Presentación de PowerPoint - Enjoyinversionistas.enjoy.cl/upload/pdf/201606080951070528.pdf ·...

May, 2016

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responsibility for losses that might result from the execution of the proposals or recommendations presented. ENJOY is not responsible for

any content that may originate with third parties. ENJOY may have provided, or might provide in the future, information that is inconsistent

with the information herein presented.

2

TABLE OF CONTENTS

I. Key Highlights

II. Company Overview

III. Financial Highlights

3

SECTION I

Key Highlights

4

KEY HIGHLIGHTS

5

1. Leading Gaming & Entertainment

Company with Solid Value Proposition

4. Stable Well-Developed Regulatory

Framework

3. Superior Integrated Client Experience

2. Geographic Diversification

6

One-stop entertainment hub integrating gaming and non-gaming

COMPANY WITH SOLID VALUE PROPOSITION

#1 Casino

Owner in Chile

Enjoy is Chile’s leading casino operator, with a market share

close to twice its nearest competitor and an operating history

spanning over 4 decades.

Top-of-Mind

Casino in

Uruguay

Enjoy | Conrad: Regional Top-of-Mind destination

Excellent location that attracts multi-country tourism flows

High quality personalized service

Meeting

multiple

entertainment

needs in one

location

Meeting several entertainment needs in a single location:

gaming, restaurant, hotel, tourism, events, conventions, night

clubs and spas.

Driving more patrons, longer stays

Diversified income sources and cross selling

Key Highlights

Leading gaming & entertainment

7

The Company has a diversified geographic footprint

anchored by Chile and Uruguay, two investment grade

countries with Chile rated Aa3 / AA- / A+, all stable, and

Uruguay rated Baa2 / BBB / BBB-, all stable.

Recently signed a Memorandum of Understanding with

the hotel chain Decameron allowing it to develop and

operate casinos in 3 of their resorts located in Colombia

(San Andres and Baru) & Peru (Punta Sal).

Within-Country

Diversification

Within Chile, the Company’s operations are located

throughout the country’s regions.

In Uruguay, Enjoy benefits from diversified tourism flows.

Cross-Border

Geographic

Diversification

Key Highlights

Geographic Diversification

8

Brand recognition drawing repeat visits / longer client stays

Leveraging client knowledge to continually update gaming experience: reward high value clients

High quality service level throughout the service chain

Enjoy offers an integrated entertainment hub incorporating its gaming and non-gaming offerings into a seamless

client experience.

Superior Gaming

Experience

High quality properties including five 5-star hotels, 5 nightclubs,

Supports longer gaming stays, traffic to our other non-gaming offerings

Attractive “destination” locations

#1 non-fast food chain in all of Chile by size

Multi-brand Food & Beverage strategy segmenting customer preferences

31 bars, 23 restaurants

Events provide an additional entertainment “spoke” in our integrated entertainment hub

Live shows, comedy, industry conventions

+246 shows

“Enjoy Club” loyalty program has a membership

Driver of client “stickiness” with 85% point redemption

Source of data to constantly improve customer experience – Enjoy knows +65% of its clients

Attractive

Hospitality

Offerings

Varied &

Awarded Food &

Beverage

Traffic-Drawing

Events

Loyalty Program

8

Key Highlights

Superior integrated client experience

9

9

Entry

Barriers

Margin

Protection

Clear

Tax

Regime

Chile: The law limits the number of licenses to a total of 25 (3 in any of the 15 regions in the

country) with an exclusivity of 70 km radius for each license.

Uruguay: Minimum required investment of US$ 150 million for new private casinos until 2020.

Chile and Uruguay: The regulation brings clarity and transparency with respect to authorized

gaming categories which include:

Slot Machines

Roulette (French, American, Big Six, etc.)

Card games (Black Jack, Baccarat, Texas Hold’em, etc.)

Dice (Craps, Mini Craps, etc.)

Bingo

Chile: The law brings a uniform taxation of casinos

20% on net gaming revenues

0.07 UTM* per person in Casino

Uruguay: Tax advantage due to a maximum rate of 6.5% or US$ 7 million up until 2016

Key Highlights

Chile: Regulated Industry with positive perspectives

10

CASINO LICENSES IN CHILE

Prior to 2005, Chile had 7 Municipal casino licenses, granted through

special laws between 1982 and 1990.

On January 4, 2005, the new Casino Law No. 19,995 was enacted,

expanding the number of casino licenses from 7 to 25.

