MTN Vail Resorts Sept 2009 Presentation

8/14/2019 MTN Vail Resorts Sept 2009 Presentation

1/31

Kaii Khmas

Ofeai Iem`moe`c Hiieoar

Hothdar 4:, 4225

Zaccs I`rjh 4225 OhmsugarJrhwtf Ohmiaramoa


2/31

4

Mhm-J@@R Iem`moe`c Ga`suras

^fa Ohgp`my usas tfa targs Taphrtan ADE^N@ `mn Mat Nadt wfamraphrtemj iem`moe`c rasucts em òohrn`moa wetf _aoureteas `mn Axof`mjaOhggessehm rucas raj`rnemj tfa usa hi mhm-J@@R iem`moe`c ga`suras. ^fa

Ohgp`my naiemas Taphrtan ADE^N@ `s sajgamt mat ravamua cass sajgamthpar`temj axpamsa pcus hr gemus sajgamt aquety emvastgamt emohga hr chss`mn ihr tfa Ta`c Ast`ta sajgamt pcus jèm hm s`ca hi ra`c prhparty. ^faOhgp`my naiemas Mat Nadt `s chmj-targ nadt pcus chmj-targ nadt nua wetfemhma ya`r cass o`sf `mn o`sf aquev`camts.

@ raohmoece`tehm hi mhm-J@@R ga`suras raiarran th em tfes prasamt`tehm esprhvenan em tfa t`dcas `t tfa ohmocusehm hi tfes prasamt`tehm `mn `twww.vècrashrts.ohg.


3/31


4/31

>

@dhut Y`ec Tashrts


5/31

1

^fraa Emtajr`tan `mn Emtarnapamnamt _ajgamts

Ghumtèm

Chnjemj

Ta`c Ast`ta

Ieva whrcn-oc`ss ghumtèm rashrts; Yèc, Draolamrenja, Laysthma, Fa`vamcy `mnDa`var Oraal

1 hi tfa thp 02 ghst vesetan rashrts em tfa Q._. emocunemj tfa #0 `mn #4 ghstvesetan

@moecc`ry dusemassas emocunemj sle sofhhc, nememj (52+ rastùr`mts), ratèc/ramt`c(012+ cho`tehms), ohggaroe`c ca`semj `mn prev`ta ocuds

TholTashrts; 6 fhtacs (> hwman, > g`m`jan) wetf savar`c ghra umnarohmstruotehm

0? mhm-TholTashrts fhtacs emocunemj tfhsa em Jr`mn âthm Chnja Ohgp`my, `suggar nastem`tehm rashrt

@pprhxeg`tacy ?,522 hwman `mn g`m`jan fhtac/ohmnhgemeug rhhgs Ohchr`nh Ghumtèm Axprass, ` rashrt jrhumn tr`msphrt`tehm dusemass 9 jhci ohursas em Ohchr`nh `mn Kòlshm Fhca, Zyhgemj

Yarteo`c ra`c ast`ta navachpgamt `t tfa d`sa hi hur ghumtèm rashrts Ta`c ast`ta facn ihr s`ca `s hi :/?0/25 hi $?00.1 geccehm


6/31

9

Lays th Hur Dusemass Ghnac

G`khr pc`yar em tfa tr`vac `mn caesura saothr

G`rlat sf`ra `mn qu`cety ca`nar

Maw aquepgamt, tarr`em `mn axoetagamtiuacs jrhwtf `orhss naghjr`pfeo cemas

Mh maw sejmeieo`mt suppcy `cchws dastphsetehman rashrts th o`ptura v`st g`khretyhi iutura jrhwtf

_a`shm p`ss prhnuots hiiar ravamua st`decety

_ejmeieo`mt o`pet`c emvastgamts amsurapragear phsetehmemj `mn iurtfarneiiaramte`tas juast axpareamoa

Dusemass ghnac wacc phsetehman ihrraohvaremj aohmhgy

_trhmj d`c`moa sfaat phsetehm


7/31

:

