Kvartalsrapport Q1 2023

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SKISTAR INTERIM REPORT SEPTEMBER 2022-MAY 2023
Lower operating profit during the third quarter characterised 
by one-off costs

===== SIDA 2 =====

SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
SUMMARY, SEK MILLION 3 MONTHS 
1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR
1 Sep-31 Aug
2022/23 2021/22 2022/23 2021/22 2021/22
Revenue 1,409 1,536 3,936 3,868 4,092
Operating income 1,411 1,538 3,958 3,891 4,118
Operating profit 353 547 834 1 149 884
Profit/loss before tax 328 561 779 1,134 866
Profit/loss after tax 269 439 609 876 665
Earnings per share before and after dilution, SEK 3.43 5.60 7.77 11.21 8.50
Cash flow from operating activities -236 -289 917 1,294 1,238
Operating margin, % 25 36 21 30 21
Equity/assets ratio, % 43 46 43 46 42
Equity/assets ratio, % excluding IFRS 16 57 61 57 61 57
Net liabilities excluding IFRS 16 1,657 1,016 1,657 1,016 1,559
THIRD QUARTER
• Net sales for the third quarter decreased by SEK 127 million (8 percent) to SEK 1,409 (1,536) million compared with the same period of the previous year.
• Operating profit for the third quarter amounted to SEK 353 (547) million, a decline of SEK 194 million (35 percent) compared with the same period of the  
 previous year.
• The quarter included one-off costs of SEK 48 (0) million.
• Capital gains from exploitation operations included SEK 1 (51) million.
• Operating profit, adjusted for one-off costs and capital gains, amounted to SEK 400 (496) million, a decline of SEK 96 million (19 percent) compared with  
 the same period of the previous year.
• Earnings per share before and after dilution amounted to SEK 3.43 (5.60), a decrease of 39 percent.
FIRST NINE MONTHS
• Net sales for the nine-month period increased to SEK 3,936 (3,868) million, an increase of SEK 68 million (2 percent) compared with the same period of  
 the previous year.
• Operating profit for the nine-month period amounted to SEK 834 (1,149) million, a decline of SEK 315 million (27 percent) compared with the same  
 period of the previous year.
• Operating profit, adjusted for one-off costs and capital gain, amounted to SEK 870 (1,088) million, which is a decrease of SEK 218 million (20 percent)  
 compared with the same period of the previous year.
• Earnings per share before and after dilution amounted to SEK 7.77 (11.21), a decrease of 31 percent.
SIGNIFICANT EVENTS DURING AND 
AFTER THE PERIOD
• SkiStar has decided to expand the investment frame and will invest a   
 further SEK 120 million for the winter season 2023/24 in an express lift  
 and a tow lift in southern Lindvallen, Sälen.
• A review of costs is in progress and reorganisation will take place on  
 1 September with the aim of achieving more efficient working methods   
      for the year-round operations to counteract increased costs and  
 contribute to better profitability.
• Strong demand for mountain holidays ahead of the 2023/24 season   
 with a booking rate, measured in the number of booked overnight stays  
 in SkiStar’s accommodation, of +5 percent compared to the same period  
 of the previous year.
Further information is available from: 
Stefan Sjöstrand, CEO    tel +46 (0)280 841 60 
Martin Almgren, CFO   tel +46 (0)280 841 60
2
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 3 =====

COMMENT FROM THE CEO
Lower operating profit during the third quarter characterised by one-off costs
When we summarise the third quarter, we can confirm that we 
reduced revenue by eight percent, corresponding to SEK -127 million, 
mainly due to reduced revenue from SkiPass and accommodation, 
as we had fewer visitors during the final part of the winter season. 
Operating profit amounted to SEK 353 (547) million. Profit during 
the quarter was negatively affected by one-off effects of SEK 48 (0) 
million, mainly attributable to write-downs and costs linked to the 
reorganisation that will be implemented during the next financial 
year. Our assessment is that only insignificant restructuring costs 
will be incurred in the coming quarters. We have chosen to prioritise 
repairs and maintenance, despite increased purchase costs, to ensure 
attractive experiences in our facilities for our guests going forward. 
The increase in fuel prices has also affected us to a greater extent 
than before, as we now use renewable diesel (HVO100) in all our piste 
groomers. When compared with the third quarter of the previous year, 
it is further noted that the comparative year included a capital gain of 
SEK 51 million from exploitation operations, which is not present this 
quarter because of when in the year the projects within exploitation 
operations are realised. Operating profit, adjusted for one-off costs and 
capital gains, amounted to SEK 400 (496) million. 
Looking over the nine-month period, our growth continues and 
we increased turnover by two percent. The main growth comes from 
retail (+19 percent). Despite the fact that many have been affected by 
tougher personal finances, we have had many guests during the winter 
season, and the number of skiing days totalled 5,658,000, which is 
the second highest number in the Company’s history, after last year’s 
record (6,031,000). Guest satisfaction continues, with 8 out of 10 
guests saying that they have had a memorable mountain experience 
and a pleasing 9 out of 10 feeling better after a stay with us, according 
to our guest surveys. However, we have had a lower operating profit 
during the nine-month period driven by increases in repairs, main-
tenance, fuel and personnel costs. We have also had increased costs 
for advertising and marketing during the period, which is part of our 
strategic investment in year-round operations.
Given inflation and uncertainty in the economy, we have placed 
a lot of focus on reviewing costs during the year. As part of this, when 
the net financial year begins, we are implementing a reorganisation to 
achieve more efficient and long-term sustainable working methods for 
our year-round operations with adapted costs. Our running costs and 
our work on purchasing are also areas that we will continue to focus 
on going forward, as we have identified the potential to reduce costs in 
these areas.
Investments in renewable energy
Our sustainability work continues at a high pace. During the quarter, 
we took an important step towards using even more renewable energy 
and the possibility of producing our own power in collaboration with 
Jämtkraft. This includes locally produced wind power in Vemdalen, 
corresponding to 25 percent of our annual electricity consumption 
and a preliminary study related to a solar park in Sälen. As part of 
our investment in ‘Keep the mountains tidy’, we have once again 
collaborated with the Keep Sweden Tidy and Keep Norway Tidy 
organisations. Together, we have organised litter picking days in all our 
destinations to draw attention to the problems caused by littering in 
the mountains. 
Increased interest in the summer season
The transformation into a year-round company continues and, by the 
Easter break, Stockholm Hammarbybacken had changed its appearan-
ce from winter to spring/summer destination. Several destinations are 
now open again and, for the midsummer weekend, we are opening up 
a number of new attractions: in Vemdalen, we are investing in summer 
operations for the first time with a new climbing park and trail cycling, 
as well as opening the Hovde hotel for the summer. In Sälen and Trysil, 
we are introducing the new ’Mountain Coaster’ and ’Mountain Tube’ 
attractions, as well as ‘SummerSki’ in Sälen for everyone who wants to 
enjoy an active holiday in the Scandinavian mountain world. In Trysil, 
we now have our first SkiStar Lodge Trysil as Radisson Blu Mountain 
Resort has changed its name. Several major events will also be held 
at our destinations, e.g. Tjejmilen by EQPE in Sälen and O-ringen in 
Åre. The summer season is an important part of our transition to a 
year-round operation, where we will increase the focus in the coming 
years on encouraging our guests to be more active by offering a wider 
range of experiences.
Stable demand until winter
We continue to invest in the mountain facilities of the future. It is plea-
sing that, in addition to two new express lifts in Sälen and Hemsdal for 
the coming winter season, we have also been able to invest in better
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
The lower operating profit in the quarter is mainly 
driven by a decline in revenue and one-off costs.  
For the coming winter we have a booking rate of  
+5 percent.
”
slopes and more efficient snow production, as well as business development 
and year-round operations. 
We see a continued high demand for mountain holidays in the winter with 
a booking level, measured in the number of nights booked through SkiStar’s 
accommodation agency, of +5 percent compared to the same period in the 
previous year. We also have more bookings by our foreign guests from, for 
example, Denmark, the UK and Germany, driven by changes in exchange 
rates and an interest in more affordable holidays. In summary, many people 
continue to prioritise a mountain holiday and value alpine skiing highly, even 
in more uncertain times.
I look forward with confidence to the future of SkiStar as a mountain 
tourism company that creates memorable mountain experiences all year 
round.
Stefan Sjöstrand, CEO
3
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

