Interim / Quarterly Report • Dec 20, 2021
Interim / Quarterly Report
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SKISTAR INTERIM REPORT SEPTEMBER 2021-NOVEMBER 2021
| SUMMARY, SEK MILLION | 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|---|
| 2021/22 | 2020/21 | 2020/21 | ||
| Revenue* | 155 | 154 | 2,751 | |
| Operating income* | 158 | 156 | 2,821 | |
| Profit/loss before tax | -347 | -307 | 246 | |
| Profit/loss after tax | -315 | -251 | 234 | |
| Earnings per share, SEK | -3.97 | -3.12 | 3.04 | |
| Cash flow from operating activities | 349 | 91 | 699 | |
| Operating margin, % | neg | neg | 10 | |
| Equity/assets ratio, % | 34 | 38 | 40 | |
| Equity/assets ratio, % excluding IFRS 16 | 44 | 43 | 51 |
*) 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 (see also under the heading 'Accounting principles' in the notes to the financial statements on page 18).
Further information is available from: Stefan Sjöstrand, CEO tel +46 (0)280 841 60 Anders Örnulf, CFO tel +46 (0)280 841 60
SkiStar opens the winter season with record-high bookings - Billion investments in the mountain resorts of the future
The coronavirus pandemic remains a fact of life in the first quarter of the 2021/22 financial year. Our experience from previous summer and winter seasons has given us solid knowledge, meaning we have both the leadership and organisation to carry out another winter season with great confidence, despite the impact of Covid-19. Our customer surveys show that guests have felt safe and secure with us and that over 90 percent of them have been satisfied with their stay. Several precautionary measures, such as digital check-in and check-out, digital SkiPass purchases and adapted queue lanes for the larger lifts are also retained this year as improvements for our guests, which we know they appreciate. We also continue to follow the advice and recommendations of the authorities and are ready to introduce measures, new and old, if necessary.
The pandemic has heightened people's interest in being active outdoors, which is also positive for public health, making SkiStar's offering even more attractive. Demand for an active holiday with alpine skiing in Scandinavia is stronger than ever: we can show record-breaking bookings for the winter season – an increase of 13 percent, compared with the same period for winter 2018/19, i.e., before the pandemic. We also see a clear trend towards people booking early and preferring a complete package including accommodation, SkiPass, ski rental and ski school.
The cold has taken hold in the Scandinavian mountains in the latter part of the quarter, which has been particularly favourable in terms of our ability to produce snow and create optimal conditions for good alpine skiing. It is therefore very pleasing that we had all Norwegian and Swedish destinations open and operating by 3 December.
The cold weather has also driven sports shop sales, where we showed strong growth in the first quarter, +27 percent compared with the previous year. This is mainly driven by online sales, which showed an increase of 34 percent. We are also proud to strengthen our physical distribution of sporting goods through the acquisition of Sport Lodgen, Trysil's most attractive sporting goods outlets with products for both winter and summer activities. This reinforces SkiStar's presence at the destination while enabling us to offer guests a better selection.
During the first quarter of the financial year 2021/22, we recorded an operating profit of SEK -334 million, which is SEK 41 million lower than last year. This is mainly attributable to our new hotel and lodge business, which has a strong seasonal variation in revenue, but is also due to lower capital gains on our exploitation activities, which is a consequence of the time of year when projects are realised. Another contributing factor are the higher costs incurred as a result of the early snow production.
During the quarter, we also put our operational organisation in place for our third segment, Operation of Hotels, and were recently able to open our new state-of-the-art SkiStar Lodge Hundfjället with a ski-in-ski-out option that is second to none, world-class restaurants conceptualised by restaurateur and entrepreneur Pontus Frithiof and a host of activities and amenities for the whole family.
To secure the mountain resorts of the future and strengthen the position as the leading tour operator for Scandinavia all year round, we increase our investment rate and intend to make billion investments in line with our strategy. Firstly by investing in two new ski lifts in Åre and we are also continuing to invest in more experiences for our guests all year round; at the same time as we today open Hammarbybacken in Stockholm for the winter season, we announce that the City of Stockholm is extending our agreement and that we will make large future investments in activities for the snow-free season there as well. Thus, we can contribute to get more Stockholmers moving all year round and also further develop the strategic position we have in the capital with all the opportunities that Hammarbybacken provides.
Although the pandemic is still with us, we are facing the winter with valuable experience and strong drive, enabling us to once again create safe, secure and memorable mountain experiences for all our guests.
Stefan Sjöstrand CEO
Demand for an active holiday with alpine skiing in Scandinavia is stronger than ever: we can show record-breaking bookings for the winter season – an increase of 13 percent compared with the year before the pandemic. "
The Group's revenue for the first quarter amounted to SEK 158 (156) million, an increase of one percent compared with the previous year. Changes in the NOK/SEK and EUR/SEK exchange rates had an effect of SEK 1 million on revenue. The Group's operating profit for the first quarter was SEK -334 (-293) million. The fall in operating profit is attributable to the newly launched hotel operations which, just like other operations within the Group, have a strong seasonal variation in revenue.
Changes in the NOK/SEK and EUR/SEK exchange rates had a negative effect of SEK 3 million on operating profit for the quarter. Profit/loss from investments in associates and joint ventures increased to SEK -1 (-12) million. The increase compared with the previous year's quarter is partly due to increased activity in Skiab Invest AB and the acquisition of the former associated company Ski Invest AB, which was completed in the previous financial year. Net financial items improved by SEK 1 million during the quarter to SEK -13 million (-14). The change in the value of interest rate derivatives amounted to SEK 11 million (-2). Interest expenses amounted to SEK -13 million (-8); this increase can be attributed to the interest rate on lease liabilities relating to the hotel segment. The remaining SEK -11 million (-4) refers to other finance costs. The Group's profit after tax amounted to SEK -315 (-251) million, a decline of SEK 64 million, or 25 percent.
