Tourism development plan of the Spa-Francorchamps

Transcription

Tourism development plan
of the Spa-Francorchamps destination
Wallonia- Belgium
Offering Memorandum
www.spi.be/fr/destination-francorchamps
March 2013
Preamble
Preamble
The project destination Spa / Francorchamps is aiming to build an "innovative tourist resort" based on the current and future activities of the Spa / Francorchamps
circuit and the green region. The region is characterised by its nature, forests and lakes and has the Walloon region's richest concentration of tourism resources:
spa and wellness, nature and outdoor activities, skiing and walking trails, mountain biking and cycling, gastronomy, heritage and historic towns in the nature
reserve of Hautes Fagnes (the largest nature reserve in Belgium).
This project will be implemented through a partnership between public authorities and private operators. It aims to structure and organise an overall tourism product
focused on diverse leisure activities and day trips, as well as on stays in charming accommodation (boutique hotels, rural houses, bed and breakfasts, ...), ecoresorts and innovative accommodation options (glamping, a forest village, ...) and a golf course residential development.
The role of the Public Authorities of Wallonia will be to:
The role of Private Operators / Investors will be to:
• Ensure the good land management of the project and guarantee its
sustainability;
• Invest in tourism projects which offer tourists / visitors a quality experience.
• Develop the necessary basic infrastructure and appealing attractions
(circuit, ...);
• The different business projects may be divided or grouped into batches in
order to offer attractive opportunities to operators (theme park based on
automotive experience and transport history, bistros and restaurants,
outdoor activities in natural settings, fitness activities, sports).
• Ensure consistency in urban planning and development.
2
Table of Contents
The opportunity
Page 4
Background information on the destination
Page 8
Concept
Page 20
Conceptual Masterplan
Page 23
Project Components
Page 27
Development Programme
Page 40
Financial and Economic feasibility
Page 42
Appendice
Page 69
3
A unique opportunity
4
The Opportunity
The implementation of the project
Implementation of the project
The project can be entrusted to a single operator/investor or a developer associated with partners in each industry.
It can thus be awarded in several homogeneous lots, namely
• Theme park: Energy Motion focused on Automobile, transportation and technological innovation;
• Experience in the Forest focused on outdoor activities in the nature, the Village in the trees, mountain bike, cycle touring and rambling;
• Accommodation, namely ecological and unusual accommodation, the Spa/Wellness Hotel, Glamping, tourism Resorts in the
region surrounding the circuit.
These can be conceded in different lots (real estate golf, boutique hotel and wellness, unusual accommodation and
glamping).
The various projects around the Francorchamps circuit will be related to existing sites: Botrange Nature Centre, Berinzenne
Forest House, the Libert Farm bike park , Ovifat and Mont des Brumes ski slopes, Stavelot Abbay and Malmedy Monastery,
as well as the Spa thermal centre, in order to build a network of facilities which offers quality leisure experiences.
5
Preamble
A unique opportunity to operate
an innovative tourism destination in the Ardennes with great potential
1. The Destination
Destination easily accessible by road and motorway;
Destination close to the main markets for short stays and excursions :
• Dutch market: 15 million inhabitants
• German market of the Rhur Region: 30 million inhabitants
• Belgian market: 10 million inhabitants
This destination is a green oasis in the highly industrialised and urbanised north-west of Europe
This destination welcomes large numbers of tourists all year round in every season (summer, autumn, winter, spring)
2. The project
The project is an innovative and ecological tourism resort;
It addresses many different customer segments on the basis of the new consumption trends;
It is based on experiencing nature actively and on new transportation technologies;
It offers educational fun (edutainment) in a unique environment
3. An initiative of the Walloon Region and the regional stakeholders
The Walloon Region, main public funding contributor, backs the project and guarantees its sustainability along with that of the urban framework. The project is supported by
local stakeholders
4. Key financial numbers of the project
Investments
Public
€25,6 million
Private
€ 36 millions
IRR
Components only
9,1%
Net Present Value
Total investment
1,7%
Components only
+ €3,5 millions
Total investment
-€18,4 millions
6
Preamble
This project is supported by the Public Authorities
This project is supported by the Walloon region, main owner of the site and main public operator supported by the local stakeholders (provincial,
intermunicipal, municipal and the whole of the tourism/catering industry).
This project provides many guarantees for Operators / Investors and is a unique investment opportunity for the tourism/leisure business in the
Wallonia territory:
• Investment and employment incentives from the Walloon regional authority
• It is located in the centre of the golden triangle of the Belgian Ardennes;
• It is very accessible for the Dutch (15 million inhabitants), German-Ruhr (30 million inhabitants) and Belgian markets (10 million inhabitants);
• Sound land management will be ensured by the public authorities;
• The successful completion of the project is guaranteed by the strong presence of public investment and consistent planning (design, action
and management unit) within the framework of the signing of long-term contracts between public authorities and private partners;
• It will generate wealth, prosperity and employment
Private operators will be able to work with a unique and powerful partner for the monitoring and development of the territory.
The incentives, the quality of the resource, the guarantees of the government and
the support from public organizations involved - make this project a unique business opportunity for the
tourism business in Wallonia
7
Background information on the destination
8
The destination of Spa-Francorchamps
The destination of Spa Francorchamps is located in southeastern Belgium in the province of Liège. Situated in the
Ardennes, this region is particularly green making it a
popular destination for sports and eco-tourism. It is perfect
for a holiday centred around extreme sports, as well as
being ideal for hiking and exploring nature.
This region borders on Germany and Luxembourg making it
an ideal venue for hosting international tourists. Moreover, it
is particularly well served by several transport modes such
as air, rail and road. For example, the E42 motorway goes
through the centre of the region on its way to Germany; the
station of Liège receives high speed trains and the airports
of Liège and Maastricht are located at less than 100 km.
9
9
Potential clients in the project region
The high population density means that within a
radius of 50 to 300 km south of Belgium there are
Volume of population, among the most affluent in Europe, within a 50 to 300 km radius in
southern Belgian around the provinces of Namur-Luxembourg (in millions)
more than 66 million people, representing an
important customer potential for Wallonia
2 Million
inhabitants
This population represents potential clientele with
easy access to Wallonia, particularly from the
9 Million
provinces of Namur, Luxembourg and Liège
inhabitants
In addition, the GDP per capita of the countries
around Wallonia, are among the most affluent in
20 Million
Europe (figures in Euros in 2012):
inhabitants
• Luxembourg: €69,170
• Netherlands: €33,450
60 Million
inhabitants
• Belgium: € 30,290
• France: € 27,550
• Germany: € 31,320
• Great Britain: € 27,870
Site of Spa
Francorchamps
In the particular case of Francorchamps, estimated 50 million consumers
are within a 250 km radius of the city
Source: CITW and T&L research
10
Accommodation supply in the Walloon Region
Distribution of tourist accommodation capacity (in beds) in 2008
The offering of tourist accommodation consisted of
Regional
tourism;
20.572;
21%
97,003 beds in 2008, including all types of
accommodation, of which camping represents 31%
Social
tourism;
6.597; 7%
Holiday
towns;
17.275;
18%
and hotels 23% of beds
High density of tourist accommodation in the south-east
of the region: provinces of Luxembourg, Namur and
Hotels;
Hotels
22.502;
23%
Camp grounds;
30.057;
31%
the south of the province of Liège
Accommodation capacity in beds (2008): distribution by province
Liege Province has 25% of the tourism beds registered
Namur; 19%
in the Walloon Region
Luxembourg;
43%
Brabant
Wallon; 4%
Hainaut; 9%
Liège; 25%
Sources: Strategic structural plan and evaluation of the tourist offer of the Wallonia region, KPMG, 2007 and CITW
11
Attractions in Wallonia
There are many tourist attractions in Wallonia, generally of small size and intended for all segments
Attractions classified by categories
Castles and
fortresses; 8%
More than 8 out of 10 attractions register less than 50,000 visitors per year
There are a large number of attractions, especially of traditional types, in
scattered
tt d locations
l ti
andd mostly
tl with
ith low
l attendance
tt d
fi
figures
Historical homes
and buildings; 6%
Nautical
attractions; 9%
Recreational
centres and parks;
10%
Natural attractions;
12%
Museums; 55%
Museums are the most visited type of attractions followed by nature
Tourist attraction attendance
attractions and recreation parks
Nature-related attractions represent 12% of the attractions classified and
there is an opportunity for development.
100,000 to 200,000
visitors
5,0%
75,000 to 100,000
visitors
4,0%
200,000 to 500,000
4,0%
More than 500,000
visitors
0,5%
50,000 to 75,000
visitors
5,4%
Source: CITW
20,000 to 50,000
visitors
20,8%
0 to 20,000 visitors
60,4%
12
The tourist attractions offering in the Walloon Region and surroundings
The current offer of tourist attractions in the province of Liège, and particularly near the Spa-Francorchamps Circuit is important
Tourism Attractions in the Walloon Region
Around the Spa-Francorchamps site, there are many sports, nature
and culture tourist attractions
• Nature: Botrange Centre, Bérinzenne Centre,..
• Sports: Ravel bike trail, Hautes Fagnes rail bike, RACB Karting
Club…
• Cu
Culture:
tu e Sta
Stavelot
e ot Abbey
bbey Museum,
useu , ...
In Wallonia, tourist attractions are located mainly in the green zone
of Wallonia, namely in the provinces of Liège and Namur
The "nature" aspect is important for hikers and tourists in the SpaFrancorchamps area
Attractions around the Walloon Region -Competitive
Environment
There are many urban destinations around Wallonia: they are well known, with
quality cultural policy and/or events, listed in "city break" guides / websites for online or off-line travel agents and tour operators
The number of visits to the main sites in neighbouring countries of Belgium
ranges between 150,000 visitors per year and 2.3 million visitors (e.g.
