Golf Benchmark Survey in the EMA region 2006

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1 TRAVEL, LEISURE AND TOURISM PRACTICE Golf Benchmark Survey in the EMA region 2006 Benchmark indicators and performance of golf courses in the EMA region ADVISORY

2 All seven regional Golf Benchmark Survey reports and the Europe, Middle East and Africa summary report are available for download on the website.

3 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Contents Page Introduction 5 Regional Overviews 6 Demand Characteristics 11 Revenues and Costs 15 Other Operating Characterstics 22 Future Market Outlook 23 Summary of Key Performance Indicators 25 Methodology of the Golf Benchmark Survey Looking Forward 28

4 2 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Dear Reader, Welcome to the Summary Report of the 2006 Golf Benchmark Survey in the EMA Region (Europe, Middle East and Africa). With increased life expectancy, improved and cheaper air transport, health and fitness awareness as well as growth in disposable income and media coverage in emerging economies, golf is expected to develop significantly throughout EMA from its current 4.2 million affiliated players and almost 7,000 golf courses. In such a dynamic environment there is a clear market need for structured and comparable information regarding the operational and financial performance of golf courses. With the idea of creating benchmark indicators for golf course owners, operators, suppliers, developers and financiers, and with considerable investment by KPMG s Travel, Leisure and Tourism Practice, the Golf Benchmark initiative was set up. Over the next 28 pages you will find some of the most comprehensive and insightful comparative information available today on the performance of golf courses across the rapidly developing area of Europe, Middle East and Africa. For golf course owners, the report provides essential benchmark indicators with which to compare their own business performance against high-, average- and lowperformers. For investors and developers targeting the golf market, combined with the accompanying Golf Course Development Cost Survey in the EMA Region, also compiled by my team last year, this report can be a vital resource when considering the feasibility and business plans of a new development. The Golf Benchmark Survey based on data supplied by more than 800 golf courses in 27 countries consists of seven Regional Reports, plus this Summary Report, all of which can be downloaded from Some key highlights of the Golf Benchmark Survey 2006: The lower pricing strategy adopted by courses in Northern Europe increases the affordability of golf for the domestic population. This is a contributing factor to Northern Europe having the highest level of memberships in the EMA region. With an impressive 7%, Ireland is the country with the highest golf participation rate, followed by Sweden (6.1%) and, perhaps surprisingly, Iceland (5.3%). Golf courses in Central and Northern Europe have the largest shares of female and junior members leading to a continuous growth in demand in these countries.

5 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Since the beginning of the new Millennium, both the number of golf courses and players in Eastern Europe have tripled, with 68 courses and more than 23,000 registered golfers in the Czech Republic alone. Courses in the Middle East hosted on average more than 45,000 rounds in 2005 in comparison to the 26,000 rounds played on courses in Great Britain & Ireland. The most expensive country for annual membership subscription fees is Spain (average: EUR 2,973), while the least expensive are Finland and South Africa. 18-hole courses in the Middle East, South Africa and Northern Europe averaged over 100 rounds per playable day in 2005, about 30-40% more than courses in other regions. Annual revenues at golf courses in the United Arab Emirates average approximately EUR 5.9 million, four times more than the second best performer, Portugal. When assessing the financial performance of golf courses, the reader of this report should be aware that almost 50% of the course operators surveyed in 2006 declared to operate on a not-for-profit basis. As initiator and coordinator of the first Golf Benchmark Survey, I have been delighted with the positive response and feedback received from golf course owners and club managers during the compilation of this report. I would like to thank everyone who took the time to participate. I hope you will find the 2006 Golf Benchmark Survey Summary Report both informative and enlightening to support the future operation and development of your golf course. If you would like to receive any clarification or discuss the Survey results, please feel free to contact the Golf Benchmark Team or myself. Yours sincerely, Andrea Sartori Partner, KPMG Advisory Ltd. Head of Travel, Leisure and Tourism Practice CEE andrea.sartori@kpmg.hu

