FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2024
===== SIDA 1 ===== NORMAL SNOW CONDITIONS AND STABLE DEMAND FOR MOUNTAIN HOLIDAYS SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 2024 ===== SIDA 2 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 2024 FIRST QUARTER • Net sales for the first quarter decreased by SEK -8 million, -3 percent, to SEK 212 million (220). • Operating profit/loss for the first quarter decreased by SEK -17 million, -4 percent, to SEK -482 million (-464). • Capital gains from exploitation operations were included with SEK 1 million (0). • Cash flow from operating activities increased by SEK 62 million to SEK 283 million (221). • Basic and diluted earnings per share amounted to SEK -5.26 (-4.89), a decrease of -8 percent. SIGNIFICANT EVENTS DURING AND AFTER THE PERIOD • A stable demand for mountain holidays ahead of the 2024/25 winter season with a booking volume, measured as the number of overnight stays booked through SkiStar , of -3 percent compared with the same time of the previous year. • At the AGM in Sälen on 14 December, the decision was taken to pay a dividend of SEK 2.80 per share. • SkiStar appoints Sara Jinnerot Uggelberg as new CFO. Sara Jinnerot Uggelberg will assume the role of CFO no later than 31 March 2025 in connection with the resignation of the outgoing CFO, Martin Almgre n. Further information is available from: Stefan Sjöstrand, CEO tel +46 (0)280 841 60 Martin Almgren, CFO tel +46 (0)280 841 602 SUMMARY, SEK MILLION 3 MONTHS FULL YEAR 1 Sep – 30 Nov 1 Sep – 31 Aug 2024/25 2023/24 2023/24 Net sales 212 220 4,679 Operating income 215 226 4,693 Operating profit -482 -464 740 Profit/loss after tax -413 -384 473 Earnings per share, SEK -5,26 -4.89 6.03 Cash flow from operating activities 283 221 1,084 Operating margin, % Neg Neg 16 Equity/assets ratio, % 36 34 42 Equity/assets ratio, % excluding IFRS 16 48 44 56 Net debt excluding IFRS 16 1,768 2,207 1,864 ===== SIDA 3 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF After a rather warm Autumn, our ski resorts opened for the winter season on 29 November, a little over a month later than in the previous year, when our season kicked off earlier than ever. The cold weather and snowfall in recent weeks means our guests will now be greeted by a snow-covered landscape and all our destinations are able to offer great snow conditions for the Christmas and New Year period. Despite the weaker economy, many people still choose to prioritise their mountain holiday. Therefore it is gratifying to be able to present a stable booking situation for the winter season, which runs until May 2025. Given the late opening, compared with the previous year, our revenue in the period was down, but our costs relating to work done as we were getting ready to open for the season were also down. We recorded an operating loss of SEK -482 million. The operating loss increased by SEK 17 million, or just over 4 percent, in the quarter, compared with the same period of the previous year. Because we hadn’t opened in November, growth stalled in the quarter, primarily within our alpine products. Nonetheless, our sporting goods stores continued to grow and posted a positive performance, despite the challenges in the industry in general. During the period, online sales at skistarshop.com increased by SEK 9 million, while sales in our physical stores decreased by SEK 2 million. Total sales in the sporting goods stores increased by 6 percent for the period. Booking volume, measured as the number of overnight stays booked through SkiStar’s mediated accommodation, was down by 3 percent on the same period in the previous financial year. The slight downturn in booking volume is explained by the lack of a pre-season in November, compared with the record early start in the previous year, as well as by the fact that bookings for Easter are being received slightly later this year because of Easter falling late in 2025. We are seeing a stable demand with high occupancy and a good booking volume from Christmas through to the spring school breaks, which means more than 80 percent of this season’s total accommodation sales have already been booked according to plan. Despite the weaker economy, many people still choose to prioritise their mountain holiday. The favourable climate and the attractive Swedish and Norwegian krona appeal to the foreign market, which means that we are seeing increased numbers of guests from abroad, notably from Denmark, but also from Germany, the UK and the Netherlands. In the autumn, we won the sustainability prize awarded by SLAO (Swedish Ski Lift Organisation) for the world’s first fossil-free ski destination in the form of SkiStar Stockholm Hammarbybacken. Using the lessons learned from the transition work at Hammarbybacken, we are continuing to invest in the electrification of our vehicles. We are proud to say that 15 percent of all our vehicles are fossil-free. Our strategic planning continues to focus on creating growth with stronger margins. Ahead of the season, we have continued to invest in delivering memorable mountain experiences for our guests, for example, by developing snow production capacity, developing children’s parks at our ski resorts and by offering visualisation in our App of queuing times at the main lifts at all destinations in order to improve the visitor experience. We are also continuing to develop detailed plans to facilitate high-quality accommodation closer to the slopes in the future. We are also strengthening our lodge business, which now includes 22 restaurants. In 2025, it will be 50 years since the brothers Erik and Mats Paulson travelled to Sälen to invest in holiday accommodation for their staff and returned home having acquired 37 cabins and a ski slope, which formed the basis for the SkiStar group of today. We will be celebrating this milestone and you are invited! We look forward with confidence to another great winter season at our six destinations! Stefan Sjöstrand, CEO COMMENTS FROM THE CEO NORMAL SNOW CONDITIONS AND STABLE DEMAND FOR MOUNTAIN HOLIDAYS SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 20243 With a stable demand we see that, despite the weaker economy, many people still choose to prioritise their mountain holiday ” ===== SIDA 4 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 20244 THE GROUP’S PERFORMANCE SEPTEMBER 2024 – NOVEMBER 2024 Revenues amounted to SEK 215 million (226) in the first quarter. Net sales decreased by SEK 8 million to SEK 212 million (220), a decline of -3 percent compared with the same period of the previous year. The decrease in sales mainly came from reduced revenue from partner agreements, as a result of a shift to later periods, as well as reduced sales from accommodation and re-invoicing of purchases. At the same time sales from sporting goods stores have increased compared with the same period of the previous year and represented the main sales category for the quarter. Changes in the NOK/SEK exchange rate negatively affected net sales by SEK -2 million (-4), which corresponds to -1 percent. Organic growth, excluding exchange rate effects and acquisitions, was negative in the quarter and amounted to SEK -6 million, which corresponds to -2 percent. Operating profit decreased by SEK 17 million to SEK -482 million (-464), which corresponds to -4 percent, partly due to a decrease in sales as well as