TMR for half-year with revenues of EUR 32.8 million

TMR for half-year with revenues of EUR 32.8 million
TMR for half-year with revenues of EUR 32.8 million
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Today TMR released its consolidated results for the first half of the financial year 2013/14 (the period from November 1, 2013 to April 30, 2014). TMR managed to keep revenues at the level of the same period last year, posting a slight growth of 0.8% to EUR 32.8 mil. EBITDA (Earnings before interest, taxes, depreciation, and amortization) decreased year-over-year by 8.7% to EUR 11.1 mil., and net income dropped 61% to EUR 2.8 mil. 

Chairman of the Board of Directors and CEO of TMR, Bohuš Hlavatý, commented on the results: “We have a tough season behind us. We had a slow start with extremely mild winter temperatures and dry weather, although thanks to our massive resort investments totaling EUR 190 million, including state-of-the-art equipment in the resorts, we were able to offer our clients a full winter experience on and off the slope. During the winter holidays of New Year’s and in “Golden Week” we even filled our hotels to full capacity. Any less-than-ideal skiing conditions were offset by Aquapark Tatralandia with its successful Tropical Paradise concept guaranteeing warm climate and with the number of après-ski establishments on and off the slope. In the second quarter the skiing season was cut short due to warm weather, with cableway operation finishing with Easter. Given these harsh circumstances, we were able to post a 0.8% growth in revenues, with the greatest increase in the hotels’ segment of 10.1%.”

The main segment of Mountains & Leisure recorded a revenue decrease of 3.3% to EUR 23.7 mil., out of which Mountain Resorts decreased 5%; Aquapark improved by 4.1%; Dining posted a 2.6% growth; and Sport Services & Stores recorded a 10.7% decrease. The results were impacted by an extremely mild and dry winter season, which was shorter than last year, ending with Easter. Mountain Resorts were visited by 899 thousand visitors (skier days), opposed to 952 thousand last year. Aquapark Tatralandia kept the visit rate stable at the last year’s level with 210 thousand. Despite the total decrease of the number of visitors, the average revenue per visitor improved both in the resorts and dining facilities. 

The Hotels segment boosted total revenues with a 10.1% growth to reach EUR 8.7 mil. mainly thanks to the average rate increased by 16% on the hotel portfolio’s level as well as of each individual hotel. The Hotels’ success is also a result of focus on the hotels’ quality improvement and on sales work. Loyal hotel clients keep returning to TMR hotels, and the results were boosted also by foreign clients from Russian and Polish speaking countries, who had made their bookings well ahead regardless of weather conditions in the resorts. This caused full capacity at the hotels during peak periods, such as during “Golden week” and New Year’s.

EBITDA dropped by 8.7% year-over-year to EUR 11.1 mil. mainly due to personnel and operating costs, which increased because of the launch of new cableways in Vysoké Tatry and Jasná Nízke Tatry at the beginning of the 2013/14 winter season, opening of additional ski trails with snowmaking, and additional dining facilities and retail stores. Net income was achieved at EUR 2.8 mil., whereas the 61% decrease was caused mostly by increased interest expense accrued for the bonds issue in the total nominal value of EUR 180 mil. and by drawing of a bank loan. Earnings per share were EUR 0.41.

By the end of FY 2013/14 the Board of Directors expects to meet the financial plan of a 5.9% growth in revenues to EUR 57.560 mil. and EBITDA of EUR 19.052 mil. TMR’s results till the end of FY 2013/14, i.e. till 31 October 2014, will be impacted by the summer season in the mountain resorts, Aquapark Tatralandia, and TMR hotels. During the summer TMR plans to complete most of the current year’s investments that include renovation of the entrance hall in Aquapark Tatralandia with new more efficient ticket offices, tropical design, new locker rooms, and technology, and a new restaurant Medrano in Tatralandia.

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Tatry mountain resorts, a.s. (TMR) is the leader in tourism in the Central and Eastern Europe; it owns and operates attractive mountain resorts and hotels. In the Low Tatras TMR owns and operates the resort Jasná Nízke Tatry and hotels Wellness hotel Grand Jasná, Boutique
Hotel Tri Studničky, Chalets Jasná De Luxe, Hotel Srdiečko, and Million Star Hotel. TMR is also the owner of Aquapark Tatralandia, the largest Slovak aquapark with year-round operation, which besides water entertainment includes Tropical Paradise, a special tropical indoor hall with sea water, as well as accommodation in bungalows and apartments of Holiday Village Tatralandia. In the High Tatras TMR owns and operates the resort Vysoké Tatry with mountain areas of Tatranská Lomnica, Starý Smokovec and Štrbské Pleso, which TMR comanages. In the High Tatras TMR also owns hotels Grandhotel Praha Tatranská Lomnica, Grandhotel Starý Smokovec, and Hotel FIS Štrbské Pleso. TMR also owns 19% in Melida, a.s., which leases and operates the resort Špindlerův Mlýn in the Czech Republic. In Poland TMR owns the Szczyrk resort. TMR also owns and leases to third parties hotels Slovakia, Kosodrevina, Liptov and Ski&Fun Záhradky a Bungalovy. By the end of 2013 nearly EUR 190 mil. have been invested into development and modernization of TMR’s resorts. TMR shares are traded on three European stock exchanges – in Bratislava, Prague, and Warsaw.