Revenue from Operation of Mountain Resorts amounted to SEK 120 (99) million, with a loss of SEK -299 (-284) million. Revenue from Property Development & Exploitation amounted to SEK 6 (55) million, with a loss of SEK -8 (-11) 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 2 (12) million. Other activities in Property Development & Exploitation are primarily related to rental of accommodation to the Operation of Mountain Resorts segment and shares from associated companies that rent out accommodation.
With effect from 1 July 2021, SkiStar conducts operations in a third segment, Operation of Hotels. Revenue from Operation of Hotels for the first quarter amounted to SEK 30 million, with a loss of SEK -32 million.
On 5 May 2021, SkiStar entered into an agreement to sell its 68-percent share in the Austrian ski resort of St. Johanner Bergbahnen GmbH ("St. Johann"). As part of this transaction, SkiStar will receive a EUR 15 million repayment of shareholder loans totalling EUR 19.5 million paid to St. Johann and a cash purchase consideration of EUR 2. Assets (value SEK 345 million at the end of Q1) and liabilities (value SEK 160 million) included in the transaction are reported as assets and liabilities held for sale. The transaction is subject to regulatory approval in Austria and is conditional on approval from the Board, auditor and other shareholders of St. Johann in accordance with Austrian regulations. The conditions of the transaction were expected to be fulfilled before the end of SkiStar's financial year on 31 August. Not every approval had been received by the stated date, nor by the end of the first quarter 2021/22. However, SkiStar and the buyer Schultz Gruppe are still working to complete the transaction as soon as possible once the approvals are obtained.
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 | 2018/19 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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* | 155 | 246 | 1,023 | 1,328 | 154 | 162 | 580 | 1,931 | 121 | 109 | 939 | 1,431 |
| Operating profit/loss | -334 | 19 | 126 | 444 | -292 | -127 | 15 | 833 | -326 | -222 | 319 | 716 |
*) Changed accounting principles, see page 18.
Cash flow from operating activities after changes in working capital was SEK 349 (91) million for the period. The improvement is mainly linked to an increased volume of advance bookings due to an improved booking situation compared with the same period in the previous year. Cash flow from investing activities amounted to SEK -147 (-120) million. Acquisitions of subsidiaries have generated a cash flow item of SEK -10 million. Cash flow from financing activities amounted to SEK -130 (1) million. The change was due to repayments and new loans.
The Group's cash and cash equivalents amounted to SEK 99 (31) million at the end of the period. In addition, SEK 20 million of cash and cash equivalents have been reclassified as assets held for sale. Unused credit facilities amounted to SEK 770 (660) million. Interest-bearing liabilities amounted to SEK 3,089 (2,661) million, an increase of SEK 428 million from the previous year. This increase is attributable to a long-term lease liability connected to the signing of a long-term leasing agreement with the owner of the hotel properties; Skiab Invest AB. The average interest rate during the period was 2.58 (2.21) percent. Net financial liabilities amounted to SEK 2,941 (2,540) million at the end of November, which is an increase of SEK 401 million from the previous year (financial net debt excluding IFRS 16 amounted to SEK 1,511 million (1847)). The equity/ assets ratio fell to 34 (38) percent. The equity/assets ratio excluding IFRS 16 was 44 (43) percent.
Tax income for the period amounted to SEK 32 (56) million and was largely attributable to utilisation of tax values in the quarter's loss carryforwards.
Investments for the period amounted to SEK 148 (130) million (gross) and SEK 147 (120) million (net). The difference between gross and net is the divestment of financial assets and property, plant and equipment. Depreciation and amortisation in the same period amounted to SEK 100 (90) million.
The average number of employees was 884 (689), an increase of 195 from the previous year. The increase is mainly due to the addition of the hotel operations and pandemic-related effects in the previous year, but also earlier opening and snow production for the 2021/22 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 2021, and they are also the principal owners of Peab with which SkiStar has a business relationship. Purchases from Peab during the first quarter amounted to SEK 25 (86) million. The outstanding liability to Peab was SEK 12 (37) million. Sales to Peab amounted SEK 1 (0) million and the outstanding receivable was SEK 0 (0) million.
Purchases from associates during the first quarter amounted to SEK 25 (8) million and sales to associates amounted to SEK 1 (2) million. Net receivables from associates totalled SEK 17 (176) million, SEK 21 (180) million of which related to loans to associates. The Parent Company has transactions with subsidiaries in addition to the Group's related-party transactions. Disclosures of related-party transactions and a description of the nature of these transactions can be found in note 36 of the 2020/21 Annual and Sustainability Report.
Net sales for the Parent Company totalled SEK 113 (86) million during the financial year. Net investments amounted to SEK 328 (52) million.
Demand ahead of the 2021/22 winter season remains strong. Overall bookings through SkiStar's accommodation agency were up +13 percent compared with the same period in 2018/19, that is, before the pandemic hit. While domestic demand for an active holiday in the mountains is strong, we are also seeing increased demand from international guests. Other business areas, such as SkiStar Business (group and conference activities), are also experiencing increased demand for the coming winter.
The increasing spread once again of Covid-19 is being managed through scenario planning, whereby various possible outcomes are avoided by various types of measures.
As previously announced, a decision has been made to carry out operational investments of about SEK 160 million, mainly in replacements, modernisation and snow production capacity. Some of the investments are also connected with SkiStar Sport & Adventures for summer 2022.
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.
• SkiStar's aim is to help more people discover the joy of an active life. This is why we offer free SkiPasses for children and young people up to the age of 15 in all municipalities where SkiStar operates. As of 30 November 2021, a total of 265 (261) free SkiPasses had been distributed. In line with previous years, a higher uptake of SkiPasses is expected in the next quarter; 2,694 SkiPasses were handed out to children and young people last year.