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Third Quarter
The Group’s revenue for the third quarter amounted to SEK 1,411 
(1,538) million, a decline of SEK 127 million from the previous year, 
equivalent to eight percent. Changes in the NOK/SEK exchange rate had a 
negative effect of SEK 36 million on revenue. The lower revenue is mainly 
attributable to reduced sales of SkiPass and accommodation within the 
Operation of Mountain Resorts segment, which in total reduced turnover 
by SEK 81 million, corresponding to eight percent. In addition, exploi-
tation revenues within the Property Development and Exploitation seg-
ment decreased by SEK 53 million in the quarter, SEK 0 million (53). The 
turnover from Operation of Hotels amounted to SEK 172 million (137), 
an increase of 26 percent corresponding to SEK 35 million, and is mainly 
attributable to increased sales within restaurant operations. 
Operating profit in the quarter amounted to SEK 353 (547) million, a 
decrease of SEK 194 million, corresponding to 35 percent. The lower ope-
rating profit was partly due to one-off costs of a total of SEK 48 million, 
where SEK 15 million refers to costs attributable to the organisational 
changes, which will come into effect on 1 September and will only have 
an impact on the next financial year. SEK 13 million from write-downs 
regarding shares in Vacation Club, which were identified in connection 
with a reclassification of a number of share weeks from sales weeks to 
service weeks, as well as SEK 20 million from the revaluation of invest-
ment properties from associate company Skiab Invest AB. Exploitation 
revenues from capital gains within the Property Development and 
Exploitation segment decreased by SEK 50 million in the quarter, SEK 1 
million (51). Operating profit, adjusted for one-off costs and capital gains, 
QUARTERLY VALUES, SEK MILLION
2022/23 2021/22 2020/21 2019/20
Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Q 4 Q 3
Revenue 1,409 2,350 177 224 1,536 2,178 155 184 1,023 1,328 154 162 580
Operating profit/loss 353 932 -451 -265 547 936 -334 19 126 444 -292 -127 15
amounted to SEK 400 (496) million. In the quarter, repair and mainte-
nance costs have continued to increase; however, at a lower rate than in 
previous quarters, and other operating costs are unchanged compared 
with the same period of the previous year. Profit from associates and joint 
ventures amounted by SEK -22 million (19), a decline of SEK 41 million. 
The change was mainly attributable to decreased profit in the associated 
company Skiab Invest AB, which has been negatively affected by current 
external factors, which have generated significant changes in interest 
rate derivatives, currency effects and changes in the market value of 
investment properties.
Net financial items fell by SEK 40 million during the quarter to SEK 
-26 (15) million. Changes in the value of interest rate derivatives amoun-
ted to SEK -11 (27) million. Interest expenses amounted to SEK -23 (-17) 
million, including lease-related interest of SEK -10 (-10) million under 
IFRS 16. Exchange losses amounted to SEK -40 (-3) million and exchange 
gains amounted to SEK 45 (7) million. The Group’s profit/loss before tax 
amounted to SEK 328 (561) million, a decrease of SEK 234 million, or 42 
percent.
Nine-Month Period
The Group’s revenue for the interim period amounted to SEK 3,958 
(3,891) million, an increase of SEK 68 million, corresponding to two per-
cent. Changes in the NOK/SEK exchange rate had a negative effect of SEK 
12 million on revenue. Revenues from sports stores have increased by 
SEK 47 million, corresponding to 19 percent, compared to the previous 
year, and amounted to SEK 303 million. Sales via the online store incre-
ased the most (+41 percent) but sales in physical stores also increased. 
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
Revenues from the Property Development and Exploitation segment have 
increased by SEK 42 million and mainly come from property sales in 
Hemsedal, which were made during the second quarter. Revenues from 
SkiPass have decreased by SEK 51 million, which mainly refers to lower 
sales in the third quarter.
Operating profit for the interim period amounted to SEK 834 (1,149) 
million and changes in the NOK/SEK rates had a negative effect of SEK 3 
million for the period. The main cost increases during the period relate to 
personnel and repairs and maintenance. In addition, costs for advertising 
have increased, which is part of the investment in SkiStar’s year-round 
operations. Energy costs are unchanged compared to the previous period, 
which shows that the measures taken to reduce electricity consumption 
have been effective and fully compensated for the price increases. Profit 
from shares in associated companies has reduced the operating profit 
by SEK 42 million compared with the previous year and is mainly due 
to write-downs of investment properties of SEK 20 million, which were 
made during the third quarter, as well as negative effects from derivatives 
and currency translation. Capital gains from Property Development and 
Exploitation in the interim period amounted to SEK 12 (61) million, 
which is a decline by SEK 49 million. 
Net financial items for the nine-month period declined by SEK 41 
million to SEK -56 million (-15). The change in the value of interest 
derivatives amounted to SEK -7 (48). Interest expenses amounted to SEK 
-68 (-54) million, including lease-related interest of SEK -30 (-28) million 
under IFRS 16. Exchange losses amounted to SEK -46 (-27) million and 
exchange gains amounted to SEK 61 (22) million. The Group’s profit 
before tax for the period was SEK 779 (1134) million, or 31 percent.
Seasonal effects
SkiStar’s operations are subject to significant seasonal variations. Most 
revenue and earnings are generated in the second and third quarters 
when the big school holidays falls as a result of the calendar. 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.
REVENUE AND EARNINGS
4
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 5 =====

FINANCIAL POSITION, TAXES AND 
INVESTMENTS ETC.
Cash flow
Cash flow from operating activities after changes in working capital was 
SEK 917 (1,294) million for the nine-month period. The decline was 
primarily linked to a reduced operating profit during the period but also a 
negative change in operating capital where the previous year’s cash flow 
was positively affected by an obtained refund in connection with the sale 
of shares in the subsidiary St. Johanner Bergbahnen Beteiligungs GmbH 
of EUR 15 million. 
Cash flow from investing activities amounted to SEK -628 (-517) 
million. The increased outflow was mainly related to a higher rate of 
investment in both tangible and intangible assets. Acquisitions of subsidi-
aries have generated a cash flow item of SEK -29 million. Cash flow from 
financing activities amounted to SEK -272 (-586) million, which is mainly 
explained by reduced amortisation compared with the same period of the 
previous year. 
 
