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SkiStar
Earnings Release • Mar 19, 2025
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Earnings Release
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A GROWING NUMBER OF SATISFIED GUESTS, GOOD . WINTER CONDITIONS AND GREAT INTEREST IN SKIING HOLIDAYS
SKISTAR HALF-YEAR REPORT SEPTEMBER 2024-FEBRUARI 2025
| SUMMARY, SEK MILLION | 3 MONTHS 1 Dec - 28 Feb |
6 MONTHS 1 Sep - 28 Feb |
FUI I YFAR 1 Sep - 31 Aug |
||
|---|---|---|---|---|---|
| 2024/25 | 2023/24 | 2024/25 | 2023/24 | 2023/24 | |
| Net sales | 2,787 | 2, 630 | 3,000 | 2,850 | 4,679 |
| Operating income | 2,800 | 2.635 | 3.015 | 2,860 | 4.693 |
| Operating profit | 1,200 | 1,065 | 718 | 601 | 740 |
| Profit/loss after tax | 928 | 817 | 515 | 433 | 473 |
| Earnings per share, SEK | 11.84 | 10.43 | 6.58 | 5.53 | 6.04 |
| Cash flow from operating activities | 1.422 | 1.356 | 1,705 | 1.578 | 1,084 |
| Operating margin, % | 43 | 40 | 24 | 21 | 16 |
| Equity/assets ratio, % | 45 | 41 | 45 | 41 | 42 |
| Equity/assets ratio, % excluding IFRS 16 | 60 | 53 | 60 | 53 | 56 |
| Net debt excluding IFRS 16 | 654 | 1.191 | 654 | 1.191 | 1.864 |
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comments From THE CEO A GROWING NUMBER OF SATISFIED GUESTS, GOOD WINTER CONDITIONS AND GREAT INTEREST IN SKIING HOLIDAYS
A favourable Christmas and New Year festive season, a rise in visitor numbers, impressive work by our employees and good conditions for winter sports were the main features of the important second quarter, which also accounts for the majority of the winter season for SkiStar's 2024/25 financial year. It is extremely gratifying to be able to report a strong operating profit, the best in the Company's history. The result was primarily driven by organic growth of 7 percent, thanks to a record number of visitors to our destinations. This included both Scandinavian visitors and a growing number of visitors from foreign growth markets.
This increase means a new record number of skier days sold during the season, around 4.6 million, an increase of 3 percent compared with the corresponding period in the previous year. We also achieved our best performance ever for a single day on 30 December, when the number of guests at our skiing areas totaled 76,293. Many of our guests who visit us appreciate our employees and their work and provide glowing feedback, further reinforcing our employees' commitment. In addition, our digital initiatives, such as a new, updated app the features of which include real-time lift queue data, have resulted in a smoother experience and have been well received by our guests. Another effect of this update has been to facilitate greater distribution of skiers across the skiing areas.
Increasing the total number of guests has included an initiative to increase the proportion of international guests and we are now seeing the fruits of our labour. This bodes well for the future, with growing interest in holidaying with SkiStar at all destinations. This has also involved sharp growth in sales of all products linked to alpine skiing, such as SkiPass, ski rentals and sales from our sporting goods stores.
Our sporting goods stores continued their growth journey, despite the general decline in the market and sector, with sales increasing by 8 percent during the quarter. It was particularly pleasing to see sales of our own brand, EQPE, growing by 24 percent, which was in line with our overall strategy. Our ski school remains one of our most popular activities and has attracted more than 75,000 participants, an increase in the number of learners of 7 percent.
We see a mildly cautious and more challenging property market in the current financial year but the outlook for the next financial year is brighter and we have, therefore, decided to launch a number of tenant-owner association projects in our joint venture company, Skiab. Additionally, we are building accommodation facilities comprising around 500 beds in Sälen.
We continue to actively focus on sustainability and, in addition to participating in and having been involved in initiating the Nordic Sustainability Arena in connection with the Women's World Cup competitions in Are, we are striving to meet bold SBTi targets and other ambitious sustainability goals.
The winter season is now entering the late winter/early spring season, with long days for skiing and very good conditions for winter sports, but the calendar is slightly challenging. Bookings for the remainder of the winter season are down by 5 percent because of the late Easter holiday compared with the same period in 2023/24. As demand from our guests increases, we are continuing to invest, modernise, weather-proof and increase the capacity of our ski systems. We are, therefore, pleased to be able to open a new ski gondola in Trysil, a completely new skiing area in Vemdalen (Hovde Syd) and a new lift and lighting throughout the Björnen/Sadeln area in Are ready for next season.
I look forward to enjoying the late winter/early spring season in the mountains before it is time to start another summer season packed with the vast range of activities and experiences that we offer to our guests!
Welcome to the slopes for Easter,
Stefan Sjöstrand, CEO
With a favourable Christmas and New Year festive season, a rise in visitor numbers, impressive work by our employees and good conditions for winter sports it is gratifying to be able to report the best quarterly operating profit in the Company's history.
REVENUE AND EARNINGS IN THE SECOND QUARTER
THE GROUP'S PERFORMANCE
QUARTERLY VALUES, SEK MILLION
DECEMBER 2024 - FEBRUARY 2025
Revenue in the second quarter was SEK 2,800 million (2,635). Net sales amounted to SEK 2,787 million (2,630), an increase of SEK 157 million, or 6 percent, on the same period in the previous year. The increase in sales took place within all revenue categories, apart from exploitation revenue. Changes in the NOK/SEK exchange rate had a negative effect of SEK -20 million (-45), or -1 percent, on net sales. Organic growth, excluding exchange rate effects and acquisitions, was positive during the quarter and amounted to SEK 177 million, which corresponds to 7 percent. Operating profit increased by SEK 135 million to SEK 1,200 million (1,065), equivalent to 13 percent. The improvement in operating profit partly stemmed from an increase in sales and partly from an increase in capital gains from plot and land sales. Costs for commodities and other external expenses both rose by 9 percent, while personnel costs increased by 12 percent. Changes in the NOK/SEK exchange rate had a negative effect of SEK -11 million (-19), or -1 percent, on operating profit. Operating profit was affected by profits from associates/joint ventures of SEK 13 million (4), and depreciation/amortisation of SEK -139 million (-135).
Net financial items in the quarter amounted to SEK -15 million (-33), an improvement of SEK 18 million. The items with the greatest impact on net financial items were as follows. Interest income amounted to SEK 2 million (0) and interest expenses were SEK -24 million (-29), including leaserelated interest of SEK -11 million (-10) under IFRS 16. Changes in the value of interest rate derivatives amounted to SEK 11 million (-3). Exchange losses amounted to SEK -25 million (-13), while exchange gains amounted to SEK 21 million (12). Exchange rate fluctuations were primarily attributable to the remeasurement of intra-Group balances. The Group's profit after tax amounted to SEK 928 million (817), an increase of SEK 111 million or 14 percent.
Operation of Mountain Resorts
Revenue was SEK 2,452 million (2,252). Net sales amounted to SEK 2,439 million (2,246), an increase of SEK 193 million, or 9 percent, on the same period in the previous year. Operating profit improved by SEK 86 million to SEK 1,064 million (977), an increase of 9 percent. During the quarter, the largest revenue category was sales of Skipasses and sales amounted to SEK 1,277 million (1,157), an increase of SEK 120 million, or 10 percent. Sales in sporting goods stores, including online sales and ski rental, amounted to SEK 370 million (342), an increase of 8 percent. Accommodation revenue amounted to SEK 585 million (550), which represents an increase of SEK 53 million, an increase of 6 percent during the quarter as a result of a combination of more guests and price adjustments compared with the previous year. Other revenue was on a par with the corresponding period during the previous year. External expenses rose during the quarter by SEK 118 million and amounted to SEK -1,274 million (-1,156), an increase of 10 percent. Personnel costs, energy costs and rents in particular increased, while vehicle costs fell. Depreciation amounted to SEK -97 million (-95), an increase of SEK 2 million, as a result of the higher rate of investment in recent years.
