Earnings Release • Jun 17, 2022
Earnings Release
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SKISTAR INTERIM REPORT SEPTEMBER 2021-MAY 2022
| SUMMARY, SEK MILLION | 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Mar-31 May |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|---|---|
| 2021/22 | 2020/21 | 2021/22 | 2020/21 | 2020/21 | |
| Revenue | 1,536 | 1,023 | 3,868 | 2,505 | 2,751 |
| Operating income | 1,538 | 1,024 | 3,891 | 2,520 | 2,821 |
| Profit/loss before tax | 561 | 112 | 1,134 | 251 | 246 |
| Profit/loss after tax | 439 | 39 | 876 | 153 | 234 |
| Earnings per share, SEK | 5.60 | 0.60 | 11.21 | 2.17 | 3.04 |
| Cash flow from operating activities | -292 | -93 | 1,294 | 658 | 699 |
| Operating margin, % | 36 | 12 | 30 | 11 | 10 |
| Equity/assets ratio, % | 46 | 42 | 46 | 42 | 40 |
| Equity/assets ratio, % excluding IFRS 16 | 61 | 46 | 61 | 46 | 51 |
Further information is available from: Stefan Sjöstrand, CEO tel +46 (0)280 841 60 Anders Örnulf, CFO tel +46 (0)280 841 60
New record results and sustained strong staycation trend
Yet another winter season is behind us and, as we review it, we can say that SkiStar has produced its best nine-month result ever, with profit before tax of SEK 1,134 million, an improvement of SEK 883 million year-on-year. It is truly gratifying that we broke the record of the number of skier days during the winter season – 6,031,000 – which is an increase of ten percent compared to the previous seasonal record in 2018/19, that is, before the pandemic hit. We have also had very strong growth in all mountain products such as SkiPass, up 54 percent and ski rental, up 78 percent, together with record sales in our sporting goods operations, up 38 percent. This shows that the interest in our core business – alpine skiing in the Scandinavian mountains – remains extremely strong.
The late Easter this year was particularly favourable, with both visitor records and fantastic conditions with glorious weather to the delight of many guests. I am also extremely proud of the fact that our guests remain satisfied with their stay with us: eight out of ten state that we helped ensure a memorable mountain experience this winter. Naturally, our employees are a contributing factor to this success, with nine out of ten of them stating that they enjoy their work.
It is also obvious that more and more people are opting to holiday at home in Scandinavia this summer too. Regarding SkiStar Sports & Adventures, which offers an active holiday for the whole family in summer, we are seeing a positive trend once again this year with bookings up nine percent, measured in the number of booked overnight stays via SkiStar, compared to the same period last year. SkiStar Sälen and Åre have already opened the summer season with several innovations in MTB cycling, lift-assisted hiking and climbing parks for all levels. We are now opening up in Trysil with triple capacity for lift-assisted trail cycling this summer. The new Stockholm Hammarbybacken is also opening for the midsummer weekend, with new attractions such as a climbing park, Mountain Coaster and Mountain Tube. We will also be the first in Sweden to offer modern summer skiing later in the summer: a year-round investment for all Stockholmers and visitors to the capital.
By connecting to popular sports personalities such as Nils van der Poel and Charlotte Kalla who act as product and business developers and ambassadors, we are also creating great success for, and attraction to, SkiStar and mountain tourism, with an additional focus on getting more people moving and thus more guests at our destinations. Our position as the leading holiday organiser in Scandinavia all year round will be strengthened further by this.
Efforts to implement our sustainability strategy are continuing at a faster pace with a focus on our 2030 objective. The favourable ski rental result during the period was also positive from an environmental perspective and an important part of our circular transition. During the past year, we have entered into a collaboration with Keep Sweden Tidy and Keep Norway Beautiful to keep our mountains pure and to clear nature of litter. To further reduce our emissions, we have finally introduced the first mass-produced electric snowmobiles in the world, presented first in Sälen. For the entire operation, this transition means reduced emissions of 11 percent during a winter season. I truly hope that the entire industry will follow suit, so we can work together to preserve our white winters in futures to come.
Given the uncertain global situation and the impact on our target groups' household finances in the future, it can be difficult and complex to predict coming developments. This also makes it difficult to gain a solid picture of bookings for the 2022/23 winter season. However, it is gratifying that bookings are up 20 percent for the coming winter compared with the same period before the most recent comparably normal season before the pandemic: 2019/20.
Despite worries and uncertainty in our operating environment, I feel confident that we will continue to have a stable and solid business and will offer products that are appreciated and in strong demand among our guests, even in times of crisis. SkiStar's recipe for success requires – and will continue to require – us to be flexible when dealing with different scenarios, something that the pandemic we have gone through and the continued staycation trend is proof of.
Stefan Sjöstrand, CEO
We have had very strong growth in all mountain products such as SkiPass, up 54 percent, and ski rental up 78 percent, together with record sales in our sporting goods operations, up 38 percent. This shows that the interest in our core business – alpine skiing in the Scandinavian mountains – remains extremely strong. "
The Group's revenue for the third quarter amounted to SEK 1,538 (1,024) million, an increase of 50 percent compared to the previous year. Changes in the NOK/SEK exchange rate had an effect of SEK 24 million on revenue. The Group's operating profit for the third quarter amounted to SEK 547 (126) million. The improvement in operating profit is attributable to much higher revenue, which is an effect of an extremely successful season in which eased restrictions led to our guests returning to our destinations in Norway and a very positive trend compared to the previous year for our destinations in Sweden. Changes in the NOK/ SEK exchange rates had a positive effect of SEK 7 million on operating profit for the quarter. Profit/loss from investments in associates and joint ventures amounted to SEK 17 (27) million. Net financial items improved by SEK 29 million during the quarter to SEK 15 million (-14). The change in the value of interest rate derivatives amounted to SEK 27 million (8). Interest expenses amounted to SEK -17 million (-12); this increase can primarily be attributed to the interest rate on lease liabilities related to the hotel segment.
Consolidated profit after tax amounted to SEK 439 (39) million, an increase of SEK 400 million or 1,021 percent. Revenue (including internal revenue) from Operation of Mountain Resorts amounted to SEK 1,360 (932) million, with a profit of SEK 457 (105) million. Revenue from Property Development and Exploitation amounted to SEK 71 (110) million, with a profit of SEK 66 (18) 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 45 (30) million. Other activities in Property Development and Exploitation are primarily related to the rental of accommodation to the Operation of Mountain Resorts segment and shares from associated companies that rent out accommodation. Revenue from Operation of Hotels for the third quarter amounted to SEK 139 million (0), with a profit of SEK 19 million (0).
The Group's revenue for the nine-month period amounted to SEK 3,891 (2,520) million, an increase of 54 percent from the previous year.