Liquidity and financing
The Group’s cash and cash equivalents amounted to SEK 39 (224) million 
at the end of May. Unused credit facilities amounted to SEK 473 (770) 
million. Interest-bearing liabilities excluding IFRS 16 amounted to SEK 
1,747 (1,290) million, and increase of SEK 457 million. Of the total liabi-
lities in accordance with IFRS 16 of SEK 1,986 million, SEK 1,573 million 
refers to leasing liabilities to the partly-owned joint venture holding Skiab 
Invest AB. Interest-bearing liabilities amounted to SEK 3,733 (3,159) 
million, an increase of SEK 574 million from the previous year.
The average interest rate during the period was 3.29 (2.34) percent. 
Net financial liabilities amounted to SEK 3,643 (2,885) million at the end 
of May, an increase of SEK 758 million from the previous year (financial 
net debt excluding IFRS 16 amounted to SEK 1,657 (1,016) million). The 
equity/assets ratio fell to 43 (46) percent. The equity/assets ratio exclu-
ding IFRS 16 was 57 (61) percent. 
Tax
Tax for the period amounted to SEK 170 (258) million and was largely 
attributable to current tax.
Investments
Investments for the period amounted to SEK 635 (521) million (gross) 
and SEK 627 (516) million (net). The difference between gross and net 
is the divestment of financial assets and property, plant and equipment. 
Depreciation and amortisation for the same period amounted to SEK -350 
(-319) million.
 
Personnel
The average number of employees was 1,767 (1,761), an increase of six 
from the previous year. Personnel costs amounted to SEK 776 (726) mil-
lion. The increase is mainly due to the comparable year being positively 
affected by a received refund of pension funds and this year’s personnel 
costs being affected based on decreased reductions in employer contribu-
tions and salary inflation.
Related-party transactions
Ekhaga Utveckling AB, which is the main owner of SkiStar with 47 per-
cent of the votes and 24 percent of the capital as of 31 May 2023, is also 
the main owner of Peab with which SkiStar has a business relationship. 
During the nine-month period, purchases were made from Peab amoun-
ting to SEK 26 (43) million. The outstanding liability to Peab was SEK 1 
(2) million. Sales to Peab totalled SEK 1 (1) million and the outstanding 
claim was SEK 0 (0) million. 
During the nine-month period, purchases from associated companies 
have been made in the amount of SEK 169 (152) million and sales to 
associated companies totalled SEK 6 (7) million. Purchases from asso-
ciates mostly relate to rental of hotel properties from Skiab Invest AB. 
Net receivables from associates totalled SEK 5 (12) million, SEK 21 (21) 
million of which related to loans to associates. Current lease liability to 
associates under IFRS16 amounts to SEK 1,573 million and right-of-use 
assets amounted to SEK 1,553 million.
In addition to the Group’s related-party transactions, the Parent Com-
pany carries out transactions with subsidiaries. Disclosures of related-par-
ty transactions and a description of their nature can be found in note 35 
of the 2021/22 Annual Report.
Parent Company
Net sales for the Parent Company totalled SEK 2,668 (2,714) million 
during the period. Net investments amounted to SEK 311 (392) million.
Outlook for 2022/23
All our destinations have changed to spring/summer destinations, and 
SkiStar continues the transition to a year-round operation, where the 
summer season will become an increasingly important part. Several new, 
long-term investments to increase turnover open for the midsummer 
weekend, such as a new climbing park and trail cycling in Vemdalen, plus 
new attractions such as the ‘Mountain Coaster’ and ‘Mountain Tube’ in 
Sälen and Trysil and ‘SummerSki’ in Sälen.
Looking ahead to 2023/24
The effect of the continued uncertain economic situation makes it 
difficult to assess the outlook for household finances as we move into 
2023/24. However, despite the state of the economy, we see an increased 
demand for ski holidays for the winter, with a booking rate measured in 
the number of nights booked through SkiStar’s accommodation agency of 
+5 percent compared to the same period of the previous year. The weak 
currencies in Sweden and Norway continue to benefit both domestic 
tourism and affordability for our foreign guests. Next winter, we will also 
see a positive effect from the dates of the holiday periods both during 
Christmas/New Year and Easter, unlike last year. SkiStar continues to 
invest according to the previously communicated plan which, for the 
winter, will include, among other things, two new express lifts in Sälen 
and Hemsedal, as well as an more modern lift system, better slopes and 
more efficient snow production.
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
5
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

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SUSTAINABILITY
Sustainability and responsible entrepreneurship are an integral part of SkiStar’s strategy, business model, gover-
nance 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.
About the sustainability section of this Interim Report
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/.
News during the Quarter and the First Nine Months
Activity & Recreation
• 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 2022/23, over 103,000 (95,000) 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 39,000 (41,000) children attended SkiStar’s 
ski schools during Valle’s Winter Weeks during the 2022/23 winter season. 
Ecosystem & Impact
• Our collaboration with Keep Sweden Tidy and Keep Norway Tidy conti-
nued during the previous quarter. All SkiStar employees participated in a 
cleaning day at all destinations on 31 May and collected just over eight ton-
nes of litter during the day, which was an increase of 36 percent compared 
with the previous year.
• 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 rentals are two examples of circular parts of the operations. During 
the winter season, more than 346,000 (360,000) ski packages were rented 
out. During the 2022/23 season, we also started SkiStar Pre-used in  
SkiStarshop selling used skis and bicycles. Over 330 pairs were sold for an 
amount totalling SEK 730 thousand. During the winter break, a service ren-
ting out ski clothing was launched, in Hundfjället. 60 bookings were made 
over the spring.
• During the quarter, SkiStar concluded an agreement with Jämtkraft 
regarding the purchase of renewable energy and the possibility of self-pro-
duced electricity in the form of locally-produced wind power in Vemdalen. It 
is estimated that the self-produced electricity will correspond to 25 percent 
of the Company’s annual electricity consumption. Furthermore, we plan to 
work together with Jämkraft to carry out a feasibility study for a solar park 
in Sälen.
Dialogue & Interaction
• During the quarter, SkiStar pursued the issue of new rules for staff 
accommodation in the hospitality sector together with the municipalities in 
Sweden where SkiStar operates. This is one of several important initiatives 
where a number of stakeholders can support each other and help each other 
in our destinations.
Challenges 
Climate change
Activity & Recration 
Material issues
• Promote active lifestyle
• Safety and security
• Employees’ comfort and  
    well-being
Challenges 
Health & well-being
Challenges 
Economic growth and  
decent working conditions
Ecosystem & Impact Dialogue & Interaction
Material issues
• Safeguard white winters and   
   mountains
• Biodiversity 
• Conservation of natural resources
• Waste management and recycling
• Sharing economy
SKISTAR’S FOCUS AREAS
Material issues
• Financial governance
• Anti corruption
• Human rights
• Sustainable supply chain
• Sustainable tourist destinations
• Diversity and inclusiveness
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
6
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 7 =====

