Earnings Release • Oct 4, 2022
Earnings Release
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| SUMMARY, SEK MILLION | 3 MONTHS 1 Jun-31 Aug |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| 2021/22 | 2020/21 | 2021/22 | 2020/21 | ||
| Revenue | 224 | 184 | 4,092 | 2,689 | |
| Operating income | 227 | 239 | 4,118 | 2,759 | |
| Profit/loss before tax | -269 | -5 | 866 | 246 | |
| Profit/loss after tax | -212 | 80 | 665 | 234 | |
| Earnings per share, SEK | -2.70 | 0.87 | 8.50 | 3.04 | |
| Cash flow from operating activities | -56 | 41 | 1,238 | 699 | |
| Operating margin, % | neg | 6 | 21 | 10 | |
| Equity/assets ratio, % | 42 | 40 | 42 | 40 | |
| Equity/assets ratio, % excluding IFRS 16 | 57 | 51 | 57 | 51 |
Further information is available from: Stefan Sjöstrand, CEO tel +46 (0)280 841 60 Anders Örnulf, CFO tel +46 (0)280 841 60
In spring 2020, we adopted an updated strategy with a focus on Scandinavia and mountain tourism all year round. This proved to be a successful decision. As we close the 2021/22 financial year, the transformation has helped us to become a stronger and more prosperous company with good liquidity, a stronger balance sheet, better profitability, more satisfied guests, great employees and a stronger brand than before the pandemic.
Our full-year result is the best in the Company's history. Sales and earnings increased in all business areas and we have reported a profit before tax of SEK 866 million, SEK 619 million better than in the previous year. This gives us a strong cash flow and the conditions to continue building a successful SkiStar in the coming years with more initiatives and investments for the future.
The repositioning as the leading holiday organiser for Scandinavia has gone better and faster than expected, mainly due to strong momentum in business development and digitalisation with faster and more efficient processes. Digital SkiPass purchases currently account for 75 percent of total SkiPass sales. Our digital platforms are the basis of our business model and the main sales channel, with skistar.com as the hub, to which we had 28 million visits during the year.
Our all-year-round focus contributed to both increased revenue in the fourth quarter and also 21 percent new guests, providing future growth potential in winter as well. With our six destinations, including the new Stockholm Hammarbybacken, we broke records during the period – for example, SkiStar Mountain Coaster with over 40,000 rides in just two months, which is unique. It is also home to Sweden's first modern alpine ski arena on artificial turf –SkiStar SummerSki – which opened in early September.
The sale of our hotel properties and certain land assets to the jointly-owned company Skiab Invest AB has proved to be a success, enabling a stronger balance sheet, clear hotel operation within SkiStar and faster exploitation at our destinations.
Unlike the situation for many other players, our sports shop business continues to show strong growth both online at skistarshop.com (+25%) and in our physical stores (+50%).
We remain committed to our sustainability goal of reducing our carbon footprint by 50 percent by 2030, and switched during the year to running our snow groomer machines exclusively on HVO100 (renewable diesel) in Norway too, despite increased fuel prices. As
an important step towards our goal of electrification, we have electric snowmobiles in operation this year and are working on the renewable snow groomer machines of the future. We have taken long-term measures to keep our electricity contracts at reasonable levels through portfolio management, creating security both in terms of costs and for our guests, as we have not been forced to make large price adjustments.
Getting more people moving is an important part of our sustainability work. With the 37-percent increase in the number of skier days and activities during the year, we are on track to achieve the target of 7 million by 2030.
SkiStar is continuing to invest in the future. In 2022/23, we will invest over SEK 600 million in better and more modern mountain resorts, digital development and continued year-round operation. This includes an investment in new snow systems in order to safeguard our core business of alpine skiing in the long term. We are also extremely pleased with our recent investment in a six-chair lift - Stjärnliften in Åre - which will significantly increase the capacity of the skiing area, an important step in the development of our second-largest and highly popular destination Åre. Our recent acquisition of Klyftvallen, an area of 400 hectares, is ideal for both alpine skiing and summer activities in the attractive Skalspasset at Vemdalsskalet. It also provides exploitation opportunities for highly attractive mountain accommodation as well as many other exciting development projects.
We plan to open the 2022/23 winter season as normal and, despite the instability in the outside world, we can report that bookings (expressed as the number of overnight stays booked through SkiStar's accommodation agency) are +7 percent compared with the same period before the 2019/20 winter season, which is the last comparable winter season before the pandemic. We are particularly pleased that our Danish and Swedish guests are back in force in Norway.
The future looks bright, with a continuation of the very strong demand for active holidays in the Scandinavian mountains, where we create memorable mountain experiences for our guests. I look forward with great confidence to a long winter season at all our destinations with a focus on our crucial core product and the Company's DNA alpine skiing.
Stefan Sjöstrand, CEO
Bookings before the 2022/23 winter season are +7 percent compared with the same period " before the pandemic.
The Group's revenue for the fourth quarter amounted to SEK 227 (239) million, a decline of 5 percent from the previous year. The decline is mainly due to government support of approximately SEK 44 million in Austria, which was paid inte fourth quarter of the previous year. Changes in the NOK/SEK exchange rate had a positive effect of SEK 4 million on revenue. The Group's operating profit/loss for the fourth quarter was SEK -265 (19) million. The main reasons for the decline are a capital gain on property transactions in the previous year, the loss reported by hotel operations and increased costs not directly related to the quarter, such as repairs and advertising costs. Changes in the NOK/SEK exchange rate had a negative effect of SEK 5 million on operating profit for the quarter. Profit from investments in associates and joint ventures increased to SEK 25 (16) million. The increase from the same quarter in the previous year is largely due to increased activity in the associate Skiab Invest AB. Net financial items for the quarter improved by SEK 21 million to SEK -3 (-24) million. Changes in the value of interest rate derivatives amounted to SEK 23 (-5) million. Interest expenses amounted to SEK -19 (-19) million, including lease-related interest of SEK 10 (5) million under IFRS 16. Exchange losses amounted to SEK -10 (-7) million. Other finance costs amounted to SEK -10 (-5) million.
