YEAR-END REPORT 1 SEPTEMBER 2008 – 31 AUGUST 2009

SIGNIFICANT EVENTS DURING THE PERIOD * Net sales and profit - Net sales increased to MSEK 1,635 (1,483) of which MSEK 32 (35) refers to the fourth quarter. - Income before taxes increased to MSEK 302 (206) of which MSEK -153 (-154) refers to the fourth quarter. - Income after taxes increased to MSEK 273 (193) of which MSEK -147 (-133) refers to the fourth quarter. - Earnings per share increased to SEK 6.96 (4.94) of which SEK -3.75 (-3.37) refers to the fourth quarter. * Operating income from business areas - Operating income from Destinations increased by 39% to MSEK 363 (261). - Operating income from Property decreased to MSEK 7 (41).

SIGNIFICANT EVENTS AFTER THE PERIOD * Proposed share dividend payment of SEK 5.00 (4.50) per share. * Booking volumes for the winter season 2009/10 have improved by 8%, compared with the equivalent period in the previous year.

Commenting on the current position of SkiStar, CEO Mats Årjes states:

- It is very satisfying to see strong results accompanied by increased demand, and this is proof that the attraction power of our five destinations continues to be strong.

Year-end report 1 SEPTEMBER 2008 – 31 AUGUST 2009 A word from the Managing Director

growth was 10%, which was 9% over

at SkiStar are looking forward to this

It is very satisfying to see strong results

inflation.

winter’s first chance to swish down the

accompanied by increased demand, and

We also have a very positive volume of

slopes.

this is proof that the attraction power

bookings for the forthcoming winter

of our five destinations continues to be

season. For the period up until and

This is SkiStar

strong. Active vacations with the family

including 27 September, we have sales

SkiStar is listed on the OMX Mid Cap,

in the Scandinavian Alps are currently

of accommodations totalling MSEK 292,

Stockholm. The Group owns and

a high priority. As owner and operator

which is 7% greater than in the equivalent

operates alpine destinations in Sälen, Åre

of the five largest and most attractive

period in the previous year. Of total

and Vemdalen in Sweden and Hemsedal

destinations in Scandinavia, and through

budgeted sales for the entire winter

and Trysil in Norway. The Group’s core

long-term developments in products and services, SkiStar has successively increased

season, 48% was booked already in September. In terms of volume, the

business is alpine skiing, with a focus on the guests’ overall skiing experience.

its total volume of guests. The weakened

amount of booked accommodations is

Operations are divided into two Business

Swedish and Norwegian currencies have

8% greater than in September of the

Areas; Destinations, consisting of skiing,

had, to a certain extent, a positive impact

previous year. It is very satisfying that,

accommodation services, ski school and

on the growth in the number of guests.

after our best year ever, we can continue

ski rentals, and Property, which includes

During the last season, the total number

to show an increased demand.

construction and development.

of guests from Sweden increased by 8%,

Our continued focus will be on the

As the leading operator of European

from Denmark the increase in guests has

following five areas:

Alpine destinations, SkiStar’s vision is

been 10% and from Norway, 3%. The

- Through long-term work with our

to create memorable winter experiences,

growth in the total number of guests

destinations, we will ensure that the

providing value for guests, co-workers

from foreign markets (outside Sweden,

majority of our guests are satisfied

and other interested parties, and, in turn,

Denmark and Norway) was 13%, and

and return for more vacations at our

ensuring value for our shareholders.

the market which grew the most, in terms

destinations.

of percentage, was Russia, with a total growth of 49%. SkiStar’s net sales increased by 10% to MSEK 1,635 and profit before taxes

- To increase the number of new guests, both from the Scandinavian markets

SkiStar’s market development in Scandinavia

and from foreign markets.

According to SLAO (the Swedish Ski Lift

- To act with restraint in terms of the

Organisation), sales of SkiPasses in

increased by 46% to MSEK 302. Earnings per share increased by 41% to

Company’s costs and, thereby, ensure continued good leverage from our

Sweden increased by 18% to MSEK 1,183 compared with the previous year. The

SEK 6.96. Operating profit/loss from the

growth.

average price increase was 4.5%.