Property Development and Exploitation
Revenue was SEK 58 million (124) and net sales amounted to SEK 39 million (106). This reduction was due to the fact that exploitation revenue was higher during that quarter in the previous year. External expenses amounted to SEK -13 million (-13). The sales market remains hesitant, but a planned property transaction took place during the quarter, which resulted in a capital gain of SEK 18 million (-6), which contributed to the improved operating profit. The operating profit amounted to SEK 36 million (-3), an improvement of SEK 39 million.
Operation of Hotels
Revenue amounted to SEK 309 million (278), which corresponds to net sales which increased by SEK 31 million, an increase of 11 percent
compared with the same period last year. Operating profit rose by SEK 9 million and amounted to SEK 100 million (91), an increase of 10 percent. Accommodation revenue increased by SEK 11 million as a result of price adjustments, while sales from restaurants increased by SEK 22 million in the quarter, primarily linked to higher sales in existing restaurants in Trysil, as well as new restaurants in Sälen. Operating expenses increased by SEK 22 million to SEK -209 million (-187), as a result of the increase in net sales.
Seasonal effects
SkiStar's operations are subject to significant seasonal variations. Most revenue and earnings are generated in the second and third quarters. The number of days off during Christmas and New Year, and whether Easter falls early or late, also cause variations in earnings. More than half of the revenue is paid in advance.
| 2024/25 | 2023/24 | ||||
|---|---|---|---|---|---|
| C | 01 | 01 | OZ | 0 7 | 01 |
| 2024/25 | 2023/24 | 2022/23 | 2021/22 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2 | QQ1 QQ4 QQ3 QQ2 QQ2 QQ1 Q1 Q4 Q4 Q3 QQ2 QQ1 QQ4 QQ3 Q2 Q2 Q1 | |||||||||||
| Net sales | 2.787 | 212 | 220 | 224 224 1.536 1.536 | 2.178 155 | |||||||
| Operating profit/loss | 1,200 - - | -482 - 482 - 279 - 418 - 418 - 1.066 | -464 - - -239 - | 373 | -334 |
র্ব SKISTAR HALF-YEAR REPORT SEPTEMBER 2024-FEBRUARI 2025
FINANCIAL POSITIONS. TAXES AND INVESTMENTS ETC.
Cash flow
Cash flow from operating activities after changes in working capital was SEK 1,705 million (1,578) for the period, an increase of SEK 127 million. The increase primarily stemmed from the improved operating profit during the period.
Cash flow from investing activities amounted to SEK -186 million (-323). The change was due mainly to lower investments during the period. During the previous year, cash flow was also affected by the acquisition of the Trysilguidene ski school operation and the sale of two subsidiaries in Norway. Cash flow from financing activities amounted to SEK -1,521 million (-1,181). During the period, much of the operating cash flow was used to repay loans. A dividend of SEK -219 million (-204) was also disbursed during the second quarter.
Liquidity and financing
The Group's cash and cash equivalents amounted to SEK 23 million (104) at the end of February. Unused credit facilities amounted to SEK 877 million (770). The Group's total available liquidity at the end of the period was SEK 900 million (874). Interest-bearing liabilities excluding IFRS 16 amounted to SEK 727 million (1,345), a decrease of SEK 619 million. At the start of the financial year, corresponding liabilities amounted to SEK 1,939 million, a decrease of SEK 1,212 million. Interest-bearing liabilities including IFRS 16 amounted to SEK 2,760 million (3,307), a decrease of SEK 547 million on the previous year. Of the total interest-bearing liabilities, SEK 2,033 million (1,962) are liabilities recognised in accordance with IFRS 16, of which SEK 1,342 million (1,340) refers to the partly owned joint venture holding Skiab Invest. The average interest rate during the period, including interest rate swaps but excluding IFRS 16, was 4.18 percent (4.53). Net debt excluding IFRS 16 amounted to SEK 654 million (1,191) at the end of February, a decline of SEK 537 million compared with the previous year. Net debt including IFRS 16 amounted to SEK 2,688 million (3,153), a decrease of SEK 465 million. Net interestbearing debt excluding IFRS 16, relative to operating profit before depreciation/amortisation for the most recent twelve-month period excluding IFRS 16, was 0.6 (1.2). The equity/assets ratio increased to 45 percent (41). The equity/assets ratio excluding IFRS 16 was 60 percent (53).
Tax
Tax for the period amounted to SEK -152 million (-103) and was mainly attributable to current tax.
Investments
Investments for the first six months of the year amounted to SEK 216
million (418) gross and SEK 186 million (323) net. The difference between gross and net is disposals. Depreciation and amortisation for the same period amounted to SEK -272 million (-260). The increase is mainly explained by the higher rate of investment in previous years.
Personnel
The average number of employees was 1,870 (1,820), an increase of 50 from the previous year. Personnel costs amounted to SEK 598 million (543). The increases are primarily attributable to annual contractual increases, along with additional capacity in the form of new businesses and increased production volumes.
Related-party transactions
Ekhaga Utveckling AB, which is the main owner of SkiStar with 47 percent of the votes and 24 percent of the capital as of 28 February 2025, is also the main owner of Peab, with which SkiStar has a business relationship. During the period, purchases were made from Peab amounting to SEK 10 million (18). Outstanding liabilities to Peab totalled SEK 5 million (1). Sales to Peab amounted SEK 0 million (0) and the outstanding receivable was SEK 0 million (0). Purchases from associates during the period amounted to SEK 84 million (89) and outstanding liabilities to associates totalled SEK 26 million (20). Sales to associates amounted to SEK 5 million (2) and receivables from associates amounted to SEK 22 million (21), SEK 20 million (20) of which related to loans to associates. Current lease liabilities to associates under IFRS 16 amounted to SEK 1, 342 million (1,340), and right-of-use assets amounted to SEK 1,267 million (1.287). In addition to the Group's related-party transactions, the Parent Company carries out transactions with subsidiaries. Disclosures of related-party transactions and a description of their nature can be found in note 35 of the 2023/24 Annual Report.
Parent Company
Net sales for the Parent Company totalled SEK 2,095 million (1,912) and operating profit was SEK 431 million (353) during the period. Net investments amounted to SEK 92 million (232).
Outlook for 2024/25
Easter falls very late this year, a fact that is reflected in booking volumes for the remainder of the winter season, which are 5 percent down on the same period during the previous year. In spite of challenging weather at times during the second quarter, skiing conditions are very good at our destinations, as we have put a lot of effort into producing snow and ensuring that our ski areas offer superb skiing for our guests.
Ahead of the 2025/26 winter season
Booking volumes for the forthcoming winter season are 5 percent up on the same period during the previous year, and 15 percent of the season's volumes have already been booked. Agreed operating investments for the next business vear amount to SEK 600 million. We are continuing to invest in our ski areas by weather-proofing and increasing capacity as demand from our guests increases. Work is under way to install our new gondola in Trysil. In Vemdalen, we are building a brand-new ski area, while in Åre, we are expanding by constructing a new lift and lighting installations in the Sadeln/Björnen area. We see a mildly cautious and more challenging property market in the current financial year but the outlook for the next financial year is brighter and we have, therefore, decided to launch a number of tenant-owner association projects in our joint venture company, Skiab. Additionally, we are building accommodation facilities comprising around 500 beds in Sälen.
Sustainability and responsible entrepreneurship are an integral part of SkiStar's strategy, business model, governance and culture. SkiStar's strategic framework is built on three foundations: safe & secure, sustainability and employees & culture. These foundations permeate everything we do and are a cornerstone of our business. SkiStar's sustainability focus areas are Activity & Recreation, Ecosystem & Impact and Dialogue & Interaction.
