Quarterly Report • Jun 20, 2023
Quarterly Report
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Lower operating profit during the third quarter characterised by one-off costs
| SUMMARY, SEK MILLION | 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|---|---|
| 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2021/22 | |
| Revenue | 1,409 | 1,536 | 3,936 | 3,868 | 4,092 |
| Operating income | 1,411 | 1,538 | 3,958 | 3,891 | 4,118 |
| Operating profit | 353 | 547 | 834 | 1 149 | 884 |
| Profit/loss before tax | 328 | 561 | 779 | 1,134 | 866 |
| Profit/loss after tax | 269 | 439 | 609 | 876 | 665 |
| Earnings per share before and after dilution, SEK | 3.43 | 5.60 | 7.77 | 11.21 | 8.50 |
| Cash flow from operating activities | -236 | -289 | 917 | 1,294 | 1,238 |
| Operating margin, % | 25 | 36 | 21 | 30 | 21 |
| Equity/assets ratio, % | 43 | 46 | 43 | 46 | 42 |
| Equity/assets ratio, % excluding IFRS 16 | 57 | 61 | 57 | 61 | 57 |
| Net liabilities excluding IFRS 16 | 1,657 | 1,016 | 1,657 | 1,016 | 1,559 |
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When we summarise the third quarter, we can confirm that we reduced revenue by eight percent, corresponding to SEK -127 million, mainly due to reduced revenue from SkiPass and accommodation, as we had fewer visitors during the final part of the winter season. Operating profit amounted to SEK 353 (547) million. Profit during the quarter was negatively affected by one-off effects of SEK 48 (0) million, mainly attributable to write-downs and costs linked to the reorganisation that will be implemented during the next financial year. Our assessment is that only insignificant restructuring costs will be incurred in the coming quarters. We have chosen to prioritise repairs and maintenance, despite increased purchase costs, to ensure attractive experiences in our facilities for our guests going forward. The increase in fuel prices has also affected us to a greater extent than before, as we now use renewable diesel (HVO100) in all our piste groomers. When compared with the third quarter of the previous year, it is further noted that the comparative year included a capital gain of SEK 51 million from exploitation operations, which is not present this quarter because of when in the year the projects within exploitation operations are realised. Operating profit, adjusted for one-off costs and capital gains, amounted to SEK 400 (496) million.
Looking over the nine-month period, our growth continues and we increased turnover by two percent. The main growth comes from retail (+19 percent). Despite the fact that many have been affected by tougher personal finances, we have had many guests during the winter season, and the number of skiing days totalled 5,658,000, which is the second highest number in the Company's history, after last year's record (6,031,000). Guest satisfaction continues, with 8 out of 10 guests saying that they have had a memorable mountain experience and a pleasing 9 out of 10 feeling better after a stay with us, according to our guest surveys. However, we have had a lower operating profit during the nine-month period driven by increases in repairs, maintenance, fuel and personnel costs. We have also had increased costs for advertising and marketing during the period, which is part of our strategic investment in year-round operations.
Given inflation and uncertainty in the economy, we have placed a lot of focus on reviewing costs during the year. As part of this, when the net financial year begins, we are implementing a reorganisation to achieve more efficient and long-term sustainable working methods for our year-round operations with adapted costs. Our running costs and
our work on purchasing are also areas that we will continue to focus on going forward, as we have identified the potential to reduce costs in these areas.
Our sustainability work continues at a high pace. During the quarter, we took an important step towards using even more renewable energy and the possibility of producing our own power in collaboration with Jämtkraft. This includes locally produced wind power in Vemdalen, corresponding to 25 percent of our annual electricity consumption and a preliminary study related to a solar park in Sälen. As part of our investment in 'Keep the mountains tidy', we have once again collaborated with the Keep Sweden Tidy and Keep Norway Tidy organisations. Together, we have organised litter picking days in all our destinations to draw attention to the problems caused by littering in the mountains.
The transformation into a year-round company continues and, by the Easter break, Stockholm Hammarbybacken had changed its appearance from winter to spring/summer destination. Several destinations are now open again and, for the midsummer weekend, we are opening up a number of new attractions: in Vemdalen, we are investing in summer operations for the first time with a new climbing park and trail cycling, as well as opening the Hovde hotel for the summer. In Sälen and Trysil, we are introducing the new 'Mountain Coaster' and 'Mountain Tube' attractions, as well as 'SummerSki' in Sälen for everyone who wants to enjoy an active holiday in the Scandinavian mountain world. In Trysil, we now have our first SkiStar Lodge Trysil as Radisson Blu Mountain Resort has changed its name. Several major events will also be held at our destinations, e.g. Tjejmilen by EQPE in Sälen and O-ringen in Åre. The summer season is an important part of our transition to a year-round operation, where we will increase the focus in the coming years on encouraging our guests to be more active by offering a wider range of experiences.
We continue to invest in the mountain facilities of the future. It is pleasing that, in addition to two new express lifts in Sälen and Hemsdal for the coming winter season, we have also been able to invest in better
slopes and more efficient snow production, as well as business development and year-round operations.
We see a continued high demand for mountain holidays in the winter with a booking level, measured in the number of nights booked through SkiStar's accommodation agency, of +5 percent compared to the same period in the previous year. We also have more bookings by our foreign guests from, for example, Denmark, the UK and Germany, driven by changes in exchange rates and an interest in more affordable holidays. In summary, many people continue to prioritise a mountain holiday and value alpine skiing highly, even in more uncertain times.
I look forward with confidence to the future of SkiStar as a mountain tourism company that creates memorable mountain experiences all year round.
The lower operating profit in the quarter is mainly driven by a decline in revenue and one-off costs. For the coming winter we have a booking rate of +5 percent. "
The Group's revenue for the third quarter amounted to SEK 1,411 (1,538) million, a decline of SEK 127 million from the previous year, equivalent to eight percent. Changes in the NOK/SEK exchange rate had a negative effect of SEK 36 million on revenue. The lower revenue is mainly attributable to reduced sales of SkiPass and accommodation within the Operation of Mountain Resorts segment, which in total reduced turnover by SEK 81 million, corresponding to eight percent. In addition, exploitation revenues within the Property Development and Exploitation segment decreased by SEK 53 million in the quarter, SEK 0 million (53). The turnover from Operation of Hotels amounted to SEK 172 million (137), an increase of 26 percent corresponding to SEK 35 million, and is mainly attributable to increased sales within restaurant operations.