an increase in personnel costs, repairs and maintenance costs and depreciation and amortization. Changes in the NOK/SEK currency exchange rate effected operating profit positively by SEK 4 million (7), corresponding to 1 percent. Operating profit is affected by the results from associates/joint ventures by SEK -5 million (-5) as well as from plot and land sales and the sale of shares in tenant -owner associations and Vacation Club by SEK 1 million (0). Net financial items in the quarter amounted to SEK -36 million (-31), a decrease of SEK 5 million. The main items effecting net financial items were as follows. Interest income amounted to SEK 1 million (2) and interest expenses amounted to SEK -32 million (-36), including lease- related interest of SEK -11 million (-11) under IFRS 16. Changes in the value of interest rate derivatives amounted to SEK -5 million (-15). Exchange losses amounted to SEK -38 million (-5) and exchange gains amounted to SEK 38 million (10). The increase in exchange gains and losses was primarily attributable to intra -Group balances. Previous year ´s net financial items also included an accounting capital gain of SEK 15 million. The Group’s profit after tax amounted to SEK -413 million (-384), a decline of SEK -29 million, or -8 percent. Operation of Mountain Resorts Revenue amounted to SEK 176 million (185). Net sales amounted to SEK 173 million (179), a decrease of SEK -6 million, corresponding to - 4 percent compared with the same period of the previous year. Operating profit decreased by SEK -15 million to SEK -400 million (-385), corresponding to -4 percent. During the quarter sales in our sporting goods stores represented the main sales category and the net sales amounted to SEK 111 million (104), an increase of SEK 7 million, or 6 percent. Online sales increased by SEK 9 million while sales in physical stores decreased by SEK 2 million. SkiPass sales also increased by SEK 2 million amounting to SEK 16 million (14). The increased SkiPass sales are attributable to increased sales of the SkiStar All Year pass, for which revenue is accrued over twelve months. Revenue from accommodations has decreased by SEK 2 million in the quarter as a result of less guests compared to prior year. Other income has decreased by SEK-12 million deriving from lower income from partnership agreements, because of a shift of business to the second quarter, as well as in lower other income. During the quarter the external costs have increased by SEK 2 million and amounted to SEK -480 million (- 478). Mainly due to increased personnel costs and costs of repairs and maintenance, while energy-, vehicles- and advertising costs have decreased. Depreciation amounted to SEK 92 million (86), an increase of SEK 6 million, as a result of the higher rate of investment in recent years. Property Development and Exploitation Revenues amounted to SEK 8 million (11) and net sales amounted to SEK 2 million (5). The decline derived from lower revenue from re- invoicing of purchases during the quarter. The external costs decreased by SEK 2 million and amounted to SEK -12 million (-14). The decrease derived from lower costs of re-invoicing of purchases. The sales market within the Property Development and Exploitation segment continues to be quiet and sales amounted to SEK 2 million (1) with a capital gain of SEK 1 million (0). Operating profit decreased by SEK 2 million to SEK -21 million (-19), corresponding to -10 percent. Operation of Hotels Revenues amounted to SEK 37 million (36) and net sales increased by SEK 1 million to SEK 37 million (36), an increase of 3 percent compared with the same period of the previous year. Operating profit was unchanged and amounted to SEK -60 million (-60). Sales from accommodation have decreased by SEK 2 million because of a reduced number of guests. Sales from restaurants have increased by SEK 3 million in the quarter and are mainly related to higher sales in existing restaurants in Trysil. Operating costs have increased by SEK 1 million to SEK 97 million (96), due to higher depreciations which is a result of recent year’s renovations at SkiStar Lodge Lindvallen. Seasonal effects 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 cause variations in earnings. More than half of the revenue is paid in advance. REVENUE AND EARNINGS IN THE FIRST QUARTER QUARTERLY VALUES, SEK MILLION 2024/25 2023/24 2022/23 2021/22 Q1 Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 212 339 1,490 2,630 220 345 1,409 2,350 177 224 1,536 2,178 155 Operating profit/loss -482 -279 418 1,066 -464 -239 373 932 -451 -265 547 936 -334 ===== SIDA 5 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Cash flow Cash flow from operating activities after changes in working capital was SEK 283 million (221) for the period, an increase of SEK 62 million. The improvement was mainly due to more efficient management of working capital as well as a decrease in paid tax during the period. Cash flow from investing activities amounted to SEK -139 million (-260), where the improvement compared with the previous period was mainly due to reduced investments during the quarter as well as that the prior year included the acquisition of Trysilguidene. Cash flow from financing activities amounted to SEK -150 million (26). Much of the period´s operating cash flow was used to repay the previous overdraft. Liquidity and financing The Group’s cash and cash equivalents amounted to SEK 20 million (17) at the end of November. Unused credit facilities amounted to SEK 420 million (238). The Group´s total available liquidity at the end of the period was SEK 440 million (255). Interest-bearing liabilities excluding IFRS 16 amounted to SEK 1,837 million (2,327), a decrease of SEK 490 million. At the start of the financial year, these liabilities amounted to SEK 1,939 million, a decrease of SEK 102 million. Interest -bearing liabilities including IFRS 16 amounted to SEK 3,929 million (4,312), a decrease of SEK 383 million from the previous year. Of the total interest - bearing liabilities in accordance with IFRS 16 of SEK 2,093 million (1,985), SEK 1,374 million (1,368) refers to lease liabilities to the partly - owned joint venture holding Skiab Invest. The average interest rate during the period, including interest swaps but excluding IFRS 16, was 4.32 percent (4.70). Net debt excluding IFRS 16 amounted to SEK 1,768 million (2,208) at the end of November, a decrease of SEK 440 million compared with the previous year. Net financial liabilities including IFRS 16 amounted to SEK 3,861 million (4,193), a decrease of SEK 332 million. The net interest-bearing debt in relation to operating profit/loss before depreciation/amortisation, exclusive of IFRS16, for the last twelve months amounted to 1,7 (2,6). The equity/assets ratio increased to 36 percent (34). The equity/assets ratio excluding IFRS 16 was 48 percent (44). Tax Tax expense for the period amounted to SEK 105 million (112) and was largely attributable to utilisation of tax values in the quarter’s loss carryforwards. Investments Investments for the period amounted to SEK 140 million (261) gross and SEK 139 million (260) net. The difference between gross and net is divestments. Depreciation and amortisation for the same period amounted to SEK -133 million (-125). The increase is mainly explained by the higher rate of investment in previous years. Personnel The