The Economic Sustainability of Snow Tourism: The Case of Ski Resorts in Austria, France, and Italy
Abstract
:1. Introduction
2. Conceptual Background
3. Ski Resorts and Economic Sustainability
4. Data
5. Economic and Financial Analysis
5.1. Profitability Analysis
5.1.1. Economic Profitability
Sales Margin
Asset Turnover
5.1.2. Financial Profitability
5.2. Financial Analysis
5.3. Regression Analysis
- -
- Size: Calculated as the natural logarithm of all assets of the company so as to minimize the asymmetry of the variable given its great variability. Prior studies have previously related the size of ski resorts to their operation [13,65], arguing that size can generate higher returns due to a better use of the available financial and marketing resources. It must be taken into account that size can be defined in many ways. A narrow measure is based on the asset value, turnover, or employment of the operator itself. A wider measure is based on the size of the ski destination, including all ski lift operators that comprise this network (linked by ski lift or ski-run). In this study, ski lift operators were treated as independent firms; links with neighbouring operators were not accounted for because we did not have data for all ski lift operators in each ski network. This was a limitation that could make it difficult to interpret differences in size.
- -
- Elevation: Calculated as the natural logarithm of the ski resorts’ maximum elevation so as to minimize the asymmetry of the variable caused by its great variability. Prior studies have shown that ski resorts located at low altitudes will be more affected by climate change [69]. This would be justified both by the reduction in the number of visitors (something that has already been observed in Austria [70]) and by the higher costs associated with manufacturing snow. Therefore, a ski resort’s elevation can play an important role in its economic performance, and this variable must be included in the model.
- -
- Being part of a larger group: Dichotomous variables that takes the value 1 when the analysed ski resort belongs to a group, and 0 when it is an independent resort. In line with this, [13] observed that ski resorts belonging to a certain group can sometimes be more efficient than independent resorts, although for most of the analysed groups, no significant differences were observed. A positive influence may be expected from this variable, due to resorts belonging to a group having better access to financial and marketing resources [71].
- -
- Country: Three dummy variables corresponding to the respective countries included in the study (Austria, France, and Italy) were incorporated into the model, with the aim of capturing the effect of country on profitability. In this respect, the variable “Austria” took the value 1 if the observation corresponded to an Austrian ski resort, and 0 otherwise, and likewise with the variables “France” and “Italy”. As a result, the regression coefficients for these variables represented the differential effects of each country on the dependent variable when compared to the group taken as a reference (we took the Austrian ski resorts as a reference group as they were the most numerous in the sample). Despite being neighbouring European countries, the three had their own macroeconomic and weather conditions that could influence the ski resorts’ activity (number of skiers/year, level of expenditure, number of days open, etc.), meaning the inclusion of this variable in the regression was more than justified.