Operating profit in the quarter amounted to SEK 353 (547) million, a decrease of SEK 194 million, corresponding to 35 percent. The lower operating profit was partly due to one-off costs of a total of SEK 48 million, where SEK 15 million refers to costs attributable to the organisational changes, which will come into effect on 1 September and will only have an impact on the next financial year. SEK 13 million from write-downs regarding shares in Vacation Club, which were identified in connection with a reclassification of a number of share weeks from sales weeks to service weeks, as well as SEK 20 million from the revaluation of investment properties from associate company Skiab Invest AB. Exploitation revenues from capital gains within the Property Development and Exploitation segment decreased by SEK 50 million in the quarter, SEK 1 million (51). Operating profit, adjusted for one-off costs and capital gains,
Net financial items fell by SEK 40 million during the quarter to SEK -26 (15) million. Changes in the value of interest rate derivatives amounted to SEK -11 (27) million. Interest expenses amounted to SEK -23 (-17) million, including lease-related interest of SEK -10 (-10) million under IFRS 16. Exchange losses amounted to SEK -40 (-3) million and exchange gains amounted to SEK 45 (7) million. The Group's profit/loss before tax amounted to SEK 328 (561) million, a decrease of SEK 234 million, or 42 percent.
The Group's revenue for the interim period amounted to SEK 3,958 (3,891) million, an increase of SEK 68 million, corresponding to two percent. Changes in the NOK/SEK exchange rate had a negative effect of SEK 12 million on revenue. Revenues from sports stores have increased by SEK 47 million, corresponding to 19 percent, compared to the previous year, and amounted to SEK 303 million. Sales via the online store increased the most (+41 percent) but sales in physical stores also increased.
Revenues from the Property Development and Exploitation segment have increased by SEK 42 million and mainly come from property sales in Hemsedal, which were made during the second quarter. Revenues from SkiPass have decreased by SEK 51 million, which mainly refers to lower sales in the third quarter.
Operating profit for the interim period amounted to SEK 834 (1,149) million and changes in the NOK/SEK rates had a negative effect of SEK 3 million for the period. The main cost increases during the period relate to personnel and repairs and maintenance. In addition, costs for advertising have increased, which is part of the investment in SkiStar's year-round operations. Energy costs are unchanged compared to the previous period, which shows that the measures taken to reduce electricity consumption have been effective and fully compensated for the price increases. Profit from shares in associated companies has reduced the operating profit by SEK 42 million compared with the previous year and is mainly due to write-downs of investment properties of SEK 20 million, which were made during the third quarter, as well as negative effects from derivatives and currency translation. Capital gains from Property Development and Exploitation in the interim period amounted to SEK 12 (61) million, which is a decline by SEK 49 million.
Net financial items for the nine-month period declined by SEK 41 million to SEK -56 million (-15). The change in the value of interest derivatives amounted to SEK -7 (48). Interest expenses amounted to SEK -68 (-54) million, including lease-related interest of SEK -30 (-28) million under IFRS 16. Exchange losses amounted to SEK -46 (-27) million and exchange gains amounted to SEK 61 (22) million. The Group's profit before tax for the period was SEK 779 (1134) million, or 31 percent.
| 2022/23 | 2021/22 | 2020/21 | 2019/20 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | |
| Revenue | 1,409 | 2,350 | 177 | 224 | 1,536 | 2,178 | 155 | 184 | 1,023 | 1,328 | 154 | 162 | 580 |
| Operating profit/loss | 353 | 932 | -451 | -265 | 547 | 936 | -334 | 19 | 126 | 444 | -292 | -127 | 15 |
SkiStar's operations are subject to significant seasonal variations. Most revenue and earnings are generated in the second and third quarters when the big school holidays falls as a result of the calendar. The number of days off during Christmas and New Year, and whether Easter falls early or late, also bring variations in earnings. Over half of the revenue is paid in advance.
Cash flow from operating activities after changes in working capital was SEK 917 (1,294) million for the nine-month period. The decline was primarily linked to a reduced operating profit during the period but also a negative change in operating capital where the previous year's cash flow was positively affected by an obtained refund in connection with the sale of shares in the subsidiary St. Johanner Bergbahnen Beteiligungs GmbH of EUR 15 million.
Cash flow from investing activities amounted to SEK -628 (-517) million. The increased outflow was mainly related to a higher rate of investment in both tangible and intangible assets. Acquisitions of subsidiaries have generated a cash flow item of SEK -29 million. Cash flow from financing activities amounted to SEK -272 (-586) million, which is mainly explained by reduced amortisation compared with the same period of the previous year.
The Group's cash and cash equivalents amounted to SEK 39 (224) million at the end of May. Unused credit facilities amounted to SEK 473 (770) million. Interest-bearing liabilities excluding IFRS 16 amounted to SEK 1,747 (1,290) million, and increase of SEK 457 million. Of the total liabilities in accordance with IFRS 16 of SEK 1,986 million, SEK 1,573 million refers to leasing liabilities to the partly-owned joint venture holding Skiab Invest AB. Interest-bearing liabilities amounted to SEK 3,733 (3,159) million, an increase of SEK 574 million from the previous year.
The average interest rate during the period was 3.29 (2.34) percent. Net financial liabilities amounted to SEK 3,643 (2,885) million at the end of May, an increase of SEK 758 million from the previous year (financial net debt excluding IFRS 16 amounted to SEK 1,657 (1,016) million). The equity/assets ratio fell to 43 (46) percent. The equity/assets ratio excluding IFRS 16 was 57 (61) percent.
Tax for the period amounted to SEK 170 (258) million and was largely attributable to current tax.
Investments for the period amounted to SEK 635 (521) million (gross) and SEK 627 (516) million (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 -350 (-319) million.
The average number of employees was 1,767 (1,761), an increase of six from the previous year. Personnel costs amounted to SEK 776 (726) million. The increase is mainly due to the comparable year being positively affected by a received refund of pension funds and this year's personnel costs being affected based on decreased reductions in employer contributions and salary inflation.
Ekhaga Utveckling AB, which is the main owner of SkiStar with 47 percent of the votes and 24 percent of the capital as of 31 May 2023, is also the main owner of Peab with which SkiStar has a business relationship. During the nine-month period, purchases were made from Peab amounting to SEK 26 (43) million. The outstanding liability to Peab was SEK 1 (2) million. Sales to Peab totalled SEK 1 (1) million and the outstanding claim was SEK 0 (0) million.
During the nine-month period, purchases from associated companies have been made in the amount of SEK 169 (152) million and sales to associated companies totalled SEK 6 (7) million. Purchases from associates mostly relate to rental of hotel properties from Skiab Invest AB. Net receivables from associates totalled SEK 5 (12) million, SEK 21 (21) million of which related to loans to associates. Current lease liability to associates under IFRS16 amounts to SEK 1,573 million and right-of-use assets amounted to SEK 1,553 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 2021/22 Annual Report.
Net sales for the Parent Company totalled SEK 2,668 (2,714) million
during the period. Net investments amounted to SEK 311 (392) million.
All our destinations have changed to spring/summer destinations, and SkiStar continues the transition to a year-round operation, where the summer season will become an increasingly important part. Several new, long-term investments to increase turnover open for the midsummer weekend, such as a new climbing park and trail cycling in Vemdalen, plus new attractions such as the 'Mountain Coaster' and 'Mountain Tube' in Sälen and Trysil and 'SummerSki' in Sälen.
