Quarterly Report • Dec 19, 2022
Quarterly Report
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SKISTAR INTERIM REPORT SEPTEMBER 2022-NOVEMBER 2022
| SUMMARY, SEK MILLION | 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|---|
| 2022/23 | 2021/22 | 2021/22 | ||
| Revenue | 177 | 155 | 4,092 | |
| Operating income | 181 | 158 | 4,118 | |
| Profit/loss before tax | -475 | -347 | 866 | |
| Profit/loss after tax | -390 | -315 | 665 | |
| Earnings per share, SEK | -4.98 | -3.97 | 8.50 | |
| Cash flow from operating activities | 165 | 349 | 1,238 | |
| Operating margin, % | neg | neg | 21 | |
| Equity/assets ratio, % | 36 | 34 | 42 | |
| Equity/assets ratio, % excluding IFRS 16 | 47 | 44 | 57 |
Stefan Sjöstrand, CEO tel +46 (0)280 841 60 Anders Örnulf, CFO tel +46 (0)280 841 60
Continued significant interest in mountain holidays and a high rate of investment at SkiStar
Having visited all our mountain destinations in recent weeks, I can confirm that we have terrific skiing to offer our guests. A period of cold temperatures has enabled effective production of snow which, in combination with natural snow means we will have excellent conditions for our Christmas arrivals and, above all, that we will secure a long winter season of almost 150 days of skiing for all guests.
Prior to the season, large investments have been made in our core business. Increased snow production, new lifts, like the new express Stjärnliften in Åre, and the development of existing ski areas ensure that our guests have amazing skiing with us and a memorable mountain experience. It's great to also have clarified the vision for our mountain resorts through to 2030.
Revenue increased by 15 percent in the first quarter of the 2022/23 financial year, which is a sign that our year-round investment in Scandinavia is beginning to show results. Our operating profit decreased by SEK 117 million compared with the previous year.
After a couple of years of lower investment, we have an increased need for repair and maintenance work at our destinations before the winter season starts. In addition, costs for advertising and marketing are increasing during this period as part of our strategic initiative to advance our position as the leading holiday organiser for Scandinavia. Energy costs were lower in the first quarter, which is pleasing. This shows that our work on energy consumption is having an impact, although the bulk of energy for the year is yet to be used. Making our operations more energy efficient is also an important part of our sustainability work.
Our business model is based on a large proportion of variable costs, mainly in the form of personnel costs linked to our operations, which we can adjust to demand.
Our retail operations continue going strong, with sales increasing during the period, both online at skistarshop.com (+55 percent) and in our physical stores (+35 percent). This resulted in an overall sales increase of 50 percent during the quarter.
Bookings for the winter season (expressed as the number of overnight stays booked through SkiStar's accommodation agency) are -3 percent compared with the same period in 2019/20, i.e. on par with the last comparable winter season before the pandemic. The main
reason for this decline is the negative effect caused by the calendar during the Christmas and New Year weeks. Another reason is that we are seeing later order intake than in previous years, with more people booking closer to arrival, while the period after the Christmas and New Year weeks, including the winter school holidays, shows positive figures. The Norwegian market is performing well following the past more challenging pandemic years, with a number of foreign guests returning due in part to the weak Norwegian krone. This shows that the trend of holidaying in the Scandinavian mountains is still strong this winter and that many appreciate and are prioritising alpine skiing and time with family and friends, despite a challenging global situation and tougher financial circumstances for many.
Our focus on sustainability continues. During the quarter, we placed our first order for the world's first circular-economy electric snowmobiles, which will also be produced in Sweden. We have launched the sale of used skis through SkiStar Pre Used at skistarshop.com and will trial the sale of used ski clothing and the rental of ski clothing in Sälen this winter. As part of SkiStar's financing, together with one of our banks, DNB, we have included a sustainability link in one of our major credit facilities. We are doing this to link clear incentives to achieving our sustainability goals, which in the long run leads to more efficient financing with an important partner.
Our business development and digitalisation journey also continues in order to offer our guests an even better mountain experience. This winter you will be able to experience our first unmanned stores: POP by SkiStar. We have also relaunched our membership club as new SkiStar Member, which is based on rewarding an active lifestyle in line with our sustainability strategy. The membership club currently has more than 1.5 million members.
We look forward with confidence to another great winter season at our six destinations in Sweden and Norway. I hope to see you on the slopes!
Stefan Sjöstrand, CEO
comparable winter season before the pandemic, thus indicating that the trend to holiday in the Scandinavian mountains remains strong this winter, and that many appreciate and are prioritising alpine skiing and time with family and friends.
The Group's revenue for the first quarter amounted to SEK 181 (158) million, an increase of 15 percent compared with the same period of the previous year. The increase was mainly due to the fact that sales in our sports stores increased by SEK 24 million, with very successful online sales. The hotels segment also increased its revenue by 30 percent compared with the same period of the previous year. Changes in the NOK/ SEK exchange rate had a positive effect of SEK 1 million on revenue. The Group's operating profit for the first quarter was SEK -451 (-334) million. The decrease in operating profit was mainly because of an increased deficit in hotel operations, due to the comparative period not including rent for two of our additional hotel properties. The reduction was also due to increased costs not directly linked to the quarter, including repairs and advertising costs. Some of the cost increase relates to personnel costs, which was partly due to the repayment of consolidation funds from Fora during the previous year. The period was also affected by inflation on various types of running costs.