The SkiStar share
The number of shareholders was 60,199 on 31 May 2023, which is an 
increase of 2,882 (five percent) since 31 August 2022. SkiStar’s class B 
shares are listed on the Nasdaq Stockholm, Mid Cap. The number of sha-
res was 78,376,056, of which 74,728,056 are class B shares. The closing 
price of the SkiStar share was SEK 129.60 on 31 May 2023.
Regulatory press releases during the quarter and after the end of 
the period
• 14/03/2023 Invitation to conference call with web presentation of  
 SkiStar AB’s Half-Year Report for 2022/23.
• 21/03/2023 SkiStar Half-Year Report September 2022-February 2023.
• 13/06/2023 Invitation to Conference Call with Web Presentation of  
 SkiStar AB’s Interim Report for the Third Quarter 2022/23.
The press releases are available in full at www.skistar.com/en/corporate.
Risks and uncertainties
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 impor-
tant 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 conti-
nuously assess and manage the risks that arise in the operations and to 
ensure that it forms the basis for successful sustainability work.
SkiStar’s risk process, ownership, governance and management are 
discussed and evaluated in the company’s audit committee and board of 
directors. The most relevant risk factors and how they are managed are 
described in the annual and sustainability report and are grouped within 
sustainability risks, operational risks and financial risks. For a further 
description of risks and uncertainties, please refer to the administration 
report and note 32 in the Annual and sustainability report for 2021/22.
OTHER INFORMATION
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
7
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 8 =====

Condensed consolidated statement of comprehensive 
income
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
3 MONTHS 
1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR 
1 Sep-31 Aug
SEK THOUSANDS 2022/23 2021/22 2022/23 2021/22 2021/22
Operating 
Income
Revenue 1,409,086 1,535,645 3,936,105 3,868,204 4,092,252
Other income 1,795 2,332 22,188 22,851 25,541
Total operating income 1,410,881 1,537,977 3,958,292 3,891,055 4,117,794
Operating 
Expenses
Goods for resale -350,432 -351,829 -946,388 -906,178 -980,227
Other external expenses -288,590 -266,481 -950,675 -841,815 -1,029,920
Personnel costs -273,984 -276,304 -776,101 -725,633 -854,126
Cost of sold interests in accommodation/exploitation 
asset 86 -1,742 -97,835 -4,847 -21,034
Share in profit/loss of joint ventures/associates -21,866 18,622 -2,509 39,875 65,095
Depreciation/amortisation of tangible and intangible 
fixed assets -122,636 -113,502 -350,538 -319,016 -429,390
Reversal of previous write-down 15,688 15,688
Operating profit/loss 353,458 546,741 834,247 1,149,129 883,879
Net financial items -25,853 14,571 -55,720 -14,775 -18,211
Profit/loss before tax 327,605 561,312 778,527 1,134,353 865,669
Tax  -58,977 -122,370 -169,400 -257,868 -201,116
Profit/loss for the period 268,628 438,942 609,127 876,485 664,553
3 MONTHS 
1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR 
1 Sep-31 Aug
SEK THOUSANDS 2022/23 2021/22 2022/23 2021/22 2021/22
Other Comprehensive Income
Items that may be reclassified to profit or loss
Change in fair value of cash flow hedges for the 
period 2,662 2,662
Deferred tax on cash flow hedges -586 -586
Exchange differences on translation of foreign opera-
tions for the period -45,155 -14,230 -96,381 22,678 49,098
Other comprehensive income for the period -45,155 -14,230 -96,381 24,754 51,174
Total comprehensive income for the period 223,473 424,712 512,742 901,239 715,727
Profit/loss for the period attributable to:
Shareholders of the Parent  268,702 438,899 609,361 878,318 666,525
Non-controlling interests -74 42 -234 -1,832 -1,972
Profit/loss for the period 268,628 438,942 609,127 876,485 664,553
Comprehensive income for the period attributable to:
Shareholders of the Parent  223,607 424,878 513,180 901,410 715,811
Non-controlling interests -134 -166 -434 -171 -85
Total comprehensive income for the period 223,473 424,712 512,746 901,239 715,727
Earnings per share before and after dilution, SEK 3,43 5,60 7,77 11,21 8,50
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
8
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 9 =====

Condensed consolidated statement of financial position
ASSETS, SEK THOUSANDS 31 May 2023 31 May 2022 31 Aug 2022
Non-current assets Intangible assets 198,512 192,922 197,669
Property, plant and equipment 4,566,817 3,982,022 4,239,492
Right of use assets 1,931,335 1,830,888 1,927,954
Investments in joint ventures/associates 832,593 803,406 854,263
Other investments and securities held as non-current assets 42,538 39,341 32,173
Derivatives 51,441 35,184 58,069
Other non-current receivables 39,127 49,599 50,555
Total non-current assets 7,662,364 6,933,362 7,360,174
Current assets Inventories 338,932 265,648 295,904
338,932 265,648 295,904
Trade receivables  66,965 49,394 37,830
Tax receivables 128,080 76,210
Other current receivables 133,468 61,757 74,365
Prepaid expenses and accrued income 136,254 88,639 104,430
336,687 327,870 292,836
Cash & cash equivalents 38,978 224,204 24,610
Total current assets 714,597 817,723 613,349
TOTAL ASSETS 8,376,961 7,751,085 7,973,523
EQUITY AND LIABILITIES, SEK THOUSANDS 31 May 2023 31 May 2022 31 Aug 2022
Equity Share capital 19,594 19,594 19,594
Other contributed capital 397,573 397,573 397,573
Reserves -124,176 -54,140 -27,995
Retained earnings, including profit/loss for the period 3,342,237 3,179,749 2,968,005
Equity attributable to shareholders of the Parent 3,635,228 3,542,776 3,357,177
Non-controlling interests 1,694 2,042 2,128
Total equity 3,636,922 3,544,818 3,359,306
Non-current liabilities Liabilities to credit institutions 1,192,772 878,140 1,300,825
Provisions for pensions 18,324 15,627 17,335
Long-term lease liabilities 1,855,018 1,767,650 1,865,743
Deferred tax liabilities 188,433 172,710 196,266
Total non-current liabilities 3,254,547 2,834,127 3,380,169
Current liabilities Liabilities to credit institutions 517,596 376,546 316,647
Trade payables 188,757 183,712 223,159
Tax liabilities 146,869 274,988 132,532
Short-term lease liabilities 149,752 121,441 124,745
Other current liabilities 272,862 223,424 267,369
Accrued expenses and deferred income 209,656 192,028 169,597
Total current liabilities 1,485,492 1,372,140 1,234,049
Total liabilities 4,740,040 4,206,266 4,614,218
TOTAL EQUITY AND LIABILITIES 8,376,961 7,751,085 7,973,523
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
9
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 10 =====