Phatasialand)...
There are twenty recreational and leisure attractions in the surrounding areas
(excluding the French and Belgian coast). From this point of view, the Walloon
offering seems to be wider than in the surrounding areas
In the outdoor activities niche, the main competitor is France
However, the offer of tourist attractions is fragmented, and there are
many small structures that offer individual experiences
In the Netherlands and Germany, destinations of this type exist but on much
smaller sites (Eifel, Heuvelland ...)
The existence of numerous ski slopes near the site of SpaFrancorchamps is an opportunity for the development of new activities
and leisure products.
For activities related to automobiles and sports, the circuit of Nürburgring is a
potential competitor
There is a development opportunity for tourism activities related to nature and sports
by further developing the existing supply
Source: T&L research and Strategic Plan for the structuring and enhancement of the Walloon Region tourism offer, KPMG, 2007
13
Development opportunities in the Walloon Region
Main conclusions of the market study
• Belgium is strategically located in the heart of Europe and has a concentration of large populations (20 million inhabitants).
• The Spa-Francorchamps site is easily accessible by high-speed train to Liège, by plane to Liège airport and by roads and highways.
• The main source markets of Wallonia are Belgium (60%; Flemish market mainly) and the Netherlands (22%).
• Apart from stays, day trips are popular with Walloons and Flemish.
• Business tourism in Wallonia has potential, especially through “rural seminars" corresponding to business meetings organized in
rural areas.
• The leisure activities offering is varied but disparate; sites are often small, scattered across the Walloon region.
• Recreational attractions, leisure and sports are essential for the Walloon tourism economy, both for day-trips in the most populated
areas and also to meet the expectations of customers in rural areas which are heavily dependent on tourism.
• Fitness is booming in Wallonia, mainly in the hotel services offer.
• The accommodation and leisure supply in Wallonia is mainly formed by campgrounds and small hotels requiring general upgrading
of the offer (except 5 stars boutique hotels)
There is an opportunity to develop tourism and recreational products in nature which will mainly attract
Belgian customers, and foreigners by developing short stays for the Dutch, German and French markets
(leisure and team building)
14
The Spa-Francorchamps destination is
divided into two major areas:
• Les Hautes Fagnes with its natural park
• The space around the circuit formed by the
cities of Spa, Malmedy and Stavelot with
Francorchamps at its centre
Legend of the Destination Map
Surrounding villages and towns
Different activities in the destination
Existing activities in the destination
New activities in the destination
Road network between Stavelot, Francorchamps, Spa and
Malmedy
Bike trails and hiking paths
Highway (A-27)
15
Four cities provide the backdrop to the Spa-Francorchamps destination: Spa, Stavelot, Francorchamps and Malmédy. Each ones adds value to
this tourist area; while all share common cultural traits.
• The city of Spa is the thermal waters centre. Labelled as "Europe's café", Spa was recognized as a holiday resort thanks to its casino, one
of the first in Europe, its thermal cures and its golf course
• Stavelot is an historic town, cultural and heritage town. Especially notable are Place St Remacle and the Abbey, a protected site and
monument, which hosts the Spa-Francorchamps museum, the Abbey museum and the Apollinaire museum. The town comes alive each
year through its music festival and the Laetare, popular Carnival, famous for its “Blancs Moussis”.
• The town of Francorchamps is located at the heart of the destination and is famous for its race track which hosts events such as the F1
Belgian Grand Prix and the 24 Hour Race. There are activities organised all year round in the best race track in the world, at the heart of
an amazing natural setting.
• Malmédy, the gateway to the Hautes Fagnes, is located in an exceptional environment near large natural reserves. The town is a lively
commercial and tourist centre. Its carnival is famous because of the folk traditions that can be discovered throughout the year in the
"Malmundarium", hosted in the monastery.
The city of Spa
Malmédy town
Spa-Francorchamps circuit
Stavelot Abbey
16
The Spa-Francorchamps circuit is an automobile race track, well known both for its
international Formula 1 race as for its long and illustrious history.
It was developed in the 1920s in the Stavelot municipality, in an outstanding natural setting.
Located in the midst of a lush forest, it is so well integrated that the views from the race
track are breathtaking. Two sites around the circuit are classified as Natura 2000 protected
areas.
Formula 1
At present,
present many races are organised in the circuit from March to September such as the Spa
1000km, the Spa 24 hours, the Formula 1 Belgian Grand Prix and many others.
Automobile clubs can also rent the track to hold private events.
The circuit is a renowned iconic asset for the region, but needs to be enhanced and developed
by creating activities and attractions nearby.
In addition, this new project would enhance economic activities in the circuit in all seasons and
create synergies with new activities developed in the region.
17
The automobile circuit, at the heart of the site revitalisation project
Currently, the circuit has many buildings which are mostly
under-used but could be integrated into the development
of the new project to maximise the profitability of the
A
existing site.
G
P
Some areas with charm and character could be used to host
H
B
exclusive events, for example the Eau Rouge Hall. Other
C
areas could be transformed into office or technical
E
buildings for the new project, and the new paddocks could
also be used to hold fairs, flea markets, festivals ... as well
I
as Formula 1.
J
D
P
E
K
Main buildings on the circuit
A. Old Customs House
B. L’Eau Rouge Hall
C. Existing Paddocks
D. Karting track
E. University
F. New paddocks
G. Existing Buildings
H. Existing Buildings
I. Existing Buildings
J. New Thermal Springs hotel:
P. Parking areas
18
Strengthening of a well-established tourism destination
This new project fits perfectly into the destination complementing the existing supply and serving as a lever for the entire region
The Spa Francorchamps Circuit is situated in the heart of Eastern Belgium's Golden Triangle
of green tourism. Today, the Hautes Fagnes destination is already a destination of choice for
Belgians, Dutch and Germans for hiking and discovering nature.
The town of Spa is a thermal destination par excellence. The hotel portfolio is being rapidly
modernised (more than 4 new openings in 2 years). This region therefore has major potential
for the development of green tourism in Wallonia.
The new project of the destination Spa-Francorchamps is an important investment for the
region to create a tourism cluster and take advantage of the fame of the Formula 1 racing
circuit.
This project leverags the two strengths that the destination offers: its natural environment and
the circuit. Thanks to various experiences developed, these two opposites can become
complementary and combined to form a rich and unique tourism proposition.
As shown in the figures, the region greatly benefits from the implementation of the project, both
economically and in terms of job creation.
Direct revenue
Indirect revenue
TOTAL
€127.5 million
€63.5 million
€191million
Direct jobs
Indirect jobs
TOTAL
670 people
1,900 people
2,570 people
Environmental value of the project
• Preserving the environment and ensuring long-term sustainable
development is at the core of the project
• Moreover, this project aims to change the image of the Spa-Francorchamps
circuit into a unique site which uses new green technologies as a
springboard between nature and the adrenaline-motor side
19
Concept
20
The vision of the new project
This new vision includes key new customer segments
The vision
Spa-Francorchamps destination is located in the Spa-MalmédyStavelot triangle; also including the green area located on the
Hautes Fagnes plateau.
This new destination takes you to an area of innovation which
fuses sports and leisure, offering an authentic and complete
experience to allow you to reconnect with nature at any time of
year. It offers “Motion/Action”, relaxation and innovation
experiences.
Rejuvenate, amaze yourself, discover the rhythm of nature by
choosing the "RELAXATION" option.
Thrill yourself with recreational and sports activities designed to
boosts the adrenaline, experience nature and activities anchored in
new technologies, by choosing the option "MOTION / ACTION ».
Thanks to INNOVATION and green technologies , the discoveries,
relaxation and all the action take place in a setting that respects
the environment.
• Young people wanting to "Feel alive”, looking for sporting activities and
adrenaline
• Families who enjoy spending time and relaxing together
• Seniors who seek to pamper themselves and find peace
• Motor sports fans attracted by the big auto events and driving experiences
• Sports cycling fans who seek competition, races and the numerous
infrastructures tailored to their needs
Mouvement
Motion /
/ Action
Action
►
• Couples who are drawn by the chance to share new experiences
Détente
Relaxation
ll
• MICE groups because of the ideal infrastructure and unique offer provided by the
region and the circuit
21
Vision
Activities related to the new vision of the project
Innovation &
Green
Technology
MOTION
/ ACTION
►
Activities
Recreation
• Ballooning
• Flying fox
• Treasure hunting
• Full-scale role game
• Adventure park
Adrenaline
Sport
Automobile
• Mountain
• Test track
bike
• Rafting
• Free flight
• Canoeing
• Karting
• Circuit
Innovation
Technologies vertes
RELAXATION
ll
Discovery
Wellness
• 'Energy-Motion' Centre
• Sensory walking
• Spa
• Simulation centre
• Hiking
• Spa treatments
• Discovery of the applications of
• Barefoot trail
• Relaxation
new green technologies
• Electric vehicles
• Horse riding
• Wildlife discovery
• Gastronomy
Edutainment
22
Conceptual Masterplan
23
The experiences of the Spa-Francorchamps circuit
A
Welcome centre/
Discovery Centre
B
Experience in the forest
C
‘Energy-Motion’ experience
• Main welcome area
• Hanging village
• Events
• Satellite welcome area
• Nature & Adventure Park
• ' Energy-Motion' Innovation Centre
• Virtual welcome area
• Adventure Games
• Museum of the History of Spa-
Francorchamps
• Travel planner
• Welcome boards
Regional Experience
Cycling Experience
Business zone - Technology Park
Services
24
Concept map of possible cluster sites around the circuit and in the SpaFrancorchamps region
Amphitheatre
Events
‘Energy-Motion'
Innovation Centre
MiniWelcome
centre
Hanging
village
‘ Energy-Motion’
experience
Highway rest area of
Cronchamps
Tourism
experience
SpaFrancorchamps
Museum
Spa-Francorchamps
circuit
Nature and
Adventure
Park
Adventure
Games
Paths-TrailsTracks
lr
Business zone
Business
zone
Regional
Experience
Activities
in the
region
Cycling
Experience
Mountainbike
/ cycling
Experiences to be
developed in the
entire SpaFrancorchamps
destination
25
Conceptual Masterplan of the project
Conceptual master plan
Vers l’A-27
Pistes cyclables vers la
Ferme Libert
12
1
21
20
19
23
12
11
10
12
2
24
18
15
12
12
23
24
16
5
22
17
Vers Malmedy
6
8
9
3
7
14
Vers Stavelot
14
4
Vers le Mont des Brumes
13
Vers Malmedy
1. 1
Mini welcome centre
2. 2
Starting point for the Experience in the Forest
3. 3
“Spa-Nature” Eco-hotel
4. 4
Other Accommodation
5. 5
Central space for the Experience in the Forest
6. 6
Bar-Restaurant, Hanging Village
7. 7
Enchanted Forest and Hanging village
8. 8
Adventure Playground
9. 9
Themed trails: "Emotions" trail and "Barefoot" trail
10.10
Administrative and Services area
11.11
Nature Park & Adventure area
1212
12.
