SkiStar

Interim / Quarterly Report • Mar 20, 2024

RECORD-HIGH INTEREST IN SKIING HOLIDAYS IN THE SCANDINAVIAN MOUNTAINS

SUMMARY, SEK MILLION	3 MONTHS		6 MONTHS		FULL YEAR
	1 Dec - 29 Feb		1 Sep - 29 Feb		Sep - 31 Aug
		2023/24 2022/23	2023/24	2022/23	2023/24
Net sales	2.531	2,350	2.751	2,527	4,281
Operating income	2.536	2,366	2.761	2,547	4.304
Operating profit	1.072	932	607	481	604
Profit/loss after tax	817	731	433	340	402
Earnings per share, SEK	10.43	9.32	5.53	4.35	5.13
Cash flow from operating activities	1,356	988	1.578	1.153	669
Operating margın, %	42	39	22	19	14
Equity/assets ratio, %	41	39	41	ਤਰ	40
Equity/assets ratio, % excluding IFRS 16	53	51	કર	51	53
Net liabilities excluding IFRS 16	1,191	1,139	1,191	1,139	2,120

SECOND QUARTER

• · Net sales for the second quarter increased by SEK 181 million, 8 percent, to SEK 2,531 million (2,350).
• · Operating profit increased by SEK140 million, 15 percent, to SEK 1,072 million (932).
• · Capital gains from exploitation operations were included with SEK 0 million (10).
• · Cash flow from operating activities increased by SEK 368 million to SEK 1,356 million (988).
• · Basic and diluted earnings per share amounted to SEK 10.43 (9.32).

FIRST SIX MONTHS

• · Net sales for the first six months of the year increased by SEK 224 million, 9 percent, to SEK 2,751 million (2,527).
• · Operating profit increased by SEK 126 million, 26 percent, to SEK 607 million (481).
• · Capital gains from exploitation operations were included with SEK 0 million (11).
• · Cash flow from operating activities increased by SEK 425 million to SEK 1,578 million (1,153).
• · Basic and diluted earnings per share amounted to SEK 5.53 (4.35).

SIGNIFICANT EVENTS DURING AND AFTER THE PERIOD

· Strong demand for mountain holidays abed of the 2023/2 winter season, with overnights stays booked drough Shiftar up 13 persent on the same last year.

COMMENTS FROM THE CEO

Record interest in skiing holidays in the Scandinavian mountains drives further growth and earnings

Cold temperatures in Scandinavia during the autumn enabled us to produce plenty of snow and kick off the winter season as early as mid-November. As we sum up the first part of the winter season and the first half of SkiStar's 2023/24 financial year, it is extremely gratifying that we can report operating profit of SEK 607 million, which is SEK 126 million higher than last year. Together with an increased operating margin of 22 percent, this is the best half-year result in the company's history. This was driven primarily by an organic growth of 10 percent thanks to a record number of skiing visitors to our destinations and particularly strong interest in Denmark, the UK, the Netherlands and Germany in taking a skiing holiday in Scandinavia. This means that we have also seen strong growth in the number of skier days during the season so far to 4.5 million, an increase of 9 percent on the same period last year. We have also had record sales of all products linked to alpine skiing, such as SkiPass, ski rentals and sales from our sporting goods stores, both physical and online.

Increasing the number of international guests has been one of our focus areas, and we are now seeing the fruits of our labours. This bodes well for the future, with growing interest in holidaying with SkiStar.

We continue to focus on sustainability. As the leader in mountain tourism in Scandinavia, we have taken a meaningful step in our transition to a fossil-free business by trialling fully electrified operations at our ski facility at Stockholm Hammarbybacken. Our longer-term aim is to scale this up at our larger ski resorts. Knowledge and

experience from this pilot project will be very important, not only for us as a company but also for the industry worldwide. This marks an important milestone for us in helping achieve our climate targets for 2030.

The property market is cautious due to the prevailing economic climate, but we are continuing to work on detailed development plans so that we are ready when the economy picks up. Our sporting goods stores continued their growth journey despite the general decline in the sector, with sales increasing during the period both online at skistarshop.com (up +45 percent) and in our physical stores (up +25 percent). This led to overall sales growth of +34 percent for the period. It is particularly pleasing to see sales of our own brand, EQPE, growing +48 percent online and +69 percent in-store.

We are continuing to see strong interest in visiting us. Bookings for the remainder of the winter season, with an early Easter, are up 13 percent on the same period last year. In line with our strategy, we are continuing to invest in modernising, weather-proofing and increasing the capacity of our ski systems in line with increased demand from guests and the need for more efficient and climatefriendly snow production. We look forward to enjoying the early spring season in the mountains before we start up another summer season packed with activities.

See you on the slopes over Easter!

Stefan Sjöstrand, CEO

half-year result in the company's history, thanks to the record number of skiing visitors and a particularly strong interest from foreign guests

REVENUE AND EARNINGS IN THE SECOND QUARTER

THE GROUP'S PERFORMANCE

DECEMBER 2023 - FEBRUARY 2024

Revenue was SEK 2,536 million (2,366) and net sales climbed SEK 181 million to SEK 2,531 million (2,350), an increase of 8 percent on the same period last year. Changes in the NOK/SEK exchange rate negatively affected net sales by SEK -45 million (23), or -2 percent. Organic growth, excluding exchange rate effects and acquisitions, amounted to SEK 209 million, which corresponds to 9 percent. The increase in sales during the quarter came mainly from SkiPass, accommodation and the sporting goods stores. Operating profit increased by SEK 140 million, or 15 percent, to SEK 1,072 million (932). The operating margin was 42 percent (39). Changes in the NOK/SEK exchange rate negatively affected operating profit by SEK -19 million (7), or -2 percent. Operating profit includes profits from associates/joint ventures of SEK 4 million (26) and profits from plot and land sales and the sale of shares in tenant-owner associations and Vacation Club of SEK 0 million (10). The improved operating profit was attributable primarily to the rise in operating income and better control of marketing costs and costs for repairs and maintenance. Cost directly linked to the rise in operating income, such as merchandises, increased.

Net financial items in the quarter amounted to SEK -40 million (-6), a decline of SEK -34 million, driven mainly by the following items. Changes in the value of interest rate derivatives amounted to SEK -3 million (12). Interest expenses came to SEK -29 million (-23), including lease-related interest of SEK -10 million (-10) under IFRS 16. Exchange losses amounted to SEK -49 million (-2) and exchange gains amounted to SEK 46 million (6). The increase in exchange gains and losses was attributable primarily to intra-Group balances. Consolidated profit after tax increased by SEK 86 million, or 12 percent, to SEK 817 million (731).

Operation of Mountain Resorts

Revenue was SEK 2,252 million (2,003). Net sales climbed SEK 236 million to SEK 2,247 million (1,986), an increase of 12 percent on the same period last year. Operating profit increased by SEK 148 million, or 18 percent, to SEK 977 million (829). The increase in sales was due mainly to a higher number of guests at our destinations and to a larger share of guests from Denmark, the UK, the Netherlands, Belgium and Germany than last year. These customers stay longer and buy more products from the SkiStar range, especially when it comes to ski hire and ski schools. The early start of the season with good conditions at our destinations contributed to SkiPass sales starting strongly as early as December. SkiPass sales increased by SEK 146 million, or 15 percent, to SEK 1,157 million (1,011). Revenue from accommodation also rose by SEK 34 million, or 7 percent, to SEK 550 million (516). Sales in our sporting goods stores remained strong in the second quarter at SEK 189 million (148), an increase of SEK 41 million, or 28 percent, on last year. The greatest growth was in online sales, which climbed 38 percent, but sales in our physical stores also rose by 23 percent, driven partly by the larger number of guests at our destinations and a more attractive product range. Our own brand, EQPE, continues to increase its share of products sold, which improved the margin for the quarter. Sales of activities, primarily at the ski schools, grew by SEK 23 million, or 62 percent, to SEK 60 million (37). The increase was due mainly to the acquisition of Trysilguidene, but the existing schools also saw growth. Other external expenses increased by SEK 84 million to SEK 1,156 million (1,072). The rise was due mainly to higher costs for merchandises, which is a direct result of the growth in sales in the sporting goods stores and sales of accommodation, and higher personnel costs following the acquisition of Trysilguidene and the earlier start to the winter season. Depreciation amounted to SEK 95 million (82), an increase of SEK 13 million, which is a result of the higher rate of investment in recent years.

Property Development and Exploitation

Revenue was SEK 25 million (131) and net sales amounted to SEK 7 million (114). The decrease in net sales was a result of fewer exploitation transactions, which fell by SEK 106 million to SEK 1 million (107). Work on detailed new development plans continued during the quarter, and several projects are ready to launch once the market turns. Operating profit decreased by SEK 30 million to SEK 3 million (33). This includes capital gains from exploitation operations of SEK 0 million (10). The companies Fjellnest Bygg D AS and Fjellnest Bygg E AS, owners of properties in Hemsedal, were sold in December. The sales generated a capital loss of SEK -6 million which has been recognised under finance costs in the income statement. Profits from associates/joint ventures decreased by SEK 26 million to SEK -0 million (26), due mainly to lower profits from the Skiab group last year including exploitation gains.

Operation of Hotels

Revenue was SEK 278 million (250). Net sales climbed SEK 28 million to SEK 278 million (250), an increase of 10 percent on the same period last year. The increase was due chiefly to higher sales of accommodation as a result of larger numbers of guests at our destinations. Operating profit increased by SEK 22 million to SEK 91 million (69). The restaurants undergoing renovation in the previous quarter reopened and were the reason for the rise in operating income from restaurants. Work on efficiencies continued, and costs increased by SEK 4 million to SEK 158 million. Depreciation amounted to SEK 32 million (27), an increase of SEK 5 million, which is a result of recent years' renovations.