Changes in the NOK/SEK exchange rate had a negative effect of SEK 2 million on operating profit for the quarter. Profit from investments in associates and joint ventures decreased to SEK -7 (-1) million. Net financial items fell by SEK 11 million during the quarter to SEK -24 (-13) million. Changes in the value of interest rate derivatives amounted to SEK -7 (11) million. Interest expenses amounted to SEK -22 (-21) million, including lease-related interest of SEK -10 (-8) million under IFRS 16.
Exchange losses amounted to SEK -4 (-12) million and exchange gains amounted to SEK 10 (15) million.
The Group's profit/loss after tax amounted to SEK -390 (-315) million, a decline of SEK 75 million (24 percent). Revenue (including internal revenue) from Operation of Mountain Resorts amounted to SEK 178 (115) million, with an operating profit/loss of SEK -368 (-303) million. Revenue from Property Development and Exploitation amounted to SEK 17 (14) million, with a profit/loss of SEK -18 (-8) million. Profit from exploitation activities related to plot and land sales and the sale of shares in tenant-owner associations and Vacation Club for the quarter amounted to SEK 1 (2) million. Other Property Development and Exploitation activities are primarily related to rental of accommodation to the Operation of Mountain Resorts segment and shares from associates that rent out accommodation. Revenue from Operation of Hotels for the first quarter amounted to SEK 47 (30) million, with a loss of SEK -70 (-29) million.
SkiStar's operations are subject to significant seasonal variations. Most revenue and earnings are generated in the second and third quarters. The number of days off during Christmas and New Year, and whether Easter falls early or late, also bring variations in earnings. Over half of the revenue is paid in advance.
| 2022/23 | 2021/22 | 2020/21 | 2019/20 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | ||
| Revenue | 177 | 224 | 1,536 | 2,178 | 155 | 184 | 1,023 | 1,328 | 154 | 162 | 580 | 1,931 | |
| Operating profit/loss | -451 | -265 | 547 | 936 | -334 | 19 | 126 | 444 | -292 | -127 | 15 | 833 |
Cash flow from operating activities after changes in working capital was SEK 165 (349) million for the period. The decline was primarily linked to a decline in operating profit during the period and increased capital tied up in the form of inventory. Cash flow from investing activities amounted to SEK -248 (-147) million. The increased outflow from the previous year was mainly related to a higher rate of investment. Acquisitions of subsidiaries have generated a cash flow item of SEK -2 million. Cash flow from financing activities amounted to SEK 89 (-131) million. The change was mainly due to lower loan repayments.
The Group's cash and cash equivalents amounted to SEK 29 (99) million at 30 November. Unused credit facilities amounted to SEK 571 (770) million. Interest-bearing liabilities amounted to SEK 3,691 (3,089) million, an increase of SEK 602 million from the same period of the previous year. The increase is largely due to a non-current lease liability arising from the signing of a long-term lease with Skiab Invest AB, the owner of the hotel properties. The average interest rate during the period was 3.0 (2.58) percent. Net financial liabilities amounted to SEK 3,611 (2,941) million at 30 November, an increase of SEK 670 million from the previous year. Net financial debt excluding IFRS 16 was SEK 1,700 (1,511) million. The equity/assets ratio increased to 36 (34) percent. The equity/assets ratio excluding IFRS 16 was 47 (44) percent.
Tax for the period amounted to SEK 85 (32) million and was largely attributable to utilisation of tax values in the quarter's loss carryforwards.
Investments for the period amounted to SEK 238 (148) million (gross) and SEK 237 (147) 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 -111 (-89) million. The difference is mainly due to the comparative period's depreciation/amortisation being positively affected by a reversed write-down of assets in subsidiaries of approximately SEK 11 million.
The average number of employees was 908 (876), an increase of 32 from the previous year. Personnel costs amounted to SEK 171 million (SEK 137 million). The increase was mainly due to sport shops aquired in Trysil and expanded areas of operation outside of the ski season.
Mats and Fredrik Paulsson together with their family and companies are the principal owners of SkiStar, with 47 percent of the votes and 24 percent of the capital as at 30 November 2022, and they are also the principal owners of Peab with which SkiStar has a business relationship. During the three-month period, purchases were made from Peab amounting to SEK 17 (25) million. The outstanding liability to Peab was SEK 4 (12) million. Sales to Peab amounted to SEK 0 (1) million and the outstanding receivable was SEK 0 (0) million.
Purchases from associates during the quarter amounted to SEK 43 (25) million and sales to associates amounted to SEK 1 (1) million. Net receivables from associates totalled SEK 20 (17) million, SEK 20 (21) million of which related to loans to associates. 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 157 (113) million during the first quarter. Net investments amounted to SEK 132 (328) million.
The staycation trend continues in all markets in Scandinavia. Despite global instability, bookings are only three percent down compared with the same period in 2019/20, which is the last comparable winter season before the pandemic. Compared with the same period in the previous year, when society was affected by travel and other Covid-related restrictions, bookings for 2022/23 are weaker, down 13 percent. Bookings are impacted by a negative effect caused by the calendar during the Christmas/New Year period. The business model is based on a large proportion of variable costs, mainly in the form of personnel costs linked to operations, which can be adjusted to demand.
As previously announced, operational investments planned for 2022/23 total SEK 622 million. These include a major initiative to modernise and wind-proof SkiStar Åre, which is underway, and a new express lift, Stjärnliften, which has been put into service. In addition, the investments consist of extensive upgrades, with a particular focus on snow capacity, replacement investments and new summer activities.
The funding of these historically high investment levels using cash flow from the operating activities is proof of the success of SkiStar's business model.
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.
• The summer skiing activity at Stockholm Hammarbybacken opened during the quarter. Since opening, over 9,000 guests have used the activity.