• SkiStar is subject to several ESG ratings, which are aimed at providing investors and other stakeholders with comparable evaluations. This year, SkiStar made its first-ever disclosures to CDP* and was ranked by the organisation and awarded a rating that placed it on CDP's B list.
• A number of climate-adaption measures were implemented during the quarter. Here are some examples:
o 150 new charging stations for electric cars have been developed at our destinations.
o At SkiStar's Norwegian destinations, the use of renewable diesel (HVO) has been introduced, as previously implemented in Sweden. The change in Norway will result in a 45-percent reduction in SkiStar's own climate emissions from operations.
• On 1 September 2021, SkiStar's Group Management was expanded with the addition of an HR Director. The gender distribution in Group Management is now 38 (28) percent women and 62 (72) percent men.
*) The result was announced on 7 December 2021.
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 55,567 on 30 November 2021, which is an increase of 3,724 (7 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 164 on 30 November 2021.
At SkiStar's annual general meeting, held in Sälen on 11 December 2021, 194 shareholders participated in person, by proxy or by postal voting, representing 72 percent of the votes in the Company. The following decisions were made at the AGM.
Lena Apler, Sara Karlsson, Fredrik Paulsson, Gunilla Rudebjer and Anders Sundström were re-elected to the board and Anders Svensson and Vegard Søraunet were elected new members of the board.
Anders Sundström was elected chairman of the board.
The following decisions were made at the inaugural board meeting.
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.
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2020/21 | |
| Operating | Revenue* | 154,914 | 153,749 | 2,750,514 |
| Income | Other income | 2,793 | 2,325 | 70,343 |
| Total operating income* | 157,707 | 156,074 | 2,820,857 | |
| Operating | Goods for resale* | -59,579 | -40,149 | -683,977 |
| Expenses | Other external expenses | -203,088 | -152,871 | -667,944 |
| Personnel costs | -137,385 | -114,363 | -653,423 | |
| Cost of sold interests in accommodation/exploitation asset | -1,157 | -40,330 | -219,002 | |
| Share in profit/loss of joint ventures/associates | -737 | -11,668 | 37,212 | |
| Depreciation/amortisation of tangible and intangible fixed assets** |
-89,428 | -89,817 | -536,074 | |
| Capital gain on property transaction | 198,104 | |||
| Operating profit/loss | -333,666 | -293,123 | 295,754 | |
| Net financial items | -13,175 | -13,842 | -49,579 | |
| Profit/loss before tax | -346,841 | -306,965 | 246,175 | |
| Tax | 31,966 | 56,054 | -12,542 | |
| Profit/loss for the period | -314,875 | -250,911 | 233,633 |
*) 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 (see also under the heading 'Accounting principles in the notes to the financial statements on page 18).
**) Depreciation / write-downs of tangible and intangible fixed assets in the first quarter includes a positive effect of SEK 10 million regarding reversal of part of the previous write-down of the holding in the subsidiary St. Johanner Bergbahnen GmbH. The write-down for the financial year 2020/21 amounted to SEK 150 million.
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 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 | 1,685 | 1,685 | 6,757 |
| Deferred tax on cash flow hedges | -371 | -371 | -1,407 |
| Exchange differences on translation of foreign operations for the period |
4,827 | -14,528 | 3,351 |
| Other comprehensive income for the period | 6,141 | -13,214 | 8,701 |
| Total comprehensive income for the period | -308,734 | -264,125 | 242,334 |
| Profit/loss for the period attributable to: | |||
| Shareholders of the Parent | -310,999 | -244,695 | 238,119 |
| Non-controlling interests | -3,877 | -6,216 | -4,487 |
| Profit/loss for the period | -314,875 | -250,911 | 233,633 |
| Comprehensive income for the period attributable to: | |||
| Shareholders of the Parent | -305,128 | -257,429 | 247,284 |
| Non-controlling interests | -3,606 | -6,696 | -4,951 |
| Total comprehensive income for the period | -308,734 | -264,125 | 242,334 |
| Earnings per share, SEK | -3.97 | -3.12 | 3.04 |
| 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 2021 | 30 Nov 2020 | 31 Aug 2021 | EQUITY AND LIABILITIES, SEK THOUSANDS | 30 Nov 2021 | 30 Nov 2020 | 31 Aug 2021 | ||
|---|---|---|---|---|---|---|---|---|---|
| Non-current assets | Equity | Share capital | 19,594 | 19,594 | 19,594 | ||||
| Intangible assets | 183,429 | 179,473 | 178,112 | Other contributed capital | 397,573 | 397,573 | 397,573 | ||
| Property, plant and equipment | 3,679,249 | 3,921,590 | 3,611,397 | Reserves | -58,529 | -86,299 | -64,399 | ||