Changes in the NOK/SEK and EUR/SEK exchange rates had a positive effect of SEK 61 million on revenue. The Group's operating profit for the period amounted to SEK 1,149 (277) million, with the comparative period being negatively affected by impairment of the assets in the subsidiary St. Johanner Bergbahnen GmbH, totalling SEK 108 million.
Changes in the NOK/SEK and EUR/SEK rates for the period had a positive effect of SEK 14 million on operating profit. Profit from investments in associates and joint ventures increased by SEK 19 million to SEK 40 (21) million. This increase is explained by expanded operations at Skiab Invest AB, where SkiStar is the main tenant. Net financial items improved by SEK 11 million during the period to SEK -15 (-26) million. SEK 48 (8) million related to a change in the value of the interest rate derivative, which totalled SEK 35 (-13) million on 31 May. Interest expenses increased by SEK 25 million to SEK 60 (35) million, which can primarily be attributed to higher lease liabilities related to the hotel segment. Other differences relate to currency fluctuations.
The Group's profit after tax for the period was SEK 876 (153) million, an increase of SEK 723 million or 471 percent. Revenue, including internal, from Operation of Mountain Resorts for the period amounted to SEK 3,518 (2,348) million, with a profit of SEK 1,023 (246) million. Revenue from Property Development and Exploitation for the period amounted to SEK 121 (233) million, with a profit of SEK 89 million (25). 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 47 (66) million, including SEK 0 (43) million through associated companies. Other activities within Property Development and
Exploitation relate primarily to rental of accommodation to the Operation of Ski Resorts segment. Revenue from Operation of Hotels for the period amounted to SEK 333 million (0), with a profit of SEK 18 million (0).
During the nine-month period, SkiStar sold all its shares in St. Johann to St. Johanner Bergbahnen Beteiligungs GmbH. 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 during the nine-month period, relating 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 | 2018/19 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | |
| Revenue | 1,536 | 2,178 | 155 | 246 | 1,023 | 1,328 | 154 | 162 | 580 | 1,931 | 121 | 109 |
| Operating profit/loss | 547 | 936 | -334 | 19 | 126 | 444 | -292 | -127 | 15 | 833 | -326 | -222 |
Cash flow from operating activities after changes in working capital was SEK 1,294 (658) million for the nine-month period, an improvement mainly linked to higher operational profits. Cash flow from investing activities amounted to SEK -517 million (-553). Cash flow from financing activities amounted to SEK -586 (-97) million, with the change mainly due to loan repayments and this year's dividend payment.
The Group's cash and cash equivalents amounted to SEK 224 (67) million at the end of May. Unused credit facilities amounted to SEK 770 (590) million. Interest-bearing liabilities amounted to SEK 3,159 (2,863) million, an increase of SEK 296 million from the previous year. This increase is attributable to a non-current lease liability related to the signing of a long-term lease with the owner of the hotel properties – Skiab Invest AB. The average interest rate during the period was 2.34 (2.16) percent. Net financial liabilities amounted to SEK 2,885 (2,702) million at the end of May, an increase of SEK 183 million from the previous year (financial net debt excluding IFRS 16 amounted to SEK 1,016 million (2,117). The equity/assets ratio increased to 46 (42) percent. The equity/assets ratio excluding IFRS 16 was 61 (46) percent.
Tax expense for the period amounted to SEK 258 (98) million and was mainly attributable to current tax.
Investments for the period amounted to SEK 521 (568) million gross and SEK 516 (553) 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 319 (387) million, with the difference mainly explained by the previous year's impairment of shares in subsidiaries.
The average number of employees was 1,761 (1,290), an increase of 471 from the previous year. This increase is mainly due to the addition of hotel operations and full-scale operations at the Norwegian destinations after restrictions were lifted.
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 31 May 2022, and they are also the principal owners of Peab with which SkiStar has a business relationship. Purchases from Peab during the nine-month period amounted to SEK 43 (244) million. The outstanding liability to Peab was SEK 2 (33) million. Sales to Peab amounted to SEK 1 (4) million and the outstanding receivable was SEK 0 (0) million.
Purchases from associated companies during the nine-month period amounted to SEK 152 (50) million and sales to associated companies amounted to SEK 7 (10) million. Net receivables from associates totalled SEK 12 (179) million, SEK 21 (178) 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 report.
Net sales for the Parent Company totalled SEK 2,714 (2,085) million during the period. Net investments amounted to SEK 392 (140) million.
SkiStar's major investment in the summer season with the SkiStar Sports & Adventures concept is heading into its second year, with more new activities at our destinations, not least at Stockholm Hammarbybacken. The booking situation for summer is better than ever: up nine percent
measured as the number of overnight stays booked through SkiStar compared with the same period the previous year.
The effect of the uncertain economic situation makes it more difficult to assess the outlook for household finances as we move into 2022/23. It can be noted that more interest rate increases and higher electricity and fuel prices are expected, while the staycation trend is continuing in all markets in Scandinavia – something to which this summer's demand testified.
As a result of the global situation and a negative calendar effect in the Christmas/New Year period, demand is more hesitant during these holiday weeks for the coming winter season. Compared with the same period last year, when society was impacted by travel restrictions and Covid-related limitations, bookings for 2022/23 are somewhat weaker: down eight percent.
It is worth noting that the booking volume is 20 percent higher compared with the same period before the 2019/20 season, that is, the most recent comparably normal season before the pandemic struck. The sustained strong interest in alpine skiing and mountain holidays in Scandinavia all year round means we are cautiously looking forward to the coming seasons.
As previously communicated, operational investments planned for the next financial year total SEK 555 million, of which SEK 174 million is for two chair lifts in Åre, where a major initiative to modernise and wind-proof SkiStar Åre is underway. In addition, SEK 384 million is being invested in extensive upgrades and modernisations with an extra focus on snow capacity.
In addition to the communicated investment budget, SkiStar will further increase investments for the next financial year by SEK 67 million, mainly relating to summer activities at our destinations.
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 wants more people to be able to enjoy the ski slopes, with a stable basic training that makes everyone feel safe and secure. During the winter season 2021/22, over 95,000 (58,000) children and adults participated in SkiStar's ski school training.
• To make it possible for more children to discover the mountains, skiing, the ski school and ski rentals are free for children up to the age of six during Valle's Winter Weeks. More than 41,000 (25,000) children attended SkiStar's ski schools during the 2021/22 winter season.
• A collaboration with Keep Sweden Tidy and Keep Norway Beautiful was launched during the previous quarter. SkiStar conducted a joint cleaning day at all destinations on 31 May and collected over six tonnes of litter during the day.