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| 3 MONTHS | 6 MONTHS | FUI I YFAR | ||||
|---|---|---|---|---|---|---|
| 1 Dec – 28 Feb | 1 Sep - 28 Feb | 1 Sep - 31 Aug |
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| SEK THOUSAND | Note | 2024/25 | 2023/24 | 2024/25 | 2023/24 | 2023/24 |
| Operating income | Net sales* | 2,787,392 | 2,630,229 | 2,999,884 | 2 .850.400 | 4,679,385 |
| Other income | 12.764 | 4.488 | 15,234 | 9,860 | 13.899 | |
| Total operating income | 2,800,156 | 2,634,717 | 3,015,118 | 2,860,260 | 4,693,284 | |
| Operating expenses Merchandise | -613.970 | -563.564 | -710.638 | -660.033 | -1.070.178 | |
| Other external expenses | -432,438 | -398.457 | -710.601 | -687.481 | -1,165,129 | |
| Personnel costs | -415,240 | -369.744 | -597.787 | -542.904 | -990.898 | |
| Cost of sold interests in accommodation/exploitation* |
-12,525 | -106.272 | -13.445 | -107,224 | -178.639 | |
| Share of profit/loss of joint ventures/associates |
12.798 | 3.718 | 7.192 | -1.416 | -19.958 | |
| Depreciation and amortisation of assets |
-138.898 | -135,244 | -271,713 | -260.456 | -528,215 | |
| Operating profit/loss | 1,199,883 | 1.065,153 | 718,125 | 600.746 | 740.26 | |
| Net financial items | -14.933 | -33,176 | -51.227 | -61,141 | -143,336 | |
| Profit/loss before tax | 1.184.950 | 1.031.977 | 666,898 | 536,605 | 596.936 | |
| Tax | -256,991 | -214,817 | -151,581 | -103,292 | -124,049 | |
| Profit/loss for the period | 927.959 | 817.160 | 515,317 | 433,313 | 472.88 |
| 3 MONTHS | 6 MONTHS | FULL YEAR | |||
|---|---|---|---|---|---|
| 1 Dec - 28 Feb | 1 Sep - 28 Feb | 1 Sep - 31 Aug |
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| SEK THOUSAND | 2024/25 2023/24 | 2024/25 | 2023/24 | 2023/24 | |
| Other comprehensive income | |||||
| Items that may be reclassified to profit or loss Change in fair value of cash flow hedges for |
-1.884 | -8,216 | -473 | -15,797 | -11,249 |
| the period/year Deferred tax on cash flow hedges |
388 | 1,693 | 98 | 3,254 | |
| Exchange differences on translation of foreign operations for the period/year |
-40,962 | -16.638 | -26.449 | -53.078 | 2.317 -56,518 |
| Other comprehensive income for the period/year |
-42.458 | -23.161 | -26,825 | -65.621 | -65.450 |
| Total comprehensive income for the period/year |
885,501 | 193.999 | 488.492 | 567,692 | 407,437 |
| Profit/loss for the period attributable to: | |||||
| Shareholders of the Parent | 927.996 | 817.129 | 515.712 | 433.510 | 473.250 |
| Non-controlling interests | -37 | 31 | -395 | -198 | -363 |
| Profit/loss for the period | 927.959 | 817.160 | 515,317 | 433,313 | 472,887 |
| Comprehensive income for the period attributable to: | |||||
| Shareholders of the Parent | 885.574 | 793.969 | 488,908 | 367.961 | 407.845 |
| Non-controlling interests | -73 | 30 | -416 | -269 | -408 |
| Total comprehensive income for the period |
885,501 | 793,999 | 488.492 | 367,692 | 407.437 |
| Earnings per share before and after dilution, SEK | 11,84 | 10.43 | 6,58 | 5.53 | 6.04 |
| Number of shares outstandig at the end of the period | 78.376.056 78.376.056 | 78,376,056 | 78.376.056 | 78,376,056 | |
| Average number of shares outstanding | 78,376,056 78,376,056 | 78.376.056 | 78,376,056 | 78.376.056 |
| ASSETS, SEK THOUSAND | Note | 28 Feb 2025 | 29 Feb 2024 | 51 Aug 2024 | EQUITY AND LIABILITIES, SEK THOUSAND Note |
28 Feb 2025 | 29 Feb 2024 | 31 Aug 2024 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Non-current | Intangible assets | 229,856 | 232,606 | 237,370 | Equity | Share capital | 19,594 | 19,594 | 19.594 | |
| assets | Property, plant and equipment | 4,782,233 | 4,832,323 | 4,787,331 | Other contributed capital | 397,573 | 397,573 | 397,573 | ||
| Reserves | -162,120 | -135,461 | -135,317 | |||||||
| Right-of-use assets | 1,937,124 | 1,875,565 | 2,012,040 | Retained earnings, including profit/loss for the period |
3.670.271 | 3.334.374 | 3.373.921 | |||
| Investments in joint ventures/associates | 776,002 | 793.550 | 773.923 | Equity attributable to shareholders of the Parent | 3,925,318 | 3,616,079 | 3,655,772 | |||
| Other investments and securities held as non- current assets |
42,520 | 42,533 | 42,530 | Non-controlling interests | 615 | 1,170 | 1,031 | |||
| Long term derivatives | 4 | 19,965 | 41,133 | 12,522 | 5 l otal equity |
3,925,933 | 3,617,249 | 3,656,803 | ||
| Deferred tax receivables | 22,680 | 21,418 | 21,089 | Non-current liabilities |
Liabilities to credit institutions | 482,726 | 850,330 | 973.883 | ||
| Other non-current receivables | 38,253 | 38,989 | 38,529 | Long-term leasing liabilities | 1,844,102 | 1,791,829 | 1,909,683 | |||
| l otal non-current assets | 7,848,611 | 7,878,117 | 7,925,334 | Provisions for pensions | 19,435 | 18,586 | 19,115 | |||
| Long-term Derivatives | 3.411 | 15,797 | 12,223 | |||||||
| Current assets Inventories | 467,504 | 461,359 | 415,024 | Deferred tax liabilities | 224,450 | 210,142 | 224,198 | |||
| 457,504 | 461,359 | 415,024 | Total non-current liabilities | 2,574,125 | 2,886,684 | 3,139,103 | ||||
| Short-term derivatives | র্বা | 646 | Current liabilities | |||||||
| Liabilities to credit institutions | 224,441 | 476,523 | 945,544 | |||||||
| Trade receivables | 90,007 | 108,974 | 35,186 | Short-term lease liabilities | 189,063 | 169,819 | 191,440 | |||
| Tax receivables | 65,198 | Short-term derivaties | 10,509 | |||||||
| Other current receivables | 91,373 | 95,957 | 75,410 | Trade payables | 339,445 | 315,002 | 176,996 | |||
| Prepaid expenses and accrued income | 158,926 | 168,608 | 141,107 | Tax liabilities | 123,435 | 68,073 | 89,264 | |||
| Other current liabilities | 780,252 | 833,743 | 278,876 | |||||||
| 340,951 | 513,559 | 516,900 | Accrued expenses and deferred income | 512,734 | 450,259 | 203.866 | ||||
| Cash and cash equivalents | 22,873 | 104.337 | 24,634 | Total current liabilities | 2,179,880 | 2,313,419 | 1,885,987 | |||
| Total current assets | 831,328 | 939,236 | 756,558 | Total liabilities | 4,754,005 | 5,200,103 | 5,025,090 | |||
| TOTAL ASSETS | 8,679,938 | 8,811,552 | 8,681,892 | TOTAL EQUITY AND LIABILITIES | 8,679,958 | 8.817.552 | 8.681.892 | |||
| EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT | ||||||||
|---|---|---|---|---|---|---|---|---|
| GROUP, SEK THOUSAND | Share capital | Other Contributed capital |