The effect of the continued uncertain economic situation makes it difficult to assess the outlook for household finances as we move into 2023/24. However, despite the state of the economy, we see an increased demand for ski holidays for the winter, with a booking rate measured in the number of nights booked through SkiStar's accommodation agency of +5 percent compared to the same period of the previous year. The weak currencies in Sweden and Norway continue to benefit both domestic tourism and affordability for our foreign guests. Next winter, we will also see a positive effect from the dates of the holiday periods both during Christmas/New Year and Easter, unlike last year. SkiStar continues to invest according to the previously communicated plan which, for the winter, will include, among other things, two new express lifts in Sälen and Hemsedal, as well as an more modern lift system, better slopes and more efficient snow production.
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.
Activity & Recreation
• SkiStar wants more people to be able to enjoy the ski slopes, with a stable basic training that makes everyone feel safe and secure. During the winter season 2022/23, over 103,000 (95,000) children and adults participated in SkiStar's ski school training.
• To make it possible for more children to discover the mountains, skiing, the ski school and ski rentals are free for children up to the age of six during Valle's Winter Weeks. More than 39,000 (41,000) children attended SkiStar's ski schools during Valle's Winter Weeks during the 2022/23 winter season.
• Our collaboration with Keep Sweden Tidy and Keep Norway Tidy continued during the previous quarter. All SkiStar employees participated in a cleaning day at all destinations on 31 May and collected just over eight tonnes of litter during the day, which was an increase of 36 percent compared with the previous year.
• Promoting a circular economy is an important aspect of SkiStar's ability to achieve its climate goals. SkiStar's accommodation agency and ski and bicycle rentals are two examples of circular parts of the operations. During the winter season, more than 346,000 (360,000) ski packages were rented out. During the 2022/23 season, we also started SkiStar Pre-used in SkiStarshop selling used skis and bicycles. Over 330 pairs were sold for an amount totalling SEK 730 thousand. During the winter break, a service renting out ski clothing was launched, in Hundfjället. 60 bookings were made over the spring.
• During the quarter, SkiStar concluded an agreement with Jämtkraft regarding the purchase of renewable energy and the possibility of self-produced electricity in the form of locally-produced wind power in Vemdalen. It is estimated that the self-produced electricity will correspond to 25 percent of the Company's annual electricity consumption. Furthermore, we plan to work together with Jämkraft to carry out a feasibility study for a solar park in Sälen.
• During the quarter, SkiStar pursued the issue of new rules for staff accommodation in the hospitality sector together with the municipalities in Sweden where SkiStar operates. This is one of several important initiatives where a number of stakeholders can support each other and help each other in our destinations.
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://www.skistar.com/ en/corporate/sustainability/.
The number of shareholders was 60,199 on 31 May 2023, which is an increase of 2,882 (five percent) since 31 August 2022. 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 129.60 on 31 May 2023.
The press releases are available in full at www.skistar.com/en/corporate.
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 2021/22.
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
||||
|---|---|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2021/22 | |
| Operating | Revenue | 1,409,086 | 1,535,645 | 3,936,105 | 3,868,204 | 4,092,252 |
| Income | Other income | 1,795 | 2,332 | 22,188 | 22,851 | 25,541 |
| Total operating income | 1,410,881 | 1,537,977 | 3,958,292 | 3,891,055 | 4,117,794 | |
| Operating | Goods for resale | -350,432 | -351,829 | -946,388 | -906,178 | -980,227 |
| Expenses | Other external expenses | -288,590 | -266,481 | -950,675 | -841,815 | -1,029,920 |
| Personnel costs | -273,984 | -276,304 | -776,101 | -725,633 | -854,126 | |
| Cost of sold interests in accommodation/exploitation asset |
86 | -1,742 | -97,835 | -4,847 | -21,034 | |
| Share in profit/loss of joint ventures/associates | -21,866 | 18,622 | -2,509 | 39,875 | 65,095 | |
| Depreciation/amortisation of tangible and intangible fixed assets |
-122,636 | -113,502 | -350,538 | -319,016 | -429,390 | |
| Reversal of previous write-down | 15,688 | 15,688 | ||||
| Operating profit/loss | 353,458 | 546,741 | 834,247 | 1,149,129 | 883,879 | |
| Net financial items | -25,853 | 14,571 | -55,720 | -14,775 | -18,211 | |
| Profit/loss before tax | 327,605 | 561,312 | 778,527 | 1,134,353 | 865,669 | |
| Tax | -58,977 | -122,370 | -169,400 | -257,868 | -201,116 | |
| Profit/loss for the period | 268,628 | 438,942 | 609,127 | 876,485 | 664,553 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2021/22 |
| Other Comprehensive Income | |||||
| Items that may be reclassified to profit or loss | |||||
| Change in fair value of cash flow hedges for the period |
2,662 | 2,662 | |||
| Deferred tax on cash flow hedges | -586 | -586 | |||
| Exchange differences on translation of foreign opera tions for the period |
-45,155 | -14,230 | -96,381 | 22,678 | 49,098 |
| Other comprehensive income for the period | -45,155 | -14,230 | -96,381 | 24,754 | 51,174 |
| Total comprehensive income for the period | 223,473 | 424,712 | 512,742 | 901,239 | 715,727 |
| Profit/loss for the period attributable to: | |||||
| Shareholders of the Parent | 268,702 | 438,899 | 609,361 | 878,318 | 666,525 |