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7 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Introduction Distribution of supply in the EMA region, 2006 Across the Europe, Middle East and Africa (EMA) region there are now more than 4.2 million registered golfers and almost 7,000 golf courses. Europe, with one out of every 150 citizens being a golfer, has the highest golf participation rate (0.7%) of the three regions. The golf market in the Middle East is still underdeveloped, but demand is now increasing, triggering significant development in the United Arab Emirates (UAE) in particular. The potential for golf in Africa, as in many other areas, is yet to be exploited. With a few exceptions such as South Africa, where golf has a long tradition and which is a rapidly growing golf tourism destination, there are very few golfers and golf courses on the continent. Sources: European Golf Association (EGA), national golf federations and local golf clubs with KPMG elaboration For the purpose of our analysis we have clustered the countries of Europe, Middle East and Africa into seven sub-regions based on geographical proximity, similarities in economic development, and maturity of golf market. More than 800 golf course operators (located in the following 27 countries) participated in the Golf Benchmark Survey 2006: Regions/ countries Participating countries Europe Northern Europe Great Britain & Ireland Western Europe Central Europe Eastern Europe Middle East South Africa Denmark, Finland, Norway, Sweden, Iceland Great Britain, Ireland France, Italy, Spain, Portugal Austria, Belgium, Germany, Netherlands, Switzerland Czech Republic, Estonia, Hungary, Poland, Romania, Slovakia, Slovenia Bahrain, United Arab Emirates, Saudi Arabia South Africa

8 6 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Regional Overviews The following sections briefly describe the seven geographic regions of the Golf Benchmark Survey Distribution of supply in Northern Europe, 2006 Northern Europe Northern Europe has a relatively mature golf market with more than 900 golf courses and over 900,000 registered golfers, resulting in a 3.8% golf participation rate. Sweden and Iceland are amongst the countries with the highest golf participation rate in Europe. Golf participation rate in Northern European countries (2006) Countries Courses Players Golfers per course Participation rate Source: EGA with KPMG elaboration Denmark , % Finland , % Iceland 60 15, % Norway , % Sweden ,817 1, % Total ,771 1, % Source: EGA with KPMG elaboration Overall, the golf participation rate in Northern Europe is five times higher than the European average (0.7%). Distribution of supply in Great Britain and Ireland, 2006 Great Britain and Ireland While Great Britain is by far the number one market in Europe in terms of number of golf courses and affiliated players, Ireland has the highest participation rate (7%). Given their strong golfing traditions and abundant supply of quality courses, Great Britain and Ireland are also among the top golf tourism destinations in the world. Golf participation rate in Great Britain and Ireland (2006) Countries Courses Players Golfers per course Participation rate Source: EGA with KPMG elaboration England 1, , % Scotland , % Wales , % Great Britain Total 2,723 1,257, % Ireland , % Source: EGA with KPMG elaboration

9 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Distribution of supply in Western Europe, 2006 Western Europe Western Europe provides approximately 18% of the European golf market, both in terms of supply and demand. There are around 1,180 golf courses and close to 600,000 registered golfers in the region. The resulting 0.3% golf participation rate is lower than the European average (0.7%). The Iberian Peninsula is an extremely popular golf tourism destination. In Portugal particularly, golf demand from inbound tourists offsets the relatively low number of local players. Golf participation rate in Western European countries (2006) Source: EGA and national golf federations with KPMG elaboration Countries Courses Players Golfers per course Participation rate France , %* Italy , % Portugal 76 13, % Spain , % Total 1, , % Source: EGA and national golf federations with KPMG elaboration * Please note that the total number of golfers affiliated with the French Golf Federation is 368,746. This figure also includes golfers who may not be members of a specific golf club in France. If we consider this figure as the total number of affiliated players, the participation rate is 0.6%. Distribution of supply in Central Europe, 2006 Central Europe Almost 60% of Central European golf courses are located in Germany, followed by Austria and the Netherlands, each providing approximately 13% of the supply. Switzerland and Belgium have a lower share with 7-8% of the courses each. With over half a million golfers, Germany has the largest golf market in the region, followed by the Netherlands with some 260,000 golfers. The highest golf participation rates in the region are in the Netherlands (1.6%) and in Austria (1.1%). Source: EGA with KPMG elaboration The 0.8% golf participation rate in the region is in line with the European average (0.7%). However, considering that Central Europe, with almost 20% of the courses on the continent, is one of the most mature golf markets in Europe, the participation rate appears to be relatively low compared to other major golf markets like Great Britain, Ireland and the Nordic countries, which shows that there is still a high growth potential in this geographical area.