Translation | reserves Hedging reserves | Retained earnings and profit/loss for the year |
Total | Non-controlling interests |
Totalt equity |
| Opening equity, 1 Sep 2023* | 19.594 | 397.573 | -69.912 | 3,109,729 | 3,455,984 | 1.439 | 3,457,423 | |
| Profit/loss for the period | 433,513 | 433,513 | -198 | 433,316 | ||||
| Other comprehensive income for the period | -53.007 | -12,543 | -65,550 | -71 | -65,52 | |||
| Comprehensive income for the period | -53.007 | -12.543 | 433,513 | 367.963 | -269 | 367,695 | ||
| Reclassification | -4.090 | -4.090 | -4.090 | |||||
| Dividends | -203,778 | -203,778 | -203,778 | |||||
| Closing equity, 29 Feb 2024* | 19,594 | 397.573 | -122.919 | -12.543 | 5.554.514 | 3.616.079 | 1.170 | 3.617.249 |
| Opening equity, 1 Sep 2024 | 19.594 | 397.573 | -126.386 | -8,931 | 3,373,921 | 3,655,772 | 1.031 | 3,656,803 |
| Profit/loss for the period | 515.712 | 515.712 | -395 | 515,317 | ||||
| Other comprehensive income for the period | -26.429 | -376 | 92 | -26 713 | -21 | -26.733 | ||
| Comprehensive income for the period | -26.429 | -376 | 515,804 | 489.000 | -416 | 488,584 | ||
| Dividends | -219,453 | -219,453 | -219,453 | |||||
| Closing equity, 28 Feb 2025 | 19,594 | 397,573 | -152,815 | -9,307 | 3,670,272 | 3,925,319 | 615 | 3,925,933 |
| 3 MONTHS | 6 MONTHS | FULL YEAR | |||||
|---|---|---|---|---|---|---|---|
| SEK THOUSAND | Note | 1 Dec - 28 Feb 2024/25 |
2023/24 | 1 Sep - 28 Feb 2024/25 |
2023/24 | 1 Sep-31 Aug 2023/24 |
|
| Operating activities | Profit/loss after financial items | 1,184,950 | 1,031,977 | 666,898 | 536,605 | 596,936 | |
| Adjustments for non-cash items | 94,604 | 149.342 | 250,229 | 293.605 | 552,662 | ||
| 1,279,554 | 1,181,319 | 917,127 | 830,210 | 1,149,598 | |||
| Tax paid | -54,880 | -26,370 | -53,552 | -55,320 | -106,028 | ||
| Changes in working capital | 196,994 | 201,407 | 841,755 | 803,043 | 40,162 | ||
| Cash flow from operating activities | 1,421,668 | 1,556,556 | 1,105,550 | 1,511,955 | 1,083,732 | ||
| Investing activities | Acquisition of businesses, net cash effect | -50,253 | -56,706 | ||||
| Acquisition of intangiable assets | -3,046 | -6,964 | -6,333 | -9,373 | -24,215 | ||
| Acquisition of property, plant and equipment |
-71,928 | -149,649 | -208,749 | -357,942 | -519,251 | ||
| Sale of property, plant and equipment | 28,783 | 94,572 | 29,595 | 94,572 | 225,790 | ||
| Acquisition of financial assets | -1,020 | -1,020 | -1,525 | ||||
| Sale of financial assets | 500 | 907 | |||||
| Cash flow from investing activities | -47,211 | -62.040 | -186,007 | -322 995 | -375,000 | ||
| Financing activities | Borrowings | 30,269 | 25,364 | 180,269 | 222,005 | 918,321 | |
| Repayment of loans | -1,133,705 | -982,591 | -1,385,395 | -1,108,163 | -1,236,705 | ||
| Repayment of lease liability | -47,936 | -45,679 | -96.164 | -90,984 | -192,196 | ||
| Dividend paid | -219.455 | -205.118 | -219.455 | -205 / 18 | -203,778 | ||
| Cash flow from financing activities | -1,370,825 | -1,206,684 | -1,520,743 | -1,180,920 | - /14,558 | ||
| Cash flow for the period | 3,632 | 87,632 | -1,420 | 74,018 | -5,626 | ||
| Cash and cash equivalents at start of period | 19,686 | 16,700 | 24,634 | 31,071 | 31,071 | ||
| Exchange differences | -445 | 5 | -341 | -752 | -811 | ||
| Cash & cash equivalents at end of period | 22,873 | 104,337 | 22,873 | 104,337 | 24,634 |
| 3 MONTHS 1 Dec 2024 - 28 Feb 2025 |
Operation of Property mountaın resorts |
development and hotels exploitation |
Operation of | Group eliminations |
Group total | 3 MONTHS 1 Dec 2023 - 29 Feb 2024 |
Operation of mountain resorts |
Property development and exploitation* |
Operation of hotels |
oroup eliminations |
Group total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK THOUSAND | SEK THOUSAND | ||||||||||
| Net sales exploitation | 30.728 | 30.728 | Net sales exploitation | 100.223 | 100.223 | ||||||
| Other net sales | 2.439.206 | 8,355 | 309.103 | 2,756,664 | Other net sales | 2,246,767 | 5.706 | 277.532 | 2,530.005 | ||
| Total net sales | 2,439,206 | 39.083 | 309,103 | 2,787,392 | Total net sales | 2,246,767 | 105,930 | 277,532 | 2,630,229 | ||
| Capital gains | 615 | 615 | Capital gains | 240 | 240 | ||||||
| Other income | 12,099 | 49 | 12.148 | Other income | 4,249 | 4.249 | |||||
| Income from other segments | 270 | 19.036 | -19.306 | Income from other segments | 270 | 17.731 | 384 | -18.385 | |||
| Total operating income | 2,452,191 | 58,119 | 309,152 | -19.306 | 2,800,156 | l otal operating Income | 2,251,526 | 123,661 | 277,916 | -18,385 | 2,634,717 |
| External operating expenses | -1,274,056 | -12.504 | -173.043 | -1,459,603 | External operating expenses | -1,156,292 | -12,881 | -157.619 | -1,326,791 | ||
| Costs of sold exploitation assets | Costs of sold exploitation assets | -106.272 | -106.272 | ||||||||
| -12,525 | -12,525 | Capital losses | -4.400 | -57 | -518 | -4.975 | |||||
| Capital losses | -200 | -1.844 | -2.044 | Share in profit/loss of joint ventures/associates |
|||||||
| Share in profit/loss of joint | Depreciation | 100 | -141 | 3,759 | 3.718 | ||||||
| ventures/associates | 1,431 | 13,179 | -1,811 | 12.799 | Costs from other segments | -95,477 | -7,764 | -32.004 | -135,245 | ||
| Depreciation | -96.527 | -8.662 | -33,709 | -138.898 | Total operating costs | -18.115 -1,274,183 |
-127,115 | -270 -186,651 |
18.385 18.385 |
-1,569,564 | |
| Costs from other segments | -19,036 | -270 | 19.306 | ||||||||
| Total operating costs | -1,388,389 | -22,356 | -208,833 | 19.306 | -1 600.272 | ||||||
| Operating profit/loss | 1.063,802 | 35.763 | 100,319 | 1.199.883 | Rörelseresultat | 977,343 | -3,454 | 91,265 | 1,065,153 | ||
| Intangible assets | 228,668 | 1.167 | 229.836 | Intangible assets | 230,670 | 1.936 | 232,606 | ||||
| Property plant and equipment | 3.452.763 | 796,991 | 532,479 | 4,782,233 | Property plant and equipment | ||||||
| Right-of-use assets | 662,481 | 612 | 1.274.031 | 1,937,124 | 3,502,598 | 794,671 | 535.054 | 4.832.323 | |||
| Right-of-use assets | 577,828 | 976 | 1,296,760 | 1,875,564 |
| 6 MONTHS 1 Sep 2024 - 28 Feb 2025 |
Operation of Property mountain resorts |
development and hotels exploitation |
Operation of | Group eliminations |
Group total | 6 MONTHS 1 Sep 2023 - 29 Feb 2024 |
uperation of mountaın resorts |
LIODCI (V development hotels and exploitation* |
