SnowWorld realises 31% increase in net operating profit

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Jasmin Parks
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1 Press release, 30 October 2017 Acceleration of profit in second half financial year 2016/2017 SnowWorld realises 31% increase in net operating profit Related to the announcement of the mandatory public offer by Alychlo N.V. for the outstanding shares of SnowWorld, SnowWorld decided to release its preliminary results today. Key points preliminary results: - Increase in revenues by 6.9% to 27.3 million - Increase in EBITDA by 13.2% to 9.7 million - Increase revenue and profit especially in second half financial year - Impairment of capitalised development costs for Paris and Barcelona of 1.0 million - Excluding the impairment, increase in net (operating) profit by 28.5% to 3.1 million - Increase in group equity by 23.5% to 16.3 million Extension Zoetermeer (third slope) pushes results On 15 October 2016, SnowWorld put its extended third ski slope in Zoetermeer into service (the slope was extended from around 200 metres to 300 metres). As a result, the number of ski passes sold in Zoetermeer increased by 21.6% compared to the previous financial year. For the total company the number of ski passes sold increased by 7.2%. The revenue of SnowWorld increased by 6.9% to 27.3 million this financial year. The EBITDA increased faster, by 13.2% to 9.7 million. The operational result (EBIT) increased by 19.3% to nearly 6.0 million. The operating net profit, being normative for the financial performance, increased by 28.5% to 3.1 million. The operating earnings per share increased by 26.6% to SnowWorld has decided to impair the capitalised costs of its development of new ski resorts in Paris and Barcelona. This is because it is not expected to be possible for construction to start in the near future. The intended location in Paris is to be used in 2024 for the mountain biking in the Olympic Games that Paris will be hosting that year. Until that time, development of a ski resort at that location is not possible. As a result of the political developments in Spain/Catalonia it is not expected that the city council of Barcelona will amend the intended location's zoning plan for the development of the ski resort in the foreseeable future. But SnowWorld is making good progress on the development of an indoor ski resort near Milan with its Italian partner, Finiper Group. The impairment of the capitalised development costs has a negative effect on EBIT of 1.0 million and on net profit of 0,8 million. Including the impairment the net profit decreased by 2.6% to 2.4 million. Earnings per share decreased by 3.8% to 0.76.

2 (in x 1,000) impairment Result development Operational result 2016/2017 cost 2016/ /2016 Net Revenu 27,283-27,283 25,516 Gross margin 24,616-24,616 23,047 EBITDA 9,748-9,748 8,611 Operating result (EBIT) 4,969 1,007 5,976 5,008 Result after tax 2, ,122 2,429 Strong increase group equity (+23.5% to 16.3 million) SnowWorld's shareholders equity has greatly improved due to good operating results. Group equity increased by 23.5% to 16.3 million. Solvability (guarantee capital as percentage of total assets) increased from 22.2% to 27.7%. Interest-bearing debt (excluding interest rate swaps) decreased by 6.2% to 38.0 million. The number of shares outstanding as at 30 September 2017 was 3,146,363 (30/9/2016 3,029,850). The closing price as at 30 September 2017 was 9.65 (30/9/2016: 7.47). Mandatory public offer Alychlo Following the acquisition of 40% of the shares in SnowWorld N.V., which were indirectly held by J.H.M. Hendriks Beheermaatschappij B.V, the investment company Alychlo N.V., announced on 28 September 2017 that it was going to make a mandatory public offer for the outstanding shares of SnowWorld N.V. In connection with this, Alychlo announced that it would submit an application for the approval of the offer document to the Authority for the Financial Markets (AFM) no later than on 20 December SnowWorld expects to be able to release the definitive results for financial year 2016/2017 that have been audited by its accountant earlier than the planned date of 17 January For more information on this press release or additional information, please contact: Koos Hendriks (CEO), +31 (0) or corporate@snowworld.com Wim Moerman (CFO), +31 (0) or corporate@snowworld.com SnowWorld profile SnowWorld N.V. is a listed company based in Zoetermeer. With its two indoor ski resorts in the Netherlands, SnowWorld is one of the world leaders in this industry. Since its establishment in 1996 by Mr J.H.M. Hendriks, SnowWorld has experienced rapid growth. In connection with SnowWorld s strategy of further rolling out its proven, successful concept in Europe, SnowWorld went public in