The Group's profit/loss after tax amounted to SEK -212 (80) million, a decline of SEK 292 million (364 percent). Revenue (including internal revenue) from Operation of Mountain Resorts amounted to SEK 201 (205) million, with an operating profit/loss of SEK -233 (-184) million. Revenue from Property Development and Exploitation amounted to SEK 14 (14) million, with a profit of SEK 3 (7) 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 -5 (4) 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. From 1 July 2021, SkiStar conducts operations in a third segment: Operation of Hotels. Revenue from Operation of Hotels for the fourth quarter amounted to SEK 38 (30) million, with a profit/loss of SEK -42 (-5) million.
The Group's revenue for the full year amounted to SEK 4,118 (2,759) million, an increase of 49 percent from the previous year. Changes in the NOK/SEK and EUR/SEK exchange rates had a positive effect of SEK 65 million on revenue. The Group's operating profit for the period amounted to SEK 884 (296) million. Changes in the NOK/SEK and EUR/SEK exchange rates for the period had a positive effect of SEK 9 million on operating profit. Profit from investments in associates and joint ventures increased by SEK 27 million to SEK 65 (38) million. The increase is due to expanded operations at Skiab Invest AB, where SkiStar is the main tenant. Net financial items for the period improved by SEK 31 million to SEK -18 (-49) million, including SEK 71 million related to changes in the value of interest rate derivatives, amounting to SEK 58.1 (-15.4) million and interest expenses amounted to SEK 79 (54) million, including lease-related interest of SEK 38 (16) million under IFRS 16. The Group's profit after tax for the period was SEK 665 (234) million, an increase of SEK 431 million (184 percent). Revenue (including internal revenue) from Operation of Mountain Resorts for the period amounted to SEK 3,719 (2,546) million, with a profit of SEK 790 (84) million. Revenue from Property Development and Exploitation for the period amounted to SEK 135 (237) million, with a profit of SEK 92 (32) 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 period amounted to SEK 56 (68) million, including SEK 0 (39) million
through associates. Other Property Development and Exploitation activities are primarily related to rental of accommodation to the Operation of Mountain Resorts segment. From 1 July 2021, SkiStar conducts operations in a third segment: Operation of Hotels. Revenue from Operation of Hotels for the period amounted to SEK 372 (38) million, with a profit/loss of SEK -24 (-28) million.
During the financial year, SkiStar sold all its shares in St. Johann to St. Johanner Bergbahnen Beteiligungs GmbH, instead of to the previously stated buyer, Schultz Gruppe, due to a decision in the approval process on which the transaction had been conditional. SkiStar received a repayment of EUR 15 million for shareholder loans totalling EUR 19.5 million paid to St. Johann and a cash purchase consideration of EUR 2. The transaction had a positive effect of SEK 16 million on SkiStar's operating profit, which was related to the reversal of previous impairment.
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.
| 2021/22 | 2020/21 | 2019/20 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | ||
| Revenue | 224 | 1,536 | 2,178 | 155 | 184 | 1,023 | 1,328 | 154 | 162 | 580 | 1,931 | 121 | |
| Operating profit/loss | -265 | 547 | 936 | -334 | 19 | 126 | 444 | -292 | -127 | 15 | 833 | -326 |
Cash flow from operating activities after changes in working capital during the year amounted to SEK 1,238 (699) million. The improvement was largely due to increased operating profit. Cash flow from investing activities amounted to SEK -800 (-630) million. The change from the previous year is mainly related to a higher rate of investment. Acquisitions of subsidiaries generated a cash flow item of SEK -34 (-119) million. Cash flow from financing activities amounted to SEK -442 (-74) million, with the change mainly due to loan repayments and the year's dividend payment.
The Group's cash and cash equivalents amounted to SEK 25 (27) million on 31 August. Unused credit facilities amounted to SEK 657 (675) million. Interest-bearing liabilities amounted to SEK 3,625 (3,191) million, an increase of SEK 434 million from the previous year. The increase is largely due to a long-term 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 2.35 (2.21) percent. Net financial debt amounted to SEK 3,550 (3,114) million on 31 August, an increase of SEK 436 million from the previous year. Net financial debt excluding IFRS 16 was SEK 1,559 (1,675) million. The equity/assets ratio increased to 42 (40) percent. The equity/assets ratio excluding IFRS 16 was 57 (51) percent.
Tax expense for the period amounted to SEK 201 (12) million and was mainly attributable to current tax.
Investments for the period amounted to SEK 787 (632) million (gross) and SEK 782 (628) 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 429 (536) million. The difference was mainly due to the previous year's depreciation and amortisation being affected by impairment of shares in subsidiaries.
The number of employees was 1,499 (1,196), an increase of 303 from the previous year. The increase is mainly due to expanded areas of activity in the hotel segment and the fact that all destinations have been able to stay open throughout the 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 at 31 August 2022, and they are also the principal owners of Peab, with which SkiStar has a business relationship. Purchases from Peab during the financial year amounted to SEK 84 (269) million. The outstanding liability to Peab was SEK 6 (15) million. Sales to Peab amounted to SEK 2 (461) million and the outstanding receivable was SEK 0 (95) million.
Purchases from associates during the financial year amounted to SEK 221 (57) million and sales to associates amounted to SEK 7 (18) million. Net receivables from associates totalled SEK 21 (24) million, SEK 20 (22) million of which related to loans to associates. In addition to the Group's related-party transactions, the Parent Company has transactions with subsidiaries. Disclosures of related-party transactions and a description of their nature can be found in note 36 of the 2020/21 annual report.
Net sales for the Parent Company totalled SEK 2,875 (2,241) million during the financial year. Net investments amounted to SEK 570 (206) million.
The staycation trend continues in all markets in Scandinavia, which is clearly indicated by demand. Despite instability in the outside world, bookings are + 7 percent compared with the same period before the 2019/20 winter season, 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 somewhat weaker at -10 percent. Bookings compared with the previous year are also affected by a negative calendar effect during the Christmas/New Year period. Given the continuing keen interest in alpine skiing and mountain holidays in Scandinavia all year round, we look forward to the coming seasons with cautious optimism.
As previously communicated, operational investments planned for the current financial year total SEK 622 million, including SEK 174 million for two chair lifts in Åre, where a major initiative to modernise and windproof SkiStar Åre is in progress. The remaining SEK 448 million is being invested in extensive upgrades, new summer activities and modernisation with a particular focus on snow capacity.
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.