Hpphrtumeteas em IU4202

IU02 juen`moa `ssugas Tashrt ravamua`mn ADE^N@ jrhwtf hvar prehr ya`r

Ghgamtug hi 25/02 sa`shm p`ss s`cas

Jrhwtf em nastem`tehm veset`tehm em ghrast`dca amverhmgamt

Rrhghtehms, p`ol`jas `mn maw sle sofhhc

`mn nememj emete`tevas nasejman thrao`ptura juast spamn

I`vhr`dca iucc ya`r egp`ot hi ohst s`vemjsemete`tevas

Axp`msehm hi TholTashrt phrtihceh hiprhparteas


8/31

6

IU4202 Juen`moa

IU4225(em tfhus`mns) Chw Amn Fejf Amn @otu`c

Ghumtèm Taphrtan ADE^N@ (0) $ 0:2,222 $ 062,222 $ 09>,?65

Chnjemj Taphrtan ADE^N@ (4) 1,222 00,222 9,:15

Tashrt Taphrtan ADE^N@ (?) 0:6,222 066,222 0:0,0>6

Ta`c Ast`ta Taphrtan ADE^N@ (>) (6,222) - >>,262

^ht`c Taphrtan ADE^N@ 0:2,222 066,222 401,446

Napraoe`tehm mn ghrtez`tehm (000,222) (000,222) (02:,40?)

Chss hm nesphs`c hi iexan ssats, mat (0,022) (0,022) (0,29>)

Emvastgamt emohga 622 612 0,:5?

Emtarast axpamsa, mat (0:,222) (0:,222) (4:,1>6)

Gemhrety emtarast em emohga hi ohmshcen`tan sudsene`reas, mat m` m` (0,924)

Emohga daihra prhvesehm ihr emohga t`xas >0,:22 15,:12 :5,15>Rrhvesehm ihr emohga t`xas (09,212) (4?,222) (?2,9>>)

Mat emohga $ 41,912 $ ?9,:12 $ >6,512

Mat emohga ttredut`dca th tfa mhm-ohmtrhccemj emtarasts $ (912) $ (0,:12)

Mat emohga ttre ut` a th Yè Tashrts, Emo. $ 41,222 $ ?1,222

(0) Ghumtèm Taphrtan ADE^N@ emocunas `pprhxeg`tacy $1 geccehm hi sthol-d`san ohgpams`tehm em IU02 juen`moa, $>.6 geccehm em IU25 òtu`c.

(4) Chnjemj Taphrtan ADE^N@ emocunas `pprhxeg`tacy $4 geccehm hi sthol-d`san ohgpams`tehm em IU02 juen`moa, $0.6 geccehm em IU25 òtu`c.

(>) Ta`c Ast`ta Taphrtan ADE^N@ emocunas `pprhxeg`tacy $> geccehm hi sthol-d`san ohgpams`tehm em IU juen`moa, $>.0 geccehm em IU25 òtu`c.

IU4202 Juen`moa T`mja

(?) Tashrt raprasamts tfa sug hi Ghumtèm `mn Chnjemj. ^fa Ohgp`my prhvenas Taphrtan ADE^N@ r`mjas ihr tfa Ghumtèm `mn Chnjemj sajgamts,

`s wacc `s ihr tfa twh ohgdeman. Ta`nars `ra oùtehman th raohjmeza tf`t tfa chw amn hi tfa axpaotan r`mjas prhvenan ihr tfa Chnjemj `mn Ghumtèm

sajgamts, wfeca phssedca, nh mht sug th tfa chw amn hi tfa Tashrt Taphrtan ADE^N@ r`mja prhvenan daoùsa wa nh mht maoass`recy axpaot hr `ssuga

tf`t wa wecc òtu`ccy fet tfa chw amn hi dhtf r`mjas, `s tfa òtu`c Tashrt Taphrtan ADE^N@ wecc napamn hm tfa òtu`c gex hi tfa Chnjemj `mn Ghumtèm

ohgphmamts. _egec`rcy, tfa fejf amn hi tfa r`mjas ihr tfa Chnjemj `mn Ghumtèm sajgamts nh mht sug th tfa fejf amn hi tfa Tashrt Taphrtan

ADE^N@ r`mja.