QUARTERI Y VALUES. SEK MILLION

	2023/24		2022/23			2021/22				2020/21
			Q2 mg Q1 q1 q4 q4 qq2 qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq										Q1
Net sales			2.51
Coprairing contriolos

REVENUE AND EARNINGS IN THE FIRST SIX MONTHS

THE GROUP'S PERFORMANCE

SEPTEMBER 2023 - FEBRUARY 2024

Revenue was SEK 2,761 million (2,547). Net sales climbed SEK 224 million to SEK 2,751 million (2,527), an increase of 9 percent on the same period last year. Changes in the NOK/SEK exchange rate negatively affected net sales by SEK -50 million (24), or -2 percent. Organic growth, excluding exchange rate effects and acquisitions, amounted to SEK 256 million, which corresponds to 10 percent. The increase in sales in the first six months of the year came mainly from SkiPass and the sporting goods stores, but other sales categories also improved as a result of larger numbers of guests at the destinations in the second quarter.

Operating profit increased by SEK 126 million, or 26 percent, to SEK 607 million (481). The operating margin was 22 percent (19). Changes in the NOK/SEK exchange rate negatively affected operating profit by SEK -12 million (5), or -1 percent. Operating profit included profits from associates/joint ventures of SEK -1 million (20) and profits from plot and land sales and the sale of shares in tenant-owner associations and Vacation Club of SEK 0 million (11). The improved operating profit was attributable primarily to the increase in revenue.

Net financial items amounted to SEK -71 million (-30), a decline of SEK -41 million, driven mainly by the following items. Changes in the value of interest rate derivatives amounted to SEK -18 million (4). Interest expenses came to SEK -65 million (-45), including lease-related interest of SEK -21 million (-20) under

IFRS 16. Exchange losses amounted to SEK -53 million (-7) and exchange gains amounted to SEK 57 million (16). Net financial items include an accounting gain of SEK 15 million from the phased acquisition of Trysilguidene AS. Consolidated profit after tax increased by SEK 93 million, or 27 percent, to SEK 433 million (340).

Operation of Mountain Resorts

Revenue was SEK 2,436 million (2,140). Net sales climbed SEK 306 million to SEK 2,426 million (2,120), an increase of 14 percent on the same period last year. Most of the increase in sales was in the second quarter and stemmed from SkiPass (up SEK 157 million), the sporting goods stores (up SEK 75 million) and accommodation (up SEK 34 million). Operating profit increased by SEK 106 million, or 23 percent, to SEK 569 million (463). The increase came in the second quarter and was mainly a result of the rise in sales.

Property Development and Exploitation

Revenue was SEK 35 million (143) and net sales amounted to SEK 12 million (118). The decrease in net sales was a result of fewer exploitation transactions, which fell by SEK 106 million to SEK 3 million (109). Operating profit decreased by SEK 9 million to SEK 7 million (16).

Drift av hotellverksamhet

Revenue was SEK 314 million (289). Net sales climbed SEK 24 million to SEK 313 million (289), an increase of 8 percent on the same period last year. Most of the increase stemmed from sales of accommodation in the second quarter. Operating profit increased by SEK 28 million to SEK 31 million (3). The increase came in the second quarter and was mainly a result of the rise in sales.

FINANCIAL OVERVIEW

Cash flow

Cash flow from operating activities after changes in working capital was SEK 1,578 million (1,153) for the period. The improvement was due chiefly to the stronger profit for the period and more efficient management of working capital during the year.

Cash flow from investing activities amounted to SEK -323 million (-422). The change was due mainly to the sale of two subsidiaries in Norway in December. Acquisitions of subsidiaries generated a cash flow item of SEK -50 million (-2), mainly attributable to the acquisition of Trysilguidene. Cash flow from financing activities amounted to SEK -1,181 million (-493). Much of the second quarter's operating cash flow was used to repay the previous overdraft.

Liquidity and financing

The Group's cash and cash equivalents amounted to SEK 104 million (256) at the end of February. Unused credit facilities amounted to SEK 770 million (770). The increased overdraft of SEK 300 million taken out in August 2023 was repaid in full during the second quarter. The group's total available liquidity at the end of the period was SEK 874 million (1,026). Interest-bearing liabilities excluding IFRS 16 amounted to SEK 1,345 million (1,446), a decrease of SEK 101 million. At the start of the financial year, these liabilities totalled SEK 2,256 million. Interest-bearing liabilities including IFRS 16 amounted to SEK 3,307 million (3,376), a decrease of SEK 69 million on the same time last year. Of the total interest-bearing liabilities in accordance with IFRS 16 of SEK 1,962 million (1,930), SEK 1,340 million refers to lease liabilities to the partlyowned joint venture holding Skiab Invest AB. The average interest rate during the period, including interest rate swaps but excluding IFRS 16, was 4.53 percent (3.21). Net financial liabilities excluding IFRS 16 amounted to SEK 1,191 million (1,157) at the end of February, an increase of SEK 34 million on the same time last year. Net financial liabilities including IFRS 16 amounted to SEK 3,153 million (3,069), an increase of SEK 84 million. The equity/assets ratio increased to 41 percent (39). The equity/assets ratio excluding IFRS 16 was 53 percent (51).

Tax

Tax for the period amounted to SEK 103 million (110) and was largely attributable to current tax.

Investments

Investments for the period amounted to SEK 418 million (426) gross and SEK 323 million (422) net. The difference between gross and net is the divestment of financial assets and property, plant and equipment. Depreciation and amortisation for the same period amounted to SEK -260 million (-227). The increased depreciation is mainly explained by the higher rate of investment in previous years.

Personnel

The average number of employees was 1,820 (1,751), an increase of 69 on last year. Personnel costs amounted to SEK 543 million (502). The increases were due to the acquisition of Trysilguidene and the early start of the season.

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 29 February 2024, 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 18 million (23). The outstanding liability to Peab was SEK 1 million (2). Sales to Peab totalled SEK 0 (0) million and the outstanding claim was SEK 0 million (0). Purchases from associates during the quarter amounted to SEK 89 million (127) and the outstanding liability to associates amounted to SEK 20 million (38). Sales to associates totalled SEK 2 million (4) and net receivables from associates totalled SEK 31 million (23), SEK 21 (22) of which related to loans to associates. Current lease liability to associates under IFRS 16 amounts to SEK 1,340 million, and right-of-use assets amounted to SEK 1,287 million. 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 2022/23 Annual Report.

Parent Company

The Parent Company generated net sales of SEK 1,912 million (1,702) and operating profit of SEK 353 million (269) in the first six months of the year. Net investments amounted to SEK 232 million (217).

Outlook for 2023/24

SkiStar's bookings at the end of the period, measured as the number of overnight stays booked through SkiStar, were up 13 percent on the same time last year. The year's calendar includes two holiday weeks both before and after the Easter holidays. Good access to snow at all of our resorts offers a good outlook for the remaining part of the winter season.

Looking ahead to 2024/25

Agreed operating investments for the next business year amount to SEK 330 million. Much of this relates to continued investment in more efficient snow production and the first stage of a project to build a new chairlift in Trysil. Investments in renovating the rooms at SkiLodge Lindvallen continue, and SkiStar is continuing to invest in sustainability by transitioning to electric snow scooters and making energy efficiency improvements. We are also continuing our work on growing the number of international guests.

SUSTAINABILITY

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.

News during the Quarter and the Full Year

Activity & Recreation

· From 1 September to 29 February, SkiStar had 4,555,205 skier and activity days, an increase of 8 percent on the same period last year.

• We offer a free SkiPass to children and young people up to the age of 15 in all municipalities where SkiStar operates. The number of free SkiPasses issued during the period up until 29 February 2024 was 1,609 (1,703), corresponding to a value of SEK 11.1 million (11.5).

Ecosystem & Impact

· During the quarter, SkiStar began piloting fossil-free operations at the Stockholm Hammarbybacken skiing facility. The aim of the project is to demonstrate the viability of transitioning to fully fossil-free operations at ski resorts. The entire vehicle fleet has been replaced with six vehicles that will run on electricity and be charged from a battery energy storage system (BESS). The project has also meant new working procedures and training for staff.

· SkiStar continued its 'Together for White Winters' sustainability initiative during the quarter. We are very proud that SkiStar was one of the biggest climbers in the Sustainable Brand Index consumer survey.

· Water consumption during the first six months of the year was just over 4 million cubic metres (4), which means that SkiStar maintained the low levels of usage from last year.

Dialogue & Interaction

· SkiStar launched its new digital innovation SkiStar 360 during the quarter, an app designed to take our guests' holiday experience to the next level. SkiStar 360 lists local businesses at the destination, giving guests an opportunity to discover and book local activities. This ties in well with SkiStar's strategic focus on dialogue and interaction to strengthen the communities in which we operate.

About the sustainability section of this Interim Report

This is a quarterly follow-up of SkiStar's sustainability work. The starting point is SkiStar's annual sustainability report. The sustainability section has not been prepared in accordance with the provisions of Chapter 6, Section 1, of the Annual Accounts Act or the GRI guidelines and does not therefore address all issues. An overview of the sustainability initiatives is published annually in the sustainability report. Read more at: https://investor.skistar.com/en/esg/esg

OTHER INFORMATION

SkiStar Share

The number of shareholders was 62,102 on 29 February 2024, which is an increase of 1,742 (2.9 percent) since 31 August 2023. SkiStar's class B shares are listed on the Nasdaq Stockholm, Mid Cap. The number of shares was 78,376,056, of which 74,728,056 are class B shares. The closing price of the SkiStar share was SEK 129.50 on 29 February 2024.

Regulatory press releases during the quarter and after the end of the period

· 13/03/2024 Invitation to conference call with web presentation of SkiStar AB's halfyear report for 2023/24

· 08/02/2024 Additional employee representative appointed to SkiStar's board of directors

• · 29/12/2023 Employee Representative resigns from SkiStar's Board
• · 19/12/2023 SkiStar AB Interim Report September 2023 November 2023
• · 12/12/2023 Invitation to conference call with web presentation of SkiStar AB's Interim Report for the First Quarter 2023/24
• 09/12/2023 Bulletin from Annual General Meeting in SkiStar AB

The press releases are available in full at https://investor.skistar.com/en.