Business Area, Destinations, increased by

- Identify opportunities to increase the

39% to MSEK 363 and operating profit/

proportion of income from the high-

11% to MNOK 966, according to

loss from the Business Area, Property,

margin products, SkiPass and Ski rentals.

figures from ALF (the Norwegian Alpine

decreased to MSEK 7 (41), due to a

- Large transaction volumes create new

In Norway, SkiPass sales increased by

Resorts Association). The average change

general decrease in transactions on the

business opportunities. The business

in the price of SkiPasses was 4.0%. The

property market.

opportunities which we have begun to

Scandinavian ski industry is experiencing

All financial targets have been achieved

work with are merchandising and

a positive trend, with strong growth.

during the financial year. Returns on

insurance. Starting from this winter,

A large amount of capital has been

capital employed amounted to 11%

SkiStar will also enter the market for

invested, primarily in the larger destina-

(target, 10%), return on equity amounted

time shares, so-called ownership shares,

tions, in improved infrastructure, modern

to 21% (target, 15%) and the operating

which we believe will develop very

accommodations, a broader range of

margin was 22% (target, 22%). The

favourably.

high quality restaurants, shopping,

equity/assets ratio was 37%. Organic

Together with many of our guests, we

2

snow-making systems, broader slopes,

challenging parks and modern ski lifts.

apartments mediated by SkiStar during the

context of this dispute, SkiStar holds

These investments have resulted in

period between Christmas week and the

the right of recourse vis à vis another

strengthened competitiveness and an

end of the season amounted to 81% (78).

company.

increased number of guests at many of

The number of mediated objects increased

During the fourth quarter (1 June – 31

our Scandinavian ski destinations. Ski

during the same period by 6%.

August), the Group’s net sales decreased

vacations have become all the more

In Sälen, net sales increased by MSEK 63

to MSEK 32 (35) at the same time as

important for families with an interest in

to MSEK 586, and operating profit/loss by

other income decreased by MSEK 18,

skiing and the decision to purchase such

MSEK 47 to MSEK 165, compared with

due to decreased profits from the sale

vacations has a higher priority today than

the previous year. SkiPass sales increased

of tenant-owner apartments and land.

many other purchase decisions.

by 14% to MSEK 300.

In spite of this situation, income before

In Åre, net sales increased by MSEK 15

taxes improved during the fourth quarter

Sales and income

to MSEK 345, and operating profit/loss

to MSEK -153 (-154), due to improved

During the financial year 2008/09, the

by MSEK 12 to MSEK 66. SkiPass sales

financial income/expenses. Income after

Group’s net sales increased by MSEK

increased by 9% to MSEK 214.

taxes decreased to MSEK -147 (-133)

152 to MSEK 1,635 (1,483), income

In Vemdalen, net sales increased by MSEK

as, in the previous year, this item was

before taxes increased by MSEK 96 to MSEK 302 (206), and income after taxes

17 to MSEK 162, and operating profit/ loss by MSEK 10 to MSEK 34. SkiPass

positively impacted by tax revenue attributable to previous periods.

increased by MSEK 80 to MSEK 273

sales increased by 15% to MSEK 83.

Earnings per share during the fourth

(193). Earnings per share increased to

In Hemsedal, net sales increased by MSEK

quarter amounted to SEK -3.75 (-3.37).

SEK 6.96 (4.94). Organic growth was

28 to MSEK 248, and operating profit/

10% (15). The exchange rate difference

loss by MSEK 12 to MSEK 39. SkiPass

Cash flow

between NOK/SEK has positively

sales increased by 8% in local currency

Cash-flow from operating activities

impacted net sales by MSEK 6, as well

to MNOK 112, which translated into

before changes in working capital for

as impacting income before taxes by

SEK is an increase of 9%, to MSEK

the financial year amounted to MSEK

MSEK 1. Interest in alpine skiing in

134. An Alpine Lodge was opened in

508 (356), and after changes in working

Scandinavia is greater than ever. During

Hemsedal in December 2008, containing

capital, to MSEK 499 (447). Cash-flow

the entire season, SkiStar’s destinations

43 apartments, a reception area, a sports

after investing activities was MSEK 156

have offered very good conditions for

store, ski rentals and a restaurant.