Uperation i vi | UI vur eliminations |
Ulvup lutal |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK THOUSAND | SEK THOUSAND | ||||||||||
| Net sales exploitation | 32.344 | 32,344 | Net sales exploitation | 101,199 | 101,199 | ||||||
| Other net sales | 2,612,213 | 9.071 | 346.256 | 2,967,540 | Other net sales | 2,426,224 | 9,818 | 313.158 | 2,749,200 | ||
| Total net sales | 2,612,213 | 41,415 | 346,256 | 2,999,884 | Total net sales | 2,426,224 | 111.018 | 313,158 | 2,850,400 | ||
| Capital gaıns | 854 | 854 | Capital gains | 1,369 | 1,369 | ||||||
| Other income | 14,331 | 49 | 14.380 | Other income | 8,491 | 8.491 | |||||
| Income from other segments | 540 | 24,871 | -25,411 | Income from other segments | 270 | 23.375 | 628 | -24,273 | |||
| Total operating income | 2,627,938 | 66.286 | 346,304 | -25.411 | 3.015,118 | Total operating income | 2,436,354 | 134.393 | 313,786 | -24.273 | 2,860.260 |
| External operating expenses | -1,753,817 | -24.560 | -238.345 | -2.016.722 | External operating expenses | -1,634,236 | -27.025 | -224,179 | -1,885,439 | ||
| Costs of sold exploitation assets | Costs of sold exploitation assets | -107.224 | -107.224 | ||||||||
| -13.445 | -13.445 | Capital losses | -4.404 | -57 | -518 | -4.979 | |||||
| Capital losses | -200 | -1.844 | -260 | -2.304 | Share in profit/loss of joint | ||||||
| Share in profit/loss of joint | ventures/associates | -192 | -7,356 | 6,132 | -1.416 | ||||||
| ventures/associates | 2,325 | 4,866 | 7.192 | Depreciation | -181,273 | -15,450 | -63.734 | -260,457 | |||
| Depreciation | -188,066 | -16.782 | -66.865 | -271,713 | Costs from other segments | -23.917 | -86 | -270 | 24,273 | ||
| Costs from other segments | -24,871 | -540 | 25,411 | Total operating costs | -1,844,021 | -157,198 | -282,568 | 24.273 | -2,259,514 | ||
| Total operating costs | -1,964,629 | -51,765 | -306.009 | 25,411 | -2,296,992 | ||||||
| Operating profit/loss | 663.309 | 14,521 | 40.295 | 718,125 | Rörelseresultat | 592,333 | -22,805 | 31,218 | 600.746 | ||
| Intangible assets | 228.668 | 1,167 | 229.836 | Intangible assets | 230,670 | 1,936 | 232,606 | ||||
| Property plant and equipment | 3.452.763 | 796,991 | 532,479 | 4.782.233 | Property plant and equipment | ||||||
| Right-of-use assets | 662,481 | 612 | 1,274.031 | 1,937,124 | Right-of-use assets | 3.502.598 577.828 |
794,671 976 |
535.054 1,296,760 |
4.832.323 1,875,564 |
| FUI I YFAR 1 Sep 2023 - 31 Aug 2024 |
Operation of mountain resorts |
Property development hotels and exploitation |
Operation of | Group eliminations |
Group total |
|---|---|---|---|---|---|
| SEK THOUSAND | |||||
| Net sales exploitation | 245.372 | 245.372 | |||
| Other net sales | 3.901.647 | 15,064 | 517.303 | 4.434.013 | |
| Total net sales | 3,901,647 | 260.435 | 517.303 | 4,679,385 | |
| Capital gains | 533 | 533 | |||
| Other income | 13.367 | 15.56/ | |||
| Income from other segments | 1.088 | 41,419 | 1.104 | -43.610 | |
| Total operating income | 3.916.633 | 301,854 | 518,406 | -43.610 | 4,693,284 |
| External operating expenses | -2.786.164 | -47,568 | -386.418 | -3.220.150 | |
| Costs of sold exploitation assets | -178.639 | -178.639 | |||
| Capital losses Share in profit/loss of joint |
-5.273 | -264 | -518 | -6.055 | |
| ventures/associates | -474 | -16.945 | -2.539 | -19.958 | |
| Depreciation | -362,286 | -33,523 | -132.406 | -528.215 | |
| Costs from other segments | -42,522 | -1.088 | 43.610 | ||
| Total operating costs | -3.196.719 | -276.939 | -522,969 | 43.610 | -3.953.017 |
| Operating profit/loss | 719.914 | 24.915 | -4.563 | 740,267 | |
| Intangible assets Property plant and equipment |
235.857 3.470.660 |
781.994 | 1,512 534.678 |
237,370 4.787.331 |
|
| Right-of-use assets | 680.380 | ਰੇਖਰੇ | 1,330,712 | 2,012,040 |
| 3 MONTHS | 6 MONTHS | FULL YEAR | ||||
|---|---|---|---|---|---|---|
| 1 Dec - 28 Feb | 1 Sep - 28 Feb | 1 Sep-31 Aug | ||||
| SEK THOUSAND | 2024/25 | 2023/24 | 2024/25 | 2023/24 | 2023/24 | |
| Operating income | Net sales | 1,902,438 | 1,720,866 | 2,095,682 | 1,912,378 | 3,101,291 |
| Other income | 7,625 | 2,623 | 8,795 | 4,351 | 8,410 | |
| Total operating income | 1,910,063 | 1,723,488 | 2,104,477 | 1,916,730 | 3,109,700 | |
| Operating expenses Merchandise | -407.758 | -378,400 | -486.742 | -456,384 | -731,605 | |
| Other external expenses | -393,534 | -375,425 | -668,520 | -652,266 | -1,090,311 | |
| Personnel costs | -274,418 | -238,886 | -394.585 | -350,016 | -642,392 | |
| Cost of sold interests in accommodation/exploitation |
-10,922 | -122 | -10.922 | -129 | -45,472 | |
| Depreciation and amortisation of assets | -57,859 | -53,938 | -112,679 | -104,853 | -214,663 | |
| Operating profit/loss | 765,573 | 676.719 | 431.031 | 353,081 | 385,258 | |
| Net financial items | 3.143 | -15,210 | -13,180 | -33,703 | -68,843 | |
| Profit/loss after financial items | 768,716 | 661,509 | 417,850 | 319,379 | 316,415 | |
| Appropriations | -30.467 | |||||
| Profit/loss before tax | 786,716 | 661,509 | 417,850 | 319,379 | 285,948 | |
| Tax | -160,378 | -138,202 | -90,101 | -66,519 | -56,967 | |
| Profit/loss for the period/year | 608.338 | 523.307 | 327.749 | 252.859 | 228.980 |
| ASSETS, SEK THOUSAND | 28 Feb 2025 | 29 Feb 2024 31 Aug 2024 | EQUITY AND LIABILITIES, SEK THOUSAND | 28 Feb 2025 | 29 Feb 2024 31 Aug 2024 | ||||
|---|---|---|---|---|---|---|---|---|---|
| Non-current assets | Intangible assets | 109,349 | 108,332 | Equity | |||||
| 103.139 | 2,521,639 | Restricted equity | Share capital | 19,594 | 19,594 | 19.594 | |||
| Property, plant and equipment | 2,475,113 | 2,530,185 | Statutory reserve | 25,750 | 25,750 | 25,750 | |||
| Investments in Group companies | 290,325 | 290,325 | 290,325 | 45,344 | 45,344 | 45,344 | |||
| Investments in associates and joint ventures | 2,770 | 2,770 | 2,770 | ||||||
| Other investments and securities held as | 24,702 | 24,702 | 24,702 | Non-restricted equity | Share premium reserve | 4,242 | 4,242 | 4,242 | |
| non-current assets Derivativess |
11,961 | 20,699 | 955 | Retained earnings | 1,080,122 | 1,070,594 | 1,070,595 | ||
| Other non-current receivables | 24,167 | 23,984 | 24,410 | Profit/loss for the year | 327,749 | 252,859 | 228.980 | ||
| Receivables from Group companies | 174,750 | 1,412,113 | 1,327,696 | 1,303,817 | |||||
| 2,981,679 | l otal equity | 1,457,458 | 1,575,040 | 1,349,161 | |||||