Risks and uncertainties

The risks and uncertainties described below apply to both the parent company and group. Like all companies and business operations, SkiStar is exposed to various risks related to the business. For SkiStar, it is important to identify the risks that may prevent the company from achieving

defined targets and to determine whether the risks are in line with risk propensity. Where necessary, measures are taken to avoid, minimise or monitor identified risks. The purpose of risk management is to continuously assess and manage the risks that arise in the operations and to

ensure that it forms the basis for successful sustainability work. SkiStar's risk process, ownership, governance and management are discussed and evaluated in the company's audit committee and board of

directors. The most relevant risk factors and how they are managed are described in the annual and sustainability report and are grouped within sustainability risks, operational risks and financial risks. For a further description of risks and uncertainties, please refer to the administration report and note 32 in the Annual and sustainability report for 2022/23.

Condensed consolidated statement of comprehensive income

			3 MONTHS	6 MONTHS	FULL YEAR
		1 Dec - 29 Feb		1 Sep - 29 Feb	1 Sep - 31 Aug
SEK THOUSAND			2022/23	2023/24	2022/23	2022/23
Operating income	Net sales	2,531,309	2,349,867	2,751,480	2,527,019	4,281,497
	Other income	4,488	16,374	9,860	20.393	22,091
	Total operating income		2,535,797 2,366,241	2,761,340	2,547,411	4,303,589
Operating expenses Merchandise		-563.564	-517.730	-660.033	-595.956	-1,025,960
	Other external expenses	-398,457	-397.966	-687.481	-662.085	-1,131,465
	Personnel costs	-369.744	-330,884	-542,904	-502,117	-921,477
	Cost of sold interests in accommodation/exploitation	-888	-97.556	-1,840	-97.921	-148,373
	Share of profit/loss of joint ventures/associates	3.718	26,364	-1,416	19,357	2,356
	Depreciation and amortisation of assets	-135,244	-116,865	-260,456	-227.901	-474.827
	Operating profit/loss	1.071.617	931.604	607,210	480,789	603,843
	Net financial items	-39.640	-5.897	-70,605	-29.867	-83,673
	Profit/loss before tax	1.031.977	925.708	536.605	450.922	520.170
	Tax	-214,817	-195,003	-103,292	-110,423	-118,388
	Profit/loss for the period/year	817.160	730.705	433,313	340,499	401,781

		3 MONTHS		6 MONTHS		FULL YEAR
		1 Dec - 29 Feb		1 Sep - 29 Feb		1 Sep - 31 Aug
EK HOUSAND		2023/24 2022/2		2023/24	2022/23	2022/23
	)ther comprehensive income
	Items that may be reclassified to profit or loss
	Change in fair value of cash flow hedges for the period/year	-8,216		-15.797		-79
	Deferred tax on cash flow hedges	1,693		3,254
	Exchange differences on translation of foreign operations for the period/year	-16.638	-34,511	-53.078	-51,226	-41,943
	Other comprehensive income for the period/year	-23.161	-34.511	-65.621	-51,226	-42,022
	Total comprehensive income for the period/year	793,999 696,194		367.692	289,273	359.759
	Profit/loss for the period attributable to:
	Shareholders of the Parent		817,129 730,603	433,510	340,658	402,366
	Non-controlling interests	31	102	-198	-160	-285
	Profit/loss for the period/year		817.160730.705	433,313	340,499	401,781
	omprehensive income for the period attributable to:
	Shareholders of the Parent	793.969	696.181	367.961	289,573	360,450
	Non-controlling interests	30	13	-269	-300	-690
	Total comprehensive income for the period/year	793,999 696,194		367.692	289,273	359.759
	arnings per share before and after dilution, SEK	10.43	9.32	5.53	4.35	5.13
	lumber of shares outstandig at the end of the period		78,376,05 6		78,376,056	78,376,056
	Average number of shares outstanding		78,376,05 6		78,376,056	78,376,056

Condensed consolidated statement of financial position

ASSETS, SEK THOUSAND		29 Feb 2024	28 Feb 2023	31 Aug 2023		EQUITY AND LIABILITIES, SEK THOUSAND	29 Feb 2024	28 Feb 2023	31 Aug 2023
Non-current assets	Intangible assets	232,606	187.231	213,295	Equity	Share capital	19,594	19.594	19.594
	Property, plant and equipment	4,832,323	4,455,689	4,741,785	Other contributed capital		397,573	397,573	397.573
	Right-of-use assets	1,875,565	1,862,215	1,985,122		Reserves	-135,461	-79,080	-69.912
	Investments in joint ventures/associates	820,062	872,952	847,582		Retained earnings, including profit/loss for the period	3,360,886	3,073,534	3,135,242
	Other investments and securities held as	42,533	40,929	42,572		Equity attributable to shareholders of the Parent	3,642,592	3,411,621	3,482,497
	non-current assets Derivatives	41,133	62.325	58,998		Non-controlling interests	1,170	1,828	1,439
						Total equity	3,643,761	3,413,449	3,483,937
	Other non-current receivables	42,243	38,902	39,236
	Total non-current assets	7,886,465	7,520,303	7,928,589	Non-current liabilities	Liabilities to credit institutions	850,330	1,266,792	1,120,378
						Long-term leasing liabilities	1,791,829	1,784,402	1,890,281
Current assets	Inventories	461,359	394,701	390,986		18,586 Provisions for pensions		17,955	18.404
				390,986		Derivatives	15,797
		461,359	394,701			Deferred tax liabilities	210,142	199,264	195,028
						Total non-current liabilities	2,886,684	3,268,413	3,224,090
	Trade receivables	108.974	111,452	38.798 Current liabilities
	Tax receivables		119,856	84,115		Liabilities to credit institutions	476,523	161,353	1,117,433
	Other current receivables	114,121	151,649	140,026		Short-term lease liabilities	169,819	145,355	173.903
	Prepaid expenses and accrued income	168,608	182,491	147,407		l rade payables	315,002	338,148	188.041
		391,703	565,449	410,346		Tax liabilities	68.073	237,622	119.330
						Other current liabilities	833.743	705.058	285,193
	Cash and cash equivalents	104,337	255,905	31.071		Accrued expenses and deferred income	450,259	466,960	169.067
	Total current assets	832,404 957,400 1,216,055			Total current liabilities	2,515,419	2,054,496	2,052,966
						Total liabilities		5,322,909	5,277,057
	TOTAL ASSETS	8,843,865	8,736,358	8,760,992		TOTAL EQUITY AND LIABILITIES	8,843,865	8,736,358	8,760,992

Condensed consolidated statement of changes in equity

EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT

		Other Contributed	Translation	Hedging	Retained earnings and profit/loss for		Non-controlling
GROUP, SEK THOUSAND	Share capital	capital	reserves	reserves	the year	Total	interests	Totalt equity
Opening equity, 1 Sep 2022	19.594	397,573	-28.074	79	2,968,005	3,357,177	2,128	3,359,306
Profit/loss for the period					340.658	340.658	-160	340.499
Other comprehensive income for the period			-51.006	-79		-51.085	-141	-51,226
Comprehensive income for the period			-51.006	-79	340,658	289,573	-300	289.273
Dividend					-235,129	-235,129		-235,129
Closing equity, 28 Feb 2023	19.594	397.573	-79.080		3.073.534	3.411.621	1.828	3.413.449
Opening equity, 1 Sep 2023	19,594	397,573	-69,912		3,135,242	3,482,497	1,439	3,483,937
Profit/loss for the period				-12.543	433.510	420.968	-198	420.770
Reclassification					-4,090	-4,090		-4,090
Other comprehensive income for the period			-53.007			-53.007	-71	-53.078
Comprehensive income for the period			-53.007	-12,543	429,420	363,871	-269	363,602
Dividend					-203.778	-203.778		-203.778
Closing equity, 29 Feb 2024	19.594	397.573	-122.919	-12,543	3.360.886	3,642,592	1.170	3,643,761

Condensed consolidated statement of cash flows

		3 MONTHS 1 Dec-29 Feb		6 MONTHS	FULL YEAR
SEK THOUSAND		2023/24	2022/23	1 Sep-29 Feb 2023/24	2022/23	1 Sep-31 Aug 2022/23
Operating activities	Profit/loss after financial items	1,031,977	925,708	536,605	450,922	520,170
	Adjustmnets for non-cash items	149,342	39,308	293,605	191,705	421,772
		1,181,319	965,016	830,210	642,627	941,942
	Tax paid	-26,370	-19,942	-55,320	-41,071	-137,001
	Changes in working capital	201.407	42,737	803,043	551,260	-135,577
	Cash flow from operating activities	1,356,356	987,811	1,577,933	1,152,816	669,364
Investing activities	Acquisition of property, plant and equipment	-149,649	-154,663	-357,942	-393,070	-767,320
	Sale of property, plant and equipment	1,837	2,770	1,837	3,757	7,418
	Acquisition of subsidiaries, net cash effect		-13,822	-50,253	-15,969	28,907
	Sale of subsidiaries	92.735		92,735
	Acquisition of financial assets					-22,836
	Other investing activities	-6 964	-8,168	- 9,373	-17,203	-41,069
	Cash flow from investing activities	-62,040	-173,883	-322,995	-422,485	-852,715
Financing activities	Borrowings	25,364	47,442	222,005	256,988	1,036,599
	Repayment of loans	-982,591	-349,998	-1,108,163	-432,649 -	448,054
	Repayment of lease liability	-45,679	-44,418	-90,984	-82,468	162,547
	Dividend paid	-203,778	-235,128	-203,778	-235,128	-235,128
	Cash flow from financing activities	-1,206,684	-582,102	-1,180,920	-493,257	190,870
	Cash flow for the period	87,632	231,825	74,018	237,074	7,519
	Cash and cash equivalents at beginning of year	16,700	29,327	31,071	24,610	24,610
	Exchange differences	ട്	-5.248	-752	-5,179	-1,058
	Cash & cash equivalents at end of period	104,337	255,905	104,557	255,905	51,071

