Prezentácia programu PowerPoint - Tatry Mountain Resorts

Presentation of preliminary financial results of fiscal year 2010/2011
Period from November 1, 2010 to October 31, 2011
Published on January 24, 2012

Historically the most successful year 2010/2011
� Consolidated revenues increased by 59% to EUR 38,8 mil.
� Consolidated net profit increased by 60% to EUR 9,2 mil.
� Earnings per share amounted to EUR 1,37
� TMR shares – the most traded title on Bratislava Stock Exchange in 2010 and 2011
� Number of visitors increased by 63% to 1,7 mil., like-for-like increase* by 20,5% to 1,2 mil.
� Excellent results thanks to:
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� Completed investments – EUR 26 mil. in 2009/2010
� Acquisition of aqua park Tatralandia
� Maximum use of synergies (e.g. marketing), investments and “know-how” of management
� Constant active customer relations – successful marketing campaign
� Implementing innovative and creative product deals
� Eliminating the impact of adverse weather
� More intense cooperation with Štrbské Pleso
* Like-for-like performance indicators and results do not include the impact of the acquisition of Tatralandia in April 2011.

Impact of investments on results in 2010/2011
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6-seat cableway Vysoké Tatry
Grand Jet Jasná Nízke Tatry
Happy End Jasná
Tatry motion
Orange 6-seat cableway in Jasná Nízke Tatry

Significant events FY 2010/2011
� Acquisition of Tatralandia
� Purchase price EUR 30,5 mil. ( the aqua park and 156 bungalows Holiday Village Tatralandia)
� The biggest aqua park in Central Europe offers:
1992 2003 2005
4
� 8 year-round swimming pools
� 3 summer-swimming pools
� 16 saunas and wellness
� congress center
� 5D cinema, golf trainer etc.
2006
2008
2009
� Revenues in the amount of EUR 7,8 mil. from entries, restaurants and hotel (from April to
October 2011)
� 437 thous. visitors (since April 2011)

Visit rate FY 2010/2011
� Total number of visitors in
Mountains & Leisure segment –
1,7 mil.
� Total increase by 63%; by 20,5% in
mountain resorts only (to 1,2 mil.)
� High Tatras
� Jasná Low Tatras
� Tatralandia
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� Increase by 26,3% to 738 thous.
� Increase by 13% to 500 thous.
� Solid number of visitors –
437 thous.
25%
1%
8%
5% 3% 2% 2% 1%
32%
2%
9%
Visitors - Jasná NízkeTatry
47%
Visitors - Tatranská Lomnica
5%
57%
Slovakia
Poland
Czech Rep.
Other
Russia
Ukraine
Latvia
Belarus
Slovakia
Poland
Czech Rep.
Ukraine+Russia
Other
Baltic

Summary of financial results of FY 2010/2011
� Operational highlights:
� Double-digit percentage increases
� Y-o-y increase of total operational
revenues by 53,4% to EUR 39,9 mil.;
(like-for-like increase by 23,6% to EUR
32,2 mil. *)
� Earnings before interests, taxes,
depreciation and amortization
(EBITDA) increased by 72,7% to EUR
11,5 mil., (like-for-like increase by 17,4%
to EUR 7,8 mil. *)
� Operational profitability (EBITDA
margin) improved by 3,2% to 28,9%,
(like-for-like decrease by 1,3 p.p. to
24,4%*)
� Consolidated results:
6
� Revenues of EUR 38,8 mil., net
income of EUR 9,2 mil., EPS of
EUR 1,37
26 034
* Like-for-like performance indicators and results do not include the impact of the acquisition of Tatralandia in April 2011.
Thous.
45 000
40 000
35 000
30 000
25 000
20 000
15 000
10 000
5 000
Operating performanceTMR -
comparison in EUR thous. y-o-y
0
6 682
39 947
11 539
2009/2010 2010/2011
Revenues EBITDA