| l otal non-current assets | 2,952,176 | 3,168,216 | Non-current liabilities | ||||||
| 266,983 | liabilities | Non-current interest-bearing Liabilities to credit institutions | 287,735 | 287,735 | |||||
| Current assets -Inventories Goods for resale | 305,967 300,704 |
Provisions | Provisions for pensions | 19,435 | 18,586 | 19,115 | |||
| 305,967 | 300,704 | 266,983 | Non-current non-interest- | Deferred tax liabilities | 178,170 | 173,776 | 175,774 | ||
| bearing liabilities | |||||||||
| Current receivables | Trade receivables | 42,669 | 48,451 | 18.773 | Total non-current liabilities | 198,645 | 480,098 | 482,625 | |
| Receivables from Group companies | 705.279 | 529.243 | 627,899 | Current liabilities | Liabilities to credit institutions | 181,185 | 202,500 | 774,809 | |
| Tax receivable | 63,694 | ||||||||
| Other current receivables | 63,547 | 58,509 | 36,870 | Liabilities to Group companies | 1,284,307 | 1,259,705 | 1,047,132 | ||
| Trade payables | 197,147 | 176,732 | 142,160 | ||||||
| Prepaid expenses and accrued income | 118,428 | 121.066 | 110.938 | Other current liabilities | 506,958 | 512,372 | 172,288 | ||
| 929,923 | 757,270 | 858.174 | Accrued expenses and deferred income |
324,187 | 297,846 | 139.460 | |||
| Cash & cash equivalents Cash and cash equivalents | 821 | 76.102 | 799 | Total current liabilities | 2,512,784 | 2,449,155 | 2,275,849 | ||
| l otal current assets | 1,236,711 | 1,134,076 | 1,125,956 | Total liabilities | 2,711,429 | 2,929,252 | 2,758,473 | ||
| TOTAL ASSETS | 4,168,88 / | 4,302,292 | 4,107,655 | TOTAL EQUITY AND LIABILITIES | 4,168,887 | 4,302,292 | 4,107,635 |
| 1 Sep-28 Feb | FULL YEAR 1 Sep - 31 Aug |
|||||
|---|---|---|---|---|---|---|
| KEY PERFORMANCE INDICATORS | 2024/25 | 2023/24 | 2022/23 | 2021/22 | 2020/21 | 2023/24 |
| Net sales. TSEK | 2,999,884 | 2.850.400 | 2,527,019 | 2,332,559 | 1,481,610 | 4,679,385 |
| Operating income, TSEK | 3,015,118 | 2,860,260 | 2,547,411 | 2,535,078 | 1,495,605 | 4,693,284 |
| Profit/loss before tax, TSEK | 666,898 | 536.605 | 450.922 | 573.041 | 139,006 | 596,936 |
| Profit/loss for the period, TSEK | 515.317 | 433.313 | 340.499 | 437.543 | 114.273 | 472.887 |
| Cash flow from operating activities, TSEK | 1.705.330 | 1.577.933 | 1.152.816 | 1.586.070 | 751.127 | 1.083.731 |
| Cash flow for the period, TSEK | -1.420 | 74.018 | 237.074 | 778.828 | 394,168 | -5.627 |
| - Return on capital employed, % | 10 | 9 | 7 | 10 | 3 | 10 |
| - Return on equity, % | 14 | 12 | 10 | 15 | 4 | 13 |
| - Return on total assets. % | 9 | 7 | 7 | 8 | 3 | 9 |
| Gross margin, % | 33 | 30 | 28 | 34 | 22 | 27 |
| Operating margin, % | 24 | 21 | 19 | 26 | 10 | 16 |
| Net margin, % | 22 | 19 | 18 | 24 | 9 | 13 |
| Equity/assets ratio, % | 45 | 41 | ਤਰੇ | 37 | 41 | 42 |
| 20204/25 | 2023/24 | 2022/23 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| KEY PERFORMANCE INDICATORS | Q2 | Q1 | Q4 | Q3 | Q2 | Q | Q4 | Q3 | ||
| Net sales, SEK thousand | 2.787.392 | 212.491 | 339.130 | 1.489.855 | 2.630.229 | 220.17 | 345,393 | 1.409.086 | ||
| Operating income, SEK thousand | 2.800.156 | 214.962 | 340.180 | 1.492.844 | 2.634.717 | 225,543 | 345.297 | 1.410.881 | ||
| Profit/loss before tax. SEK thousand | 1.184.950 | -518.063 | -335.094 | 395.425 | 1.031.977 | - 495.372 | 266.555 | 347.605 | ||
| Profit/loss after tax. SEK thousand | 927.959 | -412.652 | -273.423 | 312.998 | 817.160 | - 383,848 | - 215.545 | 288.628 | ||
| Cash flow from operating activities, SEK thousand |
1.421.668 | 283.497 | -233.927 | -267,996 | 1.356.356 | 220.535 | - 247.217 | - 236.235 | ||
| Cash flow for the period. SEK thousand |
3.632 | -5.218 | -1.048 | -78.774 | 87.632 | 14.073 | - 9.334 | 220.222 | ||
| Gross margin, % | 48 | neg | neg | 37 | 46 | neg | neg | 35 | ||
| Operating margin, % | 43 | neg | neg | 28 | 40 | neg | neg | 26 | ||
| Net margin, % | 42 | neg | neg | 26 | 39 | neg | neg | 25 |
| 6 MONTHS 1 Sep - 28 Feb FULL YEAR |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DATA PER SHARE | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2023/24 | |||
| Share price, SEK | 169.00 | 129.50 | 118.30 | 141.20 | 126.40 | 95.00 | 162.90 | |||
| Average number of shares | 78,376,056 | 78.376.056 | 78.376.056 | 78.376.056 | 78.376.056 | 78.376.056 | 78,376,056 | |||
| Earnings, SEK | 6.57 | 5.53 | 4.35 | 5.61 | 1.58 | 5.01 | 6.03 | |||
| Cash flow from operating activities, SEK |
21.76 | 20.13 | 14.71 | 20.24 | 9.58 | 15.50 | 13.83 | |||
| Share price/cash flow, times | 8 | િ | 8 | 7 | 13 | ് | 11.78 | |||
| Equity, SEK | 50 | 46 | 44 | 40 | 34 | 34 | 47 | |||
| Price/equity, %, | 335 | 279 | 272 | 355 | 371 | 276 | 349 |
| 2024/25 | 2023/24 | 2022/23 | ||||||
|---|---|---|---|---|---|---|---|---|
| DATA PER SHARE | 02 | Q1 | Q4 | 03 | Q2 | Q1 | Q4 | 03 |
| Average number of shares | 78.376.056 | 78.376.056 | 78,376,056 78,376,056 78,376,056 78,376,056 | 78.376.056 78.376.056 | ||||
| Earnings, SEK | 11.84 | -5.26 | -3.49 | 9.52 | 10.43 | - 4.89 | - 2.75 | 3.43 |
| Cash flow from operating activities SEK |
18.14 | 3.62 | -298 | -3.42 | 17.31 | 2.81 | -3.15 | - 3.01 |
| Equity, SEK | 50 | 42 | 47 | 51 | 46 | ਤਰ | 44 | 46 |
| SEK THOUSAND | 2024/25 | 2023/24 | 2022/23 | 2021/22 | 2020/21 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| RETURN ON CAPITAL EMPLOYED | Q2 | Q2 | Q2 | Q2 | Q2 | |||||
| Profit after financial items | 666,898 | 536,605 | 450,922 | 573,041 | 139,006 | |||||
| Finance income | 31,178 | 38,881 | 17,664 | 16,412 | 19,737 | |||||
| Finance costs | -82,405 | -103,022 | -47,532 | -45,758 | -31,654 | |||||
| Net financial items | -51,227 | -64,141 | -29,868 | -29,347 | -11,918 | |||||
| Profit after financial items, plus finance costs | 749,303 | 639,627 | 498,453 | 618,799 | 170,660 | |||||
| CAPITAL EMPLOYED | 2024/25 Q2 |
Aug 2024 | 2023/24 Q2 |
Aug 2023 | 2022/23 Q2 |
Aug 2022 | 2021/22 Q2 |
Aug 2021 | 2020/21 Q2 |
Aug 2020 |
| Total assets | 8,679,938 | 8,681,892 | 8,817,352 | 8,734,480 | 8,736,358 | 7,973,524 | 8,451,773 | 6,873,998 | 6,529,361 | 6,023,251 |
| Non-current non-interest-bearing liabilities | 227,861 | 236,422 | 225,939 | 197,511 | 202,351 | 196,266 | 153,096 | 142,008 | 200,954 | 225,206 |
| Current non-interest-bearing liabilities | 1,766,376 | 749,003 | 1,667,077 | 781,130 | 1,747,788 | 792,657 | 1,723,852 | 767,365 | 1,079,891 | 562,156 |
