disclaimer this material is exclusively for international and promotional purposes. its intention is...
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Disclaimer
This material is exclusively for international and promotional purposes. Its intention is to inform about the business strategy of the company Tatry mountain resorts, a.s., with its registered office at Demänovská Dolina 72, Liptovský Mikuláš 031 01, Identifications Number: 31 560 636, registered in the Commercial Registry of District Court of Žilina, Section: Sa, Insertion No. 62/L (hereinafter referred to as „the TMR Company“).
TMR Company shares are traded at the parallel market of stock-exchange listed securities. The company´s eguity consists of 6 707 198 equity shares booked on the bearer with a nominal value of 33 € per stock. Emission has been allocated ISIN SK11 20010287. In order to make the above emission public at the parallel market of stock-exchange listed securities, there was an elaborated prospectus for the securities of share emissions, ISIN SK11 20010287, as of October 10, 2010. The prospect is published at the following website of the parallel market os stock-exchange listed securities Bratislava: www.bsse.sk and at website of the TMR Company www.tmr.sk
Information contained in this material is not based on historical data, but contains forecasts for future performance. Predictions are based on rational expectations supported by objective data. Predictions are not reliable indicators of future performance and they are not binding. The TMR Company is not liable for any of the above predictions. Future figures of the TMR Company can differ from predictions given in this presentation.
This material is owned exclusively by the TMR Company. Any distribution, duplication, publishing, copy or record of this information, or any part of it contained in this material is forbidden without the prior approval by the TMR Company. Any distribution of this presentation or any part of it beyond the territory of the Slovak Republic can be either restricted, or prohibited by law order of the third state.
Our mission is to secure the renaissance of Tatras from the capital, sports and cultural as well as social point of view.
• Position of TMR as a leader in mountain tourism determines: • a unique geographical area and market position • years of experience and unique know how• a business model elaborated into details• extensive already realized (EUR 45 mil.) and future investments
Business model based on great growth potential:
• a year-round use of mountain resorts• complementarity of offered services• improvement and adjusting of services´ standards• investment development of Tatras• benefits of the Shareholders´ club
INVESTMENT HIGHLIGHTS
HISTORY OF HOLDING
2009200820061992 20052003
Ski Jasná, a.s. founded by the National Property Fund
Name changed to JASNÁ Nízke Tatry, a.s.
Acquisition of Grandhotel Praha
Shares acquisition of TLD, a.s.
Acquisition of Grandhotel Starý
Smokovec
Name changed to TMR, a.s.
Increase of equity ratio to EUR 253 mil. and IPO on BCPB
HOTELSHOTELS
GRANDHOTEL PRAHA **** GRANDHOTEL SMOKOVEC ****
GRANDHOTEL JASNÁ **** HOTEL TRI STUDNIČKY **** HOTEL SKI BUNGALOWS **
ResortsResorts MOUNTAINSMOUNTAINS
All you need to enjoy your holiday, you can find at one place...
