Investors Presentation | October 2012
The Tunisia Leisure Complex | walnutfinance
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
Executive Summary P
rop
osa
l 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
Tra
ck
Reco
rd
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
Term
s Anchors Investors Minimum Subscription | €5,000,000 Investment period | 4 years Privileged 100% return with optional Equity stake
Project Investors Minimum Subscription | €25,000,000 Investment period | 4 to 10 years Superior return
Str
uct
ure
walnutfinance is a Dubai-based financial company Open to High Net Worth / Institutional investors
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 2 The Tunisia Leisure Complex
Why this Venture will Deliver
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
…we possess all the ingredients for success
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 3 The Tunisia Leisure Complex
Philippe Rey
Banque Indosuez Abu Dhabi (UAE) Private Banking
1987 1990 1992 1995 2001 2004 2011
Banque Indosuez Dubai (UAE) Assistant Vice President
Cie Financière de Suez African Countries Business Development
Merrill Lynch Int’l Dubai (UAE) Vice President
Salomon Smith Barney Dubai (UAE) Senior Vice President
Walnut Finance Dubai (UAE) Co-Founder Managing Partner
Walnut Finance Projects Dubai (UAE) Co-Founder CEO
Tunisia Aquapark & Resorts
Management Team CEO
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 4 The Tunisia Leisure Complex
Olivier Frichou
Banque Indosuez Abu Dhabi (UAE) Private Banking
1988 1992 1994 1995 2001 2004 2011
Banque Indosuez Dubai (UAE) Assistant Vice President
Cie Financière de Suez African Countries Business Development
Merrill Lynch Int’l Dubai (UAE) Vice President
Salomon Smith Barney Dubai (UAE) Senior Vice President
Walnut Finance Dubai (UAE) Co-Founder Managing Partner
Walnut Finance Projects Dubai (UAE) Co-Founder CFO
Tunisia Aquapark & Resorts
Management Team CFO
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 5 The Tunisia Leisure Complex
Waldemar Holzer
AMDI-Inter Access Paris (France) GM, Managing Director
1985 1990 1998 2000 2003 2008 2010
Data Contrôle Paris (France) Sales & Marketing Director
Chessell SA Paris (France) Finance & Administrative Director
Prime Systems Partners Paris (France) GM, Managing Director
Abessan Immobilier Southern France GM, Managing Director
Delta Security Solutions Paris (France) Managing Director
Arcana Int’l Dvpt Hammamet (Tunisia) Managing Director
Tunisia Aquapark & Resorts
Management Team COO
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 6 The Tunisia Leisure Complex
Jean-Pierre Déchaut
AGECA Architecture & Engineering Bordeaux (France) Project Manager
1984 1990 1992 1997 2001 2008 2011
IKEA France Paris (France) Project Manager
A.S.C.O. Shipyards Bordeaux (France) Construction Manager
D. Tech Access Paris (France) Managing Director
Gulmar Offshore ME Sharjah (UAE) Offshore Manager
Kart Marine Sharjah (UAE) Business Development Manager
Walnut Finance Projects Dubai (UAE) Global Project Director
Tunisia Aquapark & Resorts
Management Team Global Project
Director
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 7 The Tunisia Leisure Complex
Project’s Structure
Project Management Company
Dubai
Project Management
Walnut Finance Dubai
Project Supervision
Investors (€420 MM)
Investors (€420 MM)
Anchor Investors (€5 MM)
Tunisia Aquapark Company
Tunisia
Operating Company
Financial Engineering
Compliance & HSSE
Committee
Legal & Risks
Committee
Investments Committee
Concept Continuation
Team
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 8 The Tunisia Leisure Complex
Governance & Risk Controls
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
Performance of the Project is Important, but Discipline comes First
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 9 The Tunisia Leisure Complex
Corporate Structure
Board of Directors
Management Team
Finance
Accounts
Budgets
Operations
IT
Logistics
Legal
Commercial
Sales
Marketing
PR
Human Resources
Administration
Training
Events
Entertainment
Shows
Live Events Broadcast
Hospitality
Hotels
Villas
Restaurants
Parks
Waterpark
Attractions
Golfs
Outdoors
HSSE
Safety
Security
Environment
Technical
Utilities
Maintenance
Cleaning
Vehicles
Concept Continuation
Investors Supervisory Committee
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 10 The Tunisia Leisure Complex
Project’s Location Rationale
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
The Tunisia Aquapark & Resorts will be the 1st of its kind in Africa
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 11 The Tunisia Leisure Complex
Central Location
Beijing, 690
Capetown, 650
Montréal, 540
Doha, 330
Moscow, 230
Helsinki, 220
Stokholm, 200
Cairo, 170
London, 150
Amsterdam, 140
Brussels, 140
Rabat, 130
Paris, 120
Frankfurt, 120
Madrid, 100
Zurich, 100
Rome, 50
Algiers, 50
Flight time (in minutes) from world cities to Tunisia
Ideally located at between 1h00 and 2h30 flight time from most European and African capitals, Tunisia is at the center of a world web
Multiple international airports service Tunisia and a dedicated airport is located at 15km from the Tunisia Aquapark & Resorts
Tunisia is currently reachable by most international airlines and is in the process of opening to budget carriers in order to increase tourism
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 12 The Tunisia Leisure Complex