• In the previous financial year, SkiStar adopted the goal of achieving 7 million skier days and activities (6.4 million skier days and 600,000 activities) per year by 2030. The outcome for the 2021/22 financial year was over 6 (4.4) million skier days and over 239,000 activities, including 32,000 at the new Stockholm Hammarbybacken.
• To encourage more activity, the SkiStar Olympic Youth Camp was launched in summer 2022 in Sälen. The aim of the camp was to contribute to the well-being and endurance of young athletes, focusing on sustainable sport, mental health and the joy of movement together. Just under 60 young people participated in the activity.
• During the year, SkiStar reorganised operations in Norway so that all snow groomer machines run on the renewable fuel HVO100. This will have a major impact on SkiStar's direct climate emissions. Calculations will be reported in the annual report.
• Water consumption in operations during the year amounted to just over 5 (4.5) million m3, which is an increase of ten percent compared with the previous year. The increase was due to increased production of artificial snow due to less natural snow.
• During the fourth quarter, SkiStar has worked on finalising data before submitting the Company's climate targets for validation by the Science Based Targets initiative (SBTi). The aim is to ensure that SkiStar's efforts to reduce its climate impact are sufficient and in line with what is required to achieve the Paris Agreement goal of limiting global warming.
• Every year, SkiStar collects and donates the money that guests at the Company's Swedish destinations have raised by recycling their PET bottles with the Company. During the 2021/22 winter season, over 671,100 (450,000) PET bottles were recycled, generating over SEK 619,600 (420,000). This year's collection goes to The Keep Sweden Tidy Foundation to support the joint project Keep the Mountain Tidy.
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 57,317 on 31 August 2022, which is an increase of 5,474 (eleven percent) since 31 August 2021. 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 137.40 on 31 August 2022.
The press releases are available in full at www.skistar.com/en/corporate.
The Board proposes that the AGM adopt a dividend that is twice as much as the previous year, i.e. SEK 3.00 (1.50) per share, totalling SEK 235 (118) million. The dividend corresponds to 36 (50) percent of the Group's profit after tax. SkiStar's increased investment rate and the current outside world justify that the proposal deviates from the dividend policy which states that an annual dividend of at least 50 percent of profit after tax shall be paid. The proposed record date is 13 December 2022 and the dividend to Swedish shareholders will be paid on 16 December 2022.
Annual general meeting will be held on 10 December 2022, at 2.00 p.m. CET in Sälen.
The Nomination Committee prior to the 2022 Annual General Meeting has the following composition:
• Lennart Mauritzson, appointed by family Erik Paulsson incl. company. 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 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 2020/21.
According to statistics published by SLAO (Swedish Ski Lift Organisation), SkiPass sales in Sweden increased by 30 percent in the 2021/22 winter season compared with the season before. SkiStar's market share of SkiPass sales was 52 (53) percent in Sweden and 32 (17) percent in Norway. The market share in Scandinavia was 44 (41) percent.
| 3 MONTHS 1 Jun-31 Aug |
FULL YEAR 1 Sep-31 Aug |
||||
|---|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | |
| Operating | Revenue | 224,048 | 183,827 4,092,252 | 2,688,782* | |
| Income | Other income | 2,691 | 55,438 | 25,541 | 70,343 |
| Total operating income | 226,739 | 239,265 | 4,117,794 | 2,759,125 | |
| Operating | Goods for resale | -74,049 | -46,686 | -980,227 | -683,977 |
| Expenses | Other external expenses | -188,105 | -131,761 -1,029,920 | -667,944 | |
| Personnel costs | -128,493 | -102,837 | -854,126 | -653,423 | |
| Cost of sold interests in accommodation/exploita tion asset |
-16,188 | -3,635* | -21,034 | -157,270* | |
| Share in profit/loss of joint ventures/associates | 25,220 | 15,885 | 65,095 | 37,213 | |
| Depreciation/amortisation of tangible and intan gible fixed assets |
-110,373 | -149,280 | -429,390 | -536,074 | |
| Reversal of previous write-down | 15,688 | ||||
| Capital gain on property transaction | 198,104 | 198,104 | |||
| Operating profit/loss | -265,249 | 19,056 | 883,879 | 295,753 | |
| Net financial items | -3,435 | -24,042 | -18,211 | -49,579 | |
| Profit/loss before tax | -268,684 | -4,986 | 865,669 | 246,174 | |
| Tax | 56,752 | 85,192 | -201,116 | -12,542 | |
| Profit/loss for the period | -211,932 | 80,206 | 664,553 | 233,633 |
*) The Group's comparative figures for the fourth quarter of 2020/21 have been adjusted to rectify a previous misclassification. In the fourth quarter of the comparative year, netting of income and expenses amounted to SEK 62 million in the Operation of Mountain Resorts segment, which was reported on a gross basis in the previous year's accounts. This adjustment does not have any impact on the Group's operating profit.
