The Tunisia Leisure Complex walnutfinance · 2021. 3. 20. · Beto Carrero World, Brazil Ocean...

Investors Presentation | October 2012

The Tunisia Leisure Complex | walnutfinance

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 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








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








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


Management Team CFO








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


Management Team COO








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


Management Team Global Project

Director








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








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








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








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








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








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








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








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








Project’s Investments

4-Year Project’s Investments Program (€ Millions)







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


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








Exit Strategy | Valuation







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


High Level Contacts







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


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







www.walnutfinance.com/Projects.html

mailto:[email protected]

mailto:[email protected]

http://www.walnutfinance.com/Projects.html

The Tunisia Leisure Complex walnutfinance · 2021. 3. 20. · Beto Carrero World, Brazil Ocean...

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