The Group's operating segments

3 MONTHS 1 Dec 2023 - 29 Feb 2024	Operation of Property mountain resorts	development and hotels exploitation	Operation of	Group eliminations	Group total	3 MONTHS 1 Dec 2022 - 28 Feb 2023	Operation of mountain resorts	Property development and	Operation of hotels	Group eliminations	Group total
SEK THOUSAND								exploitation
Net sales exploitation		1.304			1.304	SEK THOUSAND
Other net sales	2,246,768	5.706	277,531		2,530,005	Net sales exploitation		107.217			107.217
Total net sales	2,246,768	7.010	277,531		2,531,309	Other net sales Total net sales	1,985,827 1,985,827	6,420 113,637	250,404 250,404		2,242,651 2,349,867
	240				240
Capital gains						Capital gains	2.779	-960			1,819
Other income	4,248				4.248	Other income	14.714		-159		14,555
Income from other segments	270	17,731	384	-18,385		Income from other segments		18.770	ਦੇਰੇ	-18 829
Total operating income	2,251,526	24,740	277.916	-18,385	2,535,797	Total operating income	2,003,320	131.447	250,304	-18 829	2,366,241
External operating expenses	-1,156,292	-12,880	-157.619		-1,326,791	External operating expenses	-1,071.601	-19,540	-153.972		-1,245,113
Costs of sold exploitation assets						Costs of sold exploitation assets
		-888			-888			-97.556			-97.556
Capital losses	-4.400	-57	-517		-4.974	Capital losses	-2.428	220			-2,208
Share in profit/loss of joint						Share in profit/loss of joint
ventures/associates	101	-143	3.760		3,718	ventures/associates	225	26.139			26,364
Depreciation	-95,476	-7,764	-32.004		-135,244	Depreciation	-82,166	-7,061	-26.896		-116,123
Costs from other segments	-18,115		-270	18,385		Costs from other segments	-18.589	-175	-65	18 829
Total operating costs	-1,274,182	-21,732	-186,651	18,385	-1,464,180	Total operating costs	-1,174,560	-97,973	-180,933	18 829	-1,434,636
Operating profit/loss	977,343	3.008	91,265		1.071.617	Rörelseresultat	828.760	33.474	69.371		931,604
Intangible assets	230,670		1.936		232,606	Intangible assets	186,390		841		187,231
Property plant and equipment	3.502.598	794,671	535.054		4,832,323
	577.828	976	1,296,760		1,875,565	Property plant and equipment	3,365,112	853.075	237,503		4.455.690
Right-of-use assets	480,880	405.285	59,807		945.972	Right-of-use assets	573.734	970	1,287,572		1.862,275
Financial assets							128,898	882,471	3,740		1,015,108
Operating loans	781,125	545,728			1,326,853	Financial assets
						Operating loans	967.056	461.089			1,428,145

Te principe of the Couple of care and caption the local of 2004 to verse in increas applied the arcolded and the polities of the nearther p. It in nearchte FFS Stuaring beari opering on depection in the family. The frame it and corning of the rice and corning on the one and 12020203. of 500 cases to the list half your of 2020203. of 500 love of t fra salayan in and in and the neasand costs and contractions in the mass and costs belogisted in the smack in productions of many and the bronnes and blevancologic the media The comparable figures have been restated according to the impact of these changes is shown in a note on page 23.

The Group's operating segments, continued

6 MONTHS 1 Sep 2023 - 29 Feb 2024	Operation of mountaın resorts	Property development hotels and exploitation	Operation of	Group eliminations	Group total	6 MONTHS 1 Sep 2022 - 29 Feb 2023	Operation of mountain resorts development hotels	Property and exploitation	Operation of	Group eliminations	Group total
SEK THOUSAND						SEK THOUSAND
Net sales exploitation		2,279			2.279	Net sales exploitation		108.537			108,537
Other net sales	2,426,224	9,818	313.158		2,749,200	Other net sales	2,119,712	9.912	288.858		2,418,482
Total net sales	2,426,224	12.098	313,158		2,751,480	Total net sales	2,119,712	118,449	288.858		2.527.019
Capital gains	1,369				1,369	Capital gains	3.500				3.500
Other income	8,491				8.491	Other income	16.893				16.893
Income from other segments	270	23.375	628	-24,273		Income from other segments		24,707	217	-24,924
Total operating income	2,436,354	35.473	313,785	-24,273	2,761,340	Total operating income	2,140,105	143,156	289.075	-24,924	2,547,411
External operating expenses Costs of sold exploitation assets	-1.657.397	-3.725	-224.317		-1,885,439	External operating expenses Costs of sold exploitation assets	-1,493,886	-36,506	-227.059		-1,757,451
		-1,840			-1.840			-97.921			-97.921
Capital losses	-4,404	-57	-518		-4,979	Capital losses	-2.428	-278			-2.706
Share in profit/loss of joint						Share in profit/loss of joint
ventures/associates	-192	-7.356	6.132		-1.416	ventures/associates	-1.731	21,088			19.357
Depreciation	-181,304	-15,451	-63,701		-260,456	Depreciation	-155,013	-13.806	-59.082		-227.901
Costs from other segments	-23.917	-86	-270	24,273		Costs from other segments	-24,434	-209	-281	24,924
Total operating costs	-1,867,214	-28,515	-282,674	24,273	-2,154,129	Total operating costs	-1,677,493	-127,632	-286.422	24,924	-2,066,622
Operating profit/loss	569.141	6.958	31,112		607,210	Operating profit/loss	462,612	15,524	2,653		480.789
Intangible assets	230.670		1.936		232,606	Intangible assets	186.390		841		187,231
Property plant and equipment	3.502.598	794,671	535.054		4.832.323	Property plant and equipment	3.365.112	853.075	237,503		4,455,690
Right-of-use assets	577.828	976	1 296,760		1,875,565	Right-of-use assets	573.734	970	1,287,572		1.862,275
Financial assets	480,880	405.285	59.807		945,972	Financial assets	128.898	882.471	3.740		1,015,108
Operating loans	781,125	545,728			1,326,853	Operating loans	967.056	461,089			1,428,145

The Group's operating segments, continued

FUI I YFAR 1 Sep 2022 - 31 Aug 2023	Operation of mountain resorts	Property development hotels and exploitation	Operation of	Group eliminations	Group total
SEK THOUSAND
Net sales exploitation		221.973	1.045		223.018
Other net sales	3.537.312	25.227	495.940		4.058.479
Total net sales	3,537,312	247,200	496.985		4.281.497
Capital gains	3.195				3.195
Other income	19.162		-266		18.896
Income from other segments		39.650	953	-40,603
Total operating income	3,559,669	286,850	497.672	-40.603	4,303.588
External operating expenses Costs of sold exploitation assets	-2.590.938	-89.359	-394,270		-3.074.567
		-147,329	-1.045		-148.374
Capital losses	-2,482	-946	-900		-4.328
Share in profit/loss of joint ventures/associates	2,913	557			2,356
Depreciation	-314.164	-28,382	-132,287		-474.833
Costs from other segments	-38,986	-537	-1,080	40.603
Total operating costs	-2,943,657	-267.110	-529,582	40,603	-3,699,746
Operating profit/loss	6.616.012	-19.740	-31,910		603,842
Intangible assets	212.566		729		213,295
Property plant and equipment	3.633.783	870.508	237,494		4.741.785
Right-of-use assets	609.060	538	1,375,524		1,985,122
Financial assets	143.543	841.305	3,540		988,388
Operating loans	1,728,355	509.456			2,237,811

Condensed income statement - parent company

		3 MONTHS			6 MONTHS	FULL YEAR
		1 Dec-29 Feb			1 Sep-29 Feb	1 Sep-31 Aug
SEK THOUSAND		2023/24	2022/23	2023/24	2022/23	2022/23
Operating income	Net sales	1,720,866	1,546,973	1,912,378	1,701,653	2,897,718
	Other income	2.623	5.075	4.351	7.203	8.742
	Total operating income	1,723,488		1,552,048 1,916,730	1,708,855	2,906,460
Operating expenses	Merchandise	-378,400		-348,607 - 456,384	409,873	-707,624
	Other external expenses	-375.425		-369,257 - 652,266	615,903	-1,041,525
	Personnel costs	-238.886		-214,692 - 350,016	324,948	-605.760
	Cost of sold interests in accommodation/exploitation	-122		-129		-474
	Depreciation and amortisation of assets	-53,938	-45,606	-104,853	-89,114	-186,179
	Operating profit/loss	676,719	573,886	353.081	269.018	364,898
	Net financial items	-15,210	8,617	-33.703	6,310	-9.294
	Profit/loss from financial items	661,509	582,503	319,379	275,329	355,604
	Appropriations					19.496
	Profit/loss before tax	661.509	582,503	319,379	275,329	336.108
	Tax	-138,202		-124,391 - 66,519	-60,530	-83,238
	Profit/loss for the period/year	523,307	458,112	252,859	214,798	252,870

B P

Condensed balance sheet - parent company

ASSETS, SEK THOUSAND		29 Feb 2024 28 Feb 2023 31 Aug 2023
Non-current assets	Intangible assets	109.349	73.819	97.605
	Property, plant and equipment	2,521,639	2,290,204	2,417,642
Financial assets	Investments in Group companies	290,325	267,924	291,940
	Investments in associates and joint ventures	2,770	2,770	2,770
	Other investments and securities held as non-	24,702	26,202	24,702
	current assets Derivatives	20,699	35,415	31,387
	Other non-current receivables	23,984	14,473	14,834
	Receivables from Group companies	174,750	186,750	180,750
	Total non-current assets	3,168,216	2,897,556	3,061,629
Current assets -InventoriesGoods for resale		300,704	220,271	243,540
		300.704	220,271	243.540
Current receivables	Trade receivables	48,451	43,632	19,464
	Receivables from Group companies	529.243	471,264	514.795
	Tax receivables		97,289
	Other current receivables	58,509	126,823	93,002
	Prepaid expenses and accrued income	121,066	144,946	119,909
		757,270	883,955	747.169
Cash & cash equivalents	Cash and cashequivalents	76,102	218,320	784
	Total current assets	1,134,076	1,322,546	991,492
	Total assets	4,302,292	4,220,102	4,053,122