Parking area
13.13
Hiking trails / Barbecue and Picnic Area / Camping sites
14.14
Ravel trail for cycling
15.15
New paddocks and terrace lounge
16.16
L’Eau Rouge Hall - VIP event space
17.17
Gourmet Restaurant at Old Customs House
18.18
Village for "Energy Motion" Experience
19.19
Amphitheatre
20.20
Central space for the "Energy Motion" Experience
21.21
Underground parking
22.22
Schweeb and Indoor Karting
23.23
Gondola (from forest to "Energy-Motion" Experience village)
24.24
Bridges
Zones on the master plan
I Francorchamps Facilities and Circuit
II Experience in the forest
III ‘Energy-Motion’ Experience
Chemin de vélo vers
Stavelot
IV "Spa-nature" Eco-Hotel and other accommodation
V Cycling and Hiking Space
26
Project Components
27
The components of the Spa-Francorchamps destination
1
Welcome centre
Discovery Centre
2
Main welcome area
3 Experience on the circuit
Hanging village
Events
Nature &
AdventurePark
' Energy-Motion'
Innovation Centre
Adventure Games
Museum of the History of
Spa-Francorchamps
4
Satellite welcome area
Virtual welcome area
Travel planner
Welcome boards
5
6
Regional Experience
Cycling Experience
7
Business zone
Technology Park
Services
Accommodation
F&B
Retail shops
Circulation
The main components of the concept are described in this section, the activities explained by components
are in the following section
28
Spa-Francorchamps is a destination for everyone, whatever the different groups
or segments proposed. The developed activities have been designed to create all
seasons destination
Segments
Characteristics
Experience in
the forest
The ‘ EnergyMotion’
experience
Cycling
Experience
Regional
Experience
99
999
999
9
Youth - "Feel alive"
•
Search for thrills and sports
Family Fun
•
•
•
Share moments together
Entertainment
Activities in nature
999
99
9
999
Seniors
•
Take the time to live
999
9
9
99
Motorsports fans
•
•
Important events
Driving experience
9
999
9
9
Cycling sports fans
•
•
•
Competition
Racing
Amateur sport being
professionalised
9
99
999
99
Couples
•
•
New experiences together
Nature-based activities
999
9
9
99
MICE
•
•
Innovative experiences
Research Activities and bid
99
999
9
9
29
The start of the experience: the welcome centres
The physical or virtual welcome centres are intended to provide information about the
destination, to facilitate the marketing of its products and to improve the visitor experience.
Main welcome centre
at the Cronchamps
rest area
The welcome centres are the first contact point for the visitor with the Spa-Francorchamps destination and the
activities offered in the Spa-Francorchamps circuit. It is, therefore, important that the centre are especially adapted
to the needs of every visitor.
Legend of the Destination Map
Surrounding villages and towns
Different activities in the destination
Existing activities in the destination
New activities in the destination
Road network between Stavelot, Francorchamps,
Spa and Malmedy
Bik ttrails
Bike
il andd hiki
hiking paths
th
Welcome centre
Highway (A-27)
The main gateway to the destination is located on the Cronchamps
motorway rest area. This is where the adventure in the SpaFrancorchamps destination starts for the majority of tourists. They
can explore all the tourism activities and services available in the
region through the information centre and interpretation centre. They
will also have the option of leaving their cars at the parking area on
the motorway and visiting the region using the different modes of
transport available such as 'Vélo-Wallon' electric bikes, electric
Virtual Welcome centre
Before, during and after their trip, tourists can also use
the "Travel Planner“ on their Smartphones through the
destination's website.
shuttle buses, electric motorbikes linking the circuit attractions to the
motorway rest area and making sightseeing visits possible. In
addition, as a complement to the Cronchamps motorway rest area,
each city (Malmédy, Francorchamps, Spa and Stavelot) will offer
tourists an information service on the destination and the possibility to
The virtual reception area is an internet platform which
allows visitors to plan their trip, book their own
accommodation, transport and activities, view real-time
weather and traffic conditions or comment on their
experience in the destination.
make their reservations on site, through their tourist offices.
30
The Experience in the forest is a place of relaxation and recreation for the whole family
At the heart of the Francorchamps forest, there will be no shortage of adventures, walks and discoveries for visitors. The experience of the forest is a place of
relaxation and recreation for the whole family. All elements combine to provide an unforgettable experience from the roots to the tops of the trees.
The bravest will embark upon the different ropes courses in the trees and give themselves a scare on the "Death ride" flying fox, more than 500m long, as well
as taking the plunge from the bungee jumping tower. The Nature and Adventure Park is more than just a ropes course in the trees! Each course in addition to its
various physical tests also offers puzzles that will challenge the minds of visitors.
Those who are not eager for thrills, but still want fun, will be drawn by the adventure playgrounds. These playgrounds offer fun and sporting activities for both
adults and children. Giant wooden structures allow the little ones to play safely while older children can take part in archery, throw javelin or participate in the
"Outgame" - a multi-sensory treasure hunt which tests the knowledge of participants like an "Indiana Jones" quest or a "Sherlock Holmes" mystery in a forest
setting
setting.
Images of the types of activities planned
31
Conceptual master plan of the experience in the forest
2
Starting point for the Experience in the Forest
5
Central space for the Experience in the forest
6
Bar-Restaurant, Hanging Village
7
Enchanted Forest & Hanging Village
8
9
Themed trails: Emotions trail and Barefoot trail
10
Administrative and Services area
11
Nature Park & Adventure area
12
Parking area
13
Hiking trails / Barbecue and Picnic Area / Camping sites
23
Gondola (from forest to "Energy-Motion" Experience village)
32
The Hanging Village is a space in which to live the forest experience. This zone proposes
discovery paths such as the Museum Under A Magnifying Glass or the Museum in the
Trees, but also trails to delight your senses such as the "Land Art" Emotions trail and the
Barefoot trail. Each trail is accessible for everyone (the Museum Under A Magnifying Glass is
also adapted for those with disabilities) so anyone can discover the secrets of the forest and the
beauty of nature, while moving at their own pace.
Architectural imagery
33
33
The "Energy-Motion" experience
The adrenalin thrill of motor racing linked to new green technologies
This new area in the Spa-Francorchamps circuit proposes to use some of the emblematic buildings as a "mini-village" of attractions.
In the "Energy-Motion" Experience village, the Spa-Francorchamps Museum presents the history of the race track and the region to visitors through historical
objects, vintage cars, trophies and photos of past champions. Meanwhile, the exhibition at the innovation centre explains advances in eco-technologies
relating to green vehicles through an edutainment concept suitable for everyone, in the form of an interactive tour.
If some visitors may find these activities too passive, there are three areas that have been designed just for them: the simulation area, the electric karting and
the shweeb. In the simulation space, the latest type of dynamic driving simulator allows visitors to drive Formula 1 and Rally vehicles, as well as trying
many other sports simulations (mountain bike,
bike skiing...).
skiing ) In the electric karting,
karting visitors can experience eco-friendly
eco friendly competitive motor sport.
sport The shweeb,
shweeb an
innovative and eco-friendly transport mode, allows visitors to discover the surroundings of the village for « Energy-Motion » experience.
The Spa-Francorchamps destination currently organises many national and international events. To accommodate and improve this events offer, a semicovered amphitheatre for 5,000 people is proposed. This unique structure is constructed of canvas, covering the stage with an auditorium of 2,000 seats. It lets
in the light and shadows of the forest into the amphitheatre through its unique design. This incredible site intensifies the beauty of the shows that will take place on
the stage.
Moreover, the buildings of the circuit and its environment will regularly host events such as markets, car shows, book fairs, a marathon and a variety of
active and popular events.
