Annual General Meeting 28/04/2016

ANNUAL GENERAL MEETING
TATRY MOUNTAIN RESORTS
April 28, 2016
GRANDHOTEL Starý Smokovec
Financial Performance Review for FY 2014/15
•
•
•
•
•
•
Revenue growth +26% and EBITDA growth +33%
18% more visitors came to the Tatra resorts and 9% more
to Tatralandia
The number of ski passes sold through GOPASS tripled
Closer cooperation with DTO High Tatras Region and
DTO Liptov, which offered ‘ski passes on the pillow’
Expansion to Poland -> acquisition of 75% in Silesian
Amusement Park, its operation and modernization for
EUR 30 mil over 5 years
First successfully completed real estate project of 9 new
Chalets at Otupné – TMR manages 5
Growth Results Confirm Our Strategy
thousands
Key Operating Results*
80 000 €
40%
Plan
2014/15
70 000 €
34,4%
62 100
60 000 €
70 915
56 309
52 993
50 000 €
40 000 €
35%
30%
45 530
39 948
25%
30 000 €
24 410
21 070
20 000 €
14 198
17 212
20%
17 284
11 539
15%
10 000 €
0€
10%
2010/11
2011/12
Revenues
2012/13
EBITDA
2013/14
2014/15p
2014/15
EBITDA Margin
*For better analysis of the Group performance operating results are adjusted for one-off and non-operating items.
3
Stable Growth in Annual KPIs, Increased Visit Rate 14/15 Also
Thanks to Favorable Winter
Thousands
Visit Rate in Mountains and Leisure*
Average Revenues per Visitor**
16 €
2 500
14 €
1 930
2 000
12 €
1 616
1 500
1 407
1 478
1 512
10 €
8€
1 000
500
777
437
529
633
598
6€
3,5
4€
2€
4,1
1,2
1,5
2013/14
2014/15
0€
0
2010/11
2011/12
Leisure Parks
2012/13
2013/14
Mountain Resorts
2014/15
2010/11
2011/12
2012/13
Mountain Resorts
Leisure Parks
Dining
Sports Services & Stores
* Aquapark Tatralandia was acquired on 01/04/11, Silesian Amusement Park on 01/05/2015
** per given period – fiscal year
4
Stable Growth in Annual KPIs, Increased Visit Rate 14/15 Also
Thanks to Favorable Winter
Hotel Portfolio’s KPIs
70
62,36 €
61,09 €
Occupancy (%), avg. rate (EUR)
60
55,21 €
53,7%
50
50,7%
48,4%
44,93 €
54,8%
51,2%
45,20 €
40
30
20
10
0
2010/11
2011/12
Occupancy (%)
2012/13
2013/14
2014/15
Avg. Daily Rate per Room (EUR)
5
Use ofČo
Information
Technologies
je to GOPASS?
I. A chip card, serves also
II. E-SHOP
as the actual product
B2B/B2C sale
III. Loyalty program,
IV. Direct
communication,
built on collecting loyalty
points
•
•
client personalization
Client can shop via GOPASS online or offline in the resorts
Online via GOPASS.sk / GOPASS MOBILE App:
- Hotel stays
- Ski passes, lift tickets
- Event tickets
- Aquapark tickets
- Sports attire and accessories
- Ski school and rental services
GOPASS Still Growing
Unique visits at www.gopass.sk
916 293 as of 31.10.2015
331 596 as of 31.10.2014
Registered GOPASS memebers
259 413 as of 31.10.2015
130 569 as of 31.10.2014
No. of cards sold
217 438 as of 31.10.2015
104 936 as of 31.10.2014
Share of ski passes sold
via e-shop GOPASS
20% in 2014/15
12% in 2013/14
No. of registered members:
FY2015:
+ 128 844 members
FY2014:
+ 123 859 members
No. of cards sold:
FY2015:
+ 112 502 cards
FY2014:
+ 104 936 members
7
GOPASS = The Best Loyalty Program of 2015
The Loyalty Awards
 3 first prizes in categories: The best loyalty
programme of the year in the travel sector
(airlines, hotels, destinations), The best
loyalty programme of the year in Central
and Eastern Europe and the Best
Customer
Relationship
Management
(CRM) in a loyalty programme thanks to
Direct Marketing
London confirmed it!