	QUITY AND LIABILITIES, SEK THOUSAND		29 Feb 2024 28 Feb 2023	31 Aug 2023
guity
estricted equity	Share capital	19.594	19.594	19.594
	Statutory reserve	25.750	25,750	25.750
	Development fund		5,625
		45,344	50,969	45,344
lon-restricted equity	Share premium reserve	4,242	4,242	4.242
	Retained earnings	1,070,594	1,003,872	1,010,959
	Profit/loss for the year	252,859	214,798	252,870
		1.327,696	1,222,913	1,268.071
	Total equity	1.373.040	1,273,882	1.313.415
lon-current liabilities
lon-current interest-	Liabilities to credit institutions	287.735	474.485	468.485
earing liabilities Provisions	Provisions for pensions	18.586	17.955	18.404
lon-current non- nterest-bearing abilities	Deferred tax liabilities	173.776	161.605	172.081
	Total non-current liabilities	480,098	654,045	658,970
Current liabilities	Liabilities to credit institutions	202,500	12,000	784.797
	Liabilities to Group companies	1,259,705	1,153,688	880,503
	Trade payables	176,732	201,206	146,010
	Other current liabilities	512,372	620.095	160,105
	Accrued expenses and deferred income	297,846	305.187	109.322
	Total current liabilities	2,449,155	2,292,176	2,080,737
	Total liabilities	2,929,252	2,946,221	2,739,707
	TOTAL FOUITY AND LIADILITIES	1 700 707	1 วาก 100	1057 199

Cash flow from operating activities,

SEK Equity, SEK 6,056 5.60

• 3.73

45

• 0.72

43

The Group's key performance indicators and data per share

			6 MONTHS			FULL YEAR
			1 Sep-29 Feb			1 Sep-31 Aug
KEY PERFORMANCE INDICATORS	2023/24	2022/23	2021/22	2020/21	2019/20	2022/23
Net sales. TSEK	2.751.480	2.527.019	2,332,559	1,481,610	2.051.967	4.281.497
Total operatingincome, TSEK	2,761,340	2.547.411	2,535,078	1,495,605	2,059,550	4,303,589
Profit/loss before tax, TSEK	536,605	450.922	573.041	139,006	487.721	520.170
Profit/loss for the year, TSEK	433.313	340.499	437.543	114.273	397.189	401.781
Cash flow from operating activities, TSEK	1.577.933	1.152.816	1.586.070	751.127	1.215.002	669.364
Cash flow for the year, TSEK	74.018	237.074	778.828	394.168	43.072	7.519
- Return on capital employed, %	9	7	10	న	11	10
- Return on equity, %	23	10	15	4	15	12
- Return on total assets. %	8	6	8	3	9	8
Gross margin, %	48	28	34	22	34	25
Operating margin, %	42	19	26	10	25	14
Net margin, %	41	18	24	9	24	12
Equity/assets ratio, %	41	39	37	41	43	40

	2023/24			2022/23		2021/22
KEY PERFORMANCE INDICATORS	Q2	Q	Q 4	Q 3	Q2	Q	Q 4	Q 3
Revenue, SEK thousand	2.531.309	220.17	345.393	1.409.086	2,349,867	177.15	224.048	1.535.645
Operating income, SEK thousand	2,535,797	225,543	345,297	1,410,881	2,366,241	181,170	226,739	1,537,977
Profit before tax, SEK thousand	1,031,977	- 495,372	- 258,357	327,605	925,708	- 474,786	- 268,684	561,312
Profit after tax, SEK thousand	817.160	- 383,848	- 207,346	268,628	730,705	- 390,206	- 211,932	438,942
Cash flow from operating activities, SEK housand	1,356,356	220,535	- 247.217	- 236.235	987.811	165,005	- 56.176	- 288.947
Cash flow for the year, SEK thousand	87,632	14,073	- 9.334	- 220.222	231.825	5,247	- 194,428	- 588.097
Gross margin, %	48	neg	neg	34	44	neg	neg	43
Operating margin, %	42	neg	neg	25	39	neg	neg	36
let margin, %	41	neg	neg	23	39	neg	neg	36
			6 MONTHS
DATA PER SHARE	2024	2023		2022	2021	2020		FULL YEAR
Share price, SEK	129.50	118.30		141.20	126.40	95.00		116.80
Average number of shares	78,376,056	78,376,056		78.376.056	78,376,056	78,376,056		78,376,056
Earnings, SEK	5.53	4.35		5.61	1.58		5.01	5.13
Cash flow from operating activities, SEK	20.13	14.71		20.24	9.58	15.50		8.54
hare price/cash flow, times, SEK	6.4		8.0	7.0	13.2		6.1	14
quity, SEK	46		44	40	34		34	44
Price/equity, %,	279		272	355	371		276	263
		2023/24			2022/23			2021/22
DATA PER SHARE	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1	Q 4	Q
Average number of shares	78,376,056	78,376,056		78,376,056 78,376,056 78,376,056 78,376,056				78,276,056 78,37
Earnings, SEK	5.53	- 4.89	- 2.64		3.43	9.32	- 4.98	- 2.70

2.81

39

• 2.10

44

• 3.01

46

12.60

44

2.11

38

17.31

46

Reconciliation of alternative performance measures

SEK THOUSAND	2023/24	2022/23	2021/22	2020/21	2019/20
RETURN ON CAPITAL EMPLOYED	Q2	Q2	Q2	Q2	Q2
Profit after financial items	536.605	450.922	573.041	139.006	487.720 -
Finance income	71,533	17.664	16,412	19.737	15,851
Finance costs	- 142.138	- 47,532	- 45.758	- 31.654	- 35.709
Net financial items	- 70,605	- 29.867	- 29.346	- 11.917	- 19,859
Profit after financial items, plus finance costs	678.743	498.453	618.799	170,660	523.430

	2023/24		2022/23		2021/22		2020/21		2019/20 Q2	aug 2019
CAPITAL EMPLOYED	Q2	aug 2023	Q2	aug 2022	Q2	aug 2021	Q2	aug 2020
Assets	8,843,865	8.760.993	8,736,358	7,973,524	8.451.773	6.873.998	6.529.361	5,023,251	6.220.915	5.065.776
Non-current non-interest-bearing liabilities	225.939	197.511	202.351	196.266	153.096	142.008	200.954	225.206	238.159	226.546
Current non-interest-bearing liabilities	1.667.077	781,130	1.747.788	792.657	1.723.852	767.365	1.079.891	562,156	1.201.710	478.637
Total non-interest-bearing liabilities	1.893.016	978,640	1.950.139	988.924	1.876.949	909.373	1.280.845	787.361	1.439.870	705.182
Capital employed	6,950,849	7.782.353	6.786.219	6,984,601	6.574.825	5.964.625	5,248,515	5,235,889	4.781.046	4.360.594
Average capital employed	7.366.601		6.885.410		6.269.725		5.242.202		4.570.820
Return on capital employed	9%		7%		10%		3%		11%

RETURN ON EQUITY
Equity	3.643.761	3,483,936	3,413,449	3,359,306	3.120.106	2.774.026	2,670,820	2,560,524	2.693.152	2.602.064
Average equity	3,563,849		3.386.377		2.947.066		2.615.672		2.647.608
Profit after tax	817,160		340.499		437.542		114.273		397.188
Return on equity	23%		10%		15%		4%		15%

RETURN ON TOTAL ASSETS
Total assets		8,843,865	8.451.773	6,873,998 6,873,998	6,529,361	6.023.251	6.220.915	5.0
Average total assets	8.802.429	8.354.941	7,662,886		6.276.306		5.643.346
Return on total assets	8% /	6%	8%		3%		9%

Conducting sking equires knge equital investments and a state financed hase is therefore in province indicators sport it manitively of the minitiring of the minute indicators

Reconciliation of alternative performance measures

SEK THOUSAND	6 MONTHS	FUI I YFAR
	1 Sep-29 Feb		1 Sep-31 Aug
FINANCING AND INTEREST-BEARING I IABILITIES	2023/24	2022/23	2022/23
Non-current interest-bearing liabilities to credit institutions	850.330	1,266.792	1,155,378
Long-term leasing liabilities	1,791,727	1,784,402	1,890,28
Provisions for pensions	18.586	17.955	18.404
Current interest-bearing liabilities to credit institutions	476,523	161.353	1,082,433
Short-term lease liabilities	169,819	145.355	173.903
Interest-bearing liabilities	3.306.986	3,375,858	4.320.399
Other non-current receivables	42,243	38.902	39.236
Non-interest-bearing part of non-current receivables	- 3.409	- 714	- 670
Interest-bearing current receivables	11.024	13.195	66.770
Cash and cash equivalents	104.337	255.905	31.07
Interest-bearing receivables	154,195	307.287	136.407
Financial net debt (interest-bearing receivables - net inte-rest-bearing liabilities)	3,152,791	3.068.570	4,183,99

	6 MONTHS		FULL YEAR
	1 Sep-29 Feb	1 Sep-31 Aug
EQUITY/ASSETS RATIO EXCLUDING IFRS 16	2023/24	2022/23	2022/23
Equity	3.711.680	3.474.656	3.546.394
Total assets	6,950.136	6,874,083	6,711,253
Equity/assets ratio, %	53	51	53

NOTES

PLEDGED ASSETS, SEK THOUSAND		2024-02-29 2023-02-28	2023-08-31
Group	3.314.791	3.112.434	3.185.625
Parent Company	566.453	535.344	566,252

CONTINGENT LIABILITIES, SEK THOUSAND

Group	772,116	828.941	480,375
Parent Company	1,517,401 1,808,939		1,378,117

Accounting principles

This Year-End Report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts Act.

The Parent Company's accounts were prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's RFR 2 Accounting for Legal Entities. The accounting policies and methods of calculation applied for the Group and Parent Company are the same as those applied in preparing the most recent annual accounts and consolidated financial statements.