| Non-controlling interests | -74 | 42 | -234 | -1,832 | -1,972 |
| Profit/loss for the period | 268,628 | 438,942 | 609,127 | 876,485 | 664,553 |
| Comprehensive income for the period attributable to: | |||||
| Shareholders of the Parent | 223,607 | 424,878 | 513,180 | 901,410 | 715,811 |
| Non-controlling interests | -134 | -166 | -434 | -171 | -85 |
| Total comprehensive income for the period | 223,473 | 424,712 | 512,746 | 901,239 | 715,727 |
| Earnings per share before and after dilution, SEK | 3,43 | 5,60 | 7,77 | 11,21 | 8,50 |
| 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 THOUSANDS | 31 May 2023 31 May 2022 | 31 Aug 2022 | EQUITY AND LIABILITIES, SEK THOUSANDS | 31 May 2023 31 May 2022 | 31 Aug 2022 | ||||
|---|---|---|---|---|---|---|---|---|---|
| Non-current assets | Intangible assets | 198,512 | 192,922 | 197,669 | Equity | Share capital | 19,594 | 19,594 | |
| Property, plant and equipment | 4,566,817 | 3,982,022 | 4,239,492 | Other contributed capital | 397,573 | 397,573 | 397,573 | ||
| Right of use assets | 1,931,335 | 1,830,888 | 1,927,954 | Reserves | -124,176 | -54,140 | -27,995 | ||
| Investments in joint ventures/associates | 832,593 | 803,406 | 854,263 | Retained earnings, including profit/loss for the period | 3,342,237 | 3,179,749 | 2,968,005 | ||
| Other investments and securities held as non-current assets | 42,538 | 39,341 | 32,173 | Equity attributable to shareholders of the Parent | 3,635,228 | 3,542,776 | 3,357,177 | ||
| Derivatives | 51,441 | 35,184 | 58,069 | Non-controlling interests | 1,694 | 2,042 | 2,128 | ||
| Other non-current receivables | 39,127 | 49,599 | 50,555 | Total equity | 3,636,922 | 3,544,818 | 3,359,306 | ||
| Total non-current assets | 7,662,364 | 6,933,362 | 7,360,174 | ||||||
| Non-current liabilities | Liabilities to credit institutions | 1,192,772 | 878,140 | 1,300,825 | |||||
| Current assets | Inventories | 338,932 | 265,648 | 295,904 | Provisions for pensions | 18,324 | 15,627 | 17,335 | |
| 338,932 | 265,648 | 295,904 | Long-term lease liabilities | 1,855,018 | 1,767,650 | 1,865,743 | |||
| Deferred tax liabilities | 188,433 | 172,710 | 196,266 | ||||||
| Trade receivables | 66,965 | 49,394 | 37,830 | Total non-current liabilities | 3,254,547 | 2,834,127 | 3,380,169 | ||
| Tax receivables | 128,080 | 76,210 | |||||||
| Other current receivables | 133,468 | 61,757 | 74,365 | Current liabilities | Liabilities to credit institutions | 517,596 | 376,546 | 316,647 | |
| Prepaid expenses and accrued income | 136,254 | 88,639 | 104,430 | Trade payables | 188,757 | 183,712 | 223,159 | ||
| 336,687 | 327,870 | 292,836 | Tax liabilities | 146,869 | 274,988 | 132,532 | |||
| Short-term lease liabilities | 149,752 | 121,441 | 124,745 | ||||||
| Cash & cash equivalents | 38,978 | 224,204 | 24,610 | Other current liabilities | 272,862 | 223,424 | 267,369 | ||
| Total current assets | 714,597 | 817,723 | 613,349 | Accrued expenses and deferred income | 209,656 | 192,028 | 169,597 | ||
| TOTAL ASSETS | 8,376,961 | 7,751,085 | 7,973,523 | Total current liabilities | 1,485,492 | 1,372,140 | 1,234,049 | ||
| Total liabilities | 4,740,040 | 4,206,266 | 4,614,218 | ||||||
| TOTAL EQUITY AND LIABILITIES | 8,376,961 | 7,751,085 | 7,973,523 |
| Other contribu | Translation | Hedging | Retained earnings and profit for the |
Non-controlling | Totalt | |||
|---|---|---|---|---|---|---|---|---|
| SEK THOUSANDS | Share capital | ted capital | reserves | reserves | year | Total | interests | equity |
| Opening equity, 1 Sep 2021 | 19,594 | 397,573 | -62,402 | -1,997 | 2,405,537 | 2,758,305 | 15,720 | 2,774,026 |
| Profit/loss for the period | 878,318 | 878,318 | -1,832 | 876,485 | ||||
| Other comprehensive income for the period | 21,065 | 2,076 | 23,092 | 1,662 | 24,754 | |||
| Comprehensive income for the period | 21,065 | 2,076 | 878,318 | 901,410 | -171 | 901,239 | ||
| Transactions with non-controlling interests | 13,507 | 13,507 | -13,507 | |||||
| Sale of subsidiaries | -12,882 | -12,882 | -12,882 | |||||
| Dividend | -117,564 | -117,564 | -117,564 | |||||
| Closing equity, 31 May 2022 | 19,594 | 397,573 | -54,219 | 79 | 3,179,749 | 3,542,776 | 2,042 | 3,544,818 |
| 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 | 609,361 | 609,361 | -234 | 609,127 | ||||
| Other comprehensive income for the period | -96,102 | -79 | -96,181 | -200 | -96,381 | |||
| Comprehensive income for the period | -96,102 | -79 | 609,361 | 513,180 | -434 | 512,746 | ||
| Dividend | -235,129 | -235,129 | -235,129 | |||||
| Closing equity, 31 May 2023 | 19,594 | 397,573 | -124,176 | 3,342,237 | 3,635,228 | 1,694 | 3,636,922 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
||||
|---|---|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2021/22 | |
| Operating activities | Profit/loss after financial items | 327,605 | 561,313 | 778,527 | 1,134,353 | 865,669 |
| Adjustment for non-cash items | 156,405 | 31,939 | 348,110 | 185,060 | 247,824 | |
| 484,010 | 593,252 | 1,126,637 | 1,319,413 | 1,113,493 | ||
| Tax paid | -43,397 | -18,392 | -84,468 | -58,579 | -76,418 | |
| Changes in working capital | -676,848 | -863,807 | -125,588 | 32,936 | 200,519 | |
| Cash flow from operating activities | -236,235 | -288,947 | 916,581 | 1,293,770 | 1,237,594 | |
| Investing activities | Acquisition of property, plant and equipment | -174,332 | -180,874 | -567,402 | -515,047 | -763,192 |
| Acquisition of subsidiaries | -12,938 | -28,907 | -9,443 | -34,260 | ||
| Sale of property, plant and equipment | 3,526 | 2,012 | 7,283 | 5,306 | 4,639 | |
| Other investing activities | -21,352 | 20,049 | -38,555 | 2,252 | -6,944 | |
| Cash flow from investing activities | -205,096 | -158,813 | -627,581 | -516,932 | -799,757 | |
| Financing activities | Proceeds from borrowings | 264,586 | 190,011 | 521,574 | 511,535 | 856,382 |
| Repayment of borrowings | -3,624 | -315,563 | -436,273 | -917,558 | -1,014,932 | |