„The Loyalty Awards“ are given every year for
the best innovations and proven methods applied
in loyalty programmes all over the world. They
are considered a big satisfaction and a positive
reaction on the way to success of companies that
offer loyalty programmes and have great results
when approaching their clients
Smart Season Pass 2015/16, Online Sale in 2015 with
Positive Impact on Current Year Sales
• Product Results: 8766 people purchased Smart Season Pass (SSP) in 2015
• Out of that 27% passes purchased in the fall have impact on the current year results
No. of SSP Sold by Age
1800
1600
1400
1200
1000
800
600
400
200
0
14-19
•
•
•
Men are 71,5% of total SSP holders
People of aged 35-39 bought most season passes (18%)
3 season pass holders are over 80
20-24
25-29
30-34
35-39
40-44
45-49
50-59
60+
Events
News in the Resorts in FY 2014/15
CAPEX – Poland FY 2014/15
1. New era of Szczyrk (Szczyrkowski Ośrodek Narciarski ) –
preparation and realization of the modernization project of
SON, progress in obtaining permits necessary for building
infrastructure in the resort
2. February 2015 – Launch of Centra Górskie Korona Ziemi
(CGKZ) in Polish Zawoja => a unique interactive center
focused on mountain peaks, a museum and a meeting point
for mountain climbers below the Polish mountain Babia
Góra.
3. April 2015 – TMR entered as a strategic investor into the
project of modernization of Silesian Amusement Park with
the budget of EUR 30 mil for a 5-year period
• During FY 2014/15 the modernization project in the
park has been initiated, and first new attractions got
installed
Tatranská Lomnica
–> Awarded as the best ski
resort with trails up to 20 km,
in Test Winner 2015 (as per
Skiresort.info) – in Beginners
– among top world’s resorts
suitable for families with
children and beginners
AUDI ARENA
-New attraction for all skiers
-Slalom trail with stopwatch
-Location:
Trail Čučoriedky west západ
(east slope side)
Most picturesque Slovak
skiing
Unique all-season
attractions
Unforgettable events
Jasná Nízke Tatry
Ski Oscar for the resort
− World Ski Awards 2015 awarded to Jasná –
the ski Oscar for the best ski resort in Slovakia
− Jasná is among top 24 destinations
CHOPOK NORTH
− 2 new trails: no. 2b 800 m long with a 60 m
vertical drop and no. 12a 850 m long with a 92 m
vertical drop
− New snowmaking at Rovná hoľa – Záhradky
− New wind wall, snow barriers
− Intersport Lúčky - a new entry gate to Jasná professional service with machinery
CHOPOK SOUTH
− New blue trail Panoramatická – slnečná no. 34 at
Chopok – Krupová 6 800 m long = the longest
blue trail for families with kids
− Control of LVS lookup
− New benches for snowboarders
− Renovated snow park Jasná – terrain adjustments
New additions and enhancements in the
resort Jasná Nízke Tatry - zjazdovky
Aquapark Tatralandia
Mobile surfing wave
- Located behind the Tornádo
toboggan
- 2 people can surf simultaneously
- ‘Body surfing’
Autodrome and Kids’
Train
- New attractions in Fun
Park
- Additional fee
- Seasonal attraction for additional
fee
Kids’ Zone
-
Upper terrace of Tropical Paradise = a zone for parents
with children (infants)
Goal: relaxation for mothers with kids
Added changing desk; a kids’ crib with toys; a kitchen
tabletop with a bottle warmer and a microwave
CAPEX 2014/15
•
•
•
Real estate projects with the goal to build and sell or operate
Chalets Jasná Otupné – 9 new (TMR will manage 5 for owners)
Total budget of EUR 3 mil, gain on sale of EUR 700 ths
II. Financial Results 2014/15
Growth Results Confirm Our Strategy
thousands
Key Operating Results*
80 000 €
40%
Plan
2014/15
70 000 €
34,4%
62 100
60 000 €
70 915
56 309
52 993
50 000 €
40 000 €
35%
30%
45 530
39 948
25%
30 000 €
24 410
21 070
20 000 €
14 198
17 212
20%
17 284
11 539
15%
10 000 €
0€
10%
2010/11
2011/12
Revenues
2012/13
EBITDA
2013/14
2014/15p
2014/15
EBITDA Margin
*For better analysis of the Group performance operating results are adjusted for one-off and non-operating items.