9/31

5

Ceit teolat ravamua_a`shm p`ss s`cas (mat hi o`mmed`cez`tehm)

Rèn slear vesets @moecc`ry Ghumtèm dusemassUeacnsMaw prhnuots / hiiaremjs

Fhspet`cetyTavR@TIE^ / jrhup dusemass

THE irhg raoamt o`pet`c emvastgamtsTashrt nesoratehm`ry

Tashrt napraoe`dca `ssats irhg Ta`c Ast`ta Axp`msehm hi dusemass cemas

Jrhwtf _tr`tajy - Hpphrtumeteas

TholTashrts

Ghumtèm rashrts

Ohgpcagamt`ry dusemassas

Hutnhhrs / tr`vac

Ta`c ast`ta

Hrj`meo _tr`tajeo


10/31

02

IU4225 Iem`moe`c Tasucts `mn _le _a`shm Gatreos


11/31

00

Ieso`c Ua`r 4225 Iem`moe`c Fejfcejfts

Nacevaran shcen rasucts jevam tfa umpraoanamtan aohmhgeoamverhmgamt

Lay Ghumtèm sajgamt gatreos ragèman rac`tevacyohmsestamt hvar tfa ohursa hi tfa 4226/4225 sle sa`shm

Chwar nastem`tehm veset`tehm `mn juast spamn _tramjtf hi tfa sa`shm p`ss prhjr`g p`rte`ccy getej`tan

aohmhgeo egpòts25/02 sa`shm p`ss s`cas o`rryemj ghgamtug emth IU02

Chnjemj sajgamt axpareamoan ` guof ochsar-em dhhlemjwemnhwTavR@T nhwm th prehr ya`r, dut hutparihrgan emnustry ohgp sat

Ohst s`vemjs ga`surasEmsuc`tan dhtthg cema irhg egpòt hi tfa nhwmturm em tr`vac & caesura_tecc f`n egprhvan ohgp`my-wena juast s`tesiòtehm sohras

_uooassiuc ra`c ast`ta prhkaot ochsemjs

_hcen d`c`moa sfaat


12/31

04

1,222

9,222

:,222

6,222

5,222

02,222

00,222

04,222

0?,222

@uj-02 _ap-46 Mhv-09 K`m-> Iad-44 @pr-04 G`y-?0 Kuc 42 _apt :

NhwK

hm

asEmnustre`c@var`j 1>.6

?:.>

41.?

>2.6

>5.?

16.1

90.>

1?.0

Nhw

OOE

Qmagpchygamt

T`ta

9.4%

9.6%

6.0%

6.5%

5.6%5.1%

Aohmhgeo Amverhmgamt Nuremj 26/25 _le _a`shm

_huroa; Nhw Khmas & Ohgp`my, Q._. Dura`u hi C`dhr _t`testeos `mn ^fa Ohmiaramoa Dh`rn

Nao. 2: G`r. 26 T`mjas;OOE; 91.5 52.9Nhw; 00,:>2 0?,:4:

4226 4225


13/31

0?

Yeset`tehm Gatreos

Yeset`tehm naocema getej`tan dy jrhwtf em vesets irhgsa`shm p`ssfhcnars up 0:%

Gex sfeit hi nastem`tehm th em-st`ta juast vesets1:%/>?% nastem`tehm th em-st`ta em tfa 26/25 sle sa`shm vs. 9?%/?:%

em 2:/26

Nastem`tehm veset`tehm em tfa `jjraj`ta nhwm `pprhxeg`tacy 01%

(Yesets em 222's) IU4225 IU4226 % Y`r

Y`ec 0,944 0,1:2 ?.? %

Draolamrenja 0,146 0,9?2 (9.?)%

Laysthma 560 0,045 (0?.0)%

Da`var Oraal 5?0 506 0.> %

^ht`c Ohchr`nh 1,294 1,4>: (?.1)%

Fa`vamcy 624 5>6 (01.>)%

^ht`c 1,69> 9,051 (1.?)%

^ht`c Aiiaoteva eolat Rreoa >:.09$ >6.:>$ (?.4)%

Aiiaoteva eolat Rreoa axocunemj sa`shm p`ssas 9?.>>$ 90.9:$ 4.5 %

Aiiaoteva R`ss Rreoa >?2.40$ ?5:.4?$ 6.? %


14/31

0>

_trhmj _lear Yesets Tac`teva th Emnustry em Ghumtèm _t`tas Tajehm

(?.1)%

(9.1)%

(9.5)%

(:.9)%(6.2)%

(:.2)%

(9.2)%

(1.2)%

(>.2)%

(?.2)%

(4.2)%

(0.2)%

2.2 %

Yèc Tashrts' Ohchr`nh

Tashrts

Qt`f Tashrts Ohchr`nh _le Ohumtry

Gagdar Tashrts

(Mhm-Yèc Tashrts)