10 8 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Golf participation rate in Central European countries (2006) Countries Courses Players Golfers per course Participation rate Austria , % Belgium 75 47, % Germany , % Netherlands ,000 1, % Switzerland 87 48, % Total 1, , % Source: EGA with KPMG elaboration Distribution of supply in Eastern Europe, 2006 Source: EGA and national federations with KPMG elaboration Eastern Europe Eastern Europe has an underdeveloped golf market at present but is showing signs of strong growth. It provides only 2% of the supply of European golf courses and less than 1% of the golfers. The relative infancy of golf in the region is mainly due to the fact that golf was a banned sport during the socialist era (for more than 40 years) in most of the Eastern European countries. However, since the beginning of the nineties, the game has experienced significant development. Over the last six years the number of golfers and golf courses in the region has tripled, and there are currently several dozen new developments which are either under construction or in the planning phase. At present, there are more than 130 golf courses and approximately 40,000 registered golfers in Eastern Europe. The golf participation rate is almost 20 times lower than the European average, but the region bears great potential for future growth. The Czech Republic, with half of the supply of golf courses and more than 23,000 players, is the star performer of the region.

11 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Golf participation rate in selected Eastern European countries (2006) Countries Courses Players Golfers per course Participation rate Bulgaria % Croatia % Czech Rep , % Estonia 6 1, % Hungary 7 2, % Latvia % Lithuania % Poland 24 1, % Romania % Serbia % Slovakia 5 2, % Slovenia 9 7, % Total , % Source: EGA and national golf federations with KPMG elaboration Distribution of supply in the Middle East, 2006 Middle East Demand for golf in the Middle East is a relatively recent phenomenon. The discovery of oil in the region just over 40 years ago and the subsequent economic boom has brought a significant increase in foreign nationals moving to the Middle East and the UAE in particular. It is this expatriate population that first created the demand for golf in the region. Golf in the Middle East was played on sand covered desert courses before the development of grass golf courses took off in the late eighties. Source: National golf federations and golf courses with KPMG elaboration Currently, there are altogether 25 grass golf courses in the Middle East region 1. The majority of these are located in the United Arab Emirates (UAE), followed by Saudi Arabia. The estimated number of golfers in the region is between 11,000 and 13,000, indicating a 0.03% golf participation rate. Due to the growing number of expatriates and tourists in the region, especially in Dubai, demand for grass courses is constantly increasing. 1 Since the operation of sand courses is very different from that of grass courses, the former are not part of the Golf Benchmark Survey.

12 10 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Golf participation rate in selected countries of the Middle East (2006) Countries Courses Players Golfers per course Participation rate Bahrain % Israel 2 1, % Kuwait % Lebanon 1 1,000 1, % Qatar % Saudi Arabia 5 3, % Syria 1 N/A N/A N/A United Arab Emirates 13 5, % Total 25 11, % Source: National golf federations and golf courses with KPMG elaboration Location and number of golf courses by provinces in South Africa, 2006 South Africa South Africa has 456 golf courses, five of which have been ranked by Golf Digest in the top 100 golf courses outside the US. Although the golf participation rate in South Africa (0.3%) is by far the highest amongst all African countries, the percentage of people participating in the game is still well below the European average (0.7%). Almost half of the golf courses in South Africa are located in three of the nine South African provinces: Gauteng (75), KwaZulu-Natal (74) and Western Cape (68). Source: SouthAfrica.info with KPMG elaboration Today there are more than 145,000 registered golfers in South Africa, with one in every 330 South Africans a golfer. Demand for the game has risen steadily in the last five years and this can partly be attributed to the 7% annual growth in the number of female golfers. Thanks to the quality of its golfing facilities, but also its unique natural environment, pristine beaches, favorable climatic conditions as well as a great hospitality culture, South Africa is also one of the fastest growing golf tourism destinations in the world.

