Annual Report 2013/2014

Annual Report 2013/2014 ANNUAL REPORT 2013/2014 2 SnowWorld at a glance 3 Key developments 2013/2014 4 Multi-year overview 6 Foreword 8 Composition of the Supervisory Board and Executive Board 10 Report of the Supervisory Board 12 Report of the Executive Board 29 Shareholder information 32 Risk management 34 Corporate Governance 39 Executive Board declaration 41 Financial statements 2013/2014 82 Other information 88 Locations 88 Colophon 2 SnowWorld N.V. Annual Report 2013 / 2014 SnowWorld at a glance Profile SnowWorld, with its indoor skiing facilities, is one of the leading SnowWorld owns and operates two indoor ski resorts in the companies in the industry. Netherlands. They are located in Landgraaf and Zoetermeer and have a total snow surface of approximately 50,000 m². SnowWorld has achieved rapid growth in the Netherlands since its establishment in 1996. The strategy is aimed at both further In addition to the various ski slopes, both ski resorts feature a optimising the current ski resorts and rolling out the proven range of food and beverage facilities and meeting rooms. Winter successful concept more widely in Europe. SnowWorld entered sports stores and fitness and wellness centres also form part of the capital market in December 2013 via a listing on the NYSE the SnowWorld concept. The ski resort in Landgraaf furthermore Euronext Amsterdam in order to finance this strategy. comprises a four-star hotel with 100 rooms and an Outdoor Park. SnowWorld has 241 employees (FTE) and achieved revenue of € 25.8 million and net operating profit of € 1.8 million in the 2013/2014 financial year. ‘ I wish we had snow like this in the Alps’ Olympic champion coach Outdoor 2.0% Other 2.9% Hotel 6.2% Ski 53.4% Fitness 6.3% Hospitality 29.2% Breakdown of revenue by activity in 2013/2014 SnowWorld N.V. Annual Report 2013 / 2014 3 Key developments 2013/2014 Strategic d SnowWorld’s stock exchange listing on NYSE Euronext Amsterdam via a reverse takeover as of 10 December 2013 d Further development of the planned extension of the third slope in Zoetermeer d Continued elaboration of new construction projects in Paris and Barcelona d Decision not to go ahead with the announced acquisition of SnowPlanet in Spaarnwoude, the Netherlands Financial d Number of ski passes sold rose by 2.8% d Revenue rose by 1.5% to € 25.8 million d Gross margin increased by 0.8% to € 23.3 million d Operating EBITDA (excluding the once-only costs of the reverse takeover) decreased by 3.9% to € 8.2 million, due in part to recurring higher operating expenses connected with the flotation d Net operating profit (excluding the once-only costs of the reverse takeover) rose by 3.3% to € 1.8 million (€ 0.68 per share) d Once-only impact of the reverse takeover and share issue of € 1.9 million on equity (€ 0.5 million) and result (€ 1.4 million). Of this amount, € 0.3 million is cash out. d The operating cash flow decreased by 8.3% to € 5.4 million (excluding the once-only costs of the reverse takeover) d Issue of new shares at € 8 each on 19 February 2014 for a total amount of € 6.0 million d Improved solvency; equity surged by 91.6% to € 7.5 million (€ 2.54 per share) d Guarantee capital rose to 15.4% d Interest-bearing debt (excluding interest-rate swap) fell by € 5.9 million to € 39.4 million, representing a 13.0% decrease 4 SnowWorld N.V. Annual Report 2013 / 2014 Multi-year overview1 (consolidated figures as at 30 September) Results (in € x 1,000) 2013/2014 2 2013/2014 2012/2013 2011/2012 2010/2011 2009/2010 Net revenue 25,759 25,759 25,378 25,944 25,951 26,132 In % compared to previous year 2% 2% –2% 0% –1% –11% EBITDA 8,207 6,770 8,542 8,756 9,313 10,103 In % compared to previous year –4% –21% –2% –6% –8% –17% Operating result (EBIT) 4,745 3,308 4,619 4,052 4,558 3,606 In % compared to previous year 3% –28% 14% –11% 26% –37% Result after tax 1,767 386 1,710 1,084 1,377 676 In % compared to previous year 3% –77% 58% –21% 104% –63% Cash flow (in € x 1,000) 2013/2014 2 2013/2014 2012/2013 2011/2012 2010/2011 2009/2010 Operating activities 5,432 5,237 5,921 5,790 6,509 7,561 Investment activities –1,410 –178 –1,107 –4,811 –1,981 –1,869 Financing activities –3,539 –4,923 –4,825 –988 –4,489 –5,156 Net cash flow 483 136 –11 –9 39 536 Personnel (in € x 1,000) 2013/2014 2012/2013 2011/2012 2010/2011 2009/2010 Number of employees (FTE) 241 238 247 246 249 In % compared to previous year 1% –4% 0% –1% –8% Employee expenses 7,995 7,720 7,615 7,504 7,410 In % compared to previous year 4% 1% 1% 1% –8% Net revenue per employee 107 107 105 105 105 In % compared to previous year 0% 2% 0% 0% –3% Employee expenses per employee 33 32 31 31 30 In % compared to previous year 3% 5% 1% 3% 0% Employee expenses as % of net revenue 31% 30% 29% 29% 28% In % compared to previous year 3% 3% 1% 2% 3% 1 The financial years 2010/2011 to 2013/2014 are presented on the basis of IFRS accounting policies. 