• To further reduce the company's CO2 emissions, the first mass-produced electric snowmobiles in the world have now been introduced. Presented first in Sälen. For the entire operation, this transition means reduced emissions of 11 percent during a winter season.
• During the quarter, SkiStar entered into an agreement to continue developing electric snow groomers and will use an electric snow groomer during the winter season to develop it further together with the supplier.
• Promoting a circular economy is an important aspect of SkiStar's ability to achieve its climate goals. SkiStar's accommodation agency and ski and bicycle rental are two examples of circular parts of the business. During the winter season, more than 360,000 ski packages were rented out – an increase of 66 percent compared to the previous winter season.
• SkiSar won the HSMAI* Awards for Sustainability Initiative of the Year during the quarter, thanks to our clear sustainability strategy and transition to renewable fuels in operations at our Norwegian destinations too. *Hospitality Sales and Marketing Association International
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 56,538 on 31 May 2022, which is an increase of 4,695 (nine 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 160.60 on 31 May 2022.
The press releases are available in full at www.skistar.com/en/corporate.
The risks and uncertainties described below apply to both the parent company and group. Like all companies and business operations, SkiStar is exposed to various risks related to the business. For SkiStar, it is important to identify the risks that may prevent the company from achieving defined targets and to determine whether the risks are in line with risk propensity. Where necessary, measures are taken to avoid, minimise or monitor identified risks. The purpose of risk management is to continuously assess and manage the risks that arise in the operations and to ensure that it forms the basis for successful sustainability work. SkiStar's risk process, ownership, governance and management are discussed and evaluated in the company's audit committee and board of directors. The most relevant risk factors and how they are managed are described in the annual and sustainability report and are grouped within sustainability risks, operational risks and financial risks. For a further description of risks and uncertainties, please refer to the administration report and note 32 in the Annual and sustainability report for 2020/21.
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | 2020/21 | SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | 2020/21 | |
| Operating | Revenue | 1,535,645 | 1,023,345 3,868,204 | 2,504,955 | 2,750,514 | Other Comprehensive Income | ||||||
| Income | Other income | 2,332 | 910 | 22,851 | 14,905 | 70,343 | Items that may be reclassified to profit or loss | |||||
| Total operating income | 1,537,977 | 1,024,255 | 3,891,055 | 2,519,860 | 2,820,857 | Change in fair value of cash flow hedges for the period |
1,704 | 2,662 | 5,055 | 6,757 | ||
| Operating | Goods for resale | -351,829 | -271,879 | -906,178 | -637,291 | -683,977 | Deferred tax on cash flow hedges | -375 | -586 | -1,112 | -1,407 | |
| Expenses | Other external expenses | -266,481 | -162,747 | -841,815 | -536,185 | -667,944 | Exchange differences on translation of foreign ope rations for the period |
-14,230 | 9,654 | 22,678 | 3,064 | 3,351 |
| Personnel costs | -276,304 | -195,527 | -725,633 | -550,586 | -653,423 | Other comprehensive income for the period | -14,230 | 10,983 | 24,754 | 7,007 | 8,701 | |
| Cost of sold interests in accommodation/exploita tion asset |
-1,742 | -90,991 | -4,847 | -153,634 | -219,002 | |||||||
| Share in profit/loss of joint ventures/associates | 18,622 | 26,581 | 39,875 | 21,327 | 37,212 | Total comprehensive income for the period | 424,712 | 50,136 | 901,239 | 160,433 | 242,334 | |
| Depreciation/amortisation of tangible and intan gible fixed assets |
-113,502 | -203,916 | -319,016 | -386,794 | -536,074 | |||||||
| Reversal of previous write-down | 15,688 | Profit/loss for the period attributable to: | ||||||||||
| Capital gain on property transaction | 198,104 | Shareholders of the Parent | 438,899 | 46,810 | 878,318 | 170,288 | 238,119 | |||||
| Operating profit/loss | 546,741 | 125,775 | 1,149,129 | 276,697 | 295,754 | Non-controlling interests | 42 | -7,657 | -1,832 | -16,863 | -4,487 | |
| Net financial items | 14,571 | -13,621 | -14,775 | -25,538 | -49,579 | Profit/loss for the period | 438,942 | 39,153 | 876,485 | 153,426 | 233,633 | |
| Profit/loss before tax | 561,312 | 112,154 | 1,134,353 | 251,160 | 246,174 | |||||||
| Tax | -122,370 | -73,001 | -257,868 | -97,734 | -12,542 | Comprehensive income for the period attributable to: | ||||||
| Profit/loss for the period | 438,942 | 39,153 | 876,485 | 153,426 | 233,632 | Shareholders of the Parent | 424,878 | 57,584 | 901,410 | 177,780 | 247,284 | |
| Non-controlling interests | -166 | -7,448 | -171 | -17,347 | -4,951 | |||||||
| Total comprehensive income for the period | 424,712 | 50,136 | 901,239 | 160,433 | 242,334 | |||||||
| Earnings per share, SEK | 5.60 | 0.60 | 11.21 | 2.17 | 3.04 |
Number of shares outstandig at the end of the period 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056 Average number of shares outstanding 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056
| ASSETS, SEK THOUSANDS | 31 May 2022 | 31 May 2021 | 31 Aug 2021 | EQUITY AND LIABILITIES, SEK THOUSANDS | 31 May 2022 | 31 May 2021 | 31 Aug 2021 | ||
|---|---|---|---|---|---|---|---|---|---|
| Non-current assets | Equity | Share capital | 19,594 | 19,594 | 19,594 | ||||
| Intangible assets | 192,922 | 184,721 | 178,112 | Other contributed capital | 397,573 | 397,573 | 397,573 | ||
| Property, plant and equipment | 3,778,098 | 3,967,526 | 3,611,397 | Reserves | -54,140 | -66,023 | -64,399 | ||