13 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Demand characteristics Measuring the demand for golf was an important goal of the Golf Benchmark Survey and membership, round information, plus average course utilization are the key demand indicators. Membership 18-hole golf courses in Northern Europe and South Africa have the highest membership in the EMA region: over 1,000 members on average. Despite the relatively low number of playable days in Northern Europe, longer daylight hours in summer time and the lower cost of golf allow courses to grow their membership bases significantly. Scandinavian golf clubs have the highest number of members in the EMA region, followed by South Africa, both averaging over 1,000 members. Courses in other parts of the EMA region have about 30-40% fewer members, while Eastern European golf clubs have the fewest members on average. Average number of members of 18-hole golf courses Average number of members of 18-hole courses Top 5 countries Top 5 countries Average number of members Sweden 1,245 South Africa 1,032 Denmark 993 Finland 985 Spain 976 Three of the five countries from the Northern European region are ranked among the top 5 based on the average number of members of 18-hole golf courses as the table shows.

14 12 Golf Benchmark Survey Europe, Middle East & Africa Summary Report 18-hole golf course membership in Great Britain and Ireland comprises the highest percentage of individual males among the regions (70%). Central European golf courses recorded the highest share of female members (35%) while corporate membership is the highest in the Middle East, at around 34%. Membership composition for 18-hole golf courses Round information Average number of declared playable days by region Apart from the number of players members or non-members the demand potential of any golf course is strongly related to the number of playable days. Based on the data reported by the survey participants, golf courses in the Middle East, Great Britain and Ireland are operating all-year round. Courses in Eastern and Northern Europe are playable for only about 7-8 months a year. A good benchmark indicator of the demand in different regions is the average rounds per playable day. 18-hole golf courses in the Middle East and South Africa recorded the highest average number of rounds played (126 and 115 respectively), while Eastern European courses recorded the lowest number of rounds per playable day (59 on average). The following chart compares the member rounds and other rounds played per playable day as recorded in different regions.

15 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Average number of rounds played by playable day on 18-hole courses In terms of the total number of rounds played, 18-hole courses in the Middle East recorded the highest average number, while South Africa being the second in the list recorded about 20% fewer rounds. European courses lagged behind the Middle East and Africa with about 20-25,000 rounds played on average. Eastern European courses recorded a significantly lower number of total rounds played. Average number of rounds played on 18-hole courses The share of member rounds was the highest in Northern Europe, while South African and Western European courses recorded the highest share of other rounds, mainly green fee rounds.

16 14 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Course Utilization The demand of the surveyed golf courses can also be revealed through the course utilization, calculated as a percentage of the recorded total rounds from the total available tee times. The analysis shows that 18-hole golf courses in the Middle East and South Africa have significantly higher utilization (approximately 62% and 58% respectively) than courses in other regions. Eastern European courses are the least utilized, below 20% on average. Average utilization of 18-hole golf courses by region Golf course utilization may also vary depending on the ownership of the course. In fact, our analysis shows that private and association/member-owned courses have higher utilization levels than public courses in most of the countries. The only exception is Great Britain and Ireland where the utilization of public/municipalityowned courses is close to 50%, while private courses are less utilized (between 30%-35% on average). Average utilization of golf courses by ownership type in selected regions all courses

17 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Revenues and costs Arguably the most important benchmark indicator of all, this chapter addresses golf course operating profitability and other key factors including pricing, revenues and operating costs. Membership scheme requiring the payment of an initiation fee EMA Average Pricing The membership and pricing 2 schemes applied by the surveyed golf courses are extremely diverse and therefore difficult to compare. Despite this, we noted some common characteristics: e.g. close to two-thirds of golf courses require the payment of an initiation fee for almost every membership type. Western European courses however are the exception in this respect, since almost 70% of the applied membership schemes do not require the payment of an initiation fee from members. Membership scheme requiring the payment of an initiation fee 2 All pricing information was requested excluding VAT or any other tax if applicable.

18 16 Golf Benchmark Survey Europe, Middle East & Africa Summary Report The annual subscription is the most expensive at golf courses in the Middle East, while courses in Western Europe charge the highest initiation fees on average. Average membership fees by region (EUR) all courses Based on the average annual subscription of survey participants, three out of the most expensive five countries are located in the Western European region (i.e. Spain, Italy and Portugal). Regarding average initiation fees Switzerland, Ireland and Spain lead the list of countries where golf is most expensive, but the Czech Republic and Hungary are also among the top 5. Considering the relatively low average income of their populations, it is somewhat surprising that courses in some Eastern European countries feature in the top 5 most expensive. Meanwhile, the lower pricing strategy adopted by courses in Northern Europe is seen as instrumental in increasing the popularity of golf (see Regional Overviews).