SKI SCHOOL, SKI RENTAL,
SHOPS,RESTAURANTS,
APRES SKI BARS,ATRACTIONS
DEVELOPMENTDEVELOPMENT
T. LOMNICA CENTERJASNÁ CENTER
GRAND RESIDENCES
• The High Tatras (Tatranská Lomnica, Štrbské Pleso, Starý Smokovec)• Luxury year-round touristic resort offers quality complex services during
the summer and winter
• The Low Tatras (Jasná, Chopok Juh)• biggest winter sport resort in central Europe
TMR´s mountain resorts
The biggest winter sport resort in Slovakia
- 34 km of ski slopes- 14 km of ski slopes with artificial snow- transportation capacity is more than 22 000 persons per hour (7 cableways and chairlifts, 18 t-bars)- biggest ski school for children in Slovakia - 4000 m2 with conveyor belt- professional service, cloakroom, ski school and rental equipment (600 pieces of Ski)- 4 sport shopes- ski in – ski out accomodation- candidate Alpine FIS World Cup
Skiing and many possibilities for wonderful summer holiday
- 14 km of ski slopes- 6,2 km of ski slopes with artificial snow- transportation capacity is more than 12 600 persons per hour (5 cableways and chairlifts, 10 t-bars )- ski school for children with conveyor belt- professional service, ski school and rental equipment (300 pieces of Ski)- 2 sport shops- sledding- Snowbikes, Skifoxes, Snow tubing, Snowshoeing… - chairlift trip to Lomnický štít 2643 m - hiking, climbing, summer fun tools
Unique hotels in a first-class location, a unique ambiance, wellness and excelentServicesFour 4**** and one 2** hotel – 3 of them ski in – ski out• capacity of beds more than 900 • capacity of restaurants/bars approx. 1100• capacity of conference rooms approx. 900
• High rate of population around 200km: 7,5 milions people
• Clients with tradition to visit Tatras – Slovakia, Czech Republic, Poland, Hungary, previous Democratic Republic of Germany
• Easy access by plane – all big european cities are situated out of mountains- London, Copenhagen, Amsterdam, Moscow, St. Petersburg
• Markets in circuit of 1000 km with minimal offer of peer services - Ukraine, Baltic States
Top destination – great growth potential
Complex cover of client´s needs
TMR is the owner of infrastructure facillities
TMR is the owner of hotels and apartments and provider of accomodation
TMR offers all key services directlyapres ski and gastro on ski slope, ski rental, cloakroom, service and ski school, fun activity: bike park, tubing, boats etc.
Service of travel agency (central reservation system on the web sites)
Renting the retail rooms
1. Wealthy client: spends daily more than EUR 200, at present 5% of clientele• Target: 20% of clientele, 40% of operation profit• Potential real estate client
2. Mainstream: spends daily more than EUR 100, at present 45% of clientele• Target: 50% of clientele, 50% of operation profit• Potential real estate client
3. Low end: spends daily to EUR 35, at present 50% of clientele• Target: 30% of clientele, 10% of operation profit
OUR CLIENTS
1. Guarantee of snow – extension of artificial snowing
2. Reduction of waiting time – increase of transportation capacities
3. Minimalization of atmospheric exposures – gondola´s
4. Better utilisation of the Tatras´ conditions – freeride, natural snow
5. Increase of winter activities variability – sledding, ice-skating etc.
6. Gastro services on ski slope – top quality on ski slope, apres ski
7. Ski school and rental – directly on ski slope, comfort, cloakroom
8. Parking – near to ski slopes
9. Transportation – shuttle transport, Tatras´ railway
10.Support of private subjects´ activities – taxi, bars, restaurants
Key factors of development during winter season
1. Utilisation of tourism potential:
• Aquaparks approximately 800 thousand of visitors
• Chopok cableway
2. Elimination of atmospheric exposures – gondola´s
3. Increase of summer activities variability – except hiking:
• scooters, cars, mountainbords
• summer tubing, bike park, bob-sled railway, gastro in altitudes
4. Focusing on children – parks with theme (aqua, bike, folk handicrafts)
5. Support of private subjects´ activities – aquaparks, golf, caves etc.
Key factors of development during summer season
1. Hotels:
• Operation of own hotels in top quality
• High service standard of catering, hotel´s equipment and ambiance outside hotel
• Extension of spa offer - wellness
• Intensify social and cultural life in hotels
• Offering of congress services apart from main season
2. Apartments:
• Establishment of facility managment after their sale
• Utilization of owners´activities by attracting visitors to Tatras
• Increase of accomodation stake ski in – ski out
• Offering complex services (scatering, wellness, rentals etc.)