2 This concerns the operating figures after deduction of the effects of the reverse takeover and the share issue. SnowWorld N.V. Annual Report 2013 / 2014 5 Statement of financial position data (in € x 1,000) 2013/2014 2012/2013 2011/2012 2010/2011 2009/2010 Capital use Non-current assets 54,281 56,202 59,502 59,478 91,088 Working capital –3,279 –3,150 –2,943 –3,395 –3,500 51,002 53,052 56,559 56,083 87,588 Finance Group equity 7,497 3,913 6,956 6,688 30,343 Provisions – – – – 7,309 Non-current liabilities 43,621 49,199 48,957 48,858 49,439 Receivable from/payable to participants 67 –13 704 604 525 Current liabilities to banks –183 –47 –58 –67 –28 51,002 53,052 56,559 56,083 87,588 Net investment 1,523 1,127 4,811 1,981 1,869 Depreciation –3,462 –3,923 –4,704 –4,755 –6,497 Revaluations – – – – 3,649 Interest-bearing debt as % of capital use 85% 93% 88% 88% 57% Solvency 13% 7% 11% 11% 33% Per share (in euros) 2013/2014 3 2013/2014 2012/2013 2011/2012 2010/2011 2009/2010 Earnings per share 0.68 0.15 0.56 0.29 0.37 0.18 Group equity per share 3.20 2.54 2.09 1.89 1.82 8.25 Cash flow from operating activities per share 2.10 2.02 1.92 1.57 1.77 2.06 3 This concerns the operating figures after deduction of the effects of the reverse takeover and the share issue. 6 SnowWorld N.V. Annual Report 2013 / 2014 Foreword The 2013/2014 financial year was an extremely important one for SnowWorld due to the increase in net operating profit and, above ‘The greatest enjoyment is the all, the flotation in December 2013. enjoyment we can give our guests.’ Since the establishment of SnowWorld in 1996, we have Koos Hendriks, CEO continually focussed on further optimising the SnowWorld concept of offering a welcoming and inviting sport experience. The quality of our product, the snow and the food and beverage facilities, is a crucial element of this endeavour. The concept now has a proven track record spanning nearly two decades and we have formulated a growth strategy that is founded on this stable Strategy basis. In the years ahead we plan to both expand the location in SnowWorld’s strategy is aimed first and foremost at continuously Zoetermeer and build new indoor ski resorts in Paris and optimising the two existing indoor ski resorts. The strategy Barcelona. We have provided our company with access to the furthermore focuses on rolling out the successful concept on a capital market in order to make it easier to finance these activities. wider basis by opening new SnowWorld locations on the one hand and potential acquisitions on existing indoor ski resorts on Increased profit the other. SnowWorld has realised stable profit performance in recent years. Despite the difficult economic conditions in the Netherlands, The planned expansion of the third slope at our location in SnowWorld has been able to generate profits and stable cash Zoetermeer is an important development with respect to the flows over the past five years. We have also been profitable in the further optimisation of this location. We are also pleased that we past financial year, with the net operating profit increasing to have been able to make good progress in the past financial year € 1.8 million. with respect to the decision-making regarding these plans in cooperation with the Municipality of Zoetermeer. Based on this The number of ski passes sold rose by 2.8% in the financial year we expect to be able to begin using the lengthened slope in under review. This brought an end to the slight decrease in the September 2016. number of ski passes sold seen in recent years. We are convinced that the added attention we devoted last winter to creating a In addition to the ongoing attention to the development of our two wintery ambience featuring a range of activities around the slopes existing indoor ski resorts, we are working on developing new contributed to the increase in the number of ski passes sold.

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