Prezentácia programu PowerPoint€¦ · Białka Tatrzańska , 17 Pec pod Sněžkou , 15 Szczyrk,...
Transcript of Prezentácia programu PowerPoint€¦ · Białka Tatrzańska , 17 Pec pod Sněžkou , 15 Szczyrk,...
Investor Presentation
March, 2018
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This material has been prepared exclusively for informational and promotional purposes. Its intention is to inform about the business strategy of 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 “TMR”).
TMR’s shares are listed on the parallel market of the Bratislava Stock Exchange and on the main markets of thePrague Stock Exchange and the Warsaw Stock Exchange. The company’s share capital consists of 6 707 198 bearer shares booked on the bearer with a nominal value of 7 € per share. TMR has been allocated ISIN SK11 20010287.
Information contained in this material is based on historical data and may contain forecasts of 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. TMR is not liable for any of the predictions contained in this material. Future figures of TMR can differ from predictions given in this presentation.
This material is owned exclusively by TMR. Any distribution, duplication, publishing, copy or record of this information, or any part of it contained in this material is forbidden without prior approval ofTMR. 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 of the third state.
Disclaimer
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We are here to revolutionize tourism in Central
Europe!
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TMR at a Glance
Leading and the only “Alpine style” mountain tourism services provider in the CEE region
Natural monopoly – no mountains comparable to the Tatras in the region
Increasing quality with infrastructure investments of EUR 300 million during the last 11 years
Significant (double digit) increases in revenues (cum. 111%) and EBITDA (cum. 122%) in the last 5 years as a result of investments, acquisitions, and strong pro-customer orientation
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TMR’s Strategy
Who We Are and What We Do
Our Potential
Long History of Tourism in the Tatras
Cultural and Natural Heritage
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Challenges
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Mountain Resorts in 2005
Who We Are Today
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71%
23%
6,1%
Revenues by Segments*
M&L Hotels Real Estate
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Business Model Overview
I. MOUNTAIN & LEISURE Segment (M&L)
Mountain Resorts – 4 resorts in the High and Low Tatras
(SK), Poland (97%), and Czechia
Leisure Parks –
Aquapark Tatralandia (SK)
Legendia - Silesian Amusement Park (75%, PL)
Dining – over 40 dining facilities on and off the slopes and in
the leisure parks
Sports Stores & Services – Tatry Motion, Szczyrk Motion
Over 30 stores, ski schools, sports gear rentals
* FY 2016/17
53%18%
20%
9%
M&L Segment Breakdown
Mountain Resorts
Leisure Parks
Dining
Sport Services &
Stores
II. HOTELS Segment
12 owned and/or managed hotels
Over 800 rooms and 2,000 beds
Luxurious wellness spa facilities
Ongoing hotel upgrades, additions
III. REAL ESTATE Segment
4 hotels leased to third parties
Sale of recreational real estate
Holiday Village Tatralandia, Chalets Jasná de Luxe
Center, Hotel Pošta
Mountain Resorts
Vysoké Tatry (The High Tatras, SK)
Tatranská Lomnica – Starý Smokovec – Štrbské Pleso
24 km of ski trails
20 cableways and lifts
Max. transportation capacity of more than 21,385
persons/hour
20 km of ski trails with snowmaking
Summit elevation: 2,625 m a.s.l.
Base elevation: 805 m a.s.l.
Vertical drop: 1,820 m
9 dining facilities
Tatry Motion stores & services
Jasná Nízke Tatry (The Low Tatras, SK)
Chopok North – Chopok South
50 km of ski trails
27 cableways and lifts
Max. transportation capacity of 31,784
persons/hour
35.5 km of ski trails with snowmaking
Summit elevation: 2,004 m a.s.l.
Base elevation: 880 m a.s.l.
Vertical drop:1,124 m
13 dining facilities
Tatry Motion stores & services
Mountain Resorts
Ještěd (CZ)
Leased for10+ years
Planned investments of more than CZK 600m
9.2 km of ski trails
3 cableways, 5 lifts
Max. transportation capacity of 11,095 persons/
hour
7.8 km of ski trails with snowmaking
Summit elevation: 944 m a.s.l.
Base elevation: 541 m a.s.l.
Vertical drop: 403 m
Szczyrk mountain resort (Beskids, PL)
97% interest
Completed investments of EUR 35m
23 km of ski trails
13 cableways and lifts
Max. transportation capacity of 22,000
persons/hour
15 km of ski trails with snowmaking
Summit elevation: 1,211 m a.s.l.