• SkiStar's work to get more children and young people moving continues in line with the strategy. So, during the quarter, SkiStar and the Swedish Skiing Association renewed the collaboration with 'Alla på snö' (World Snow Day), giving children and young people free access to equipment, facilities and guidance to explore the joy of skiing or snowboarding.
• During the past quarter, SkiStar continued its electrification journey, including the start of a collaboration with Vidde Mobility, which produces electric snowmobiles. The collaboration involves jointly testing the first prototype and SkiStar, as the first customer, placing a pre-order for 50 electric snowmobiles. The goal is to have these in operation by 2025.
• In order to achieve SkiStar's long-term climate goals, more circular business models need to be introduced. During the quarter, the company launched the sale of used skis through the SkiStar Pre Used concept at skistarshop.com. This winter, SkiStar will also trial the sale of used ski clothing and the rental of clothing in Sälen.
• As part of SkiStar's financing, together with one of our banks, DNB, we have included a sustainability link in one of our major credit facilities. We are doing this to link clear incentives to achieving our sustainability goals, which in the long run leads to more efficient financing with an important partner.
• The tourism industry is Sweden's most effective way of creating jobs and supporting integration.* SkiStar contributes to thriving rural communities and job opportunities. During the quarter, SkiStar has filled 2,200 posts spread over 80 different positions in the Swedish and Norwegian mountain destinations for the coming winter season. *Source Rapport Visita: Besöksnäringen bryter utanförskap.
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 60,150 on 30 November 2022, which is an increase of 2,833 (4.9 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 114.10 on 30 November 2022.
The press releases are available in full at www.skistar.com/en/corporate.
At SkiStar's annual general meeting, held in Sälen on 10 December 2022, 243 shareholders participated in person, by proxy or by postal voting, representing 77 percent of the votes in the Company. The following decisions were made at the AGM.
The following decisions were made at the inaugural board meeting. • Lena Apler, Fredrik Paulsson and Gunilla Rudebjer were re-elected as members of the Audit Committee, with Lena Apler as Chairman.
• Anders Sundström and Vegard Søraunet were re-elected as members of the Remuneration Committee and Anders Svensson was elected as a new member. Anders Sundström was re-elected as Chairman.
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 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2021/22 | |
| Operating | Revenue | 177,151 | 154,914 | 4,092,252 |
| Income | Other income | 4,019 | 2,793 | 25,541 |
| Total operating income | 181,170 | 157,707 | 4,117,794 | |
| Operating | Goods for resale | -78,226 | -59,579 | -980,227 |
| Expenses | Other external expenses | -264,119 | -203,088 | -1,029,920 |
| Personnel costs | -171,232 | -137,385 | -854,126 | |
| Cost of sold interests in accommodation/exploitation asset | -365 | -1,157 | -21,034 | |
| Share in profit/loss of joint ventures/associates | -7,006 | -737 | 65,095 | |
| Depreciation/amortisation of tangible and intangible fixed assets | -111,036 | -89,428 | -429,390 | |
| Reversal of previous write-down | 15,688 | |||
| Operating profit/loss | -450,815 | -333,667 | 883,879 | |
| Net financial items | -23,971 | -13,175 | -18,211 | |
| Profit/loss before tax | -474,786 | -346,841 | 865,669 | |
| Tax | 84,580 | 31,966 | -201,116 | |
| Profit/loss for the period | -390,206 | -314,875 | 664,553 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|
| SEK THOUSANDS | 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 | 1,685 | 2,662 | |
| Deferred tax on cash flow hedges | -371 | -586 | |
| Exchange differences on translation of foreign operations for the period | -16,715 | 4,827 | 49,098 |
| Other comprehensive income for the period | -16,715 | 6,141 | 51,174 |
| Total comprehensive income for the period | -406,921 | -308,734 | 715,727 |
| Profit/loss for the period attributable to: | |||
| Shareholders of the Parent | -389,945 | -310,998 | 666,525 |
| Non-controlling interests | -261 | -3,877 | -1,972 |
| Profit/loss for the period | -390,206 | -314,875 | 664,553 |
| Comprehensive income for the period attributable to: | |||