| Repayment of lease liabilities | -39,852 | -14,786 | -122,320 | -62,520 | -165,419 | |
| Dividend paid | -235,128 | -117,564 | -117,564 | |||
| Cash flow from financing activities | 221,110 | -140,338 | -272,147 | -586,107 | -441,533 | |
| Cash flow for the period | -220,222 | -588,098 | 16,853 | 190,730 | -3,697 | |
| Cash & cash equivalents at beginning of year | 255,905 | 811,017 | 24,610 | 26,556 | 26,556 | |
| Exchange differences | 3,293 | 1,285 | -2,486 | 6,917 | 1,751 | |
| Cash & cash equivalents at end of period | 38,978 | 224,204 | 38,978 | 224,204 | 24,610 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2021/22 |
| OPERATION OF MOUNTAIN RESORTS | |||||
| External revenue | 1,234,142 | 1,343,890 | 3,360,746 | 3,465,360 | 3,642,902 |
| Internal revenue | 47,908 | 16,445 | 190,404 | 39,622 | 60,309 |
| Capital gains | 383 | 7 | 3,883 | 12,770 | 15,901 |
| Total operating income | 1,282,433 | 1,360,342 | 3,555,033 | 3,517,751 | 3,719,112 |
| External operating expenses | -786,265 | -809,982 | -2,311,245 | -2,236,620 | -2,578,913 |
| Costs from other segments | -56,398 | -28,820 | -223,328 | -77,055 | -103,552 |
| Capital losses | -2,428 | -12,349 | -12,349 | ||
| Share in profit/loss from associates | 205 | 205 | |||
| Share in profit/loss of joint ventures/associates | 4,539 | -2,890 | 2,808 | -2,814 | -7,259 |
| Depreciation | -63,447 | -61,734 | -183,177 | -165,795 | -227,011 |
| Operating profit/loss | 381,067 | 456,917 | 837,868 | 1,023,118 | 790,028 |
| Intangible assets | 198,543 | 191,912 | 198,543 | 191,912 | 196,716 |
| Property, plant and equipment | 3,458,443 | 2,924,635 | 3,458,443 | 2,924,635 | 3,162,290 |
| Financial assets | 82,517 | 88,323 | 82,517 | 88,323 | 103,760 |
| Operating loans | 1,230,865 | 802,971 | 1,230,865 | 802,971 | 1,125,310 |
| PROPERTY DEVELOPMENT & EXPLOITATION | |||||
| External revenue | 3,148 | 4,667 | 13,060 | 12,888 | 18,527 |
| Exploitation revenue | 52,767 | 108,537 | 66,231 | 70,149 | |
| Internal revenue | 16,199 | 13,072 | 64,534 | 39,468 | 46,157 |
| Capital gains | 552 | 2,973 | 272 | ||
| Total operating income | 19,347 | 71,058 | 186,132 | 120,961 | 135,106 |
| External operating expenses | -27,740 | -15,084 | -64,504 | -45,806 | -61,749 |
| Costs from other segments | -7,676 | -1,330 | -31,514 | -2,338 | -3,029 |
| Costs of sold exploitation assets | 1,130 | -1,742 | -96,790 | -4,847 | -13,835 |
| Capital losses | -120 | -392 | -398 | -1,379 | -8,825 |
| Profit/loss from investments in joint ventures and associates |
-26,610 | 21,011 | -5,442 | 42,189 | 71,804 |
| Depreciation | -6,932 | -7,184 | -20,498 | -20,009 | -27,379 |
| Operating profit/loss | -48,601 | 66,338 | -33,015 | 88,771 | 92,094 |
| Property, plant and equipment | 871,901 | 853,018 | 871,901 | 853,018 | 868,724 |
| Financial assets | 851,741 | 804,101 | 851,741 | 804,101 | 833,247 |
| Operating loans | 463,153 | 451,715 | 463,153 | 451,715 | 492,162 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2021/22 |
| OPERATION OF HOTELS | |||||
| External revenue | 172,164 | 137,307 | 471,021 | 330,405 | 368,755 |
| Exploitation revenue | 1,045 | 105 | 1,045 | ||
| Internal revenue | 10,527 | 1,551 | 36,108 | 2,485 | |
| Capital gains | 1,389 | 1,208 | |||
| Total revenue | 183,735 | 138,964 | 508,174 | 333,002 | 372,448 |
| External operating expenses | -146,077 | -112,709 | -432,640 | -301,875 | -377,450 |
| Costs from other segments | -10,560 | -5,103 | -36,205 | -1,328 | -2,370 |
| Capital losses | -1,045 | -815 | -1,045 | -1,208 | -1,208 |
| -815 | |||||
| Depreciation | -8,660 | -26,279 | -10,170 | -15,175 | |
| Operating profit/loss | 17,393 | 19,522 | 12,006 | 18,421 | -23,756 |
| Intangible assets | 785 | 1,009 | 785 | 1,009 | 953 |
| Property, plant and equipment | 236,473 | 204,369 | 236,473 | 204,369 | 208,476 |
| Operating loans | 16,350 | 16,350 | |||
| Internal revenue | -74,634 | -30,966 | -291,046 | -80,720 | -108,951 |
| Internal costs | 74,634 | 30,965 | 291,046 | 80,720 | 108,951 |
| Consolidated revenue | 1,410,881 | 1,539,398 | 3,958,292 | 3,890,994 | 4,117,715 |
| Consolidated costs | -1,061,021 | 996,622 | -3,141,432 | -2,760,683 | -3,259,349 |
| Consolidated operating profit/loss | 349,859 | 542,776 | 816,860 | 1,130,310 | 858,366 |
| Consolidated intangible assets | 198,512 | 192,922 | 198,512 | 192,922 | 197,669 |
| Consolidated property, plant and equipment | 4,566,817 | 3,982,022 | 4,566,817 | 3,982,022 | 4,239,491 |
| Consolidated financial assets | 934,258 | 892,347 | 934,258 | 892,347 | 937,007 |
| Consolidated operating loans | 1,710,368 | 1,254,686 | 1,710,368 | 1,254,686 | 1,617,472 |
| SEK THOUSANDS | 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|---|---|
| 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2021/22 | |
| Operating profit according to segment report | 349,859 | 542,776 | 816,860 | 1,130,310 | 858,366 |
| Reversal of leasing cost attibuted to IFRS 16 | 47,196 | 43,617 | 138,052 | 125,676 | 169,099 |
| Depreciations attributable to IFRS 16 | -43,598 | -39,652 | -120,665 | -104,131 | -140,860 |
| Reversal of lease depreciation in connection with sale of subsidiaries | -2,726 | -2,726 | |||
| Operating profit according to consolidated comprehensive income | 353,457 | 546,741 | 834,247 | 1,149,129 | 883,879 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
||||
|---|---|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2021/22 | |
| Operating income | Revenue | 966,751 | 1,058,784 | 2,668,404 | 2,713,773 | 2,875,348 |
| Other operating income | 473 | 944 | 7,676 | 6,646 | 13,601 | |
| Total operating income | 967,224 | 1,059,728 | 2,676,079 | 2,720,419 | 2,888,949 | |
| Operating expenses Goods for resale | -238,206 | -259,125 | -648,079 | -655,459 | -707,820 | |
| Other external expenses | -261,603 | -222,996 | -877,506 | -698,518 | -868,957 | |