Base elevation: 620 m a.s.l.
Vertical drop: 591 m
Szczyrk Motion stores & services
Leisure Parks
Aquapark Tatralandia (Liptov, SK)
14 (10 year-around) swimming pools with
thermal, sea, and clear water
21 steam, water and masage saunas, baths and
procedures
26 toboggans and waterslides (6 year-round) and
300 other attractions
Tropical Paradise, Wellness Paradise, Funpark
Tatralandia, Hurricane Factory, Tatrapolis
Lodging – HolidayVillage Tatralandia
7 dining facilities
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Legendia - Silesian Amusement Park/ Śląskie
Wesołe Miasteczko (75%, PL)
Location: Park Śląski (Silesian Park) at Chorzów, PL
Completed investments of EUR 26m
Area: 26 ha
50 attractions
The largest and oldest park in Poland
A 40m high roller coaster – Lech Coaster
Hotels
Hotels -The High Tatras
Grandhotel****, Starý Smokovec
Grandhotel Praha****, Tatranská
Lomnica
Hotel FIS***, Štrbské pleso
Mountain hotel Hrebienok
Hotel Kukučka**** (managed)
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Hotels –The Low Tatras
Wellness Hotel Grand Jasná****
Chalets Jasná De Luxe****
Tri Studničky Hotel****
HolidayVillage Tatralandia
Hotel Srdiečko**
Hotel Rotunda
Hotel Pošta
Real Estate
Lease of hotels and lodging facilities
to third parties
Hotel Liptov
Hotel Ski & Fun Záhradky
Kosodrevina Lodge
Otupné
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Sale of recreational real estate
HolidayVillage Tatralandia
Chalets Jasná de Luxe Center –
construction, sale, operation
Hotel Pošta – construction, sale,
operation
Our Market
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Potential
“Natural monopoly” position (no other similar
places in the region to provide the “Alpine
resorts feel” except for the Tatras)
Long history of resorts in PL, CZ
No competition within 1000 km east of TMR
resorts
64 million people living in key target countries
Long tradition of visitors from CEE
Easy access by plane
More affordable than Alpine resorts
Target Groups (through):
Slovaks (massive marketing campaigns)
Polish (massive marketing campaigns)
Czech (still benefiting from the common past;
no language barrier)
Russian-speaking (driving distance unlike
Alpine resorts)
New markets (Baltic & UK via new airline
connections)
Segmentation
Affluent clientele
Luxury and prestige of the hotels in the High Tatras
Mainstream
Jasná, Nízke Tatry tailored to the young, families, and sports enthusiasts
68%
14%8%
3%
7%
TMR Mountain Resorts’ Visitors in SK
During Winter 2016/17
Slovakia
Poland
Czech Rep.
Hungary
Other
Great Potential in Regional Mountain Tourism
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0%
5%
10%
15%
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25%
30%
35%
40%
0
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4 000
6 000
8 000
10 000
12 000
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16 000
Slovakia Poland Czech
Republic
Ukraine Russia Austria Switzerland Germany
Th
ou
san
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Skiers by Country
No. of National Skiers Skiers as % of Population
Source: Vanat, Laurent. 2017 International report on mountain tourism
The Tatras’ Client Target Area in SK, Neighbors,
and East
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Ještěd
Our Strategy Based on 3 Pillars
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• EUR 295 million over 11
years
• New modern cableways
• Renovating hotels
• Expanding resorts
• Capitalizing on completed
investments
• Modernization of Szczyrk
and Legendia
• Aquapark Tatralandia 2011
• Špindlerův Mlýn ski resort
(9.5%, CZ)
• Korona Ziemi (7%, PL)
• Szczyrk ski resort, PL
2014
• Legendia - Silesian
Amusement Park (75%,
PL) 2015
• Planned acquisition of an
alpine resort
• Enhancing customer
experience through
synergies
• Focus on affluent clientele
• Trendsetter in the region
• Quality management
• GOPASS loyalty program
and e-shop
• Innovative technologies
Increasing quality with investments
Strategic acquisitions and expansion ofoperation in CEE
Constant operations & services
enhancement
Our Assets Grow through Capital Investments
Total of EUR 300m invested into
development of our resorts and hotels
in the last 11 years
2013 ends Investment phase I –
“The New Era of the Tatras”
EUR 190m invested into growth of theTatra resorts
“The New Era of Szczyrk”
EUR 35m invested in phase I till the end
of 2017, another EUR 30m planned
“The New Era of Legendia”
EUR 30m completed investments
CZK 600m (EUR 24m) planned
investments into the development of
the Ještěd resort
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CAPEX vs Revenues
Revenues Capex