| 3 MONTHS 1 Jun-31 Aug |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 |
| Other Comprehensive Income | ||||
| Items that may be reclassified to profit or loss | ||||
| Change in fair value of cash flow hedges for the period |
216 | 2,662 | 6,757 | |
| Deferred tax on cash flow hedges | -375 | -586 | -1,407 | |
| Exchange differences on translation of foreign ope rations for the period |
26,238 | 287 | 49,098 | 3,351 |
| Other comprehensive income for the period | 26,238 | 128 | 51,174 | 8,701 |
| Total comprehensive income for the period | -185,694 | 80,334 | 715,727 | 242,334 |
| Profit/loss for the period attributable to: | ||||
| Shareholders of the Parent | -211,792 | 67,830 | 666,525 | 238,119 |
| Non-controlling interests | -140 | 12,376 | -1,972 | -4,487 |
| Profit/loss for the period | -211,932 | 80,206 | 664,553 | 233,633 |
| Comprehensive income for the period attributable to: | ||||
| Shareholders of the Parent | -185,780 | 67,938 | 715,811 | 247,284 |
| Non-controlling interests | 86 | 12,396 | -85 | -4,951 |
| Total comprehensive income for the period | -185,694 | 80,334 | 715,727 | 242,334 |
| Earnings per share, SEK | -2.70 | 0.87 | 8.50 | 3.04 |
| Number of shares outstandig at the end of the period | 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 |
| ASSETS, SEK THOUSANDS | 31 Aug 2022 | 31 Aug 2021 | EQUITY AND LIABILITIES, SEK THOUSANDS | 31 Aug 2022 | 31 Aug 2021 | ||
|---|---|---|---|---|---|---|---|
| Non-current assets | Equity | Share capital | 19,594 | 19,594 | |||
| Intangible assets | 197,669 | 178,112 | Other contributed capital | 397,573 | 397,573 | ||
| Property, plant and equipment | 4,239,492 | 3,611,397 | Reserves | -27,995 | -64,399 | ||
| Right of use assets | 1,927,954 | 1,413,661 | Retained earnings, including profit/loss for the period | 2,968,005 | 2,405,537 | ||
| Investments in joint ventures/associates | 854,263 | 762,568 | Equity attributable to shareholders of the Parent | 3,357,177 | 2,758,305 | ||
| Other investments and securities held as non-current assets | 32,173 | 33,784 | Non-controlling interests | 2,128 | 15,720 | ||
| Derivatives | 58,069 | Total equity | 3,359,306 | 2,774,026 | |||
| Other non-current receivables | 50,555 | 72,890 | |||||
| Total non-current assets | 7,360,174 | 6,072,412 | Non-current liabilities | ||||
| Liabilities to credit institutions | 1,300,825 | 1,147,090 | |||||
| Current assets | Provisions for pensions | 17,335 | 14,535 | ||||
| Inventories | 295,904 | 198,674 | Long-term lease liabilities | 1,865,743 | 1,372,010 | ||
| 295,904 | 198,674 | ||||||
| Other provisions | 144 | ||||||
| Trade receivables | 37,830 | 30,576 | Derivatives | 15,416 | |||
| Tax receivables | 76,210 | 72,064 | Deferred tax liabilities | 196,266 | 126,448 | ||
| Other current receivables | 74,365 | 67,953 | Total non-current liabilities | 3,380,169 | 2,675,643 | ||
| Prepaid expenses and accrued income | 104,430 | 97,728 | Current liabilities | ||||
| Assets held for sale | 308,034 | Liabilities to credit institutions | 316,647 | 563,670 | |||
| 292,836 | 576,355 | Trade payables | 223,159 | 154,354 | |||
| Tax liabilities | 132,532 | 63,825 | |||||
| Cash & cash equivalents | 24,610 | 26,556 | Short-term lease liabilities | 124,745 | 93,294 | ||
| Total current assets | 613,350 | 801,586 | Other current liabilities | 267,369 | 280,838 | ||
| TOTAL ASSETS | 7,973,524 | 6,873,998 | Liabilities held for sale | 155,619 | |||
| Accrued expenses and deferred income | 169,597 | 112,729 | |||||
| Total current liabilities | 1,234,049 | 1,424,329 | |||||
| Total liabilities | 4,614,218 | 4,099,972 | |||||
TOTAL EQUITY AND LIABILITIES 7,973,524 6,873,998
| Other contribu | Translation | Hedging | Retained earnings and profit for the |
Non-controlling | Totalt | |||
|---|---|---|---|---|---|---|---|---|
| SEK | Share capital | ted capital | reserves | reserves | year | Total | interests | equity |
| Opening equity, 1 Sep 2020 | 19,594 | 397,573 | -66,217 | -7,348 | 2,167,418 | 2,511,020 | 49,505 | 2,560,525 |
| Profit/loss for the period | 238,119 | 238,119 | -4,487 | 233,633 | ||||
| Other comprehensive income for the period | 3,815 | 5,351 | 9,166 | -464 | 8,702 | |||
| Comprehensive income for the period | 3,815 | 5,351 | 238,119 | 247,285 | -4,951 | 242,335 | ||
| Transactions with non-controlling interests | -28,834 | -28,834 | ||||||
| Closing equity, 31 Aug 2021 | 19,594 | 397,573 | -62,402 | -1,997 | 2,405,537 | 2,758,305 | 15,720 | 2,774,026 |
| 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 | 666,525 | 666,525 | -1,972 | 664,553 | ||||
| Other comprehensive income for the period | 47,210 | 2,076 | 49,286 | 1,888 | 51,174 | |||
| Comprehensive income for the period | 47,210 | 2,076 | 666,525 | 715,811 | -85 | 715,727 | ||
| 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 Aug 2022 | 19,594 | 397,573 | -28,074 | 79 | 2,968,005 | 3,357,177 | 2,128 | 3,359,306 |
| 3 MONTHS 1 Jun-31 Aug |
FULL YEAR 1 Sep-31 Aug |
||||
|---|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | |
| Operating activities | Profit/loss after financial items | -268,684 | -4,986 | 865,669 | 246,174 |
| Adjustment for non-cash items | 62,764 | 14,546 | 247,824 | 335,051 | |
| -205,920 | 9,560 | 1,113,493 | 581,225 | ||
| Tax paid | -17,839 | -736 | -76,418 | -91,745 | |
| Changes in working capital | 167,583 | 31,792 | 200,519 | 209,022 | |