| Shareholders of the Parent | -406,608 | -305,128 | 715,811 |
| Non-controlling interests | -313 | -3,606 | -85 |
| Total comprehensive income for the period | -406,921 | -308,734 | 715,727 |
| Earnings per share, SEK | -4.98 | -3.97 | 8.50 |
| Number of shares outstandig at the end of the period | 78,376,056 78,376,056 78,376,056 | ||
| Average number of shares outstanding | 78,376,056 78,376,056 78,376,056 |
| ASSETS, SEK THOUSANDS | 30 Nov 2022 30 Nov 2021 | 31 Aug 2022 | EQUITY AND LIABILITIES, SEK THOUSANDS | 30 Nov 2022 30 Nov 2021 | 31 Aug 2022 | ||||
|---|---|---|---|---|---|---|---|---|---|
| Non-current assets | Equity | Share capital | 19,594 | 19,594 | 19,594 | ||||
| Intangible assets | 190,292 | 183,429 | 197,669 | Other contributed capital | 397,573 | 397,573 | 397,573 | ||
| Property, plant and equipment | 4,398,854 | 3,679,249 | 4,239,491 | Reserves | -44,658 | -58,529 | -27,995 | ||
| Right of use assets | 1,865,473 | 1,394,127 | 1,927,954 | Retained earnings, including profit/loss for the period | 2,578,060 | 2,094,538 | 2,968,005 | ||
| Investments in joint ventures/associates | 846,421 | 761,967 | 854,263 | Equity attributable to shareholders of the Parent | 2,950,569 | 2,453,177 | 3,357,177 | ||
| Other investments and securities held as non-current assets | 40,962 | 33,818 | 32,173 | Non-controlling interests | 1,815 | 12,114 | 2,128 | ||
| Derivatives | 50,789 | 58,069 | Total equity | 2,952,384 | 2,465,291 | 3,359,306 | |||
| Other non-current receivables | 49,987 | 81,411 | 50,555 | ||||||
| Total non-current assets | 7,442,778 | 6,134,001 | 7,360,174 | Non-current liabilities | |||||
| Liabilities to credit institutions | 1,292,453 | 1,111,300 | 1,300,825 | ||||||
| Current assets | Provisions for pensions | 17,719 | 14,899 | 17,335 | |||||
| Inventories | 428,874 | 269,197 | 295,904 | Long-term lease liabilities | 1,808,663 | 1,341,731 | 1,865,743 | ||
| 428,874 | 269,197 | 295,904 | Derivatives | 2,360 | |||||
| Deferred tax liabilities | 195,009 | 95,118 | 196,266 | ||||||
| Trade receivables | 49,451 | 59,480 | 37,830 | Total non-current liabilities | 3,313,844 | 2,565,408 | 3,380,169 | ||
| Tax receivables | 96,844 | 90,007 | 76,210 | Current liabilities | |||||
| Other current receivables | 78,557 | 43,485 | 74,365 | Liabilities to credit institutions | 448,524 | 514,233 | 316,647 | ||
| Prepaid expenses and accrued income | 130,525 | 98,510 | 104,430 | Trade payables | 333,905 | 250,476 | 223,159 | ||
| Assets held for sale | 344,635 | Tax liabilities | 48,189 | 64,138 | 132,532 | ||||
| 355,377 | 636,118 | 292,836 | Short-term lease liabilities | 123,449 | 107,269 | 124,745 | |||
| Other current liabilities | 723,993 | 762,442 | 267,369 | ||||||
| Cash & cash equivalents | 29,328 | 98,937 | 24,610 | Liabilities held for sale | 160,186 | ||||
| Total current assets | 813,579 | 1,004,252 | 613,350 | Accrued expenses and deferred income | 312,069 | 248,813 | 169,597 | ||
| TOTAL ASSETS | 8,256,357 | 7,138,252 | 7,973,524 | Total current liabilities | 1,990,128 | 2,107,554 | 1,234,049 | ||
| Total liabilities | 5,303,973 | 4,672,962 | 4,614,218 | ||||||
| TOTAL EQUITY AND LIABILITIES | 8,256,357 | 7,138,252 | 7,973,524 |
| SEK | Share capital | Other contribu ted capital |
Translation reserves |
Hedging reserves |
Retained earnings and profit for the year |
Total | Non-controlling interests |
Totalt 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 | -310,999 | -310,999 | -3,877 | -314,875 | ||||
| Other comprehensive income for the period | 4,556 | 1,314 | 5,870 | 271 | 6,141 | |||
| Comprehensive income for the period | 4,556 | 1,314 | -310,999 | -305,128 | -3,606 | -308,734 | ||
| Closing equity, 30 Nov 2021 | 19,594 | 397,573 | -57,846 | -683 | 2,094,538 | 2,453,177 | 12,114 | 2,465,292 |
| 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 | -389,945 | -389,945 | -261 | -390,206 | ||||
| Other comprehensive income for the period | -16,663 | -16,663 | -52 | -16,715 | ||||
| Comprehensive income for the period | -16,663 | -389,945 | -406,608 | -313 | -406,921 | |||
| Closing equity, 30 Nov 2022 | 19,594 | 397,573 | -44,737 | 79 | 2,578,060 | 2,950,569 | 1,815 | 2,952,384 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2021/22 | |
| Operating activities | Profit/loss after financial items | -474,786 | -346,842 | 865,669 |
| Adjustment for non-cash items | 152,397 | 89,031 | 247,824 | |
| -322,389 | -257,811 | 1,113,493 | ||
| Tax paid | -21,129 | -19,246 | -76,418 | |
| Changes in working capital | 508,523 | 626,330 | 200,519 | |