| Right of use assets | 2,034,812 | 593,013 | 1,413,661 | Retained earnings, including profit/loss for the period |
3,179,749 | 2,337,706 | 2,405,537 | ||
| Investments in joint ventures/associates | 803,406 | 305,628 | 762,568 | Equity attributable to shareholders of the Parent | 3,542,776 | 2,688,850 | 2,758,305 | ||
| Other investments and securities held as non-current assets |
39,341 | 33,904 | 33,784 | Non-controlling interests | 2,042 | 3,274 | 15,720 | ||
| Other non-current receivables | 49,599 | 241,676 | 72,890 | Total equity | 3,544,818 | 2,692,124 | 2,774,025 | ||
| Total non-current assets | 6,898,179 | 5,326,467 | 6,072,412 | ||||||
| Non-current liabilities | |||||||||
| Current assets | Liabilities to credit institutions | 878,140 | 1,809,153 | 1,147,090 | |||||
| Inventories | 265,648 | 181,255 | 198,674 | Provisions for pensions | 15,627 | 14,044 | 14,535 | ||
| 265,648 | 181,255 | 198,674 | Long-term lease liabilities* | 1,767,650 | 533,765 | 1,372,010 | |||
| Trade receivables | 49,394 | 21,724 | 30,576 | Other provisions | 245 | 144 | |||
| Tax receivables | 128,080 | 116,940 | 72,064 | Derivatives | 13,132 | 15,416 | |||
| Other current receivables | 61,757 | 49,775 | 67,953 | Deferred tax liabilities | 172,710 | 171,881 | 126,448 | ||
| Prepaid expenses and accrued income | 88,639 | 65,842 | 97,728 | Total non-current liabilities | 2,834,127 | 2,542,220 | 2,675,643 | ||
| Derivatives | 35,184 | Current liabilities | |||||||
| Assets held for sale | 605,387 | 308,034 | Liabilities to credit institutions | 376,546 | 436,793 | 563,670 | |||
| 363,054 | 859,667 | 576,355 | Trade payables | 183,712 | 113,732 | 154,354 | |||
| Tax liabilities | 274,988 | 143,337 | 63,825 | ||||||
| Cash & cash equivalents | 224,204 | 67,523 | 26,556 | Short-term lease liabilities | 121,441 | 69,057 | 93,294 | ||
| Total current assets | 852,906 | 1,108,445 | 801,585 | Other current liabilities | 223,424 | 153,251 | 280,838 | ||
| TOTAL ASSETS | 7,751,085 | 6,434,913 | 6,873,997 | Liabilities held for sale | 150,688 | 155,619 | |||
| Accrued expenses and deferred income | 192,028 | 133,710 | 112,729 | ||||||
| Total current liabilities | 1,372,140 | 1,200,568 | 1,424,329 | ||||||
| Total liabilities | 4,206,266 | 3,742,788 | 4,099,972 | ||||||
| TOTAL EQUITY AND LIABILITIES | 7,751,085 | 6,434,912 | 6,873,997 |
*) Rental contracts have been signed with Skiab Invest AB Group for the lease of hotel buildings and retail premises to which SkiStar will have access in the fourth quarter of the financial year 2021/22. The contracts run for ten years and are expected to generate a lease liability of SEK
74 million. The contracts will be recognised in the balance sheet at the start of the lease term.
| 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 | 170,288 | 170,288 | -16,863 | 153,426 | ||||
| Other comprehensive income for the period | 3,599 | 3,943 | 7,542 | -535 | 7,007 | |||
| Comprehensive income for the period | 3,599 | 3,943 | 170,288 | 177,830 | -17,397 | 160,433 | ||
| Transactions with non-controlling interests | -28,833 | -28,833 | ||||||
| Closing equity, 31 May 2021 | 19,594 | 397,573 | -62,618 | -3,405 | 2,337,706 | 2,688,850 | 3,275 | 2,692,125 |
| Opening equity, 1 Sep 2021 | 19,594 | 397,573 | -62,402 | -1,997 | 2,405,537 | 2,758,305 | 15,720 | 2,774,026 |
| Profit/loss for the period | 878,318 | 878,318 | -1,832 | 876,485 | ||||
| Other comprehensive income for the period | 21,065 | 2,076 | 23,092 | 1,662 | 24,754 | |||
| Comprehensive income for the period | 21,065 | 2,076 | 878,318 | 901,410 | -171 | 901,239 | ||
| Transactions with non-controlling interests | 13,507 | 13,507 | -13,507 | |||||
| Sale of subsidiaries | -12,882 | -12,882 | -12,882 | |||||
| Dividend | -117,564 | -117,564 | -117,564 | |||||
| Closing equity, 31 May 2022 | 19,594 | 397,573 | -54,219 | 79 | 3,179,798 | 3,542,776 | 2,042 | 3,544,818 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
||||
|---|---|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | 2020/21 | |
| Operating activities | Profit/loss after financial items | 561,313 | 112,154 | 1,134,353 | 251,160 | 246,174 |
| Adjustment for non-cash items | 31,939 | 139,425 | 185,060 | 320,505 | 335,051 | |
| 593,252 | 251,579 | 1,319,413 | 571,665 | 581,225 | ||
| Tax paid | -18,392 | -32,285 | -58,579 | -91,009 | -91,745 | |
| Changes in working capital | -863,807 | -312,535 | 32,936 | 177,230 | 209,022 | |
| Cash flow from operating activities | -288,947 | -93,241 | 1,293,770 | 657,886 | 698,502 | |
| Investing activities | Acquisition of property, plant and equipment | -180,874 | -212,417 | -515,047 | -445,364 | -581,817 |
| Acquisition of subsidiaries | - | -95,729 | -9,443 | -107,640 | -118,618 | |
| Sale of property, plant and equipment | 2,012 | 3,283 | 5,306 | 4,717 | 4,717 | |
| Other investing activities | 20,049 | -4,852 | 2,252 | -5,155 | 65,489 | |
| Cash flow from investing activities | -158,813 | -309,715 | -516,932 | -553,442 | -630,229 | |
| Financing activities | Proceeds from borrowings | 190,011 | 153,228 | 511,535 | 455,185 | 557,453 |
| Repayment of borrowings | -315,563 | -120,322 | -917,558 | -493,649 | -521,239 | |
| Repayment of lease liabilities | -14 786 | -16,388 | -62,520 | -58,250 | -110,606 | |
| Dividend paid | -117 564 | |||||
| Cash flow from financing activities | -140,338 | 16,518 | -586,107 | -96,714 | -74,392 | |
| Cash flow for the period | -588 098 | -386,438 | 190,731 | 7,730 | -6,119 | |
| Cash & cash equivalents at beginning of year | 811,017 | 453,564 | 26,556 | 59,567 | 59,567 | |
| Exchange differences | 1,285 | 396 | 6,917 | 225 | -116 | |
| Cash & cash equivalents reported in assets held for sale | -26,775 | |||||
| Cash & cash equivalents at end of period* | 224,204 | 67,523 | 224,204 | 67,523 | 26,556 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | 2020/21 |