| Cash flow from operating activities | -56,176 | 40,615 | 1,237,594 | 698,502 | |
| Investing activities | Acquisition of property, plant and equipment | -248,145 | -136,453 | -763,192 | -581,817 |
| Acquisition of subsidiaries | -24,817 | -10,978 | -34,260 | -118,618 | |
| Sale of property, plant and equipment | -667 | 4,639 | 4,717 | ||
| Other investing activities | -9,196 | 70,644 | -6,944 | 65,489 | |
| Cash flow from investing activities | -282,825 | -76,787 | -799,757 | -630,229 | |
| Financing activities | Proceeds from borrowings | 344,847 | 102,268 | 856,382 | 557,453 |
| Repayment of borrowings | -97,374 | -27,590 | -1,014,932 | -521,239 | |
| Repayment of lease liabilities | -102,899 | -52,356 | -165,419 | -110,606 | |
| Dividend paid | -117,564 | ||||
| Cash flow from financing activities | 144,574 | 22,322 | -441,533 | -74,392 | |
| Cash flow for the period | -194,428 | -13,850 | -3,697 | -6,120 | |
| Cash & cash equivalents at beginning of year | 224,204 | 67,522 | 26,556 | 59,567 | |
| Exchange differences | -5,166 | -341 | 1,751 | -116 | |
| Cash & cash equivalents reported in assets held for sale | -26,775 | -26,775 | |||
| Cash & cash equivalents at end of period | 24,610 | 26,556 | 24,610 | 26,556 |
| 3 MONTHS 1 Jun-31 Aug |
FULL YEAR 1 Sep-31 Aug |
||||
|---|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | |
| OPERATION OF MOUNTAIN RESORTS | |||||
| External revenue | 177,543 | 197,506* | 3,642,902 | 2,519,942* | |
| Internal revenue | 20,687 | 7,301 | 60,309 | 25,676 | |
| Capital gains | 3,131 | 1 | 15,901 | 325 | |
| Total operating income | 201,361 | 204,806 | 3,719,112 | 2,545,943 | |
| External operating expenses | -342,293 | -414,076* | -2,578,913 | -2,126,734* | |
| Costs from other segments | -26,497 | -8,701 | -103,552 | -60,965 | |
| Capital losses | -12,349 | ||||
| Share in profit/loss of joint ventures/associates | 3,344 | 3,344 | |||
| Profit/loss from investments in joint ventures and | -4,445 | -314 | -7,259 | -4,751 | |
| associates Depreciation |
-61,216 | 31,012 | -227,011 | -272,531 | |
| Operating profit/loss | -233,090 | -183,928 | 790,028 | 84,306 | |
| Intangible assets | 196,716 | 178,113 | 196,716 | 178,112 | |
| Property, plant and equipment | 3,162,290 | 3,179,542 | 3,162,290 | 3,179,542 | |
| Financial assets | 103,760 | 49,262 | 103,760 | 49,263 | |
| Operating loans | 1,125,310 | 1,132,543 | 1,125,310 | 1,132,543 | |
| PROPERTY DEVELOPMENT & EXPLOITATION | |||||
| External revenue | 6,239 | 4,160 | 18,527 | 15,612 | |
| Exploitation revenue | 3,918 | 7,425 | 70,149 | 184,744 | |
| Internal revenue | 6,689 | 2,052 | 46,157 | 36,072 | |
| Capital gains | -2,701 | 272 | 944 | ||
| Total operating income | 14,145 | 13,636 | 135,106 | 237,372 | |
| External operating expenses | -15,942 | -13,339 | -61,749 | -60,887 | |
| Costs from other segments | -691 | 258 | -3,029 | 126 | |
| Costs of sold exploitation assets | -8,988 | -1,746 | -13,835 | -155,380 | |
| Capital losses | -7,445 | -8,825 | -4,224 | ||
| Profit/loss from investments in joint ventures and associates |
29,615 | 12,856 | 71,804 | 38,620 | |
| Depreciation | -7,370 | -4,733 | -27,379 | -24,029 | |
| Operating profit/loss | 3,323 | 6,932 | 92,094 | 31,598 | |
| Property, plant and equipment | 868,724 | 713,698 | 868,724 | 713,698 | |
| Financial assets | 833,247 | 819,979 | 833,247 | 819,979 | |
| Operating loans | 492,162 | 578,217 | 492,162 | 578,217 |
| 3 MONTHS | FULL YEAR | |||
|---|---|---|---|---|
| 1 Jun-31 Aug | 1 Sep-31 Aug | |||
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 |
| OPERATION OF HOTELS | ||||
| External revenue | 38,350 | 30,174 | 368,755 | 37,559 |
| Internal revenue | 1,095 | 2,485 | ||
| Capital gains | 1,208 | |||
| Total revenue | 39,445 | 30,174 | 372,448 | 37,559 |
| External operating expenses | -75,575 | -33,007 | -377,450 | -63,000 |
| Costs from other segments | -1,043 | -909 | -2,370 | -909 |
| Capital losses | -1,208 | |||
| Profit/loss from investments in joint ventures and associates |
||||
| Depreciation | -5,005 | -1,303 | -15,175 | -1,303 |
| Operating profit/loss | -42,177 | -5,045 | -23,756 | -27,653 |
| Intangible assets | 953 | 953 | ||
| Property, plant and equipment | 208,476 | 26,192 | 208,476 | 26,192 |
| Internal revenue | -28,472 | -9,353 | -108,951 | -61,749 |
| Internal costs | 28,231 | 9,353 | 108,951 | 61,749 |
| Consolidated revenue* | 226,480 | 239,263 | 4,117,715 | 2,759,125 |
| Consolidated costs | -498,665 | -421,305 | -3,259,349 | -2,670,873 |
| Consolidated operating profit/loss | -272,185 | -182,041 | 858,366 | 88,251 |
| Consolidated intangible assets | 197,669 | 178,113 | 197,669 | 178,112 |
| Consolidated property, plant and equipment | 4,239,491 | 3,919,431 | 4,239,491 | 3,919,432 |
| Consolidated financial assets | 937,007 | 869,241 | 937,007 | 869,242 |
| Consolidated operating loans | 1,617,472 | 1,710,760 | 1,617,472 | 1,710,760 |
*) The Group's comparative figures for the fourth quarter of 2020/21 have been adjusted to rectify a previous misclassification. In the fourth quarter of the comparative year, netting of income and expenses amounted to SEK 62 million in the Operation of Mountain Resorts segment, which was reported on a gross basis in the previous year's accounts. This adjustment does not have any impact on the Group's operating profit.