average number of employees was 1,017 (996), an increase of 21 from the previous year. Personnel costs amounted to SEK 183 million (175). The increases were mainly due to annual contractual increases. Related-party transactions Ekhaga Utveckling AB, which is the main owner of SkiStar with 47 percent of the votes and 24 percent of the capital as of 30 November 2024, is also the main owner of Peab, with which SkiStar has a business relationship. During the period, purchases were made from Peab amounting to SEK 5 million (13). Outstanding liabilities to Peab totalled SEK 2 million (5). Sales to Peab amounted SEK 0 million (0) and the outstanding receivable was SEK 0 million (0). Purchases from associates during the period amounted to SEK 34 million (39) and outstanding liabilities to associates totalled SEK 25 million (29). Sales to associates amounted to SEK 2 million (1) and receivables from associates amounted to SEK 20 million (74), SEK 20 million (74) of which related to loans to associates. Current lease liabilities to associates under IFRS 16 amounted to SEK 1,374 million (1,368), and right-of-use assets amounted to SEK 1,300 million (1,330). In addition to the Group's related -party transactions, the Parent Company carries out transactions with subsidiaries. Disclosures of related-party transactions and a description of their nature can be found in note 35 of the 2023/24 Annual Report. Parent Company Net sales for the Parent Company totalled SEK 193 million (192) and operating profit/loss amounted to SEK -335 million (-342) during the first quarter. Net investments amounted to SEK 82 million (157). Looking ahead of the 2024/25 winter season Looking ahead to winter season 2024/25 we see a stable demand for ski holidays, with a booking situation, measured as the number of overnight stays booked through SkiStar, of - 3 percent compared with the same time in the previous year. Bookings for the period up to the winter school holidays are good which means that more than 80 percent of the seasons estimated total accommodation sales already are booked according to plan. Ahead of the winter season we continue to invest in, for example, developing snow production capacity, developing children’s parks at our ski resorts and by offering visualisation in our App of queuing times at the main lifts at all destinations in order to improve the visitor experience. FINANCIAL POSITIONS, TAXES AND INVESTMENTS ETC. SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 20245 ===== SIDA 6 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF SUSTAINABILITY SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 2024 News during the Quarter Activity & Recreation • During the quarter SkiStar launched an extended offer of free seasonal SkiPass applicable to all residents registered on the destinations. The offer increased the age limit of youth to 17 years, as well as including seniors from the age of 70. The initiative aims to inspire more guests to discover the joy of an active life and promote meetings between generations in the mountains. Ecosystem & Impact • During the quarter, two innovative projects have been approved to be financed by Vinnova who is supporting SkiStars work to make the guests travel to, and within, the destinations more sustainable. The projects are addressing sustainable development of the destinations and future transportation methods: • Autonomous busses in Sälen: A project to explore the future public transport in less populated – and tourist areas in cooperation with SITE-projektet, Region Dalarna and Sälen Buss. • Kairos Future och SkiStar – Travel to the Future: An initiative exploring and visualising a sustainable transport future by 2045, with a purpose of accelerate the transition through cooperation and inspiration. These projects are important steps in our strategy to reach our climate goals. Dialogue & Interaction • During the year SkiStar has introduced a leadership index as an indicator of the leadership of the organisation, its strengths and development opportunities. To further strengthen the leadership SkiStar has launched a new leadership training, Communicative Leadership, and the training is offered to all leaders within the Company. 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://investor.skistar.com/en/esg/esg . This is the first financial year SkiStar is covered by the EU's Corporate Sustainability Reporting Directive (CSRD). The nnual and sustainability report for the financial year 2024/25 will be prepared in accordance with the directive. 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. SKISTARS FOCUS AREAS 6 is covered by the EU's Corporate Sustainability Reporting Directive (CSRD). The annual and s ===== SIDA 7 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF SkiStar Share The number of shareholders was 61,661 on 30 November 2024, which is an increase of 881 (1.4 percent) since 31 August 2024. 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 168 on 29 November 2024 which was the last day of trading during the period. Regulatory press releases during the quarter and after the end of the period • 18/12/2024 SkiStar appoints Sara Jinnerot Uggelberg as new CFO • 14/12/2024 Bulletin from Annual General Meeting in SkiStar AB • 12/12/2024 Invitation to conference call with web presentation of SkiStar AB's Interim Report for the First Quarter 2023/24 • 20/11/2024 SkiStar publishes Annual and Sustainability Report for 2023/24 • 06/11/2024 Notice to Annual General Meeting in SkiStar AB (publ) • 04/10/2024 Martin Almgren is leaving as CFO of SkiStar • 01/10/2024 SkiStar Year-End Report September 2023-August 2024 • 24/09/2024 Invitation to conference call with web presentation of SkiStar AB's Year-End Report för 2023/24 The press releases are available in full at https://investor.skistar.com/en/nyheter/pressmeddelanden . Annual General Meeting and Inaugural Board Meeting At SkiStar’s annual general meeting, held in Sälen on 14 December 2024, 227 shareholders participated in person, by proxy or by postal voting, representing 74 percent of the votes in the Company. The following decisions were made at the AGM. • A dividend of SEK 2.80 per share. • Anders Sundström, Lena Apler, Fredrik Paulsson, Gunilla Rudebjer Anders Svensson and Carina Åkerström were re-elected and Bent Oustad was elected to the board. • Anders Sundström was re-elected chairman of the board. • Deloitte AB was re-elected as auditor for a period of one year. Kent Åkerlund remains chief auditor. The following decisions were made at the inaugural board meeting. • Lena Apler, Gunilla Rudebjer and Carina Åkerström were re- elected as members of the Audit Committee, with Lena Apler as Chairman. • Anders Sundström and Anders Svensson were re-elected as members and Bent Oustad was elected as a new member of the Remuneration Committee. Anders Sundström was re-elected as Chairman. 