There is a strong case for Theme and Water Parks in Emerging/Growing countries, they grow faster. * Source TEA/AECOM 2010
Emerging Countries, a better growth option
32%
30%
26%
22%
21%
18%
13%
13%
12%
10%
Hopi Hari, Brazil
Islands of Adventure, USA
Universal Studios Hollywwod,…
Lotte World, South Korea
Oct East, China
Happy Valley, China
Hong Kong Disneyland, Hong…
Window of the World, China
Everland, South Korea
Six Flags Great America, USA
30%
20%
18%
12%
10%
8%
7%
6%
5%
5%
4%
2%
1%
0%
-1%
-1%
-1%
-2%
-6%
Noah'Sark, USA
Caribbean Bay Everland Resort, South Korea
Atlantis Wateradventure, Indonesia
Water Country, USA
Sunway Lagoon, Malaysia
Beach Park, Brazil
Wet'n Wild Water World, Australia
Aquaventure, UAE
Deoksan Spa Castle, South Korea
Ocean World, South Korea
Adventure Island, USA
Wild Wadi, UAE
Summerland, Japan
Chimelong Water Park, China
Blizzard Beach at Disney World, USA
Typhoon Laguna Disney World, USA
Wet'n Wild, USA
Schlitterbahn, USA
Aquatica, USA
Fastest growing Amusement Parks worldwide*
Top 20 Waterparks growth
Worldwide*
The fastest growing Amusement Parks are all located in Emerging and/or Asian countries
Top growing Water Parks are in majority located in Emerging and/or Asian countries
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 13 The Tunisia Leisure Complex
Emerging Countries, a better growth option
Hopi Hari, Brazil
Fantasialandia, Chile
Disneyland, HK
Beto Carrero World, Brazil
Ocean Park, China
Oct East, China
Beijing, China
Everland, South Korea
Disneyland, Japan
Universal Studios, Japan
Futuroscope, France
Port Aventura, Spain Six Flags, USA
Alton Towers, UK
Hersheypark, USA
Busch Gardens, USA
Maple Leaf, Canada
Six Flags, USA
Cedar Point, USA
King’s Island, USA
Plaza de Sesamo, Mexico
Universal City, USA
Buena Park, USA
Six Flags, Mexico
Disneyland, USA
Busch Gardens, USA
Disneyworld, USA
Parque de Attraction, Spain
Flamingoland, UK
Slagaren, the Netherlands
De Efteling, the Netherlands
Legoland, Denmark
Liseberg, Sweden
Tivoli Gardens, Denmark
Heide Park, Germany
Phantasialand, Germany
Europa Park, Germany
Gardaland, Italy
Mirabilandia, Italy
Eurodisney, France
Dunia Fantasi, Indonesia
Legoland, UK
Parque de la Costa, Argentina
Leisure Park, Tunisia
Positive Growth
Negative Growth
Flat Growth
Theme Parks Map
Source TEA/AECOM 2010
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 14 The Tunisia Leisure Complex
Key Numbers | Industry
189.1 m 123.6 m
83.3 m 56.3 m
22.2 m 15.1 m
13.3 m
Total attendance for the top 25 parks worldwide, an increase of 1.9 percent from 2009.
Total attendance for the top 20 theme parks in North America, an increase of 1.8 percent from 2009.
Total attendance for the top 15 Asian theme parks, up 7.3 percent from 2009.
Total attendance for the top 20 European theme parks, a decrease of 1.8 percent from 2009.
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.)
Total attendance for the top 20 waterparks in the U.S., an increase of 2.9 percent from 2009.
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.)
A
B
C
D
G
F
E
A
B
C
D
E
F
G Source TEA/AECOM 2010
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 15 The Tunisia Leisure Complex
Project’s Investments
4-Year Project’s Investments Program (€ Millions)
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
145
51
50
48
43
24
13 12
12 7 5 4
Aquapark
Studies
Equipment
Attractions
Villas
Cinemas
Golfs
Marketing
Arenas
Stables
Hotels
Tunisian Village
© walnutfinance 2012 | 16 The Tunisia Leisure Complex
Timeline
Project Set up
Anchor Investors
Project Investors
Construction Starts
Public Launch (Soft)
Public Launch (Full)
Sponsors establish Project’s location, theme,
concept, budget
Anchor Investors invest €5 MM to finance the Project’s initial studies, architects, and models
Repayment 200% after 4 years
Project Investors invest €420 MM to finance the Project’s development
Soft Public Opening waterpark, attractions and two hotels open to public
Full Public Opening all attractions open, third hotel and golf open
2011 2012 2012
Construction begins, ground works, waterpark,
attractions, hotels
2013 2013 2014
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
© walnutfinance 2012 | 17 The Tunisia Leisure Complex
Exit Strategy | Valuation
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
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
Return on Investment (€415 MM) 18.40% 24.54% 21.67% 25.17% 28.86% 35.97% 40.17%
Based on a Price/Earning ratio of 9, the return for Investors is computed at 17.66% per year
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
© walnutfinance 2012 | 18 The Tunisia Leisure Complex
High Level Contacts
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
Walnut Finance Projects Team meets with Tunisia Prime Minister & Deputy Prime Minister in charge of Economic Affairs
From left to right: o Waldemar Holzer, WFP Tunisia
Representative o Jean-Pierre Déchaut, WFP Global
Projects Director o Hamadi Jebali, Tunisia Prime Minister o Fradj Ben Nasr, WFP Tunisia Public
Relations o Ridha Saïdi, Tunisia Deputy Prime
Minister in charge of Economic Affairs
May 2012, Tunis
© walnutfinance May 2012
© walnutfinance 2012 | 19 The Tunisia Leisure Complex
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
Philippe Rey Walnut Finance
Managing Partner [email protected]
+971.50.650.3089
© walnutfinance 2012 | 20
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
walnutfinance Projects
www.walnutfinance.com/Projects.html
Top Related