From 2018, tax payment for these casinos will be set as the rest of the

industry: 10% of their revenue will be paid to local government and

another 10% to the regional government. The last tax depends on the

economic offer which is presented to the “Superintendencia de

Casinos de Juego”.

Current municipalities where casinos operate have the right to

continue as main base for a casino for a total of 3 periods of 15 years

each, with the possibility of being extended for subsequent periods of

15 years.

The law presents no changes in the number of licenses granted and

the area of influence which is 70 km and no more than 3 casinos in

each region.

The implications of the new law affect 3 Enjoy casinos: Coquimbo, Viña

del Mar and Pucón.

*Under the provisions of current bill.

Key Highlights

Chile: Regulated Industry with positive perspectives

SECTION II

Company Overview

11

Company Overview

Company at a Glance

Direct Enjoy presence

Indirect Enjoy presence

(Casinos are illegal in Brazil)

8

1

3

2

6

7

4

5

9

10

Group Presence Group Structure

1

2

3

4

5

6

7

Enjoy S.A.

Enjoy Gestión Ltda. Inversiones Enjoy

SpA.

Inversiones

Inmobiliarias Enjoy SpA.

100%

Other Investors Martínez Family

42.6% 57.4%

99.98% 63.20%

Uruguay

8

9

Current casinos operated by Enjoy

Enjoy commercial offices

Chile

Antofagasta

Coquimbo

Santiago

Viña del Mar

Colchagua*

Pucón

Chiloé

Argentina

Conrad

Mendoza*

*Do not consolidate their financials.

10 San Andres

12

Company Overview

Key Milestones: A History of Growth

Source: The Company

1975

1995

1997 2002

2008

2009 2010 2011

2012 2015

1994

2007

Viña del Mar

(Casino)

Coquimbo

(Casino)

Pucón

(Casino)

Pucón

(New Hotel)

Viña del Mar

(Hotel)

Coquimbo

(New Casino

and Hotel)

Antofagasta,

(Hotel & Casino)

IPO in the

Chilean Stock

Exchange

Bond issuance

for USD 200 MM

in local market

Santiago

(Casino & Hotel)

Conrad Punta del

Este

(Casino & Hotel)

Chiloé

(Casino & Hotel)

1

casino

Operating

10 casinos in

4 countries

Corporate History: Openings and Others

2013

Mendoza,

Colchagua

(Casino)

Pucón

(Hotel)

Enjoy-Decameron

Strategic Alliance

2016

Company Overview

Experienced Board of Directors & Management

Management Control Marketing

Non-gaming

Security / Surveillance

Gaming Esteban Rigo-Righi

IR & Finance Director

Legal Services

Gerardo Cood

CEO

Board of Directors

Atlantic Division

Risk Control and Audit

Compliance

Strategic Planner

Antonio Claudio Martínez Seguí, President

Javier Martínez Seguí, Vice President

Octavio Bofill Genzsch

Vicente Dominguez Vial

Thomas Jenkin

Pier-Paolo Zaccarelli Fasce

Ignacio González Martínez

Ignacio Guerrero Gutiérrez

Ignacio Perez Alarcon

Ignacio de la Cuadra

CFO

General Managers

Casino Units in Chile

14

Company Overview

Business Unit Overview

Conrad Antofagasta Coquimbo Santiago Pucón Chiloé Viña del Mar Colchagua

Mendoza, Argentina

Slot Machines 560 788 909 1,380 543 230 1,450 248 567

Gaming Tables 77 40 32 57 38 19 63 21 24

Lodging Units 294 92 111 120 272 72 60 - 180

Restaurants and Cafeterias

7 6 9 8 8 4 9 - 5

Employees 1,166 789 791 991 665 314 1,372 166 324

License Renewal 12-31-2036 11-11-2023 12-31-2017 08-29-2024 12-31-2017 05-08-2027 12-31-2017 09-12-2023 Indefinite

Non-Consolidating Investments. Operated by the Company. Consolidated in Financials

6,675 Slot Machines 371Gaming Tables 654 Bingo Positions

1,021 Lodging Units 56 Restaurants / Bars 8 Recreation/Spa Centers 7 Convention Centers

Market Share Enjoy Chile Brand Non-Gaming Gaming

38.0%

21.2%

19.2%

7.9%

8.4%

5.3% Enjoy

Dreams

Monticello

Marina del Sol

Sol

Others

Commercial Offices:

Source: The Company

SECTION III

Financial Highlights

16

17

Operational Performance Highlight

33.555

23.319

53.282

58.615

18.198

27.213

2012 2013 2014 2015 1Q2015 1Q2016

CAGR12-15: 20%

+50%

EBITDA LTM $67.630

ENJOY S.A.