| Cash flow from operating activities | 165,005 | 349,273 | 1,237,594 | |
| Investing activities | Acquisition of property, plant and equipment | -238,407 | -129,260 | -763,192 |
| Acquisition of subsidiaries | -2,147 | -9,923 | -34,260 | |
| Sale of property, plant and equipment | 987 | 1,889 | 4,639 | |
| Other investing activities | -9,035 | -9,212 | -6,944 | |
| Cash flow from investing activities | -248,602 | -146,506 | -799,757 | |
| Financing activities | Proceeds from borrowings | 209,546 | 295,138 | 856,382 |
| Repayment of borrowings | -82,651 | -400,762 | -1,014,932 | |
| Repayment of lease liabilities | -38,050 | -25,086 | -165,419 | |
| Dividend paid | -117,564 | |||
| Cash flow from financing activities | 88,845 | -130,710 | -441,533 | |
| Cash flow for the period | 5,247 | 72,057 | -3,697 | |
| Cash & cash equivalents at beginning of year | 24,610 | 26,556 | 26,556 | |
| Exchange differences | -531 | 324 | 1,751 | |
| Cash & cash equivalents at end of period | 29,328 | 98,937 | 24,610 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2021/22 | |
| OPERATION OF MOUNTAIN RESORTS | ||||
| External revenue | 136,072 | 120,818 | 3,642,902 | |
| Internal revenue | 41,364 | 4,789 | 60,309 | |
| Capital gains | 721 | -35 | 15,901 | |
| Total operating income | 178,156 | 125,572 | 3,719,112 | |
| External operating expenses | -439,646 | -352,098 | -2,578,913 | |
| Costs from other segments | -42,217 | -12,393 | -103,552 | |
| Capital losses | -12,349 | |||
| Share in profit/loss of joint ventures/associates | -1,956 | -69 | ||
| Depreciation | -57,669 | -60,145 | -227,011 | |
| Operating profit/loss | -368,331 | -299,132 | 790,028 | |
| Intangible assets | 189,666 | 183,429 | 196,716 | |
| Property, plant and equipment | 3,280,592 | 3,296,411 | 3,162,290 | |
| Financial assets | 110,290 | 61,849 | 103,760 | |
| Operating loans | 1,228,705 | 1,035,026 | 1,125,310 | |
| PROPERTY DEVELOPMENT & EXPLOITATION | ||||
| External revenue | 3,492 | 1,409 | 18,527 | |
| Exploitation revenue | 1,320 | 3,571 | 70,149 | |
| Internal revenue | 11,726 | 7,705 | 46,157 | |
| Capital gains | 960 | 1,669 | 272 | |
| Total operating income | 17,497 | 14,354 | 135,106 | |
| External operating expenses | -17,077 | -13,817 | -61,749 | |
| Costs from other segments | -5,823 | -139 | -3,029 | |
| Costs of sold exploitation assets | -365 | -1,157 | -13,835 | |
| Capital losses | -498 | -722 | -8,825 | |
| Profit/loss from investments in joint ventures and associates |
-5,051 | -668 | 71,804 | |
| Depreciation | -6,648 | -5,772 | -27,379 | |
| Operating profit/loss | -17,965 | -7,921 | 92,094 | |
| Property, plant and equipment | 908,537 | 758,375 | 868,724 | |
| Financial assets | 827,099 | 817,438 | 833,247 | |
| Operating loans | 512,273 | 590,506 | 492,162 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2021/22 |
| OPERATION OF HOTELS | |||
| External revenue | 38,454 | 30,275 | 368,755 |
| Internal revenue | 8,345 | 2 | 2,485 |
| Capital gains | 1,208 | ||
| Total revenue | 46,799 | 30,276 | 372,448 |
| External operating expenses | -99,823 | -60,786 | -377,450 |
| Costs from other segments | -8,396 | -4 | -2,370 |
| Capital losses | -1,208 | ||
| Depreciation | -8,679 | -1,719 | -15,175 |
| Operating profit/loss | -70,099 | -32,234 | -23,756 |
| Intangible assets | 897 | 953 | |
| Property, plant and equipment | 208,983 | 208,476 | |
| Internal revenue | -61,436 | -12,496 | -108,951 |
| Internal costs | 61,436 | 12,496 | 108,951 |
| Consolidated revenue* | 181,019 | 157,707 | 4,117,715 |
| Consolidated costs | -637,412 | -496,954 | -3,259,349 |
| Consolidated operating profit/loss | -456,393 | -339,247 | 858,366 |
| Consolidated intangible assets | 190,292 | 183,429 | 197,669 |
| Consolidated property, plant and equipment | 4,398,113 | 4,054,785 | 4,239,491 |
| Consolidated financial assets | 937,390 | 879,288 | 937,007 |
| Consolidated operating loans | 1,740,978 | 1,625,532 | 1,617,472 |
In the segment report, all leasing contract are reported as operational leasing.
RECONCILIATION BETWEEN SEGMENT REPORT AND CONSOLIDATED COMPREHENSIVE INCOME
| SEK THOUSAND | 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|
|---|---|---|---|
| 2022/23 | 2021/22 | 2021/22 | |
| Operating profit according to segment report | -456,393 | -339,247 | 858,366 |
| Reversal of leasing cost attibuted to IFRS 16 | 44,360 | 38,114 | 169,099 |
| Depreciations attributable to IFRS 16 | -38,782 | -32,533 | -143,586 |