In the segment report, all leasing contract are reported as operational leasing.
| SEK THOUSAND | 3 MONTHS 1 Jun-31 Aug |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| 2021/22 | 2020/21 | 2021/22 | 2020/21 | ||
| Operating profit according to segment report | -272,185 | -182,041 | 858,366 | 88,251 | |
| Reversal of leasing cost attibuted to IFRS 16 | 43,423 | 26,913 | 169,099 | 97,275 | |
| Depreciations attributable to IFRS 16 | -36,487 | -23,921 | -140,860 | -87,876 | |
| Reversal of lease depreciation in connection with sale of subsidiaries | -2,726 | ||||
| Capital gain on property transaction | 198,104 | 198,104 | |||
| Operating profit according to consolidated comprehensive income | -265,249 | 19,056 | 883,879 | 295,753 |
| 3 MONTHS 1 Jun-31 Aug |
FULL YEAR 1 Sep-31 Aug |
3 MONTHS 1 Jun-31 Aug |
FULL YEAR 1 Sep-31 Aug |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | |
| Operating income | Revenue | 161,575 | 155,915 | 2,875,348 | 2,240,680 | Other comprehensive income | ||||
| Other operating income | 6,955 | 2,020 | 13,601 | 6,502 | ||||||
| Total operating income | 168,531 | 157,935 | 2,888,949 | 2,247,183 | Items that may be reclassified to profit or loss | |||||
| Operating expenses Goods for resale | -52,361 | -41,127 | -707,820 | -592,437 | Change in fair value of cash flow hedges for the period | 216 | 2,662 | 6,757 | ||
| Other external expenses | -170,439 | -153,257 | -868,957 | -676,334 | Deferred tax on cash flow hedges | -375 | -586 | -1,407 | ||
| Personnel costs | -82,208 | -67,415 | -564,967 | -483,881 | Other comprehensive income for the year | -159 | 2,076 | 5,350 | ||
| Cost of sold interests in accommodation/exploitation | -7,200 | -120 | -7,250 | -30,107 | ||||||
| Depreciation/amortisation of assets | -43,876 | -43,275 | -169,831 | -159,521 | Total comprehensive income for the year | -168,623 | -115,133 | 456,663 | 90,402 | |
| Operating profit/loss | -187,553 | -147,259 | 570,124 | 304,903 | ||||||
| Net financial items | -3,190 | -2,884 | 20,174 | -155,393 | ||||||
| Profit/loss after net financial items | -190,744 | -150,143 | 590,298 | 149,510 | ||||||
| Appropriations | -15,340 | -3,541 | -15,340 | -3,541 | ||||||
| Profit/loss before tax | -206,083 | -153,684 | 574,959 | 145,968 | ||||||
| Tax | 37,461 | 38,710 | -120,372 | -60,917 | ||||||
| Profit/loss for the period | -168,623 | -114,974 | 454,587 | 85,052 |
| ASSETS, SEK THOUSANDS | 31 Aug 2022 31 Aug 2021 | EQUITY AND LIABILITIES, SEK THOUSANDS | 31 Aug 2022 31 Aug 2021 | ||||
|---|---|---|---|---|---|---|---|
| Non-current assets | Intangible assets | 76,087 | 72,782 | Equity | |||
| Property, plant and equipment | 2,159,606 | 1,747,366 | -Restricted equity | Share capital | 19,594 | 19,594 | |
| Statutory reserve | 25,750 | 25,750 | |||||
| Financial assets | Investments in Group companies | 245,473 | 201,417 | Development fund | 5,625 | 4,309 | |
| Investments in joint ventures/associates | 2,770 | 2,812 | 50,969 | 49,653 | |||
| Derivatinstrument | 29,883 | ||||||
| Other investment and securities held as non-current-assets | 17,392 | 19,091 | -Non-restricted equity | Share premium reserve | 4,242 | 4,242 | |
| Other non-current receivables | 26,699 | 13,715 | Retained earnings | 784,414 | 816,167 | ||
| Receivables from Group companies | 192,750 | Profit/loss for the year | 454,587 | 85,052 | |||
| Total non-current assets | 2,750,659 | 2,057,181 | 1,243,243 | 905,460 | |||
| Total equity | 1,294,212 | 955,113 | |||||
| Current assets | |||||||
| -Inventories | Goods for resale | 138,696 | 95,553 | Non-current liabilities | |||
| 138,696 | 95,553 | -Non-current interest-bearing lia bilities |
Liabilities to credit institutions | 480,485 | 437,735 | ||
| -Current receivables | Trade receivables | 12,973 | 7,589 | -Provisions | Provisions for pensions | 17,335 | 14,535 |
| Receivables from Group companies | 466,959 | 638,659 | -Non-current non-interest-bearing liabilities |
Derivative liabilities | 10,494 | ||
| Tax receivables | 61,599 | 60,099 | Deferred tax liabilities | 159,863 | 148,798 | ||
| Other current receivables | 34,408 | 25,832 | Total non-current liabilities | 657,683 | 611,562 | ||
| Prepaid expenses and accrued income | 91,155 | 67,382 | |||||
| 667,095 | 799,561 | -Current liabilities | Liabilities to credit institutions | 124,818 | 145,491 | ||
| Liabilities to Group companies | 957,434 | 836,198 | |||||
| -Cash and cash equivalents | Cash and bank balances | 785 | 786 | Trade payables | 148,008 | 94,705 | |
| Total current assets | 806,576 | 895,899 | Other current liabilities | 269,755 | 237,133 | ||
| TOTAL ASSETS | 3,557,235 | 2,953,081 | Accrued expenses and deferred income | 105,325 | 72,879 | ||
| Total current liabilities | 1,605,340 | 1,386,407 | |||||
| Total liabilities | 2,263,023 | 1,997,968 |
Intra-group receivables and liabilities are largely attributable to the overdraft facility.
TOTAL EQUITY AND LIABILITIES 3,557,235 2,953,081
| FULL YEAR 1 Sep-31 Aug |
|||||
|---|---|---|---|---|---|
| KEY PERFORMANCE INDICATORS | 2021/22 | 2020/21 | 2019/20 | 2018/19 | 2017/18 |
| Revenue*, SEK thousand | 4,092,252 2,688,782** | 2,794,166 | 2,675,902 | 2,535,705 | |
| Operating income*, SEK thousand | 4,117,794 | 2,759,125** | 2,838,961 | 2,688,061 2,548,204 | |
| Profit/loss before tax, SEK thousand | 865,668 | 246,174 | 350,059 | 553,242 | 586,629 |
| Profit/loss after tax, SEK thousand | 664,552 | 233,632 | 286,714 | 460,400 | 486,368 |
| Cash flow from operating activities, SEK thousand | 1,237,594 | 698,502 | 734,646 | 722,351 | 679,160 |
| Total cash flow, SEK thousand | -3,697 | -6,120 | -11,615 | -1,678 | -39,014 |
| Return on: | |||||
| -capital employed, % | 14 | 6 | 9 | 15 | 17 |
| -equity, % | 22 | 9 | 11 | 18 | 22 |
| -total assets, % | 12 | 5 | 8 | 13 | 14 |
| Gross margin, % | 32 | 19 | 27 | 33 | 34 |
| Operating margin, % | 21 | 11 | 14 | 22 | 24 |
| Net margin, % | 21 | 9 | 12 | 21 | 23 |
| Equity/assets ratio, % | 42 | 40 | 43 | 51 | 50 |
*) 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. (for more information, see Annual Report regarding the financial year 2020/21 under the heading "Changed Accounting Principles" in the notes to the financial statements on page 66).