Key factors of hotel segment development
Leader in investment development
Investments corporealize the Tatras´ renaissance and are important for development
Destinations: - Tatranská Lomnica ( Zermat)- Jasná / Chopok ( Ischgl )- Starý Smokovec ( Chamonix)- Štrbské Pleso ( St. Moritz)
• TMR as investment leader in mountain tourism segment:• capital expenditures in volume EUR 45 mil. already realized during past 3 years
Future investments in volume more than EUR 100 mil. :• projects in infrastructure (cableways, ski slopes, gastro on ski slopes, hotels)• realization of projects to build apartments
Past investments
4 new cableways hotels´renovation 69 new snow machine6 new snow-ploughs 11 km snowed ski slopes tube run8 km ski slopes 4 apres ski bars 7 restaurants on ski slopesautomatic machine for ski service 3 kindergartens 4 ski rentals - 700 skis
We are investing EUR 90 mil. into resorts´infrastructureCableways EUR 66 mil. increase of transportation capacity for 50 thousand per./hour + 60 %Ski slopes and artificial snow extension of ski slopes area to 210 ha + 37 % EUR 10 mil. increase of ski slopes with artificial snow to 109 ha +113%Buildings (rstaurants...) EUR 12 mil. increase of seats´capacity to 2 200 seats + 82%Parking places EUR 2 mil. increase of total parking capacity to 1900 cars + 75%
NEW CITY CENTER IN TATRANSKÁ LOMNICA
- TOP location: a part of zone is departure station to Skalnatá dolina
- Accomodation: 290 apartments in standard of 3* and 4*
- Leisure and relax: wellness, fitness, beauty
- Shopping passage: 2.520 m2 shops and services, complete amenities
- Year-round use: reach sports and cultural utilization
NEW CENTER IN TATRANSKÁ LOMNICA ADVANTAGES OF THE PROJECTS:
• Unique location compared to competitive projects
• Creation of independent destination in frame of resort
• Addition of missing infrastructure in resort
• Indirect support of resort
PROJECT CENTER I.:• TOP location in the center of ski resort Jasná Nízke Tatry, next to the station
• Accomodation - 250 apartments in standard of 3* and 4*, 250 garage places
• Leisure and relax - 3 x wellness, fitness, beauty
• Shopping passage - 2.520 m2 shops and services, restaurants, caffes, bars, boutiques, pharmacy, grocery• Year-round use: bike park, adrenalin´s park, atractions for children
Advantages of the project CENTER I.:
• Unique location compared to competitive projects
• Creation of independent destination in frame of resort
• Addition of missing infrastructure in resort
• Creation of relationship between owners of apartments and center
Book values of TMR
Developers´ projects 20%
Value decomposition - book values
Infrastructure- resorts 61%
Hotels 20%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Utilisation of TMR resources
aquisition price47.4
aquisition price70.2
CAPEX81.7
CAPEX9.1
CAPEX1.8
39,8
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
Hotels Infrastructure Developers´projects purchase
Developers´projects
EU
R m
il.
.