(21).

alpine skiing. At the same time, the

In Trysil, net sales increased by MSEK

weakened SEK exchange rate and a

30 to MSEK 292, and operating profit/

Investments, sales and acquisitions

relatively weak NOK exchange rate has

loss increased by MSEK 21 to MSEK 59.

Investments during the financial year

resulted in a greater number of people

SkiPass sales increased by 11% in local

amounted to MSEK 411 gross, and MSEK

choosing to vacation in their home

currency to MNOK 169, which

343 net. Investments within the Business

country, which has benefitted SkiStar.

translated into SEK is an increase of

Area Destinations amounted a net of

Operating profit/loss from the Business Area, Destinations amounted to MSEK

12% to MSEK 202. The Business Area, Property experienced a decrease in

MSEK 223 and included the completion of investments in replacements, expansion

363 (261), an increase of 39%. Moderate

operating profit of MSEK 34 to MSEK 7

of the Group’s snow-making systems and

cost developments, combined with

(41), due to the general decrease in

upgrading of two ski lifts in Åre.

increased income has resulted in improved

transactions on the property market.

Investments within the Business Area

profitability and increased profits. The

The Group’s net financial income/

Property amounted to a net of MSEK 120

reduction of social security contributions

expenses has been strengthened by MSEK

after the transfer of investments totalling

for employees up to 26 years of age has

28 to MSEK -68, due to lower interest

MSEK 72 to the associated company,

entailed a reduction in costs of MSEK 11

rates. The Group’s financing takes place

Experium AB. These investments within

(7) during the financial year. The Group’s

exclusively on the basis of short-term

Property were comprised primarily of

SkiPass sales increased by 12% to MSEK

interest rates. Financial income/expenses

the completion of the Alpine Lodge in

933 (836). The average price increase for

has been charged with MSEK 10 arising

Hemsedal, as well as of shares in the

SkiPasses was 4.3%, including the

from a dispute which SkiStar lost in the

associated company, Ski Invest Sälen AB,

discounted SkiPasses sold via the web.

court of appeals. This dispute has been

the Parent Company of Experium AB,

The occupancy rate in cabins and

appealed to the Supreme Court. In the

which invests in the experience centre in

3

Sälen. During the period, land in Sälen

and companies. As per 31 August, they

A government tax investigation proposes

and tenant owner apartments in Sälen

together own 55% of the votes in the

that the regulations granting tax

and Åre have been sold for a total of

Group’s Parent Company. The Peab

exemption for operations undertaken on

MSEK 11 with value-added profits of

Group is also under the controlling

property with special tax rates be revoked.

MSEK 7. As at 30 November 2008,

influence of the brothers Erik and Mats

The regulations are applied today within

accommodations, hotels, land for

Paulsson, together with their families

SkiStar’s Swedish operations. The change

development and shares in partly-owned

and companies. Mats Paulsson is the

in regulations is proposed to come into

property companies were sold to the

Managing Director of Peab AB. SkiStar

effect on 1 January 2011. SkiStar has

wholly-owned subsidiary, Fjällinvest

purchases building contracts, among

unutilised loss carry forward amounts of

AB, in which the Business Area Property

others, from companies within the Peab

MSEK 800 which can be utilised from

undertakes its operations.

Group, in connection with investments

2010/11 if the tax exemption on specially

in facilities. During the period, purchases

taxed property is revoked.