| Total non-interest-bearing liabilities | 1,994,237 | 985,425 | 1,893,016 | 978,641 | 1,950,139 | 988,924 | 1,876,949 | 909,373 | 1,280,845 | 787,361 |
| Capital employed | 6,685,701 | 7,696,467 | 6,924,336 | 7,755,840 | 6,786,219 | 6,984,601 | 6,574,825 | 5,964,625 | 5,248,515 | 5,235,889 |
| Average capital employed | 7,191,084 | 7,340,088 | 6,885,410 | 6,269,725 | 5,242,202 | |||||
| Return on capital employed | 10% | 9% | 7% | 10% | 3% | |||||
| RETURN ON EQUITY | ||||||||||
| Equity | 3,925,933 | 3,656,803 | 3,617,249 | 3,457,423 | 3,413,449 | 3,359,306 | 3,120,106 | 2,774,026 | 2,670,820 | 2,560,524 |
| Average equity | 3,791,368 | 3,537,336 | 3,386,377 | 2,947,066 | 2,615,672 | |||||
| Profit after tax | 515,317 | 433,313 | 340,499 | 437,542 | 114,273 | |||||
| Return on equity | 14% | 12% | 10% | 15% | 4% | |||||
| RETURN ON TOTAL ASSETS | ||||||||||
| Total assets | 8,679,938 | 8,681,892 | 8,817,352 | 8,734,480 | 8,736,358 | 7,973,524 | 8,451,773 | 6,873,998 | 6,529,361 | 6,023,251 |
| Averagetotal assets | 8,680,915 | 8,775,916 | 8,354,941 | 7,662,886 | 6,276,306 | |||||
| Return on total assets | 9% | 7% | 7% | 8% | 10% | |||||
| SEK THOUSAND | 6 MONTHS | FULL YEAR | |
|---|---|---|---|
| 1 Sep -28 Feb | 1 Sep - 31 Aug | ||
| FINANCING AND INTEREST-BEARING LIABILITIES | 2024/25 | 2023/24 | 2023/24 |
| Non-current interest-bearing liabilities to credit institutions | 482.726 | 850.330 | 973.88. |
| Long-term leasing liabilities | 1,844,102 | 1,791,829 | 1,909,68. |
| Provisions for pensions | 19,435 | 18,586 | 19.115 |
| Current interest-bearing liabilities to credit institutions | 224,441 | 476,523 | 945.544 |
| Short-term lease liabilities | 189,063 | 169.819 | 191,440 |
| Interest-bearing liabilities | 2,759,768 | 3,307,087 | 4,039,665 |
| Other non-current receivables | 38.253 | 38.989 | 38.529 |
| Non-interest-bearing part of non-current receivables | -155 | -4( | |
| Interest-bearing current receivables | 11.000 | 11,024 | 11.024 |
| Cash and cash equivalents | 22.873 | 104.337 | 24,634 |
| Interest-bearing receivables | 72.125 | 154.195 | 74.14 |
| Net debt (interest-bearing receivables - interest-bearing liabilities) | 2,687,643 | 3,152,790 | 3,965,518 |
| 6 MONTHS 1 Sep - 28 Feb |
FULL YEAR | |||
|---|---|---|---|---|
| 1 Sep - 31 Aug | ||||
| EQUITY/ASSETS RATIO INCLUDING IFRS 16 | 2024/25 | 2023/24 | 2023/24 | |
| Equity | 3.925.933 | 3.617.249 | 3.656.803 | |
| Total assets | 8.679.938 | 8,817,352 | 8.681.892 | |
| Equity/assets ratio, % | 45 | 41 | 42 | |
| 6 MONTHS | FULL YEAR 1 Sep - 31 Aug |
||
|---|---|---|---|
| 1 Sep - 28 Feb | |||
| EQUITY/ASSETS RATIO EXCLUDING IFRS 16 | 2024/25 | 2023/24 | 2023/24 |
| Equity | 4.001.710 | 3.711.681 | 3.727.114 |
| Total assets | 6.722.550 | 6,950.136 | 6.651.080 |
| Equity/assets ratio, % | 60 | 53 | 56 |
| PLEDGED ASSETS. SEK THOUSAND |
2025-02-28 2024-02-29 2024-08-31 | ||
|---|---|---|---|
| Group | 2.935.591 | 3.314.791 | 3.191.908 |
| Parent Company | 567.173 | 566.453 | 566.983 |
| Group | 974.757 | 950.705 | 468.032 |
|---|---|---|---|
| Parent Company | 1,226,155 | 1,517,401 | 1.234.350 |
| 3 MONTHS | 6 MONTHS | FULL YEAR | |||
|---|---|---|---|---|---|
| 1 Dec - 28 Feb | 1 Sep - 28 Feb | 1 Sep-31 Aug | |||
| 2024/25 2023/24 | 2024/25 2023/24 | 2023/24 | |||
| OPERATION OF MOUNTAIN RESORTS |
|||||
| SkiPass | 1.277 | 1.157 | 1.294 | 1.172 | 1,897 |
| Accomodation | 585 | 550 | 596 | 563 | 909 |
| Ski rental | 165 | 153 | 169 | 157 | 243 |
| Ski school / Activities |
67 | 60 | 67 | 60 | 96 |
| Sportshops | 205 | 189 | 316 | 294 | 434 |
| Property services | 64 | 63 | 76 | 77 | 133 |
| Restaurants | 11 | 11 | 12 | 12 | 25 |
| Other | 65 | 63 | 84 | 92 | 165 |
| Total Operation of Mountain Resorts |
2.439 | 2.246 | 2,612 | 2.425 | 3.902 |
| PROPERTY DEVELOPMENT AND EXPLOITATION |
|||||
| Total Property Development and Exploitation |
39 | 106 | 41 | 111 | 260 |
| OPFRATION OF HOTELS |
|||||
| Accomodation | 185 | 174 | 197 | 188 | 305 |
| Property | ব | র্ব | 8 | 6 | 16 |
| Restaurants | 86 | 64 | 101 | 76 | 134 |
| Other | 34 | 36 | 41 | 44 | 62 |
| Total Operation of Hotels |
309 | 278 | 346 | 314 | 517 |
| Total Group | 2,787 | 2.630 | 3.000 | 2.850 | 4,679 |
NET SALES PER SEGMENT, SEK MILLION NET SALES PER SEGMENT AND COUNTRY, SEK MILLION
| 3 MONTHS | 6 MONTHS | FUI I YFAR | |||
|---|---|---|---|---|---|
| 1 Dec - 28 Feb | 1 Sep- 28 Feb | 1 Sep-31 Aug | |||
| NET SAI ES PER COUNTRY |
2024/25 2023/24 2024/25 2023/24 | 2023/24 | |||
| Sweden Operation of Mountain Resorts |
1,692 | 1,574 | 1,827 | 1.699 | 2.697 |
| Property Development and Exploitation Operation of Hotels |
34 118 |
5 96 |
36 129 |
8 108 |
142 184 |
| Norway | |||||
| Operation of Mountain Resorts |
748 | 673 | 786 | 777 | 1.205 |
| Property Development and Exploitation |
5 | 2 | 5 | 4 | 119 |
| Operation of Hotels | 190 | 181 | 216 | 205 | 333 |
| Total Group | 2.787 | 2.630 | 3.000 | 2.850 | 4.679 |
| Disclosure of fair value per class, SEK million |
2025-02-28 2024-02-29 | 2024-08-31 | |
|---|---|---|---|
| Financial assets (short- and long term) |
|||
| Interest rate swaps | 19 | 41 | 12 |
| Electricity futures | 1 | ||
| Financial liabilities (short- and long term) |
|||
| Interest rate swaps | 1 | ||
| Electricity futures | 13 | 16 | 12 |
| Closing balances after adjustments |
Adjustments | Closing balances before adjustments |
|
|---|---|---|---|
| ASSETS, SEK THOUSAND | 2024-02-29 | 2024-02-29 | |
| Investments in joint ventures/associates | 793.550 | -26 512 | 820.062 |
| TOTAL FOUTY | 8.817.352 | -26 512 | 8.843.864 |
| EQUITY AND LIABILITIES, SEK THOUSAND | 2024-02-29 | 2024-02-29 | |
| Retained earnings, including profit/loss for the period |
3.334.374 | -26 512 | 3.360.886 |
| Equity attributable to shareholders of the Parent |
3.616,079 | -26 512 | 3.642.591 |
| Non-controlling interest | 1,170 | 1,170 | |
| Total Equity | 3,617,249 | -26 512 | 3,643.761 |
| Total liabilities | 5,200,103 | 5,200.103 | |
| TOTAL FOUITY AND I ABILITIES | 8.817.352 | -26 512 | 8.843.864 |
DFFINITION'S
The financial key figures are used in Swedish. The alternative performance measures are used by management to monitor and control operations and by analysts. See pages 19-20 for comparative reconciliation of alternative performance measures.