@spam _le Ohgp`my


15/31

01

_a`shm p`ssas ohmtemua th da ` c`rjar paroamt`ja hi tht`c ceit teolatravamua wetf p`ss ravamua up y-h-y 40.:% em 26/25Mugdar hi sa`shm p`ssas shcn up 04.4%

Apeo _a`shm R`ss f`s jrhwm tfes gex sejmeieo`mtcy (ma`rcy 92,222 Apeo _a`shm R`ssas shcn em ierstya`r hi tfes maw p`ss)

Aiiaoteva sa`shm p`ss preoa up 6.?%

_a`shm p`ss `var`ja us`ja up - 02.9 tegas em 26/25 vs. 5.: tegas em 2:/26

Chwar veset`tehm axocunemj sa`shm p`ss fhcnars f`s `csh ohmtredutan th tfa gexsfeit em IU25

IU25IU21 IU26

$19gR`ss Tavamua

4>% $5>gR`ss Tavamua

?>%

Rèn êolat Tavamua:9%

Rèn êolatTavamua

99%

^ht`c Ceit Tavamua ^ht`c Ceit Tavamua ^ht`c Ceit Tavamua

$:6gR`ss Tavamua

49%

Rèn êolat Tavamua:>%

_a`shm R`ss Gex hi Ceit Tavamua

_a`shm p`ssas f`va jrhwm irhg 4>% hi tht`c ceit ravamua em IU21 th ` ?>% hitht`c ceit ravamua em IU25

Aiiaoteva R`ss Rreoa f`s jrhwm `t ` :% O@JT irhg IU21 th IU25


16/31

09

R`ss Tavamua41%

@nv`moa 4225/4202 _a`shm R`ss _`cas

Qp `pprhxeg`tacy 01% em s`cas nhcc`rs `mn `pprhxeg`tacy 0>% emumets tfrhujf _aptagdar 42, 4225 vs. prehr ya`r

Rrehr ya`r saccemj parehn raprasamtan `pprhxeg`tacy 11% hi tfa tht`cp`ssas shcn ihr tfa 4226/4225 sa`shm

_trhmj ghgamtug hm ` lay emneo`thr ihr IU02 25/02 sa`shm p`ss s`cas wecc da raohrnan `s ravamua hvar tfa 4225/4202 slesa`shm, em IU02

Hiiars v`cua rac`teva th emnevenu`c n`y teolat preoemj

R`oa hi tfa emora`sa th prehr ya`r raicaots tf`t ghra pahpca

f`va ohggettan a`rcear em tfa saccemj parehn `s ohgp`ran th tfaprehr ya`r _tramjtf hi hur g`rlatemj aiihrts `mn ousthgar n`t`d`sa axp`msehm _`cas hi tfa Apeo _a`shm R`ss ohmtemuemj th hutp`oa hur htfar p`ss prhnuots


17/31

0:

R`ss Tavamua41%

@moecc`ry Ghumtèm _ajgamt Tavamua

_le sofhhc, nememj `mn ratèc/ramt`caxpareamoan jra`tar paroamt`ja naocemastf`m hur ceit teolat ravamua v`re`moaChwar nastem`tehm veset`tehm

