SnowWorld : Prelimenary results 2016/2017 SnowWorld N.V.

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 €1.00.

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.

(in € x 1,000)	impairment
Result	development	Operational result
2016/2017	cost	2016/2017 2015/2016

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	2,367	755	3,122	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 2017. 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 2018.

For more information on this press release or additional information, please contact:

Koos Hendriks (CEO), [phone] or [e-mail]

Wim Moerman (CFO), [phone] or [e-mail]

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 2013.

CONSOLIDATED INCOME STATEMENT

(in € x 1,000)	2016/2017		2015/2016
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	746	725
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	-790	-810
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	2,367	2.429
Mutation compared to the same period last year	-2.6%	+4.4%

Unaudited

Result after tax Items to be recognised in the income statement	2,367	2,429
in future years: Movement in valuation of interest-rate swap	1,002	424
Effect on corporate income tax	-251	-106
Total direct movements in group equity	751	318
Total result	3,118	2,747

Earnings per share	0.76	0.79
Diluted earnings per share	0.75	0.79
Total result per share	0.99	0.89
Diluted total result per share	0.99	0.89

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.

Unaudited