6. Conclusions
Author Contributions
Funding
Acknowledgments
Conflicts of Interest
Appendix A
Ski Resort | Country | Max Elevation (m) | Large Group |
---|---|---|---|
Alpendorf Bergbahnen A.G. (Saint Johann-Alpendorf) | Austria | 1800 | Yes |
Arlberger Bergbahnen Aktiengesellschaft (St. Anton am Arlberg) | Austria | 2811 | No |
BBSH Bergbahnen Saalbach-Hinterglemm Gesellschaft M.B.H. (Skicircus Saalbach: Hinterglemm, Leogang, Fieberbrunn) | Austria | 2096 | No |
Bergbahn Aktiengesellschaft Kitzbühel (Kitzbühel|Kirchberg ski area) | Austria | 2000 | No |
Bergbahn Brixen im Thale Aktiengesellschaft (SkiWelt Wilder Kaiser—Brixental) | Austria | 1957 | Yes |
Bergbahnen Aktiengesell-Schaft Wagrain (Wagrain) | Austria | 2000 | No |
Bergbahnen Flachau Gesellschaft M.B.H. (Flachau-Wagrain) | Austria | 1990 | No |
Bergbahnen Nassfeld Pramollo AG (Nassfeld-Lake Pressegger See) | Austria | 2200 | No |
Bergbahnen Skizentrum Hoch-Zillertal Gesellschaft M.B.H. & Co. Kommanditgesellschaft (HochZillertal-Kaltenbach) | Austria | 2500 | No |
Bergbahnen Westendorf Gesellschaft M.B.H. (SkiWelt Westendorf) | Austria | 1957 | Yes |
Dachstein Tourismus AG (Dachstein West) | Austria | 1620 | No |
Dorfgasteiner Bergbahnen Aktiengesellschaft (Dorfgastein Ski Resort) | Austria | 2033 | Yes |
Gasteiner Bergbahnen Aktiengesellschaft (Bad Gastein-SportGastein) | Austria | 2686 | Yes |
Hochkönig Bergbahnen GMBH (Hochkönig) | Austria | 1900 | Yes |
Kleinwalsertaler Bergbahn Aktiengesellschaft (Oberstdorf Nebelhorn) | Austria | 2224 | Yes |
Silvretta Montafon Bergbahnen GMBH (Silvretta Montafon) | Austria | 2430 | No |
Silvrettaseilbahn Aktiengesellschaft (ISCHGL) (Silvretta Galtür) | Austria | 2295 | No |
Skilifte Lech Ing.Bildstein Gesellschaft M.B.H. (St. Anton am Arlberg) | Austria | 2811 | Yes |
Skiliftgesellschaft Soelden-Hochsölden GMBH (Sölden Ski Area) | Austria | 3340 | No |
Ski-Zürs-AG (Ski Zürs Arlberg) | Austria | 2440 | Yes |
Wintersport Tirol Aktiengesellschaft & CO. Stubaier Bergbahnen Kommanditgesellschaft (Ski Resort Stubaier Gletscher) | Austria | 3212 | No |
Zauchensee, Liftgesellschaft Benedikt Scheffer GMBH. (Ski Resort Zauchensee/Flachauwinkl) | Austria | 2188 | Yes |
Zeller Bergbahnen Zillertal GMBH & CO KG (Zillertal Arena: Hochkimml) | Austria | 2500 | No |
Compagnie des Alpes S.A. | France | 3523 | Yes |
Compagnie du Mont-Blanc (Chamonix) | France | 3275 | No |
Deux Alpes Loisirs | France | 3600 | Yes |
Domaine Skiable De La Rosiere (Space San Bernardo) | France | 2650 | No |
Grand Massif Domaines Skiables (Samöens) | France | 2500 | Yes |
Societe Amenagement Station La Plagne (Paradiski) | France | 3250 | Yes |
Societe Equip. Contamines Montjoie Hauteville (Les Contamines) | France | 2450 | No |
Societe Exploi. Telepher Tarentaise Maurienne (Ski Resort Valfréjus) | France | 2737 | No |
Société Sports et Tourisme a Châtel (Châtel) | France | 2200 | Yes |
Société d’Aménagement Touristique de l’Alpe d’Huez et des Grandes Rousses (Alpe d’Huez) | France | 3300 | No |
Société d’Aménagement de Saint Sorlin (Saint Sorlin d’Arves) | France | 2620 | Yes |
Société d’Economie Mixte Locale des Orres (Les Orres) | France | 2720 | No |
Société des Remontées Mécaniques les Houches-Saint Gervais (Ski Camp Les Houches) | France | 1900 | No |