| Right of use assets | 1,394,127 | 684,420 | 1,413,661 | Retained earnings, including profit/loss for the wperiod |
2,094,538 | 1,922,723 | 2,405,537 | ||
| Investments in joint ventures/associates | 761,967 | 380,488 | 762,568 | Equity attributable to shareholders of the Parent | 2,453,177 | 2,253,591 | 2,758,305 | ||
| Other investments and securities held as non-current assets |
33,818 | 35,009 | 33,784 | Non-controlling interests | 12,114 | 42,809 | 15,720 | ||
| Other non-current receivables | 81,411 | 212,993 | 72,890 | Total equity | 2,465,291 | 2,296,400 | 2,774,025 | ||
| Total non-current assets | 6,134,001 | 5,413,972 | 6,072,412 | ||||||
| Non-current liabilities | |||||||||
| Current assets | Liabilities to credit institutions | 1,111,300 | 1,502,350 | 1,147,090 | |||||
| Inventories | 269,197 | 281,462 | 198,674 | Provisions for pensions | 14,899 | 15,588 | 14,535 | ||
| 269,197 | 281,462 | 198,674 | Long-term lease liabilities | 1,341,731 | 618,569 | 1,372,010 | |||
| Trade receivables | 59,480 | 43,926 | 30,576 | Other provisions | - | 9,231 | 144 | ||
| Tax receivables | 90,007 | 77,842 | 72,064 | Derivatives | 2,360 | 28,601 | 15,416 | ||
| Other current receivables | 43,485 | 72,821 | 67,953 | Deferred tax liabilities | 95,118 | 127,048 | 126,448 | ||
| Prepaid expenses and accrued income | 98,510 | 102,310 | 97,728 | Total non-current liabilities | 2,565,408 | 2,301,386 | 2,675,643 | ||
| Assets held for sale | 344,635 | 308,034 | Current liabilities | ||||||
| 636,118 | 296,899 | 576,355 | Liabilities to credit institutions | 514,233 | 450,102 | 563,670 | |||
| Trade payables | 250,476 | 201,385 | 154,354 | ||||||
| Cash & cash equivalents | 98,937 | 31,102 | 26,556 | Tax liabilities | 64,138 | 68,197 | 63,825 | ||
| Total current assets | 1,004,252 | 609,463 | 801,585 | Short-term lease liabilities | 107,269 | 73,901 | 93,294 | ||
| TOTAL ASSETS | 7,138,252 | 6,023,436 | 6,873,997 | Other current liabilities | 762,442 | 433,034 | 280,838 | ||
| Liabilities held for sale | 160,186 | 155,619 | |||||||
| Accrued expenses and deferred income | 248,813 | 199,031 | 112,731 | ||||||
| Total current liabilities | 2,107,554 | 1,425,650 | 1,424,329 | ||||||
| Total liabilities | 4,672,962 | 3,727,037 | 4,099,972 | ||||||
| TOTAL EQUITY AND LIABILITIES | 7,138,252 | 6,023,436 | 6,873,997 |
*) A rental contract has been signed with Skistar Lodge Hundfjället AB for the hotel building, which is expected to be ready for operation in December 2021. The contract runs for 15 years and is expected to generate a lease liability of SEK 446 million. The contract will be recognised in the balance sheet at the start of the lease term.
| 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 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 | -244,695 | -244,695 | -6,216 | -250,911 | ||||
| Other comprehensive income for the period | -14,048 | 1,314 | -12,734 | -480 | -13,214 | |||
| Comprehensive income for the period | -14,048 | 1,314 | -244,695 | -257,429 | -6,696 | -264,125 | ||
| Closing equity, 30 Nov 2020 | 19,594 | 397,573 | -80,265 | -6,034 | 1,922,590 | 2,253,590 | 42,809 | 2,296,399 |
| 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 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2020/21 | |
| Operating activities | Profit/loss after financial items | -346,842 | -306,965 | 246,174 |
| Adjustment for non-cash items | 89,031 | 106,696 | 335,051 | |
| -257,811 | -200,269 | 581,225 | ||
| Tax paid | -19,246 | -24,555 | -91,745 | |
| Changes in working capital | 626,330 | 315,795 | 209,022 | |
| Cash flow from operating activities | 349,273 | 90,971 | 698,502 | |
| Investing activities | Acquisition of property, plant and equipment | -129,260 | -125,230 | -581,817 |
| Acquisition of subsidiaries | -9,923 | - | -118,618 | |
| Sale of property, plant and equipment | 1,889 | 1,137 | 4,717 | |
| Other investing activities | -9,212 | 3,681 | 65,489 | |
| Cash flow from investing activities | -146,506 | -120,412 | -630,229 | |
| Financing activities | Proceeds from borrowings | 295,138 | 178,563 | 557,453 |
| Repayment of borrowings | -400,762 | -162,057 | -521,239 | |
| Repayment of lease liabilities | -25,086 | -15,354 | -110,606 | |
| Dividend paid | - | - | ||
| Cash flow from financing activities | -130,710 | 1,152 | -74,392 | |
| Cash flow for the period | 72,057 | -28,289 | -6,119 | |
| Cash & cash equivalents at beginning of year | 26,556 | 59,567 | 59,567 | |
| Exchange differences | 324 | -176 | -116 | |
| Cash & cash equivalents reported in assets held for sale | -26,775 | |||
| Cash & cash equivalents at end of period* | 98,937 | 31,102 | 26,556 |
*) In addition to balanced cash & cash equivalents at the end of period, SEK 20 million of cash and cash equivalents have been reclassified as assets held for sale.