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EUR 300 million CAPEX in last 11 years
15-seat Kosodrevina, Chopok,
Jasná Nízke Tatry
Funitel Jasná Nízke Tatry Tropical Paradise Tatralandia
Tropical Paradise Tatralandia
EUR 300 million CAPEX in last 11 years
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Surf Wave, Aquapark Tatralandia Chalets Jasná de Luxe****
Rotunda, Jasná 15-seat gondola, Vysoké Tatry
A customer card offering customized products:
Accommodation - Ski Pass - Dining - Aquapark - Rental - Ski School
A personalized online ski pass / aqua pass at more favorable rates without queuing at cash desks
Registration takes just 2 minutes
For purchase – bonus points – loyalty program
A direct marketing tool
An efficient sales channel www.gopass.sk – 27% of all skier days sold in Jasná and VT in 2015/16
Mobile app GOPASS
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Quality in Business and Marketing - CRM
Customer
CardSki Pass
Direct
Marketing Sales Channel
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Operational Overview
What We Have Achieved and How
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What Drives Our Revenues
Revenue
GrowthKPIs
Stable Growth in Annual KPIs, Increased Visit
Rate 16/17 Also Thanks to Strong Winter Season
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Visit Rate in Mountains and Leisure*
Leisure Parks Mountain Resorts
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Average Revenues per Visitor**
Mountain Resorts Leisure Parks
Dining Sports Services & Stores
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%),
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EU
R)
KPIs of Hotel Portfolio
Occupancy (%) ADR (EUR)
* Silesian Amusement Park was acquired on 01/05/2015
** per given period – fiscal year
Extensive CAPEX Justify Increasing Ski Pass
Prices
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Annual increase of ticket prices is
justified with extensive CAPEX
invested into development of TMR
resorts and hotels
Mountain Resorts’ 5-year
cumulative growth:
Operating revenues +94.7%
Average ticket price +28.1%
Mountain Resorts’ 5-year
CAGR:
Operating revenues* +14.3%
Average ticket price +5.1%
27 €
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Pricing vs. Revenues of Mountain Resorts
Revenues 1-day Ticket Price in Main Season
Strategic Product Position, Closing in on Alpine
Resorts
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Jasná - TMR , 50
Vysoké Tatry - TMR, 24PKL / Kasprowy
Wierch, 16Špindleruv Mlýn, 25
Stubaier Gletcher, 62
Livigno, 115
Val Gardena, 175
Gastein, 86
Ischgl, 238
Białka Tatrzańska , 17
Pec pod Sněžkou , 15
Szczyrk, 25
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0,000 20,000 40,000 60,000 80,000 100,000 120,000
1-d
ay T
icket
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€)
Capacity ('000 persons/hour)
Market Positioning in Europe in Winter 2016/17
Trails (km)
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Financial Overview
How We Look Like in Numbers
95 910
31 516
32,9%
10%
15%
20%
25%
30%
35%
40%
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Key Operating Results
Revenues EBITDA EBITDA Margin
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Growth Results Confirm Our Strategy
Plan
Operating Results by Segments
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Revenues
Mountain Resorts Leisure Parks
Dining Sports Services & Stores
Hotels Real Estate
CAGR
+16%
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35 000 €
2012/13 2013/14 2014/15 2015/16 2016/17
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EBITDA
Mountain Resorts Leisure Parks
Dining Sports Services & Stores
Hotels Real Estate
CAGR
+17%
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Financial Position
Liquidity
Cash & cash equivalents EUR 9.6m
Assets
Total assets EUR 438.0m
Fixed assets EUR 333.7m
Level of Debt
Total debt EUR 279.3m
Total debt-to-capital (D/C) ratio
71.2%
Bonds issued EUR 184.8m used to
finance share capital decrease
Bank debt EUR 94.5m
Equity
Total equity EUR 113.1m
Share capital EUR 47.0m
66%
67%
68%
69%
70%
71%
72%
0 €50 000 €
100 000 €150 000 €200 000 €250 000 €300 000 €350 000 €400 000 €450 000 €500 000 €
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Financial Position
Total Assets Fixed Assets Debt D/C
Fixed
Assets
76,2%Other
Non-
Current
Assets
4,4%
Current
Assets
19,4%
Assets Breakdown as of 31/10/2017
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Overall Financial and Market Performance
TMR Market Overview at BSSE*:
One-year max.: EUR 27.30
One-year min.: EUR 24.20
One-year return: 11.9%
Dividend yield: N/A
Key Cons.