| Operating profit according to consolidated comprehensive income | -450,815 | -333,666 | 883,879 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||||
|---|---|---|---|---|---|---|---|---|
| SEK THOUSANDS | 2022/23 | 2021/22 | 2021/22 | SEK THOUSANDS | 2022/23 | 2021/22 | 2021/22 | |
| Operating income | Revenue | 154,679 | 112,642 | 2,875,348 | Other comprehensive income | |||
| Other operating income | 2,128 | 2,121 | 13,601 | Items that may be reclassified to profit or loss | ||||
| Total operating income | 156,807 | 114,763 | 2,888,949 | |||||
| Operating expenses Goods for resale | -61,265 | -46,910 | -707,820 | Change in fair value of cash flow hedges for the period | 1,685 | 2,662 | ||
| Other external expenses | -246,646 | -178,376 | -868,957 | Deferred tax on cash flow hedges | -371 | -586 | ||
| Personnel costs | -110,256 | -81,958 | -564,967 | Other comprehensive income for the year | 1,314 | 2,076 | ||
| Cost of sold interests in accommodation/exploitation | -7,250 | |||||||
| Depreciation/amortisation of assets | -43,508 | -39,794 | -169,831 | Total comprehensive income for the year | -243,313 | -185,529 | 456,663 | |
| Operating profit/loss | -304,867 | -232,274 | 570,124 | |||||
| Net financial items | -2,307 | -1,514 | 20,174 | |||||
| Profit/loss after net financial items | -307,174 | -233,788 | 590,298 | |||||
| Appropriations | -15,340 | |||||||
| Profit/loss before tax | -307,174 | -233,788 | 574,959 | |||||
| Tax | 63,861 | 46,945 | -120,372 | |||||
| Profit/loss for the period | -243,313 | -186,843 | 454,587 |
| ASSETS, SEK THOUSANDS | 30 Nov 2022 30 Nov 2021 31 Aug 2022 | EQUITY AND LIABILITIES, SEK THOUSANDS | 30 Nov 2022 30 Nov 2021 31 Aug 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Non-current assets | Intangible assets | 71,836 | 77,204 | 76,087 | Equity | ||||
| Property, plant and equipment | 2,249,660 | 1,794,200 | 2,159,606 | -Restricted equity | Share capital | 19,594 | 19,594 | 19,594 | |
| Statutory reserve | 25,750 | 25,750 | 25,750 | ||||||
| Financial assets | Investments in Group companies | 255,278 | 211,428 | 245,473 | Development fund | 5,625 | 4,309 | 5,625 | |
| Investments in joint ventures/associates | 2,770 | 2,812 | 2,770 | 50,969 | 49,653 | 50,969 | |||
| Derivatinstrument | 26,202 | 19,091 | 17,392 | ||||||
| Other investment and securities held as non-current-assets | 27,261 | 29,883 | -Non-restricted equity | Share premium reserve | 4,242 | 4,242 | 4,242 | ||
| Other non-current receivables | 26,926 | 23,831 | 26,699 | Retained earnings | 1,239,000 | 902,532 | 784,414 | ||
| Receivables from Group companies | 189,750 | 201,750 | 192,750 | Profit/loss for the year | -243,313 | -186,843 | 454,587 | ||
| Total non-current assets | 2,849,681 | 2,330,316 | 2,750,660 | 999,929 | 719,931 | 1,243,243 | |||
| Total equity | 1,050,898 | 769,583 | 1,294,213 | ||||||
| Current assets | |||||||||
| -Inventories | Goods for resale | 247,845 | 157,860 | 138,696 | Non-current liabilities | ||||
| 247,845 | 157,860 | 138,696 | -Non-current interest-bearing liabilities |
Liabilities to credit institutions | 477,485 | 626,985 | 480,485 | ||
| -Current receivables | Trade receivables | 27,610 | 33,948 | 12,973 | -Provisions | Provisions for pensions | 17,719 | 14,899 | 17,335 |
| Receivables from Group companies | 457,411 | 657,970 | 466,959 | -Non-current non-interest-be | Derivative liabilities | 5,956 | |||
| Tax receivables | 78,253 | 76,490 | 61,599 | aring liabilities | Deferred tax liabilities | 153,818 | 101,852 | 159,863 | |
| Other current receivables | 23,942 | 19,188 | 34,408 | Total non-current liabilities | |||||
| Prepaid expenses and accrued income | 110,088 | 77,272 | 91,155 | 649,023 | 749,693 | 657,683 | |||
| 697,303 | 864,867 | 667,095 | -Current liabilities | Liabilities to credit institutions | 211,450 | 62,000 | 124,818 | ||
| Liabilities to Group companies | 923,204 | 913,440 | 957,434 | ||||||
| -Cash and cash equivalents | Cash and bank balances | 783 | 81,954 | 785 | Trade payables | 264,009 | 191,086 | 148,008 | |
| Total current assets | 945,931 | 1,104,681 | 806,576 | Other current liabilities | 517,437 | 599,497 | 269,755 | ||
| TOTAL ASSETS | 3,795,613 | 3,434,996 | 3,557,235 | Accrued expenses and deferred income | 179,592 | 149,697 | 105,325 | ||
| Total current liabilities | 2,095,693 | 1,915,720 | 1,605,340 | ||||||
| Total liabilities | 2,744,715 | 2,665,413 | 2,263,023 | ||||||
| TOTAL EQUITY AND LIABILITIES | 3,795,613 | 3,434,996 | 3,557,235 |
Intra-group receivables and liabilities are largely attributable to the overdraft facility.