Liquidity and financing

from the Peab Group have been made

The Group’s available liquid funds

at a value of MSEK 33. The outstanding

Parent Company

amounted to MSEK 312 (218), including

liability to Peab was MSEK 4 as per

The Parent Company’s net sales amounted

unutilised bank overdraft facilities of

31 August 2009. During the period,

during the financial year to MSEK 1,108

MSEK 272 (164). Average interest-

purchases from associated companies

(992) and income before tax to MSEK

bearing net liabilities decreased by MSEK 8 to MSEK 1,870. Average interest

have been made at a value of MSEK 7.

269 (159).

expenses (net financial income/expenses as

standing liabilities to associated

Prospects for 2009/10

a percentage average interest-bearing net

companies. Sales to associated companies

Current accommodation prior to the

liabilities) amounted to 3.7% (5.9) during

and to Peab have been undertaken at a

winter season 2009/10 amount to MSEK

the financial year.

value of MSEK 3 and the outstanding

292, which is 7% more than at the

receivable with the associated company

equivalent point in time last year. In

The share

totalled MSEK 1. Peab has also been

volume, SkiStar has 303,000 overnight

The number of shareholders was 15,044

engaged in the construction of Experium

stays booked, which is an increase of 8%

on 31 August 2009, an increase of 3,989

and SkiLodge Village in Sälen, for which

compared with the same time last year. As

(36%) since 31 August 2008. The total

work is taking place in the associated

much as 48% of the total accommodation

number of shares as at bookclosing date

companies. Transactions with related

which is expected to be booked for the

was 39,188,028. In addition, there is a

parties have taken place under market

entire forthcoming winter season was

convertible subordinate debenture

conditions.

booked by week 39. Sales via skistar.com

As at 31 August 2009, there were no out-

have increased and, to date, 59% (50) of

labelled 2007/12 in an amount of MSEK 30 which, at conversion, will

Risks and factors of uncertainty

the bookings are made via the web. It is

provide a maximum issue of 250,000

The number of guests at SkiStar’s

estimated that new cabins and apartments

Class B Shares. The duration of this

destinations is affected by weather and

will be built for the forthcoming season to

convertible debenture is until 2012 and

snow conditions. A late winter and poor

include 1,000 commercial beds (+2%) and

can currently be converted at a rate of SEK 138. Full conversion of the

access to natural snow dampens the demand. However, this operational risk

approximately 800 non-commercial beds. The investments within the Business Area

subordinate debenture corresponds to a

is limited by the fact that more than 70%

Destinations for winter season 2009/10

dilution of 0.6% of the share capital and

of the total accessible accommodation

are expected to amount to MSEK 115,

0.4% of the votes in the Company.

capacity is booked prior to the start of

which is significantly less than investment

the winter season. Furthermore, SkiStar

levels in recent years. The investments

Personnel

has a well-developed snow making

within the Business Area Property are

During the period, the average number

system ensuring skiing in almost 80% of

estimated to amount to a net of MSEK

of employees increased by 20 individuals

the areas served by the existing ski lift

15. On 12 December the experience

to 1,120 individuals, compared with the

capacity. However, a long-term lack of

centre, Experium will be inaugurated in

previous year.

cold weather during, primarily, November

Lindvallen, Sälen. Experium will offer

and December, can imply a limitation on

visitors an adventure water park, bowling,

Transactions with related parties

the ski offering. SkiStar’s five destinations

restaurants, a playground, etc. of

The Group is under the controlling

are found in differing locations with

approximately 11,000 square metres.

influence of the brothers Erik and Mats

varying weather conditions, which

From the autumn of 2009, SkiStar will

Paulsson, together with their families

decreases the Group’s total weather risk.

begin to sell time shares, so-called owner-

4

• Nine month report 1 September 2009 –

ship shares in Lindvallen in Sälen. The

SEK 5.00 (4.50) per share.

owners of these ownership shares will

All in all, the proposed dividend payment

be connected to one of the international

amounts to MSEK 196 (176), equivalent

companies within the holiday accommo-

to 72% (91) of profit after tax. Proposed

dation exchange and mediation industry.

record day for the receipt of dividends

Each time share is assigned points which

is 16 December 2009. Dividends to the

Accounting principles

can be used in exchanging holiday

Swedish shareholders will be paid on 21

The Year-end report has been prepared

accommodation at another location.