Data in
EUR
FR
2016/
17
FR
2015/
16
FY
2014/
15
FY
2013/
14
FY
2012/
13
Revenues 95.9m 81.2m 70.9m 56.3m 54.3m
EBITDA 31.5m 25.1m 24.4m 18.4m 18.6m
Net Profit 7.0m 2.7m -0.8 0.7m 6.6m
EBITDA
margin
32.9% 30.9% 34.4% 32.7% 34.2%
EPS 1.10 0.46 -0.10 0.11 0.98
D/E ratio 246.9% 216.8% 215.3% 223.0% 210.0%
* As of 31/10/2017
23 €
23 €
24 €
24 €
25 €
25 €
26 €
26 €
27 €
27 €
28 €
28 €
TMR Stock Performance at BSSE
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Outlook & Future Growth
Where We Go from Here
Strategic Goals for Medium Term
• Customer loyaltyprogram GOPASS
• Client Relationship Management
• Add ancillary services
• Hotel upgrades
• Hotel capacity addition (Jasná)
• Awakening of realestate market in theTatra region
• Chalets Jasná de Luxe
• Holiday Village Tatralandia
• Jasná Center
• Operation/ acquisition of mountain resorts and leisure parks in Czechia and Austria
• Investments in development of theCzech and Polishoperations:
• Silesian AmusementPark EUR
• Szczyrkowskiošrodek narciarskiEUR 30m in phase II
• Ještěd CZK600mIncreasing
quality withinvestments
Acquisitions and
expansion of operations in
the region
Focus on quality
improvement in our resorts
Growing potential in real estate projects
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Appendices
Shareholder Structure
Key Operating Results
Consolidated Income Statement
Financial Position
Shareholder Structure
23,5%
19,5%
15,4%
13,4%
9,9%
9,5%
8,8%
Retail investors <5%
C.I. CAPITAL INDUSTRIES LIMITED
FOREST HILL COMPANY, s.r.o
Nikroc Investments Limited
KEY DEE LIMITED
TINSEL ENTERPISES LIMITED
RMSM1 LIMITED
* As of 31/10/2017
TMR is listed on 3 stock exchanges – Bratislava, Prague, Warsaw
Key Annual Operating Results by Segments
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Key Operating
Results Revenues EBITDA
in €'000 2016/17 2015/16 Change yoy (%) 2016/17 2015/16 Change yoy (%)
Mountains & Leisure 67 789 60 449 12,1% 24 324 19 593 24,1%
Mountain Resorts 36 214 34 120 6,1% 15 410 12 510 23,2%
Leisure Parks 12 473 10 527 18,5% 4 724 3 735 26,5%
Dining 13 302 11 132 19,5% 3 071 2 402 27,9%
Sports Services &
Stores 5 800 4 670 24,2% 1 119 946 18,3%
Hotels 22 265 19 910 11,8% 4 859 4 402 10,4%
Real Estate 5 855 843 594,5% 2 333 1 116 109,1%
Total 95 910 81 202 18,1% 31 516 25 111 25,5%
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Consolidated Income Statement
Selected Consolidated Results (IFRS) For the Year Ended October 31
in €'000 2016/17 2015/16
Sales 95 683 80 577
Other Operating Revenues 227 625
Total Revenues 95 910 81 202
Cost of Sales -16 393 -13 062
Personnel and Operating Costs -49 063 -43 671
Other Gain/ Loss 1 062 642
EBITDA 31 516 25 111
EBITDA Margin 32,9% 30,9%
Depreciation & Amortization -13 828 -13 036
EBIT 17 688 12 075
Interest Income 2 058 1 336
Interest Expense -12 094 -10 958
Income from Financial Instruments, net 169 1 605
Pre-tax Income 7 821 4 058
Income Tax -831 -1 312
Net Profit 6 990 2 746
Total Comprehensive Income 7 146 2 671
EPS (€) 1,099 0,456
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Financial Position
October 31
Financial Position in €'000 2016/17 2015/16
Total Assets 437 972 375 701
Non-current Assets 353 128 308 365
Fixed Assets 333 718 283 133
Other Non-current Assets 19 410 25 232
Current Assets 84 844 67 336
Liquid Assets 9 584 7 493
Equity 113 149 106 003
Liabilities 324 823 269 697
Non-current Liabilities 286 277 239 197
Current Liabilities 38 546 30 500
Total Debt 279 320 229 804