| OPERATION OF MOUNTAIN RESORTS | |||||
| External revenue | 1,343,890 | 926,949 | 3,465,360 | 2,329,821 | 2,581,674 |
| Internal revenue | 16,445 | 4,854 | 39,622 | 18,376 | 25,676 |
| Capital gains | 7 | 19 | 12,770 | 325 | 325 |
| Total operating income | 1,360,342 | 931,822 | 3,517,751 | 2,348,521 | 2,607,676 |
| External operating expenses | -809,982 | -633,922 | -2,236,620 | -1,742,651 | -2,188,466 |
| Costs from other segments | -28,820 | -17,286 | -77,055 | -52,264 | -60,965 |
| Capital losses | -12,349 | ||||
| Share in profit/loss of joint ventures/associates | 3,344 | ||||
| Profit/loss from investments in joint ventures and associates |
-2,890 | -1,125 | -2,814 | -4,437 | -4,751 |
| Depreciation/amortisation | -61,734 | -174,025 | -165,795 | -303,543 | -272,531 |
| Operating profit/loss | 456,917 | 105,514 | 1,023,118 | 245,626 | 84,306 |
| Intangible assets | 191,912 | 184,951 | 191,912 | 184,721 | 178,112 |
| Property, plant and equipment | 2,924,635 | 3,147,739 | 2,924,635 | 3,147,739 | 3,179,542 |
| Financial assets | 88,323 | 71,965 | 88,323 | 71,955 | 49,262 |
| Operating loans | 802,971 | 1,589,350 | 802,971 | 1,589,350 | 1,132,543 |
| PROPERTY DEVELOPMENT & EXPLOITATION | |||||
| External revenue | 4,667 | 5,687 | 12,288 | 11,452 | 15,612 |
| Exploitation revenue | 52,767 | 91,599 | 66,231 | 177,319 | 184,744 |
| Internal revenue | 13,072 | 12,670 | 39,468 | 34,020 | 36,072 |
| Capital gains | 552 | 2,973 | 944 | 944 | |
| Total operating income | 71,058 | 109,957 | 120,961 | 233,735 | 237,372 |
| External operating expenses | -15,084 | -18,948 | -45,806 | -47,549 | -60,887 |
| Costs from other segments | -1,330 | -238 | -2,338 | -132 | 125 |
| Costs of sold exploitation assets | -1,742 | -90,991 | -4,847 | -153,634 | -155,380 |
| Capital losses | -392 | -1,425 | -1,379 | -4,224 | -4,224 |
| Profit/loss from investments in joint ventures and associates |
21,011 | 27,706 | 42,189 | 25,764 | 38,620 |
| Depreciation/amortisation | -7,184 | -8,003 | -20,009 | -19,296 | -24,029 |
| Operating profit/loss | 66,338 | 18,058 | 88,771 | 24,663 | 31,597 |
| Property, plant and equipment | 853,018 | 1,353,626 | 853,018 | 1,353,626 | 713,698 |
| Financial assets | 804,101 | 510,302 | 804,101 | 510,302 | 819,979 |
| Operating loans | 451,715 | 677,760 | 451,715 | 677,760 | 578,217 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | 2020/21 |
| OPERATION OF HOTELS | |||||
| External revenue | 137,307 | 330,405 | 37,559 | ||
| Exploitation revenue | 105 | ||||
| Internal revenue | 1,551 | 1,389 | |||
| Capital gains | 1,208 | ||||
| Total revenue | 138,964 | 333,002 | 37,559 | ||
| External operating expenses | -112,709 | -301,875 | |||
| Costs from other segments | -5,103 | -1,328 | -909 | ||
| Capital losses | -815 | -1,208 | |||
| Profit/loss from investments in joint ventures and associates |
-815 | ||||
| Depreciation/amortisation | -10,170 | -1,303 | |||
| Operating profit/loss | 19,522 | 18,421 | -27,653 | ||
| Intangible assets | 1,009 | 1,009 | |||
| Property, plant and equipment | 204,369 | 204,369 | 26,192 | ||
| Internal revenue | -30,966 | -17,524 | -80,720 | -52,396 | -61,748 |
| Internal costs | 30,965 | -17,524 | 80,720 | -52,396 | 61,748 |
| Consolidated revenue* | 1,539,398 | 1,024,255 | 3,890,994 | 2,519,860 | 2,820,857 |
| Consolidated operating profit/loss | 542,776 | 123,572 | 1,130,310 | 270,289 | 88,251 |
| Consolidated intangible assets | 192,922 | 184,951 | 192,922 | 184,721 | 178,112 |
| Consolidated property, plant and equipment | 3,982,022 | 4,501,365 | 3,982,022 | 4,501,365 | 3,919,432 |
| Consolidated financial assets | 892,424 | 582,527 | 892,424 | 582,257 | 869,242 |
| Consolidated operating loans | 1,254,686 | 2,267,110 | 1,254,686 | 2,267,110 | 1,710,760 |
In the segment report, all leasing contract are reported as operational leasing.
| SEK THOUSAND | 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
||
|---|---|---|---|---|---|
| 2021/22 | 2020/21 | 2021/22 | 2020/21 | 2020/21 | |
| Operating profit according to segment report | 542,776 | 123,572 | 1,130,310 | 270,289 | 88,251 |
| Reversal of leasing cost attibuted to IFRS 16 | 43,617 | 24,140 | 125,676 | 70,362 | 97,275 |
| Depreciations attributable to IFRS 16 | -39,652 | -21,938 | -104,131 | -63,955 | -87,876 |
| Reversal of lease depreciation in connection with sale of subsidiaries |
-2,726 | ||||
| Capital gain on property transaction | 198,104 | ||||
| Operating profit according to consolidated comprehen sive income |
546,741 | 125,775 | 1,149,129 | 276,697 | 295,753 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||||
|---|---|---|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 2021/22 | 2020/21 | 2020/21 | ||
| Operating income | Revenue | 1,058,784 | 843,480 | 2,713,773 | 2,084,765 | 2,240,680 | Other comprehensive income |
| Other operating income | 944 | 647 | 6,646 | 4,482 | 6,502 | Items that may be reclassified to profit | |
| Total operating income | 1,059,728 | 844,127 | 2,720,419 | 2,089,247 | 2,247,183 | or loss | |
| Operating expenses Goods for resale | -259,125 | -225,534 | -655,459 | -551,310 | -592,437 | Change in fair value of cash flow hed | |
| Other external expenses | -222,996 | -150,700 | -698,518 | -523,077 | -676,334 | ||
| Personnel costs | -190,547 | -147,743 | -482,759 | -416,466 | -483,881 | Other comprehensive income for the | |
| Cost of sold interests in accommodation/ exploitation |
-50 | -29,987 | -50 | -29,987 | -30,107 | ||
| Depreciation/amortisation of assets | -46,200 | -38,725 | -125,955 | -116,246 | -159,520 | Total comprehensive income for the | |
| Operating profit/loss | 340,810 | 251,438 | 757,678 | 452,162 | 304,904 | ||
| Net financial items | 22,734 | -148,121 | 23,364 | -152,509 | -155,394 | ||
| Profit/loss after net financial items | 363,543 | 103,317 | 781,042 | 299,652 | 149,511 | ||
| Appropriations | -3,541 | ||||||
