parks in North
America, an increase of 1.8 percent from 2009.
C
Total attendance for the top 15 Asian theme parks,
up 7.3 percent from 2009.
D
Total attendance for the top 20 European theme
parks, a decrease of 1.8 percent from 2009.
E
Total attendance for the top 20 worldwide
waterparks, an increase of 7.3 percent from
2009. (Since 2006, total attendance for the top 20
worldwide waterparks has grown by 27.4 percent.)
F
Total attendance for the top 20 waterparks in the
U.S., an increase of 2.9 percent from 2009.
G
Total attendance for the top 10 theme parks in
Mexico and Latin America, up 8.2 percent from 2009.
(Since 2006, total attendance for the top 10 Mexico
and Latin America theme parks has grown by 20.5
percent.)
189.1 m
B
123.6 m
C
83.3 m
D
56.3 m
E
22.2 m
F
15.1 m
G
Source TEA/AECOM 2010
13.3 m
Project’s Investments
4-Year Project’s Investments Program (€ Millions)
12
54
12 7
 Hotels
13
 Aquapark
 Attractions
24
145
 Studies
 Equipment
 Villas
43
 Cinemas
 Golfs
 Marketing
 Tunisian Village
48
 Arenas
51
 Stables
50
Timeline
Project Set
up
Anchor
Investors
Project
Investors
Anchor Investors invest
€5 MM to finance the
Project’s initial studies,
architects, models
2012
Full Public Opening all
attractions open, third
hotel and golf open
Construction begins,
ground works, waterpark,
attractions, hotels
Project Investors invest
€420 MM to finance the
Project’s development
Sponsors establish
Project’s location, theme,
concept, budget
2011
Construction
Starts
Public
Launch (Soft)
2012
Public
Launch (Full)
Soft Public Opening
waterpark, attractions and
two hotels open to public
2013
2013
2014
Exit Strategy | Valuation
Based on a Price/Earning ratio of 9, the return for Investors is computed at 17.66% per year
2014
2015
2016
2017
2018
2019
2020
Turn Over (€ MM)
98
157
182
202
226
262
282
Profits (€ MM)
76
102
90
104
119
149
166
18.40%
24.54%
21.67%
25.17%
28.86%
35.97%
40.17%
Return on Investment (€415 MM)
Our choice of P/E equal to 9
is very conservative as the
P/E average for the industry
is in excess of 20
Examples of P/E:
Walt Disney 17.66
Lions Gate Entertainment 51.18
Regal Entertainment 19.96
High Level Contacts
From left to right:
o Waldemar Holzer, WFP Tunisia
Representative
o Jean-Pierre Déchaut, WFP Global
Projects Director
o Hamad Jebali, Tunisia Prime Minister
o Luigi Bennasar, WFP Tunisia Public
Relations
o Ridha Saïdi, Tunisia Deputy Prime
Minister in charge of Economic Affairs
May 2012, Tunis
© walnutfinance May 2012
Walnut Finance Projects Team meets with Tunisia Prime Minister & Deputy Prime Minister in charge of
Economic Affairs
Disclaimer & Contacts
This document has been prepared by Walnut Finance Projects. It is not specific to the investment needs of the recipient and thus may not be suitable
for all investors. This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official
confirmation of any transaction.
The content of this information whilst subject to change without prior notice has been compiled or arrived at in good faith. However no
representation or warranty, expressed or implied is made as to its accuracy or completeness and should not be relied upon as such. This document is
prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the
entire risk of any use made of this information.
Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in
the securities of companies referred to in this document (including the merits and risks involved).
This document is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality,
state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would
subject Walnut Finance Projects and affiliates to any registration or licensing requirement within such jurisdiction. Persons in possession of this
document are required to be aware of and to observe such restriction.
This document is intended only for the person or entity to which it is addressed to and may contain confidential and/or privileged material and is
not for any type of circulation. Any review, retransmission, or any other use is prohibited.
For further information, contact:
Jean-Pierre Déchaut
Walnut Finance Projects
Global Projects Director
[email protected]
+33.6.39.63.22.03
Alain Driancourt
D&Cie
President
[email protected]
+41.22.818.3800
Philippe Rey
Walnut Finance
Managing Partner
[email protected]
+971.50.650.3089
www.walnutfinance.com/Projects.html

Project`s Structure

Transcription

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