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Annual Report 2017/2018 annual report 2017/2018 Annual Report of Tatry mountain resorts, a.s. and its subsidiaries as of 31/10/2018 WorldReginfo - dc15eeb9-d74d-4583-ad32-e865cad7d097 2 Commentary from CEO 5 Operations Review 6 Consolidated Financial Highlights 8 Our History 10 Content Company Profile 12 Strategy 24 Key Performance Indicators (KPIs) 32 Market Analysis and Trends 34 Risk Factors and Risk Management 40 Financial Performance Review for the Year 48 Key Results 50 Total Revenues and Income 51 Key Events of the Year 51 Results by Segments and Subsegments 52 Key Performance Indicators (KPIs) 52 Financial Operating Results 53 Group’s Position at the End of the Year 56 Financial Position 58 Cash Flow 59 Outlook 59 Corporate Social Responsibility 60 Environment and Community 62 Human Resources 64 Projects 64 Corporate Governance 66 Corporate Governance Principles 68 Board of Directors 68 Supervisory Board 70 Audit Committee 72 Top Management 72 General Meeting 74 Supervisory Board Report 76 The Company‘s Corporate Governance Code 76 Other Supplementary Data 80 Contracts with External Advisors and Related Parties 81 Proposal on Distribution of Profit 81 Shares 82 Consolidated Financial Statements 86 Separate Financial Statements 154 Statement by the Board of Directors 216 WorldReginfo - dc15eeb9-d74d-4583-ad32-e865cad7d097 Commentary from CEO Ing. Bohuš Hlavatý CEO and Chairman of the Board of Directors Tatry mountain resorts, a. s. Dear Shareholders, Dear Fans of Mountains, We have had another successful year. As a result of a Except for the extensive investments and newly modernized historically most successful winter season in the financial resorts, we also managed to provide a varied offer of fun year 2017/18 we are reporting an almost 13% growth in events and services that were popular among all age groups, revenues and EBITDA growth of 8.6%. Net consolidated from skiing enthusiasts to families with children. The season profit amounted to 3.1 million euros. was a breakthrough thanks to the implementation of the new self-service ticket machines - GOPASS Points, which Thanks to the ideal snow conditions, the winter 2017/18 was extended options to purchase a discounted ski pass directly again very strong, reflecting the higher visitor numbers of in the resort. The Smart Season Pass with its variations was the mountain resorts and the overall growth of consolidated again the season’s number one hit. Summer season also revenues for the financial year, which reached the record saw many interesting events and launches. In Tatralandia, for level of EUR 108 million. Organic sales growth in individual example, we launched the largest type of Turbulence slide in resorts is complemented by revenues of the Czech Skiareal Central Europe. Thanks to the growing attractions and the Ješted, which we have been renting and operating since exciting program we prepare for our guests, our loyalty client December 2017. Investments in Szczyrk, Poland, have also program GOPASS has grown to nearly 1.18 million members had a significant impact on the increase in sales, thanks to and we believe that we will continue in positive growth trends which we have attracted a record number of guests on the also in the next financial year. slopes of this resort. TMR hotels have been traditionally fully occupied during peak periods. The visit rate during In terms of expanding our operations, we want to further the summer season was somewhat negatively affected by develop our business in the golf segment as well. Since the weather. Growth was recorded especially in Legendia, November 2018 we have been renting the Golf & Ski Resort which attracted visitors thanks to a number of new unique Ostravice, with a contract for 20 years, and in January 2019 attractions. we made an agreement to rent Kaskáda Golf Resort Brno where we will oversee the operations of the hotel, restaurant Group operating profit before depreciation - EBITDA - and congress center. In the midterm, we plan to add a large reached EUR 34.2 million. However, due to higher wage Alpine resort into our portfolio, which our clients could use costs, despite the increase in sales, the Group‘s operating within the GOPASS program. The first step towards this efficiency measured by EBITDA margin slightly decreased goal is a marketing cooperation with the Austrian Mölltaler to 31.6%. Due to higher depreciation and financing costs, Gletcherbahnen Gesellschaft. Thanks to these plans we are consolidated net profit fell by 56% year-over-year. optimistic about the further growth of our Group, which can indeed be considered a true leader of mountain tourism and The reported results reflect our intensive CAPEX