Condensed consolidated statement of changes in equity
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
SEK THOUSANDS Share capital
Other contribu-
ted capital
Translation  
reserves
Hedging  
reserves
Retained earnings 
and profit for the 
year Total
Non-controlling 
interests
Totalt 
equity
Opening equity, 1 Sep 2021 19,594 397,573 -62,402 -1,997 2,405,537 2,758,305 15,720 2,774,026
Profit/loss for the period 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 3,179,749 3,542,776 2,042 3,544,818
Opening equity, 1 Sep 2022 19,594 397,573 -28,074 79 2,968,005 3,357,177 2,128 3,359,306
Profit/loss for the period 609,361 609,361 -234 609,127
Other comprehensive income for the period -96,102 -79 -96,181 -200 -96,381
Comprehensive income for the period -96,102 -79 609,361 513,180 -434 512,746
Dividend -235,129 -235,129 -235,129
Closing equity, 31 May 2023 19,594 397,573 -124,176 3,342,237 3,635,228 1,694 3,636,922
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
10
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 11 =====

3 MONTHS 
1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR 
1 Sep-31 Aug
SEK THOUSANDS 2022/23 2021/22 2022/23 2021/22        2021/22           
Operating activities Profit/loss after financial items 327,605 561,313 778,527 1,134,353 865,669
Adjustment for non-cash items 156,405 31,939 348,110 185,060 247,824
484,010 593,252 1,126,637 1,319,413 1,113,493
Tax paid -43,397 -18,392 -84,468 -58,579 -76,418
Changes in working capital -676,848 -863,807 -125,588 32,936 200,519
Cash flow from operating activities -236,235 -288,947 916,581 1,293,770 1,237,594
Investing activities Acquisition of property, plant and equipment -174,332 -180,874 -567,402 -515,047 -763,192
Acquisition of subsidiaries -12,938 -28,907 -9,443 -34,260
Sale of property, plant and equipment 3,526 2,012 7,283 5,306 4,639
Other investing activities -21,352 20,049 -38,555 2,252 -6,944
Cash flow from investing activities -205,096 -158,813 -627,581 -516,932 -799,757
Financing activities Proceeds from borrowings 264,586 190,011 521,574 511,535 856,382
Repayment of borrowings -3,624 -315,563 -436,273 -917,558 -1,014,932
Repayment of lease liabilities -39,852 -14,786 -122,320 -62,520 -165,419
Dividend paid -235,128 -117,564 -117,564
Cash flow from financing activities 221,110 -140,338 -272,147 -586,107 -441,533
Cash flow for the period -220,222 -588,098 16,853 190,730 -3,697
Cash & cash equivalents at beginning of year 255,905 811,017 24,610 26,556 26,556
Exchange differences 3,293 1,285 -2,486 6,917 1,751
Cash & cash equivalents at end of period 38,978 224,204 38,978 224,204 24,610
Condensed consolidated statement of cash flows
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
11
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 12 =====

The Group’s operating segments
RECONCILIATION BETWEEN SEGMENT REPORT AND CONSOLIDATED COMPREHENSIVE INCOME
SEK THOUSANDS    3 MONTHS 
   1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR
1 Sep-31 Aug
2022/23 2021/22 2022/23 2021/22      2021/22
Operating profit according to segment report 349,859 542,776 816,860 1,130,310 858,366
Reversal of leasing cost attibuted to IFRS 16 47,196 43,617 138,052 125,676 169,099
Depreciations attributable to IFRS 16 -43,598 -39,652 -120,665 -104,131 -140,860
Reversal of lease depreciation in connection with sale of subsidiaries -2,726 -2,726
Operating profit according to consolidated comprehensive income 353,457 546,741 834,247 1,149,129 883,879
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
3 MONTHS 
1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR 
1 Sep-31 Aug
SEK THOUSANDS 2022/23 2021/22 2022/23 2021/22 2021/22
OPERATION OF MOUNTAIN RESORTS 
External revenue 1,234,142 1,343,890 3,360,746 3,465,360 3,642,902
Internal revenue 47,908 16,445 190,404 39,622 60,309
Capital gains 383 7 3,883 12,770 15,901
Total operating income 1,282,433 1,360,342 3,555,033 3,517,751 3,719,112
External operating expenses -786,265 -809,982 -2,311,245 -2,236,620 -2,578,913
Costs from other segments -56,398 -28,820 -223,328 -77,055 -103,552
Capital losses -2,428 -12,349 -12,349
Share in profit/loss from associates 205 205
Share in profit/loss of joint ventures/associates 4,539 -2,890 2,808 -2,814 -7,259
Depreciation -63,447 -61,734 -183,177 -165,795 -227,011
Operating profit/loss 381,067 456,917 837,868 1,023,118 790,028
Intangible assets 198,543 191,912 198,543 191,912 196,716
Property, plant and equipment 3,458,443 2,924,635 3,458,443 2,924,635 3,162,290
Financial assets 82,517 88,323 82,517 88,323 103,760
Operating loans 1,230,865 802,971 1,230,865 802,971 1,125,310
PROPERTY DEVELOPMENT & EXPLOITATION
External revenue 3,148 4,667 13,060 12,888 18,527
Exploitation revenue 52,767 108,537 66,231 70,149
Internal revenue 16,199 13,072 64,534 39,468 46,157
Capital gains 552 2,973 272
Total operating income 19,347 71,058 186,132 120,961 135,106
External operating expenses -27,740 -15,084 -64,504 -45,806 -61,749
Costs from other segments -7,676 -1,330 -31,514 -2,338 -3,029
Costs of sold exploitation assets 1,130 -1,742 -96,790 -4,847 -13,835
Capital losses -120 -392 -398 -1,379 -8,825
Profit/loss from investments in joint ventures and 
associates -26,610 21,011 -5,442 42,189 71,804
Depreciation -6,932 -7,184 -20,498 -20,009 -27,379
Operating profit/loss -48,601 66,338 -33,015 88,771 92,094
Property, plant and equipment 871,901 853,018 871,901 853,018 868,724
Financial assets 851,741 804,101 851,741 804,101 833,247
Operating loans 463,153 451,715 463,153 451,715 492,162
3 MONTHS 
1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR 
1 Sep-31 Aug
SEK THOUSANDS 2022/23 2021/22 2022/23 2021/22 2021/22
OPERATION OF HOTELS
External revenue 172,164 137,307 471,021 330,405 368,755
Exploitation revenue 1,045 105 1,045
Internal revenue 10,527 1,551 36,108 2,485
Capital gains 1,389 1,208
Total revenue 183,735 138,964 508,174 333,002 372,448
External operating expenses -146,077 -112,709 -432,640 -301,875 -377,450
Costs from other segments -10,560 -5,103 -36,205 -1,328 -2,370
Capital losses -1,045 -815 -1,045 -1,208 -1,208
-815
Depreciation -8,660 -26,279 -10,170 -15,175
Operating profit/loss 17,393 19,522 12,006 18,421 -23,756
Intangible assets 785 1,009 785 1,009 953
Property, plant and equipment 236,473 204,369 236,473 204,369 208,476
Operating loans 16,350 16,350
Internal revenue -74,634 -30,966 -291,046 -80,720 -108,951
Internal costs 74,634 30,965 291,046 80,720 108,951
Consolidated revenue 1,410,881 1,539,398 3,958,292 3,890,994 4,117,715
Consolidated costs -1,061,021 996,622 -3,141,432 -2,760,683 -3,259,349
Consolidated operating profit/loss 349,859 542,776 816,860 1,130,310 858,366
Consolidated intangible assets 198,512 192,922 198,512 192,922 197,669
Consolidated property, plant and equipment 4,566,817 3,982,022 4,566,817 3,982,022 4,239,491
Consolidated financial assets 934,258 892,347 934,258 892,347 937,007
Consolidated operating loans 1,710,368 1,254,686 1,710,368 1,254,686 1,617,472
12
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 13 =====