| 3 MONTHS | FULL YEAR | ||
|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 1 Sep-30 Nov 2020/21 |
1 Sep-31 Aug 2020/21 |
| OPERATION OF MOUNTAIN RESORTS | |||
| External revenue* | 120,818 | 100,177 | 2,581,674 |
| Internal revenue | 4,789 | 7,184 | 25,676 |
| Capital gains | -35 | 303 | 325 |
| Total operating income* | 125,572 | 107,664 | 2,607,676 |
| External operating expenses* | -352,098 | -314,600 | -2,188,466 |
| Costs from other segments | -12,393 | -11,986 | -60,965 |
| Rearesultatandel från intressebolag | - | - | 3,344 |
| Profit/loss from investments in joint ventures and associates | -69 | -1,886 | -4,751 |
| Depreciation/amortisation | -60,145 | -63,508 | -272,531 |
| Operating profit/loss | -299,132 | -284,315 | 84,306 |
| Intangible assets | 183,429 | 179,474 | 178,112 |
| Property, plant and equipment | 3,296,411 | 3,113,032 | 3,179,542 |
| Financial assets | 61,849 | 63,335 | 49,262 |
| Operating loans | 1,035,026 | 991,072 | 1,132,543 |
| PROPERTY DEVELOPMENT & EXPLOITATION | |||
| External revenue | 1,409 | 2,502 | 15,612 |
| Exploitation revenue | 3,571 | 52,307 | 184,744 |
| Internal revenue | 7,705 | 4,837 | 36,072 |
| Capital gains | 1,669 | 785 | 944 |
| Total operating income | 14,354 | 60,432 | 237,372 |
| External operating expenses | -13,817 | -14,653 | -60,887 |
| Costs from other segments | -139 | -36 | 125 |
| Costs of sold exploitation assets | -1,157 | -40,330 | -155,380 |
| Capital losses | -722 | -1,403 | -4,224 |
| Profit/loss from investments in joint ventures and associates | -668 | -10,487 | 38,620 |
| Depreciation/amortisation | -5,772 | -4,428 | -24,029 |
| Operating profit/loss | -7,921 | -10,905 | 31,597 |
| Property, plant and equipment | 758,375 | 808,558 | 713,698 |
| Financial assets | 817,438 | 565,155 | 819,979 |
| Operating loans | 590,506 | 761,380 | 578,217 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2020/21 |
| OPERATION OF HOTELS | |||
| External revenue | 30,275 | - | 37,559 |
| Internal revenue | 2 | - | - |
| Total revenue | 30,276 | - | 37,559 |
| External operating expenses | -60,786 | - | -63,000 |
| Costs from other segments | -4 | - | -909 |
| Depreciation/amortisation | -1,719 | - | -1,303 |
| Operating profit/loss | -32,234 | - | -27,653 |
| Property, plant and equipment | - | - | 26,192 |
| Internal revenue | -12,496 | -12,022 | -61,748 |
| Internal costs | 12,496 | 12,022 | 61,748 |
| Consolidated revenue* | 157,707 | 156,074 | 2,820,857 |
| Consolidated costs | -496,954 | -451,295 | -2,732,608 |
| Consolidated operating profit/loss | -339,247 | -295,220 | 88,251 |
| Consolidated intangible assets | 183,429 | 179,474 | 178,112 |
| Consolidated property, plant and equipment | 4,054,785 | 3,921,590 | 3,919,432 |
| Consolidated financial assets | 879,288 | 628,490 | 869,242 |
| Consolidated operating loans | 1,625,532 | 1,752,452 | 1,710,760 |
Segment reporting
In the segment report, all leasing contract are reported as operational leasing.
| SEK THOUSAND | 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|---|
| 2021/22 | 2020/21 | 2020/21 | ||
| Operating profit according to segment report | -339,247 | -295,220 | 88,251 | |
| Reversal of leasing cost attibuted to IFRS 16 | 38,114 | 23,274 | 97,275 | |
| Depreciations attributable to IFRS 16 | -32,533 | -21,177 | -87,876 | |
| Capital gain on property transaction | 198,104 | |||
| Operating profit according to consolidated comprehensive income | -333,666 | -293,123 | 295,754 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2020/21 | |
| Operating income | Revenue* | 112,642 | 86,264 | 2,240,680 |
| Other operating income | 2,121 | 1,427 | 6,502 | |
| Total operating income* | 114,763 | 87,691 | 2,247,182 | |
| Operating expenses Goods for resale* | -46,910 | -30,879 | -592,437 | |
| Other external expenses | -178,376 | -132,176 | -676,334 | |
| Personnel costs | -81,958 | -81,835 | -483,881 | |
| Cost of sold interests in accommodation/exploitation | - | - | -30,107 | |
| Depreciation/amortisation of assets | -39,794 | -39,764 | -159,520 | |
| Operating profit/loss | -232,274 | -196,964 | 304,902 | |
| Net financial items** | -1,514 | -5,451 | -155,394 | |
| Profit/loss after net financial items | -233,788 | -202,415 | 149,510 | |
| Appropriations | - | - | -3,541 | |
| Profit/loss before tax | -233,788 | -202,415 | 145,968 | |
| Tax | 46,945 | 43,728 | -60,917 | |
| Profit/loss for the period | -186,843 | -158,687 | 85,052 |
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 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 | 1,685 | 1,685 | 6,757 |
| Deferred tax on cash flow hedges | -371 | -371 | -1,407 |
| Other comprehensive income for the year | 1,314 | 1,314 | 5,350 |
| Total comprehensive income for the year | -185,529 | -157,373 | 90,401 |
*) 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 (see also under the heading 'Accounting principles in the notes to the financial statements on page 18).
| EQUITY AND LIABILITIES, SEK THOUSANDS | 30 Nov 2021 30 Nov 2020 31 Aug 2021 | |||
|---|---|---|---|---|
| Equity | ||||
| -Restricted equity | Share capital | 19,594 | 19,594 | 19,594 |
| Statutory reserve | 25,750 | 25,750 | 25,750 | |
| Development fund | 4,309 | 4,309 | 4,309 | |
| 49,653 | 49,653 | 49,653 | ||
| -Non-restricted equity | Share premium reserve | 4,242 | 4,242 | 4,242 |
| Retained earnings | 902,532 | 812,209 | 816,167 | |
| Profit/loss for the year | -186,843 | -158,686 | 85,052 | |
| 719,931 | 657,765 | 905,460 | ||
| Total equity | 769,583 | 707,418 | 955,112 | |
| Non-current liabilities | ||||
| -Non-current interest-bearing lia bilities |
Liabilities to credit institutions | 626,985 | 487,735 | 437,735 |
| -Provisions | Provisions for pensions | 14,899 | 12,653 | 14,535 |
| Other provisions | - | 87 | - | |
| -Non-current non-interest-bearing liabilities |
Derivative liabilities | 5,956 | 15,854 | 10,494 |
| Deferred tax liabilities | 101,852 | 104,574 | 148,798 | |
| Total non-current liabilities | 749,693 | 620,903 | 622,562 | |
| -Current liabilities | Liabilities to credit institutions | 62,000 | 290,233 | 145,491 |
| Liabilities to Group companies | 913,440 | 897,972 | 836,198 | |
| Trade payables | 191,086 | 142,946 | 94,705 | |
| Other current liabilities | 599,497 | 408,083 | 237,133 | |
| Accrued expenses and deferred income | 149,697 | 120,037 | 72,879 | |
| Total current liabilities | 1,915,720 | 1,859,270 | 1,386,407 | |
| Total liabilities | 2,665,413 | 2,480,174 | 1,997,968 | |
| TOTAL EQUITY AND LIABILITIES | 3,434,996 | 3,187,592 | 2,953,081 |
Intra-group receivables and liabilities are largely attributable to the overdraft facility.