**) The Group's comparative figures for the fourth quarter of 2020/21 have been adjusted to rectify a previous misclassification. In the fourth quarter of the comparative year, netting of income and expenses amounted to SEK 62 million in the Operation of Mountain Resorts segment, which was reported on a gross basis in the previous year's accounts. This adjustment does not have any impact on the Group's operating profit.
| 2021/22 | 2020/21 | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |
| Revenue*, SEK thousand | 224,048 | 1,535,645 | 2,177,645 | 154,914 | 183,826** | 1,023,345 | 1,327,861 | 153,749 |
| Operating income*, SEK thousand | 226,739 | 1,537,977 | 2,195,371 | 157,707 239,264** | 1,024,255 | 1,339,531 | 156,074 | |
| Profit/loss before tax, SEK thousand | -268,684 | 561,312 | 919,883 | -346,842 | -4,986 | 112,154 | 445,970 | -306,965 |
| Profit/loss after tax, SEK thousand | -211,932 | 438,942 | 752,419 | -314,876 | 80,206 | 39,153 | 365,183 | -250,911 |
| Cash flow from operating activities, SEK thou sand |
-56,176 | -288,947 | 1,236,797 | 349,273 | 40,615 | -93,241 | 660,156 | 90,971 |
| Total cash flow, SEK thousand | -194,428 | -588,097 | 706,771 | 72,057 | -13,851 | -386,437 | 422,457 | -28,289 |
| Gross margin, % | neg | 43 | 47 | neg | 42 | 22 | 40 | neg |
| Operating margin, % | neg | 36 | 43 | neg | 6 | 12 | 33 | neg |
| Net margin, % | neg | 36 | 42 | neg | neg | 11 | 33 | neg |
| Full Year | |||||
|---|---|---|---|---|---|
| DATA PER SHARE 1) | 2022 | 2021 | 2020 | 2019 | 2018 |
| Share price, SEK | 137.40 | 182.00 | 104.00 | 116.00 | 101.00 |
| Average number of shares | 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056 | ||||
| Earnings, SEK | 8.50 | 3.04 | 3.71 | 5.95 | 6.25 |
| Cash flow from operating activities, SEK | 15.79 | 8.91 | 9.37 | 9.22 | 8.67 |
| Share price/cash flow, times | 8.7 | 20.4 | 11.1 | 12.6 | 11.7 |
| Equity, SEK | 43 | 35 | 33 | 33 | 31 |
| Price/equity, % | 321 | 514 | 315 | 349 | 327 |
| 2021/22 | 2020/21 | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |
| 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 | -2.70 | 5.60 | 5.61 | -3.97 | 0.87 | 0.60 | 4.70 | -3.12 |
| Cash flow from operating activities, SEK | -0.72 | -3.73 | 15.78 | 4.46 | 0.52 | -1.19 | 8.42 | 1.16 |
| Equity, SEK | 43 | 45 | 40 | 31 | 35 | 34 | 34 | 29 |
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 | 2021/22 | 2020/21 | 2019/20 | 2018/19 | 2017/18 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| RETURN ON CAPITAL EMPLOYED | Q 4 | Q 4 | Q 4 | Q 4 | Q 4 | |||||
| Profit after financial items | 865,668 | 246,174 | 350,059 | 553,242 | 586,629 | |||||
| Finance income | 27,177 | 32,562 | 46,656 | 49,029 | 55,283 | |||||
| Finance costs | -45,387 | -82,142 | -90,960 | -99,571 | -79,548 | |||||
| Net financial items | -18,211 | -49,579 | -44,304 | -50,542 | -24,265 | |||||
| Profit after financial items, plus finance costs | 911,055 | 328,315 | 441,021 | 652,812 | 666,177 | |||||
| 2021/22 | 2020/21 | 2019/20 | 2018/19 | 2017/18 | ||||||
| CAPITAL EMPLOYED | Q 4 | Aug 2021 | Q 4 Aug 2020 | Q 4 | Aug 2019 | Q 4 Aug 2018 | Q 4 | Aug 2017 | ||
| Assets | 7,973,524 | 6,873,998 | 6,873,998 | 6,053,251 | 6,053,251 | 5,065,776 | 5,065,776 | 4,870,568 | 4,870,568 | 4,507,860 |
| Non-current non-interest-bearing liabilities | 196,266 | 142,008 | 142,008 | 225,206 | 225,206 | 226,546 | 226,546 | 221,113 | 221,113 | 190,107 |
| Current non-interest-bearing liabilities | 792,657 | 767,365 | 767,365 | 562,156 | 562,156 | 478,637 | 478,637 | 537,253 | 537,253 | 455,254 |
| Total non-interest-bearing liabilities | 988,924 | 909,373 | 909,373 | 787,361 | 787,361 | 705,182 | 705,182 | 758,366 | 758,366 | 645,361 |
| Capital employed | 6,984,601 | 5,964,625 5,964,625 | 5,265,889 | 5,265,889 | 4,360,594 4,360,594 | 4,112,202 | 4,112,202 | 3,862,499 | ||
| Average capital employed | 6,474,613 | 5,615,257 | 4,813,242 | 4,236,398 | 3,987,350 | |||||
| Return on capital employed | 14% | 6% | 9% | 15% | 17% | |||||
| RETURN ON EQUITY | ||||||||||
| Equity | 3,359,306 | 2,774,026 | 2,774,026 | 2,590,524 | 2,590,524 | 2,602,064 2,602,064 | 2,421,089 | 2,421,089 | 2,090,251 | |
| Average equity | 3,066,666 | 2,682,275 | 2,596,294 | 2,511,576 | 2,255,670 | |||||
| Profit after tax | 664,552 | 233,632 | 286,715 | 460,400 | 486,368 | |||||
| Return on equity | 22% | 9% | 11% | 18% | 22% | |||||
| RETURN ON TOTAL ASSETS | ||||||||||
| Total assets | 7,973,524 | 6,873,998 | 6,873,998 | 6,053,251 | 6,053,251 | 5,065,776 | 5,065,776 | 4,870,568 | 4,870,568 | 4,507,860 |
| Average total assets | 7,423,761 | 6,463,624 | 5,559,513 | 4,968,172 | 4,689,214 | |||||
| Return on total assets | 12% | 5% | 8% | 13% | 14% |
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 | FULL YEAR 1 Sep-31 Aug |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| FINANCING AND INTEREST-BEARING LIABILITIES | 2021/22 | 2020/21 | EQUITY/ASSETS RATIO EXCLUDING IFRS 16 | 2021/22 | 2020/21 |
| Non-current interest-bearing liabilities to credit institutions | 1,300,825 | 1,164,694 | Equity | 3,416,618 | 2,784,037 |
| Long-term leasing liabilities | 1,865,743 | 1,354,406 | Total assets | 6,045,569 5,460,336 | |
| Provisions for pensions | 17,335 | 14,535 | Equity/assets ratio, % excluding IFRS 16 | 57 | 51 |