Condensed income statement - parent company
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
3 MONTHS 
1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR 
1 Sep-31 Aug
SEK THOUSANDS 2022/23 2021/22 2022/23 2021/22 2021/22
Operating income Revenue 966,751 1,058,784 2,668,404 2,713,773 2,875,348
Other operating income 473 944 7,676 6,646 13,601
Total operating income 967,224 1,059,728 2,676,079 2,720,419 2,888,949
Operating expenses Goods for resale -238,206 -259,125 -648,079 -655,459 -707,820
Other external expenses -261,603 -222,996 -877,506 -698,518 -868,957
Personnel costs -182,420 -190,547 -507,368 -482,759 -564,967
Cost of sold interests in accommodation/
exploitation -50 -50 -7,250
Depreciation/amortisation of assets -47,197 -46,200 -136,311 -125,955 -169,831
Operating profit/loss 237,798 340,810 506,816 757,678 570,124
Net financial items -4,356 22,734 1,954 23,364 20,174
Profit/loss after net financial items 233,442 363,543 508,770 781,042 590,298
Appropriations -15,340
Profit/loss before tax 233,442 363,543 508,770 781,042 574,959
Tax -44,819 -72,603 -105,349 -157,833 -120,372
Profit/loss for the period 188,623 290,941 403,421 623,210 454,587
3 MONTHS 
1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR 
1 Sep-31 Aug
SEK THOUSANDS 2022/23 2021/22 2022/23 2021/22 2021/22
Other comprehensive income
Items that may be reclassified to profit 
or loss
Change in fair value of cash flow hedges 
for the period 2,662 2,662
Deferred tax on cash flow hedges -586 -586
Other comprehensive income for the 
year 2,076 2,076
Total comprehensive income for the year 188,623 290,941 403,421 625,286 456,663
13
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 14 =====

Condensed balance sheet - parent 
company
ASSETS, SEK THOUSANDS 31 May 2023 31 May 2022 31 Aug 2022
Non-current assets Intangible assets 88,471 77,185 76,087
Property, plant and equipment 2,339,409 1,949,214 2,159,606
Financial assets Investments in Group companies 291,940 248,375 245,473
Investments in joint ventures/associates 2,770 2,770 2,770
Other investment and securities held as non-current-assets 24,702 24,591 17,392
Derivatives 28,583 21,020 29,883
Other non-current receivables 14,770 25,607 26,699
Receivables from Group companies 183,750 195,750 192,750
Total non-current assets 2,974,394 2,544,512 2,750,659
Current assets
-Inventories Goods for resale 192,877 114,549 138,696
192,877 114,549 138,696
-Current receivables Trade receivables 39,957 34,535 12,973
Receivables from Group companies 472,789 704,222 466,959
Tax receivables 109,271 61,599
Other current receivables 108,214 44,639 34,408
Prepaid expenses and accrued income 107,268 77,167 91,155
728,227 969,834 667,095
-Cash and cash equivalents Cash and bank balances 784 203,332 785
Total current assets 921,888 1,287,716 806,576
TOTAL ASSETS 3,896,283 3,832,226 3,557,235
EQUITY AND LIABILITIES, SEK THOUSANDS 31 May 2023 31 May 2022 31 Aug 2022
Equity
-Restricted equity Share capital 19,594 19,594 19,594
Statutory reserve 25,750 25,750 25,750
Development fund 4,309 5,625
45,344 49,653 50,969
-Non-restricted equity Share premium reserve 4,242 4,242 4,242
Retained earnings 1,009,497 785,730 784,414
Profit/loss for the year 403,421 623,210 454,587
1,417,161 1,413,182 1,243,243
Total equity 1,462,505 1,462,834 1,294,213
Non-current liabilities
-Non-current interest-bearing 
liabilities Liabilities to credit institutions 471,485 483,485 480,485
-Provisions Provisions for pensions 18,324 15,627 17,335
-Non-current non-interest-be-
aring liabilities Deferred tax liabilities 162,094 150,818 159,863
Total non-current liabilities 651,903 649,930 657,683
-Current liabilities Liabilities to credit institutions 308,903 12,000 124,818
Liabilities to Group companies 994,005 1,102,320 957,434
Trade payables 129,071 132,699 148,008
Other current liabilities 213,646 337,539 269,755
Accrued expenses and deferred income 136,250 134,904 105,325
Total current liabilities 1,781,875 1,719,462 1,605,340
Total liabilities 2,433,778 2,369,392 2,263,023
TOTAL EQUITY AND LIABILITIES 3,896,283 3,832,226 3,557,235
Intra-group receivables and liabilities are largely attributable to the overdraft facility.
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
14
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 15 =====

The Group’s key performance 
indicators and data per share
2022/23 2021/22 2020/21
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q 4
Revenue*, SEK thousands 1,409,086 2,349,867 177,151 224,048 1,535,645 2,177,645 154,914 183,826
Operating income*, SEK thousands 1,410,881 2,366,241 181,170 226,739 1,537,977 2,195,371 157,707 239,264
Profit/loss before tax, SEK thousands 327,605 925,708 -474,786 -268,684 561,312 919,883 -346,842 -4,986
Profit/loss after tax, SEK thousands 268,628 730,705 -390,206 -211,932 438,942 752,419 -314,876 80,206
Cash flow from operating activities, SEK thou-
sands -236,235 987,811 165,005 -56,176 -288,947 1,236,797 349,273 40,615
Total cash flow, SEK thousands -220,222 231,825 5,247 -194,428 -588,097 706,771 72,057 -13,851
Gross margin, % 34 44 neg neg 43 47 neg 42
Operating margin, % 25 39 neg neg 36 43 neg 6
Net margin, % 23 39 neg neg 36 42 neg neg
31 May Full Year
DATA PER SHARE 1) 2023 2022 2021 2020 2019 2021/22
Share price, SEK 129.60 160.60 132.80 103.60 116.00 137.40
Average number of shares 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056
Earnings, SEK 7.77 11.21 2.17 4.94 8.52 8.50
Cash flow from operating activities, SEK 11.69 16.51 8.39 9.07 11.72 15.79
Share price/cash flow, times 11.1 9.7 15.8 11.4 9.9 8.7
Equity, SEK 46 45 34 34 36 43
Price/equity, % 279 355 387 306 323 321
2022/23 2021/22 2020/21
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
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 3.43 9.32 -4.98 -2.70 5.60 5.61 3.97 0.87
Cash flow from operating activities, SEK -3.01 12.60 2.11 -0.72 -3.73 15.78 4.46 0.52
Equity, SEK 46 44 38 43 45 40 31 35
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.
9 MONTHS
1 Sep-31 May
FULL YEAR
1 Sep-31 Aug
KEY PERFORMANCE INDICATORS 2022/23 2021/22 2020/21 2019/20 2018/19 2021/22
Revenue*, SEK thousands 3,936,105 3,868,204 2,504,955 2,631,968 2,566,474 4,092,252
Operating income*, SEK thousands 3,958,292 3,891,055 2,519,860 2,639,852 2,577,072 4,117,794
Profit/loss before tax, SEK thousands 778,527 1,134,352 251,160 485,129 802,161 865,668
Profit/loss after tax, SEK thousands 609,127 876,484 153,426 387,329 666,888 664,552
Cash flow from operating activities, SEK 
thousands 916,581 1,293,770 657,886 710,657 918,268 1,237,594
Total cash flow, SEK thousands  16,853 190,731 7,730 -7,471 -2,989 -3,697
Return on:
 -capital employed, % 13 19 6 12 21 14
 -equity, % 17 28 6 15 25 22
 -total assets, % 11 16 5 10 18 12
Gross margin, % 30 37 22 30 40 32
Operating margin, % 21 30 11 20 32 21
Net margin, % 20 29 10 18 31 21
Equity/assets ratio, % 43 46 42 44 56 42
*) 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.
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
15
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 16 =====