19 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Ranking of countries based on average annual subscription fee (EUR) Ranking of countries based on average initiation fee (EUR) Looking at another important component of the pricing scheme, green fees, we note that golf courses in the Middle East charge about twice as much as those in Europe. The lowest average green fee for 18 holes is in South Africa, as the following chart demonstrates.

20 18 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Average green fee for 18 holes by region (EUR) 18-hole courses Western European countries like Portugal and Spain, which rely heavily on their tourism markets, charge the highest average green fees on 18-hole golf courses in Europe: EUR 78 and 57 on weekdays and EUR 82 and 59 on weekends, respectively. The average price for an 18-hole buggy rental is between EUR in Europe and EUR in the Middle East and South Africa. Revenues Golf course revenues comprise the following main components: membership fees, green fees, revenue from food and beverage, pro-shop and other (e.g. sponsorship, lease income etc.). The average revenues of participating golf courses ranged from a few hundred thousand euros for some 9-hole European and South African courses, up to more than EUR 6 million for some exceptional performers in the Middle East. Average revenues of 18-hole golf courses (`000 EUR)

21 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Top 10 locations of golf courses based on average revenues ( 000 EUR) all courses Regarding the locations of courses with the highest revenues, the United Arab Emirates leads the top 10 with average revenues four or five times higher than courses located in countries that follow in the ranking. By comparing the revenue structure of 18-hole golf courses in the EMA region we noted some interesting characteristics of the various locations. Based on our survey sample, golf courses in Northern Europe rely mostly on membership fees (making more than half of their total revenues), while courses in South Africa and Western Europe have a significantly higher share of green fees (up to one third of their revenues). Adding new facilities and services to golf courses is becoming part of the development strategy of investors and golf course operators in many regions: for example in the Middle East revenues from pro-shop, leasing, sponsorship and other services on site reach 32% of total revenues. Revenue composition of 18-hole golf courses in the EMA region

22 20 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Food and beverage revenues make up a relatively high share of the total revenues of golf courses in the Golf Benchmark Survey, with the exception of Western and Central European courses where it should be noted that a vast majority outsource these activities and record this income under other revenues. Revenue indicators Besides the total revenue, an extremely useful benchmark indicator for golf courses is the revenue per utilized round (RevPUR) being the value of total services sold in relationship with one round played. In this respect 18-hole golf courses in the Middle East have significantly higher average revenues (about EUR 102) than courses in other regions (e.g. EUR 61 in Central Europe and EUR 35 in Great Britain and Ireland). The lowest level of revenue per utilized round was recorded in South Africa, EUR 22 on average. Possibly one of the most meaningful performance indicators for a golf course is the revenue per available tee time (RevPATT). By this measure golf courses in the Middle East achieve 3-4 times higher values than courses in other regions. Revenue indicators for 18-hole golf courses in the EMA region (EUR) Operating Costs and Profitability Operating costs, including wages and maintenance costs may vary significantly by region, ownership and by the size of a golf course. For example the difference between the operating costs of a 27-hole and 18-hole course can range on average between 20-50% among regions. The following chart compares the average salary costs as a proportion of the total operating costs in different regions.

23 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Salary costs as a percentage of total operating costs for an 18-hole golf course by region Salary costs make up the lowest share of total costs at golf courses in Eastern Europe, the region with the lowest labor cost in Europe. The level of profitability also varies significantly among courses and regions. When assessing the financial performance of golf courses, it is also important to stress that almost 50% of courses participating in the Golf Benchmark Survey 2006 declared to operate on a not-for-profit basis. When excluding loss-makers, the total operating costs for profitable courses in most of the regions account for between 70-90% of their total revenues on average, resulting in a gross operating profit of approximately 10-30%. The top 20% performers could achieve close to a 30% gross operating profit. Profitable golf courses in the Middle East however reported approximately 45% operating profit on average. Average share of gross operating profit of golf courses by region profitable courses 3 only 3 We considered as profitable those golf courses where total revenues exceeded gross operating costs, excluding financial charges, depreciation and taxation.