Key values
- increase of transportation capacity, better cableways adaptation to atmospheric exposures and expansion of artificial snow will bring 63% increase of visitors during winter- cableway from both sides of Chopok assures more visitors during summer- so as ticket price could be higher (80% of price in top Alpine resort) which will bring a significant increase of revenue and EBITDA
Cableways
average 2005/06 - 2008/09 2013/14 Change in %
Transportation capacity 31 530 50 440 60%
winter 31 530 50 440
summer 8745 15045
KM trails 46 52,6
HA trails 153 209,6 37%
% artificial snow (ha) 33% 52%
Visit rate 1 197 000 1 786 000 49%
winter 613 000 998 000 63%
% skiers 85% 92%
summer 584 000 788 000 35%
Average price person/day
winter 14 19 38%
summer 7 8 17%
Daily ticket price top season winter 26 36 38%
TOTAL revenues 13 267 000 25 490 000 92%
winter 8 333 000 18 686 000 124%
summer 3 988 000 6 315 000 58%
EBITDA 5 763 000 14 224 000 147%
Key values
- more visitors in resort will bring revenue increase of ski school and catering- men of substance will assure synergic effects on revenue of services in mountains (more clients with habit to rent and use ski school)- investments will bring higher quality of catering – top resorts Chopok, Priehyba – large restaurants in centre of resort-Lomnica Center – more shops – shopping center for purchasing mountain equipment
Ski school, ski rental, shops
2008/09 2013/14 Change in %
Number of rentals 970 8 360 762%
% stake of visit rate 0,2% 1%
Number of clients – Ski school 5 820 16 960 191%
% stake of visit rate 1,1% 1,9%
Tržba obchodov 159 000 467 000 194%
TOTAL revenues 700 000 3 863 405 452%
% cableways revenue 5% 15%
EBITDA -81 000 2 221 896
Gastro on ski slope - Tatras
average 2005/06 - 2008/09 2013/14 Change in %
Number of seats 1 210 2 100 74%
TOTAL revenues 1 287 000 5 180 000 302%
% cableways revenue 10% 20%
EBITDA -321 000 1 550 000
Key values
- better quality of resort and increase of visit rate will positively influence increase of occupancy - so as increase of average price will be in consequence of existence of men of substance in resort and investments into hotels- these synergies will mean 122% revenue increase
Hotels
average 2005/06 - 2008/09 2013/14 Change in %
Number of beds 416 438 5%
Number of room/day 149 596 153 430
Occupancy 35% 56,4% 61%
Average room price 68 85,6 25,8%
Total revenues / room 101 105
Sale 6 254 579 13 883 200 122%
EBITDA 664 351 4 256 628
FINANCIAL RESULTS 2006-2009
0
5 000 000
10 000 000
15 000 000
20 000 000
25 000 000
2005-2006 2006-2007 2007-2008 2008-2009
Operating sales Operating costs Operating revenues
View after business segments
EUR tis.2005/2006 2006/2007 2007/2008 2008/2009
2009/2010I.half of
year (IFRS)
2009/2010Assumption
Mountains 14 603 14 287 15 589 15 241 9 289 13 590 Cableways 13 828 13 025 13 742 12 820 7 400 11 115 Gastronomy 492 852 1 227 1 606 1 126 1 650 Ski school 283 410 621 815 763 825 Hotels 4 242 7 395 7 351 6 030 3 418 6 273Developers´ projects 0 0 0 0 0 0TOTAL REVENUES 18 845 21 682 22 940 21 271 12 707 19 862Mountains 5 066 3 993 4 703 3 571 2 332 2 426 Cableways 5 586 4 759 5 041 3 788 2 049 2 180 Gastronomy -451 -511 -312 -59 171 219 Ski school -69 -255 -26 -158 112 27 Hotels 845 1 235 654 -76 629 542Developers´ projects 0 0 0 0 0 0TOTAL EBITDA 5 911 5 228 5 357 3 495 2 961 2 968
Key efficiency indicators
Simultaneous development:
• development capacity
• trails
• snow supply
• number increase of visitors
• no overpopulation
Transportation capacity and ski slopes
0
10,000
20,000
30,000
40,000
50,000
60,000
2006 2007 2,008 2009e 2010p 2011p 2012p 2013p 2014p
Lyž
iaro
v z
a h
od
inu
.
0
50
100
150
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ha .
Transport. capacity Transport.-capacity- summer trails snow supply
Numbers of visitors and skiers
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2006 2007 2,008 2009e 2010p 2011p 2012p 2013p 2014p
0.0
5.0
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20.0
25.0
30.0
35.0
40.0
Skie
r p
er
hecta
re
Number of visitors - winterNumber of visitors - summer Skier / ha
Key efficiency indicators
• Ticket price could gently increase because of inflation by 3-4% p.a.
• Average ticket price during top season €30-37/day, deeply under Alpine´s level!