December 2009.

according to IAS 34 - Interim Financial

31 May 2010, on 22 June 2010, • Year-end report 1 September 2009 – 31 August 2010, on 4 October 2010.

Reporting. In addition, the appropriate

This implies that even low season weeks can be attractive. The owners of

Annual General Meeting

provisions of the Swedish Annual

the ownership shares will also be members

The Annual General meeting will be

Accounts Act and the Swedish Securities

in the SkiStar Vacation Club which

held at Experium in Lindvallen, Sälen

Market Act have been applied. From 1

implies a number of other, attractive

on Saturday, 12 December 2009 at 10:00.

September 2005, SkiStar’s consolidated

benefits. Ownership implies a simple

The annual report will be distributed at

accounts have been prepared in accor-

and flexible ownership form in which

the end of November 2009 on skistar.com.

dance with the IFRS standards adopted by the EU Commission. The Parent

the owner does not need to take responsibility to the same degree as with

Financial information

Company adheres to the Swedish Annual

a cabin or apartment which they own entirely independently. Ownership and

Upcoming interim reports and the yearend report for the financial year will be

Accounts Act and the Swedish Securities Market Act, which is in accordance with

the SkiStar Vacation Club will, in the

published as follows:

the provisions of the Swedish Financial Reporting Board’s Recommendation RFR

long-term, also be developed at the other SkiStar destinations.

Proposed dividend The Board of Directors proposes that dividends be paid in an amount of

• Three month report 1 September 2009 –

2.1. The accounting principles applied for

30 November 2009, on 18 December

the Group and the Parent Company cor-

2009,

respond with the accounting principles

• Half-year report 1 September 2009 – 28 February 2010, on 19 March 2010,

5

applied in the preparation of the latest Annual Report.

Consolidated income statement in summery, TSEK 1 September – 31 August

1 June - 31 August 3 months

12 months

2008/09

2007/08

2008/09

2007/08

31,933

34,783

1,634,859

1,483,072

Net sales Other income

– 5,225

12,850

9,633

47,973

Total operating income

26,708

47,633

1,644,492

1,531,045

Goods for resale

– 2,493

– 2,924

– 95,212

– 82,655

Other external expenses

– 58,598

– 65,430

– 498,573

– 489,195

Personnel costs

– 53,939

– 54,415

– 461,501

– 446,734

Depreciation

– 53,625

– 56,796

– 219,547

– 210,127

– 141,947

– 131,932

369,659

302,334

– 11,321

– 21,594

– 67,911

– 96,073

– 153,268

– 153,526

301,748

206,261

6,262

20,933

– 28,950

– 12,982

– 147,006

– 132,593

272,798

193,279

– 147,006

– 131,916

272,798

193,515

–

– 677

–

– 236

Average number of shares

39,176,883

39,176,883

39,188,028

39,174,401

Average number of shares after full conversion

Operating profit/loss Financial net Profit/loss before tax Tax Profit/loss for the period - of which attributable to the Parent company’s shareholders - of which attributable to minority shareholding