| ASSETS, SEK THOUSANDS | 30 Nov 2021 30 Nov 2020 31 Aug 2021 | |||
|---|---|---|---|---|
| Non-current assets | Intangible assets | 77,204 | 74,216 | 72,782 |
| Property, plant and equipment | 1,794,200 | 1,714,285 | 1,747,366 | |
| Financial assets | Investments in Group companies | 211,428 | 299,377 | 201,417 |
| Investments in joint ventures/associates | 2,812 | 2,812 | 2,812 | |
| Other investment and securities held as non-cur rent-assets |
19,091 | 19,211 | 19,091 | |
| Other non-current receivables | 23,831 | 13,936 | 13,715 | |
| Receivables from Group companies | 201,750 | - | - | |
| Total non-current assets | 2,330,316 | 2,123,836 | 2,057,181 | |
| Current assets | ||||
| -Inventories | Goods for resale | 157,860 | 146,203 | 95,553 |
| 157,860 | 146,203 | 95,553 | ||
| -Current receivables | Trade receivables | 33,948 | 31,834 | 7,589 |
| Receivables from Group companies | 657,970 | 717,846 | 638,659 | |
| Tax receivables | 76,490 | 69,455 | 60,099 | |
| Other current receivables | 19,188 | 30,585 | 25,832 | |
| Prepaid expenses and accrued income | 77,272 | 64,369 | 67,382 | |
| 864,867 | 914,088 | 799,561 | ||
| -Cash and cash equivalents | Cash and bank balances | 81,954 | 3,463 | 786 |
| Total current assets | 1,104,681 | 1,063,754 | 895,899 | |
| TOTAL ASSETS | 3,434,996 | 3,187,591 | 2,953,081 |
| 2021/22 | 2020/21 | 2019/20 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | |
| Revenue, SEK thousand* | 154,914 | 245,559 | 1,023,345 | 1,327,861 | 153,749 | 162,198 | 580,001 | 1,931,032 |
| Operating income, SEK thousand* | 157,707 | 300,997 | 1,024,255 | 1,339,531 | 156,074 | 199,111 | 580,302 | 1,935,028 |
| Profit/loss before tax, SEK thousand | -346,842 | -4,986 | 112,154 | 445,970 | -306,965 | -135,070 | -2,592 | 809,244 |
| Profit/loss after tax, SEK thousand | -314,876 | 80,206 | 39,153 | 365,183 | -250,911 | -100,615 | -9,859 | 641,819 |
| Cash flow from operating activities, SEK thou sand |
349,273 | 40,615 | -93,241 | 660,156 | 90,971 | 23,989 | 504,345 | 880,543 |
| Total cash flow, SEK thousand | 72,057 | -13,851 | -386,437 | 422,457 | -28,289 | -4,144 | -50,543 | 72,072 |
| Gross margin, % | neg | 42 | 22 | 40 | neg | neg | 20 | 48 |
| Operating margin, % | neg | 6 | 12 | 33 | neg | neg | 3 | 43 |
| Net margin, % | neg | neg | 11 | 33 | neg | neg | neg | 42 |
| 3 MONTHS 1 Sep-30 Nov |
|||||
|---|---|---|---|---|---|
| KEY PERFORMANCE INDICATORS | 2021/22 | 2020/21 | 2019/20 | 2018/19 | 2017/18 |
| Revenue, SEK thousand* | 154,914 | 153,749 | 120,935 | 196,378 | 145,988 |
| Operating income, SEK thousand* | 157,707 | 156,074 | 124,521 | 198,727 | 148,104 |
| Profit/loss before tax, SEK thousand | -346,842 | -306,965 | -321,524 | -218,013 | -252,541 |
| Profit/loss after tax, SEK thousand | -314,876 | -250,911 | -244,631 | -144,121 | -178,756 |
| Cash flow from operating activities, SEK thousand | 349,273 | 90,971 | 334,459 | 284,069 | 172,925 |
| Total cash flow, SEK thousand | 72,057 | -28,289 | -29,001 | -28,478 | -10,507 |
| Return on: | |||||
| -capital employed, % | -6 | -5 | -7 | -5 | -6 |
| -equity, % | -12 | -10 | -10 | -6 | -9 |
| -total assets, % | -5 | -5 | -6 | -4 | -5 |
| Gross margin, %* | -148 | -130 | -190 | -73 | -124 |
| Operating margin, %* | -212 | -188 | -262 | -105 | -163 |
| Net margin, %* | -220 | -197 | -258 | -110 | -171 |
| Equity/assets ratio, % | 34 | 38 | 38 | 44 | 40 |
| 30 nov | Helår | |||||||
|---|---|---|---|---|---|---|---|---|
| DATA PER SHARE 1) | 2021 | 2020 | 2019 | 2018 | 2017 | 2020/21 | ||
| Share price, SEK | 164.00 | 98.30 | 123.00 | 111.75 | 85.00 | 182.00 | ||
| Average number of shares | 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056 | 78,376,056 | ||||||
| Earnings, SEK | -3.97 | -3.12 | -3.03 | -1.73 | -2.26 | 3.04 | ||
| Cash flow from operating activities, SEK | 4.46 | 1.16 | 4.27 | 3.62 | 2.21 | 8.91 | ||
| Share price/cash flow, times | 36.8 | 84.7 | 28.8 | 30.8 | 38.5 | 20.4 | ||
| Equity, SEK | 31 | 29 | 30 | 29 | 24 | 35 | ||
| Price/equity, % | 521 | 335 | 413 | 388 | 348 | 294 | ||
| 2021/22 | 2020/21 | 2019/20 | ||||||
| Q 1 | Q 4 | 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 | |||||||
| Earnings SEK | -3.97 | 0.87 | 0.60 | 4.70 | -3.12 | -1.23 | -0.07 | 8.04 |
| Cash flow from operating activities, SEK | 4.46 | 0.52 | -1.19 | 8.42 | 1.16 | 0.31 | 6.43 | 11.23 |
| Equity, SEK | 31 | 35 | 34 | 34 | 29 | 33 | 34 | 34 |
*) 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 (see also under the heading 'Accounting principles' in the notes to the financial statements on page 18).