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 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 risk paragraph on page 83 and note 32 in the Annual and sustainability report for 2023/24. OTHER INFORMATION SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 20247 ===== SIDA 8 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed consolidated statement of comprehensive income SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 20248 3 MONTHS FULL YEAR 1 Sep – 30 Nov 1 Sep – 31 Aug SEK THOUSAND Note 2024/25 2023/24 2023/24 Operating income Net sales 3 212,491 220,171 4,679,385 Other income 2,470 5,372 13,899 Total operating income 214,962 225,543 4,693,284 Operating expenses Merchandise -96,669 -96,469 -1,070,178 Other external expenses -278,163 -287,502 -1,165,129 Personnel costs -182,547 -174,682 -990,898 Cost of sold interests in accommodation/exploitation -919 -952 -178,639 Share of profit/loss of joint ventures/associates -5,617 -5,133 -19,958 Depreciation and amortisation of assets -132,815 -125,212 -528,215 Operating profit/loss -481,769 -464,407 740,267 Net financial items -36,294 -30,965 -143,330 Profit/loss before tax -518,063 -495,372 596,936 Tax 105,411 111,525 -124,049 Profit/loss for the period/year -412,652 -383,848 472,887 3 MONTHS FULL YEAR 1 Sep – 30 Nov 1 Sep – 31 Aug SEK THOUSAND 2024/25 2023/24 2023/24 Other comprehensive income Items that may be reclassified to profit or loss Change in fair value of cash flow hedges for the period/year 1,410 -7,581 -11,249 Deferred tax on cash flow hedges -290 1,562 2,317 Exchange differences on translation of foreign operations for the period/year 14,615 -36,441 -56,519 Other comprehensive income for the period/year 15,735 -42,460 -65,450 Total comprehensive income for the period/year -396,918 -426,308 407,437 Profit/loss for the period attributable to: Shareholders of the Parent -412,294 -383,619 473,250 Non-controlling interests -358 -229 -363 Profit/loss for the period/year -412,652 -383,848 472,887 Comprehensive income for the period attributable to: Shareholders of the Parent -396,573 -426,008 407,845 Non-controlling interests -343 -300 -408 Total comprehensive income for the period/year -396,918 -426,308 407,437 Earnings per share before and after dilution, SEK -5,26 -4.89 6.04 Number of shares outstandig at the end of the period 78,376,056 78,376,056 78,376,056 Average number of shares outstanding 78,376,056 78,376,056 78,376,056 ===== SIDA 9 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed consolidated statement of financial position SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 20249 ASSETS, SEK THOUSAND Note 30 Nov 2024 30 Nov 2023 31 Aug 2023 Non-current assets Intangible assets 235,210 221,914 237,370 Property, plant and equipment 4,854,449 4,932,202 4,787,331 Right-of-use assets 1,999,534 1,903,093 2,012,040 Investments in joint ventures/associates 5 772,454 789,662 773,923 Other investments and securities held as non- current assets 42,539 43,216 42,530 Derivatives 4 15,052 44,049 12,522 Deferred tax receivables 30,928 4,548 21,089 Other non-current receivables 38,022 39,439 38,529 Total non -current assets 7,988,189 7,978,122 7,925,334 Current assets Inventories 544,774 527,214 415,024 544,774 527,214 415,024 Trade receivables 43,394 61,902 35,186 Tax receivables 111,641 - 65,198 Other current receivables 104,100 145,991 75,410 Prepaid expenses and accrued income 158,028 164,138 141,107 417,162 372,031 316,900 Cash and cash equivalents 19,686 16,700 24,634 Total current assets 981,622 915,945 756,558 TOTAL ASSETS 8,969,811 8,894,067 8,681,892 EQUITY AND LIABILITIES, SEK THOUSAND Note 30 Nov 2024 30 Nov 2023 31 Aug 2023 Equity Share capital 19,594 19,594 19,594 Other contributed capital 397,573 397,573 397,573 Reserves -119,698 -112,301 -135,317 Retained earnings, including profit/loss for the period 2,961,729 2,716,118 3,373,922 Equity attributable to shareholders of the Parent 3,259,197 3,020,984 3,655,772 Non-controlling interests 688 1,139 1,031 Total equity 5 3,259,885 3,022,123 3,656,803 Non-current liabilities Liabilities to credit institutions 972,404 924,627 973,883 Long-term leasing liabilities 1,899,865 1,813,942 1,909,683 Provisions for pensions 19,130 18,563 19,115 Derivatives 4 17,913 7,581 12,223 Deferred tax liabilities 232,328 76,765 224,198 Total non -current liabilities 3,141,639 2,841,479 3,139,103 Current liabilities Liabilities to credit institutions 845,333 1,384,253 945,544 Short-term lease liabilities 192,741 170,796 191,440 Trade payables 330,972 333,859 176,996 Tax liabilities 33,335 11,961 89,264 Other current liabilities 829,424 787,053 278,876 Accrued expenses and deferred income 336,482 342,543 203,866 Total current liabilities 2,568,287 3,030,465 1,885,987 Total liabilities 5,709,926 5,871,944 5,025,090 TOTAL EQUITY AND LIABILITIES 8,969,811 8,894,067 8,681,892 *In the comparable periods 30 Nov 2023 and 31 Aug 2024 the following posts have been reclassified to Deferred tax receivables. 30 Nov 2023; SEK 2,987 thousand from Other current receivables and SEK1,562 thousand from Other non-current receivables. 31 August 2024; SEK 18,772 thousand from Other current receivables and SEK 2,317 thousand from Other non-current receivables. ===== SIDA 10 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed consolidated statement of changes in equity SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 202410 EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT GROUP, SEK THOUSAND Share capital Other Contributed capital Translation reserves Hedging reserves Retained earnings and profit/loss for the year Total Non-controlling interests Totalt equity Opening equity, 1 Sep 2023* 19,594 397,573 -69,912 3,108,729 3,455,984 1,439 3,457,423 Profit/loss for the period -383,619 -383,619 -229 -383,848 Other comprehensive income for the period -36,370 -6,019 -42,389 -71 -42,460 Comprehensive income for the period -36,370 -6,019 -383,619 -426,008 -300 -426,308 Reclassification associated company -8,992 -8,992 -8,992 Closing equity, 30 Nov 2023* 19,594 397,573 -106,282 -6,019 2,716,118 3,022,984 1,139 3,022,123 Opening equity, 1 Sep 2024 19,594 397,573 -126,386 -8,931 3,373,921 3,655,772 1,031 3,656,803 Profit/loss for the period -412,294 -412,294 -358 -412,652 Other comprehensive income for the period 14,498 1,120 102 15,719 15 15,735 Comprehensive income for the period 14,498 1,120 -412,192 -396,575 -343 -396,918 Closing equity, 30 Nov 2024 19,594 397,573 -111,888 -7,811 2,961,729 3,259,197 688 3,259,885 *Opening and closing equity for the year ended 31 August 2024 have been restated according to the adjustment in interests in the joint venture Skiab Invest. For further explanation see note 1 och note 5. ===== SIDA 11 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed consolidated statement of cash flows SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 202411 3 MONTHS FULL YEAR 1 Sep-30 Nov 1 Sep-31 Aug SEK THOUSAND Note 2024/25 2023/24 2023/24 Operating activities Profit/loss after financial items -518,063 -495,372 596,936 Adjustments for non-cash items 155,625 144,263 552,662 -362,438 -351,109 1,149,598 Tax paid 1,329 -29,992 -106,028 Changes in working capital 644,606 601,636 40,162 Cash flow from operating activities 283,497 220,535 1,083,732 Investing activities Acquisition of subsidiaries - -50,253 -56,706 Acquisition of intangiable assets -3,287 - -24,215 Acquisition of property, plant and equipment -136,822 -208,293 -519,251 Sale of property, plant and equipment 812 583 225,790 Acquisition of financial assets - -2,409 -1,525 Sale of financial assets 500 - 907 Cash flow from investing activities -138 797 -260,372 -375,000 Financing activities Borrowings 150,000 196,641 918,321 Repayment of loans -251,690 -125,572 -1,236,705 Repayment of lease liability -48,228 -45,305 -192,196 Dividend paid - - -203,778 Cash flow from financing activities -149,918 