policy. leisure industry in Central Eastern Europe. Over the past twelve years, we have invested over EUR 340 million in the development and modernization of our resorts. In the financial year 2017/18, we invested approximately EUR 54 million, out of which about 17 million had been spent in the Slovak resorts. Among other projects they included renovation of rooms in Granhotel Starý Smokovec. Significant capital expenditures in Jasná went into the initial phases of the project of a new gondola between Biela Púť and Priehyba. We have also invested heavily in Polish Szczyrk again. WorldReginfo - dc15eeb9-d74d-4583-ad32-e865cad7d097 OPERATIONS REVIEW WorldReginfo - dc15eeb9-d74d-4583-ad32-e865cad7d097 8 9 Consolidated Financial Highlights TMR in Numbers in €'000 unless specified otherwise 2017/18 2016/17 2015/16 2014/15 2013/14 Revenues 108 249 95 910 81 202 70 915 56 309 6 resorts* EBITDA 34 166 31 516 25 111 24 410 18 411 EBIT 19 245 17 688 12 075 11 112 5 094 Net Income 3 095 6 990 2 746 -751 683 CAPEX 53 887 65 058 23 625 6 000 7 500 3,6 mil. guests 12 No. of employees 1 402 1 289 1 095 804 1 018 + 15% own / managed Earnings per share (EUR) 0.47 1.10 0.46 -0.10 0.10 hotels Hotel Occupancy (%) 62.7 56.6 56.5 54.6 51.2 Avg. Daily Rate per Room (EUR) 80.1 71.3 65.4 62.4 61.1 4 2 Visit Rate Mountain Resorts ('000) 2 706 2 287 2 121 1 930 1 512 mountain resorts leisure parks Visit Rate Leisure Parks ('000) 907 855 784 777 598 EBITDA (%) 31.6 32.9 30.9 34.4 32.7 EBIT (%) 17.8 18.4 14.9 15.7 9.0 2.7 mil. 907 ths. 63 % € 80 occupancy Equity 113 789 113 149 106 003 103 331 102 312 skier days + 18% guests + 6% + 11% ADR + 12% Debt/Equity (%) 311.3 246.9 216.8 215.3 223.0 Debt/Capital (%) 75.7 71.2 68.4 68.3 69.0 Debt/EBITDA 10.4 8.9 9.2 9.1 12.4 Total assets 521 684 438 341 375 701 360 921 359 619 Group Revenues FTE CAPEX Key Operating Results € mil. 120 000 € 80% 108,2 + 13% 1 402 € 54 mil. 70% 100 000 € 60% 80 000 € Group EBITDA 50% Total assets Total Equity 60 000 € 40% € mil. 34,2 + 9% € 522 mil. € 114 mil. thousands 30% 40 000 € 20% 20 000 € 10% Group Net Profit 0 € 0% 2013/14 2014/15 2015/16 2016/17 2017/18 € 3,1 mil. Revenues EBITDA EBITDA Margin - 55% Revenues vs. CAPEX 120 000 € 100 000 € 80 000 € 60 000 € thousands 40 000 € 20 000 € 0 € 2013/14 2014/15 2015/16 2016/17 2017/18 Revenues Capex * as of 31/10/2018 WorldReginfo - dc15eeb9-d74d-4583-ad32-e865cad7d097 10 11 Our History 2012 2013 Dual listing of TMR shares On February 16, 2013 TMR 2014 on exchanges in Warsaw acquired the other 50% in In March 2014 TMR and Prague took place in Interhouse, s.r.o. (Grandhotel acquired a 97% 2017 October 2012 Starý Smokovec). share in a Polish ski resort Szczyrkowski On November 30, In November 2012 TMR As of May 1, 2013 subsidiaries Ośrodek Narciarski 2017 TMR made an through an associated of TMR - Tatry mountain S.A. (SON). agreement with the company Melida, a.s. resorts services, a.s., Czech town of Liberec signed a lease contract Grandhotel Praha, a.s. and to rent the sports with the Czech union of Interhouse s.r.o. - merged and center Ještěd for 10 2009 physical education for seized without liquidation. years with the option operating SKIAREÁL 2015 of another 10 years. In June 2009 Shareholders of Špindlerův Mlýn. Share capital of TMR was TMR officially took In April 2015 TMR Jasná Nízke Tatry, a.s. agreed on decreased from EUR 221.3 over the sports and agreed to acquire a raising of the capital to EUR 250 In November 2012 TMR million to EUR 47.0 million on ski resort Ještěd in 75% share in a million and on renaming the founded Korona Ziemi October 22, 2013 based on the December 2017, when Polish entity that Company Tatry mountain resorts, with a Polish town of approval by the Extraordinary it also launched its 2011 owns and since May a.s. Consequently, a new equity Gmin Zawoja, with the General Meeting held on first winter season issue was listed on the Bratislava purpose of creating an August 22, 2013. 2015 is operating In April 2011 TMR there. Stock Exchange. entertainment- Silesian Amusement acquired Tatralandia 1992 educational park. Park (Śląskie Wesołe In October 2009 TMR purchased Holiday Resort. This Miasteczko). Tatras Cableways (TLD), which trademark comprises Establishment of SKI dissolved without liquidation and Aquapark Tatralandia, Jasná, a.s., the legal merged with TMR on May 5, 2010. a lodging facility predecessor of TMR, At the same time TMR, as its Holiday Village by the National Tatralandia, an successor, continues to conduct 2010 Property Fund of the TLD’s business activity, especially entertainment park Fun Park, and Tropical Slovak Republic in operation of mountain resorts in In October 2010 TMR Paradise.
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