34
Conceptual master plan
13.1
Mini welcome centre
14.12
Parking area
15.15
New paddocks and terrace lounge
16.16
L’Eau Rouge Hall - VIP event space
17.17
Gourmet Restaurant at Old Customs House
18.18
Village for "Energy Motion" Experience
19.19
Amphitheatre
20.20
Central space for the "Energy Motion" Experience
21.21
Underground parking
22.22
Schweeb and Indoor Karting
23.23
Gondola (between the two Experiences)
24.24
Bridges
Architectural imagery
35
Some of the unforgettable experiences that make up the "Energy- Motion" Experience with other edutainment and fun
Images of the types of activities planned
36
Services available
To make the circuit visit a unique occasion, there are restaurants and shops in both experiences offering a range of products to appeal to all visitors
Restaurants
Retail shops
In the Experience in the Forest, The Hanging Village offers "La Pause
Détente" fast food restaurant where visitors can enjoy fresh and simple
products such as salads and sandwiches. At ground level, the "Slow Food
Restaurant" offers meals based on organic local produce. "Le Petit Encas"
will delight all lovers of homemade cakes, waffles and crepes.
A bike rental shop is available in the main square of the
Experience in the Forest, allowing you to explore the forest or the
region. There is also a store selling "nature" products for
treehouse builders, star watchers and animal lovers, is also
available.
In the 'Energy-Motion' Experience village, three restaurants are available
for visitors. The "Fast-Bio, Fast-Bon", a modern fast food restaurant with a
fun
u aandd innovative
o a e deco
decor. Meanwhile,
ea
e, thee ca
cafeteria
ete a in tthee Innovation
o at o
centre, has a range of simple and fast dishes with a "new technologies"
theme. "la Brasserie Art déco" offers a menu of typical Belgian dishes.
Beside the circuit, in the Old Customshouse building, a gourmet restaurant
with around twenty tables, serves Belgian-style nouvelle cuisine in a setting
that is historic yet modern, with a multimedia projection of the menu on
diners' plates.
The Energy-Motion Experience has two souvenir shops: one
that is specific to the Spa-Francorchamps museum and
aanother
ot e ded
dedicated
cated to tthee innovation
o at o space
space. Thee Spa
SpaFrancorchamps museum shop offers antique collectibles like
books or postcards on the circuit and the destination. The
Innovation Centre store offers souvenirs with the circuit brand, as
well as many innovative technological gadgets.
Accommodation
After a day full of adventures why not extend your stay and
enjoy the unusual accommodation offered in the forest? For
those who want a taste of life in the trees, the nests and
treehouses are ideal. And for those who prefer to stay down to
earth, the 3-star nature eco-hotel or vintage caravans offer
comfortable alternatives in the midst of nature.
37
Regional Experience
Regional Experience
The Spa-Francorchamps destination offers a wide variety of activities that enables all segments to
find something to do in the Spa-Stavelot-Malmedy triangle and on the Hautes Fagnes plateau.
Regional experience makes it possible to create a synergy between the new project and all
existing activities in order to enhance them by involving them in the promotion of the destination
and its circulation plans.
The Spa thermal baths
Plopsa Coo
Domaine de Bérinzenne
Horse riding centres
Spa parachuting club
Balloon trips
In addition to forming existing operations into a network, new sites will also be set up such as the
new golf resort of Hockai or the balloon launch site between, the circuit and the town of Malmedy.
Visitors will be able to enjoy thematic experiences such as an "extreme sports" visit, participating
in a BMX race on the Ferme Libert circuit or a parachute jump at Spa, a karting race as part of the
Energy-Motion experience or canyoning ride in the Coo gorges.
gorges They can also enjoy a "nature"
nature
"Energy-Motion"experience
stay with a hiking in the Hautes Fagnes Park, spend a day exploring the new Ravel bike trails and a
night in the "Tree houses" of the Experience in the Forest
Cycling experience
BMX trails
Mountainbike trails
North Shore trails
Noticeboards showing mountainbike trails
in the region
The cycling experience activities are perfect for sporting holidays in the SpaFrancorchamps region.
On the slopes of Mont de Brumes and Ferme Libert, fans of BMX, mountain bike
downhill, four cross and downhill biking can practice before taking part in
international competitions.
Mountain bike trails with different levels are freely accessible for biking in family
or for sport. For the most competitive there is the option involving new technologies,
with a Smartphone-based timing system allowing the user to compete with every
other visitor to the region.
For less-sporty bike fans, new Ravel type trails will be created, including one
surrounding the circuit, and an electric bike rental system will be created for the whole
region: the "Vélo Wallon" scheme - a concept similar to that of "Villo" in Brussels.
38
Circulation within the destination
An ecological transport system to discover the destination
Destination Spa-Francorchamps has relatively good transport infrastructure
with a network of road, motorways and bike trails of good quality.
New roads and bike trails, including an extension of the “Ravel” bike
rambling trails, should be created to complement the network.
An environmentally friendly transport system can then be developed in
the destination in order to move easily between the different attractions; it will
make it possible to move around using environmentally friendly transport
such as small electric buses, electric cars, electric bicycles, electric scooters,
etc.
These different transport modes are an eco-friendly way to discover the
destination, combining motor-powered transport with the need to protect
nature. The visitor will be able to enjoy a new experience in a quiet and
pollution free environment (edutainment in green transport).
In the area of the circuit, visitors will be encouraged to leave their vehicles
on the motorway rest area or in the parking area located near the circuit
and use the available green transport.
Marked mountainbike trail
Electric bus
Marked hiking trail
Electric bike station
Main components
'Energy-Motion' Experience
Amphitheatre
Welcome Centre - Reception
Main services of the circuit
Nature Park & Adventure
Hanging village
Adventure Games
Camping and Picnic Area
Circulation network
Roads
Circuit
Electric minibus
Hiking trail
Cycling lanes
Cable car
“Ravel” bike trail
Parking area
Buggy ride
Horse and cart rides
39
Development programme
40
The project is situated in an area of approximately 50 hectares, of which 50,000m²
have already been built upon
Built area in
m2
Components:
Land allocated in m2
Welcome centre / motorway rest area
Interpretation centre
Total for Welcome Centre
Components:
300
300
Built area in
m2
Land allocated in m2
640
50
200
80
500
80
100
80
44,000
30,000
9,000
5,000
70,000
15,000
640
30,000
25,000
210,000
6,000
4,000
199,500
500
324,000
Welcome-Reception
Interactive Space – Innovation Centre
Simulation space
Spa-Francorchamps Museum
Administrative offices
‘Fast bio fast bon’
‘Brasserie Art-Deco’
‘Cafétéria de l’innovation’
Old Customshouse Restaurant
Museum Shop
Innovation Centre Shop
Shweeb
Indoor Karting
Amphitheatre
New Ravel bike trails
Total for the "Energy Motion" Experience
200
6,000
3,000
2,350
300
150
250
300
200
100
200
1,500
2,000
10 km
17,800
50,000
25,000
20,000
100,000
Accommodation
Tree houses
"Glamping" tent
Caravans
Yurts
Nests
Green areas
Total Accommodation
20
40
20
10
10
10
4
2
4
2
4
2
80
80
80
20
40
20
800
2,500
400
N/A
200
200
110
18
320
4,100
Parking areas
Uncovered parking
Covered parking
Total Parking
Gondola
Land size in Total for project
Land allocated in
m2
Energy-Motion' Experience
Experience in the Forest
F&B and shops
Welcome centre
“Slow Food” Restaurant
Restaurant "la Pause Détente"
Bar
B "Le
"L Petit
P tit Encas"
E
"
Picnic Area
Barbecue Area
Natural products store
Equipment hire store
Nature Park & Adventure
Adventure course
"Death Ride" flying fox
Bungee jumping tower
Hanging village
Barefoot trail
"Museum Under A
Magnifying Glass"
Land Art- Emotions Trail
Kids' Playground
Javelin throw / Archery / Climbing wall
Outgame
Stilts
Total for Experience in the Forest
Number of
Number of Built area in
Number of
persons per
beds
units
m2
Unit
Components:
m2
49,390 3,000
15,000
2,000
1,000
800
800
27,400
50,000
Units M2 per place
800
25
20
200
25
5,000
1,000
25
25,000
20,000
5,000
25,000
1,000
10,000
Land allocation in m2
510,020 41
Financial and Economic feasibility
42
Key questions on financial results
The objective of the preliminary financial projections is to provide a financial basis for discussions between the operator, the
investor and the seller. The results are subject to change.
1. How much investment is needed?
•
What is the overall investment for the project?
•
What is the detailed investment per components ?
2. What are the financial results for the project?
•
What is the return on investment?
•
What is the value for the project?
•
What is the investment payback period?