25,764 - 714,358 Cash flow for the period -5,218 -14,073 -5,626 Cash and cash equivalents at beginning of year 24,634 31,071 31,071 Exchange differences 270 -298 -811 Cash & cash equivalents at end of period 19,686 16,700 24,634 ===== SIDA 12 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF The Group’s operating segments SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 202412 3 MONTHS 1 Sep– 30 Nov 2024 Operation of mountain resorts Property development and exploitation Operation of hotels Group eliminations Group total SEK THOUSAND Net sales exploitation - 1,616 - 1,616 Other net sales 173,007 716 37,152 210,876 Total net sales 173,007 2,332 37,152 212,491 Capital gains 239 - - 239 Other income 2,231 - - 2,231 Income from other segments 270 5,834 - -6,104 - Total operating income 175,747 8,166 37,152 -6,104 214,962 External operating expenses -479,761 -12,056 -65,302 -557,119 Costs of sold exploitation assets - -919 - -919 Capital losses - - -260 -260 Share in profit/loss of joint ventures/associates 894 -8,323 1,811 -5,617 Depreciation -91,539 -8,120 -33,156 -132,815 Costs from other segments -5,834 - -270 6,104 - Total operating costs -576,240 -29,419 -97,176 6,104 -696,730 Operating profit/loss -400,492 -21,252 -60,024 - -481,769 Intangible assets 233,876 - 1,335 235,210 Property plant and equipment 3,526,731 788,209 539,509 4,854,449 Right-of-use assets 691,154 827 1,307,553 1,999,534 3 MONTHS 1 Sep – 30 Nov 2023 Operation of mountain resorts Property development and exploitation Operation of hotels Group eliminations Group total SEK THOUSAND Net sales exploitation - 976 - 976 Other net sales 179,457 4,112 35,626 219,195 Total net sales 179,457 5,088 35,626 220,171 Capital gains 1,129 - - 1,129 Other income 4,242 - - 4,242 Income from other segments - 5,644 244 -5 888 - Total operating income 184,828 10,732 35,870 -5 888 225,543 External operating expenses -477,944 -14,144 -66,560 -558,648 Costs of sold exploitation assets - -952 - -952 Capital losses -4 - - -4 Share in profit/loss of joint ventures/associates -292 -7,213 2,373 -5,132 Depreciation -85,796 -7,686 -31,730 -125,212 Costs from other segments -5,802 -86 - 5 888 - Total operating costs -569,838 -30,081 -95,917 5 888 -689,948 Rörelseresultat -385,010 -19,349 -60,047 -464,407 Intangible assets 221,156 - 758 221,914 Property plant and equipment 3,779,706 905,465 247,031 4,932,202 Right-of-use assets 589,173 520 1,330,609 1,920,302 ===== SIDA 13 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF THE GROUP’S OPERATING SEGMENTS, CONTINUED SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 202413 FULL YEAR 1 Sep 2023 – 31 Aug 2024 Operation of mountain resorts Property development and exploitation Operation of hotels Group eliminations Group total SEK THOUSAND Net sales exploitation - 245,372 - 245,372 Other net sales 3,901,647 15,064 517,303 4,434,013 Total net sales 3,901,647 260,435 517,303 4,679,385 Capital gains 533 - - 533 Other income 13,367 - - 13,367 Income from other segments 1,088 41,419 1,104 -43,610 Total operating income 3,916,633 301,854 518,406 -43,610 4,693,284 External operating expenses -2,786,164 -47,568 -386,418 -3,220,150 Costs of sold exploitation assets - -178,639 - -178,639 Capital losses -5,273 -264 -518 -6,055 Share in profit/loss of joint ventures/associates -474 -16,945 -2,539 -19,958 Depreciation -362,286 -33,523 -132,406 -528,215 Costs from other segments -42,522 - -1,088 43,610 Total operating costs -3,196,719 -276,939 -522,969 43,610 -3,953,017 Operating profit/loss 719,914 24,915 -4,563 740,267 Intangible assets 235,857 - 1,512 237,370 Property plant and equipment 3,470,660 781,994 534,678 4,787,331 Right-of-use assets 680,380 949 1,330,712 2,012,040 ===== SIDA 14 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed income statement - parent company SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 202414 3 MONTHS FULL YEAR 1 Sep-30 Nov 1 Sep-31 Aug SEK THOUSAND 2024/25 2023/24 2023/24 Operating income Net sales 193,244 191,513 3,101,291 Other income 1,170 1,729 8,410 Total operating income 194,414 193,241 3,109,700 Operating expenses Merchandise -78,984 -77,984 -731,605 Other external expenses -274,986 -275,475 -1,090,311 Personnel costs -120,167 -112,496 -642,392 Cost of sold interests in accommodation/exploitation - -7 -45,472 Depreciation and amortisation of assets -54,820 -50,914 -214,663 Operating profit/loss -334,542 -323,635 385,258 Net financial items -16,324 -18,493 -68,843 Profit/loss from financial items -350,866 -342,130 316,415 Appropriations - - -30,467 Profit/loss before tax -350,866 -342,130 285,948 Tax 70,277 71,682 -56,967 Profit/loss for the period/year -280,589 -270,448 228,980 ===== SIDA 15 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Condensed balance sheet – parent company SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 202415 ASSETS, SEK THOUSAND 30 Nov 2024 30 Nov 2023 31 Aug 2024 Non-current assets Intangible assets 104,838 98,515 108,332 Property, plant and equipment 2,561,499 2,536,043 2,530,185 Financial assets Investments in Group companies 290,325 290,325 290,325 Investments in associates and joint ventures 2,770 2,770 2,770 Other investments and securities held as non-current assets 24,702 24,702 24,702 Derivativess 2,732 23,438 955 Other non-current receivables 23,922 14,963 24,410 Receivables from Group companies - 177,750 - Total non -current assets 3,010,787 3,168,505 2,981,679 Current assets -Inventories Goods for resale 368,856 361,767 266,983 368,856 361,767 266,983 Current receivables Trade receivables 12,510 25,012 18,773 Receivables from Group companies 602,437 491,266 627,899 Tax receivable 97,327 98,184 63,694 Other current receivables 58,921 108,160 36,870 Prepaid expenses and accrued income 114,611 118,665 110,938 885,806 841,288 858,174 Cash & cash equivalents Cash and cash equivalents 799 783 799 Total current assets 1,255,461 1,203,839 1,125,956 TOTAL ASSETS 4,266,248 4,372,344 4,107,635 EQUITY AND LIABILITIES, SEK THOUSAND 30 Nov 2024 30 Nov 2023 31 Aug 2024 Equity Restricted equity Share capital 19,594 19,594 19,594 Statutory reserve 25,750 25,750 25,750 45,344 45,344 45,344 Non-restricted equity Share premium reserve 4,242 4,242 4,242 Retained earnings 1,299,575 1,278,388 1,070,595 Profit/loss for the year -280,589 -270,448 228,981 1,023,227 1,012,183 1,303,817 Total equity 1,068,572 1,057,527 1,349,161 Non-current liabilities Non-current interest-bearing liabilities Liabilities to credit institutions 287,735 287,735 287,735 Provisions Provisions for pensions 19,130 18,563 19,115 Non-current non-interest- bearing liabilities Deferred tax liabilities 174,662 166,181 175,774 Total non -current liabilities 487,234 472,480 482,625 Current liabilities Liabilities to credit institutions 674,798 1,054,766 774,809 Liabilities to Group companies 1,038,200 833,293 1,047,132 Trade payables 259,152 257,025 142,160 Other current liabilities 517,297 482,794 172,288 Accrued expenses and deferred income 220,994 214,458 139,460 Total current liabilities 2,710,442 2,842,337 2,275,849 Total liabilities 3,197,676 3,314,817 2,758,473 TOTAL EQUITY AND LIABILITIES 4,266,248 4,372,344 4,107,635 ===== SIDA 16 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF The Group’s key performance indicators and data per share SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 202416 FULL YEAR 1 Sep-31 Aug 1 Sep – 31 Aug