Tatry mountain resorts As · BSSE:1TMR001E
Tatry mountain resorts As — Investor Presentation (May 2024)
80 slides from Tatry mountain resorts As's investor presentation, May 2024
Slide 1: Project Phoenix – TMR Recapitalization
Tatry Mountain Resorts Project Phoenix – TMR Recapitalization May 2024 STRICTLY PRIVATE AND CONFIDENTIAL (May constitute inside information)
Slide 2: Disclaimer
Disclaimer The following applies to this document (“Presentation”), the oral presentation of the information contained therein and any other question-and-answer session that follows the Presentation. This Presentation has been prepared by Tatry mountain resorts, a.s. (“TMR”). By attending the meetin
Slide 3: Agenda
Agenda 1. TRANSACTION OVERVIEW 2. TMR AT A GLANCE 3. INVESTMENT THESIS 4. OPERATIONS 5. CLIMATE CHANGE IMPACT 6. FINANCIAL PERFORMANCE APPENDIX – MEDIUM TERM BUSINESS PLAN
Slide 4: Transaction Overview
Section 1 TRANSACTION OVERVIEW
Slide 5: Transaction Overview │ Background
Transaction Overview │ Background Strengthening capital structure by raising equity and refinancing all outstanding indebtedness to position TMR for sustainable growth in years to come Tatry mountain resorts, a.s. (“TMR”) intends to raise equity and refinance all outstanding indebtedness with a vi
Slide 6: Transaction Overview │ Target Capital Structure
Transaction Overview │ Target Capital Structure Maximum leverage ≤5.0x EBITDA (all interest-bearing debt), comprising 2.5 – 3.5x EBITDA senior (secured) debt and 1.0 – 1.5x EBITDA junior (unsecured) loan or junior (unsecured) bond SkiStar (~€200m debt)(1) TMR vs Peers – Current Leverage (incl. Targe
Slide 7: Transaction Overview │ Building Blocks and Timing
Transaction Overview │ Building Blocks and Timing Capital Raise and Syndicated Credit Facility to be closed and funded by July and September 2024. Recapitalization to be completed by TMR III refinancing funded by Junior Loan in October 2024 Recapitalization – Principal Building Blocks 1 2 3 4 TMR V
Slide 8: Transaction Overview │ Implementation
Transaction Overview │ Implementation Illustrative impact of building blocks implementation on TMR’s capital structure Illustrative Impact of Principal Building Blocks Implementation on TMR’s Capital Structure as at 30 April 2024 Structuring EBITDA = €55m Step 1 + 2 Step 3 Step 4 (€m) Capital Increa
Slide 9: TMR at a Glance
Section 2 TMR AT A GLANCE
Slide 10: TMR at a Glance
TMR at a Glance #1 hospitality and leisure operator in Central Europe with 12 resorts and 20 hotels in four countries, serving almost 5 million visitors per year Leader in Central European leisure and hospitality sector by revenue Financial and Operational Highlights and visitors > 7 mountain reso
Slide 11: Geographic Footprint
Geographic Footprint Undisputed market leader in Slovakia which also owns or operates top and most iconic resorts in Poland, Czech Republic and Austria TMR’s Resorts – Location and Transportation Links(1),(2) Revenue by Geography (2023) €188.4m 81% Slovakia Poland Špindlerův mlýn Katowice 9% Austria
Slide 12: Operating Segments
Operating Segments Integrated offering allows for significant cross- and up-sell and ensures diversification. Five key segments – Mountain Resorts, Hotels, Leisure Parks, Dining and Retail – generate ~98% of revenue and EBITDA Revenue by Segment (2023) EBITDA by Segment (2023) €188.4m €59.4m 30% Mou
Slide 13: Strategy
Strategy Building a leading hospitality & leisure operator in Central Europe providing a broad range of premium quality services at reasonable prices 1 Facilities and Regular upkeep to maintain the highest (alpine) standard we aspire to Quality Infrastructure Further modernisation and expansion
Slide 14: ESG
ESG Sustainability is integral part of TMR’s strategy. We are working with EY on sustainability framework definition and implementation and are on track to publish our first sustainability report by February 2026 Getting Ready for CSRD (ESRS Standards) Key ESG Areas Aug 23 Sustainability Framework