43
The phasing of the site development and construction will be spread over 3 years
Phasing of the construction
Phasing of the site development
Year 1
Year 2
50%
50%
Phasing of the construction for the Experience in the Forest
100%
Phasing of the construction for the circuit experience
50%
Phasing of the construction for the welcome centre
Phasing of the accommodations (excepting hotels)
50%
Year 3
50%
50%
100%
44
Construction Hypotheses (I)
Welcome centre
Construction cost for the different components of the
welcome centre
Unit Price
€
Sources
€/m2
1,100
Gerens-Hill
€/m2
1,100
1,100
500
500
1,100
Gerens-Hill
Gerens-Hill
Wooden structure
Wooden structure
Gerens-Hill
Accommodation
€
€
Sources
82,000
HVS Office, 2009Hotel development
survey
Welcome centre
F&B
Picnic Area
Barbecue Area
Retail shops
Nature and Adventure Park
Adventure courses
Flying fox- Death Ride
€/m2
€/m2
€/m2
€/m2
€/PU
€/PU
€/PU
250,000
120,000
250,000
Expert
Expert
Expert
130,000
130,000
500,000
Expert
Expert
Expert
300,000
500,000
40,000
250
Module.be
Expert
Cityroc
Stelzen Shop
15,275
2,100
300
Ecomobility firm
Ecomobility firm
Décathlon
" Spa-Nature"
Eco-hotel *
€/per
room
Tree houses
€/PU
50,000
Treehouses
Glamping tent
€/PU
30,000
www.exclusivetents
.fr
Caravans
€/PU
40,000
On-line caravan
sales
Yurts
€/PU
7,000
Yourte.com
Nests
€/PU
2,000
Parcabout
Hanging village
Barefoot trail
Emotions trail
"Museum Under A Magnifying Glass"
€/PU
€/PU
€/PU
Kids' Playground - javelin throwing space
Outgame
Climbing wall
Stilts
Electric bike and Mountainbike
Vélo wallon station 10 bicycles + placement
Vélo-wallon (similar to Villo in Brussels)
Mountainbike
€/PU
€/PU
€/PU
€/PU
€/PU
€/PU
€/PU
45
Construction Hypotheses (II)
Construction costs
'Energy-Motion' Experience
46
Unit Price
€/m2
Sources
Parking
Welcome- reception
Interactive Space
Scenography of the interactive space
Scenography of the museum
€/m2
€/m2
€/m2
€/m2
€/m2
1,100
1,100
3,000
1,100
900
Gerens-Hill
Construction
CITW- T&L
Construction
CITW- T&L
Uncovered parking
Simulation space
€/m2
2,500
IWAY-World
Lyon
Roads and paths
Administrative offices
€/m2
1,100
Gerens-Hill
Gondola
€/PU 7,000,000
MDP
Consulting
Shweeb
€/PU 1,000,000
www.shweeb.
com
Amphitheatre
F&B
Retail shops
€/m2
€/m2
€/m2
Indoor Electric Karting
€/PU 1,100,000
1,100
1,100
1,100
Covered parking
€/m2
€/m2
New Ravel bike trails €/km
Connecting road
Cronchamps- SF
90
T&L Research
680
Gerens -Hill Project
Management
company
40,000 Expert
(4.5km)
€/km 450,000 Gerens Hill/ JNC
Belgium
Gerens-Hill
Gerens-Hill
Gerens-Hill
T&L Research
46
Land development cost hypotheses
Land Development
€
Sources
Trail development cost
€/m2
20
Gerens -Hill - Project Management company
Development cost for the Experience in the Forest
€/m2
40
Circuit - Energy-Motion Experience development cost
€/m2
80
Amphitheatre development cost
€/m2
20
Welcome Centre development cost
€/m2
40
Accommodation development cost
€/m2
40
Gondola/ Footbridge development cost
€/m2
40
Parking areas development cost
€/m2
20
The price includes all urbanisation costs (road, network, various)
47
Attendance hypotheses
For the project, a potential attendance of 600,000 visitors per model year in total,
with 430,000 paying and 170,000 non-paying visitors has been assumed
Details of the 600,000 visitors:
Experience in the Forest:
The ‘Energy-Motion’ Experience:
Events:
Non-paying visitors:
150,000 visitors
180,000 visitors
100,000 visitors
170,000 visitors
(40% approx. of all paying visitors)
48
Pricing system Hypotheses (I)
• The entry prices for the different activities at the Spa-Francorchamps site were determined based on benchmarks for Belgium and France
• A 50% discount will apply for children aged 3-12
Spa-Francorchamps Project
Products
Ropes course
"Death ride" flying fox
Experience in
the forest
15
13-16
Odyssée verte- Vallon de Villaret- Barefoot trail
on the Lac Blanc
Kids' Playground- Climbing wall Archery Range
10
4.5-6
Kid Factory
15
10
15
40
15
15
10
15
7
-
Other activities & workshops
Innovation Centre
Dynamic simulators
Circuit
experience
20
11
15
Price
Benchmarking
Sources
€
15-25
Adventure Parc Wavre, Grimpobranche
11
Lacs de l’Eau d’Heure
29
Wavre Adventure Parc
"Museum Under A Magnifying Glass"Barefoot trail - Emotions-Land Art
path
Outgame
Activities
€/ Adult
Price assumption for the project
Karting
Shweeb
Other activities & workshops
Events
15
Autostadt
75-90
IWAY world Lyon
13-28
Euperner Karting, Kart indoor chrono
-
www.agrodome.nz
5
7
Stavelot Abbey
49
Pricing system Hypotheses (II)
• The prices of overnight accommodation at the Spa-Francorchamps site were determined based on benchmarking of related products,
mostly in Europe
Spa-Francorchamps Project
€/ Adult
Price
Benchmarking
€
Tree houses
100
100-200
100
200
Yurts
70
60-87
Nature Hotel
120
130
Hôtel la Grée des Landes
Nests
70
69
Parcabout
Glamping
100
100-132
Vintage Caravans
100
163
Products
Accommodation
Sources
Treehouse Breant wooden hut
Treehouse,
hut, Ecurie du Kerbalan
Pencuke farm, Inside out camping
Villatent, les Neufs Cerisiers, Domaine Douce France
Grand Daddy Hotel
50
The total investment in the circuit project is approximately €61 million,
with €36 million for the components and €25 million for infrastructure
TOTAL INVESTMENT € 61 million
(Attractions & Accommodations)
Details of infrastructure investment
Detail of the investment by component
Total: €36,029,432
58% of the total investment
Total: € 25,687,501
42% of the total investment
70%
25.100.802
18%
12%
6.497.333
4.431.297
A
Experience in the
Forest
25%
33%
41%
10.477.819
8.499.026
6.313.562
1%
B
'Energy-Motion'
experience'
C
Accommodation
397.095
Parking
Gondola / footbridge Other infrastructures* Cronchamps Welcome
Centre
* Ravel trails and additional roads, including the Conchamps-Circuit junction; utilities development of the site
The detail of the components is presented on the next pages, especially the Energy-Motion Experience, which requires the
highest investment, due to its innovative concept and appeal to a vast public (70%)
51
Repartition of the investments per component for the public and the private sector
TOTAL INVESTMENT € 61,716,933
(Attractions & Accommodations)
Investment per component
A. Experience
in the forest
€ 4,431,297
100% Private
investment
B. EnergyMotion
Experience
€ 25,100,802
100% Private
investment
Infrastructures
C. Accommodations
€ 6,497,333
C. Infrastructures
€ 25,687,501
100% Private
investment
100% Public
investment
The total investment of the private sector in the project is € 36 million
52
The Experience in the Forest represents an investment of €4.4 million,
integrated into the environment and offering innovative latest generation
attractions
Detail of the investment for the Experience in the Forest
Accommo
dation
18%
Exp.
Forest
12%
Total: € 4,431,297 *
21%
EnergyMotion
70%
17%
23%
1.022.218
919.936
22%
953.712
789.376
746.056
Adventure Nature Park
18%
Hanging village
Adventure games
Electric
bikes
& montain
bikes
Electric
bikes
& mountain
bikes
Reception-F&B-Shops
The most important investment is for the Adventure Games (23% of the investment), including a Kids'
Playground and the investment in electric bikes and mountain bikes (22%)
*including professional fees and reserve margin
53
The "Energy-Motion" experience represents a € 25 million investment, due to its
interactive space showcasing the use of latest technologies (research and
development) for cars and other motor types
Detail of the investment for the "Energy-Motion" experience
38%Exp.
Accommo
dation
18%
Forest
12%
Total: € 25,100,802 *
38%
9.470.343
EnergyMotion
70%
18%
4 553 050
4.553.050
14%
11%
3.609.950
5%
2.647.297
S-F Museum
Shweeb
5%
2.270.454
1.335.561
1.214.147
Interactive Space Simulation space
9%
Amphitheatre
Indoor Karting
Reception-F&B Administration
*including professional fees and contingency reserve
• The most important investment is for the interactive space (€9.4 million, 38%), which has a similar concept to that of the Cité des Sciences
et de l'Industrie in Paris, the Futuroscope in Poitiers or the I-Way in Lyon, using latest technologies in scenography and interaction
• The Simulation Space (€ 4.5 million) is also important, due to its attraction potential related to motor and other vehicles and to its latest
generation equipment
• It will be possible to have the Spa-Francorchamps Museum and the Amphiteatre built by public authorities
54
Accommodation that is original and environmentally friendly is proposed on the
project site and represents a total investment of € 6.5 million
Details of the investment for Accommodation
Accommo
dation
18%
Exp.