KEY PERFORMANCE INDICATORS 2024/25 2023/24 2022/23 2021/22 2020/21 2023/24 Net sales, TSEK 212,491 220,171 177,157 154,914 153,749 4,679,385 Total operating income, TSEK 214,962 225,543 181,170 157,707 156,074 4,693,284 Profit/loss before tax, TSEK -518,063 -495,372 -474,786 -346,842 -306,965 596,936 Profit/loss for the year, TSEK -412,652 -383,848 -390,206 -314,876 -250,911 472,887 Cash flow from operating activities, TSEK 283,497 220,535 165,005 349,273 90,971 1,083,731 Cash flow for the year, TSEK -5,218 -14,073 5,248 72,056 -28,289 -5,627 - Return on capital employed, % -6 -6 -6 -6 -5 10 - Return on equity, % -12 -12 -12 -12 -10 13 - Return on total assets, % -5 -5 -5 -5 -5 9 Gross margin, % -162 -150 -188 -148 -130 27 Operating margin, % -224 -206 -249 -212 -188 16 Net margin, % -241 -220 -262 -220 -197 13 Equity/assets ratio, % 36 34 36 34 38 42 20204/25 2023/24 2022/23 KEY PERFORMANCE INDICATORS Q1 Q4 Q3 Q2 Q 1 Q 4 Q 3 Q 2 Revenue, SEK thousand 212,491 339,130 1,489,855 2,630,229 220,171 345,393 1,409,086 2,349,867 Operating income, SEK thousand 214,962 340,180 1,492,844 2,634,717 225,543 345,297 1,410,881 2,366,241 Profit before tax, SEK thousand -518,063 -335,094 395,425 1,031,977 - 495,372 - 266,555 347,605 925,708 Profit after tax, SEK thousand -412,652 -273,423 312,998 817,160 - 383,848 - 215,545 288,628 730,705 Cash flow from operating activities, SEK thousand 283,497 -233,927 -267,996 1,356,356 220,535 - 247,217 - 236,235 987,811 Cash flow for the year, SEK thousand -5,218 -1,048 -78,774 87,632 14,073 - 9,334 - 220,222 231,825 Gross margin, % neg neg 37 46 neg neg 35 44 Operating margin, % neg neg 28 40 neg neg 26 39 Net margin, % neg neg 26 41 neg neg 25 39 30 Nov FULL YEAR DATA PER SHARE 2024 2023 2022 2021 2020 2023/24 Share price, SEK 168.00 112.40 114.10 164.00 98.30 162.90 Average number of shares 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056 Earnings, SEK -5.26 -4.89 -4.98 -3.97 -3.12 6.03 Cash flow from operating activities, SEK 3.62 2.81 2.11 4.46 1.16 13.83 Share price/cash flow, times, SEK 46 40 54 37 85 11.8 Equity, SEK 42 39 38 31 29 47 Price/equity, %, 404 291 303 521 335 349 2024/25 2023/24 2022/23 DATA PER SHARE Q1 Q4 Q3 Q 2 Q 1 Q 4 Q 3 Q 2 Average number of shares 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056 78,376,056 Earnings, SEK -5.26 -3.49 9,52 10.43 - 4.89 - 2.75 3.43 9.32 Cash flow from operating activities, SEK 3.62 -2.98 -3,42 17.31 2.81 -3.15 - 3.01 12.60 Equity, SEK 42 47 51 46 39 44 46 44 With effect from 1st September 2023 the Parent Company and the Group Company are presenting daily currency swaps net rather than previously as gross. The restatement has been adjusted for in the comparative year of 2023/24 but not for the years previous to that. ===== SIDA 17 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Reconciliation of alternative performance measures SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 2024 SEK THOUSAND 2024/25 2023/24 2022/23 2021/22 2020/21 RETURN ON CAPITAL EMPLOYED Q1 Q1 Q1 Q1 Q1 Profit after financial items -518,063 -495,372 -474,786 -346,842 -306,965 Finance income 4,632 25,825 9,701 13,210 14,147 Finance costs -40,926 -56,790 -33,672 -26,384 -27,988 Net financial items -36,294 -30,965 -23,971 -13,175 -13,842 Profit after financial items, plus finance costs -477,137 -438,582 -441,114 -320,458 -278,976 2024/25 2023/24 2022/23 2021/22 2020/21 CAPITAL EMPLOYED Q1 Aug 2024 Q1 Aug 2023 Q1 Aug 2022 Q1 Aug 2021 Q1 Aug 2020 Total assets 8,969,811 8,681,892 8,894,067 8,734,480 8,257,020 7,973,524 7,138,252 6,873,998 6,023,435 6,023,251 Non-current non-interest-bearing liabilities 250,241 236,422 84,346 197,511 195,672 196,266 122,499 142,008 164,880 225,206 Current non-interest-bearing liabilities 1,530,213 749,003 1,475,417 781,130 1,418,155 792,657 1,486,054 767,365 901,646 562,156 Total non-interest-bearing liabilities 1,780,454 985,425 1,559,763 978,641 1,613,827 988,924 1,608,553 909,373 1,066,526 787,361 Capital employed 7,189,357 7,696,467 7,334,304 7,755,840 6,643,193 6,984,601 5,529,699 5,964,625 4,956,909 5,235,889 Average capital employed 7,442,912 7,545,072 6,813,897 5,747,162 5,096,399 Return on capital employed -6% -6% -6% -6% -5% RETURN ON EQUITY Equity 3,259,885 3,656,803 3,022,123 3,457,423 2,952,385 3,359,306 2,465,292 2,774,026 2,296,399 2,560,524 Average equity 3,458,344 3,239,773 3,155,846 2,619,659 2,428,462 Profit after tax -412,652 -383,848 -390,206 -314,876 -250,911 Return on equity -12% -12% -12% -12% -10% RETURN ON TOTAL ASSETS Total assets 8,969,811 8,681,892 8,894,067 8,734,480 8,257,020 7,973,524 7,138,252 6,873,998 6,023,435 6,023,251 Average total assets 8,825,852 8,814,273 8,115,272 7,006,125 6,023,343 Return on total assets -5% -5% -5% -5% -5% 17 ===== SIDA 18 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF Reconciliation of alternative performance measures SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 2024 SEK THOUSAND 3 MONTHS FULL YEAR 1 Sep -30 Nov 1 Sep – 31 Aug FINANCING AND INTEREST -BEARING LIABILITIES 2024/25 2023/24 2023/24 Non-current interest-bearing liabilities to credit institutions 972,404 924,627 973,883 Long-term leasing liabilities 1,899,865 1,813,942 1,909,683 Provisions for pensions 19,130 18,563 19,115 Current interest-bearing liabilities to credit institutions 845,333 1,384,253 945,544 Short-term lease liabilities 192,741 170,796 191,440 Interest -bearing liabilities 3,929,472 4,312,181 4,039,665 Other non-current receivables 38,022 39,439 38,529 Non-interest-bearing part of non-current receivables - -596 -40 Interest-bearing current receivables 11,024 63,570 11,024 Cash and cash equivalents 19,686 16,700 24,634 Interest -bearing receivables 68,732 119,113 74,147 Net debt (interest -bearing receivables - interest -bearing liabilities ) 3,860,740 4,193,069 3,965,518 3 MONTHS FULL YEAR 1 Sep – 30 Nov 1 Sep - 31 Aug EQUITY/ASSETS RATIO INCLUDING IFRS 16 2024/25 2023/24 2023/24 Equity 3,259,885 3,022,123 3,656,803 Total assets 8,969,811 8,894,067 8,681,892 Equity/assets ratio, % 36 34 42 18 3 MONTHS FULL YEAR 1 Sep – 30 Nov 1 Sep - 31 Aug EQUITY/ASSETS RATIO EXCLUDING IFRS 16 2024/25 2023/24 2023/24 Equity 3,333,323 3,086,560 3,727,113 Total assets 6,950,644 ´6,973,765 6,651,080 Equity/assets ratio, % 48 44 56 ===== SIDA 19 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF NOTES SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 2024 Note 1 Accounting principles This Year-End Report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts Act. The Parent Company’s accounts were prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board’s RFR 2 Accounting for Legal Entities. The accounting policies and methods of calculation applied for the Group and Parent Company are the same as those applied in preparing the most recent annual accounts and consolidated financial statements. Preparation of financial statements in compliance with IFRS requires Company management to make accounting estimates and judgements, as well as to make assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expense. The actual outcome may differ from these estimates and assumptions. Certain statements contained in this report are forward-looking and reflect the current assessments of the Company and Board of Directors as regards future circumstances. None of the new IFRS standards, amended standards and interpretations applicable from first