Slide 15: Historical Milestones
Historical Milestones Impressive over 30-year track record of transforming one ski resort into leading and diversified regional hospitality and leisure player 1992 2010 2012 2014 2017 2019 2022 SKI Jasná, TMR’s Co-operation with Dual listing of TMR Acquired 97% Long-term operating Acquired glacier s
Slide 16: Corporate Structure
Corporate Structure 11 principal operating entities with debt raised at Tatry mountain resorts, a.s. in Slovakia and Szczyrkowski ošrodek narciarski S.A. in Poland. Bank debt and senior bonds secured on key income generating assets Tatry mountain resorts, a.s.(1) 100% 100% 100% 100% 100% TMR Real Es
Slide 17: Shareholder Register and Share Price Performance
Shareholder Register and Share Price Performance Publicly listed since July 2009. Approx. 30% of shares ultimately beneficially owned by Igor Rattaj who also serves as TMR’s Chief Executive Officer Shareholder Register and Ownership Structure (31 October 2023) Share Price and Traded Volumes (€) (€)
Slide 18: Investment Thesis
Section 3 INVESTMENT THESIS
Slide 19: Investment Highlights
Investment Highlights #1 Leading hospitality and leisure operator in Central Europe #2 Integrated value proposition brings revenue diversification and allows for cross- and up-sell along the value chain #3 All-year-round operation supports financial stability and mitigates seasonality #4 Superb geog
Slide 20: #1 Leading Regional Hospitality & Leisure Operator
#1 Leading Regional Hospitality & Leisure Operator Undisputed market leader in Slovak mountain hospitality, leisure and lodging both in terms of visitors as well as revenue From ~5 million skiers in Slovakia Mkt Share – Slovak Ski Resort Visitors (Ski-Days)(1) Mkt Share – Slovak Ski Resort Revenue
Slide 21: #2 Integrated Value Proposition
#2 Integrated Value Proposition Integrated value proposition brings revenue diversification and allows for cross- and up-sell along the value chain Integrated offering with individual Revenue – Breakdown by Segment(1) EBITDA – Breakdown by Segment(1),(2) locations managed holistically (%) (%) as r
Slide 22: #3 All-Year-Round Operation Mitigates Seasonality
#3 All-Year-Round Operation Mitigates Seasonality Resort-centered strategy facilitates all-year-round operation helping revenue stability and mitigating seasonality Although winter is typically Revenue Summer-Winter Season Split(1) EBITDA Summer-Winter Season Split(1) somewhat stronger in Low Tatr
Slide 23: #4 Superb Locations and Excellent Topography
#4 Superb Locations and Excellent Topography Superb geographic locations in national parks restricting new development and excellent topography with high altitudes guaranteeing perfect snow conditions Key operating assets are located TMR Ski Resorts – Geographic Location Slovak Ski Resorts – Topog
Slide 24: #5 Well Invested Asset Base
#5 Well Invested Asset Base Modern asset base and state-of-the-art equipment with >€460m spent between 2006 – 2023 predominantly on infrastructure upgrades, extensions and improvements Over €460m invested between Annual Capex Spend 10 Largest Investment Projects (2019 – 2023) 2006 and 2023 (more t
Slide 25: #6 Advanced Revenue Management
#6 Advanced Revenue Management Built around Gopass, in-house developed loyalty programme and CRM tool, TMR has pioneered advanced dynamic revenue management with demonstrable positive impact on pricing and customer experience Built around Gopass – in-house Gopass Membership Ski Pass Online Sales /
Slide 26: #7 Central Europe’s Economic Convergence
#7 Central Europe’s Economic Convergence Central Europe’s strong economic convergence increases population’s purchasing power, which is set to provide strong tailwind to region’s hospitality and leisure sector ~64m combined addressable Real GDP/Capita – Absolute Real GDP/Capita – Relative (% EU Av
