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Growth SECOND QUARTER AS OF JUNE 2018
% YoY % YoY
Adjusted EBITDA -10.7% -1.8%
EBITDA exc/One-offs1 38.9% 11.6%
2017 2018 Var. YoY ∆%
CLP$MM
Revenues 146.977 148.035 1.058 0,7%
Cost of sales -116.355 -113.689 2.666 -2,3%
Gross Profit 30.622 34.346 3.724 12,2%
SG&A -14.752 -15.034 -282 1,9%
Other expenses by function -711 -1.445 -735 103,4%
Other Gain (Losses) -1.669 -872 797 -47,7%
Operational Gains (losses) 13.491 16.995 3.504 26,0%
Net Financial Expenses -18.882 -29.994 -11.112 58,9%
Participation of associates 777 483 -295 -37,9%
Exchange differences 432 14 -417 -96,7%
Results of indexed units -2.571 -1.054 1.517 -59,0%
Profit (loss), before taxes -6.753 -13.556 -6.803 100,7%
Income tax expense 4.340 3.734 -607 -14,0%
Net Profit -2.413 -9.823 -7.410 307,1%
Profit (loss), attributable to owners of the parent -6.412 -9.921 -3.509 54,7%
Profit (loss), attributable to non-controlling interests 3.999 99 -3.901 -97,5%
ADJUSTED EBITDA 1 32.279 31.710 -569 -1,8%
EBITDA 28.494 30.402 1.908 6,7%
Revenue grew driven by better
performance at Enjoy Coquimbo and
Enjoy Santiago
Financial expenses affected by the
prepayment of local bonds C and E
and international bonds (CLP $
17,621 million)
Higher operating profit is explained
by lower costs and expenses
associated with efficiency initiatives
(VCP):
Purchase Management
Optimization
Savings in HR spending
Lean operation project
Credit & collection
optimization Management
Excluding non-recurring
expenses associated with third-
party consultancies, EBITDA
increases 11.6%.
2Q17 2Q18 Var. YoY ∆%
CLP$MM
Revenues 60.742 58.692 -2.050 -3,4%
Cost of sales -52.400 -48.907 3.493 -6,7%
Gross Profit 8.341 9.785 1.443 17,3%
SG&A -7.500 -6.666 834 -11,1%
Other expenses by function -711 -1.445 -735 103,4%
Other Gain (Losses) -642 -612 30 -4,6%
Operational Gains (losses) -511 1.061 1.572 NA
Net Financial Expenses -9.632 -8.794 837 -8,7%
Participation of associates 249 89 -159 -64,1%
Exchange differences 744 -1.821 -2.565 NA
Results of indexed units -877 -497 380 -43,3%
Profit (loss), before taxes -10.026 -9.962 64 NA
Income tax expense 3.306 45 -3.261 -98,6%
Net Profit -6.720 -9.917 -3.197 47,6%
Profit (loss), attributable to owners of the parent -7.083 -9.941 -2.858 40,4%
Profit (loss), attributable to non-controlling interests 363 25 -338 -93,2%
ADJUSTED EBITDA 1 9.774 8.724 -1.050 -10,7%
EBITDA 7.152 8.417 1.266 17,7%
Revenues decreased due to a
lower performance of the FF&BB
and, to a lesser extent, the Gaming
business associated with a lower
WIN in gaming tables.
Financial expenses decrease due
to lower stock of debt after the
capital increase.
Operating profit is explained by
lower costs and expenses
associated with efficiency initiatives.
Excluding non-recurring
expenses associated with third
party consultancies, EBITDA
increases 38.9%.
Exchange difference occurs
mainly due to the effect of the
exchange rate of the Bond
denominated in USD.
35,0%
36,0%
37,0%
38,0%
39,0%
∆
Punta del Este
Revenues 46.245 0,2%
EBITDA 10.397 71,9%
EBITDA Mg. 22,5% 937 pp
Antofagasta
Revenues 14.575 -5,7%
EBITDA 3.800 -14,9%
EBITDA Mg. 26,1% -284 pp
Coquimbo
Revenues 18.466 3,9%
EBITDA 6.425 8,4%
EBITDA Mg. 34,8% 143 pp
Viña del Mar
Revenues 30.046 0,6%
EBITDA 4.472 -2,5%
EBITDA Mg. 14,9% -47 pp
Santiago
Revenues 20.894 3,2%
EBITDA 5.522 3,1%
EBITDA Mg. 26,4% -4 pp
Pucón
Revenues 9.914 1,3%
EBITDA 2.380 18,2%
EBITDA Mg. 24,0% 342
Chiloé
Revenues 3.260 2,1%
EBITDA -81 NA
EBITDA Mg. NA NA
Villarrica
Revenues 1.476 13,7%
EBITDA 240 114,0%
EBITDA Mg. 16,3% 762 pp
Puerto Varas
Revenues 1.354 -13,5%
EBITDA -49 -41,0%
EBITDA Mg. NA NA
ENJOY S.A.