| Personnel costs | -182,420 | -190,547 | -507,368 | -482,759 | -564,967 | |
| Cost of sold interests in accommodation/ exploitation |
-50 | -50 | -7,250 | |||
| Depreciation/amortisation of assets | -47,197 | -46,200 | -136,311 | -125,955 | -169,831 | |
| Operating profit/loss | 237,798 | 340,810 | 506,816 | 757,678 | 570,124 | |
| Net financial items | -4,356 | 22,734 | 1,954 | 23,364 | 20,174 | |
| Profit/loss after net financial items | 233,442 | 363,543 | 508,770 | 781,042 | 590,298 | |
| Appropriations | -15,340 | |||||
| Profit/loss before tax | 233,442 | 363,543 | 508,770 | 781,042 | 574,959 | |
| Tax | -44,819 | -72,603 | -105,349 | -157,833 | -120,372 | |
| Profit/loss for the period | 188,623 | 290,941 | 403,421 | 623,210 | 454,587 | |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2022/23 | 2021/22 | 2021/22 |
| Other comprehensive income | |||||
| Items that may be reclassified to profit or loss |
|||||
| Change in fair value of cash flow hedges for the period |
2,662 | 2,662 | |||
| Deferred tax on cash flow hedges | -586 | -586 | |||
| Other comprehensive income for the year |
2,076 | 2,076 | |||
| Total comprehensive income for the year | 188,623 | 290,941 | 403,421 | 625,286 | 456,663 |
| ASSETS, SEK THOUSANDS | 31 May 2023 31 May 2022 31 Aug 2022 | EQUITY AND LIABILITIES, SEK THOUSANDS | 31 May 2023 31 May 2022 31 Aug 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Non-current assets | Intangible assets | 88,471 | 77,185 | 76,087 | Equity | ||||
| -Restricted equity Share capital Property, plant and equipment 2,339,409 1,949,214 2,159,606 Statutory reserve Investments in Group companies 291,940 248,375 245,473 Development fund Investments in joint ventures/associates 2,770 2,770 2,770 Other investment and securities held as non-current-assets 24,702 24,591 17,392 -Non-restricted equity Share premium reserve Derivatives 28,583 21,020 29,883 Retained earnings Other non-current receivables 14,770 25,607 26,699 Profit/loss for the year Receivables from Group companies 183,750 195,750 192,750 Total non-current assets 2,974,394 2,544,512 2,750,659 Total equity Non-current liabilities Goods for resale 192,877 114,549 138,696 -Non-current interest-bearing 192,877 114,549 138,696 Liabilities to credit institutions liabilities -Provisions Provisions for pensions -Current receivables Trade receivables 39,957 34,535 12,973 |
19,594 | 19,594 | 19,594 | ||||||
| 25,750 | 25,750 | 25,750 | |||||||
| Financial assets | 4,309 | 5,625 | |||||||
| 45,344 | 49,653 | 50,969 | |||||||
| 4,242 | 4,242 | 4,242 | |||||||
| 1,009,497 | 785,730 | 784,414 | |||||||
| 403,421 | 623,210 | 454,587 | |||||||
| 1,417,161 | 1,413,182 | 1,243,243 | |||||||
| 1,462,505 | 1,462,834 | 1,294,213 | |||||||
| Current assets | |||||||||
| -Inventories | |||||||||
| 471,485 | 483,485 | 480,485 | |||||||
| 18,324 | 15,627 | 17,335 | |||||||
| Receivables from Group companies | 472,789 | 704,222 | 466,959 | -Non-current non-interest-be aring liabilities |
Deferred tax liabilities | 162,094 | 150,818 | 159,863 | |
| Tax receivables | 109,271 | 61,599 | Total non-current liabilities | 651,903 | 649,930 | 657,683 | |||
| Other current receivables | 108,214 | 44,639 | 34,408 | ||||||
| Prepaid expenses and accrued income | 107,268 | 77,167 | 91,155 | -Current liabilities | Liabilities to credit institutions | 308,903 | 12,000 | 124,818 | |
| 728,227 | 969,834 | 667,095 | Liabilities to Group companies | 994,005 | 1,102,320 | 957,434 | |||
| Trade payables | 129,071 | 132,699 | 148,008 | ||||||
| -Cash and cash equivalents | Cash and bank balances | 784 | 203,332 | 785 | Other current liabilities | 213,646 | 337,539 | 269,755 | |
| Total current assets | 921,888 | 1,287,716 | 806,576 | Accrued expenses and deferred income | 136,250 | 134,904 | 105,325 | ||
| TOTAL ASSETS | 3,896,283 | 3,832,226 | 3,557,235 | Total current liabilities | 1,781,875 | 1,719,462 | 1,605,340 | ||
| Total liabilities | 2,433,778 | 2,369,392 | 2,263,023 | ||||||
| TOTAL EQUITY AND LIABILITIES | 3,896,283 | 3,832,226 | 3,557,235 |
Intra-group receivables and liabilities are largely attributable to the overdraft facility.
| 9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||||
|---|---|---|---|---|---|---|
| KEY PERFORMANCE INDICATORS | 2022/23 | 2021/22 | 2020/21 | 2019/20 | 2018/19 | 2021/22 |
| Revenue*, SEK thousands | 3,936,105 | 3,868,204 2,504,955 | 2,631,968 | 2,566,474 | 4,092,252 | |
| Operating income*, SEK thousands | 3,958,292 | 3,891,055 | 2,519,860 | 2,639,852 | 2,577,072 | 4,117,794 |
| Profit/loss before tax, SEK thousands | 778,527 | 1,134,352 | 251,160 | 485,129 | 802,161 | 865,668 |
| Profit/loss after tax, SEK thousands | 609,127 | 876,484 | 153,426 | 387,329 | 666,888 | 664,552 |
| Cash flow from operating activities, SEK thousands |
916,581 | 1,293,770 | 657,886 | 710,657 | 918,268 | 1,237,594 |
| Total cash flow, SEK thousands | 16,853 | 190,731 | 7,730 | -7,471 | -2,989 | -3,697 |
| Return on: | ||||||
| -capital employed, % | 13 | 19 | 6 | 12 | 21 | 14 |
| -equity, % | 17 | 28 | 6 | 15 | 25 | 22 |
| -total assets, % | 11 | 16 | 5 | 10 | 18 | 12 |
| Gross margin, % | 30 | 37 | 22 | 30 | 40 | 32 |
| Operating margin, % | 21 | 30 | 11 | 20 | 32 | 21 |
| Net margin, % | 20 | 29 | 10 | 18 | 31 | 21 |
| Equity/assets ratio, % | 43 | 46 | 42 | 44 | 56 | 42 |
*) With effect from Q2,2020/21, all payments from SkiStar's customers for accommodation are recognised as revenue and the Company's payments to accommodation owners are recognised as an operating expense on the line 'Goods for resale'. The Company previously reported the difference between revenue from rental activities and payments to accommodation owners as net commission income under revenue. The comparative figures in this report have been restated. However, the comparative figures for 2018/19 and earlier have not been restated.