Slide 27: #8 Experienced Management
#8 Experienced Management Leadership team with ~35 years of combined international hospitality and leisure sector expertise IGOR RATTAJ ZUZANA IŠTVÁNFIOVÁ ČENĚK JÍLEK Chief Executive Officer Vice Chairman of the Board of Directors Chief Operating Officer Chairman of the Board of Directors Member of
Slide 28: #9 Strong Financial Performance
#9 Strong Financial Performance Best reported financial results on record in 2023 convincingly demonstrating advantages of integrated resort- centered business strategy Excellent performance in 2023 Revenue and EBITDA EBITDA Margin (Aggregate) in every segment demonstrating (€m) (%) advantages of
Slide 29: Operations
Section 4 OPERATIONS
Slide 30: Resort (CGU) vs. Segment Perspective
Resort (CGU) vs. Segment Perspective Slovak resorts account for ~80% of revenue and ~90% of EBITDA, respectively. Poland provides meaningful geographic diversification, contributing ~9% of both revenue and EBITDA Revenue (€m) % EBITDA (€m) % EBITDA Margin (%) Country / Resort 2019 2020 2021 2022 202
Slide 31: Slovak Mountain Resorts – Jasná and High Tatras
SLOVAK MOUNTAIN RESORTS – JASNÁ (LOW TATRAS) AND HIGH TATRAS
Slide 32: Slovak Mountain Resorts │ Overview
Slovak Mountain Resorts │ Overview Largest and most attractive ski resorts in the country: Jasná in Low Tatras and Tatranská Lomnica, Starý Smokovec and Štrbské pleso in High Tatras Jasná (Low Tatras) High Tatras Location Jasná, Demänovská Dolina, Low Tatras Tatranská Lomnica, Starý Smokovec, Štrbsk
Slide 33: Slovak Mountain Resorts │ Performance
Slovak Mountain Resorts │ Performance Slovak mountain resorts generate ~€100m revenue (~53% of total) and €35m EBITDA (~60% of total). Jasná is more dependent on winter season, whereas High Tatras enjoy equally balanced summer-winter season split Jasná – Low Tatras High Tatras (€m) 2019 2020 2021 20
Slide 34: Slovak Leisure Parks – Tatralandia and Bešeňová
SLOVAK LEISURE PARKS – TATRALANDIA AND BEŠEŇOVÁ
Slide 35: Slovak Leisure Parks │ Overview
Slovak Leisure Parks │ Overview Two largest aquaparks in Slovakia by attendance and pool area both with all-year-round operation, benefiting from geothermal water springs and convenient location in close proximity to High and Low Tatras Tatralandia Bešeňová Location Liptovský Mikuláš, Slovakia Bešeň
Slide 36: Slovak Leisure Parks │ Performance
Slovak Leisure Parks │ Performance Slovak water parks contribute ~€50m revenue (~25% of total) and €16m EBITDA (~27% of total). Water parks operate all-year-round, although outdoor pools and attractions considerably enhance capacity in the summer Tatralandia Bešeňová (Acquired in 2022) (€m) 2019 202
Slide 37: Polish Resorts – Szczyrk and Legendia
POLISH RESORTS – SZCZYRK AND LEGENDIA
Slide 38: Polish Resorts │ Overview
Polish Resorts │ Overview Largest Polish ski resort (since 2014) and largest and oldest amusement park in Poland (since 2015) Szczyrk Ski Resort Legendia Amusement Park Location Beskid Śląski, Silesia, Poland Location Katowice, Silesia, Poland Description Largest ski resort in Poland Segment Amuseme
Slide 39: Polish Resorts │ Performance
Polish Resorts │ Performance Polish operations contribute ~€17m revenue (~9% of total) and €5m EBITDA (~9% of total). Szczyrk’s main season is winter (subject to snow conditions) while Legendia attracts most customers during summer season Szczyrk Mountain Resort Legendia Amusement Park (€m) 2019 202
Slide 40: Czech Resorts – Ještěd, Špindlerův mlýn, Ostravice and Kaskáda
CZECH RESORTS – JEŠTĚD, ŠPINDLERŮV MLÝN, OSTRAVICE AND KASKÁDA
Slide 41: Czech Resorts │ Overview
Czech Resorts │ Overview Top and most iconic ski resorts in the country – Špindlerův mlýn (since 2012) and Ještěd (since 2017) – and two golf resorts – Kaskáda and Ostravice (both since 2018) Ještěd Špindlerův mlýn Ostravice and Kaskáda(1) Location Jizera Mountains, Czech Republic Giant Mountains, C