24 22 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Other operating characteristics Staffing and outsourcing contribute significantly toward the operational efficiency of golf courses. The survey throws up some fascinating regional comparisons. Staffing The average staffing of golf courses is the lowest in Northern Europe (about 12 persons) while courses in Western and Eastern Europe employ around on average. However, it should be noted that many golf courses in Northern Europe receive help from members on a voluntary basis. Courses in South Africa and the Middle East employ significantly more staff than European golf courses, which is due in part to the lower labor costs but also, in the case of courses in the Middle East, due to the highly labor-intensive and serviceoriented approach of their facilities. Average number of full-time and part-time employees in selected regions all courses Surveyed golf courses in the Middle East employ significantly more staff than in other regions: close to 250 people on average, with close to 100 people in the food and beverage department. Outsourcing Several courses outsource some of their activities to external suppliers. Whether for a facility s golf academy, pro-shop or their food and beverage facilities, outsourcing in many cases proves to be an effective solution. A vast majority (over 80%) of the best performing golf courses in Northern Europe outsource their pro-shop and F&B activities, while in the case of Western and Central European courses, about two-thirds prefer outsourcing. The level of outsourcing is somewhat below 50% at golf courses in other regions; however the best performing golf courses in the Middle East do not outsource any of their activities.

25 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Future market outlook The outlook of owners and operators with respect to capital improvements and future business performance is a valuable indicator of the state of golf in the EMA region. And as the survey shows, the majority of courses are investing for what is perceived to be a positive future. Are you planning any capital investment, refurbishment in 2006? Capital improvements About 60% of the golf courses participating in the Golf Benchmark Survey were planning capital investments or refurbishments in The share of clubs planning to reconstruct or improve part of their golf courses is higher among privately-owned or member-owned/association clubs than public courses. The majority of golf clubs planning capital expenditure in 2006 are planning to upgrade their golf course. Other investment plans mentioned by the surveyed golf courses included: upgrading of the club house golf course expansion replacement of irrigation system purchase of new machineries investment in facilities for families and children. The amount of planned investments also varies by region, quality and size of the golf course. Please refer to the individual regional reports for more details.

26 24 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Expected future business performance More than half (61%) of the courses in the EMA region see their future business prospects as good, and one quarter (26%) as excellent. Although two-thirds of courses in Eastern Europe are positive about future business prospects, the remainder are less confident. Rating of expected business performance by region Clubs in the Middle East are the most optimistic, with not one expecting average or poor performance. In conclusion, responses from participating courses reflect the very positive sentiment of owners and club managers regarding the future development of golf in the EMA region.

27 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Summary of Key Performance Indicators The following table summarizes the average performance indicators of 18-hole golf courses in the seven regions of the Golf Benchmark Survey Northern Great Western Central Eastern Middle South Europe Britain & Europe Europe Europe East Africa Ireland Playable days Participation Countries Courses Players Golfers per course Demand rate Members Bulgaria 1, % 1,032 Total Croatia rounds 21, , ,298 20, ,354 45, % 37,006...of Czech which Rep. other 68 23, % rounds - mainly 5,937 10,525 11,775 7,280 5,366 19,755 19,028 Estonia 6 1, % green fee rounds Hungary Course utilization % 2, % 33.5% % 19.7% 0.021% 61.7% 57.9% Latvia Pricing (EUR) % Initiation Lithuania fee* , ,166 2, , % 354 Annual Poland subscription 24 1, % ,813 1, , fee* Romania % Green Serbia fee % Slovakia Weekdays , % 14.7 Weekends Financial performances (EUR) Revenues ( 000 EUR) ,242 1, , Gross operating profit** 25-30% 15-25% 18-22% 15-20% 10-15% 40-45% 15-20% Revenue per utilized round (RevPUR) Revenue per available tee time (RevPATT) Other operating characteristics Staff per course*** Expected future business performance* Excellent or good % 82% 87% 90% 86% 66% 100% 86% Average or poor % 18% 13% 10% 14% 34% 0% 14% * all courses ** profitable courses only (where total revenues exceeded gross operating costs, excluding financial charges, depreciation and taxes) *** average number of staff per course including part-time staff (all courses)