Chwar `var`ja juast spamn nuremj tfaer st`y

Cùmofemj maw emete`tevas ihr tfa 25/02 slesa`shm th hur `moecc`ry hiiaremjs, emocunemj

sle sofhhc `mn nememjO`m da ohgpcagamt`ry th axestemj dusemass

ghnacOra`ta v`cua prhphsetehm `ctarm`tevasTao`ptura chst ravamua irhg tfasa fejf

g`rjem `ra`s wfeca gaatemj tfa maw nag`mns`mn maans hi hur juasts


18/31

06

R`ss Tavamua41%

Maw _le _ofhhc Emete`tevas

Enamteiy maw str`tajeas th nacevar hm v`cuaaqu`tehm

_uppcagamt tr`netehm`c prhnuot sat th `nnrassjuasts axpareamte`c j`ps

Maw sle sofhhc hiiaremjs^fa @nvamtura _assehms axpart juenan thurs th

axpchra tfa dast pholats hi tfa ghumtèm, cema

outtemj prevecajas, o`g`r`narea hi sleemj wetfhtfar ihcls `t segec`r `decety cavacs ($005-$045)

_g`cc Oc`ss _eza prhjr`g tèchran ihr ofecnram`mn o`ps jrhup th > stunamts hm ` rasarv`tehmhmcy d`ses

Rrev`ta casshm 1-pòl nesohumtan pòl`ja

_ugget Ohumty umcegetan casshm p`ssas


19/31

05

R`ss Tavamua41%

Maw Nememj Emete`tevas

Ihous hm navachpemj maw `mn ora`teva nememjemete`tevas th rao`ptura `mn nreva ravamua

Emora`sa mugdar hi tr`msòtehmsEmora`sa `var`ja `ghumt hi aòf tr`msòtehm

Rrhvena v`cua `mn qu`cety

Maw nememj hptehms

Apeo Durjar fejfar qu`cety sejm`tura durjars

Cumof ihr cass - $5.51 nècy v`cua ga`c

Rrapèn Ghumtèm Ga`c O`rn prhvenemj up th42% nesohumt wetf `nv`moa purof`sa

Iema nema v`cua prhjr`gs


20/31

42

R`ss Tavamua41%

Chnjemj _ajgamt _m`psfht

Chnjemj sajgamt ohmtemuan th axpareamoa `guof ochsar-em dhhlemj wemnhw em IU25

Dhhlemjs wetfem twh waals hi tfa `otu`c st`y

emora`san dy ?1% ihr tfa 4226/4225 sle sa`shmohgp`ran th tfa prehr ya`r sle sa`shm (hvar:1% ihr Ofrestg`s/Maw Ua`rs)

Chnjemj axpareamoan ` natarehr`tehm em gatreoswetf chwar @NT, TavR@T `mn hooup`moy nrevam

dy tfa chwar nastem`tehm veset`tehm `t hurghumt`em rashrts.

IU25 TavR@T ihr hur hwman fhtacs nhwm02.5%, hm ` s`ga sthra d`ses

Hutparihrgan emnustry; Emnustry Cuxury nhwm `pprhxeg`tacy 40%

Emnustry Qppar Qpso`ca nhwm `pprhxeg`tacy 01%


21/31

40

R`ss Tavamua41%

Ohst _`vemjs Ga`suras

@mmhumoan twh rhumns hi ohst s`vemjs emete`tevasnuremj IU25, wfeca mht natròtemj irhg juastaxpareamoaThumn 0

_uspamsehm hi >20L g`tof

^`rjatan stìi ranuotehms Ohmshcen`temj purof`semj oteveteas

Tanuoemj hutsena tfern p`rty iaas `mn htfar hpar`temjaxpamsas

Thumn 4 - t`rjatan `t ranuoemj c`dhr ohsts

Ohgp`my-wena w`ja ranuotehm pc`m Aiiaoteva em @prec 4225 _`c`reas ranuoan irhg 4.1% ihr sa`shm`c agpchyaas th

02% ihr axaoutevas

OAH thhl zarh p`y ihr hma ya`r irhg @prec 4225

@cc ìiaotan iucc-tega, ya`r-rhumn agpchyaas raoaevansthol jr`mts

Acegem`tehm hi sacaotan phsetehms `mn tfa ohmvarsehm hioartèm agpchyaas irhg ya`r-rhumn th sa`shm`c

Iucc ya`r egpòt hi s`vemjs em IU02

Ohgp`my-wena hvar`cc juast s`tesiòtehm sohras

egprhvan hvar tfa prehr ya`r


22/31

44

R`ss Tavamua41%

IU25 Ta`c Ast`ta @oohgpcesfgamts

IU25 Ta`c Ast`ta mat ravamua hi$069 geccehm

Taprasamts; Chnja `t Yèc Of`cats; iem`c 6 umets ochsan (0?

umets ochsan em tht`c em IU26 `mn IU25)

Oryst`c Ra`l Chnja; >4 hi >1 umets ochsan

@rr`dacca; iem`c 4 umets ochsan (99 umets ochsan

em tht`c)

Yèc Ghumtèm Ocud `mn @rr`dacca Ocud;ochsan hm >22 iem`c naphsetsraprasamtemj em axoass hi $:0 geccehm em

o`sf prhoaans


23/31

4?