Forest
12%
Total: €6,497,333 *
61.3%
3.982.401
EnergyMotion
70%
18.5%
1.203.317
"Spa-Nature" ecohotel
Treehouses
11.1%
721.990
Glamping Tents
7.4%
481.327
Vintage Caravans
1.3%
84.232
0.4%
24.066
Yurts
Nests in the trees
*including professional fees and contingency reserve
The Eco-hotel requires the most important investment, of € 3.4 million (61.3%) with 40 rooms, followed by
the Treehouses (18.6%)
55
The results of the project are positive with a current project value of €3.5 million
Net Present Value and an Internal Rate Of Return of 9.1%, excluding
infrastructures
The results of the project, without infrastructures, are positive assuming that the site receives 600,000 visitors per year after 6 years of operation
Results only including project components
In this assumption, the investor does not support the site infrastructures
investment costs, but does pay the construction costs for the project components
Results of the project including infrastructures
In this assumption, the investor supports the construction costs for the
components and for development of the site, such as utilities, parking
areas,…
Investment components only
€36,029,432
Total investment with infrastructures
€61,716,933
Value of the project today
Net Present Value (NPV)
+ €3,593,443
-€18,481,107
Profitability
Internal Rate of Return (IRR)
9.1%
Profitability
Internal Rate of Return (IRR)
1.7%
Payback period
15 years
Payback period
22 years
Positive cash flow
Year 4
Positive cash flow
Year 4
These results are obtained by using a capital cost of 7.5% and a debt-capital ratio of 50%/50%
• The results for the components alone are as follows:
the project value is positive at €3,593,443 with a return of 9.1% and a pay back period for the initial investment of 14 years
• With the inclusion of the infrastructure investment of about € 25.6 million, the results are negative with a return of 1.7% (well below the capital cost
of 7.5%)
These investments will have to be made by public authorities in order to generate a new source of income and activities in the region
• Furthermore, it is assumed that public authorities will invest in the museum and amphitheatre infrastructures
56
Summary of project cash flows (investment and operation) including only the main
components without the infrastructure, the museum construction and the amphitheatre, to
be financed by pubic authorities
€ Million
Year 1
Year 2
Year 3
Year 4
Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17
50,04
2,05
-17,18
Consolidated
Cash Flow
(MM Euros)
Year
1
2,15
2,25
2,4
2,61
2,79
2,93
3,07
3,23
3,39
3,56
3,74
The last year includes
the project’s terminal
value
-10,78
Year
2
3,93
Year
3
Cash Flow
‐
‐ 17.18 ‐ 10.78 Cumulative
cash flow
‐
‐ 9.25 Year
4
Year
5
Year
6
Year
7
Year
8
Year
9
2.05 2.15 2.25 2.40 2.61 2.79 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17
2.93 3.07 3.23 3.39 3.56 3.74 3.93 50.04 ‐ 14.71 ‐ 14.69 ‐ 14.54 ‐ 14.25 ‐ 13.77 ‐ 13.03 ‐ 12.07 ‐ 10.91 ‐ 9.55 ‐ 7.98 ‐ 6.18 ‐ 4.14 ‐ 1.85 2.08 52.12 The cash flow will be positive from Year 4
The return on investment will be positive after 14 years of operation
57
Project Results by components
A- Experience in the Forest Results
B - ‘Energy-Motion’ Experience Results
C - Accommodation results
Total Investment
€4,431,297
Total Investment
€ 18,948,497
Total Investment
€6,497,333
+ 3,831,153
+ 5,035,365
+ 356,207
Project Internal Rate of
Return (IRR Project)
15.9%
Internal Rate of Return (IRR
Project)
10.6%
Internal Rate of Return (IRR
Project)
8.1%
Internal Rate of Return on
Equity (IRR)
18.9%
Equity (IRR)
11.6%
Equity (IRR)
8.3%
Investment pay back period
10 years
13 years
5 years
Positive cash flow
Year 4
Positive cash flow
Year 4
Positive cash flow
Year 4
These results are obtained by using a capital cost of 7.5% and a debt-capital ratio of 50%-50%
The results of the Experience in the Forest give a
positive value with a return of 15.9% and a payback
period on the initial investment of 10 years
The value of the Energy Motion Experience results is
negative with a profitability of 10.6% and a payback
period on the initial investment of 13 years
The value of the accommodation is positive with a
return of 8.1% and a pay back period for the initial
investment of 5 years
These results have been obtained assuming 430,000 paying visitors to the project, 130,000 to the Experience in the Forest, and 300,000 to the Energy-Motion
Experience
It is assumed here that the Museum and Amphitheatre are funded by the public sector and operated by the private sector
Note: The hypotheses used can be found in the appendices
58
Model sensitivity for the number of visitors and entrance fee
Model sensitivity to the number of visitors and entrance fee
NPV
Number of visitors
344,000
365,500
387,000
408,500
430,000
451,000
473,000
494,500
-20%
-15%
-10%
-5%
0%
5%
10%
15%
-15%
15%
-80.469
80 469
1 123 230
1,123,230
2 326 928
2,326,928
3 530 627
3,530,627
4 734 325
4,734,325
5 938 024
5,938,024
7 141 722
7,141,722
8 345 421
8,345,421
-10%
1,175,182
2,439,001
3,702,820
4,966,639
6,230,459
7,494,278
8,758,097
10,021,916
-5%
2,430,833
3,754,773
5,078,712
6,402,652
7,726,592
9,050,532
10,374,471
11,698,411
0%
3,686,484
5,070,544
6,454,604
7,838,665
9,222,725
10,606,786
11,990,846
13,374,906
5%
4,942,134
6,386,316
7,830,497
9,274,678
10,718,859
12,163,040
13,607,221
15,051,402
10%
6,197,785
7,702,087
9,206,389
10,710,690
12,214,992
13,719,294
15,223,595
16,727,897
15%
7,453,436
9,017,858
10,582,281
12,146,703
13,711,125
15,275,547
16,839,970
18,404,392
9,222,725
Entry fee
The model can support a fall of 15% in the number of visitors and of 10% in the entrance fee
59
Sensitivity of the model for construction and capital costs
Model sensitivity to construction and capital costs (WACC)
NPV
WACC
9,222,725
6%
6.5%
7%
7.5%
8%
8.5%
9%
-15%
18,948,497
16,795,619
14,808,186
12,972,973
11,277,877
9,711,823
8,264,664
Costs
-10%
10%
17,655,399
15,517,096
13,544,000
11,722,890
10,041,671
8,489,269
7,055,543
of
-5%
16,362,301
14,238,573
12,279,814
10,472,808
8,805,464
7,266,714
5,846,422
Construction
0%
15,069,203
12,960,049
11,015,627
9,222,725
7,569,257
6,044,160
4,637,302
5%
13,776,104
11,681,526
9,751,441
7,972,643
6,333,050
4,821,605
3,428,181
10%
12,483,006
10,403,003
8,487,255
6,722,560
5,096,844
3,599,051
2,219,060
15%
11,189,908
9,124,480
7,223,068
5,472,478
3,860,637
2,376,497
1,009,939
• The model gives a positive result even if construction costs increase by 15%
• Moreover, the model can offer higher profitability for the investor, up to 9% and more for similar construction costs
• The construction of the museum and amphitheatre is funded by the public sector, the rest of components are funded by the
private sector
60
Operating model
The financial model is based on the development and construction over 3 years and on an
operational model of 15 years
Sources Year 1
Inflation
Opening days for the
Experience in the Forest
circuit experience
welcome centre
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17
BFPB
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
T&L
0
0
210
210
210
210
210
210
210
210
210
210
210
210
210
210
210
T&L
0
0
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
T&L
0
0
250
365
365
365
365
365
365
365
365
365
365
365
365
365
365
Sit
Site
WACC - Capital cost
7.5%
Beginning of operation
Year 3
50%/50%
Debt/ capital ratio financing
Phasing
Start
End
Development/ Investment
Year 1
Year 3
Projections of operations
Year 3
Year 17
61
Operating model accommodation
The financial model is based on the development and construction over 2 years and on an
operational model of 15 years
Sources Year 1
Inflation
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17
BFPB
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
1.8%
accommodations
T&L
0
0
180
210
210
210
210
210
210
210
210
210
210
210
210
210
210
Rooms units
T&L
0
0
110
110
110
110
110
110
110
110
110
110
110
110
110
110
110
Rooms available
T&L
0
0
19.800 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100 23.100
Sit
Site
WACC - Capital cost
7.5%
Beginning of operation
Year 3
50%/50%
Debt/ capital ratio financing
Phasing
Start
End
Development/ Investment
Year 2
Year 3
Projections of operations
Year 3
Year 17
62
Operational results: Profit and loss account projections
Nature experience
Cash Flow Experience in the Forest
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Year 12
Year 13
Year 14
Year 15
Year 16
Year 17
TOTAL
-
-
1,625,592
32,314
1,672,892
32,896
1,738,614
33,488
1,806,918
34,091
1,896,316
34,704
1,990,137
35,329
2,108,878
35,965
2,234,704
36,612
2,368,038
37,271
2,509,327
37,942
2,659,046
38,625
2,817,698
39,320
2,985,817
40,028
3,163,967
40,749
3,352,746
41,482
34,930,693
550,815
-
-
22,810
23,220
23,638
24,064
24,497
24,938
25,387
25,844
26,309
26,783
27,265
27,755
28,255
28,764
29,281
388,811
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0
-
-
1,680,716
1,729,009
1,795,740
1,865,072
1,955,517
2,050,404
2,170,230
2,297,160
2,431,618
2,574,052
2,724,936
2,884,774
3,054,100
3,233,479
3,423,510
35,870,320
-
-
588,251
84,036
117,650
605,153
86,450
121,031
628,509
89,787
125,702
652,775
93,254
130,555
684,431
97,776
136,886
717,642
102,520
143,528
759,581
108,512
151,916
804,006
114,858
160,801
851,066
121,581
170,213
900,918
128,703
180,184
953,728
136,247
190,746
1,009,671
144,239
201,934
1,068,935
152,705
213,787
1,131,718
161,674
226,344
1,198,228
171,175
239,646
12,554,612
1,793,516
2,510,922
Profit and loss account
Revenue
Tickets sale revenue
F&B revenue - Rental
Shops revenue –
Rental
Gondola revenue - non-paying
visitors
Total
revenues
100%
Operational expenses
Personnel costs
Maintenance
Administration
Costs of electricity,
water,...