28 26 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Methodology of the Golf Benchmark Survey 2006 More than 800 golf courses from 27 countries participated in the Europe, Middle East and Africa Golf Benchmark Survey Two-thirds (68%) of the participating golf courses were 18-hole facilities, while 9-hole and 27-hole or larger courses had a share of 17% and 15% respectively. The following chart shows the regional distribution of surveyed golf courses by size. Distribution of golf courses by size Distribution of golf courses by operating entity The vast majority (81%) of golf courses in the Golf Benchmark Survey 2006 are owner-operated, while only 11% are run by an external management company. The remaining 8% are mainly run by elected committees and some by educational institutions. The majority of the golf courses are privately-owned. A relatively large share of participating golf courses in the Northern European region and South Africa are either public/municipal courses or owned by their members, as the following chart shows. Distribution of golf courses by ownership

29 Europe, Middle East & Africa Summary Report - Golf Benchmark Survey Distribution of golf courses by quality We asked golf course operators to assess the quality level of their courses according to grades ranging from top quality to low quality 4. High-end and good quality golf courses comprised 41% and 44% of our sample for the Golf Benchmark Survey 2006 respectively, while mid-quality and lower-end courses made up 14% and 1% respectively. A third of the golf courses (36%) in our sample are country clubs, while 30% of the courses are located in parks or open spaces. About 25% of the golf courses are located in tourist resorts or in residential communities. How would you best describe your facility? Methodological note and survey limitations The analysis presented in this report has been performed based on the responses of participating golf courses in the Golf Benchmark Survey Requested information mainly relates to the 2005 operating year. Financial data was submitted in the home currency of the respective countries and for the purpose of the GBS Summary Report was converted into EUR at average exchange rates valid in September Respondents were requested to present all pricing related information and financial data net of VAT or any other applicable tax. Furthermore, we wish to highlight the following limiting factors of the survey: In the case of financial information some cross tabulations may be considered indicative but not representative of the market due to a lower number of responses. Please refer to individual regional reports for details. The lack of a commonly accepted terminology related to golf course operation, the inconsistency of national statistics, and the lack of a Uniform System of Accounts for golf courses are constraints we could not overcome and which make comparisons more difficult. The rounding of decimal figures may lead to some discrepancies when computing input data. 4 We expect golf courses to assess their quality in comparison with their competitors in the same country or region, rather than on an international basis.

30 28 Golf Benchmark Survey Europe, Middle East & Africa Summary Report Looking forward Golf Benchmark Survey In the years to come when a significant amount of historical data will be available, a key goal of the Golf Benchmark Survey will be to determine trends impacting the golf industry in different geographical regions. Such information should prove to be invaluable for the owners, operators and developers of golf courses. In addition, it is our hope that the Golf Benchmark Survey will act as a catalyst for the creation of a Uniform System of Accounts for golf courses and a set of commonly accepted performance indicators. Your cooperation this year and in the years to come is the key to the success of this initiative. Thank you in advance for your help! If you would like to discuss the 2006 Survey results, or would like to take part in our 2007 Survey, please contact the Golf Benchmark Team via at: info@golfbenchmark.com. Golf Course Development Cost Survey Having comparable primary information on golf course development costs can be of prime importance for developers, operators as well as public institutions when thinking strategically about golf development. KPMG s Travel, Leisure and Tourism Practice has prepared a comprehensive study on golf course development costs in Europe, Middle East and Africa. The research aims to provide investors, developers and other industry stakeholders with a better understanding of the factors that influence the construction cost of golf courses, their typical development timing and the process of selecting golf course architects and construction companies. To download the seven Regional Reports and the Summary Report of the Golf Benchmark Survey 2006, and to access KPMG s Golf Course Development Cost Survey, visit our website at

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32 For further information please contact the Golf Benchmark Team: KPMG Travel, Leisure and Tourism Practice CEE Tel: Fax: info@golfbenchmark.com KPMG in Hungary H-1139 Budapest, Váci út 99 Hungary The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. KPMG does not accept any responsibility for errors, omissions or any consequence arising from the use of this report. KPMG reserves the right to alter at any time any element of this report. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.

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