Slide 42: Czech Resorts │ Performance
Czech Resorts │ Performance Czech operations contribute ~€7m revenue (~4% of total) and ~€0.8m EBITDA (<2% of total). Ještěd and Špindlerův mlýn are winter season resorts, whereas Golf is a summer season segment Ještěd Špindlerův mlýn and Golf (Kaskáda and Ostravice) (1) (€m) 2019 2020 2021 2022 202
Slide 43: Austrian Resorts – Muttereralm, Mölltaler, Ankogel
AUSTRIAN RESORTS – MUTTERERALM, MÖLLTALER, ANKOGEL
Slide 44: Austrian Resorts │ Overview
Austrian Resorts │ Overview Latest portfolio additions include three Austrian ski resorts: Mölltaler & Ankogel (since 2020) and Muttereralm (since 2021) Muttereralm – Innsbruck Mölltaler Gletscher Ankogel – Mallnitz Location Mutters, Tirol, Austria Flattach, Carinthia, Austria Mutters, Tirol, Austri
Slide 45: Austrian Resorts │ Performance
Austrian Resorts │ Performance Austrian operations contribute over €10m revenue (~6% of total) but only ~€0.2m EBITDA (<1% of total). Muttereralm has all-year-round operation whereas Mölltaler is a glacial resort with extended winter season Muttereralm – Innsbruck Mölltaler Ankogel (1) (1) (€m) 2019
Slide 46: Hotels and Lodging Facilities
HOTELS AND LODGING FACILITIES
Slide 47: Top Quality Hotel Portfolio
Top Quality Hotel Portfolio Top quality accommodation facilities with >3,000 beds and >2,000 seats in hotel restaurants underpin our resort-centred strategy Conference Conference Rooms Restaurant Facility(Category -*) Rooms Beds Occupancy (%)(1) Wellness (pers) Lobby Bar (pers) Rooms Capacity (pers)
Slide 48: Digital Channels and Revenue Management
DIGITAL CHANNELS AND REVENUE MANAGEMENT
Slide 49: Gopass
Gopass Customer loyalty program, Customer Relationship Management tool and digital sales channel in one place available to customers online or via card or app In-house developed customer Gopass Membership Online Sales (via Gopass + AOM)(1),(2) loyalty programme, CRM tool and (# ‘000) (€m) digital
Slide 50: Revenue Management
Revenue Management Built around Gopass, TMR has pioneered advanced dynamic revenue management with demonstrable positive impact on pricing and customer experience Unique data driven revenue Winter Season Segmentation – Weekly (2024) Purchasing Behaviour – Run-up Curves (2024) management system com
Slide 51: Real Estate and Development Projects
REAL ESTATE AND DEVELOPMENT PROJECTS
Slide 52: Real Estate and Development Projects
Real Estate and Development Projects Continuously evaluating and realizing development opportunities strengthening or complementing existing platform TMR constantly evaluates and Examples of Successfully Completed Projects realizes development opportunities which strengthen or complement Chalets J
Slide 53: Jasná Central Development Project
Jasná Central Development Project Unique development in the heart of Jasná comprising hotel rooms, apartments, parking spaces and other complementary facilities such as restaurant, bar, wellness and retail shops Located in Jasná – Biela púť, Low Jasná Central Development Project Tatras, near Jasná
Slide 54: Climate Change Impact
Section 5 CLIMATE CHANGE IMPACT
Slide 55: Climate Change │ Temperature and Precipitation
Climate Change │ Temperature and Precipitation Climate change will inevitably affect ski resorts which depend on snow conditions. Warmer winters and lower precipitation may pose a particular challenge to ski resorts located at altitudes below 1,000m AMSL Global climate change will Avg Annual Tempe
Slide 56: Climate Change │ Impact on Slovak Mountain Resorts
Climate Change │ Impact on Slovak Mountain Resorts Artificial snowmaking is a universally accepted way to adapt to climate change. Excellent skiing conditions are consistent with avg temperatures ≤ -2 °C allowing for efficient deployment of snowmaking equipment Artificial snowmaking is most Skiing
