Position as the leading visitor attractions operator in Europe. Geographically diverse attractions portfolio. Strong earnings record and industry leading margins. Growing proportion of revenues from all-year sites. Experienced management team. Cyclical and seasonal industry, with exposure to challenging consumer spending trends. Capital-intensive business, with high operating leverage. Exposure to event risks (including weather risks) that could discourage travel to visitor attractions, as well as reputational and security risks. Highly leveraged financial position, with significant operating lease liabilities. Seasonal working capital swings. Majority share ownership by private equity investors (about 54% by number of shares). "Adequate" liquidity, with no short-term debt maturities or amortization requirements. Cash flow positive business model. The stable outlook on Luxembourg-based visitor attractions operator Merlin Entertainments S.a.r.l.