| 3 MONTHS 1 Sep-30 NOV |
|||||
|---|---|---|---|---|---|
| KEY PERFORMANCE INDICATORS | 2022/23 | 2021/22 | 2020/21 | 2019/20 | 2018/19 |
| Revenue*, SEK thousand | 177,151 | 154,914 | 153,749 | 120,935 | 196,378 |
| Operating income*, SEK thousand | 181,170 | 157,707 | 156,074 | 124,521 | 198,727 |
| Profit/loss before tax, SEK thousand | -474,786 | -346,842 | -306,965 | -321,524 | -218,013 |
| Profit/loss after tax, SEK thousand | -390,206 | -314,876 | -250,911 | -244,631 | -144,121 |
| Cash flow from operating activities, SEK thousand | 165,005 | 349,273 | 90,971 | 334,459 | 284,069 |
| Total cash flow, SEK thousand | 5,248 | 72,056 | -28,289 | -29,001 | -28,478 |
| Return on: | |||||
| -capital employed, % | -6 | -6 | -5 | -7 | -5 |
| -equity, % | -12 | -12 | -10 | -10 | -6 |
| -total assets, % | -5 | -5 | -5 | -6 | -4 |
| Gross margin, % | -188 | -148 | -130 | -190 | -73 |
| Operating margin, % | -249 | -212 | -188 | -262 | -105 |
| Net margin, % | -262 | -220 | -197 | -258 | -110 |
| Equity/assets ratio, % | 36 | 34 | 38 | 38 | 44 |
*) 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 | 2021/22 | 2020/21 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | ||
| Revenue*, SEK thousand | 177,151 | 224,048 | 1,535,645 | 2,177,645 | 154,914 | 183,826 | 1,023,345 | 1,327,861 | |
| Operating income*, SEK thousand | 181,170 | 226,739 | 1,537,977 | 2,195,371 | 157,707 | 239,264 | 1,024,255 | 1,339,531 | |
| Profit/loss before tax, SEK thousand | -474,786 | -268,684 | 561,312 | 919,883 | -346,842 | -4,986 | 112,154 | 445,970 | |
| Profit/loss after tax, SEK thousand | -390,206 | -211,932 | 438,942 | 752,419 | -314,876 | 80,206 | 39,153 | 365,183 | |
| Cash flow from operating activities, SEK thou sand |
165,005 | -56,176 | -288,947 | 1,236,797 | 349,273 | 40,615 | -93,241 | 660,156 | |
| Total cash flow, SEK thousand | 5,247 | -194,428 | -588,097 | 706,771 | 72,057 | -13,851 | -386,437 | 422,457 | |
| Gross margin, % | neg | neg | 43 | 47 | neg | 42 | 22 | 40 | |
| Operating margin, % | neg | neg | 36 | 43 | neg | 6 | 12 | 33 | |
| Net margin, % | neg | neg | 36 | 42 | neg | neg | 11 | 33 |
| 30 NOV | Helår | |||||||
|---|---|---|---|---|---|---|---|---|
| DATA PER SHARE 1) | 2022 | 2021 | 2020 | 2019 | 2018 | 2021/22 | ||
| Share price, SEK | 114.10 | 164.00 | 98.30 | 123.00 | 111.75 | 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 | -4.98 | -3.97 | -3.12 | -3.03 | -1.73 | 8.50 | ||
| Cash flow from operating activities, SEK | 2.11 | 4.46 | 1.16 | 4.27 | 3.62 | 15.79 | ||
| Share price/cash flow, times | 54.2 | 36.8 | 84.7 | 28.8 | 30.8 | 8.7 | ||
| Equity, SEK | 38 | 31 | 29 | 30 | 29 | 43 | ||
| Price/equity, % | 303 | 521 | 335 | 413 | 388 | 321 | ||
| 2022/23 | 2021/22 | 2020/21 | ||||||
| Q1 | Q4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | |
| 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 |
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.
Earnings SEK -4.98 -2.70 5.60 5.61 3.97 0.87 0.60 4.70 Cash flow from operating activities, SEK 2.11 -0.72 -3.73 15.78 4.46 0.52 -1.19 8.42 Equity, SEK 38 43 45 40 31 35 34 34
| SEK THOUSANDS | 2022/23 | 2021/22 | 2020/21 | 2019/20 | 2018/19 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| RETURN ON CAPITAL EMPLOYED | Q 1 | Q 1 | Q 1 | Q 1 | Q 1 | |||||
| Profit after financial items | -474,786 | -346,842 | -306,965 | -321,524 | -218,013 | |||||
| Finance income | 9,701 | 13,210 | 14,147 | 8,713 | 11,316 | |||||
| Finance costs | -33,672 | -26,384 | -27,988 | -4,400 | -20,333 | |||||
| Net financial items | -23,971 | -13,175 | -13,842 | 4,313 | -9,016 | |||||
| Profit after financial items, plus finance costs | -441,114 | -320,458 | -278,976 | -317,123 | -197,680 | |||||
| 2022/23 | 2021/22 | 2020/21 | 2019/20 | 2018/19 | ||||||
| CAPITAL EMPLOYED | Q 1 Aug 2022 | Q 1 | Aug 2021 | Q 1 | Aug 2020 | Q 1 Aug 2019 | Q 1 | Aug 2018 | ||
| Assets | 8,257,020 | 7,973,524 | 7,138,252 | 6,873,998 | 6,023,435 | 6,023,251 6,080,256 | 5,065,776 | 5,085,971 | 4,870,568 | |
| Non-current non-interest-bearing liabilities | 195,672 | 196,266 | 122,499 | 142,008 | 164,880 | 225,206 | 140,212 | 226,546 | 185,620 | 221,113 |
| Current non-interest-bearing liabilities | 1,418,155 | 792,657 | 1,486,054 | 767,365 | 901,646 | 562,156 | 1,199,340 | 478,637 | 1,096,002 | 537,253 |
| Total non-interest-bearing liabilities | 1,613,827 | 988,924 | 1,608,553 | 909,373 | 1,066,526 | 787,361 | 1,339,553 | 705,182 | 1,281,622 | 758,366 |
| Capital employed | 6,643,193 | 6,984,601 | 5,529,699 | 5,964,625 4,956,909 | 5,235,889 | 4,740,703 4,360,594 | 3,804,349 | 4,112,202 | ||
| Average capital employed | 6,813,897 | 5,747,162 | 5,096,399 | 4,550,649 | 3,958,275 | |||||
| Return on capital employed | -6% | -6% | -5% | -7% | -5% | |||||
| RETURN ON EQUITY | ||||||||||
| Equity | 2,952,385 | 3,359,306 | 2,465,292 | 2,774,026 | 2,296,399 | 2,560,524 | 2,336,050 2,602,064 | 2,258,351 | 2,421,089 | |