Operating revenues of FY 2010/2011 by segments
� Mountains & Leisure
� The highest increase among segments +61,4%
to EUR 28,1 mil.; (like-for-like increase by
+22,5% to EUR 21,3 mil. *)
� Hotels
� Solid increase by 41% to EUR 11,7 mil.; (likefor-like
increase +29% to EUR 10,7 mil. *)
� Real Estate
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Hotels
29,4%
Revenues breakdown
Real Estate
0,3%
Mountains & Leisure Hotels Real Estate
Mountains &
Leisure
70,3%
17 409
* Like-for-like performance indicators and results do not include the impact of the acquisition of Tatralandia in April 2011.
Thous.
30 000
25 000
20 000
15 000
10 000
Revenues by major segments 2010/2011
5 000
0
8 329
28 096
11 731
2009/2010 2010/2011
Mountains & Leisure Hotels

Earnings before interest, taxes, depreciation and
amortization (EBITDA) by segments
� Equally solid growth in both
major segments
� Mountains&Leisure
� Hotels
8
� Increase by 77% to EUR 8,8 mil.;
(like-for-like increase +7,5% to
EUR 5,3 mil. *)
� Increase by 78% to EUR 2,8 mil.;
(like-for-like increase +61,7% to
EUR 2,5 mil. *)
4 951
* Like-for-like performance indicators and results do not include the impact of the acquisition of Tatralandia in April 2011.
Thous.
10 000
9 000
8 000
7 000
6 000
5 000
4 000
3 000
2 000
1 000
0
EBITDA of major segments
2010/2011
1 556
8 764
2 768
2009/2010 2010/2011
Mountains & Leisure Hotels

Outlook FY 2011/2012
� Positive outlook based on the successful start of winter season and confirmed
right long-term strategy
� Influenced by:
� Investments realized in 2010/2011 in the amount of EUR 29,6 mil.
� Expansion of bed capacity (hotels Slovakia, FIS) and investments into the hotels
� Marketing support (besides a usually strong campaign in Slovakia, a more intense campaign on the Polish
market)
� Synergies with aqua park
� Leading position in tourism in the region
9

New investments with impact on results of FY
2011/2012
� Investments realized in 2010/2011 in the amount of EUR 29,6 mil.
� Investment highlights:
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� 8-seat cableway Buková Hora in the High Tatras increased capacity by 2 400 skiers per
hour
� Extended snowmaking coverage by 3 km in the High Tatras
� Launch of building of Funitel in the Low Tatras – completion planned for 2012
� Extended parking in the High and Low Tatras by 700 places
� Hotels renovation (60 new rooms in Grand Jasná and GH Praha, Tatranská Lomnica and
wellness in GH Praha)
� Total amount of CAPEX in the last five years as of the end of 2011 amounts to EUR 100 mil.
and additional EUR 56 mil. planned till 2014.

Investments realized in 2010/2011
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8-seat cableway Buková hora Funitel – link between Chopok North and South
Renovated room in hotel Grand Jasná New wellness Grandhotel Praha Tatranská Lomnica

Short-term strategy for 2011/2012
� Short-term strategic goals:
� Completion of Funitel and building of a new cableway, which will link the North and South
sides of Chopok mountain
� Expansion of snowmaking
� Continued renovation of hotels as a reaction to demand
� Acquisition activities – Polish railways, ski resorts in the Czech republic
� Dual listing on exchanges in the region (Warsaw and Prague)
� Focus on more affluent clients via real estate projects – sale of Grand Residences Tatranská
Lomnica, jump start the development of Tatranská Lomnica Center project
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Successful start of new winter season (November
and December 2011)
� Preliminary results:
� Growth trend and potentially the most
successful winter season in TMR’s history
� Subsegment Mountain resorts – revenues of
EUR 2 mil., y-o-y increase of 15%
� Vysoké Tatry – revenues of EUR 890
thous., increase of 25%
� Jasná Nízke Tatry – revenues of EUR
1,09 mil., increase of 8%
� Visit rate:
� Segment Mountain resorts – 250 thous. visitors,
y-o-y increase of 9%
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� Vysoké Tatry – 65 thous. visitors,
increase of17%
� Jasná Nizke Tatry – 185 thous. visitors,
increase of 6,2%
2 500 000
2 000 000
1 500 000
1 000 000
500 000
0
Revenues in mountain resorts -
November and December 2011
Total
Jasná Nízke Tatry
Vysoké Tatry
+8
%
+25%
2010/2011 2011/2012
0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0%
Jasná Nízke Tatry
Vysoké Tatry
Change in revenues and visit rate y-o-y-
November and December 2011
Visit rate
Revenues