Reconciliation of  
alternative  
performance measures
SEK THOUSANDS 2022/23 2021/22 2020/21 2019/20 2018/19
RETURN ON CAPITAL EMPLOYED Q3 Q3 Q3 Q3 Q3
Profit after financial items 778,527 1,134,352 251,160 485,129 802,161
Finance income 64,902 23,917 25,744 39,267 42,821
Finance costs -120,622 -38,693 -51,282 -76,315 -66,335
Net financial items -55,720 -14,775 -25,538 -37,048 -23,514
Profit after financial items, plus finance costs 899,148 1,173,045 302,443 561,444 868,496
2022/23 2021/22 2020/21 2019/20 2018/19
CAPITAL EMPLOYED Q3 Aug 2022 Q3 Aug 2021 Q3 Aug 2020 Q3 Aug 2019 Q3 Aug 2018
Assets 8,376,961 7,973,524 7,751,085 6,873,998 6,434,913 6,023,251 6,044,193 5,065,776 4,991,665 4,870,568
Non-current non-interest-bearing liabilities 188,433 196,266 172,710 142,008 185,259 225,206 232,581 226,546 199,306 221,113
Current non-interest-bearing liabilities 818,144 792,657 874,152 767,365 694,719 562,156 524,781 478,637 549,128 537,253
Total non-interest-bearing liabilities 1,006,577 988,924 1,046,862 909,373 879,978 787,361 757,062 705,182 748,434 758,366
Capital employed 7,370,383 6,984,601 6,704,223 5,964,625 5,554,935 5,235,889 5,287,132 4,360,594 4,243,230 4,112,202
Average capital employed 7,177,492 6,334,424 5,395,412 4,823,863 4,177,716
Return on capital employed 13% 19% 6% 12% 21%
RETURN ON EQUITY
Equity 3,636,921 3,359,306 3,544,819 2,774,026 2,692,123 2,560,524 2,652,296 2,602,064 2,812,375 2,421,089
Average equity 3,498,113 3,159,422 2,626,324 2,627,180 2,616,732
Profit after tax 609,127 876,484 153,426 387,329 666,888
Return on equity 17% 28% 6% 15% 25%
RETURN ON TOTAL ASSETS
Total assets 8,376,961 7,973,524 7,751,085 6,873,998 6,434,913 6,023,251 6,044,193 5,065,776 4,991,665 4,870,568
Average total assets 8,175,242 7,312,541 6,229,082 5,554,985 4,931,116
Return on total assets 11% 16% 5% 10% 18%
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 moni-
toring of the financial base.
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
16
SKISTAR INTERIM REPORT SEP 2022-MAY 2023