19
Operating Results by Segments
Revenues
EBITDA
80 000 €
30 000 €
CAGR +30%
CAGR +22%
70 000 €
25 000 €
60 000 €
20 000 €
thousands
thousands
50 000 €
40 000 €
30 000 €
15 000 €
10 000 €
20 000 €
5 000 €
10 000 €
0€
0€
2010/11 2011/12 2012/13 2013/14 2014/15
Mountain Resorts
Dining
Hotels
Leisure Parks
Sports Services & Stores
Real Estate
2010/11 2011/12 2012/13 2013/14 2014/15
Mountain Resorts
Dining
Hotels
Leisure Parks
Sports Services & Stores
Real Estate
20
Key Results
Selected Results (IFRS)
For the Year Ending October 31
2014/15
Consolidated
2013/14
Consolidated
2014/15
Individual
2013/14
Individual
Sales
69 991
55 934
67 396
55 933
Total Revenues
70 915
56 309
68 270
56 293
EBITDA
24 410
18 411
24 368
18 698
EBITDA Margin
34,4%
32,7%
35,7%
33,5%
-13 298
-13 317
-12 456
-13 010
EBIT
11 112
5 094
11 912
5 688
Interest Expense, net
-9 669
-6 291
-9 685
-6 224
Income from Financial Instruments, net
-1 566
-280
-1 544
-280
-751
683
19
-225
Total Comprehensive Income
-1 250
568
24
-225
EPS (€)
-0,101
0,102
0,003
-0,034
in €'000
Depreciation & Amortization
Net Profit/ Loss
The Auditor’s Report has no objections.
21
Financial Position
400 000 €
80%
360 921
359 619
345 504
350 000 €
70%
319 912
315 125
300 000 €
281 328
261 456
thousands
250 000 €
228 144
222 117
200 000 €
213 115
60%
272 831
50%
222 421
40%
175 833
150 000 €
30%
100 000 €
20%
50 000 €
10%
19 071
16 153
0€
0%
31.10.2011
Total Assets
31.10.2012
31.10.2013
Fixed Assets
31.10.2014
Debt
31.10.2015
Debt/Capital
22
Plan for FY 2015/2016 and Interim Results
III. Financial Plan 2015/16
thousands
80 000 €
40%
Plan
70 915
76 000
70 000 €
35%
34,4%
60 000 €
32,9%
56 309
52 993
+7,2%
50 000 €
40 000 €
30%
45 530
39 948
25%
30 000 €
24 410
20 000 €
17 212
11 539
17 284
25 000
20%
+2,4%
14 198
15%
10 000 €
0€
10%
2010/11
2011/12
Revenues
2012/13
EBITDA
2013/14
2014/15
2015/16p
EBITDA Margin
* For better evaluation of the operating performance, the operating results are adjusted for one-off items and
non-operating items.
.