39,438,028

39,438,028

39,438,028

39,438,028

Earnings per share, SEK

– 3.75

– 3.37

6.96

4.94

Earnings per share after full conversion, SEK

– 3.75

– 3.37

6,92

4.91

Allocation of sales, MSEK 1 September – 31 August 2008/09

2007/08

SkiPass

933

836

Accomodation

229

210

Ski Rental

157

147

Ski school/Activities

52

47

Sporting Goods outlets

69

55

Property service

94

89

Value added gain

7

46

Other

103

101

Total

1,644

1,531

Net sales and profit/loss per operation area, MSEK Sälen

Åre

Vemdalen

Hemsedal

Trysil

Total destinations

2008/09 2007/08 2008/09 2007/08 2008/09 2007/08 2008/09 2007/08 2008/09 2007/08

2008/09

Property

2007/08 2008/09 2007/08

Net sales

586

523

345

330

162

145

248

220

292

262

1,633

1,480

2

3

Other income

–1

4

–2

–

–

–

–

–2

1

–

–2

2

11

46

Total income

585

527

343

330

162

145

248

218

293

262

1,631

1,482

13

49 –8

Operating expences

– 345

– 337

– 240

– 238

– 110

– 104

– 170

– 160

– 184

– 172

– 1,049

– 1,011

–6

Depreciation

– 75

– 72

– 37

– 38

– 18

– 17

– 39

– 31

– 50

– 52

– 219

– 210

–

–

Operating profit/loss

165

118

66

54

34

24

39

27

59

38

363

261

7

41

28

22

19

16

21

17

16

12

20

15

22

18

54

84

Operating margin, %

6

Quarterly results, TSEK 2008/09 Sep-Nov

2007/08 June-Aug

Year

39,829

930,561

647,394

26,708

1,644,492

45,140

837,317

600,955

47,633

1,531,045

Operating profit/loss

– 217,892

467,920

261,578

– 141,947

369,659

– 200,753

389,034

245,985

– 131,932

302,334

Profit/loss before tax

– 242,429

449,587

247,858

– 153,268

301,748

– 230,823

364,785

225,825

– 153,526

206,261

neg

50

40

neg

22

neg

46

41

neg

20

Operating income

Operating margin, %

Dec-Feb March-May

June-Aug

Year

Sep-Nov

Dec-Feb March-May

Consolidated balance sheet in summery, TSEK 31 August 2009

2008

Assets Fixed assets Intangible fixed assets Tangible fixed assets Financial fixed assets Total fixed assets

230,434

230,470

2,972,090

2,938,314

229,063

144,041

3,431,587

3,312,825

Current assets Interest-bearing Non-interest-bearing Total current assets Total assets

63,392

76,854

173,717

181,498

237,109

258,352

3,668,696

3,571,177

1,371,603

1,278,299

1,966,610

1,985,166

Equity and liabilities Equity Long-term liabilities Interest-bearing Non-interest-bearing

7,118

7,435

Non-interest-bearing liabilities and provisions

13,914

15,894

Deferred tax liabilities

21,725

12,289

32,113

15,313

Current liabilities Interest-bearing Non-interest-bearing Total equity and liabilites

255,613

256,781

3,668,696

3,571,177

1,992,286

1,980,598

56,072

83,137

Pledged assets and contingent liabilities Pledged assets Contingent liabilities

Change in equity, TSEK 1 September – 31 August

Opening equity Conversion of convertibles Dividends Translation differences Profit/loss for the period Closing equity

7

2008/09

2007/08

1,278,299

1,257,282

–

590

– 176,346

–176,279

– 3,148

3,427

272,798

193,279

1,371,603

1,278,299

Consolidated cash flow statement in summery, TSEK 1 September – 31 August 2008/09

2007/08

301,748

206,261

Operating activities Profit/loss after financial items Adjustment for non cash items

217,199

171,121

Paid tax

– 10,913

– 21,515

– 9,397

91,485

498,637

447,352

Cash flow from investment activities

– 342,637

– 426,010

Cash flow from financing activities

– 170,663

5,229

– 14,663

26,571

Cash and cash equivalents at the beginning of the year

54,385

27, 572

Exchange rate differences in cash and cash equivalents

– 290

242

Cash and cash equivalents at the end of the year

39,432

54,385

Unutilised credits

272,377

164,079

311,809

218,464

Change in working capital Cash flow from operating activities

Cash flow for the period

Available liquidity

Key ratio and data per share 1 September – 31 August Key ratios

2008/09

2007/08

2006/07

2005/06

2004/05

Net sales, TSEK

1,634,859

1,483,072

1,258,714

1,280,491

977,014

Operating income, TSEK

1,644,492

1,531,045

1,358,808

1,370,812

1,035,491

Profit/loss before tax

301,748

206,261

170,145

275,678

194,405

Profit/loss after tax

272,798

193,279

176,109

241,705

184,045

Cash flow *)