Société des Téléphériques de la Grande Motte (Tignes/Espace Killy) | France | 3450 | Yes |
Société des Téléphériques de Val d’Isère (Val d’Isère/Espace Killy) | France | 3456 | Yes |
Societe des Telepheriques d’Orelle (Orelle) | France | 3450 | Yes |
Société des Téléportes Bettex Mont d’Arbois (Megève Ski Area) | France | 2350 | No |
Societe Des Trois Vallees-STV ou S3V (Les Trois Vallées) | France | 3230 | Yes |
Société d’Exploitation de la Vallée des Belleville (St. Martin de Belleville/Le Trois Vallées) | France | 2434 | Yes |
Société d’Exploitation des Remontées Mécaniques de Morzine-Avoriaz (Avoriaz) | France | 2460 | Yes |
Telepherique de Morzine Pleney (Morzine) | France | 2466 | Yes |
Carosello Tonale S.P.A. (Tonale) | Italy | 3000 | Yes |
Cervino Societa’ Per Azioni (Cervinia-Breuil) | Italy | 3500 | Yes |
Courmayeur Mont Blanc Funivie S.P.A. Siglabile C.M.B.F. S.P.A. (Courmayeur) | Italy | 2755 | No |
Dantercepies S.P.A. (Cortina d’Ampezzo) | Italy | 2990 | Yes |
Doleda Impianti Funiviari S.P.A. (Val di Fassa/Carezzo Ski) | Italy | 2337 | Yes |
Folgariaski S.P.A. (Folgaria) | Italy | 1820 | Yes |
Funivia Plan de Corones-S.P.A. (Kronplatz Plan de Corones) | Italy | 2275 | Yes |
Funivia Siusi-Alpe di Siusi Spa (Alpe di Siusi Ski Resort) | Italy | 2000 | Yes |
Funivie Alpe Cermis-S.P.A. (Alpe Cermis-Cavalese) | Italy | 2267 | Yes |
Funivie Madonna di Campiglio S.P.A. (Madonna di Campiglio) | Italy | 2580 | No |
Funivie Monte Bianco S.P.A. | Italy | 3465 | Yes |
Funivie S.Vigilio di Marebbe S.P.A. (S.Vigilio di Marebbe/Kronplatz) | Italy | 1605 | Yes |
Funivie Seceda SPA (Val Gardena) | Italy | 2500 | Yes |
Funivie Valdaora S.P.A. (Olang Valdaora/Kronplatz) | Italy | 2275 | Yes |
Gitschberg Jochtal S.P.A. (Gitschberg Jochtal) | Italy | 2500 | No |
Skiarea Valchiavenna S.P.A. (Ski Resort Valchiavenna-Madesimo/Campodolcino) | Italy | 3000 | No |
Societa’ Impianti Turistici-S.I.T.-S.P.A. (Ponte di Legno) | Italy | 3000 | Yes |
Appendix B
Size | ||||
---|---|---|---|---|
Country | Large | Medium-Sized | Small | Total |
Austria | 2 | 15 | 6 | 23 |
France | 5 | 12 | 4 | 21 |
Italy | 0 | 9 | 8 | 17 |
Total | 7 | 36 | 18 | 61 |
Appendix C
Assets | Turnover * | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
AUSTRIA | 2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 74,363 | 67,821 | 64,682 | 61,811 | 58,679 | n.a. ** | 22,092 | 21,790 | 21,294 | 20,517 |
Min | 20,828 | 16,508 | 16,633 | 15,210 | 15,445 | 7478 | 5374 | 5138 | 4923 | 5990 |
Max | 284,877 | 265,006 | 258,051 | 239,681 | 222,634 | 75,904 | 73,950 | 72,886 | 68,245 | 64,593 |
Dev. | 57,230 | 52,483 | 51,127 | 47,694 | 45,041 | 20,720 | 16,721 | 15,841 | 15,571 | 15,015 |
Median | 54,787 | 50,269 | 48,915 | 46,088 | 42,303 | 22,447 | 15,481 | 16,834 | 15,075 | 15,132 |
FRANCE | 2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 141,025 | 133,520 | 133,201 | 129,451 | 125,459 | 67,392 | 64,489 | 62,958 | 62,293 | 62,313 |
Min | 19,093 | 16,943 | 17,334 | 16,526 | 15,493 | 7533 | 7317 | 6840 | 6090 | 5451 |
Max | 1,505,779 | 1,451,417 | 1,481,879 | 1,459,078 | 1,443,539 | 723,197 | 706,827 | 697,309 | 680,028 | 680,254 |
Dev. | 318,399 | 306,249 | 313,498 | 308,827 | 305,752 | 152,316 | 148,776 | 146,971 | 143,174 | 143,328 |
Median | 65,377 | 61,730 | 54,166 | 51,106 | 48,928 | 37,570 | 35,615 | 36,825 | 36,242 | 28,372 |