Slide 57: Climate Change │ Focus on TMR Mountain Resorts
Climate Change │ Focus on TMR Mountain Resorts Due to their unique topography (high altitudes) and investments into modern snowmaking infrastructure (incl. water reservoirs), TMR’s resorts shall be able to offer excellent skiing conditions for decades to come Non-glacier ski resorts around Slovak
Slide 58: TMR Mountain Resorts│ Snowmaking Infrastructure
TMR Mountain Resorts│ Snowmaking Infrastructure TMR has invested heavily into state-of-the-art snowmaking technology and equipment and can operate ~80% of its ski slopes even under no-snow conditions Jasná Špindlerův Mölltaler Resort High Tatras Szczyrk Ještěd Muttereralm Ankogel Total (Low Tatras)
Slide 59: Jasná and High Tatras│ International Comparison
Jasná and High Tatras│ International Comparison TMR ski resorts have many parameters that bear comparison to Alpine glaciers in Austria Summit Capacity Resort Valley (m AMSL) Elevation (m) Lifts Slopes (km) Difficulty Daily Ski Pass(1) (m AMSL) (PAX/Hour) Kaprun 3,029 768 2,261 21 42,075 61.0 29.0 2
Slide 60: Financial Performance
Section 6 FINANCIAL PERFORMANCE
Slide 61: Consolidated Profit & Loss Statement (2019 – 2023)
Consolidated Profit & Loss Statement (2019 – 2023) Rapid post-covid recovery amid very strong customer demand and increasing prices driving top line growth while higher cost of debt weigh on bottom line 1 Revenue growth driven by increasing prices amid (€ ‘000) 2019 2020 2021 2022 2023 CAGR / Δ alm
Slide 62: Consolidated Balance Sheet (2019 – 2023)
Consolidated Balance Sheet (2019 – 2023) Asset heavy business with balance sheet inflated by IFRS 16 impact, financed by considerable amount of debt. Contemplated transaction will materially reduce leverage and address current undercapitalization (€ '000) 2019 2020 2021 2022 2023 CAGR / Δ 1 RoUA re
Slide 63: Consolidated Cash Flow Statement (2019 – 2023)
Consolidated Cash Flow Statement (2019 – 2023) Commitment to highest standards reflected in substantial capital expenditure maintained even during Covid-19 pandemics 1 Large and capital-intensive projects (including (€ '000) 2019 2020 2021 2022 2023 CAGR / Δ Biela Púť – Priehyba cableway, snowmakin
Slide 64: Revenue and EBITDA │ Segment Perspective
Revenue and EBITDA │ Segment Perspective Mountain Resorts (ski passes) are still the biggest revenue contributor, albeit their relative significance is declining, mainly due to increasing contribution of Hotels (accommodation) and Leisure Parks (entry tickets) Mountain Resorts (ski passes) are Rev
Slide 65: Revenue Drivers and Margins
Revenue Drivers and Margins Revenue is driven directly by visit rates x activity prices and occupancy rates x average daily rates and indirectly by average daily spend per visitor on complementary services Revenue driven (i) directly by visit Visit Rates – Mountain Resorts and Leisure Parks Averag
Slide 66: Right-of-Use Assets and IFRS 16 (1/2)
Right-of-Use Assets and IFRS 16 (1/2) TMR leases certain assets that are fundamental for its revenue generation. Under IFRS 16, these leased assets are capitalised, creating both an asset as well as a liability, inflating TMR’s balance sheet TMR leases certain assets that are Right-of-Use Assets a
Slide 67: Right-of-Use Assets and IFRS 16 (2/2)
Right-of-Use Assets and IFRS 16 (2/2) Under IFRS 16, the regular lease payments reduce the lease liability but are not accounted for as a running expense, overstating reported EBITDA Typical Terms Accounting Treatment and Impact on EBITDA Land plots under cableways and slopes are leased in Slovaki
Slide 68: Indebtedness
Indebtedness Debtor Creditor Facility Amount (€k)(1) Ccy Maturity Covenants Collateral / Comment TMR, a.s. J&T BANKA Term Loan - Tranche 1A 19,824 Euro Dec-26 Leverage, DSCR, LTV Fixed assets in Bešeňová, shares in TMR Parks, receivables TMR, a.s. J&T BANKA Term Loan - Tranche 1B 20,155 Euro Dec-26
