Largest visitor attractions operator in Europe, with strong well-known brands and diverse attractions portfolio in terms of geography and operations. Strong and steady proportion of revenues from all-year sites, with high earnings and industry-leading margins. Operations in a cyclical and seasonal industry. High maintenance capital expenditure (capex) requirements, which along with the high cost of developing new theme parks, create barriers to entry in the industry. Exposure to event risks (including weather risks) that could discourage travel to visitor attractions, as well as reputational and security risks. Improving financial ratios, with our expectation of funds from operations (FFO) to debt around 20% and debt to EBITDA around 3.5x in 2017. Significant operating lease commitments. Exposure to seasonal working capital swings.