EBITDA

CONSOLIDATED FINANCIAL STATEMENTS. MM CLP.

18

Net Income, attributable to owners of parent

ENJOY S.A.

866

13.769

3.334

5.999

1.745

5.797

2012 2013 2014 2015 1Q2015 1Q2016

+232%



19

Revenue

Operational Efficiency

ENJOY S.A.

33.555

23.319

53.282 58.615

18.198

27.213

23,2% 14,7%

24,8% 25,1% 27,5% 30,1%

-50,0%

-40,0%

-30,0%

-20,0%

-10,0%

0,0 %

10, 0%

20, 0%

30, 0%

2012 2013 2014 2015 1Q 2015 1Q 2016

EBITDA Margin

144.413 158.652

214.627 233.238

66.224

90.364

0

50. 000

100 .000

150 .000

200 .000

250 .000

2012 2013 2014 2015 1Q 2015 1Q 2016

Slot Machines Gaming Tables Non Gaming

CAGR12-15: 17%

+36%



20

EBITDA – EBITDA MARGIN

33.557

18.615

35.577 39.187

11.846 13.424

2012 2013 2014 2015 1Q 2015 1Q 2016

EBITDA – EBITDA MARGIN ENJOY S.A.

EBITDA – ENJOY Chile

C

HI

LE

33.555

23.319

53.282 58.615

18.198

27.213

23,2% 14,7%

24,8% 25,1% 27,5% 30,1%

-50,0%

-40,0%

-30,0%

-20,0%

-10,0%

0,0 %

10, 0%

20, 0%

30, 0%

2012 2013 2014 2015 1Q 2015 1Q 2016

EBITDA Margin

+13%

Enjoy Chile revenues + 16 % , leveraged by + 11% more visits.

Tables Income + 24% better performance VIP Tables.

Slots income + 14 %.

Hospitality Revenue + 10 % in A & B and higher average ticket covers and Hotel + 11% increase in ADR + 12 %.



21

EBITDA – EBITDA MARGIN

4.707

17.707 19.480

6.353

13.908

2013 2014 2015 1Q 2015 1Q 2016

EBITDA – EBITDA MARGIN ENJOY S.A.

EBITDA – ENJOY Conrad Punta del Este

UR

UG

UA

Y

Revenue game: good compliance in Tables is highlighted by increased volume of customers vip game .

Hotel: higher occupancy and higher ADR. the biggest selling groups - events and individual tourism highlights .

Efficiencies: Personnel expenses , Marketing and Utilities.

33.555

23.319

53.282 58.615

18.198

27.213

23,2% 14,7%

24,8% 25,1% 27,5% 30,1%

-50,0%

-40,0%

-30,0%

-20,0%

-10,0%

0,0 %

10, 0%

20, 0%

30, 0%

2012 2013 2014 2015 1Q 2015 1Q 2016

EBITDA Margin

+119%



SECTION III - B

Financial Statements

22


23

CONSOLIDATED FINANCIAL STATEMENTS ENJOY S.A.

MM CLP 31.03.2016 31.12.2015

ASSETS

Current Assets 86.587 88.577

Non-Current Assets 525.726 546.691

TOTAL ASSETS 612.314 635.268

LIABILITIES

Current Liabilities 128.382 136.918

Non-Current Liabilities 324.892 338.247

TOTAL LIABILITIES

453.274 475.165

EQUITY

Share capital 119.445 119.445

Retained earnings 22.802 18.744

Others 16.793 21.915

Equity 159.039 160.103

TOTAL LIABILITIES & EQUITY 612.314 635.268

PUT Value.

Exchange rate variation.

Decrease in equity by translation

adjustments of foreign subsidiaries.

Property, plant and equipment.

Exchange rate variation.



24

MM CLP 31.03.2016 31.03.2015

Revenue 90.364 66.224

Cost of sales (62.725) (49.981)

Administrative expenses (8.918) (6.824)

Other expenses by function (2.398) (669)

Other gains (losses) 1.438 (1.402)

OPERATING MARGIN 17.762 7.349

EBITDA 27.213 18.198

EBITDA Margin 30,1% 27,5%

Restructuring plan in 2016.

Increase in the fair value of the

call option on the FIP BP

Preferred Stock.