3 CONSOLIDATED INCOME STATEMENT (in x 1,000) 2016/ /2016 Net revenue 27,283 25,516 Cost of goods sold and services provided -3,413-3,194 Gross profit 23,870 22,322 Other operating income Gross margin 24,616 23,047 Wages and salaries 6,812 6,817 Social insurance payments 1,286 1,317 Depreciation of property, plant and equipment 4,779 3,603 Other operating expenses 6,770 6,302 Total operating expenses 19,647 18,039 Operating result 4,969 5,008 Financial income and expenses -1,812-1,769 Result before tax 3,157 3,239 Tax Result after tax 2,367 2,429 EBITDA 9,748 8,611 Mutation compared to the same period last year +13.2% +1.7% EBIT 4,969 5,008 Mutation compared to the same period last year -0.8% -1.0% Result after tax 2, Mutation compared to the same period last year -2.6% +4.4% 3

4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AND EARNINGS PER SHARE (in x 1,000) 2016/ /2016 Result after tax 2,367 2,429 Items to be recognised in the income statement in future years: Movement in valuation of interest-rate swap 1, Effect on corporate income tax Total direct movements in group equity Total result 3,118 2,747 Earnings per share Diluted earnings per share Total result per share Diluted total result per share The company presents its earnings per share and total result per share on the basis of the issued share capital. Earnings per share is calculated by dividing the result after tax attributable to shareholders in the company by the weighted average number of ordinary shares in issue during the reporting period. The total result per share is calculated by dividing the total result attributable to shareholders in the company by the weighted average number of ordinary shares in issue during the reporting period. The average number of outstanding shares of both 2015/2016 and for 2016/2017 is, in accordance with IAS 33, adjusted for, with the payment of the stock dividend, issued new shares. 4

5 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (before profit appropriation) A s s e t s (in x 1,000) 30 September September 2016 Non-current assets Intangible non-current assets Property, plant and equipment Land and buildings 55,958 46,957 Machinery and installations Other non-current assets 2,788 2,600 Assets in production - 10,415 58,764 60,014 Financial non-current assets 89 - Current assets Inventory Accounts receivable Trade receivables Receivable from shareholder - 41 Tax and social insurance contributions Other receivables, accrued income and prepaid expenses ,441 Cash and cash equivalents Total assets 61,352 63,047 5

6 L i a b i l i t i e s (in x 1,000) 30 September September 2016 Group equity 16,287 13,187 Provisions - 39 Non-current liabilities 32,330 36,697 Current liabilities Repayment obligations on non-current liabilities 4,946 4,524 Debts to credit institutions 2,941 2,547 Payable to suppliers and trading credits 1,615 2,832 Payable to shareholder 56 - Tax and social insurance contributions 1,347 1,047 Other payable and accruals 1,830 2,174 12,735 13,124 Total liabilities 61,352 63,047 6

7 CONSOLIDATED STATEMENT OF CASH FLOW (in x 1,000) 2016/ /2016 Cash flow from operating activities Operating result 4,969 5,008 Adjusted for: Depreciation and amortisation 4,779 3,603 Movement in deferred tax credit (excluding interest-rate swap) Movements in working capital: Movement in inventory Movement in receivables Movement in current liabilities (excluding credit institutions) , ,012 Cash flow from business operation 9,171 9,664 Interest paid -1,818-1,762 Income tax paid ,639-2,449 Cash flow from operating activities 6,532 7,215 Cash flow from investment activities Investments in intangible non-current assets -3,486-12,486 (Dis)investments in property, plant and equipment ,450-11,550 Cash flow from investment activities -3,450-11,550 Cash flow from financing activities Dividend distributions Drawdown of non-current liabilities (excluding interest-rate swap) 1,618 6,980 Repayment of non-current liabilities (excluding interest-rate swap) -4,982-6,444 Cash flow from financing activities -3, Net cash flow ,825 7

8 (in x 1,000) 2016/ /2016 Situation cash at 1 October 231 1,509 Situation credit institutions at 1 October -2,547 - Situation cash and cash equivalents at 1 October -2,316 1,509 Net cash flow ,825 Situation cash at 30 September Situation credit institutions at 30 September -2,941-2,547 Situation cash and cash equivalents at 30 September 2,629 2,316 8

9 CONSOLIDATED STATEMENT OF CHANGES IN GROUP EQUITY (in x 1,000) Share Result for Total Issued premium Hedge Other the reporting group capital reserve reserve reserves year equity Situation at 1 October ,060 12,501-2,224-5,579 2,429 13,187 Result for the reporting year ,367 2,367 Processing of result from previous reporting year ,429-2,429 - Dividend distributions Costs of share options Movement in valuation interest-rate swap Situation at 30 September ,293 12,237-1,473-3,137 2,367 16,287 9

Net operating profit SnowWorld rises to 1.8 million

Press release 14 January 2015 SnowWorld sells 2.8% more ski passes Net operating profit SnowWorld rises to 1.8 million Key points 2013/2014: - Obtained listing on NYSE Euronext Amsterdam in December 2013