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 1 | Q 1 | Q 1 | Q 1 | Q 1 | |||||
| Profit after financial items | -346,842 | -306,965 | -321,524 | -218,013 | -252,541 | |||||
| Finance income | 13,210 | 14,147 | 8,713 | 11,316 | 8,545 | |||||
| Finance costs | -26,384 | -27,988 | -4,400 | -20,333 | -19,055 | |||||
| Net financial items | -13,175 | -13,842 | 4,313 | -9,016 | -10,509 | |||||
| Profit after financial items, plus finance costs | -320,458 | -278,976 | -317,123 | -197,680 | -233,487 | |||||
| 2021/22 | 2020/21 | 2019/20 | 2018/19 | 2017/18 | ||||||
| CAPITAL EMPLOYED | Q 1 | Aug 2021 | Q 1 Aug 2020 | Q 1 | Aug 2019 | Q 1 Aug 2018 | Q 1 | Aug 2017 | ||
| Assets | 7,138,252 | 6,873,998 6,023,435 | 6,023,251 6,080,256 | 5,065,776 | 5,085,971 | 4,870,568 | 4,791,531 | 4,507,860 | ||
| Non-current non-interest-bearing liabilities | 122,499 | 142,008 | 164,880 | 225,206 | 140,212 | 226,546 | 185,620 | 221,113 | 117,701 | 190,107 |
| Current non-interest-bearing liabilities | 1,486,054 | 767,365 | 901,646 | 562,156 | 1,199,340 | 478,637 | 1,096,002 | 537,253 | 977,502 | 455,254 |
| Total non-interest-bearing liabilities | 1,608,553 | 909,373 | 1,066,526 | 787,361 | 1,339,553 | 705,182 | 1,281,622 | 758,366 | 1,095,202 | 645,361 |
| Capital employed | 5,529,699 | 5,964,625 4,956,909 | 5,235,889 | 4,740,703 | 4,360,594 3,804,349 | 4,112,202 | 3,696,329 | 3,862,499 | ||
| Average capital employed | 5,747,162 | 5,096,399 | 4,550,649 | 3,958,275 | 3,779,414 | |||||
| Return on capital employed | -6% | -5% | -7% | -5% | -6% | |||||
| RETURN ON EQUITY | ||||||||||
| Equity | 2,465,292 | 2,774,026 | 2,296,399 | 2,560,524 2,336,050 | 2,602,064 | 2,258,351 | 2,421,089 | 1,915,104 | 2,090,251 | |
| Average equity | 2,619,659 | 2,428,462 | 2,469,057 | 2,339,720 | 2,002,677 | |||||
| Profit after tax | -314,876 | -250,911 | -244,631 | -144,121 | -178,756 | |||||
| Return on equity | -12% | -10% | -10% | -6% | -9% | |||||
| RETURN ON TOTAL ASSETS | ||||||||||
| Total assets | 7,138,252 | 6,873,998 6,023,435 | 6,023,251 6,080,256 | 5,065,776 | 5,085,971 | 4,870,568 | 4,791,531 | 4,507,860 | ||
| Average total assets | 7,006,125 | 6,023,343 | 5,573,016 | 4,978,269 | 4,649,695 | |||||
| Return on total assets | -5% | -5% | -6% | -4% | -5% | |||||
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 |
FULL YEAR 1 Sep-31 Aug |
3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|---|---|
| FINANCING AND INTEREST-BEARING LIABILITIES | 2021/22 | 2020/21 | 2020/21 | EQUITY/ASSETS RATIO EXCLUDING IFRS 16 | 2021/22 | 2020/21 | 2021/22 |
| Non-current interest-bearing liabilities to credit institutions | 1,111,300 | 1,502,350 | 1,147,090 | Equity | 2,514,515 | 2,290,097 | 2,784,037 |
| Long-term leasing liabilities | 1,341,731 | 618,569 | 1,372,010 | Total assets | 5,744,125 | 5,339,015 | 5,460,336 |
| Provisions for pensions | 14,899 | 15,588 | 14,535 | Equity/assets ratio, % excluding IFRS 16 | 44 | 43 | 51 |
| Current interest-bearing liabilities to credti institutions | 514,233 | 450,102 | 563,670 | ||||
| Short-term lease liabilities | 107,269 | 73,901 | 93,294 | ||||
| Net interest-bearing liabilities | 3,089,431 | 2,660,510 | 3,190,599 | ||||
| Other non-current receivables | 81,411 | 212,993 | 72,890 | ||||
| Non-interest-bearing part of non-current receivables | -33,549 | -135,954 | -35,519 | ||||
| Interest-bearing current receivables | 1,915 | 12,393 | 12,441 | ||||
| Cash and cash equivalents | 98,937 | 31,102 | 26,556 | ||||
| Interest-bearing receivables | 148,714 | 120,534 | 76,368 | ||||
| Financial net debt (interest-bearing receivables - net inte rest-bearing liabilities) |
2,940,717 2,539,976 | 3,114,231 |
| PLEADGED ASSETS, SEK THOUSAND | 2021-11-30 | 2020-11-30 | 2021-08-31 |
|---|---|---|---|
| Group | 2,136,485 | 1,674,864 | 2,046,810 |
| Parent Company | 532,286 | 540,840 | 531,923 |
| CONTINGENT LIABILITIES, SEK THOUSAND |
|||
| Group | 605,550 | 651,075 | 473,963 |
| Parent Company | 1,606,170 | 1,772,942 | 1,514,269 |
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, apart from recognition of revenue from accommodation. The Company previously reported the difference between revenue from rental activities and payments to accommodation owners as net commission income under revenue. With effect from Q2 2020/21, all accommodation payments from SkiStar's customers are instead recognised as revenue and the Company's payments to accommodation owners are recognised as an operating expense on the line 'Goods for resale'. On a net basis, this change does not affect the Group's or the Parent Company's operating profit or earnings per share.