| Current interest-bearing liabilities to credti institutions | 316,647 | 572,101 | |||
| Short-term lease liabilities | 124,745 | 84,863 | |||
| Net interest-bearing liabilities | 3,625,295 | 3,190,599 | |||
| Other non-current receivables | 50,555 | 72,890 | |||
| Non-interest-bearing part of non-current receivables | -1,572 | -35,519 | |||
| Interest-bearing current receivables | 1,265 | 12,441 | |||
| Cash and cash equivalents | 24,610 | 26,556 | |||
| Interest-bearing receivables | 74,858 | 76,368 | |||
| Financial net debt (interest-bearing receivables - net interest-bearing lia bilities) |
3,550,437 | 3,114,231 |
| PLEDGED ASSETS, SEK THOUSAND | 31 Aug 2022 | 31 Aug 2021 |
|---|---|---|
| Group* | 2,992,995 | 2,046,810 |
| Parent Company | 534,722 | 531,923 |
| CONTINGENT LIABILITIES, SEK THOUSAND | ||
| Group | 473,864 | 473,963 |
| Parent Company | 1,510,353 | 1,514,269 |
* This year's change in the amounts of the pledges is mainly due to the real estate transaction that was realized during the previous financial year in the associated company Skiab Invest AB. As part of the transaction, the subsidiary Fjällinvest AB has pledged its shares in Skiab Invest AB as security for Skiab Invest AB's external financing.
This Year-End Report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts Act. The Parent Company's accounts were prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's RFR 2 Accounting for Legal Entities. The accounting policies and methods of calculation applied for the Group and Parent Company are the same as those applied in preparing the most recent annual accounts and consolidated financial statements.
Preparation of financial statements in compliance with IFRS requires Company management to make accounting estimates and judgements, as well as to make assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expense. The actual outcome may differ from these estimates and assumptions. Certain statements contained in this report are 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 2021 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.
| 3 MONTHS 1 Jun-31 Aug |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| 2021/22 2020/21 2021/22 2020/21 | ||||
| OPERATION OF MOUNTAIN RESPORTS | ||||
| SkiPass | 19 | 32 | 1,731 | 1,143 |
| Accommodation | 39 | 38 | 920 | 640 |
| Ski rental | 11 | 7 | 224 | 127 |
| Ski school/Activities | 61 | 41 | ||
| Sporting goods outlets | 33 | 21 | 289 | 207 |
| Restaurants | 10 | 7 | 73 | 7 |
| Property services | 15 | 12 | 127 | 113 |
| Other | 49 | 30* | 211 | 178* |
| Total Operation of Mountain Resorts | 176 | 145 | 3,637 | 2,445 |
| AND EXPLOITATION | |
|---|---|
| ------------------ | -- |
| Total Property Development and Exploitation | 10 | 9 | 88 | 197 |
|---|---|---|---|---|
| OPERATION OF HOTELS | ||||
| Accommodation | 20 | 19 | 262 | 26 |
| Property | 3 | 1 | 12 | 1 |
| Restaurants | 12 | 8 | 72 | 8 |
| Other | 4 | 2 | 21 | 2 |
| Total Operation of Hotels | 39 | 30 | 367 | 37 |
| Group total | 224 | 184 | 4,092 | 2,689 |
| 3 MONTHS 1 Jun-31 Aug |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| REVENUE PER COUNTRY | 2021/22 2020/21 2021/22 2020/21 | |||
| Sweden | ||||
| - Operation of Mountain Resorts | 138 | 121 | 2,755 | 2,164 |
| - Property Development and Exploitation | 10 | 8 | 88 | 98 |
| - Operation of Hotels | 9 | 3 | 85 | 3 |
| Norway | ||||
| - Operation of Mountain Resorts | 39 | 15* | 862 | 271* |
| - Property Development and Exploitation | 1 | 99 | ||
| - Operation of Hotels | 29 | 27 | 282 | 34 |
| Austria 1) | 9 | 20 | 20 | |
| Group total* | 224 | 184 | 4,092 | 2,689 |
*) The Group's comparative figures for the fourth quarter of 2020/21 have been adjusted to rectify a previous misclassification. In the fourth quarter of the comparative year, netting of income and expenses amounted to SEK 62 million in the Operation of Mountain Resorts segment, which was reported on a gross basis in the previous year's accounts. This adjustment does not have any impact on the Group's operating profit.
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).
Stefan Sjöstrand CEO
Gunilla Rudebjer Board member
Anders Svensson Board member
SkiStar will present this report via webcast on 4 October 2022, 10:00 a.m. CET. Find the dial-in information and link to the webcast on www.skistar.com/en/corporate.
Financial information
The Annual and Sustainability Report, 1 September 2021-31 Augusti 2022, will be published week 46.
The interim reports and the year-end report will be published as follows;
This Year-End Report has not been subject to review by the company's auditor.
The Board of Directors and the CEO assure that this Year-End 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, 4 October 2022
Anders Sundström Chairman
Lena Apler Board member
Fredrik Paulsson Board member
Vegard Søraunet Board member
Sara Karlsson Board member
Patrik Svärd Employee representative
This information is information that SkiStar AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 4 October 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/.
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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