Portfolio Overview

Tenants

Merlin Entertainments Plc

Merlin Entertainments, based in the UK, is Europe’s largest and the second largest operator of leisure attractions in the world. As at 8 March 2017, the listed FTSE 100 leisure group has a market capitalisation of £5.0 billion and is rated BB by S&P and Ba2 by Moody’s.

Merlin operates around 117 attractions in 24 countries through 3 business segments

  • Midway Attractions: small, indoor attractions located in city centres or resorts (104 attractions in 21 countries)
  • Legoland Parks: Lego themed accommodation, rides and shows (7 attractions in 6 countries)
  • Resort Theme Parks: includes accommodation, rides and shows (6 attractions in the UK, Germany and Italy)

Key Financials of Merlin (£m)

Financials (FYE-Dec)2011A12012A12013A2014A2015A2016A
Revenue9461,0741,1921,2491,2781,457
EBITDA296346390411402451
Profit for the Year6776145162170211
Credit Rating (S&P / Moody’s)BB / Ba2

 

Sources: Company filings. Market data as at 8 March 2017
Note: The information has been extracted from public sources, but has not been independently verified 
1 Reflects pre-IPO capital structure.

2 Merlin Entertainments plc

Revenue Geographic Breakdown 20162

RegionValue (£m)Legend
UK486
Continental Europe367
North America404
Asia Pacific200
Total1,457

Ramsay Health Care Ltd

Ramsay Health Care is Australia and France’s largest private hospitals operator, the 5th largest private hospital operator in the world and a constituent of the ASX 50 index. As at 8 March 2017 the company has a market capitalisation of £8.5 billion.Ramsay operates approximately 223 hospitals and day surgery facilities employing c.60,000 staff worldwide as at 30 June 2016.

Secure Income REIT owns 61%2 of the sites operated by the Ramsay UK business.

The company has a presence in 6 countries including:

  • Australia: with 70 medical facilities, Ramsay admits almost 1 million patients and conducts over half a million procedures each year
  • China: operates 5 hospitals in the Sichuan region through a JV with Chengdu Jinxin Healthcare Investment
  • France: operates through Ramsay Générale de Santé, with 124 medical facilities (110 hospitals) caring for over 1.5 million patients each year

Key Financials of Ramsay (£m)

Financials (FYE-Jun)12012A2013A2014A2015A2016A
Revenue2,2702,3942,8174,2174,978
EBITDA322343401612727
Profit for the Year233152175221258

 

Sources: Bloomberg, Company filings. Market data as at 8 March 2017
Note: The information has been extracted from public sources, but has not been independently verified
1 Financials converted to GBP from AUD using a GBP/AUD exchange rate of A$1 : £0.6221 as of 8 March 2017.
2 By number of UK assets: Ramsay operates 36 medical facilities in the UK (Annual Report 2016) of which 5 are treated as forming part of a single hospital in the company’s portfolio.

Revenue Geographic Breakdown 2016

RegionValue (AUD,000)Legend
Asia Pacific4,419,779
France3,396,654
UK873,839
Total8,690,272

EBITDA Geographic Breakdown 2016

RegionValue (AUD,000)Legend
Asia Pacific719,548
France419,144
UK130,262
Total1,268,954

Orpea SA


Groupe Sinoué is a healthcare provider which specialises in psychiatry and mental health, 45% owned by Orpea SA, the parent company of the Orpea Group.

Orpea is a leading European operator of nursing homes, post-acute care and psychiatric care, listed on Euronext Paris with a market capitalisation as at 8 March 2017 of £4.3 billion.

Key Financials of Orpea SA2 (£m)

Financials (FYE-Dec)12011A2012A2013A2014A2015A
Revenue1,0401,2041,3541,6412,015
EBITDA3184217251294337
Profit for the Year688296102129

 

Sources: Bloomberg, Company filings. Market data as at 8 March 2017
Note: The information has been extracted from public sources, but has not been independently verified
1 Financials converted to GBP from EUR using a GBP/EUR exchange rate of €1 : £0.8677 as of 8 March 2017.
2 Consolidated accounts.
3 Orpea consolidated accounts EBITDA is calculated as Revenues less Purchases Consumed and Other External Expenses less Personnel Expenses less Non-income Tax, less net Other Operating Expenses plus D&A.

Travelodge Hotels Ltd


Travelodge Hotels Limited is the largest independent hotel brand in the UK and as at 31 December 2015 operated more than 520 hotels with 38,500 rooms.
Key financials of Travelodge Hotels Limited (£m excluding exceptional items)

Financials (FYE-Dec)2011A2012A2013A2014A2015A
Revenue369.5391.4432.6497.2559.6
EBITDA55.429.740.566.2105.1
Profit for the Year67.022.256.550.061.2
Credit Rating (S&P / Moody’s)B-/B3

Sources: Travelodge listing particulars dated 21 June 2016, Company filings