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The overall goal is for the value of shareholders’ capital to increase sustainably over the long term. SkiStar’s share price increased by 75 percent during the 2020/21 financial year. The Stockholm Stock Exchange all-share index (OMXSPI) gained 42 percent over the same period.
Financial targets
Equity/assets ratio
To pursue a proactive strategy while balancing operational risk, SkiStar must have a strong financial base. The target is an equity ratio of at least 35 percent, before additional debt via IFRS 16. The result for the financial year was 51 percent. This year’s result proves that SkiStar has a strong financial foundation despite two challenging years of the pandemic.
Return on capital employed and equity
It is important for SkiStar's investments to generate a return. At current interest rates, the target for return on equity is at least 14 percent and for return on capital employed at least 9 percent. The targets are based on 3-month treasury bills, which had an average interest rate of 0.5 percent (-0.24) during the 2020/21 financial year.
Levels of return fell in 2019/20 and 2020/21, which is a natural extension of the lower operating profit linked to operations in Norway and Austria.
Operating margin
It is important for SkiStar to be cost-effective and to focus on profitability in all parts of the business. The operating margin target is to exceed 22 percent in the long term. The result for the financial year was 10 per-cent. Due to lower demand in Norway and Aus-tria linked to the pandemic, there has been a strong focus on effectively managing the winter season in particular. It is pleasing that such a large part of the sales loss has been recouped on the cost side.
The operating margin has also been weakened as a result of the new Operation of Hotels segment and the change to the accounting policy for accommodation.
Organic growth above inflation
SkiStar’s growth target is an annual organic growth rate exceeding inflation by at least 4 percentage points, on top of any growth through acquisitions. Inflation in Sweden during the financial year was 2.1 percent (1.4).
As with last year’s result, this year’s result should obviously be seen through the context of the pandemic, which affected SkiStar in both of the previous financial years, though in different ways.
SkiStar’s strategic climate target initiatives
SkiStar aims to protect nature, just as nature protects us. Through ambitious climate targets and the establishment of more circular systems, we are working to reduce our impact and enable our guests to make climate-smart choices. By 2030 we will reduce our total carbon footprint by 50 percent, in line with the target for the Sustainable Development Goals and the Paris Agreement’s limit on a global temperature increase of under two degrees.