| 2022/23 | 2020/21 | |||||||
|---|---|---|---|---|---|---|---|---|
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q 4 | |
| Revenue*, SEK thousands | 1,409,086 | 2,349,867 | 177,151 | 224,048 | 1,535,645 | 2,177,645 | 154,914 | 183,826 |
| Operating income*, SEK thousands | 1,410,881 | 2,366,241 | 181,170 | 226,739 | 1,537,977 | 2,195,371 | 157,707 | 239,264 |
| Profit/loss before tax, SEK thousands | 327,605 | 925,708 | -474,786 | -268,684 | 561,312 | 919,883 | -346,842 | -4,986 |
| Profit/loss after tax, SEK thousands | 268,628 | 730,705 | -390,206 | -211,932 | 438,942 | 752,419 | -314,876 | 80,206 |
| Cash flow from operating activities, SEK thou sands |
-236,235 | 987,811 | 165,005 | -56,176 | -288,947 | 1,236,797 | 349,273 | 40,615 |
| Total cash flow, SEK thousands | -220,222 | 231,825 | 5,247 | -194,428 | -588,097 | 706,771 | 72,057 | -13,851 |
| Gross margin, % | 34 | 44 | neg | neg | 43 | 47 | neg | 42 |
| Operating margin, % | 25 | 39 | neg | neg | 36 | 43 | neg | 6 |
| Net margin, % | 23 | 39 | neg | neg | 36 | 42 | neg | neg |
| 31 May | Full Year | |||||||
|---|---|---|---|---|---|---|---|---|
| DATA PER SHARE 1) | 2023 | 2022 | 2021 | 2020 | 2019 | 2021/22 | ||
| Share price, SEK | 129.60 | 160.60 | 132.80 | 103.60 | 116.00 | 137.40 | ||
| Average number of shares | 78,376,056 | 78,376,056 78,376,056 78,376,056 78,376,056 | 78,376,056 | |||||
| Earnings, SEK | 7.77 | 11.21 | 2.17 | 4.94 | 8.52 | 8.50 | ||
| Cash flow from operating activities, SEK | 11.69 | 16.51 | 8.39 | 9.07 | 11.72 | 15.79 | ||
| Share price/cash flow, times | 11.1 | 9.7 | 15.8 | 11.4 | 9.9 | 8.7 | ||
| Equity, SEK | 46 | 45 | 34 | 34 | 36 | 43 | ||
| Price/equity, % | 279 | 355 | 387 | 306 | 323 | 321 | ||
| 2022/23 | 2021/22 | 2020/21 | ||||||
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | |
| 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 | 3.43 | 9.32 | -4.98 | -2.70 | 5.60 | 5.61 | 3.97 | 0.87 |
| Cash flow from operating activities, SEK | -3.01 | 12.60 | 2.11 | -0.72 | -3.73 | 15.78 | 4.46 | 0.52 |
| Equity, SEK | 46 | 44 | 38 | 43 | 45 | 40 | 31 | 35 |
1) Recalculated with respect to the 2:1 split carried out on 17 January 2019 as resolved at the annual general meeting on 15 December 2018. Number of shares for previous periods have been adjusted.
| SEK THOUSANDS | 2022/23 | 2021/22 | 2020/21 | 2019/20 | 2018/19 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| RETURN ON CAPITAL EMPLOYED | Q3 | Q3 | Q3 | Q3 | Q3 | |||||
| Profit after financial items | 778,527 | 1,134,352 | 251,160 | 485,129 | 802,161 | |||||
| Finance income | 64,902 | 23,917 | 25,744 | 39,267 | 42,821 | |||||
| Finance costs | -120,622 | -38,693 | -51,282 | -76,315 | -66,335 | |||||
| Net financial items | -55,720 | -14,775 | -25,538 | -37,048 | -23,514 | |||||
| Profit after financial items, plus finance costs | 899,148 | 1,173,045 | 302,443 | 561,444 | 868,496 | |||||
| 2022/23 | 2021/22 | 2020/21 | 2019/20 | 2018/19 | ||||||
| CAPITAL EMPLOYED | Q3 Aug 2022 | Q3 | Aug 2021 | Q3 | Aug 2020 | Q3 Aug 2019 | Q3 | Aug 2018 | ||
| Assets | 8,376,961 | 7,973,524 | 7,751,085 | 6,873,998 | 6,434,913 | 6,023,251 | 6,044,193 | 5,065,776 | 4,991,665 | 4,870,568 |
| Non-current non-interest-bearing liabilities | 188,433 | 196,266 | 172,710 | 142,008 | 185,259 | 225,206 | 232,581 | 226,546 | 199,306 | 221,113 |
| Current non-interest-bearing liabilities | 818,144 | 792,657 | 874,152 | 767,365 | 694,719 | 562,156 | 524,781 | 478,637 | 549,128 | 537,253 |
| Total non-interest-bearing liabilities | 1,006,577 | 988,924 | 1,046,862 | 909,373 | 879,978 | 787,361 | 757,062 | 705,182 | 748,434 | 758,366 |
| Capital employed | 7,370,383 | 6,984,601 | 6,704,223 | 5,964,625 | 5,554,935 | 5,235,889 | 5,287,132 4,360,594 | 4,243,230 | 4,112,202 | |
| Average capital employed | 7,177,492 | 6,334,424 | 5,395,412 | 4,823,863 | 4,177,716 | |||||
| Return on capital employed | 13% | 19% | 6% | 12% | 21% | |||||
| RETURN ON EQUITY | ||||||||||
| Equity | 3,636,921 | 3,359,306 | 3,544,819 | 2,774,026 | 2,692,123 | 2,560,524 | 2,652,296 2,602,064 | 2,812,375 | 2,421,089 | |
| Average equity | 3,498,113 | 3,159,422 | 2,626,324 | 2,627,180 | 2,616,732 | |||||
| Profit after tax | 609,127 | 876,484 | 153,426 | 387,329 | 666,888 | |||||
| Return on equity | 17% | 28% | 6% | 15% | 25% | |||||
| RETURN ON TOTAL ASSETS | ||||||||||
| Total assets | 8,376,961 | 7,973,524 | 7,751,085 | 6,873,998 | 6,434,913 | 6,023,251 | 6,044,193 | 5,065,776 | 4,991,665 | 4,870,568 |
| Average total assets | 8,175,242 | 7,312,541 | 6,229,082 | 5,554,985 | 4,931,116 | |||||
| Return on total assets | 11% | 16% | 5% | 10% | 18% | |||||
Figures for 2018/19 and earlier have not been adjusted for IFRS 16, as the Company decided to use the simplified transition approach. The first year of IFRS 16 was the financial year 2019/20.
Conducting skiing operations requires large capital investments and a stable financial base is therefore important. SkiStar uses these alternative key performance indicators as part its monitoring of the financial base.
| SEK THOUSANDS | 31 May | 31 August | |
|---|---|---|---|
| FINANCING AND INTEREST-BEARING LIABILITIES | 2023 | 2022 | 2022 |
| Non-current interest-bearing liabilities to credit institutions | 1,192,772 | 895,140 | 1,300,825 |
| Long-term leasing liabilities | 1,855,018 | 1,767,650 | 1,865,743 |
| Provisions for pensions | 18,324 | 15,627 | 17,335 |
| Current interest-bearing liabilities to credti institutions | 517,596 | 376,546 | 316,647 |
| Short-term lease liabilities | 149,752 | 121,441 | 124,745 |
| Net interest-bearing liabilities | 3,733,462 | 3,159,405 | 3,625,295 |
| Other non-current receivables | 39,127 | 49,599 | 50,555 |
| Non-interest-bearing part of non-current receivables | -670 | -1,750 | -1,572 |
| Interest-bearing current receivables | 12,852 | 1,915 | 1,265 |
| Cash and cash equivalents | 38,978 | 224,204 | 24,610 |
| Interest-bearing receivables | 90,287 | 273,968 | 74,858 |
| Financial net debt (interest-bearing receivables - net interest-bearing lia bilities) |
3,643,175 2,885,437 | 3,550,437 |
| SEK THOUSANDS | 31 May | 31 August | ||
|---|---|---|---|---|
| EQUITY/ASSETS RATIO EXCLUDING IFRS 16 | 2023 | 2022 | 2022 | |
| Equity | 3,702,803 3,590,509 | 3,416,619 | ||
| Total assets | 6,445,626 | 5,920,196 6,045,569 | ||
| Equity/assets ratio, % excluding IFRS 16 | 57 | 61 | 57 | |
| PLEDGED ASSETS, SEK THOUSANDS | 31 May 2023 31 May 2022 31 Aug 2022 | ||
|---|---|---|---|
| Group | 3,056,327 | 2,878,420 | 2,992,995 |
| Parent Company | 535,713 | 533,014 | 534,722 |
| CONTINGENT LIABILITIES, SEK THOUSANDS | |||
| Group | 475,818 | 399,376 | 473,864 |
| Parent Company | 1,431,347 | 1,236,932 | 1,510,353 |
This Interim 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 forward-looking 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 2022 have had a material impact on the fiancial reporting of the Group or the Parent Company. No new or changed standards have been applied prematurely.