Preparation of financial statements in compliance with IFRS requires Company management to make accounting estimates and judgements, as well as to make assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expense. The actual outcome may differ from these estimates and assumptions. Certain statements contained in this report are forwardlooking and reflect the current assessments of the Company and Board of Directors as regards future circumstances. None of the new IFRS standards, amended standards and interpretations applicable from 1 September 2023 have had a material impact on the financial reporting of the Group or the Parent Company. No new or changed standards have been applied prematurely.

From the first of September, hedge accounting has been applied in accordance with IFRS 9 Financial instruments regarding the Group's electricity derivatives. This means that currency changes are recognised in other comprehensive income.

SE

NOTES, CONT.

Segment reporting

Operations are monitored and presented by SkiStar in the segments Operation of Mountain Resorts, Property Development and Exploitation and Operation of Hotels. Operation of Mountain Resorts comprises the operation of mountain resorts and the sale of all products and services in this area, such as SkiPass, accommodation, activities, articles in ski shops etc. The focus is on sales and efficient operation. Earnings are charged with the segment's own costs as well as internal rents, mainly for guest accommodation rented from Property Development and Exploitation. The segment's non-current assets are mainly property, plant and equipment used directly in the operations, such as pistes and lifts, or used or rented out for activities that complement the segment, such as ski shops, equipment hire and restaurants. Property Development and Exploitation comprises the management of assets that can be exploited or used in the segment or leased to the Operation of Mountain Resorts segment. Segment revenue consists of the sale of land and other properties, the sale of weekly shares in Vacation Club, and the renting of accommodation, both through the segment and associated companies, to guests in the Operation of Mountain Resorts segment. The segment's assets consist of land and other properties, as well as shares in tenant-owner associations and associated companies focusing on hotels and the renting of cabins and apartments close to the Group's skiing areas. Operation of Hotels includes activities related to hotels conducted under the SkiStar brand and under SkiStar's management. SkiStar's operation of hotels is conducted as a tenant of the hotel properties in question. Operation of Hotels includes revenue from accommodation, restaurants and other goods and services provided in connection with the hotels. The hotels included in the new segment are SkiStarLodge Experium Lindvallen, Sälen, SkiStar Lodge Hundfjället, Sälen, Ski Lodge Skalspasset, Vemdalen, Hovde Hotell, Vemdalen, SkiStar Lodge Suites, Hemsedal, SkiStar Lodge Alpin, Hemsedal, Radisson Blu Resort, Trysil and Radisson Blu Mountain Resort & Residences, Trysil.

NET SALES PER SEGMENT, SEK MILLIONS

	3 MONTHS		6 MONTHS	FULL YFAR
		1 Dec - 29 Feb	1 Sep-29 Feb	1 Sep-31 Aug
K THOUSAND			2023/24 2022/23 2023/24 2022/23 2022/23

OPERATION OF MOUNTAIN
RESORTS SkiPass	1.157	1,011	1.172	1.015	1.686
Accomodation	550	516	563	529	883
Ski rental	153	136	157	139	223
Ski school/Activities	60	37	60	37	59
Sportshops	189	148	294	219	341
Property services	63	62	77	78	143
Restaurants	11	10	12	்	24
Other	63	66	92	ੇਖ	178
Total Operation of Mountain Resorts	2 246	1986	2 425	2 120	3 537
Property Development and Exploitation Total Property Development and	7	114	12	118	247
Exploitation Operation of Hotels
Accomodation	174	157	188	172	284
Property	এ	7	്ര	ி	19
Restaurants	64	62	76	78	134
Other	36	24	44	30	60
Total Operation of Hotels	278	250	314	289	497
Into Croup	7 571	0 750	7 751	7 577	1 201

NET SALES PER SEGMENT AND COUNTRY, SEK MILLIONS

DEFINITIONS

	3 MONTHS 1 Dec - 29 Feb		6 MONTHS 1 Sep-29 Feb		FUIT YEAR 1 Sep-31
NETTOOMSATTNING PER I AND	2023/24	2022/23	2023/24	2022/23	Aug 2022/23
Sweden Operation of Mountain Resorts Property Development and Exploitation	1.574 5	1.411 113	1.699 8	1.506 119	2.498 66
Operation of Hotels	ુદ	90	108	103	204
Norway Operation of Mountain Resorts Property Development and Exploitation	673 2	601	777 র্ব	643	1.039 181
Operation of Hotels	181	136	205	157	293
Total Group	2,531	2,350	2,751	2,528	4,281

NOTER, forts.

Segment reporting - Impact on the comparables due to change of accounting principles

3 MONTHS 1 Dec 2022 - 28 Feb 2023	Operation of mountain resorts	Property development and exploitation	Operation of hotels	Group eliminations	Group total
Prior Statement, Total operaing
income	2,107,416	149,878	267.866		2,525,160
Elimination within segment	-101,132	-17.840	-17.177	-18.829	-154.978
Other adjustments	-2.964	-591	-385		-3.940
Restated total operating income	2,003,320	151.44 /	250.304	-18.829	2,366,242
Prior Statement, Total operating costs	-1,282,008	-116,328	-203.431		-1,601,767
Elimination within segment	101,124	17.840	17.184	18.829	154.977
IFRS16 Leasing, impact on operating
expenses	22.734	67	23.616		46.417
IFRS16 Leasing, impact on
depreciation	-20.105	-14.3	-17.956		-38.204
Other adjustmetns	3.696	591	-346		3.941
Restatated total operating costs
	-1 174,560	-97.973	-180.933	18.829	-1,454,656
Operating profit/loss prior statement	825,408	33,550	64.435		923,393
Total impact on the comparables due
to change of accounting principles	3,352	-76	4.936		8,213
Restated operating profit/loss	828,760	33.474	69.371		931,606

6 MONTHS 1 Sep 2022 - 28 Feb 2023	Operation of mountain resorts	Property development and exploitation	Operation of hotels	Group eliminations	Group total
Prior Statement, Total operaing	2,282,601	166.785	314.439		2,763,825
ncome Elimination within segment	-142,496	-23,629	-25,364	-24,924	-216,413
Restated total operating income	2,140.105	143.156	289.075	-24.924	2,547,412
Prior Statement, Total operating costs	-1,824,800	-151.199	-320,827		-2.296.826
Elimination within segment	142.496	23.629	25,364	24,924	216.413
IFRS16 Leasing, impact on operating expenses	40.095	178	50.504		90,777
FRS16 Leasing, impact on depreciation	-35,283	-240	-41.463		-76,986
Restatated total operating costs	-1,677,493	-127,632	-286,422	24.924	-2,066,622
Operating profit/loss prior statement	457,801	15,586	-6,588		466,999
Total impact on the comparables due to change of accounting principles	4.811	-62	9.041		13.791
Restated operating profit/loss	462,612	15,524	2,655		480,789
FULL YEAR 1 Sep 2022 - 31 Aug 2023	Operation of mountain resorts	Property development and exploitation	Operation of hotels	Group eliminations	Group total
Prior Statement, Total operaing	3,787,372	323,915	542,190		4,653,477
income	-227.703	-37,065	-44,516	-40,603	-349.887
Elimination within segment	3,559,669	286,850	497,674	-40.603	4,303,590
Restated total operating income Prior Statement, Total operating	-5,180,642	=504,254	-588,415		-4,073,349
costs
Elimination within segment IFRS16 Leasing, impact on operating	227,703 71.840	37,065 460	44,516 111,262	40.603	349,887 183,562
expenses FRS16 Leasing, impact on depreciation Other adjustmetns	-62,558	-401	-96,887		-159,846
Restatated total operating costs	-2,943,657	-267,110	-529,582	40,603	-3,699,746
Operating profit/loss prior statement Total impact on the comparables due to change of accounting principles	606,730 9,282	19,681 59	-46,283 14,375		580.128 23,716

DEFINITIONS

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 16-17 for comparative reconciliation of alternative performance measures.

FINANCIAL DEFINITIONS

Average interest expenses

Interest expenses divided by average interest-bearing liabilities.

Cash flow per share

Cash flow before changes in working capital divided by the average number of shares.

Earnings per share

Profit/loss for the year attributable to shareholders of the Parent divided by the average number of shares.

Equity per share

Equity divided by the average number of shares for the reporting period.

Equity/Assets ratio

Equity as a percentage of total assets.

Equity/Assets ratio excluding IFRS 16 - Leasing

Equity excluding effects of IFRS 16 as a percentage of total assets excluding assets of IFRS 16.

Gross Margin

Operating profit/loss before depreciation/amortisation as a percentage of revenue.

Interest-bearing liabilities

Current and non-current liabilities to credit institutions, provisions for pensions and items in other current liabilities that are interest-bearing.

Net financial debt

Interest-bearing receivables less interest-bearing liabilities.

Net margin

Profit/loss before tax as a percentage of revenue.

Operating margin

Operating profit/loss after depreciation/amortisation as a percentage of revenue.

Operating profitperating profit/loss

Revenue less cost of goods for resale, personnel costs, other operating expenses, depreciation, profit/loss from joint ventures/associates and negative goodwill.

Return on average equity

Profit/loss after tax in relation to average equity.

Return on capital employed

Profit/loss after net financial items plus finance costs as a percentage of average capital employed. Capital employed is defined as assets less noninterest-bearing liabilities.

Return on total assets

Profit/loss after net financial items plus finance costs as a percentage of average total assets.

OTHER DEFINITIONS

ALF

Norske Alpinanlegg og fjelldestinasjoner (Norwegian Ski Lift Association).

DEFINITIONS

Booking volume

A comparison of the number of booked overnight stays between two defined periods.

Financial Year

SkiStar's financial year covers the period 1 September to 31 August. First qua rter (Q 1) September - November Second quarter (Q 2) December - February Third quarter (Q 3) March - May Fourth quarter (Q 4) June - August

Occupancy Rate

Accommodation bookings as a percentage of the beds mediated by SkiStar at 100% capacity in the period beginning the third week in December and ending the third week in April.

Overnight stay

One booked night in a cabin, apartment or hotel room.