CONSOLIDATED FINANCIAL STATEMENTS ENJOY S.A.



25

INCOME STATEMENT ENJOY S.A.

MM CLP 31.03.16 31.03.15

OPERATING MARGIN 17.762 7.349

Financial income 55 102.337

Financial costs (4.198) (4.151)

Share of profit (loss) of associates 334 353

Foreign exchange gain/loss (1.803) 911

Indexation for designated assets/liabilities for inflation (371) 16

INCOME BEFORE TAX 11.779 4.581

Income tax expense, (1.401) (1.208)

NET INCOME 10.378 3.373

NET INCOME, attributable to owners 5.797 1.745

NET INCOME, attributable to non-controlling 4.581 1.627

Baluma CALL Value.

Exchange rate variation..

Cross Currency Swap UF/CLP

(Bonds C, E).


2,06

1,30

0,87

1,38 1,46 1,32

1,45

1,20 1,35

1,07 1,11 1,04

1,13 1,13

dic

-12

mar

-13

jun

-13

sep

-13

dic

-13

mar

-14

jun

-14

sep

-14

dic

-14

mar

-15

jun

-15

sep

-15

dic

-15

mar

-16

26

HISTORICAL PERFORMANCE

NET FINANCIAL DEBT/ EQUITY

NET FINANCIAL DEBT/ EBITDA


4,42 4,26 4,33

3,89

3,57

5,41

4,82

3,90

3,86 3,69

3,54 3,36

3,08

2,66

dic

-12

mar

-13

jun

-13

sep

-13

dic

-13

mar

-14

jun

-14

sep

-14

dic

-14

mar

-15

jun

-15

sep

-15

dic

-15

mar

-16

Rating Agency Credit Rating Outlook

Fitch Ratings (May ’15) BBB- Stable

Humphreys (May ‘15) BBB Stable

ICR (Jun ‘15) BBB Stable

DOMESTIC CREDIT RATING

27

DEBT COMPOSITION

(1, 2) Financial Debt = Other current financial liabilities + Other non-current financial liabilities

Equity

43%

Short-Term

30%

Long-Term

70%

57%

Financial

Debt

Equity

44%

Short-Term;

29%

Long-Term;

71%

CAPITAL STRUCTURE as of Dec-15 (1) CAPITAL STRUCTURE as of Mar-16 (2)


56%

Financial

Debt

144.413 158.652

214.627

233.238

66.224 90.364

2012 2013 2014 2015 1Q 2015 1Q 2016

CAGR 12-15: 17.3%

33.555 23.319

53.282 58.615

18.198 27.213

23,2%

14,7%

24,8% 25,1% 27%

30%

0,0 %

5,0 %

10, 0%

15, 0%

20, 0%

25, 0%

30, 0%

35, 0%

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

2012 2013 2014 2015 1Q 2015 1Q 2016

EBITDA EBITDA Margin

CAGR 12-15: 20%

REVENUES

EBITDA & MARGIN

NET INCOME, attributable to owners

HISTORICAL PERFORMANCE: INCOME STATEMENT (CLP MM except percentages)

28


866

13.769

3.334

6.000

1.745

5.797

2012 2013 2014 2015 1Q 2015 1Q 2016

29


REVENUES BY GEOGRAPHY


Antofagasta Coquimbo Viña* Rinconada Pucón Chiloé Uruguay Colombia

1Q 2016 9% 12% 12% 8% 9% 0% 50% 0%

1Q 2015 11% 19% 15% 10% 9% 0% 35% -

EBITDA BY GEOGRAPHY

Antofagasta Coquimbo Viña* Rinconada Pucón Chiloé Uruguay Colombia

1Q 2016 9% 11% 20% 11% 9% 2% 39% 0%

1Q 2015 10% 13% 10% 14% 9% 2% 41% -

- Accounting Criteria: Income Distribution, does not consider the Central. * VIÑA begins to consolidate the results of AMC from 1Q 2016.

30



DEBT AMORTIZATION PROFILE MM CLP

• Loans and Commercial Paper, is being renovated short term.

7.000

37.654

67.279

28.149 33.895

20.452 20.625 18.048

15.479 15.292

5.575

-6.000

4.000

14.000

24.000

34.000

44.000

54.000

64.000

74.000

-

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

2016 2017 2018 2019 2020 2021 2022 2023 2024

Leasing Syndicated Loan Public bonds Commercial Paper Loans Total

Structured Revolving

May, 2016

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