PROPERTY DEVELOPMENT
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, SkiStar Lodge Suites, Hemsedal, SkiStar Lodge Alpin, Hemsedal, Radisson Blu Resort, Trysil, Radisson Blu Mountain Resort & Residences, Trysil and Ski Lodge Skalspasset, Vemdalen. From 1 January 2023 is also included Hovde Hotell, Vemdalen, after a completed acquisition, which means that SkiStar conducts this hotel business in its own property.
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022/23 2021/22 2022/23 2021/22 | 2021/22 | REVENUE PER COUNTRY | 2022/23 2021/22 2022/23 | 2021/22 | 2021/22 | |||||||||
| OPERATION OF MOUNTAIN RESPORTS | Sweden | |||||||||||||
| - Operation of Mountain Resorts | 870 | 1,020 | 2,336 | 2,617 | 2,755 | |||||||||
| SkiPass | 646 | 689 | 1,661 | 1,712 | 1,731 | - Property Development and | ||||||||
| Accommodation | 315 | 353 | 844 | 881 | 1,182 | Exploitation | 5 | 57 | 16 | 78 | 88 | |||
| - Operation of Hotels | 66 | 30 | 179 | 76 | 85 | |||||||||
| Ski rental | 74 | 82 | 214 | 213 | 224 | |||||||||
| Ski school/Activities | 22 | 26 | 59 | 61 | 61 | Norway | ||||||||
| - Operation of Mountain Resorts | 364 | 322 | 1,007 | 823 | 862 | |||||||||
| Sporting goods outlets | 84 | 74 | 303 | 255 | 289 | - Property Development and | -2 | 106 | ||||||
| Restaurants | 13 | 30 | 23 | 63 | 127 | Exploitation | ||||||||
| - Operation of Hotels | 106 | 107 | 293 | 253 | 282 | |||||||||
| Property services | 47 | 45 | 125 | 112 | 145 | Austria | 20 | 20 | ||||||
| Other | 33 | 31 | 114 | 163 | 332 | |||||||||
| Group total | 1,409 1,536 |
3,936 | 3,868 | 4,092 | ||||||||||
| Total Operation of Mountain Resorts | 1,234 | 1,342 | 3,342 | 3,461 | 4,092 |
| AND EXPLOITATION | |||||
|---|---|---|---|---|---|
| Total Property Development and Exploitation |
3 | 57 | 122 | 78 | 88 |
| OPERATION OF HOTELS | |||||
| Accommodation | 99 | 96 | 271 | 242 | 262 |
| Property | 6 | 5 | 15 | 10 | 12 |
| Restaurants | 42 | 29 | 119 | 60 | 72 |
| Other | 25 | 7 | 67 | 17 | 21 |
| Total Operation of Hotels | 172 | 137 | 472 | 329 | 367 |
| Group total | 1,409 | 1,536 | 3,936 | 3,868 | 4,092 |
The financial key figures are used in Swedish listed companies and by analysts. 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.
Average interest expenses Interest expenses divided by average interest-bearing liabilities.
Cash flow before changes in working capital divided by the average number of shares.
Profit/loss for the year attributable to shareholders of the Parent divided by the average number of shares.
Equity divided by the average number of shares for the reporting period.
Equity as a percentage of total assets.
Equity excluding effects of IFRS 16 as a percentage of total assets excluding assets of IFRS 16.
Operating profit/loss before depreciation/amortisation as a percentage of revenue.
Current and non-current liabilities to credit institutions, provisions for pensions and items in other current liabilities that are interest-bearing.
Interest-bearing receivables less interest-bearing liabilities.
Profit/loss before tax as a percentage of revenue.
Operating profit/loss after depreciation/amortisation as a percentage of revenue.
Revenue less cost of goods for resale, personnel costs, other operating expenses, depreciation, profit/loss from joint ventures/associates and negative goodwill.
Profit/loss after tax in relation to average equity.
Profit/loss after net financial items plus finance costs as a percentage of average capital employed. Capital employed is defined as assets less non-interest-bearing liabilities.
Profit/loss after net financial items plus finance costs as a percentage of average total assets.
ALF
Norske Alpinanlegg og fjelldestinasjoner (Norwegian Ski Lift Association).
A comparison of the number of booked overnight stays between two defined periods.
SkiStar's financial year covers the period 1 September to 31 August. First quarter (Q 1) September – November Second quarter (Q 2) December – February Third quarter (Q 3) March – May Fourth quarter (Q 4) June – August
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.
Skier Days One day's skiing with a SkiPass.
SLAO Svenska Skidanläggningars Organisation (Swedish Ski Lift Organisation).
SkiStar will present this report via webcast on 20 June 2023, 10:00 a.m. CEST. Find the dial-in information and link to the webcast on www.skistar.com/en/corporate.
The year-end report and the annual and sustainability report will be published as follows;
The interim reports and the year-end report for the financial year will be published as follows;
Annual general meeting will be held on 9 December 2023, at 2.00 p.m. CET in Sälen.
The Nomination Committee prior to the 2023 Annual General Meeting has the following composition:
The Nomination Committee has appointed Per Gullstrand chairman of the committee.
Sharehoders wishing to provide the Nomination Committe with proposals can reach the Committee in writing at [email protected], or SkiStar AB, Att: Valberedningen, 780 91 Sälen.
The CEO assures that this Interim 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 June 2023
Stefan Sjöstrand CEO
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 June 2023 07.00 a.m. CEST.
SkiStar AB (publ), reg. no 556093-6949
We have reviewed the condensed interim financial information (interim report) of Skistar AB (publ) as of 31 May 2023 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, 20 June 2023 Deloitte AB
Kent Åkerlund Authorized Public Accountant
The mountain tourism company SkiStar AB (publ) is listed on the Mid Cap 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.skistar.com/en/corporate.
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.
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.
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://www.skistar.com/en/ corporate/investors/shareholder-discount/.
SkiStar Member is SkiStar's customer club. At the end of the 2021/22 financial year, SkiStar Member had 1.5 million registered members.
SKISTAR AB (PUBL) SE-780 91 SÄLEN Reg. No: 556093-6949 Tel: +46 280 880 50 E-mail: [email protected] www.skistar.com
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