The reason for the amendment is that the Company has reassessed whether SkiStar is the principal or the agent in terms of the accommodation provided through SkiStar to SkiStar's customers. In recent years, SkiStar has gradually made changes to agreements with accommodation owners, which has, in a review, made it increasingly clear that SkiStar should be seen as the principal with regard to these accommodation services. A company is the principal if it controls the identified product or service before the product or service is transferred to the customer. SkiStar signs an agreement with accommodation owners for at least one year to rent out accommodation through its website. For this, SkiStar pays the accommodation owner rent which is revenue-based in its entirety. The following indicators show that SkiStar is the principal when arranging
accommodation for its customers:
SkiStar has primary responsibility for fulfilling the promise to provide the accommodation service, including responsibility for the service being acceptable; the customer approaches SkiStar's on-site reception for service matters or accommodation deficiencies,
SkiStar has sole discretion in establishing the price of the accommodation service and this cannot be influenced by the accommodation owner,
SkiStar has the opportunity to package accommodation and create campaigns in combination with other products such as ski rental, ski school, SkiPass and various ski products.
The amended policy described above should be seen as a correction of an error. Comparative figures have been restated for the 2019/20 financial year in this report.
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.
With effect from 1 July 2021, operations are monitored and presented in the segments Operation of Mountain Resorts, Property Development & 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 & 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 & 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 from 1 July 2021. 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 (opening December 2021), SkiStar Lodge Suites, Hemsedal, SkiStar Lodge Alpin, Hemsedal, Radisson Blu Resort, Trysil and Radisson Blu Mountain Resort & Residences, Trysil.
| 3 MONTHS 1 Sep-30 Nov |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|
| 2021/22 | 2020/21 | 2021/22 | |
| OPERATION OF MOUNTAIN RESPORTS | |||
| SkiPass | 6 | 4 | 1 143 |
| Accommodation* | 14 | 1 | 640 |
| Ski rental | 1 | 1 | 127 |
| Ski school/Activities | - | - | 41 |
| Sporting goods outlets | 47 | 40 | 207 |
| Restaurants | 5 | 7 | |
| Property services | 12 | 17 | 113 |
| Other | 35 | 36 | 240 |
| Total Operation of Mountain Resorts* | 121 | 99 | 2 517 |
| PROPERTY DEVELOPMENT & | |||
|---|---|---|---|
| EXPLOITATION | |||
| Total Property Development & Exploitation | 6 | 55 | 197 |
| OPERATION OF HOTELS | |||
| Accommodation | 16 | 26 | |
| Property | 1 | 1 | |
| Restaurants | 10 | 8 | |
| Other | 3 | 2 | |
| Total Operation of Hotels | 30 | - | 37 |
| Group total* | 157 | 154 | 2,751 |
| 3 MONTHS 1 Sep-30 Nov |
|||
|---|---|---|---|
| REVENUE PER COUNTRY | 2021/22 | 2020/21 | 2020/21 |
| Sweden | |||
| - Operation of Mountain Resorts* | 93 | 71 | 2 164 |
| - Property Development & Exploitation | 5 | 7 | 98 |
| - Operation of Hotels | 2 | 3 | |
| Norway | |||
| - Operation of Mountain Resorts* | 25 | 25 | 333 |
| - Property Development & Exploitation | 1 | 48 | 99 |
| - Operation of Hotels | 28 | 34 | |
| Austria 1) | 4 | 3 | 20 |
| Group total* | 157 | 154 | 2,751 |
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.
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.
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).
The interim reports and the year-end report will be published as follows;
SkiStar will present its interim report via webcast on 20 December 2021, 10:00 a.m. CET. Find the dial-in information and link to the webcast on www.skistar.com/se/corporate.
This Interim Report has not been subject to review by the company's auditor.
The CEO assure that this Interim Report provides a true and fair view of the parent company's and the group's operations, financial position and performance, and describes the material risks and uncertainties faced by the parent company and the other group companies.
Sälen, 20 December 2021
Stefan Sjöstrand CEO
This information is information that SkiStar AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 20 December 2021, 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 Hammarbybacken (Stockholm) in Sweden, Hemsedal and Trysil in Norway and St. Johann in Tirol in Austria*. 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.
* It has been decided that SkiStar will divest its ownership share in St. Johann in Tirol, but the transaction is not yet complete.
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/.
MySkiStar is SkiStar's customer club. At the end of the 2020/21 financial year, MySkiStar had 1.3 million registered members.
SKISTAR AB (PUBL) SE-780 67 SÄLEN Reg. No: 556093-6949 Tel: +46 280 880 50 E-mail: [email protected] www.skistar.com
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