ITALY | 2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 38,747 | 37,970 | 37,870 | 37,819 | 36,338 | 11,994 | 13,609 | 13,324 | 11,576 | 10,971 |
Min | 12,767 | 6237 | 4808 | 821 | 821 | 2029 | 2482 | 1947 | 1960 | 1610 |
Max | 116,181 | 115,035 | 109,215 | 111,090 | 108,273 | 29,942 | 34,231 | 43,089 | 26,536 | 24,144 |
Dev. | 27,131 | 27,672 | 27,416 | 29,141 | 27,885 | 7139 | 9017 | 10,250 | 7058 | 6184 |
Median | 28,914 | 30,076 | 27,969 | 29,152 | 30,367 | 10,121 | 9995 | 8879 | 8670 | 8978 |
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AUSTRIA | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 5.07 | 5.27 | 5.57 | 6.11 | 5.49 |
Min | −1.96 | −3.64 | −4.11 | −1.67 | −6.64 |
Max | 12.64 | 12.60 | 12.59 | 12.91 | 11.86 |
Dev. | 0.0389 | 0.0439 | 0.0425 | 0.0425 | 0.0506 |
Median | 4.94 | 4.60 | 5.71 | 5.53 | 7.63 |
FRANCE | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 6.74 | 7.59 | 7.02 | 7.95 | 6.86 |
Min | −0.12 | 1.09 | 2.21 | 2.03 | −2.79 |
Max | 18.99 | 21.77 | 18.52 | 17.69 | 16.16 |
Dev. | 0.047 | 0.056 | 0.047 | 0.043 | 0.050 |
Median | 5.16 | 4.93 | 5.13 | 7.40 | 6.54 |
ITALY | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 6.58 | 3.44 | 3.27 | 2.73 | 3.29 |
Min | 0.46 | −8.81 | −0.37 | −1.27 | −3.16 |
Max | 40.50 | 18.94 | 12.83 | 10.66 | 12.33 |
Dev. | 0.099 | 0.062 | 0.041 | 0.036 | 0.044 |
Median | 3.04 | 2.98 | 1.62 | 2.46 | 1.73 |
ANOVA | |||||
F | p value | Tukey method | |||
ROA | 9.70 | 0.000 | France > Austria~ Italy * |
LARGE | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 7.39 | 7.18 | 6.94 | 7.27 | 7.17 |
Min | 4.71 | 4.60 | 4.11 | 2.03 | 2.56 |
Max | 12.69 | 13.63 | 11.03 | 11.91 | 11.85 |
Dev. | 0.0302 | 0.0361 | 0.0294 | 0.0366 | 0.0351 |
Median | 7.15 | 4.91 | 5.39 | 6.93 | 6.57 |
MEDIUM-SIZED | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 7.18 | 6.90 | 5.70 | 6.45 | 5.43 |
Min | −1.96 | −3.64 | −4.11 | −1.67 | −6.64 |
Max | 40.50 | 21.77 | 18.52 | 17.69 | 16.16 |
Dev. | 0.0775 | 0.0601 | 0.0498 | 0.0509 | 0.0561 |
Median | 4.86 | 5.36 | 4.46 | 5.53 | 6.41 |
SMALL | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 3.47 | 2.47 | 4.37 | 4.09 | 4.53 |
Min | 0.46 | −8.81 | −0.37 | −1.27 | −3.16 |
Max | 7.81 | 9.36 | 14.01 | 9.69 | 12.33 |
Dev. | 0.0226 | 0.0401 | 0.0421 | 0.0335 | 0.0420 |
Median | 2.85 | 2.47 | 2.86 | 3.77 | 3.57 |
ANOVA | |||||
F | p value | Tukey method | |||
ROA | 8.34 | 0.000 | Large~ Medium > Small * |
Size | 2016 Margin | 2015 Margin | 2014 Margin | 2013 Margin | 2012 Margin |
---|---|---|---|---|---|
Large | 18.31 | 17.36 | 17.48 | 18.09 | 17.51 |
Medium-sized | 14.86 | 14.20 | 12.35 | 13.56 | 10.78 |
Small | 12.06 | 8.03 | 12.98 | 12.74 | 12.58 |
Size | 2016 Turnover | 2015 Turnover | 2014 Turnover | 2013 Turnover | 2012 Turnover |
---|---|---|---|---|---|
Large | 0.42 | 0.42 | 0.41 | 0.41 | 0.41 |
Medium-sized | 0.45 | 0.52 | 0.53 | 0.53 | 0.49 |
Small | 0.29 | 0.33 | 0.30 | 0.30 | 0.30 |
AUSTRIA | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 5.72 | 5.33 | 5.74 | 4.40 | 2.56 |
Min | −7.82 | −7.77 | −6.64 | −51.14 | −77.87 |
Max | 21.68 | 22.88 | 18.43 | 27.24 | 21.32 |
Dev. | 0.0630 | 0.0679 | 0.0586 | 0.1476 | 0.1999 |
Median | 5.48 | 5.37 | 6.15 | 6.52 | 6.28 |
FRANCE | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 7.50 | 8.57 | 6.95 | 7.88 | 5.58 |
Min | 1.98 | 2.05 | −2.71 | −2.54 | −19.76 |
Max | 15.42 | 37.61 | 15.37 | 15.34 | 14.45 |