24
Interim Results of FY 2015/16
Winter Season 2015/16 Indicators
Change yoy
(Nov 1 – Apr 17)
25%
20%
20%
13%
15%
10%
5%
7%
6%
6%
6%
3%
2%
0%
-5%
-5%
-10%
Mountain
Resorts
Leisure Parks*
% Revenue Change
•
•
•
•
Dining
Sports Services
& Stores
Hotels
Total
% Change in Visitation/ Occupancy
Hotels were fully occupied during peak periods despite a drier and milder winter
Visitation during the spring break reached the level of Christmas period
Start on 04/12 in Jasná and VT, end on 24/04 in Jasná
Successful numerous après-ski activities, such as the Tatra Ice Dome
*Excludes Silesian Amusement Park, PL
25
IV. Business Plan for FY 2015/16
A TOP Event, a Result of the New Era of the Tatras =>
World Cup Jasná March 5-6, 2016
March 5-6, 2016 – AUDI FIS SKI WORLD CUP JASNÁ
-
HISTORICKÁ
UDALOSŤ
Grand Prix of Demänovské Caves (VCDJ)
the oldest ski race in Slovakia – 27th
Annual VCDJ was organized in 1966 as an
international FIS race
- 1973 European Cup began at Mt. Chopok
- 1979 and 1982 Mt. Chopok hosted Men’s
World Cup
- 1984 as part of VCDJ European Cup
Ladies was organized
- 1987 World Winter Universiade at Chopok
- 1999 As part of the 60th Annual VCDJ
World Winter Universiade was organized
in Jasná
- 2016 – after 32 years World Cup Ladies
has returned to Chopok slopes in Slalom
and Giant Slalom
__________
12x European Cup, 3x Junior World
Championships,
2x
World
Winter
Universiade and 4x World Cup
Oficial Opening of the Event in Demänovska Cave of Freedom
1984
2016
The trail of the World Cup Ladies in Slalom and Giant Slalom in Jasná
1984
2016
World Cup’s Costs
•
•
The World Cup 2016 was preceded by the rehearsal → Junior World Championships 2014 –
The actual preparation of the World Cup Jasná lasted more than a year
ORGANIZATION
• In the front a 15-member organization committee, a 760-member team busy with daily preparations
• 323 volunteers helped at the race, they worked 19 074 hours
• Budget of EUR 1,9 mil, income of EUR 1,6 mil
• More than 30 ths visitors visited the sports event during the 3 days
• 1,000 VIP guests were taken care of during the event by a 150-person staff
• 3,300 lunch packs were distributed and 2,700 hot lunches
TRAIL
A quality race trail in any weather
RACERS
19 race teams | 85 competitors | 151 team members
World Cup’s Backstage Info
-
The longest work shift lasted 22.5 hours from 7 am to 5:30 am on preparation of the trail
30 ths fans were cheering in Jasná
Dining staff worked from 4 am till midnight
At Biela Púť in dining joints 2.7 tons of dishes and cookware was used (5 ths plates, 4,700
cutlery pc., 1,200 soup bowls)
- 86 buses facilitated shuttle transportation
- 45 tons of static weights (TV systems, tents, tribune) were used for the construction
- 17 trucks of material for temporary construction
- 120 ths m3 of snow was made
- 7.5 km of net was used for netting the race trail
- 450 motohours was needed for material removal
- 190 walky-talkies was used for internal communication
- 200 m of air mattresses was needed in the finish arena for security | 3km of metal fences
- 42 draft sketches preceded the final version of the finish arena
- The accompanying program included:
7x stage program from Friday till Monday
3 days of JOJ Stage, 3 days Uniqa stage, 1 day Fun rádio Dohoda na snehu, 2 days Ratrak
stage, 2 days Priehyba stage, 3 x Happy End night party
What We Were Different in Compared to Other World Cups
Ladies
Beauty Program – 20 competitors joined, WOW efect
We Caught the World’s Attention
MEDIA
• Accreditation was applied for by 180 journalists from Slovakia, Germany,
France, Sweden, Austria, Poland, Czechia, Hungary, USA, Italy and Ghana
• TV: Live coverage by RTVS was watched by 1.2 mil viewers – 5 hours of
live coverage and 3 hours of studio broadcasting, total of 8 hours of
program and 3 broadcasting days
• Radio: Radio Slovensko – broadcasted total of 7 hours of information on
the World Cup
• 11 reporters and anchors, a 35-member technical team, 6 personal vehicles
• Full coverage before and after the event
• GO ZUZU production song + promo
• TV JOJ in Jasná
LIVE coverage of foreign media
Austrian ORF
German ARD
Swedish TV SVT
Est. total media impact of all TV networks
(RTVS, JOJ, ORF, ARD, SVT) = 13.2 million viewers
Innovation in TMR Resorts: GOPASS App
3 main sections
•
Allows clients to shop conveniently literally with
two clicks at the turnstiles
•
Provides extra comfort for those who leave buying
a ski pass or a ticket to the aquapark for the last
minute
•
Offers clients entertainment in watching their
skied km or in joining SkiChallenge
•
An electronic and informative guide on what’s
happening in the resorts, on the snow status on
trails, cableways operating hours, etc.