Marketing
Total expenses by department
Gross operating revenues
Fixed expenses
Fixed costs
Total fixed expenses
EBITDA
-
-
84,036
86,450
89,787
93,254
97,776
102,520
108,512
114,858
121,581
128,703
136,247
144,239
152,705
161,674
171,175
1,793,516
-
-
84,036
86,450
89,787
93,254
97,776
102,520
108,512
114,858
121,581
128,703
136,247
144,239
152,705
161,674
171,175
1,793,516
-
-
958,008
985,535
1,023,572
1,063,091
1,114,645
1,168,730
1,237,031
1,309,381
1,386,022
1,467,209
1,553,213
1,644,321
1,740,837
1,843,083
1,951,401
20,446,082
57%
-
-
722,708
743,474
772,168
801,981
840,872
881,674
933,199
987,779
1,045,596
1,106,842
1,171,722
1,240,453
1,313,263
1,390,396
1,472,109
15,424,237
43%
-
-
151,264
151,264
155,611
155,611
161,617
161,617
167,857
167,857
175,997
175,997
184,536
184,536
195,321
195,321
206,744
206,744
218,846
218,846
231,665
231,665
245,244
245,244
259,630
259,630
274,869
274,869
291,013
291,013
308,116
308,116
3,228,329
3,228,329
-
-
571,444
587,863
610,552
634,125
664,876
697,137
737,878
781,035
826,750
875,178
926,478
980,823
1,038,394
1,099,383
1,163,993
12,195,909
34%
In Year 17 (last year of operation), the operational projections predict Gross Operating Revenues of € 1.4
million, providing a margin of 43% of total revenue and EBITDA of 34%
63
Cash Flow
Nature experience
Cash Flow Experience in the Forest
EBITDA
Investment
Reinvestment (furniture and
equipment reserve)
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Year 12
Year 13
Year 14
Year 15
Year 16
Year 17
TOTAL
-
-
571,444
587,863
610,552
634,125
664,876
697,137
737,878
781,035
826,750
875,178
926,478
980,823
1,038,394
1,099,383
1,163,993
12,195,909
-
3,337,700
1,093,598
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,431,297
-
-
117,650
121,031
125,702
130,555
136,886
143,528
151,916
160,801
170,213
180,184
190,746
201,934
213,787
226,344
239,646
2,510,922
10,270,530
10,270,530
15,524,219
Terminal value
Cash Flow before debt
-
(3,337,700)
(639,804)
466,832
484,850
503,570
Cumulative cash flow
-
(3,337,700)
(3,977,504)
(3,510,672)
1,668,850
546,799
-
-
-
100,131
100,131
25,033
132,939
132,939
8,202
169,896
132,939
302,835
-
172,444
125,059
297,503
187,347
527,990
553,609
585,962
620,233
656,537
694,994
735,733
778,889
824,607
873,039
11,194,877
(1,440,653)
(854,691)
(234,458)
422,079
1,117,073
1,852,806
2,631,695
3,456,302
4,329,341
15,524,219
-
-
-
-
-
-
-
-
-
-
-
2,215,649
175,031
116,706
291,737
-
177,656
107,851
285,508
-
180,321
98,466
278,787
-
183,026
88,517
271,544
-
185,772
77,972
263,743
-
188,558
66,794
255,352
-
191,387
54,945
246,331
-
194,257
42,385
236,642
-
197,171
29,071
226,242
-
200,129
14,959
215,088
-
-
-
1,188,733
3,404,382
33,235
211,833
242,482
274,822
314,419
356,490
401,185
448,663
499,091
552,647
609,519
873,039
11,194,877
14,302,251
(947,679)
(633,261)
(276,771)
124,415
573,077
1,072,168
1,624,815
2,234,334
3,107,373
14,302,251
(3,025,822) (2,522,252) (1,994,263)
Debt
Debt financing
Debt payment
Capital
Interest
Total Capital+Interest
Debt opening cost
Cash Flow after debt
-
(1,794,014)
(234,146)
163,997
-
(1,794,014)
(2,028,160)
(1,864,162)
WACC
NPV
Project IRR
FP IRR
(1,676,816) (1,464,983) (1,222,501)
7.5%
3,831,153
15.9%
18,9%
• The consolidated cash flow for the operation of the accommodation represents, after 15 years of operation, €15.5 million
before debt
• With a capitalisation rate of 7.5%, the Net Present Value (NPV) is €3.8 million and the project IRR is 15.9%
64
"Energy-Motion" circuit experience’
Cash Flow "Energy-Motion" circuit experience
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Year 12
Year 13
Year 14
Year 15
Year 16
Year 17
TOTAL
-
-
4,483,928
4,610,285
4,787,135
4,970,770
5,212,051
5,465,044
5,785,951
6,125,702
6,485,403
6,866,226
7,269,411
7,696,271
8,148,196
8,626,658
9,133,215
95,666,246
Operational results
Cash Flow Exp. Circuit
Revenue
Tickets sale revenue
Food and Beverage
premises rental revenues
Shops rental revenue
Gondola revenue - non-paying
visitors
Total
revenues
Operational expenses
Personnel costs
Maintenance
Administration
Costs of electricity, water,...
Marketing
Fixed expenses
Fixed costs
EBITDA
-
-
107,713
109,652
111,626
113,635
115,681
117,763
119,883
122,041
124,237
126,474
128,750
131,068
133,427
135,829
138,273
1,836,052
-
-
38,017
38,701
39,397
40,107
40,828
41,563
42,312
43,073
43,848
44,638
45,441
46,259
47,092
47,939
48,802
648,018
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0
-
-
4,629,658
4,758,638
4,938,159
5,124,512
5,368,560
5,624,370
5,948,145
6,290,816
6,653,489
7,037,338
7,443,602
7,873,598
8,328,715
8,810,426
9,320,291
98,150,316
-
-
1,620,380
231,483
324,076
231,483
231,483
1,665,523
237,932
333,105
237,932
237,932
1,728,356
246,908
345,671
246,908
246,908
1,793,579
256,226
358,716
256,226
256,226
1,878,996
268,428
375,799
268,428
268,428
1,968,530
281,219
393,706
281,219
281,219
2,081,851
297,407
416,370
297,407
297,407
2,201,786
314,541
440,357
314,541
314,541
2,328,721
332,674
465,744
332,674
332,674
2,463,068
351,867
492,614
351,867
351,867
2,605,261
372,180
521,052
372,180
372,180
2,755,759
393,680
551,152
393,680
393,680
2,915,050
416,436
583,010
416,436
416,436
3,083,649
440,521
616,730
440,521
440,521
3,262,102
466,015
652,420
466,015
466,015
34,352,611
4,907,516
6,870,522
4,907,516
4,907,516
-
-
2,638,905
2,712,424
2,814,750
2,920,972
3,060,079
3,205,891
3,390,443
3,585,765
3,792,489
4,011,282
4,242,853
4,487,951
4,747,367
5,021,943
5,312,566
55,945,680
57%
-
-
1,990,753
2,046,214
2,123,408
2,203,540
2,308,481
2,418,479
2,557,703
2,705,051
2,861,000
3,026,055
3,200,749
3,385,647
3,581,347
3,788,483
4,007,725
42,204,636
43%
-
-
416,669
416,669
428,277
428,277
444,434
444,434
461,206
461,206
483,170
483,170
506,193
506,193
535,333
535,333
566,173
566,173
598,814
598,814
633,360
633,360
669,924
669,924
708,624
708,624
749,584
749,584
792,938
792,938
838,826
838,826
8,833,528
8,833,528
9%
-
-
1,574,084
1,617,937
1,678,974
1,742,334
1,825,310
1,912,286
2,022,369
2,138,877
2,262,186
2,392,695
2,530,825
2,677,023
2,831,763
2,995,545
3,168,899
33,371,107
34%
100%
In Year 17 (last year of operation), the operational projections predict Gross Operating Revenues of 4
million euros, providing a margin of 43% of total revenue and EBITDA of 34% of the total revenues
65
Cash Flow
"Energy-Motion" circuit experience’
Operational results with investment supported by private and public sectors, with private sector participation of €18 million for the EnergyMotion Component
Cash Flow "Energy-Motion" circuit experience
EBITDA
Investment
equipment reserve)
Terminal value
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Year 12
Year 13
Year 14
Year 15
Year 16
Year 17
TOTAL
-
-
1,574,084
1,617,937
1,678,974
1,742,334
1,825,310
1,912,286
2,022,369
2,138,877
2,262,186
2,392,695
2,530,825
2,677,023
2,831,763
2,995,545
3,168,899
33,371,107
-
9,337,738
9,505,817
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18,843,555
-
-
324,076
333,105
345,671
358,716
375,799
393,706
416,370
440,357
465,744
492,614
521,052
551,152
583,010
616,730
652,420
6,870,522
27,960,874
27,960,874
35,617,904
-
(9,337,738)
(8,255,809)
1,284,832
1,333,303
-
(9,337,738)
(17,593,547)
(16,308,715)
(14,975,412)
1,518,580
1,605,999
1,698,520
1,796,442
1,900,081
2,009,773
2,125,871
2,248,753
2,378,815
30,477,352
(13,591,794) (12,142,283) (10,623,703)
1,383,618
1,449,511
(9,017,704)
(7,319,183)
(5,522,741)
(3,622,660)
(1,612,887)
512,984
2,761,737
5,140,552
35,617,904
Debt financing
Debt payment
-
4,668,869
4,752,909
-
-
-
-
-
-
-
-
-
-
-
9,421,777
Capital
-
-
-
722,462
733,299
744,298
755,463
766,795
778,297
789,971
801,821
813,848
Interest
-
280,132
