Presentation on theme: "Disclaimer This material is exclusively for international and promotional purposes. Its intention is to inform about the business strategy of the company."— Presentation transcript:
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 , Identifications Number: , 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 equity shares booked on the bearer with a nominal value of 33 per stock. Emission has been allocated ISIN SK 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 SK , as of October 10, The prospect is published at the following website of the parallel market os stock-exchange listed securities Bratislava: and at website of the TMR Company 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 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
HOTELS GRANDHOTEL PRAHA **** GRANDHOTEL SMOKOVEC **** GRANDHOTEL JASNÁ **** HOTEL TRI STUDNIČKY **** HOTEL SKI BUNGALOWS ** ResortsMOUNTAINS All you need to enjoy your holiday, you can find at one place... SKI SCHOOL, SKI RENTAL, SHOPS, RESTAURANTS, APRES SKI BARS, ATRACTIONS DEVELOPMENT T. LOMNICA CENTER JASNÁ 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 persons per hour (7 cableways and chairlifts, 18 t-bars) - biggest ski school for children in Slovakia m 2 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 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 excelent Services Four 4**** and one 2** hotel – 3 of them ski in – ski out capacity of beds more than 900 capacity of restaurants/bars approx 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 directly apres 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 machine 6 new snow-ploughs 11 km snowed ski slopes tube run 8 km ski slopes 4 apres ski bars 7 restaurants on ski slopes automatic machine for ski service 3 kindergartens 4 ski rentals skis
We are investing EUR 90 mil. into resorts´infrastructure Cableways 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 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: m 2 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 apartments in standard of 3* and 4*, 250 garage places Leisure and relax - 3 x wellness, fitness, beauty Shopping passage m 2 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 price 47.4 aquisition price 70.2 CAPEX 81.7 CAPEX 9.1 CAPEX , HotelsInfrastructureDevelopers´ projects purchase Developers´ projects EUR mil..
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/ /092013/14Change in % Transportation capacity % winter summer KM trails4652,6 HA trails153209,637% % artificial snow (ha)33%52% Visit rate % winter % % skiers85%92% summer % Average price person/day winter141938% summer7817% Daily ticket price top season winter263638% TOTAL revenues % winter % summer % EBITDA %
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 2008/092013/14Change in % Number of rentals % % stake of visit rate0,2%1% Number of clients – Ski school % % stake of visit rate1,1%1,9% Tržba obchodov % TOTAL revenues % % cableways revenue 5%15% EBITDA Gastro on ski slope - Tatras average 2005/ /092013/14Change in % Number of seats % TOTAL revenues % % cableways revenue 10%20% EBITDA
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/ /092013/14Change in % Number of beds % Number of room/day Occupancy35%56,4%61% Average room price6885,625,8% Total revenues / room Sale % EBITDA
View after business segments EUR tis. 2005/ / / / /2010 I.half of year (IFRS) 2009/2010 Assumption Mountains Cableways Gastronomy Ski school Hotels Developers´ projects TOTAL REVENUES Mountains Cableways Gastronomy Ski school Hotels Developers´ projects TOTAL EBITDA
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, , e2010p2011p2012p2013p2014p Lyžiarov za hodinu ha. Transport. capacityTransport.-capacity- summertrailssnow supply Numbers of visitors and skiers 0 200, , , ,000 1,000,000 1,200, , e2010p2011p2012p2013p2014p Skier per hectare Number of visitors - winterNumber of visitors - summerSkier / 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 1,000,000 1,200, , e2010p2011p2012p2013p2014p EUR number of visitors-winternumber of visitors- summer ticket price- Jasná/Chopokticket price – Vysoké Tatry
Revenues and EBITDA according to segments
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 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´s SHAREHOLDERS on August 4, 2010 Following chart shows owners structure of Tatry mountain resorts, a.s. to
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 Benefit 254-day ski pass 407- day ski pass 802 x 7- day ski pass 130season ski pass issued by name 2502 x season ski pass issued by name 500VIP club