Revenues 148.035 0,7%
EBITDA 30.402 6,7%
EBITDA Mg. 20,5% 115 pp
79%
10%
7% 4%
GAMING
AA&BB
HOTEL
Shows & Others
∆
Punta del Este
Revenues 13.988 -10,8%
EBITDA 1.190 NA
EBITDA Mg. 8,5% 1.670 pp
Antofagasta
Revenues 7.249 -9,0%
EBITDA 1.843 -22,5%
EBITDA Mg. 25,4% -442 pp
Coquimbo
Revenues 7.867 5,1%
EBITDA 2.586 16,1%
EBITDA Mg. 32,9% 310 pp
Viña del Mar
Revenues 12.912 1,4%
EBITDA 1.368 -9,1%
EBITDA Mg. 10,6% -122
Santiago
Revenues 10.342 -0,5%
EBITDA 3.199 6,2%
EBITDA Mg. 30,9% 197 pp
Pucón
Revenues 3.100 -1,4%
EBITDA 288 209,7%
EBITDA Mg. 9,3% 633 pp
Chiloé
Revenues 1.468 4,1%
EBITDA (81) 10,5%
EBITDA Mg. NA -32
Villarrica
Revenues 462 34,9%
EBITDA (80) -19,2%
EBITDA Mg. NA NA
Puerto Varas
Revenues 374 -38,6%
EBITDA (192) 12,5%
EBITDA Mg. NA NA
ENJOY S.A.
Revenues 58.692 -3,4%
EBITDA 8.696 21,5%
EBITDA Mg. 14,8% 303 pp
Assets 2017 2Q18
∆% CLP$MM CLP$MM
Cash and Cash equivalents 30.344 34.043 12,2%
Total Current Assets 89.223 93.313 4,3%
Total Non Current Assets 432.963 447.478 3,3%
Total Assets 522.187 540.792 3,6%
Liabilities 2017 2Q18 ∆%
CLP$MM CLP$MM
Total Current Liabilities 124.549 126.321 1,4%
Total Non Current Liabilities 323.059 238.525 -26,2%
Total Liabilities 447.608 364.846 -18,5%
Equity 2017 2Q18 ∆%
CLP$MM CLP$MM
Equity 74.579 175.946 135,6%
Liabilities & Equity 522.187 540.792 3,6%
Dec 2017 2Q18 ∆%
-35.326 -33.008 -6,5%
0,72 0,74
Accounts receivable Chile Uruguay Consolidated (CLP$MM) 2017 2018 % 2017 2018 % 2017 2018 %
Total Net Value (Stock as of 30/06) 18.344 15.765 -14,1% 21.143 21.412 1,3% 39.487 37.177 -5,9%
Bad Debt Provision (Stock as of 30/06) (4.547) (4.373) -3,8% (5.337) (5.542) 3,8% -9.884 -9.915 0,3%
Provision / Gross Portfolio margin 19,9% 21,7% 185 pp 20,2% 20,6% 41 pp 20,0% 21,1% 110 pp
Reverse (deterioration) of bad debt (984) (367) -62,7% (2.791) (1.163) -58,3% (3.775) (1.530) -59,5%
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2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Bond144ª Reg S
expiration
MMUSD 195
License Exp.
Antofagasta
Los Angeles
License
Exp.
Santiago
San
Antonio
License
Exp.
Chiloé
Weighted
Duration
7,6 years
Pre Licitation
Weighted
Duration
14,3 years
Post Licitation
2036
License Exp.
Coquimbo
Pucón
License
Exp.
PDE
License Exp.
Viña del Mar
•
•
•
5,40
29,41
11,97 1,03
13,50 50,87
5,67 5,40
42,91
62,84
6,70
0
10
20
30
40
50
60
70
2018 2019 2020 2021
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10
20
30
40
50
60
70
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90
100
Mill
on
es
ACTUAL TAX FUTURE TAX ∆ INCREMENTAL TAX
ACTUAL TAX FUTURE TAX ∆ INCREMENTAL TAX
ACTUAL TAX FUTURE TAX ∆ INCREMENTAL TAX