| Profit/loss before tax | 363,543 | 103,317 | 781,042 | 299,652 | 145,969 | ||
| Tax | -72,603 | -56,974 | -157,833 | -99,627 | -60,917 | ||
| Profit/loss for the period | 290,941 | 46,343 | 623,210 | 200,025 | 85,052 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| SEK THOUSANDS | 2021/22 | 2020/21 | 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 hed ges for the period |
1,704 | 2,662 | 5,055 | 6,757 | |
| Deferred tax on cash flow hedges | -375 | -586 | -1,112 | -1,407 | |
| Other comprehensive income for the year |
1,329 | 2,076 | 3,943 | 5,350 | |
| Total comprehensive income for the year |
290,941 | 47,672 | 625,286 | 203,968 | 90,401 |
| EQUITY AND LIABILITIES, SEK THOUSANDS | 31 May 2022 | 31 May 2021 31 Aug 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| company | 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 | |||||||
| ASSETS, SEK THOUSANDS | 31 May 2022 | 31 May 2021 31 Aug 2021 | -Non-restricted equity | Share premium reserve | 4,242 | 4,242 | 4,242 | ||
| Non-current assets | Intangible assets | 77,185 | 76,952 | 72,782 | Retained earnings | 785,730 | 814,838 | 816,167 | |
| Property, plant and equipment | 1,949,214 | 1,727,716 | 1,747,366 | Profit/loss for the year | 623,210 | 200,024 | 85,052 | ||
| 1,413,182 | 1,019,103 | 905,460 | |||||||
| Financial assets | Investments in Group companies | 248,375 | 204,319 | 201,417 | Total equity | 1,462,834 | 1,068,756 | 955,112 | |
| Investments in joint ventures/associates | 2,770 | 2,812 | 2,812 | ||||||
| Other investment and securities held as non-cur rent-assets |
24,591 | 19,211 | 19,091 | Non-current liabilities | |||||
| Other non-current receivables | 25,607 | 14,888 | 13,715 | -Non-current interest-bearing lia bilities |
Liabilities to credit institutions | 483,485 | 450,235 | 437,735 | |
| Receivables from Group companies | 195,750 | -Provisions | Provisions for pensions | 15,627 | 14,044 | 14,535 | |||
| Total non-current assets | 2,523,491 | 2,045,897 | 2,057,181 | Other provisions | 101 | ||||
| Current assets | -Non-current non-interest-bearing liabilities |
Derivative liabilities | 8,973 | 10,494 | |||||
| -Inventories | Goods for resale | 114,549 | 84,692 | 95,553 | Deferred tax liabilities | 150,818 | 150,364 | 148,798 | |
| 114,549 | 84,692 | 95,553 | Total non-current liabilities | 649,930 | 623,717 | 611,562 | |||
| -Current receivables | Trade receivables | 34,535 | 12,040 | 7,589 | -Current liabilities | Liabilities to credit institutions | |||
| Receivables from Group companies | 704,222 | 761,233 | 638,659 | Liabilities to Group companies | 12,000 1,102,320 |
216,963 769,746 |
145,491 836,198 |
||
| Tax receivables | 109,271 | 102,237 | 60,099 | Trade payables | 132,699 | 74,568 | 94,705 | ||
| Other current receivables | 44,639 | 34,208 | 25,832 | Other current liabilities | 337,539 | 250,568 | 237,133 | ||
| Derivatives | 21,020 | Accrued expenses and deferred income | 134,904 | 96,223 | 72,879 | ||||
| Prepaid expenses and accrued income | 77,167 | 59,465 | 67,382 | Total current liabilities | 1,719,462 | 1,408,068 | 1,386,407 | ||
| 990,853 | 969,182 | 799,561 | Total liabilities | 2,369,392 | 2,031,785 | 1,997,968 | |||
| TOTAL EQUITY AND LIABILITIES | 3,832,226 | 3,100,542 | 2,953,081 | ||||||
| -Cash and cash equivalents | Cash and bank balances | 203,332 | 771 | 786 | |||||
Intra-group receivables and liabilities are largely attributable to the overdraft facility.
| Receivables from Group companies | 195,750 | ||||
|---|---|---|---|---|---|
| Total non-current assets | 2,523,491 | 2,045,897 | 2,057,181 | ||
| Current assets | |||||
| -Inventories | Goods for resale | 114,549 | 84,692 | 95,553 | |
| 114,549 | 84,692 | 95,553 | |||
| -Current receivables | Trade receivables | 34,535 | 12,040 | 7,589 | |
| Receivables from Group companies | 704,222 | 761,233 | 638,659 | ||
| Tax receivables | 109,271 | 102,237 | 60,099 | ||
| Other current receivables | 44,639 | 34,208 | 25,832 | ||
| Derivatives | 21,020 | ||||
| Prepaid expenses and accrued income | 77,167 | 59,465 | 67,382 | ||
| 990,853 | 969,182 | 799,561 | |||
| -Cash and cash equivalents | Cash and bank balances | 203,332 | 771 | 786 | |
| Total current assets | 1,308,735 | 1,054,645 | 895,899 | ||
| TOTAL ASSETS | 3,832,226 | 3,100,543 | 2,953,081 |
| FULL YEAR 1 Sep-31 Aug |
||||||
|---|---|---|---|---|---|---|
| KEY PERFORMANCE INDICATORS | 2021/22 | 2020/21 | 2019/20 | 2018/19 | 2017/18 | 2020/21 |
| Revenue*, SEK thousand | 3,868,204 2,504,955 | 2,631,968 2,566,474 2,352,052 | 2,750,514 | |||
| Operating income*, SEK thousand | 3,891,055 | 2,519,860 2,639,852 2,577,072 2,364,195 | 2,820,857 | |||
| Profit/loss before tax, SEK thousand | 1,134,352 | 251,160 | 485,129 | 802,161 | 752,638 | 246,174 |
| Profit/loss after tax, SEK thousand | 876,484 | 153,426 | 387,329 | 666,888 | 603,096 | 233,633 |
| Cash flow from operating activities, SEK thousand |
1,293,770 | 657,886 | 710,657 | 918,268 | 810,418 | 698,502 |
| Total cash flow, SEK thousand | 190,731 | 7,730 | -7,471 | -2,989 | -26,495 | -6,120 |
| Return on: | ||||||
| -capital employed, % | 19 | 6 | 12 | 21 | 21 | 6 |
| -equity, % | 28 | 6 | 15 | 25 | 26 | 9 |
| -total assets, % | 16 | 5 | 10 | 18 | 17 | 5 |
| Gross margin, % | 37 | 22 | 30 | 40 | 40 | 19 |
| Operating margin, % | 30 | 11 | 20 | 32 | 32 | 10 |
| Net margin, % | 29 | 10 | 18 | 31 | 32 | 9 |
| Equity/assets ratio, % | 46 | 42 | 44 | 56 | 53 | 40 |
| 2021/22 | 2020/21 | 2019/20 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | |
| Revenue*, SEK thousand | 1,535,645 | 2,177,645 | 154,914 | 245,559 | 1,023,345 | 1,327,861 | 153,749 | 162,198 |
| Operating income*, SEK thousand | 1,537,977 | 2,195,371 | 157,707 | 300,997 | 1,024,255 | 1,339,531 | 156,074 | 199,111 |
| Profit/loss before tax, SEK thousand | 561,312 | 919,883 | -346,842 | -4,986 | 112,154 | 445,970 | -306,965 | -135,070 |
