GOLF COURSE IMPROVEMENTS 2010
With regards to our last circular letter dated14th December communicating the new membership fees 2010 and golf course investment plan; agreement to be ratified at a future Extraordinary Shareholder Meeting to be held in 2010 according the Public Company Law approved by the RDL/1989 of 22 December; the contents of this investment plan is as follows:
The forecast of the accounts close down of Los Arqueros Golf for the year 2009 is a positive EBITDA, although tight. In this difficult present market situation we have achieved to maintain the number of players (rounds) compared to other years. Although the income per players has decreased with a 5,1% compared to the year 2008. With the intention to continue maintaining the current standard at Los Arqueros Golf towards year 2010, we have targeted a breakeven PBT budget; in order to achieve this, our target is to increase income per round. We believe that the best way to manage this within the current market situation, is to reposition the course towards a higher segment, meaning quality improvements. For this reason we have included in our Business Plan 2010 a correcting action which consists principally in improving the playing conditions of the Course through an investment of 156.000€ financed by Taylor Woodrow. These Course improvements will permit an increase in the income per round and reposition the course against its competitors.
a) Fairway overseeding: Improvement of turf surface, playing conditions and aesthetic aspect through overseeding with summer and winter grass.
b) Rough overseeding: Improvement of the fairway drawing, aesthetic and playing conditions through a more retain of balls. Consisting in overseeding with summer and winter turf, as well as works extending the irrigation system in a total of ten fairways.
c) Tee improvements: Surface leveling, extend and turf improvement through Bermuda overseeding on holes 1, 3, 5, 6, 8, 9, 10, 11, 13, 14, 15, 17 and 18.
d) Design improvements:
Construction of new Tees with new tee-off positions at holes 3, 5, 6, 7, 10, 11, 13, 15 and 17.
Creation of a new Tee colour: orange. Its target is to make the course more playable to all HCP levels, with an important commercial connotation. The orange tees will always be situated in front of the red ones. Available for men and ladies, although without official or competition value.
Construction of a fairway bunker in hole 1; and reform of the collar / apron Green 11.
Los Arqueros Golf has always been constant on the search of continuous improvements, being this plan nothing more than another step in that direction.
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