Skier Days

One day's skiing with a SkiPass.

SkiPass

Card providing access to ski lifts.

SLAO

Svenska Skidanläggningars Organisation (Swedish Ski Lift Organisation).

Presentation of the report

SkiStar will present this report via webcast on 20 March 2024, 10:00 a.m. CET. Find the dial-in information and link to the webcast On https://investor.skistar.com/sv/pressreleases

Financial information

Financial year 2023/24

The interim reports and the year-end report for the financial year will be published as follows; · Interim Report Q3, 1 September 2023-31 May 2024, 20 June 2024, at 07.00 a.m. CET. · Year-End Report, Q4, 1 September 2023-31 August 2024, 1 October 2024, at 07.00 a.m. CET

Financial year 2024/25

The interim reports and the year-end report for the financial year will be published as follows; · Interim Report, Q1, 1 September 2024-30 November 2024, 19 December 2024, at 07.00 a.m. CET. · Half-Year Report, Q2, 1 September 2024-28 February 2025, 19 March 2025, at 07.00 a.m. CET. • 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

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 Half-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, 20 March 2024
Anders Sundström		Stefan Sjöstrand
Chairman		CEO
Lena Apler	Carina Åkerström	Fredrik Paulsson
Board Member	Board Member	Board Member
Gunilla Rudebjer	Anders Svensson	Vegard Søraunet
Board Member	Board Member	Board Member
Patrik Svärd		Eric Wikman
Employee Representative		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 20 March 2024, 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 skiing 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

SKISTARSHOP.COM® SKISTARSHOP*

SKISTARSHOP®

SHST

CONCEPT STORE

SKISTAR LODGE

SKISTAR * LIVING

EQPE

* SNOWPARKS

* MEMBER

BUSINESS

SKISTAR AB (PUBL) SE-780 91 SÄLEN Org.nr:556093-6949 Tel: +46 280 880 50 E-post: info@skistar.com www.skistar.com

Restatement of the Group's Operating Segments for the 3 MONTHS period

1 Sep-30 Nov 2023

3 MONTHS 1 Sep - 30 Nov 2023	Operation of mountain resorts development	Property and exploitation	Operation of hotels	Group eliminations	Group total
SEK, THOUSANDS
Net sales exploitation		1,320			1.320
Other net sales	133.885	3,492	38.454		175.831
Total net sales	133,885	4,812	38.454		177.151
Capital gains	721	960			1.681
Other income	2,179		159		2.338
Income from other segments		5.937	158	-6,095
Total operating income	136,785	11.709	38,771	-6.095	181,170
External operating expenses	-422,285	-16.966	-73.087		-512.338
Costs of sold exploitation assets		-365			-365
Capital losses		-498			-498
Share in profit/loss of joint ventures/associates	-1,956	-5,051			-7.007
Depreciation	-72.847	-6.745	-32.186		-111.778
Costs from other segments	-5.845	-34	-216	6,095
Total operating costs	-502,933	-29.659	-105,489	6.095	-631,986
Operating profit/loss	-366.148	-17.950	-66,718		-450.816

Restatement of comparative figures for the period

3 MONTHS 1 Sep-30 Nov 2023

3 MONTHS 1 Sep - 30 Nov 2023	Operation of mountain resorts development	Property and exploitation	Operation of hotels	Group eliminations	Group total
Prior Statement, Total operaing income					242.454
	178.157	17.498	46,799
Elimination within segment	-41.364	-5.789	-8.187	-6,095	-61.435
Other adjustments	-8		159		151
Restated total operating income	136.785	11.709	38.771	-6.095	181,170
Prior Statement, Total operating costs	-546.488	-35.462	-116.898		-698.848
Elimination within segment IFRS16 Leasing, impact on	41,372	5.789	8.180	6,095	61.436
operating expenses IFRS16 Leasing, impact on	17.361	111	26,888		44.360
depreciation	-15.178	-97	-23,507		-38.782
Other adjustmetns			-152		-152
Restatated total operating costs	-502,933	-29.659	-105,489	6.095	-631,986
Operating profit/loss prior statement Total impact on the comparables	-368.331	-17.964	-70 099		-456.394
due to change of accounting principles	2.183	14	3,381		5.578
Restated operating profit/loss	-366.148	-17.950	-66.718		-450,816

Restatement of the Group's Operating Segments for the period 1 Dec-28 Feb 2023

3 MONTHS 1 Dec 2022 - 28 Feb 2023	Operation of mountain resorts development	Property and exploitation	Operation of hotels	Group eliminations	Group total
SEK, THOUSANDS
Net sales exploitation		107,217			107.217
Other net sales	1.985,827	6.420	250.404		2,242,651
Total net sales	1985.827	113,637	250.404		2,349,868
Capital gains	2.779	-960			1.819
Other income	14.714		-159		14,555
Income from other segments		18.770	59	-18.829
Total operating income	2.003.320	131.447	250,304	-18.829	2,366,242
External operating expenses Costs of sold exploitation	-1,071.601	-19.540	-153,972		-1,245,113
assets		-97.556			-97.556
Capital losses	-2.428	220			-2,208
Share in profit/loss of joint ventures/associates	225	26.139			26,364
Depreciation	-82,166	-7,061	-26.896		-116,123
Costs from other segments	-18.589	-175	-65	18.829
Total operating costs	-1.174.560	-97.973	-180.933	18.829	-1.434.636
Operating profit/loss	828,760	33.474	69.371		931,604
Intangible assets	186.390		841		187.231
Property plant and equipment	3.365.112	853.075	237,503		4.455.690
Right-of-use assets	573.734	970	1,287,572		1,862,275
Financial assets	128.898	882.471	3.740		1,015,108
Operating loans	967.056	461.089			1.428,145

Restatement of comparative figures for the period

3 MONTHS 1 Dec-28 Feb 2023

3 MONTHS 1 Dec 2022 - 28 Feb 2023	Operation of mountain resorts	Property development and hotels exploitation	Operation of	Group eliminations	Group total
Prior Statement, Total operaing
income	2,107,416	149,878	267,866		2,525,160
Elimination within segment	-101.132	-17.840	-11.1/ /	-18.829	-154.978
Other adjustments	-2.964	-591	-385		-3.940
Restated total operating income	2,003,320	131,447	250,304	-18.829	2,366,242
Prior Statement, Total operating costs	-1,282,008	-116,328	-203.431		-1.601.767
Elimination within segment	101.124	17.840	17.184	18.829	154.977
IFRS16 Leasing, impact on operating
expenses IFRS16 Leasing, impact on	22,734	67	23.616		46.417
depreciation	-20.105	-143	-17.956		-38,204
Other adjustmetns	3.696	591	-346		3.941
Restatated total operating costs	-1.174.560	-97.973	-180.955	18.829	-1.454.656
Operating profit/loss prior statement	825.408	33,550	64.435		923,393
Total impact on the comparables due to change of accounting principles	3.352	-76	4.936		8.213
Restated operating profit/loss	828,760	33,474	69.371		931.604

Restatement of the Group's Operating Segments for the 6 MONTHS period 1 Sep 2022-28 Feb 2023

6 MONTHS 1 Sep 2022 - 28 Feb 2023	Operation of mountain resorts	Property development and exploitation	Operation of hotels	Group eliminations	Group total
SEK, THOUSANDS
Net sales exploitation		108.537			108,537
Other net sales	2,119,712	9.912	288.858		2.418.482
Total net sales	2,119,712	118.449	288,858		2,527,019
Capital gains	3.500				3.500
Other income	16.893				16.893
Income from other segments		24,707	217	-24.924
Total operating income	2,140,105	143.156	289.075	-24,924	2,547,412
External operating expenses Costs of sold exploitation assets	-1.493.886	-36,506	-227.059		-1,757,451
		-97.921			-97.921
Capital losses	-2.428	-278			-2.706
Share in profit/loss of joint
ventures/associates	-1.731	21,088			19.357
Depreciation	-155.013	-13.806	-59.082		-227.901
Costs from other segments	-24.434	-209	-281	24,924
Total operating costs	-1.677.493	-127.632	-286.422	24,924	-2,066,622
Operating profit/loss	462,612	15,524	2,653		480.789
Intangible assets	186,390		841		187.231
Property plant and equipment	3.365.112	853.075	237,503		4.455,690
Right-of-use assets	573.734	970	1,287,572		1862 275
Financial assets	128.898	882.471	3.740		1 015 108
Operating loans	967.056	461.089			1 428 145

Restatement of comparative figures for the period

6 MONTHS 1 Sep 2022 -28 Feb 2023

6 MONTHS 1 Sep 2022 - 28 Feb 2023	Operation of mountain resorts	Property development and exploitation	Operation of hotels	Group eliminations	Group total
Prior Statement, Total operaing
income	2,282,601	166.785	514.459		2,763,825
Elimination within segment	-142.496	-23.629	-25,364	-24,924	-216.413
Other adjustments	2,140.105	143,156	289.075	-24.924	2,54 / , 412
Restated total operating income	-1 ,824,800	-151.199	-320,827		-2.296.826
Prior Statement, Total operating costs	142.496	23.629	25.364	24,924	216.413
Elimination within segment IFRS16 Leasing, impact on operating	40.095	178	50,504		90.777
expenses IFRS16 Leasing, impact on	-35.283	-240	-41 .463		-16,986
depreciation	-1677.493	-127.632	-286,422	24,924	-2,066,622
Other adjustmetns	457,801	15,586	-6,388		466,999
Restatated total operating costs	4,811	-62	9.041		13,791
Operating profit/loss prior statement	462,612	15,524	2.653		480.789

