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2018 PRELIMINARY RESULTS PRESENTATION 28 MERLINFEBRUARY ENTERTAINMENTS 2019 PLC 2018 HIGHLIGHTS Net Promoter Underlying Op

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2018 PRELIMINARY RESULTS PRESENTATION 28 MERLINFEBRUARY ENTERTAINMENTS 2019 PLC 2018 HIGHLIGHTS Net Promoter Underlying Op. Free Cash Visitors Score EBITDA Flow 67m 57% £494m £345m 1.4% 3% point 6.2%1 9.7% Record room LEGOLAND Launch of two openings pipeline new brands 1 Organic MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 2 FINANCIAL RESULTS Anne-Françoise Nesmes, Chief Financial Officer SEA LIFE Sydney Aquarium 3 MERLIN ENTERTAINMENTS PLC SUMMARY FINANCIALS £ millions 2018 2017 Reported Organic Like for (unless stated) growth growth1 like growth Revenue 1,653 1,594 3.7% 5.2% 1.8% Underlying EBITDA 494 474 4.3% 6.2% 0.4% Underlying operating profit 327 323 1.3% 3.4% Adjusted EPS 22.9p 20.5p 11.7% DPS 8.0p 7.4p 8.1% Operating free cash flow2 345 315 9.7% ROCE 8.9% 9.1% (0.2) Revenue (as reported under IFRS 15) 1,688 1,594 5.9% EBITDA 490 474 3.4% Basic EPS 22.5p 20.5p 9.5% 1 Growth from like for like and New Business Development, at constant currency 2 Underlying EBITDA less Existing Estate Capex MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 4 REVENUE BRIDGE 2017-18 5.2% organic revenue growth from existing estate and NBD 35 1,688 2 11 44 1,653 (25) 27 £m 1,594 Organic revenue growth: 5.2% 2017 Revenue LFL Accommodation Midway roll out LEGOLAND FX 2 2018 Revenue IFRS 15 2018 Revenue Developments 1 (Excl. IFRS 15) Adjustment (Incl. IFRS 15) 1 Includes increased contribution from study agreements and LEGOLAND Japan 2 Detail of the FX impact is shown in the appendix MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 5 MIDWAY PERFORMANCE Trading improvement as London begins to recover REVENUE 1(£m) • Organic revenue growth of 1.1% 1.3% 1.1% Organic growth ‒ LFL revenue growth of 0.1% 656 650 ‒ Improvement in London throughout the year ‒ Continued growth in non-Gateway estate • Seven new attractions opened during 2018 2017 2018 • £11m revenue contribution from 13 attractions opened since the beginning of 20172 EBITDA (£m) • Margin dilution from openings of new brands or 33.5% 32.3% Margin in new markets • 76% operating free cash flow conversion (2017: 220 210 77%) 2017 2018 1 Excludes IFRS 15 2 Includes SEA LIFE Japan whose revenue is included in LEGOLAND Parks MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 6 MIDWAY MARGIN Margin movement reflects investment in new brands and new markets New Business Development 33.5% Existing estate (0.6)% (0.1)% 32.3% (0.4)% (0.1)% 2017: SLC Chongqing LBC Berlin MT Delhi 2017: LDC Philadelphia 2018: MT Nashville LBC Beijing LDC Melbourne BGA Birmingham Shanghai 2018: Dungeon LDC Birmingham PPWoP Shanghai LDC Columbus 2017 New brands / new Core brands in LDC Shanghai and Trading / other 2018 markets developed markets1 sales tax rebate 1 Core openings excluding SLC Japan which is included in LEGOLAND Parks financials MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 7 LEGOLAND PARKS PERFORMANCE NBD contribution and confidence in underlying trends REVENUE1 (£m) • Organic revenue growth of 6.4% 18.2% 6.4% Organic growth ‒ LFL revenue decline of (0.3%) ‒ Lower ‘new news’ 636 609 • Full year benefit of Japan ‒ Profitable in first year of trading • 644 accommodation rooms added in Japan, California and Germany 2017 2018 • Accommodation organic revenue growth of 39.7% EBITDA (£m) 37.8% 38.2% Margin • Margin improvement due to Japan full year, despite trading and cost pressures 242 230 • 81% operating free cash flow conversion (2017: 80%) 2017 2018 1 Excludes IFRS 15 MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 8 RESORT THEME PARKS PERFORMANCE Strong performance due to product investment and favourable weather REVENUE1 (£m) • Organic revenue growth of 9.1% (0.4%) 9.1% Organic growth ‒ LFL revenue growth of 8.6% ‒ Successful product investment in Alton 360 Towers, Gardaland and Heide Park ‒ Favourable peak season weather in UK 329 ‒ Continued success in Halloween product 2017 2018 • Accommodation organic revenue growth of 7.3% EBITDA (£m) • Further margin progression 21.8% 24.5% Margin • 59% operating free cash flow conversion 88 (2017: 39%) 72 2017 2018 1Excludes IFRS 15 MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 9 CAPITAL EXPENDITURE Step up in 2019 capex relates to LEGOLAND New York and Korea Total capex £336m £332m c£470m Of which investment in £102m £78m c£270m future year openings LEGOLAND Korea c£40m1 LEGOLAND New York c£130m 35 35 52 60 90 88 c£300m 159 149 2017 2018 2019 Guidance Existing Estate Accommodation Midway roll out LLP Development 1Total of KRW80bn (£56m) m capex related to LEGOLAND Korea capex will be funded by the local Government and recognised as Grant receipts MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 10 CASH FLOW £345m Operating free cash flow funds New Business Development Leverage remains stable £m ND/EBITDA 2017 Net Debt 1,160 2.4x 494 Cash inflow (18) FX 43 Other 5 6 2018 Net Debt 