of September 2023 have had a material impact on the financial reporting of the Group or the Parent Company. No new or changed standards have been applied prematurely. In connection with the annual accounts, the Group has reviewed its accounting for equity interests with regards to the interest in the joint venture Skiab Invest AB, for which the equity method is used. IAS 28 requires an entity to apply the same accounting policies for similar transactions that it applies when recognising its interest in a joint venture. Based on this, adjustments may need to be made to the financial statements of the joint venture in which the interest is being held and which are used for reporting purposes. In the SkiStar Group, the owned properties are classified as owner-occupied properties, which means that they are reported at cost less accumulated depreciation and any impairment. Since the properties in Skiab Invest are used by the SkiStar Group for its own operations, the assessment has been made, in order to meet the requirements of IAS 28, that these properties should also be reported as owner-occupied properties. As Skiab Invest recognises its properties at fair value, SkiStar has decided to make the required adjustments in applying the equity method for this holding as at 31 August 2024. In accordance with IAS 8 and the error correction approach described therein, the comparative amounts and opening balances have been restated, see note 5 for details and amounts. The entire effect on the profit/loss due to the restatement is accounted for in the profit/loss in the fourth quarter of 2023/24. For further details see the Annual Report for the year ended 31 August 2024. PLEDGED ASSETS, SEK THOUSAND 2024-11-30 2023-11-30 2024-08-31 Group 3,282,061 3,623,240 3,191,908 Parent Company 566,997 566,412 566,983 CONTINGENT LIABILITIES, SEK THOUSAND Group 658,923 653,239 468,032 Parent Company 1,420,645 1,540,546 1,234,350 19 Note 2 Pledged assets and contingent liabilities ===== SIDA 20 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF NOTES, CONT. SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 2024 Not 3 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 sporting goods stores 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 sporting goods stores, 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 segment are SkiStarLodge Experium Lindvallen, Sälen, SkiStar Lodge Hundfjället, Sälen, Ski Lodge Skalspasset, Vemdalen, Hovde Hotell, Vemdalen, SkiStar Lodge Suites, Hemsedal, SkiStar Lodge Alpin, Hemsedal, Radisson Blu Resort, Trysil and SkiStar Lodge Trysil (former Radisson Blu Mountain Resort & Residences), Trysil. The revenues and costs shared within the Group are distributed between the segments based on the total revenue in respective segment. Assets shared within the Group are distributed based on the corresponding asset in the respective segment. The revenues are attributed to the seperate countries based on which country the Group Companies are based. 20 NET SALES PER SEGMENT, SEK MILLION 3 MONTHS 1 Sep – 30 Nov FULL YEAR 1 Sep-31 Aug 2024/25 2023/24 2023/24 OPERATION OF MOUNTAIN RESORTS SkiPass 16 14 1,897 Accomodation 11 13 909 Ski rental 4 4 243 Ski school/Activities - - 96 Sportshops 111 104 434 Property services 12 13 133 Restaurants - 1 25 Other 18 30 165 Total Operation of Mountain Resorts 173 179 3,902 PROPERTY DEVELOPMENT AND EXPLOITATION Total Property Development and Exploitation 2 5 260 OPERATION OF HOTELS Accomodation 12 14 305 Property 3 2 16 Restaurants 15 12 134 Other 7 8 62 Total Operation of Hotels 37 36 517 Total Group 212 220 4,679 NET SALES PER SEGMENT AND COUNTRY, SEK MILLION 3 MONTHS FULL YEAR 1 Sep- 30 Nov 1 Sep-31 Aug NET SALES PER COUNTRY 2024/25 2023/24 2023/24 Sweden Operation of Mountain Resorts 135 126 2,697 Property Development and Exploitation 2 4 142 Operation of Hotels 11 12 184 Norway Operation of Mountain Resorts 38 53 1,205 Property Development and Exploitation - 1 119 Operation of Hotels 26 24 333 Total Group 212 220 4,679 ===== SIDA 21 ===== SAMMANDRAG VD HAR ORDET FINANSIELL ÖVERSIKT HÅLLBARHET ÖVRIG INFORMATION FINANSIELL RAPPORTERING NOTER DEFINITIONER KORT OM SKISTAR NOTES, CONTINUED SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 202421 Not 4 Financial instruments at fair value Derivatives measured at fair value refer to electricity futures and interest rate swaps. The fair value of electricity futures is based on current futures prices on the electricity market for the corresponding maturities. The fair value of interest rate swaps is calculated as the value of future cash flows discounted at current market rates. The Company’s existing derivative assets and liabilities are all within Level 2 of the fair value hierarchy. For other financial assets and liabilities, the carrying amount is considered a reasonable approximation of fair value. Note 5 Adjustment of prior year comparables after restatement of investment in joint venture company Skiab-Invest The 2023/24 comparative year has been restated according to note 1 with regards to the adjustments in the interests in the joint venture Skiab Invest. As a result opening balances as at 1 September 2023 and closing balances at 30 November 2023 have been adjusted by SEK -26,512 thousand. The adjusted amounts regarding the closing balances are shown in the table below. For further information, see the Annaul Report for the year ended 31 August 2024. Disclosure of fair value per class, SEK million 2024-11-30 2023-11-30 2024-08-31 Financial assets Interest rate swaps 13 44 11.5 Electricity futures 2 -1.0 Financial liabilities 6 Electricity futures 12 6 12.2 Closing balances after adjustments Adjustments Closing balances before adjustments ASSETS, SEK THOUSAND 2023-11-30 2023-11-30 Investments in joint ventures/associates 789,662 -26,512 816,174 TOTAL EQUITY 8,894,067 -26,512 8,920,580 EQUITY AND LIABILITIES, SEK THOUSAND 2023-11-30 2023-11-30 Retained earnings, including profit/loss for the period 2,716,118 -26,512 2,742,630 Equity attributable to shareholders of the Parent 3,020,984 -26,512 3 047,495 Non-controlling interest 1,139 1,139 Total Equity 3,022,123 -26,512 3,048,636 Total liabilities 5,871,944 - 5,871,944 TOTAL EQUITY AND LIABILITIES 8,894,067 -26,512 8,920,580 ===== SIDA 22 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF DEFINITIONS SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 2024 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 17-18 for comparative reconciliation of alternative performance measures. FINANCIAL DEFINITIONS Average interest expense Interest expenses, including interest rate swaps and excluding IFRS 16-related interest expenses, divided by average interest-bearing liabilities. The measure is used to show the interest rate paid by the Group on its interest-bearing liabilities. Capital employed Assets less non-interest-bearing liabilities. The measure shows how much of the Company’s assets have been lent by its owners or by lenders. Cash flow per share Cash flow from operating activities divided by the average number of shares. The measure is used to make it easy for investors to analyse the amount of surplus from operating activities generated per share that can be used to finance new investments, repayments and dividends, and to assess the need for new external financing. Diluted earnings per share Profit/loss for the year attributable