Dev. | 0.0357 | 0.0761 | 0.0406 | 0.0445 | 0.0886 |
Median | 7.07 | 6.51 | 6.92 | 8.07 | 9.33 |
ITALY | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 7.39 | 4.60 | 1.79 | 1.12 | 1.45 |
Min | −0.69 | −5.17 | −13.35 | −6.77 | −9.05 |
Max | 54.48 | 52.07 | 11.74 | 9.72 | 10.48 |
Dev. | 0.1343 | 0.1360 | 0.0555 | 0.0449 | 0.0512 |
Median | 3.34 | 1.37 | 1.28 | 0.37 | 1.08 |
ANOVA | |||||
F | p value | Tukey method | |||
ROE | 4.11 | 0.017 | France > Italy * |
LARGE | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 7.48 | 6.65 | 6.86 | 7.21 | 7.23 |
Min | 4.15 | 3.84 | 3.34 | 0.27 | 3.31 |
Max | 11.37 | 11.03 | 10.44 | 11.33 | 11.98 |
Dev. | 0.0290 | 0.0273 | 0.0267 | 0.0366 | 0.0322 |
Median | 6.76 | 5.43 | 6.15 | 7.19 | 6.60 |
MEDIUM-SIZED | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 8.01 | 7.92 | 5.52 | 5.10 | 2.01 |
Min | −7.82 | −7.77 | −6.64 | −51.14 | −77.87 |
Max | 54.48 | 52.07 | 18.43 | 27.24 | 16.64 |
Dev. | 0.1015 | 0.1155 | 0.0575 | 0.1225 | 0.1669 |
Median | 6.66 | 5.69 | 5.37 | 7.25 | 4.83 |
SMALL | 2016 | 2015 | 2014 | 2013 | 2012 |
Mean | 4.16 | 2.94 | 3.50 | 3.04 | 4.34 |
Min | −0.71 | −5.17 | −13.35 | −6.77 | −9.05 |
Max | 11.40 | 11.44 | 11.97 | 9.84 | 21.32 |
Dev. | 0.0322 | 0.0433 | 0.0578 | 0.0498 | 0.0705 |
Median | 3.91 | 3.35 | 3.79 | 4.06 | 3.96 |
ANOVA | |||||
F | p value | Tukey method | |||
ROE | 2.03 | 0.133 | Large~Medium~Small * |
Size | Indebtedness 2016 | Indebtedness 2015 | Indebtedness 2014 | Indebtedness 2013 | Indebtedness 2012 |
---|---|---|---|---|---|
Large | 0.67 | 0.64 | 0.71 | 0.73 | 0.73 |
Medium-sized | 1.14 | 1.28 | 1.37 | 1.19 | 1.57 |
Small | 1.23 | 1.12 | 1.18 | 1.31 | 1.34 |
Coefficients | ||
---|---|---|
Term. | Coef. | T |
Constant | 0.055 | 0.51 |
Size (ln book value of total assets) | 0.008 ** | 2.47 |
Large group | 0.010 * | 1.81 |
Max. Elevation | −0.008 | −0.54 |
France | −0.031 *** | −4.31 |
Italy | −0.028 *** | −3.63 |
Regression summary R-sq. = 0.177 R-sq. (adjusted) = 0.161 Austria taken as a reference country Significance levels: 1% (***); 5% (**); 10% (*) Regression estimated using ordinary least squares (OLS) |
Coefficients | ||
---|---|---|
Term. | Coef. | T |
Constant | 0.032 | 0.24 |
Size (ln book value of total assets) | 0.017 *** | 4.07 |
Large group | 0.009 | 1.3 |
Max. Elevation | −0.018 | −0.96 |
France | −0.032 *** | −3.77 |
Italy | −0.034 *** | −3.69 |
Regression summary R-sq. = 0.162 R-sq. (adjusted) = 0.146 Austria taken as a reference country Significance levels: 1% (***); 5% (**); 10% (*) Regression estimated using ordinary least squares (OLS) |
© 2018 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).
Share and Cite
Moreno-Gené, J.; Sánchez-Pulido, L.; Cristobal-Fransi, E.; Daries, N. The Economic Sustainability of Snow Tourism: The Case of Ski Resorts in Austria, France, and Italy. Sustainability 2018, 10, 3012. https://doi.org/10.3390/su10093012
Moreno-Gené J, Sánchez-Pulido L, Cristobal-Fransi E, Daries N. The Economic Sustainability of Snow Tourism: The Case of Ski Resorts in Austria, France, and Italy. Sustainability. 2018; 10(9):3012. https://doi.org/10.3390/su10093012
Chicago/Turabian StyleMoreno-Gené, Jordi, Laura Sánchez-Pulido, Eduard Cristobal-Fransi, and Natalia Daries. 2018. "The Economic Sustainability of Snow Tourism: The Case of Ski Resorts in Austria, France, and Italy" Sustainability 10, no. 9: 3012. https://doi.org/10.3390/su10093012