Q&A
14

Appendix
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Investments of 2010/2011
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Vysoké Tatry Nízke Tatry
1. 8-seat cableway Buková hora – capacity extension by 2 400
persons per hour
2. Extended technical snowmaking and ski trails by 3 km
3. Extended hotel capacity by 27 rooms and 6 apartments and
renovation of wellness in Grandhotel PRAHA Tatranská
Lomnica.
4. Completion of annex building of Grandhotel Praha with 15 new
rooms with fireplace – Grand residences Tatranská Lomnica
5. New store Tatry motion at Štrbské Pleso
6. Extension of Štart restaurant in Tatranská Lomnica
7. 400 new parking places
1. Aqua park – new toboggan TRIO
2. Extended technical snowmaking up to 1843 m a.s.l., total of 20
km ski trails with snowmaking coverage
3. Launch of building of Funitel in the Low Tatras, to be finished in
2012
4. New après ski bar near to Music club Happy End
5. New store Tatry Motion near to Hotel Grand Jasná and new
store Intersport in Záhradky – modern shopping zone with
brand clothes and accessories in the total area of 1565 m2
6. Renovation of 27 rooms in Hotel Grand Jasná
7. Extended parking nearby Hotel Grand Jasná
8. 300 new parking places
9. Extended area of kindergarten Maxiland in Jasná to 6,000 m2

Key operational results (non-audited)
Revenues in'000 EUR* 2010/2011 2009/2010 YOY change (%)
Mountains & Leisure 28 097 17 410 61,4%
Mountain Resorts 17 849 14 934 19,5%
Aquapark 5 599 NA NA
Dining 3 352 1 562 114,5%
Sport Services & Stores 1 297 913 42,0%
Hotels 11 732 8 329 40,9%
Real Estate 119 296 -59,7%
Total Revenues (operational) 39 948 26 034 53,4%
EBITDA in '000 EUR 2010/2011 2009/2010 YOY change (%)
Mountains & Leisure 8 764 4 952 77,0%
Mountain Resorts 4 805 4 799 0,1%
Aquapark 2 926 NA NA
Dining 814 127 539,5%
Sport Services & Stores 219 25 762,3%
Hotels 2 768 1 556 77,9%
Real Estate 7 174 -96,2%
Total EBITDA 11 539 6 682 72,7%
EBITDA MARGIN 28,9% 25,7% 3,2%
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* The adjusted operational results include 100% of the results of Grandhotel Starý Smokovec, which, as per IFRS, is
accounted for by the Equity method; the results exclude the influence of a provision created in connection to revitalization of
Vysoké Tatry in the amt of EUR 480 thous.
** Aquapark Tatralandia has been under TMR’s management only since April 2011; included results are reported for the
period of 7 months from 1.4. 2011 to 31.10.2011.

Selected consolidated relusts and financial
statements (non-audited)
in '000 EUR 2010/2011 2009/2010 YOY change (%)
Revenues 38 758 24 338 59,2%
EBITDA 12 219 6 633 84,2%
EBITDA margin 31,5% 27,3% 15,7%
Depreciation and Amortization -8 120 -6 831 NA
EBIT 1 599 -703 NA
Financial Income/Expense, net 5 332 6 111 -12,7%
Income Taxes -4 307 275 NA
Net Income 9 177 5 745 59,7%
Shares outstanding 6 707 6 707 0,0%
Earnings Per Share 1,37 0,86 59,7%
in '000 EUR 31.10.2011 31.10.2010
Assets 315 126 300 547
Total Non-current Assets 214 769 136 578
Total Current Assets 100 357 163 969
Equity 272 756 269 009
Liabilities 42 369 31 538
Total Non-current Liabilities 29 413 21 925
Total Current Liabilities 12 956 9 613
Total Debt 17 925 14 179
Total Equity and Liabilities 315 126 300 547
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Disclaimer
� This material is exclusively for informational 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 031 01, Identifications Number: 31 560 636, registered in the Commercial Registry of District Court of
Ţilina, 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 share
capital consists of 6 707 198 bearer shares booked on the bearer with a nominal value of 33 € per stock. Emission
has been allocated ISIN SK11 20010287. 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
SK11 20010287, as of October 10, 2009. The prospectus is published on the following website of the parallel market
on Bratislava Stock Exchange: www.bsse.sk and on the website of the TMR Company www.tmr.sk.
� 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.
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