| Average equity | 3,155,845 | 2,619,659 | 2,428,462 | 2,469,057 | 2,339,720 | |||||
| Profit after tax | -390,206 | -314,876 | -250,911 | -244,631 | -144,121 | |||||
| Return on equity | -12% | -12% | -10% | -10% | -6% | |||||
| RETURN ON TOTAL ASSETS | ||||||||||
| Total assets | 8,257,020 | 7,973,524 | 7,138,252 | 6,873,998 | 6,023,435 | 6,023,251 6,080,256 | 5,065,776 | 5,085,971 | 4,870,568 | |
| Average total assets | 8,115,272 | 7,006,125 | 6,023,343 | 5,573,016 | 4,978,269 | |||||
| Return on total assets | -5% | -5% | -5% | -6% | -4% |
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 | 3 MONTHS 1 Sep-30 Nov |
|||
|---|---|---|---|---|
| FINANCING AND INTEREST-BEARING LIABILITIES | 2022/23 | 2021/22 | 2021/22 | |
| Non-current interest-bearing liabilities to credit institutions | 1,292,453 | 1,111,300 | 1,300,825 | |
| Long-term leasing liabilities | 1,808,663 | 1,341,731 | 1,865,743 | |
| Provisions for pensions | 17,719 | 15,588 | 17,335 | |
| Current interest-bearing liabilities to credti institutions | 448,524 | 514,233 | 316,647 | |
| Short-term lease liabilities | 123,449 | 107,269 | 124,745 | |
| Net interest-bearing liabilities | 3,690,808 | 3,089,431 | 3,625,295 | |
| Other non-current receivables | 49,987 | 81,411 | 50,555 | |
| Non-interest-bearing part of non-current receivables | -804 | -33,549 | -1,572 | |
| Interest-bearing current receivables | 1,265 | 1,915 | 1,265 | |
| Cash and cash equivalents | 29,328 | 98,937 | 24,610 | |
| Interest-bearing receivables | 79,777 | 148,714 | 74,858 | |
| Financial net debt (interest-bearing receivables - net interest-bearing lia bilities) |
3,611,031 2,940,717 | 3,550,437 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| EQUITY/ASSETS RATIO EXCLUDING IFRS 16 | 2022/23 | 2021/22 | 2021/22 | |
| Equity | 3,013,092 | 2,514,515 | 3,416,618 | |
| Total assets | 6,390,884 | 5,744,125 | 6,045,569 | |
| Equity/assets ratio, % excluding IFRS 16 | 47% | 44% | 57% |
| PLEDGED ASSETS, SEK THOUSAND | 30 Nov 2022 30 Nov 2021 31 Aug 2022 | ||
|---|---|---|---|
| Group* | 3,087,562 | 2,136,485 | 2,992,995 |
| Parent Company | 535,106 | 532,286 | 534,722 |
| CONTINGENT LIABILITIES, SEK THOUSAND | |||
| Group | 690,351 | 605,550 | 473,864 |
| Parent Company | 1,706,336 | 1,606,170 | 1,510,353 |
* The year's change in the proportion of pledges is attributable to the period's new acquisitions and increased assets at, above all, the Group's Norwegian destinations.
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.
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 and Radisson Blu Mountain Resort & Residences, Trysil. As of 1 July 2022, the Ski Lodge Skalspasset apartment complex in Vemdalen is also included.
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| 2022/23 2021/22 | 2021/22 | |||
| OPERATION OF MOUNTAIN RESPORTS | ||||
| SkiPass | 4 | 6 | 1,731 | |
| Accommodation | 13 | 14 | 920 | |
| Ski rental | 3 | 1 | 224 | |
| Ski school/Activities | 61 | |||
| Sporting goods outlets | 71 | 47 | 289 | |
| Restaurants | 5 | 73 | ||
| Property services | 16 | 12 | 127 | |
| Other | 25 | 35 | 211 | |
| Total Operation of Mountain Resorts | 132 | 121 | 3,637 |
| AND EXPLOITATION | |||
|---|---|---|---|
| Total Property Development and Exploitation | 6 | 6 | 88 |
| OPERATION OF HOTELS | |||
| Accommodation | 15 | 16 | 262 |
| Property | 2 | 1 | 12 |
| Restaurants | 15 | 10 | 72 |
| Other | 7 | 3 | 21 |
| Total Operation of Hotels | 39 | 30 | 367 |
| Group total | 177 | 157 | 4,092 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| REVENUE PER COUNTRY | 2022/23 2021/22 | 2021/22 | ||
| Sweden | ||||
| - Operation of Mountain Resorts | 90 | 93 | 2,755 | |
| - Property Development and Exploitation | 6 | 5 | 88 | |
| - Operation of Hotels | 13 | 2 | 85 | |
| Norway | ||||
| - Operation of Mountain Resorts | 42 | 25 | 862 | |
| - Property Development and Exploitation | 1 | |||
| - Operation of Hotels | 26 | 28 | 282 | |
| Austria 1) | 4 | 20 | ||
| Group total* | 177 | 157 | 4,092 |
1) There are no Property Development and Expolitation operations or Operation of Hotels in Austria.
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 19 December 2022, 10:00 a.m. CET. Find the dial-in information and link to the webcast on www.skistar.com/en/corporate.
The interim reports and the year-end report will be published as follows;
This Interim Report has not been subject to review by the company's auditor.
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, 19 December 2022
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 19 December 2022, 07.15 a.m. CET.
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/.
| star =ss |
*SNOW PARKS |
|---|---|
| STARSHOP* | EQPE |
| STARSHOP* CONCEPT STORE |
SKISTAR * LIVING |
| TARSHOP.COM* | SKISTAR LODGE |
SkiStar Member is SkiStar's customer club. At the end of the 2022/23 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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