FINANCIAL DEFINITIONS
Average interest expense
Interest expenses, including interest rate swaps and excluding IFRS 16-related interest expenses, divided by average interest-bearing liabilities. The measure is used to show the interest rate paid by the Group on its interest-bearing liabilities.
Capital employed
Assets less non-interest-bearing liabilities. The measure shows how much of the Company's assets have been lent by its owners or by lenders.
Cash flow per share
Cash flow from operating activities divided by the average number of shares. The measure is used to make it easy for investors to analyse the amount of surplus from operating activities generated per share that can be used to finance new investments, repayments and dividends, and to assess the need for new external financing.
Diluted earnings per share
Profit/loss for the year attributable to Parent Company shareholders, adjusted for interest expenses after tax on convertible debt, divided by the number of shares after full conversion of convertibles subscribed for. The measure shows how much profit per share the Group generates for its shareholders after full conversion of convertibles subscribed for.
Earnings per share
Profit/loss for the vear attributable to Parent Company shareholders divided by the average number of shares. The measure shows how much profit per share the Group generates for its shareholders.
Equity/assets ratio
Equity as a percentage of total assets. This measure is used to analyse financial risk and shows the proportion of assets financed with equity.
Equity per share
Equity divided by the average number of shares for the reporting period. The measure shows how much equity is attributable to each share and is presented to facilitate investors' analyses and decisions.
Gross investments
New investments and replacement investments in non-current assets. The measure is relevant in showing the overall size of the investments made to maintain existing capacity and create growth.
Gross margin
Operating profit/loss before depreciation/amortisationas a percentage of revenue. The measure is used to show the profitability of the Group's operating activities by indicating the percentage of revenue that remains to cover depreciation, interest and to provide profit, after the Company's ongoing costs have been paid.
Interest-bearing liabilities
Current and non-current liabilities to credit institutions, provisions for pensions, lease liabilities and items in other current liabilities that are interest-bearing.
Interest-bearing receivables
Cash and cash equivalents, current and non-current loan receivables from associates and other companies, endowment insurance and items in other current receivables that are interestbearing.
Net debt
Interest-bearing assets less interest-bearing liabilities. The measure is relevant in assessing the total interest-bearing debt burden that has been utilised.
Net interest-bearing debt
Interest-bearing assets less cash and cash equivalents.
Net investments
New investments and replacement investments in non-current assets less sales of these investments. The measure is relevant in showing the total amount from the Group's investing activities.
Net margin
Profit/loss before tax as a percentage of revenue. The measure is used to show the profitability of the Group by indicating the percentage of revenue that remains to cover tax and provide profit, after costs from operating activities and financial items have been paid
Operating margin
Operating profitloss after depreciation as a percentage of revenue. The measure is used to show the profitability of operating activities by indicating the percentage of revenue that remains to cover interest and tax and to provide profit, after the Company's ongoing costs have been paid.
Operating profit/loss
Revenue less merchandise costs, personnel costs, other operating expenses, depreciation and amortisation, plus profit/loss from joint ventures/associates. The measure is used to analyse the profitability generated by operating activities.
Organic growth
Revenue adjusted for acquisitions and currency effects compared with the same period in the previous year. An acquired company is classified as an acquisition in the twelve months from the date of acquisition. Only after this period is the company included in the measurement of organic growth. The measure is used to show underlying revenue growth.
Price/equity ratio
Share price at the reporting date divided by equity per share. The measure shows the value of the share compared with the value recognised by the Group in its statement of financial position.
Return on capital employed
Profit/loss after net financial items plus finance costs as a percentage of average capital employed. The measure shows the Group's profitability in relation to externally financed capital and equity
Return on equity
Profit/loss after tax as a percentage of average equity. From an owner's perspective, the measure shows the return given on their invested capital.
Return on total assets
Profit/loss after net financial items plus finance costs as a percentage of average total assets. The measure shows the Group's profitability in relation to the capital available.
Share price/cash flow
Share price at the reporting date divided by cash flow from operating activities. The measure shows the value of the share compared with the value the Group has generated in cash flow from operating activities.
OTHER DEFINITIONS
Activity day
One day of activities with an Activity pass.
Activity pass
Card providing access to summer activities.
ALF
Norwegian Ski Lift Association. Booking volume
The number of overnight stays booked through SkiStar's mediated accommodation
CO2e
Amount of a specific greenhouse gas, expressed as the amount of CO2 that has the same greenhouse gas effect.
Global Reporting Initiative (GRI) Standards
GRI Sustainability Reporting Standards are the first and most widely used global standards for sustainability reporting. GRI is an independent international organisation that has been developing methods for sustainability reporting since 1997. Overnight stav
One booked night in a cabin, apartment or hotel room.
Skier day
One day's skiing with a SkiPass.
SkiPass
Card providing access to ski lifts.
SLAO
Svenska Skidanläggningars Organisation
FINANCIAL YEAR
SkiStar's financial year covers the period 1 September-31 August. First quarter (Q1) September–November Second quarter (Q2) December-February Third quarter (Q3) March-May Fourth quarter (Q4) June-August
Presentation of the report
SkiStar will present this report via webcast on 19 March 2025, 10:00 a.m. CET. Find the dial-in information and link to the webcast On https://investor.skistar.com.
Financial information
Financial year 2024/25
The interim reports and the year-end report for the financial year will be published as follows;
· Interim Report Q3, 1 September 2024-31 May 2025,
19 June 2025, at 07.00 a.m. CET.
· Year-End Report, Q4, 1 September 2024-31 August 2025,
1 October 2025, at 07.00 a.m. CET
The year-end report and annual and sustainability report for the financial year will be published as follows;
· Annual and sustainability report, 1 September 2024-31 August 2025, week 47
This Half-Year Report has not been subject to review by the company's auditor.
The Board of Directors and the CEO assure that this Hall-Year Report provides a true and fair view of the parent company's and the group's operations, financial position and performance, and describes the material risks and uncertainties faced by the parent company and the other group companies.
Sälen, 19 March 2025
Anders Sundström Chairman
Lena Apler Board Member
Gunilla Rudebjer
Board Member
Patrik Svärd
Employee Representative
Anders Svensson Board Member
Carina Äkerström
Board Member
Stefan Sjöstrand CEO
Fredrik Paulsson Board Member
Bent Oustad Board Member
Eric Wikman Employee Representative
This information is information that SkiStar AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 19 March 2025, 07.00 a.m. CET
SKISTAR IN BRIEF
The mountain tourism company SkiStar AB (publ) is list of the Nasdaq Stockholm exchange. The Group owns and operates alpine ski resorts in Sälen, Vemdalen, Åre and Stockholm (Hammarbybacken) in Sweden and in Hemsedal and Trysil in Norway. Our vision is to create memorable mountain experiences with a focus on alpine sking in the winter and active holidays in the summer. Sustainability and responsible entrepreneurship are an integral part of SkiStar's strategy, business model, governance and culture. For more information, see www.investor.skistar.com/en.
Business concept
As the leading tour operator for Scandinavia, SkiStar's business concept is to create memorable mountain experiences, develop sustainable destinations and offer accommodation, activities, Products and services of the highest quality with our guests in focus.
Business model
Our operations are divided into three segments: Operation of Mountain Resorts, Property Development & Exploitation and Operation of Hotels, as well as a number of central functions.
Shareholder benefits
Shareholders owning at least 200 shares in SkiStar receive a 15-percent discount on SkiStar's offering at all destinations and on their online purchases at skistar.com and skistarshop.com. Read more about booking with a shareholder discount and the full terms and conditions at
https://investor.skistar.com/en/dokument/aktiag arrabatt
SKISTON
Sälen VEMDALEN* ARE TRYSIL" HEMSEDAL® STOCKHOLM MMARRYBACKE
SKISTARSHOP.COM®
SKISTARSHOP®
SKISTAR LODGE
SKISTAR * LIVING
SKISTARSHOP EQPE CONCEPT STORE
BUSINESS
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* MEMBER
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[email protected] www.skistar.com
