LOWER OPERATING PROFIT DURING THE THIRD QUARTER CHARACTERISED BY ONE-OFF COSTS
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.
Comments from the CEO Stefan Sjöstrand:
"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."
Conference call and web presentation
Tuesday 20 June 2023 at 10.00 a.m. CEST.
Web cast: https://financialhearings.com/event/44266
For registration and dial-in details, please follow the link above. Please make sure you are connected to the phone conference by calling in and registering a few minutes before the conference begins. The presentation and a recorded version of the web presentation will be available on the same webpage after the presentation.
This information is information that SkiStar AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 20 June 2023, 07.00 a.m. CEST.
Further information can be reached from:
Stefan Sjöstrand, CEO, tel +46 (0)280 841 60.
Martin Almgren, CFO, tel +46 (0)280 841 60.
SkiStar in brief
SkiStar AB (publ) is listed on the Mid Cap list of the Nasdaq Stockholm exchange. The Group owns and operates mountain resorts in Sälen, Vemdalen, Åre and Stockholm (Hammarbybacken) in Sweden and in Hemsedal and Trysil in Norway. Operations are divided into three segments: Operation of Mountain Resorts, Property Development & Exploitation and Operation of Hotels. As the leading holiday tour operator for Scandinavia, SkiStar's business concept is to create memorable mountain experiences, develop sustainable destinations, offer accommodation, activities, products and services of the highest quality with our guests in focus. For further information, please visit www.skistar.com/en/corporate.