•
With the app the skiers will get info on the
cableway waiting times in Jasná
•
Thanks to online maps it makes user orientation in
the Tatra resorts easier
Shopping/ Entertainment/ Info
GOPASS MOBILE = New Way of Shopping and Customer
Relations. 3 Key Functions
Shopping
and
discounts
GOPASS
MOBILE
Fun
Resort
info
Ski Challenge uses everybody’s natural competitiveness. You against
yourself or friends. Ski Challenge enables clients to reach goals in skied km
during the season and to win cool stickers for skiers or helmets from their
favorite ski resort.
Ski Challenge was joined in the season 2015/2016 by
24 908 skiers (PY 19 841), 25% has added at least one friend.
Investments of FY 2015/16 – Chopok South
Investment of EUR 14 mil = project of cableway Krupová, trail amendment, new
snowmaking, a new trail grooming vehicle, etc.
Reasons for building the Krupová cableway and snowmaking:
CLIENTS COMPLAIN ABOUT:
• transportation by lifts
• waiting 20-45 min in line for the lift Srdiečko
– Kosodrevina
• the complicated transfer at Kosodrevina from
the 4-seat chairlift to the gondola
CLIENTS WANT:
• to fully use all accessible
trails for skiing incl. the
longest and prettiest trail
Chopok – Krupová
Launch of operation: winter
2016
Investments of FY 2015/16 – Jasná Nízke Tatry
Investments of EUR 368 ths – Part I of Jasná Center
• Planned building of a square and alteration of Happy End – relocation of Chanpagne Bar,
expansion and covering of the upper terrace with cash desks and a store, and start building
the whole Jasná center
Investment of EUR 4.6 mil – Hotel “Post Office“
Transformation of
original offices to a hotel
Est. deadline of Hotel
“Post Office“: end of
2016
Investments of FY 2015/16 – Aquapark Tatralandia
Investment of EUR 2.9 mil – a fake wave simulator – a surfing simulator
Inspiration:
Investment Description:
- surfing on prettiest and best beaches of the
world, possibility to try it out without having
to fly – under prettiest mountains of Slovakia
- a surfing simulator – 2 side by side – 4 lanes
and each wave simulates surfing on a different
beach (Waikiki a Maui) with a different wind
and wave strength
- A water attraction : a surfing simulator – 2 side
by side suitable for beginners
- Powerful pumps pump water through a water jet
that produces a balanced water stream on the
surfing area
- The whole space’s theme will be completed by
interior elements – rocks, green, a Polynesian
catamaran, beach huts, a surf club’s setting, the
surfing wave’s fotopoint, boards, …
Capacity:
- 40 persons
Launch of operation: summer
2016
Investments of FY 2015/16 – Aquapark Tatralandia
Investment of EUR 80 ths – new themed Halloween land
Investment reasoning : Boost in the visit rate and sales during
fall and off-season. Alteration of AQP’s ambiance to something
different.
Launch of operation:
May 2016
Investments of FY 2015/16 – Vysoké Tatry
Investments of EUR 750 ths – outlet Vysoké Tatry and renovation of 44 rooms of
Grandhotel Praha****, Tatranská Lomnica
Investments of FY 2015/16 Szczyrkowski Ośrodek Narciarski PL
2 versions, either EUR 8 mil or EUR 25 mil
STAGE I – 2016
The resort will get new:
-
Snowmaking
Stores
Rentals
Ski service
Dining
Cash desks, etc.
Investments of FY 2015/16 - Śląskie Wesołe Miasteczko, PL
Investment of EUR 11. 8 mil – new attractions, entry gate, dining, stores
New themed zones
• A new entry zone with stores, info center, arcade, client service, a café with a terrace, …
New attraction
Diamond river
Investments of FY 2015/16 - Śląskie Wesołe Miasteczko, PL
New attractions in 2016 – a rocking boat, cars, roller coaster, hammer with a gondola
New theme in 2016 – bikes, roller coaster, cups, hammer, train, harbor…
Investments of FY 2015/16 - Śląskie Wesołe Miasteczko, PL
Lech Coster – construction of a roller coaster in 2016 = EUR 4.36 mil
Description: 40 m tall, 908 m
long, max speed 95 km/hr,
sound, water, light effects,
capacity 1000 persons/hr
Thank You for Your Attention