===== SIDA 17 =====

SEK THOUSANDS 31 May 31 August
FINANCING AND INTEREST-BEARING LIABILITIES 2023 2022 2022
Non-current interest-bearing liabilities to credit institutions 1,192,772 895,140 1,300,825
Long-term leasing liabilities 1,855,018 1,767,650 1,865,743
Provisions for pensions 18,324 15,627 17,335
Current interest-bearing liabilities to credti institutions 517,596 376,546 316,647
Short-term lease liabilities 149,752 121,441 124,745
Net interest-bearing liabilities 3,733,462 3,159,405 3,625,295
Other non-current receivables 39,127 49,599 50,555
Non-interest-bearing part of non-current receivables -670 -1,750 -1,572
Interest-bearing current receivables 12,852 1,915 1,265
Cash and cash equivalents 38,978 224,204 24,610
Interest-bearing receivables 90,287 273,968 74,858
Financial net debt (interest-bearing receivables - net interest-bearing lia-
bilities) 3,643,175 2,885,437 3,550,437
SEK THOUSANDS 31 May 31 August
EQUITY/ASSETS RATIO EXCLUDING IFRS 16 2023 2022 2022
Equity 3,702,803 3,590,509 3,416,619
Total assets 6,445,626 5,920,196 6,045,569
Equity/assets ratio, % excluding IFRS 16 57 61 57
Reconciliation of alternative 
performance measures
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
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NOTES
Pledged assets and contingent liabilities
PLEDGED ASSETS, SEK THOUSANDS 31 May 2023 31 May 2022 31 Aug 2022
Group 3,056,327 2,878,420 2,992,995
Parent Company 535,713 533,014 534,722
CONTINGENT LIABILITIES, SEK THOUSANDS
Group 475,818 399,376 473,864
Parent Company 1,431,347 1,236,932 1,510,353
Accounting principles
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 consoli-
dated 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 expen-
se. The actual outcome may differ from these estimates and assumptions. 
Certain statements contained in this report are forward-looking and 
reflect the current assessments of the Company and Board of Directors as 
regards future circumstances. None of the new IFRS standards, amended 
standards and interpretations applicable from 1 September 2022 have 
had a material impact on the fiancial reporting of the Group or the Parent 
Company. No new or changed standards have been applied prematurely.
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
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NOTES, continuation 
Segment reporting
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 equip-
ment 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. Seg-
ment 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 Opera-
tion 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, Radisson Blu Mountain
Resort & Residences, Trysil and Ski Lodge Skalspasset, Vemdalen. From 1 
January 2023 is also included Hovde Hotell, Vemdalen, after a completed 
acquisition, which means that SkiStar conducts this hotel business in its 
own property.
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
DISTRIBUTION OF REVENUE PER SEGMENT, SEK MILLION
3 MONTHS
1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR
1 Sep-31 Aug
2022/23 2021/22 2022/23 2021/22 2021/22
OPERATION OF MOUNTAIN RESPORTS
SkiPass 646 689 1,661 1,712 1,731
Accommodation 315 353 844 881 1,182
Ski rental 74 82 214 213 224
Ski school/Activities 22 26 59 61 61
Sporting goods outlets 84 74 303 255 289
Restaurants 13 30 23 63 127
Property services 47 45 125 112 145
Other 33 31 114 163 332
Total Operation of Mountain Resorts 1,234 1,342 3,342 3,461 4,092
PROPERTY DEVELOPMENT
AND EXPLOITATION
Total Property Development and 
Exploitation 3 57 122 78 88
OPERATION OF HOTELS
Accommodation 99 96 271 242 262
Property 6 5 15 10 12
Restaurants 42 29 119 60 72
Other 25 7 67 17 21
Total Operation of Hotels 172 137 472 329 367
Group total 1,409 1,536 3,936 3,868 4,092
DISTRIBUTION OF REVENUE PER SEGMENT AND COUNTRY,
SEK MILLION
3 MONTHS
1 Mar-31 May
9 MONTHS
1 Sep-31 May
FULL YEAR
1 Sep-31 Aug
REVENUE PER COUNTRY 2022/23 2021/22 2022/23 2021/22 2021/22
Sweden
- Operation of Mountain Resorts 870 1,020 2,336 2,617 2,755
- Property Development and 
Exploitation 5 57 16 78 88
- Operation of Hotels 66 30 179 76 85
Norway
- Operation of Mountain Resorts 364 322 1,007 823 862
- Property Development and 
Exploitation -2 106
- Operation of Hotels 106 107 293 253 282
Austria 20 20
Group total 1,409 1,536 3,936 3,868 4,092
19
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DEFINITIONS
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.
FINANCIAL DEFINITIONS
Average interest expenses
Interest expenses divided by average interest-bearing liabilities.
Cash flow per share
Cash flow before changes in working capital divided by the average num-
ber of shares.
Earnings per share
Profit/loss for the year attributable to shareholders of the Parent divided 
by the average number of shares.
Equity per share
Equity divided by the average number of shares for the reporting period.
Equity/Assets ratio
Equity as a percentage of total assets.
Equity/Assets ratio excluding IFRS 16 - Leasing
Equity excluding effects of IFRS 16 as a percentage of total assets exclu-
ding assets of IFRS 16.
Gross Margin
Operating profit/loss before depreciation/amortisation as a percentage of 
revenue.
Interest-bearing liabilities
Current and non-current liabilities to credit institutions, provisions for 
pensions and items in other current liabilities that are interest-bearing.
Net financial debt
Interest-bearing receivables less interest-bearing liabilities.
Net margin
Profit/loss before tax as a percentage of revenue.
Operating margin
Operating profit/loss after depreciation/amortisation as a percentage of 
revenue.
Operating profitperating profit/loss
Revenue less cost of goods for resale, personnel costs, other operating 
expenses, depreciation, profit/loss from joint ventures/associates and 
negative goodwill.
Return on average equity
Profit/loss after tax in relation to average equity.
Return on capital employed
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.
Return on total assets
Profit/loss after net financial items plus finance costs as a percentage of 
average total assets.
OTHER DEFINITIONS
ALF
Norske Alpinanlegg og fjelldestinasjoner (Norwegian Ski Lift Association).
Booking volume
A comparison of the number of booked overnight stays between two 
defined periods.
Financial Year
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
Occupancy Rate
Accommodation bookings as a percentage of the beds mediated by SkiS-
tar at 100% capacity in the period beginning the third week in December 
and ending the third week in April.
Overnight stay
One booked night in a cabin, apartment or hotel room.
Skier Days
One day’s skiing with a SkiPass.
SkiPass
Card providing access to ski lifts.
SLAO
Svenska Skidanläggningars Organisation (Swedish Ski Lift Organisation).
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
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Presentation of the report
SkiStar will present this report via webcast on 20 June 2023,  
10:00 a.m. CEST. Find the dial-in information and link to the webcast  
on www.skistar.com/en/corporate.
Financial information
Financial year 2022/23
The year-end report and the annual and sustainability report will be 
published as follows;
• Year-End Report, Q4, 1 September 2022-31 August 2023,  
3 October 2023, at 07.00 a.m. CET.
• Annual and Sustainability Report, 1 September 2022-31 August 2023,  
week 46.
Financial year 2023/24
The interim reports and the year-end report for the financial year will be 
published as follows;
• Interim Report Q1, 1 September 2023-30 November 2023, 
      19 December 2023, at 07.00 a.m. CET.
• Half-Year Report, Q2, 1 September 2023-29 February 2024,
           20 March 2024, at 07.00 a.m. CET.
• Interim Report Q3, 1 September 2023-31 May 2024,
      20 June 2024, at 07.00 a.m. CET.
• Year-End Report, Q4, 1 September 2023-31 August 2024,
      1 October 2024, at 07.00 a.m. CET.
Annual General Meeting
Annual general meeting will be held on 9 December 2023, at 2.00 p.m. 
CET in Sälen. 
Nomination Committee prior to SkiStar’s AGM 
The Nomination Committee prior to the 2023 Annual General Meeting has 
the following composition:
• Per Gullstrand, appointed by Ekhaga Utveckling AB.
• Anders Moberg, appointed by Aeternum Capital.
• Niklas Johansson, appointed by Handelsbanken Fonder.
• Marianne Nilsson, appointed by family Swedbank Robur Fonder.
The Nomination Committee has appointed Per Gullstrand chairman of 
the committee.
Sharehoders wishing to provide the Nomination Committe with pro-
posals can reach the Committee in writing at valberedning@skistar.com, 
or SkiStar AB, Att: Valberedningen, 780 91 Sälen.
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
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 per-
formance, and describes the material risks and uncertainties faced by the parent company and the other group companies.
Sälen, 20 June 2023
Stefan Sjöstrand
 CEO
AUDITOR'S REPORT
SkiStar AB (publ), reg. no 556093-6949
Introduction
We have reviewed the condensed interim financial information (interim report) of Skistar AB (publ) as of 31 May 2023 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.
Scope of 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 app-
lying 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. 
Conclusion
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, 20 June 2023
Deloitte AB
Kent Åkerlund
Authorized Public Accountant
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 20 June 2023 07.00 a.m. CEST.
21
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SKISTAR IN BRIEF
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.
Business concept
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.
Business model
Our operations are divided into three segments: Ope-
ration of Mountain Resorts, Property Development 
& Exploitation and Operation of Hotels, as well as a 
number of central functions.
Shareholder benefits
Shareholders owning at least 200 shares in SkiStar 
receive a 15-percent discount on SkiStar’s offering 
at all destinations and on their online purchases at 
skistar.com and skistarshop.com. Read more about 
booking with a shareholder discount and the full 
terms and conditions at https://www.skistar.com/en/
corporate/investors/shareholder-discount/.
SkiStar Member is SkiStar’s customer club. At 
the end of the 2021/22 financial year, SkiStar 
Member had 1.5 million registered members.
SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION  FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF   
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SKISTAR AB (PUBL)
SE-780 91 SÄLEN
Reg. No: 556093-6949
Tel: +46 280 880 50
E-mail: info@skistar.com
www.skistar.com