508,034

355,867

230,904

332,431

245,459

- capital employed, %

11

10

8

14

12

- equity, %

21

15

14

20

17

Earnings on

- total capital, %

8

9

6

11

11

Gross margin, %

36

33

30

34

32

Operating margin, %

22

20

17

23

21

Net margin, %

18

13

13

20

19

Equity/assets ratio, %

37

36

39

44

54

2009

2008

31 August 2007

2006

2005

111.00

87.00

114.25

119.00

75.00

Average number of shares

39,188,028

39,174,401

39,151,096

39,062,008

38,946,928

Average number of shares after full conversion

39, 438,028

39,438,028

39,188,028

39,188,028

39,188,028

Earnings, SEK

6.96

4.94

4.50

6.19

4.72

Earnings after full conversion, SEK

6.92

4.91

4.49

6.17

4.70

12.96

9.08

5.90

8.51

6.30

Price/cash flow, times

8.6

9.6

19.4

14.0

11.9

Price-to-earnings ratio

16

18

25

19

16

Data per share Stock market price, SEK

Cash flow, SEK*)

Dividend, SEK (proposal)

5:00

4.50

4.50

4.50

3.00

Yield, %

4,5

5.2

3.9

3.8

4.0

Equity, SEK

35

33

32

32

29

317

267

356

372

259

Market valuee/equity, %

Adjustment have been made due to the 2:1 share split carried out in December 2005 *) Cash flow before changes in working capital

8

The Parent Company’s income statement in summery, TSEK 1 September – 31 August

1 June – 31 August

12 months

3 months 2008/09

2007/08

2008/09

2007/08

28,582

26,522

1,107,674

992,002

Net sales

251

18,514

9,984

44,640

28,833

45,036

1,117,658

1,036,662

Other income Total operating income

– 2,179

– 2,648

– 75,531

– 70,244

– 57,152

– 54,610

– 362,691

– 337,143

Personnel costs

– 36,046

– 36,061

–318,850

– 310,436

Depreceation

– 29,606

– 29,095

– 116,906

– 113,811

– 96,150

– 77,378

243,680

205,028

Goods for resale Other external expenses

Operating profit/loss Financial net Profit/loss after financial net

– 14,554

– 9,047

– 30,757

– 45,842

– 110,704

– 86,425

212,923

159,186

55,743

–

55,743

–

– 54,961

– 86,425

268,666

159,186

– 40,089

5,106

– 44,572

4,311

– 95,050

– 81,319

224,094

163,497

Appropriations Profit/loss before tax Tax Profit/loss for the period

The Parent Company’s balance sheet in summery, TSEK 31August 2009

2008

Assets Fixed assets Intangible fixed assets Tangible fixed assets Financial fixed assets Total fixed assets

21,343

21,005

1,488,065

1,654,496

886,026

500,781

2,395,434

2,176,282

Current assets Interest-bearing Non-interest-bearing Total current assets

28,961

23,838

105,367

146,142

134,328

169,980

2,529,762

2,346,262

Equity

845,673

791,373

Untaxed reserves

229,664

285,407

1,238,778

1,084,616

784

784

Total assets Equity and liabilities

Long-term liabilities Interest-bearing Interest-bearing provisions, pensions Non-interest-bearing Deferred tax liabilities

662

662

49,608

12,430

Current liabilities Interest-bearing

18,700

8,400

145,893

162,590

2,529,762

2,346,262

Pledged assets

622,619

637,119

Contingent liabilities

725,950

760,018

Non-interest-bearing Total equity and liabilities

Pledged assets and contingent liabilities

9

Share price trend and net sales

Sälen, 2 October 2009 The Board of Directors

SkiStar AB (publ) SE-780 67 SÄLEN • Corporate Identity Number 556093-6949 Tel: +46 280 880 50 • Fax: +46 280 218 50 E-mail: [email protected] • www.skistar.com