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Annual Report ANNUAL REPORT Individual and Consolidated Financial Statements of Tatry mountain resorts, a.s. and its Subsidiaries as of October 31, 2011 CONTENT Commentary from CEO ...................................................................4 Business Activities Review ..............................................................6 Selected Historical Results ............................................................. 7 Past and Present Day ....................................................................... 8 Company Profile ............................................................................... 10 Corporate Strategy ..........................................................................18 KPIs (Key Performance Indicators) ...........................................24 Market Analysis .................................................................................24 Risk Factors and Risk Management .............................................28 Financial Performance Review for the Year ...............................32 Total Revenues and Profit .............................................................33 Significant Events of the Year .................................................... 34 Results by Segments and Subsegments.................................35 Group’s Position at the End of the Year ......................................39 Financial Position ............................................................................40 Cash Flow .........................................................................................40 Trends and Outlook........................................................................40 Corporate Social Responsibility .................................................. 42 Environment and Community Activities ................................ 43 Human Resources ........................................................................... 44 Corporate Governance ................................................................. 46 Shareholder Information ............................................................... 51 Consolidated Financial Statements ............................................ 54 Individual Financial Statements ..................................................113 Statement of the Board of Directors ..........................................161 COMMENTARY FROM CEO 4 Tatry mountain resorts (TMR) results ased by 2400 persons per hour due for the fiscal year 2010/2011 are the to a new 8-seat cableway in Tatranská best in our history so far. We reached Lomnica; and there is also additional more than a 50% income increase du- 3km of trails with technical snowma- ring this period, amounting to a profit king. We increased parking spaces by of 38.8 million euros. 700 spaces in both resorts. Wellness hotel Grand Jasná renovated 27 ro- Moreover, we managed to improve oms. Grandhotel Praha increased ca- operating profitability (EBITDA mar- pacity by 27 rooms and 6 apartments. gin) by 16% and increase earnings be- Wellness opportunities improved be- fore interest, taxes, depreciation and cause of interior and exterior hotel re- amortization (EBITDA) by 84%. constructions. We expect that all the- TMR recorded consolidated net pro- se and additional investments shall be fit in the amount of 9.03 million eu- notably reflected in next year’s fiscal ros due to the effective management results. of operational and non-operational TMR shares recorded a positive incre- assets and the right strategic and in- ase for 2010/2011 as the share price vestment decisions. We reached an had an increasing trend with the ove- increase of 57% and this presents an rall profit of 7.3% and final value of Ing. Bohuš Hlavatý option to pay out dividends. 42.65 euros on 31st October 2011. I am CEO The winter season of 2010/2011 was glad that the TMR shares performance Tatry mountain resorts, a.s. successful also thanks to the high qu- contradicted the trend of comparable ality snowmaking system and the con- companies in Europe (Skistar, CDA) stant expansion of the snowmaking whose shares declined in double di- Dear Shareholders capacities. The season lasted more git percentage points over the same and Mountain Lovers, than 150 days despite bad weather period. Being a TMR shareholder last conditions, lack of real snow and low year did not only bring investment The previous financial year 2010/2011 temperatures. The summer season of appreciation but also an option to was both eventful and successful for 2011 was one of the most successful. draw shareholder benefits in the TMR us. I am proud to announce that ma- Stable weather conditions in August resorts which, at the end of the year, jority of our operations improved their and September, synergies among the also included admission