to Parent Company shareholders, adjusted for interest expenses after tax on convertible debt, divided by the number of shares after full conversion of convertibles subscribed for. The measure shows how much profit per share the Group generates for its shareholders after full conversion of convertibles subscribed for. Earnings per share Profit/loss for the year attributable to Parent Company shareholders divided by the average number of shares. The measure shows how much profit per share the Group generates for its shareholders. Equity/assets ratio Equity as a percentage of total assets. This measure is used to analysefinancial risk and shows the proportion of assets financed with equity. Equity per share Equity divided by the average number of shares for the reporting period. The measure shows how much equity is attributable to each share and is presented to facilitate investors’ analyses and decisions. Gross investments New investments and replacement investments in non-current assets. The measure is relevant in showing the overall size of the investments made to maintain existing capacity and create growth. Gross margin Operating profit/loss before depreciation/ amortisation as a percentage of revenue. The measure is used to show the profitability of the Group’s operating activities by indicating the percentage of revenue that remains to cover depreciation, interest and tax and to provide profit, after the Company's ongoing costs have been paid. Interest-bearing liabilities Current and non-current liabilities to credit institutions, provisions for pensions, lease liabilities and items in other current liabilities that are interest-bearing. Interest-bearing receivables Cash and cash equivalents, current and non-current loan receivables from associates and other companies, endowment insurance and items in other current receivables that are interest- bearing. Net debt Interest-bearing assets less interest-bearing liabilities. The measure is relevant in assessing the total interest-bearing debt burden that has been utilised. Net interest-bearing debt Interest-bearing assets less cash and cash equivalents. Net investments New investments and replacement investments in non-current assets less sales of these investments. The measure is relevant in showing the total amount from the Group’s investing activities. Net margin Profit/loss before tax as a percentage of revenue. The measure is used to show the profitability of the Group by indicating the percentage of revenue that remains to cover tax and provide profit, after costs from operating activities and financial items have been paid. Operating margin Operating profit/loss after depreciation/ amortisation as a percentage of revenue. The measure is used to show the profitability of operating activities by indicating the percentage of revenue that remains to cover interest and tax and to provide profit, after the Company's ongoing costs have been paid. Operating profit/loss Revenue less merchandise costs, personnel costs, other operating expenses, depreciation and amortisation, plus profit/loss from joint ventures/associates. The measure is used to analyse the profitability generated by operating activities. Organic growth Revenue adjusted for acquisitions and currency effects compared with the same period in the previous year. An acquired company is classified as an acquisition in the twelve months from the date of acquisition. Only after this period is the company included in the measurement of organic growth. The measure is used to show underlying revenue growth. Price/equity ratio Share price at the reporting date divided by equity per share. The measure shows the value of the share compared with the value recognisedby the Group in its statement of financial position. Return on capital employed Profit/loss after net financial items plus finance costs as a percentage of average capital employed. The measure shows the Group’s profitability in relation to externally financed capital and equity. Return on equity Profit/loss after tax as a percentage of average equity. From an owner's perspective, the measure shows the return given on their invested capital. Return on total assets Profit/loss after net financial items plus finance costs as a percentage of average total assets. The measure shows the Group’s profitability in relation to the capital available. Share price/cash flow Share price at the reporting date divided by cash flow from operating activities. The measure shows the value of the share compared with the value the Group has generated in cash flow from operating activities. OTHER DEFINITIONS Activity day One day of activities with an Activity pass. Activity pass Card providing access to summer activities. ALF Norwegian Ski Lift Association. Booking volume The number of overnight stays booked through SkiStar’s mediated accommodation CO2e Amount of a specific greenhouse gas, expressed as the amount of CO2 that has the same greenhouse gas effect. Global Reporting Initiative (GRI) Standards GRI Sustainability Reporting Standards are the first and most widely used global standards for sustainability reporting. GRI is an independent international organisationthat has been developing methods for sustainability reporting since 1997. Overnight stay One booked night in a cabin, apartment or hotel room. Skier day One day’s skiing with a SkiPass. SkiPass Card providing access to ski lifts. SLAO Svenska Skidanläggningars Organisation FINANCIAL YEAR SkiStar’s financial year covers the period 1 September – 31 August. First quarter (Q1) September–November Second quarter (Q2) December–February Third quarter (Q3) March–May Fourth quarter (Q4) June–August 22 ===== SIDA 23 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 2024 Presentation of the report SkiStar will present this report via webcast on 19 December 2024, 10:00 a.m. CET. Find the dial-in information and link to the webcast On https://investor.skistar.com. Financial information Financial year 2024/25 The interim reports and the year -end report for the financial year will be published as follows; • Half-Year Report, Q2, 1 September 2024- 28 February 2025, 19 March 2025, at 07.00 a.m. CET. • Interim Report Q3, 1 September 2024- 31 May 2025, 19 June 2025, at 07.00 a.m. CET. • Year-End Report, Q4, 1 September 2024-31 August 2025, 1 October 2025, at 07.00 a.m. CET The year-end report and annual and sustainability report for the financial year will be published as follows; • Annual and sustainability report, 1 September 2024- 31 August 2025, week 47 23 This Interim Report has not been subject to review by the company’s auditor. 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, 19 December 2024 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 19 December 2024, 07.00 a.m. CET ===== SIDA 24 ===== SUMMARY COMMENT FROM THE CEO FINANCIAL OVERVIEW SUSTAINABILITY OTHER INFORMATION FINANCIAL REPORTING NOTES DEFINITIONS SKISTAR IN BRIEF SKISTAR IN BRIEF SKISTAR INTERIM REPORT SEPTEMBER 2024-NOVEMBER 2024 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.investor.skistar.com/en. 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: Operation 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://investor.skistar.com/en/dokument/aktiag arrabatt 24 ===== SIDA 25 ===== SKISTAR AB (PUBL) SE-780 91SÄLEN Org.nr:556093-6949 Tel: +46 280 880 50 E-post:info@skistar.com www.skistar.com