565,307
565,307
531,797
496,277
458,625
418,715
376,409
331,566
284,032
233,645
826,056
838,446
851,023
-
-
9,421,777
180,236
123,622
63,611
-
-
-
280,132
565,307
1,287,768
1,265,096
1,240,575
1,214,088
1,185,509
1,154,706
1,121,537
1,085,852
1,047,493
4,909,281
1,006,292
962,069
914,635
-
-
14,331,058
Debt opening cost
-
70,033
71,294
-
-
-
-
-
-
-
-
-
-
-
-
-
-
141,327
-
(5,019,034)
(4,139,501)
(2,936)
68,207
143,043
235,423
333,071
451,293
576,983
710,590
852,588
1,003,481
1,163,803
1,334,118
2,378,815
30,477,352
30,567,297
-
(5,019,034)
(9,158,535)
(9,161,472)
(9,093,264)
(8,950,221)
(8,714,798)
(8,381,727)
(7,930,434)
(7,353,450)
(6,642,861)
(5,790,273)
89,944
30,567,297
Debt
WACC
NPV
Project IRR
FP IRR
-
-
-
(4,786,792) (3,622,989) (2,288,871)
7.5%
5,035,365
10.6%
11.6%
• The consolidated cash flow for the operation of the accommodation, after 15 years of operation, represents €35 million
before debt
• With a rate of 7.5%, the Net Present Value (NPV) is €5 million and the project IRR is 10.6%
66
Accommodation
ACCOMMODATION
Year 1
Profit and loss account
Cash Flow Spa-Francorchamps Accommodation
Revenue
Rooms revenue
Food and Beverage
revenue
Shops
Spa
Other revenue
Total
revenues
Expenses by department
Rooms
Food and Beverage
Shops
Spa
Other revenue
Undistributed expenses
Management
expenses
General and Administration
Marketing expenses
Repair & Maintenance
Total undistributed expenses
Fixed expenses
Taxes/ Land Tax
Insurance
Incentives cost
EBITDA
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Year 12
Year 13
Year 14
Year 15
Year 16
Year 17
TOTAL
0
0
397,273
707,741
792,528
855,690
995,535
1,266,818
1,418,583
1,444,117
1,470,111
1,496,573
1,523,512
1,550,935
1,578,852
1,607,271
1,636,202
18,741,741
0
0
59,591
106,161
118,879
128,354
149,330
190,023
212,787
216,618
220,517
224,486
228,527
232,640
236,828
241,091
245,430
2,811,261
0
0
0
0
0
0
3,973
3,973
3,973
7,077
7,077
7,077
7,925
7,925
7,925
8,557
8,557
8,557
9,955
9,955
9,955
12,668
12,668
12,668
14,186
14,186
14,186
14,441
14,441
14,441
14,701
14,701
14,701
14,966
14,966
14,966
15,235
15,235
15,235
15,509
15,509
15,509
15,789
15,789
15,789
16,073
16,073
16,073
16,362
16,362
16,362
187,417
187,417
187,417
468,782
835,134
935,183
1,009,715
1,174,731
1,494,845
1,673,928
1,704,058
1,734,731
1,765,957
1,797,744
1,830,103
1,863,045
1,896,580
1,930,718
22,115,255
100%
119,182
29,795
119
2,185
1,390
152,672
212,322
53,081
212
3,893
2,477
271,985
237,759
59,440
238
4,359
2,774
304,569
256,707
64,177
257
4,706
2,995
328,842
298,660
74,665
299
5,475
3,484
382,584
380,045
95,011
380
6,967
4,434
486,838
425,575
106,394
426
7,802
4,965
545,161
433,235
108,309
433
7,943
5,054
554,974
441,033
110,258
441
8,086
5,145
564,964
448,972
112,243
449
8,231
5,238
575,133
457,054
114,263
457
8,379
5,332
585,486
465,280
116,320
465
8,530
5,428
596,024
473,656
118,414
474
8,684
5,526
606,753
482,181
120,545
482
8,840
5,625
617,674
490,861
122,715
491
8,999
5,727
628,792
5,622,522
1,405,631
5,623
103,080
65,596
7,202,451
33%
0
0
0
0
0
0
0
0
0
0
0
0
15,891
28,310
31,701
34,228
39,821
50,673
56,743
57,765
58,804
59,863
60,940
62,037
63,154
64,291
65,448
619,931
0
0
0
0
0
0
27,809
23,836
23,836
91,373
49,542
42,464
42,464
162,780
55,477
47,552
47,552
182,282
59,898
51,341
51,341
196,809
69,687
59,732
59,732
228,973
88,677
76,009
76,009
291,368
99,301
85,115
85,115
326,274
101,088
86,647
86,647
332,147
102,908
88,207
88,207
338,126
104,760
89,794
89,794
344,212
106,646
91,411
91,411
350,408
108,565
93,056
93,056
356,715
110,520
94,731
94,731
363,136
112,509
96,436
96,436
369,672
114,534
98,172
98,172
376,326
1,084,879
929,896
929,896
4,310,601
19%
-
224,737
400,369
448,333
484,064
563,174
716,639
802,492
816,937
831,642
846,612
861,851
877,364
893,156
909,233
925,599
10,602,203
48%
0
0
0
0
0
0
0
0
0
3,973
20,226
24,199
0
7,077
36,033
43,111
0
7,925
40,350
48,275
0
8,557
43,566
52,123
0
9,955
50,686
60,641
0
12,668
64,498
77,166
0
14,186
72,224
86,410
0
14,441
73,524
87,966
0
14,701
74,848
89,549
0
14,966
76,195
91,161
0
15,235
77,567
92,802
0
15,509
78,963
94,472
0
15,789
80,384
96,173
0
16,073
81,831
97,904
0
16,362
83,304
99,666
0
187,417
954,198
1,141,616
0
0
200,538
357,258
400,058
431,941
502,533
639,473
716,082
728,972
742,093
755,451
769,049
782,892
796,984
811,330
825,933
9,460,587
-
43%
The operational projections predict Gross Operating Revenue of € 925,000, providing a margin of 48% of
total revenue and EBITDA of 43% of total revenue in year 17
67
Cash flow
Accommodation
ACCOMMODATION
EBITDA
Pre-opening
Working capital
Investment
equipment reserve)
Terminal value
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Year 12
Year 13
Year 14
Year 15
Year 16
Year 17
TOTAL
0
0
200,538
357,258
400,058
431,941
502,533
639,473
716,082
728,972
742,093
755,451
769,049
782,892
796,984
811,330
825,933
9,460,587
-
19,800
4,488,371
40,674
2,008,961
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19,800
40,674
6,497,333
-
-
32,815
58,459
65,463
70,680
82,231
104,639
117,175
119,284
121,431
123,617
125,842
128,107
130,413
132,761
135,150
1,280,157
7,675,369
7,675,369
-
(4,508,171)
(1,881,912)
298,799
334,595
361,261
420,302
534,834
598,907
609,688
620,662
631,834
643,207
654,785
666,571
678,569
8,366,152
9,030,082
(4,508,171)
(1,881,912)
(4,209,372)
(1,547,317)
660,060
754,897
896,095
1,019,209
1,144,522
1,219,569
1,241,521
1,263,869
1,286,618
1,309,778
1,333,354
9,032,723
2,244,186
1,004,481
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Debt
Debt financing
Debt
D
bt paymentt
-
3,248,666
Capital
-
-
-
249,108
252,844
256,637
260,487
264,394
268,360
272,385
276,471
280,618
284,827
289,100
293,436
-
-
3,248,666
Interest
-
134,651
194,920
194,920
183,366
171,118
158,136
144,374
129,787
114,325
97,935
80,562
62,146
42,625
21,933
-
-
1,730,800
-
134,651
194,920
444,028
436,210
427,755
418,622
408,768
398,147
386,710
374,406
361,180
346,973
331,725
315,370
-
-
4,979,466
Debt opening cost
-
33,663
15,067
-
-
-
-
-
-
-
-
-
-
-
-
-
-
48,730
-
(2,432,300)
(1,087,419)
(145,229)
(101,615)
(66,494)
1,680
126,066
200,760
222,977
246,256
270,654
296,233
323,059
351,201
678,569
8,366,152
7,250,552
-
(2,432,300)
(3,519,718)
(3,664,947)
(3,766,562)
(3,833,056)
(3,831,376)
(3,705,310)
(3,504,550)
(3,281,573)
(3,035,317)
(2,764,663)
(2,468,430)
(2,145,370)
WACC
NPV
Project TRI
FP IRR
1,794,169) (1,115,600)
7,250,552
7.5%
356,207
8.1%
8.3%
• The consolidated cash flow for the operation of the accommodation, after 15 years of operation, represents €9 million
before debt
• With a capitalisation rate of 7.5%, the Net Present Value (NPV) is € 356,000 and the project IRR is 8.1%
68
Appendices
69
Cadastral plan of the Francorchamps circuit
Cadastral plan of the Circuit
Scale 1/2500
Land owners:
Intercommunity association for the
management of the circuit of
Spa-Francorchamps
City of Stavelot
City of Malmedy
Liege Province
Private owners
Property of SPI+
Walloon Region/ Assets managed by ISF
Association/ Belgium Royal Automobile Club
Association/ Spa Royal Automobile Club
ISF + Liege Province
Emphyteutic Lease
70
Your contact for the Société de Valorisation du
circuit de Spa-Francorchamps (SVF) :
Centre d’Ingénierie Touristique de Wallonie (CITW)
Fabienne Vanthuyne
José Clossen
Avenue Sergent Vrithoff, 2
5000 Namur
Belgium
egu
Phone: +(32) 81 435404
Fax: +(32) 81 434784
Email : citw@citw.be
www.spi.be/fr/destination-francorchamps
Projet financé par l’Union Européenne et par la Wallonie
le Fonds Européen de Développement Régional et la Wallonie
investissent dans votre avenir

Tourism development plan of the Spa-Francorchamps

Transcription

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