| Profit/loss after tax, SEK thousand | 438,942 | 752,419 | -314,876 | 80,206 | 39,153 | 365,183 | -250,911 | -100,615 |
| Cash flow from operating activities, SEK thou sand |
-288,947 | 1,236,797 | 349,273 | 40,615 | -93,241 | 660,156 | 90,971 | 23,989 |
| Total cash flow, SEK thousand | -588,097 | 706,771 | 72,057 | -13,851 | -386,437 | 422,457 | -28,289 | -4,144 |
| Gross margin, % | 43 | 47 | neg | 42 | 22 | 40 | neg | neg |
| Operating margin, % | 36 | 43 | neg | 6 | 12 | 33 | neg | neg |
| Net margin, % | 36 | 42 | neg | -2 | 11 | 33 | neg | neg |
| 1 Sep - 31 May | Full Year | |||||||
|---|---|---|---|---|---|---|---|---|
| DATA PER SHARE 1) | 2022 | 2021 | 2020 | 2019 | 2018 | 2020/21 | ||
| Share price, SEK | 160.60 | 132.80 | 103.60 | 116.00 | 95.60 | 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 | 11.21 | 2.17 | 4.94 | 8.52 | 7.68 | 3.04 | ||
| Cash flow from operating activities, SEK | 16.51 | 8.39 | 9.07 | 11.72 | 10.34 | 8.91 | ||
| Share price/cash flow, times | 9.7 | 15.8 | 11.4 | 9.9 | 9.2 | 20.4 | ||
| Equity, SEK | 45 | 34 | 34 | 36 | 32 | 35 | ||
| Price/equity, % | 355 | 387 | 306 | 323 | 297 | 514 | ||
| 2021/22 | 2020/21 | 2019/20 | ||||||
| Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | |
| 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 | 5.60 | 5.61 | -3.97 | 0.87 | 0.60 | 4.70 | -3.12 | -1.23 |
| Cash flow from operating activities, SEK | -3.73 | 15.78 | 4.46 | 0.52 | -1.19 | 8.42 | 1.16 | 0.31 |
| Equity, SEK | 45 | 40 | 31 | 35 | 34 | 34 | 29 | 33 |
*) 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).
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 3 | Q 3 | Q 3 | Q 3 | Q 3 | |||||
| Profit after financial items | 1,134,352 | 251,160 | 485,129 | 802,161 | 752,638 | |||||
| Finance income | 23,917 | 25,744 | 39,267 | 42,821 | 43,857 | |||||
| Finance costs | -38,693 | -51,282 | -76,315 | -66,335 | -57,930 | |||||
| Net financial items | -14,775 | -25,538 | -37,048 | -23,514 | -14,073 | |||||
| Profit after financial items, plus finance costs | 1,173,045 | 302,441 | 561,444 | 868,496 | 810,568 | |||||
| 2021/22 | 2020/21 | 2019/20 | 2018/19 | 2017/18 | ||||||
| CAPITAL EMPLOYED | Q 3 | Aug 2021 | Q 3 Aug 2020 | Q 3 | Aug 2019 | Q 3 Aug 2018 | Q 3 | Aug 2017 | ||
| Assets | 7,751,085 | 6,873,998 | 6,434,913 | 6,023,251 | 6,044,193 | 5,065,776 | 4,991,665 | 4,870,568 | 4,761,478 | 4,507,860 |
| Non-current non-interest-bearing liabilities | 172,710 | 142,008 | 185,259 | 225,206 | 232,581 | 226,546 | 199,306 | 221,113 | 224,795 | 190,107 |
| Current non-interest-bearing liabilities | 874,152 | 767,365 | 694,719 | 562,156 | 524,481 | 478,637 | 549,128 | 537,253 | 508,195 | 455,254 |
| Total non-interest-bearing liabilities | 1,046,862 | 909,373 | 879,978 | 787,361 | 757,062 | 705,182 | 748,434 | 758,366 | 732,990 | 645,361 |
| Capital employed | 6,704,223 | 5,964,625 | 5,554,935 | 5,235,889 | 5,287,132 | 4,360,594 | 4,243,230 | 4,112,202 | 4,028,488 | 3,862,499 |
| Average capital employed | 6,334,424 | 5,395,412 | 4,823,863 | 4,177,716 | 3,945,493 | |||||
| Return on capital employed | 19% | 6% | 12% | 21% | 21% | |||||
| RETURN ON EQUITY | ||||||||||
| Equity | 3,544,819 | 2,774,026 | 2,692,123 | 2,560,524 | 2,652,296 | 2,602,064 | 2,812,375 | 2,421,089 | 2,524,985 | 2,090,251 |
| Average equity | 3,159,422 | 2,626,324 | 2,627,180 | 2,616,732 | 2,307,618 | |||||
| Profit after tax | 876,484 | 153,426 | 387,329 | 666,888 | 603,096 | |||||
| Return on equity | 28% | 6% | 15% | 25% | 26% | |||||
| RETURN ON TOTAL ASSETS | ||||||||||
| Total assets | 7,751,085 | 6,873,998 | 6,434,913 | 6,023,251 | 6,044,193 | 5,065,776 | 4,991,665 | 4,870,568 | 4,761,478 | 4,507,860 |
| Average total assets | 7,312,541 | 6,229,082 | 5,554,985 | 4,931,116 | 4,634,669 | |||||
| Return on total assets | 16% | 5% | 10% | 18% | 17% |
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 | 9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
9 MONTHS 1 Sep-31 May |
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 | 2020/21 |
| Non-current interest-bearing liabilities to credit institutions | 8,78,140 | 1,809,153 | 1,164,694 | Equity | 3,590,509 | 2,678,263 | 2,784,037 |
| Long-term leasing liabilities | 1,767,650 | 533,765 | 1,354,406 | Total assets | 5,920,196 5,860,849 | 5,460,336 | |
| Provisions for pensions | 15,627 | 14,044 | 14,535 | Equity/assets ratio, % excluding IFRS 16 | 61 | 46 | 51 |
| Current interest-bearing liabilities to credti institutions | 376,546 | 436,793 | 572,101 | ||||
| Short-term lease liabilities | 121,441 | 69,057 | 84,863 | ||||
| Net interest-bearing liabilities | 3,159,405 | 2,862,812 | 3,190,599 | ||||
| Other non-current receivables | 49,599 | 241,676 | 72,890 | ||||
| Non-interest-bearing part of non-current receivables | -1,750 | -160,771 | -35,519 | ||||
| Interest-bearing current receivables | 1,915 | 12,441 | 12,441 | ||||
| Cash and cash equivalents | 224,204 | 67,523 | 26,556 | ||||
| Interest-bearing receivables | 273,968 | 160,869 | 76,368 | ||||
| Financial net debt (interest-bearing receivables - net inte rest-bearing liabilities) |
2,885,437 2,701,943 | 3,114,231 |
| PLEADGED ASSETS, SEK THOUSAND | 31 May 2022 | 31 May 2021 | 31 Aug 2021 |
|---|---|---|---|
| Group* | 2,878,420 | 2,313,688 | 2,046,810 |
| Parent Company | 533,014 | 560,630 | 531,923 |
| CONTINGENT LIABILITIES, SEK THOUSAND |
|||
| Group | 399,376 | 617,019 | 473,963 |
| Parent Company | 1,236,932 | 1,782,769 | 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 Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts Act. The Parent Company's accounts were prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's RFR 2 Accounting for Legal Entities. The accounting policies and methods of calculation applied for the Group and Parent Company are the same as those applied in preparing the most recent annual accounts and consolidated financial statements.