Restatement of the Group's Operating Segments for the 3 MONTHS period

1 Mar-31 May 2023

3 MONTHS 1 Mar 2023 - 31 May 2023	Operation of mountain resorts	Property development and exploitation	Operation of hotels	Group eliminations	Group total
SEK, THOUSANDS
Net sales exploitation			1.045		1.045
Other net sales	1,222,730	3.148	182,163		1.408.041
Total net sales	1,222,730	3,148	183,208		1.409.086
Capital gains	383				383
Other income	1.411				1.411
Income from other segments		8,802	556	-9.358
Total operating income	1,224,524	11.950	183,764	-9.358	1.410,880
External operating expenses Costs of sold exploitation assets	-754.790	-27,636	-129,621		-912,047
		86			86
Capital losses		-120	-1.045		-1.165
Share in profit/loss of joint
ventures/associates	4,744	-26.405			-21,661
Depreciation	-85.663	-7.040	-29.931		-122.634
Costs from other segments	-8,490	-280	-589	9.359
Total operating costs	-844.199	-61.396	-161,186	0.359	-1.057,422
Operating profit/loss	380,325	-49,446	22,578		353.458
Intangible assets	197.727		785		198,512
Property plant and equipment	3.458.443	871,901	236,473		4.566.817
Right-of-use assets	595.010	1.005	1,335,319		1,931,335
Financial assets	98.552	865.261	1.886		965,699
Operating loans	1.230.865	463.153	16.350		1.710.368

Restatement of comparative figures for the period

3 MÅN 1 Mar -31 May 2023

3 MONTHS 1 Mar 2023 - 31 May 2023	Operation of mountain resorts	Property development and exploitation	Operation of hotels	Group eliminations	Group total
Prior Statement, Total operaing income	1,282,433	19.347	183.735		1.485,515
Elimination within segment	-47.908	-7.396	-9.971	-9.358	-74.633
Other adjustments	-10.000		10.000
Restated total operating income	1,224,525	11.951	183.164	-9.358	1,410,882
Prior Statement, Total operating costs	-901.366	-67.948	-166.342		-1,135.656
Elimination within segment IFRS16 Leasing, impact on	47,908	7.396	9.971	9,359	74.634
operating expenses IFRS16 Leasing, impact on	22.474	184	25,456		48.114
depreciation	-22,219	-108	-21,271		-43,598
Other adjustmetns	9.004	-920	-9.000		-916
Restatated total operating costs	-844,199	-61,397	-161,186	9.359	-1.057.423
Operating profit/loss prior statement Total impact on the comparables	381.067	-48,601	17.393		349.859
due to change of accounting principles	-741	-845	5,185		3,599
Restated operating profit/loss	380,326	-49,446	22,578		353,458

Restatement of the Group's Operating Segments for the 9 MONTHS period 1 Sep 2022-31 May 2023

9 MONTHS 1 Sep 2022 - 31 May 2023	Operation of mountain resorts	Property development and exploitation	Operation of hotels	Group eliminations	Group total
TSEK
Net sales exploitation		108,537	1.045		109,582
Other net sales	3.342,442	13.060	471.021		3 826.523
Total net sales	3,342,442	121,597	472.066		3 936,105
Capital gains	3,883				3,883
Other income	18,304				18.304
Income from other segments		33,509	773	-34.282
Total operating income	3,364,629	155.106	472,839	-34.282	3,958,292
External operating expenses Costs of sold exploitation assets	-2,248,676	-64,142	-356.680		-2.669.498
		-97.835			-97.835
Capital losses	-2.428	-398	-1.045		-3.871
Share in profit/loss of joint
ventures/associates	3.013	-5.317			-2.304
Depreciation	-240.680	-20.846	-89.013		-350.539
Costs from other segments	-32.924	-489	-870	34,282
Total operating costs	-2,521.695	-189.027	-447.608	34.282	-3.124.047
Operating profit/loss	842,934	-33.921	25,231		834.247
Intangible assets	197,727		785		198,512
Property plant and equipment	3.458.443	871.901	236.473		4.566.817
Right-of-use assets	595.010	1.005	1.335.319		1.931.335
Financial assets	98.552	865.261	1,8886		965.699
Onerating loans	1.230.865	463.153	16.350		1.710.368

Restatement of comparative figures for the period

9 MONTHS 1 Sep 2022 -31 May 2023

9 MONTHS 1 Sep 2022 - 31 May 2023	Operation of mountain resorts development	Property and exploitation	Operation of hotels	Group eliminations	Group total
Prior Statement, Total operaing
income	3.555.033	186.132	508.174		4,249,339
Elimination within segment	-190.404	-31.025	-35.335	-34.282	-291.046
Other adjustments	3,364,629	155,107	472,839	-34.282	3,958,293
Restated total operating income Prior Statement, Total operating	-2,717,165	-219.146	-496,169		-3.432.480
costs	190.404	31.025	35.335	34.283	291.047
Elimination within segment IFRS16 Leasing, impact on	62,569	362	75.960		138.891
operating expenses IFRS16 Leasing, impact on	-57.503	-348	-62.734		-120.585
depreciation		-920			-920
Other adjustmetns	-2,521,695	-189.027	-447.608	34.283	-3,124.047
Restatated total operating costs	837.868	-33,015	12,006		816,859
Operating profit/loss prior statement Total impact on the comparables	5.066	-906	13,226		17,386
due to change of accounting principles	842,934	-33.921	25,232		834,247

Restatement of the Group's Operating Segments for the 3 MONTHS 1 Jun - 31 Aug 2023

3 MONTHS 1 Jun 2023 - 31 Aug 2023 SEK. THOUSANDS	Operation of mountain resorts	Property development and exploitation	Operation of hotels	Group eliminations	Group total
Net sales exploitation		113.436			113,436
Other net sales	194.870	12,167	24,919		231.956
Total net sales	194.870	125,603	24,919		345,392
Capital gains	-688				-688
Other income	858		-266		592
Income from other segments		6.141	180	-6,321
Total operating income	195.040	131,744	24.833	-6.321	345,296
External operating expenses	-342,262	-25,217	-37,590		-405.069
Costs of sold exploitation assets
		-49.494	-1.045		-50.539
Capital losses	-54	-548	145		-457
Share in profit/loss of joint
ventures/associates	-100	4.760			4.660
Depreciation	-73.485	-7,536	-43.274		-124.294
Costs from other segments	-6,062	-48	-210	6,320
Total operating costs	-421,963	-78.082	-81.974	6,320	-575,699
Operating profit/loss	-226.923	53.662	-57.141		-230,404
Intangible assets	212.566		729		213,295
Property plant and equipment	3.633.783	870.508	237.494		4,741,785
Right-of-use assets	609.060	538	1,375,524		1,985,122
Financial assets	143.543	841,305	3.540		988,388
Operating loans	1,728,355	509.456			2,237,811

Restatement of comparative figures for the period

3 MONTHS 1 Jun -31 Aug 2023

3 MONTHS 1 Jun 2023 - 31 Aug 2023	Operation of mountain resorts development	Property and exploitation	Operation of hotels	Group eliminations	Group total
Prior Statement, Total operaing income	214.565	138.375	55,140		408.080
Elimination within segment	-37,299	-6.040	-9.181	-6.321	-58 841
Other adjustments	17.774	-591	-21,126		-3.943
Restated total operating income	195.040	131,744	24.855	-6.321	345,296
Prior Statement, Total operating costs	-449,628	-85,680	-109.505		-644.813
Elimination within segment IFRS16 Leasing, impact on	37,299	6,040	9,181	6,320	58.840
operating expenses IFRS16 Leasing, impact on	9,271	98	35.302		44.671
depreciation	-5.056	-53	-34.153		-39,261
Other adjustmetns	-13,849	1,512	17.201		4.864
Restatated total operating costs	-421,963	-78.082	-81,974	6.320	-575,699
Operating profit/loss prior statement Total impact on the comparables	-235.063	52.695	-54.365		-236.733
due to change of accounting principles	8.140	967	-2.776		6.331
Restated operating profit/loss	-226,923	53,662	-57.141		-230,4024

Restatement of the Group's Operating Segments for the FULL YEAR 1 Sep 2022-31 Aug 2023

FUI I YFAR 1 Sep 2022 - 31 Aug 2023	Operation of mountain resorts	Property development and exploitation	Operation of hotels	Group eliminations	Group total
SEK, THOUSANDS
Net sales exploitation		221.973	1.045		223.018
Other net sales	5,557,312	25,227	495.940		4.058.479
Total net sales	3.537.312	247.200	496.985		4.281.497
Capital gains	3,195				3.195
Other income	19,162		-266		18.896
Income from other segments		39.650	953	-40.603
Total operating income	3,559.669	286,850	497,672	-40.603	4.303.588
External operating expenses Costs of sold exploitation assets	-2.590.938	-89.359	-394,270		-3.074.567
		-147.329	-1.045		-148.374
Capital losses	-2.482	-946	-900		-4.328
Share in profit/loss of joint
ventures/associates	2.913	-557			2.356
Depreciation	-314,164	-28,382	-132,287		-474.835
Costs from other segments	-38.986	-537	-1.080	40.603
Total operating costs	-2,943.657	-267.110	-529.582	40.603	-3,699.746
Net sales exploitation
Other net sales	616,012	19.740	-31,910		603.843

Restatement of comparative figures for the period

FULL YEAR 1 Sep 2022 -31 Aug 2023

FUI I YFAR 1 Sep 2022 - 31 Aug 2023	Operation of mountain resorts development	Property and exploitation	Operation of hotels	Group eliminations	Group total
Prior Statement, Total operaing
income	3.787.372	323.915	542,190		4,653,477
Elimination within segment	-227.703	-37.065	-44.516	-40.603	-349.887
Other adjustments	3,559,669	286.850	497,674	-40.605	4,303,590
Restated total operating income Prior Statement, Total operating	-3.180.642	-304,234	-588.473		-4.073.349
costs	227.703	37.065	44.516	40.603	349.887
Elimination within segment IFRS16 Leasing, impact on	71.840	460	111.262		183.562
operating expenses IFRS16 Leasing, impact on depreciation	-62,558	-401	-96.887		-159.846
Other adjustmetns	-2.945.65/	-26 / . 110	-529,582	40.603	-3,699.746
Restatated total operating costs	606,730	19.681	-46.283		580.128
Operating profit/loss prior statement Total impact on the comparables	9.282	59	14.375		23.716
due to change of accounting principles	616,012	19.740	-31,908		605,843