Slide 69: Current Trading │ 1H 2024 KPIs
Current Trading │ 1H 2024 KPIs Preliminary unaudited results for 1H 2024 indicate that positive momentum from last year continues into FY2024 Continued positive momentum Revenue by Segment(1),(2) Revenue by Geography(1) across all segments except Golf with revenue up by ~10% y-o-y (€m) 1H 2023 1H
Slide 70: Appendix – Medium Term Business Plan
Appendix MEDIUM TERM BUSINESS PLAN
Slide 71: General Planning Approach
General Planning Approach Detailed planning for each CGU, separately for summer and winter season, down to EBITDA. Cost base reflects historical evolution and grows with inflation. One consolidated balance sheet with target capital structure Revenue built for each of 14 Cash Generating Unit (CGU)
Slide 72: Model Design │ Revenue and Opex
Model Design │ Revenue and Opex Revenue Opex Number of guests growth Mountain Resorts Personnel expenses Leisure Parks Dining Revenue per guest growth Sports Services & Stores Electricity Projections prepared for each Occupancy rate Purchased services CGU Based on historical levels Avera
Slide 73: Key Revenue Assumptions│ Prices
Key Revenue Assumptions│ Prices Mountain Resorts Leisure Parks CGU / € Season 2023A 2024E 2025F 2026F 2027F 2028F CAGR(1) Δ(1) CGU / € Season 2023A 2024E 2025F 2026F 2027F 2028F CAGR(1) Δ(1) High Winter 21.3 21.9 22.6 23.4 24.1 24.6 2.9% 3.3 Winter 11.2 13.1 13.6 14.1 14.5 14.8 5.6% 3.5 Bešeňová Tat
Slide 74: Key Model Assumptions │ Visit Rates
Key Model Assumptions │ Visit Rates Guests / Visitors Rooms per CGU (‘000) 2023A 2024E 2025F 2026F 2027F 2028F CAGR(1) Δ(1) (#) 2023A 2024E 2025F 2026F 2027F 2028F CAGR(1) Δ(1) High Tatras 1,237 1,248 1,252 1,255 1,258 1,261 0.4% 23.6 High Tatras 67,993 69,052 69,397 69,744 70,093 70,443 0.7% 2,450
Slide 75: Model Output │ Profit & Loss Statement
Model Output │ Profit & Loss Statement (€ ‘000) 2019A 2020A 2021A 2022A 2023A 2024F 2025F 2026F 2027F 2028F CAGR / Δ (23A - 28F) Mountain Resorts 46,470 44,792 16,735 50,108 69,673 79,177 82,746 86,545 89,650 92,174 5.8% Hotels 28,359 24,817 13,737 36,269 54,937 58,432 60,639 63,149 65,087 66,706 4.
Slide 76: Model Output │ Balance Sheet (Assets)
Model Output │ Balance Sheet (Assets) (€ ‘000) 2019A 2020A 2021A 2022A 2023A 2024F 2025F 2026F 2027F 2028F CAGR / Δ (23A - 28F) Goodwill and intangible assets 14,435 41,473 35,851 35,605 35,431 35,431 35,431 35,431 35,431 35,431 0.0% Property, plant and equipment 412,995 390,986 380,408 404,962 403,
Slide 77: Model Output │ Balance Sheet (Liabilities & Equity)
Model Output │ Balance Sheet (Liabilities & Equity) (€ ‘000) 2019A 2020A 2021A 2022A 2023A 2024F 2025F 2026F 2027F 2028F CAGR / Δ (23A - 28F) Share capital 46,950 46,950 46,950 46,950 46,950 91,161 91,161 91,161 91,161 91,161 14.2% Share premium 30,430 30,430 30,430 30,430 30,430 106,220 106,220 106
Slide 78: Model Output │ Cash Flow Statement (1/2)
Model Output │ Cash Flow Statement (1/2) (€ ‘000) 2019A 2020A 2021A 2022A 2023A 2024F 2025F 2026F 2027F 2028F CAGR / Δ (23A - 28F) EBITDA 35,496 35,137 7,000 33,696 59,367 65,240 69,897 73,590 76,952 79,868 6.1% Profit from the sale of PPE and intangible assets (638) (775) (2,397) (3,341) (2,002) -
Slide 79: Model Output │ Cash Flow Statement (2/2)
Model Output │ Cash Flow Statement (2/2) (€ ‘000) 2019A 2020A 2021A 2022A 2023A 2024F 2025F 2026F 2027F 2028F CAGR / Δ (23A - 28F) Capital raise - - - - - 120,000 - - - - n.m. Repayment of lease liabilities (2,732) (7,102) (7,047) (7,596) (6,589) (6,576) (5,659) (5,174) (4,982) (4,919) (5.7%) Advanc
Slide 80: Tatry mountain resorts, a.s.
Tatry mountain resorts, a.s. Demänovská Dolina 72 031 01 Liptovský Mikuláš Slovakia www: tmr.sk/en/investor-relations
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