R`ss Tavamua41%

Ta`c Ast`ta Rrhkaots Qmnar Ohmstruotehm

_pamt th n`ta `s hi Kucy ?0, 4225;

`pprhxeg`tacy $4>1 geccehm

Tagèmemj navachpgamt ohstsaxpaotan th da spamt `s hi Kucy ?0,4225; `pprhxeg`tacy $052 geccehm th$402 geccehm

^h da iumnan wetf o`sf hm f`mn, o`sfjamar`tan irhg hpar`tehms `mnravhcvar, `s maoass`ry

^ht`c axpaotan ohst par squ`ra ihht hiHma _le Fecc Rcòa $594 `mn Tetz-

O`rcthm Tasenamoas, Yèc hi $0,0>6

^wh prhkaots umnar ohmstruotehmHma _le Fecc Rcòa axpaotan

ohgpcatehm spremj/suggar 4202

Tetz-O`rcthm Tasenamoas, Yèc axpaotan ohgpcatehm i`cc 4202

@mmhumoan preoa ranuotehm em @prec4225


24/31

4>

O`pet`cez`tehm

@s hi Nadt Ieso`c Ourramt

(Nhcc`rs em 222's) :/?0/4225 Ua`r G`turety T`ta

O`sf mn O`sf Aquev`camts (axoc. rastreotan) 95,456$

Nadt;

Oranet I`oecety Tavhcvar - 4204 CEDHT + :1dps

__Y I`oecety - 4200 CEDHT + 6:.1dps9.:1% _amehr _udhrnem`tan Mhtas ?52,222 420> 9.:1%

Emnustre`c Navachpgamt Dhmns >4,:22 4200-4242 9.51% - :.?:1%

Agpchyaa Fhusemj Dhmns 14,1:1 424:-42?5 CEDHT + 2% th 2.21%

Htfar 9,961 4202-4245 ?.1% - 9.2%

^ht`c Nadt >50,592$% hi tht`c o`pet`cez`tehm ?5.0%

^ht`c _tholfhcnars' Aquety :91,451$

% hi tht`c o`pet`cez`tehm 92.5%

^ht`c O`pet`cez`tehm 0,41:,411$

Mat Nadt >44,994$

Mat Nadt th ht`c Taphrtan ADE^N@ (C^G) 0.59x


25/31

41

_ejmeieo`mt @vèc`dca Cequenety

_hcen o`pet`c struotura `mn d`c`moa sfaat phsetehm, wfeofhiiars jra`tar icaxedecety nuremj tfasa tegas hi aohmhgeoumoartèmty

Mat nadt th C^G ^ht`c Taphrtan ADE^N@ hi cass tf`m 4x`t Kucy ?0, 4225

Mh ravhcvar dhrrhwemjs ourramtcy umnar tfa Ohgp`mys$>22 geccehm _amehr Oranet Iòecety, wfeof g`turas em

4204 ($51 geccehm hi Cattars hi Oranet hutst`mnemj)Yertu`ccy mh premoep`c g`tureteas nua hm `my hi hur nadt

tfrhujf 420>

_trhmj iraa o`sf ichw jamar`tehm irhg Tashrt dusemass

Zacc phsetehman th wa`tfar tfa ourramt aohmhgeoamverhmgamt, wfeca ohgpcatemj axestemj ra`c ast`taprhkaot navachpgamt