1,190 2.4x 345 (149) 14 (44) 261 £78m investment (46) related to future year openings (76) (183) 2 18 Underlying EE capex Operating Working Net financing Tax Discretionary Grant NBD capex Dividend Other Net cash EBITDA Free cash Capital and costs free cash receipts paid flow flow other flow movements MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 11 OPERATING CASH FLOW CONVERSION Growth in free cash flow and cash conversion 2018 2017 £m 160 169 Midway Attractions Conversion 76% 77% £m 197 185 LEGOLAND Parks Conversion 81% 80% £m 52 28 Resort Theme Parks Conversion 59% 39% £m 345 315 Group Conversion 70% 66% MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 12 BALANCE SHEET Strong balance sheet within guided range for leverage; next maturity in 2022 3.5 1400 1200 3.0 1000 £m 800 Guidance range of 2-3x 2.5 Net Debt / EBITDA 600 400 2.0 200 x 1.5 0 2013 2014 2015 2016 2017 2018 Net Debt, RHS Net Debt / EBITDA (ex. LLJ lease), LHS Net Debt / EBITDA, LHS 1000 800 £600m RCF £m (£148m drawn) 600 400 $400m bond €700m bond 200 0 2019 2020 2021 2022 2023 2024 2025 2026 Leverage ratios exclude the impact of IFRS 16 MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 13 PRODUCTIVITY AGENDA Strong historic performance on cost mitigation 2018 Cost Base • Longstanding strong focus on Includes Repairs & Maintenance cost discipline across the Group 259 and Utilities • Legislative and market pressures have necessitated significant 84 Marketing unaffected by savings savings over 2017-18 • <3% LFL cost growth since 2016 105 Limited opportunity to structurally reduce rent charge • Savings have in large part been tactical and at the attraction level 448 c50% fixed staff costs 2018 Staff cost Rent Marketing Other MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 14 PRODUCTIVITY AGENDA Up to £35m sustainable, annualised savings by 2022 Phasing 2019 2020 2021 2022 Cumulative annualised savings (£m) 10 20 30 35 Exceptional operating costs to (16) (11) (4) - achieve (£m)1 2019 COST GROWTH c4% net LFL cost growth Type of saving Back office c.£20m Operational c.£15m Staff Rent Utilities Other Savings 1 c£4m exceptional charge in 2018. Excludes c£25m capital investment over 2019-21 related to Finance and HR systems, previously announced MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 15 PRODUCTIVITY AGENDA ‘Finance 21’ to deliver significant benefits • Global standardisation and EXAMPLE simplification of finance systems ‘Purchase to Pay’ • New cloud-based ERP1 system Eliminating manual purchase allows for better control and order processes and delivering mobile platform oversight • Shared service centre to consolidate transactional activities • Increased capacity for finance to INDICATIVE SPLIT OF ACTIVITY serve as decision support and on- site business partner Decision support & Control Transaction processing c50% 1 Enterprise Resource Planning c15% Current Best practice MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 16 PRODUCTIVITY AGENDA Lean, continuous improvement principles in theme parks Granular analysis of ‘design days’ to determine optimum variable staffing levels ACTIONS • Automated rostering • Creation of Central Planning and Insight teams • Introduce multi-skilling • Recruitment strategy BENEFITS • Reduced costs • Improved guest satisfaction • Improved employee engagement MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 17 PRODUCTIVITY AGENDA Comprehensive review of Midway processes allows us to standardise, stop or simplify tasks which don’t add value to the guest experience 1. STANDARDISE... 2. STOP… 3. SIMPLIFY... …processes such as safe- …the counting of low- …daily and weekly reports. counting and stock takes. value items such as pop badges. MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 18 2019 GUIDANCE AND MODELLING CONSIDERATIONS No change to underlying estimates Organic revenue growth (based on IFRS 15) 5-7%1 Underlying EBITDA margin 28-29%2 Ski resorts 2018 EBITDA £11m Exceptional charge c£16m D&A c£190m Interest c£50m Effective Tax Rate c23% Capex £470m3 Proceeds from sale of Ski Resorts £95m4 All excluding the impact of IFRS 16 – lease accounting 1 Excluding the disposal of the ski resorts. Based on 2018 revenue of £1,688m (including IFRS 15) 2 Including the effect of IFRS 15. 3 Including £40m investment in LEGOLAND Korea, part funded by local Government 4 Completion expected by June 2019 MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 19 LEASE ACCOUNTING IFRS 16 IMPACT • Adopting the Full Retrospective Method • 2018 PBT c£15m lower under IFRS 16: • EBITDA: c£85m increase • D&A: c£45m increase • Interest: c£55m increase • No impact foreseen on cash flow or credit rating • Covenants unaffected • Adds c1.5x to Net Debt / EBITDA MERLIN ENTERTAINMENTS PLC 2018 PRELIMINARY RESULTS 20 STRATEGIC UPDATE Nick Varney, Chief Executive Officer 21 MERLIN ENTERTAINMENTS PLC MARKET FUNDAMENTALS Continued market growth through increasing disposable incomes, and ever-greater value being placed on time together with friends and family 1.
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