to aquapark results in a market that is sensitive to mountain resorts and Tatralandia and Tatralandia. macroeconomic factors in the period an active marketing policy were all In regards to dividends, we are sticking shadowed by the deepening debt cri- contributing factors to the creation of to our ambitious dividend policy and, sis in Eurozone the best results in the fourth quarter. the same as last year, also this year we Our results prove that we have the TMR stays committed to its well-defi- will recommend paying out cash divi- right strategy. An intensive investment ned strategy based on organic growth dends to our shareholders amounting policy with capital investments into of the Company through capital in- to 70% of consolidated net profit. We our resorts has been paying off. In- vestments into resorts and hotels; will propose this recommendation at vestments in total of 100 million eu- strategic acquisitions, financial in- the following general meeting. ros over the last 5 years, continuous vestments; and on a customer-orien- Finally, I would like to say that in ad- development, and the transformation ted approach in every market seg- dition to the excellent results of the of the Tatras region keep attracting ment with the goal to grow our loyal past year I am very happy for a the increasingly more customers to TMR customer base. In the past year TMR great start to the new winter season every year. Last year we welcomed continued to create a solid basis for 2011/2012. A year-over-year increase 1,674 million customers, which is an in- its affluent clientele by developing of revenues by 15% and of customers crease of 63% year-over-year, while in and enhancing the quality of resort by 9% in the mountain resorts in No- the mountain resorts there was a 20% activities, services, and hotels, thus vember and December 2011 presents increase of up to 1,238 million. The paving a path for future growth in this a possibility that this season might be increased number of customers was segment. reflected in the hotel segment where one of the most successful. Thus, I be- the average hotel occupancy in our Investments exceeded 29 million eu- lieve that next year again I will be able portfolio improved by 11.6 percentage ros last year. The most significant in- to inform you proudly about continu- points in comparison to last year. vestment began in Jasná with the Fu- ing positive trends of TMR. nitel cableway (and once it is finished In addition, I am grateful for the im- resort Chopok North will be connec- proved position in the market due to ted with Chopok South by cableways the successful acquisition of the big- in the winter season 2012/2013). At gest aquapark in Central Europe. Tat- the same time we managed to extend ralandia was included in the TMR port- our snowmaking system up to 1843 m folio in April 2011 and attracted many above sea level. We opened the new benefits which exceeded our income Music club Happy End in Jasná in expectations. relation to après ski activities. In the High Tatras the resort capacity incre- 5 BUSINESS ACTIVITIES REVIEW 66 SELECTED HISTORICAL RESULTS For the year ending on 31st October IFRS4 IFRS5 Proforma5 Proforma6 Proforma6 Revenues in €'000 2010/2011 2009/2010 2008/2009 2007/2008 2006/2007 Mountains & Leisure 28 097 17 409 15 239 15 588 14 287 Mountain Resorts 17 849 14 934 12 819 13 740 13 025 Aquapark 5 599 NA NA NA NA Dining 3 352 1 562 1 605 1 227 852 Sport Services & Stores 1 297 913 815 621 410 Hotels 11 732 8 329 6 160 7 351 7 395 Hotels (100% equity)1 9 717 6 633 5 122 5 967 6 182 Grandhotel Praha2 NA 253 NA NA NA Grandhotel Starý Smokovec (50% equity)3 2 015 1 443 1 038 1 384 1 213 Real Estate 119 296 NA NA NA TOTAL REVENUES (operating) 39 948 26 034 21 399 22 939 21 682 IFRS4 IFRS5 Proforma5 Proforma6 Proforma6 EBITDA in €'000 2010/2011 2009/2010 2008/2009 2007/2008 2006/2007 Mountains & Leisure 8 764 4 951 3 571 4 703 3 990 Mountain Resorts 4 805 4 799 3 789 5 041 4 756 Aquapark 2 926 NA NA NA NA Dining 814 127 -61 -312 -511 Sport Services & Stores 219 25 -157 -26 -255 Hotels 2 768 1 557 14 677 1 235 Hotels (100% equity)1 2 233 1 508 49 602 1 111 Grandhotel Praha2 NA -39 NA NA NA Grandhotel Starý Smokovec (50% equity)3 536 88 -35 75 124 Real Estate 7 174 NA NA NA TOTAL EBITDA 11 539 6 682 3 585 5 380 5 225 1. Hotels include Hotel Grand JASNÁ, SKI Záhradky, Tri Studničky, and Grandhotel Praha Tatranská Lomnica. For the year ending 31.10.2010 the results for company GRANDHOTEL PRAHA, a.s include the period of 28.12.2009-31.10.2010 (10 months). 2. The results for the period of 1.11.2009-28.12.2009 (2 months) have not been included in the IFRS consolidated statements; it is a proforma ad- justment. 3. Interhouse Tatry,s.r.o. is consolidated by the equity method. The results shown
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