26/31

49

O`pet`c Emvastgamts

_ejmeieo`mt o`pet`c emvastgamts g`na em

hur rashrts hvar tfa p`st savar`c ya`rsHvar tfa p`st tfraa o`camn`r ya`rs hi 4229tfrhujf 4226, tfa Ohgp`my f`s axpamnan ochsath $?22 geccehm em rashrt o`pet`c axpamneturas,axocunemj tfa rashrt `ssats tf`t f`va ohga irhg

hur ra`c ast`ta `oteveteasNr`g`teo`ccy egprhvan tfa rashrt d`sa `ra`s `mn

hm-ghumt`em axpareamoa

@ssats em vary jhhn ohmnetehm hiiaremj ohgpateteva

`nv`mt`ja


27/31

4:

_ugg`ry

_trhmj d`c`moa sfaatYertu`ccy mh premoep`c g`tureteas nua hm `my hi hur nadt tfrhujf 420>

Mat nadt th C^G ^ht`c Taphrtan ADE^N@ hi cass tf`m 4x `t Kucy ?0, 4225

Ieva whrcn-oc`ss ghumtèm `ssats wetf fejf d`rrear th amtrytf`t jamar`ta sejmeieo`mt iraa o`sf ichw

_trhmj sa`shm p`ss prhjr`g wetf s`cas cholan-em daihra tfa

ohggamoagamt hi tfa g`khr p`rt hi tfa sle sa`shm Jrhwemj fhspet`cety dusemass dhtf `t tfa d`sa hi hur ghumtèm

rashrts `mn em htfar eohmeo cho`tehms tfrhujf TholTashrts

Dast phsetehman th wa`tfar tfa sfhrt-targ aohmhgeo egpòts,wfeca chhlemj th o`pet`ceza hm chmj-targ hpphrtumeteas


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46

Taohmoece`tehm hi Mhm-J@@RIem`moe`c Ga`suras


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45

Taohmoece`tehm hi Mhm-J@@R Iem`moe`c Ga`suras

4225 4226

$ 09>,?65 $ 442,190

9,:15 02,441

Tashrt Taphrtan ADE^N@ 0:0,0>6 4?2,:69

>>,262 >1,5?:

401,446 4:9,:4?

(0,29>) (0,1?>)

(02:,40?) (5?,:5>)

0,:5? 6,461

(4:,1>6) (?2,99:)

- 00,542

(0,924) (>,542)

:5,15> 099,20?

Rrhvesehm ihr emohga t`xas (?2,9>>) (9?,269)

$ >6,512 $ 024,54:

Em tfhus`mns

@s hi Kucy ?0,

4225

$ >50,926

?14

>50,592

95,456Mat a t >44,994

Mat nadt th ht`c Taphrtan ADE^N@ 0.59x

Chmj-targ nadt

Chmj-targ nadt nua wetfem hma ya`r

ht`c nadt

Cass; o`sf `mn o`sf aquev`camts

(Em tfhus`mns)

(Qmùnetan)

Ta`c Ast`ta Taphrtan ADE^N@

^ht`c Taphrtan ADE^N@

Chnjemj Taphrtan ADE^N@

Ghumtèm Taphrtan ADE^N@

Mat emohga

^wacva Ghmtfs Amnan

Kucy ?0,

Emohga daihra prhvesehm ihr emohga t`xas

Ohmtròt nesputa oranet, mat

Gemhrety emtarast em emohga hi ohmshcen`tan

sudsene`reas, mat

Emvastgamt emohga

Emtarast axpamsa, mat

Napraoe`tehm mn ghrtez`tehm

Chss hm nesphs`c hi iexan `ssats, mat


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?2

Yèc Tashrts Zadsetas

Ohrphr`ta; www.vècrashrts.ohg Yèc Ghumtèm; www.vèc.ohg

Ohmsugar; www.smhw.ohg Da`var Oraal Tashrt; www.da`varoraal.ohg

TholTashrts; www.rholrashrts.ohg Draolamrenja _le Tashrt; www.draolamrenja.ohg

Ta`c Ast`ta; www.vrnocevemj.ohg Laysthma Tashrt; www.laysthmarashrt.ohg

Apeo _a`shm R`ss; www.apeop`ss.ohg Fa`vamcy Ghumtèm Tashrt; www.slefa`vamcy.ohg


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Documents

MTN Vail Resorts Sept 2009 Presentation