SkiStar AB Year-End Report September 2023-August 2024
CONTINUED GROWTH WITH INCREASED MARGINS AND A STABLE BOOKING SITUATION AHEAD OF THE COMING WINTER SEASON
Fourth Quarter
- Net sales for the fourth quarter decreased by SEK -6 million, to SEK 339 million (345). Adjusted for the electricity subsidies of SEK 16 million in the previous year’s net sales, net sales increased by SEK 10 million, corresponding to 3 percent.
- Operating profit/loss for the fourth quarter decreased by SEK -40 million, -17 percent, to SEK -279 million (-239). Adjustment to the accounting policies for properties in our holding of joint venture SkiabInvest had an effect of SEK -19 million on earnings for the quarter. Adjusted operating profit/loss amounted to SEK -260 million.
- Capital gains from exploitation operations were included with SEK 76 million (63).
- Cash flow from operating activities increased by SEK 13 million to SEK -234 million (-247).
- Basic and diluted earnings per share amounted to SEK -3.49 (-2.75), a decrease of -27 percent.
Full Year
- Net sales for the full year increased by SEK 398 million, 9 percent, to SEK 4,679 million (4,281).
- Operating profit increased by SEK 124 million, 20 percent, to SEK 740 million (616). Adjustment to the accounting policies for properties in our holding of joint venture SkiabInvest had an effect of SEK -19 million on earnings for the quarter. Adjusted operating profit/loss amounted to SEK 759 million.
- Capital gains from exploitation operations were included with SEK 67 million (75).
- Cash flow from operating activities increased by SEK 415 million to SEK 1,084 million (669).
- Basic and diluted earnings per share amounted to SEK 6.03 (5.28), an increase of 14 percent.
- The Board proposes a dividend of SEK 2.80 (2.60) per share, totaling SEK 219 (204) million. The dividend represents 46 (51) percent of the Group’s profit after tax.
Significant events during and after the period
- Demand for mountain holidays ahead of the 2024/25 winter season is stable and the booking situation, measured as the number of overnight stays booked through SkiStar’s mediated accommodation, amounted to +/- 0 percent compared with the same period of the previous year.
- On 1 September 2024 SkiStar´s Group Management expanded by one additional member, Fanny Sjödin, Chief Sustainability Officer. Lars-Göran Dahl, Director of Property Development, has decided to leave the Company on 31 December 2024 and will be replaced in the Group Management by Henrik Lundmark, who will be appointed as new Director of Property Development on 1 Januari 2025.
Comments from the CEO Stefan Sjöstrand:
“We are strengthening our position as Scandinavia’s lead player in mountain tourism by more satisfied guests as well as a record number of skier and activity days.”
Time for conference call and web presentation
Tuesday 1 October 2024 at 10.00 a.m. CET.
Web cast: https://edge.media-server.com/mmc/p/bdwvieqy
Web cast & participation at conference call to ask questions:
https://register.vevent.com/register/BI15ab00fef39d4a8dadf30d8864bb6b95
For registration and dial-in details, please follow the link above. Please make sure you are connected to the phone conference by calling in and registering a few minutes before the conference begins.
The presentation and a recorded version of the web presentation will be available on the same webpage after the presentation.
This information is information that SkiStar AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact persons set out below, on 1 October 2024, at 07.00 a.m. CET.
Further information can be reached from:
Stefan Sjöstrand, CEO, tel +46 (0)280 841 60.
Martin Almgren, CFO, tel +46 (0)280 841 60.
SkiStar in brief
SkiStar AB (publ) is listed on the Mid Cap list of the Nasdaq Stockholm exchange. The Group owns and operates mountain resorts in Sälen, Vemdalen, Åre and Stockholm (Hammarbybacken) in Sweden and in Hemsedal and Trysil in Norway. Operations are divided into three segments: Operation of Mountain Resorts, Property Development & Exploitation and Operation of Hotels. As the leading holiday tour operator for Scandinavia, SkiStar’s business concept is to create memorable mountain experiences, develop sustainable destinations, offer accommodation, activities, products and services of the highest quality with our guests in focus. For further information, please visit www.investor.skistar.com.
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