Number of visitors and ticket price
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2006 2007 2,008 2009e 2010p 2011p 2012p 2013p 2014p
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
EU
R
number of visitors-winter number of visitors- summer
ticket price- Jasná/Chopok ticket price – Vysoké Tatry
Revenues and EBITDA according to segments
Views
Supervisory board – controls and approves investments – representatives of owners – strong position - elects and calls off members of Board of Directors and controls their activity - approves financial plan - approves all investments over EUR 300 000 - so far three members – I. Rattaj chairman, P. Reisel, J. Slabý representative of the employees
Board of Directors – strategic administration and responsibility for key decisions – authorization to sign- elects and calls off members of Top managemnetu- signs all of contracts and companies´bills - propose investment and financial plan and is responsible for its fulfilment- so far three members – B. Hlavatý chairman, J.Hodek – financies, A. Devečka - Jasná- after dissolution of TLD completing of D. Slavkovský – Vysoké Tatry
Top management – manufacture control off mills and back offices- is responsible for realization of financial and investment plan- initial of contracts, bills and orders for its sections
Principles´fulfilment of corporate governance
Top management
Corporate services:• Financial management – CFO – Jozef Hodek• Sales and marketing – František Šoltis • Operations – Alena Ondrušová
TMR Operations
Lifts – Low TatrasJán Štetka
Lifts – High TatrasDušan Slavkovský
Mountain ServicesMatej Hulej
Hotels – High Tatras & DiningMichal Krolák
Hotels - Low TatrasBranislav Kackovic
Infrastructure DevelopmentVladimir Cukan
Real Estate DevelopmentVladislav Omelina
Predseda predstavenstva
e Tatry – Low TatrasJán Štetka
Lifts – High TatrasDušan Slavkovský
Mountain ServicesMatej Hulej
Hotels – High Tatras & DiningMichal Krolák
Hotels - Low TatrasBranislav Kackovic
Infrastructure DevelopmentVladimir Cukan
Real Estate DevelopmentVladislav Omelina
TMR Operations
Lifts – Low TatrasJán Štetka
Lifts – High TatrasDušan Slavkovský
Mountain ServicesMatej Hulej
Hotels – High Tatras & DiningMichal Krolák
Hotels - Low TatrasBranislav Kackovic
Infrastructure DevelopmentVladimir Cukan
Real Estate DevelopmentVladislav Omelina
TMR Operations
Lifts – Low TatrasJán Štetka
Lifts – High TatrasDušan Slavkovský
Mountain ServicesMatej Hulej
Hotels – High Tatras & DiningMichal Krolák
Hotels - Low TatrasBranislav Kackovic
Infrastructure DevelopmentVladimir Cukan
Real Estate DevelopmentVladislav Omelina
TMR´s SHAREHOLDERS on August 4, 2010
Following chart shows owner’s structure of Tatry mountain resorts, a.s. to 4.8.. 2010.
Is the global warming a problem?
• Position of TMR as a leader in mountain tourism determines: • a unique geographical area and market position • years of experience and unique know how• a business model elaborated into details• extensive already realized (45 mil. EUR) and future investments
• Business model TMR is based on great growth potential and:• a year-round use of mountain resorts• complementarity of offered services• improvement and adjusting of services´ standards• investment development of Tatras• benefits of the Shareholders´ club
WHY SHOULD YOU INVEST INTO TMR?
Economical: • Constantly growing share price• Yearly planned dividend • Yearly dividend resulting from share ownership ( approx. 10 % of share value )
Emotional:• Tatra´s co-ownership• Participation in Slovakia´s development and personal utilization of benefits from this development
BENEFITS OF SHAREHOLDER´S CLUB
Number of shares Benefit25 4-day ski pass40 7- day ski pass80 2 x 7- day ski pass
130 season ski pass issued by name250 2 x season ski pass issued by name500 VIP club
Thank you for your attention.
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