Preparation of financial statements in compliance with IFRS requires Company management to make accounting estimates and judgements, as well as to make assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expense. The actual outcome may differ from these estimates and assumptions. Certain statements contained in this report are forward-looking and reflect the current assessments of the Company and Board of Directors as regards future circumstances. None of the new IFRS standards, amended standards and interpretations applicable from 1 September 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 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
||||
|---|---|---|---|---|---|---|
| 2021/22 2020/21 2021/22 2020/21 | 2020/21 | |||||
| OPERATION OF MOUNTAIN RESPORTS |
||||||
| SkiPass | 689 | 460 | 1,712 | 1,111 | 1,143 | |
| Accommodation | 353 | 264 | 881 | 609 | 640 | |
| Ski rental | 82 | 49 | 213 | 120 | 127 | |
| Ski school/Activities | 26 | 19 | 61 | 41 | 41 | |
| Sporting goods outlets | 74 | 54 | 255 | 185 | 207 | |
| Restaurants | 30 | 63 | 7 | |||
| Property services | 45 | 50 | 112 | 102 | 113 | |
| Other | 43 | 31 | 163 | 149 | 240 | |
| Total Operation of Mountain Resorts |
1,342 | 927 | 3,461 | 2,317 | 2,517 |
| OPERATION OF HOTELS | |||||
|---|---|---|---|---|---|
| Accommodation | 96 | 242 | 26 | ||
| Property | 5 | 10 | 1 | ||
| Restaurants | 29 | 60 | 8 | ||
| Other | 7 | 17 | 2 | ||
| Total Operation of Hotels | 137 | 329 | 37 | ||
| Group total | 1,536 | 1,023 | 3,868 | 2,505 | 2,751 |
| 3 MONTHS 1 Mar-31 May |
9 MONTHS 1 Sep-31 May |
FULL YEAR 1 Sep-31 Aug |
|||
|---|---|---|---|---|---|
| REVENUE PER COUNTRY | 2021/22 2020/21 2021/22 2020/21 | 2020/21 | |||
| Sweden | |||||
| - Operation of Mountain Resorts | 1,020 | 838 | 2,617 | 2,019 | 2,164 |
| - Property Development and Exploitation |
57 | 71 | 78 | 89 | 98 |
| - Operation of Hotels | 30 | 76 | 3 | ||
| Norway | |||||
| - Operation of Mountain Resorts | 322 | 92 | 823 | 285 | 333 |
| - Property Development and Exploitation |
26 | 99 | 99 | ||
| - Operation of Hotels | 107 | 253 | 34 | ||
| Austria 1) | -4 | 20 | 13 | 20 | |
| Group total* | 1,536 | 1,023 | 3,868 | 2,505 | 2,751 |
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.
Interest-bearing receivables less interest-bearing liabilities.
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).
SkiStar will present this report via webcast on 17 June 2022, 10:00 a.m. CEST. Find the dial-in information and link to the webcast on www.skistar.com/se/corporate.
The year-end report and the annual report will be published as follows;
The interim reports and the year-end report will be published as follows;
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 CEO assures that this Interim Report provides a true and fair view of the parent company's and the group's operations, financial position and performance, and describes the material risks and uncertainties faced by the parent company and the other group companies.
Sälen, 17 June 2022
Stefan Sjöstrand CEO
This information is information that SkiStar AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 17 June 2022 07.15 a.m. CEST.
SkiStar AB (publ), reg. no 556093-6949
We have reviewed the condensed interim financial information (interim report) of Skistar AB (publ) as of 31 May 2022 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, 17 June 2022 PricewaterhouseCoopers AB
Camilla Samuelsson Authorized Public Accountant
The mountain tourism company SkiStar AB (publ) is listed on the Mid Cap list of the Nasdaq Stockholm exchange. The Group owns and operates alpine ski resorts in Sälen, Vemdalen, Åre and Stockholm (Hammarbybacken) in Sweden and in Hemsedal and Trysil in Norway. Our vision is to create memorable mountain experiences with a focus on alpine skiing in the winter and active holidays in the summer. Sustainability and responsible entrepreneurship are an integral part of SkiStar's strategy, business model, governance and culture. For more information, see www.skistar.com/en/corporate.
As the leading tour operator for Scandinavia, SkiStar's business concept is to create memorable mountain experiences, develop sustainable destinations and offer accommodation, activities, products and services of the highest quality with our guests in focus.
Our operations are divided into three segments: Operation of Mountain Resorts, Property Development & Exploitation and Operation of Hotels, as well as a number of central functions.
Shareholders owning at least 200 shares in SkiStar receive a 15-percent discount on SkiStar's offering at all destinations and on their online purchases at skistar.com and skistarshop.com. Read more about booking with a shareholder discount and the full terms and conditions at https://www.skistar.com/en/ corporate/investors/shareholder-discount/.
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 91 SÄLEN Reg. No: 556093-6949 Tel: +46 280 880 50 E-mail: [email protected] www.skistar.com
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