Sýn hf. : First quarter results in a profit of ISK 670 million
May 15 2019 - 12:26PM
Sýn's Q1 2019 financial statement was
approved by Sýn's CEO and Board of Directors at a board meeting
15th of May 2019.
The merger of P/F Hey, subsidiary of
Sýn hf. in the Faroe Islands and Nema, a subsidiary of Tjaldur, was
finalized in Q1 2019. After the merger, Sýn hf. owns 49.9% of the
merged company and will be accounted for by an equity method. The
profit of the sale amounted to ISK 817 million. Television content
rights are now accounted for as part of intangible assets instead
of inventiories. Comparative figures on Q1 2018 have been updated
accordingly.
New accounting standard IFRS 16 was
implemented on January 1, 2019, the standard is not retroactive and
therefore comparative figures Q1 2018 are not updated.
· Revenue for the first quarter of 2019
amounted to ISK 4,975 million, a decrease of 1% from the previous
year.
· The quarter's EBITDA amounted to ISK
1,260 million, an increase by 5% compared to Q1 2018, which
amounted to ISK 1,201 million. EBITDA adjusted for IFRS 16 amounted
to ISK 1,326 million.
· One-off items related to termination
of several managers contracts on Q1 2019 amounts to ISK 137
million. The effect of one-off items on Q1 2018 amounted to ISK 115
million.
· Profit in the period amounted to ISK
670 million, an increase of ISK 619 million from the previous
year.
· Profit pr. Share was 2,26 for Q1
2019. · The quarters investment activities amounted to ISK 1,034
million, thereof operational related investment amounted to ISK 616
million.
· Existing EBITDA outlook remains
unchanged in the range of ISK 6.0-6.5 bn. and investments in the
range of ISK 3.8-4.2 bn.
Heiðar Guðjónsson,
CEO:
"The management of the company has
changed significantly this year. The new management group has
4 new members out of a total of 5. The last 2 new managers
will join before the end of this month and have previously worked
as consultants for Sýn and are therefore very knowledgeable of the
business. In my opinion, the management team is very strong
and I look forward working with them in the future. Sýn has started
reviewing its strategic plan and we will see the business becoming
more focused as early as June. We aim to provide our
customers with premium service and lead the market in innovation.
The first quarter results are marked by the seasonality which is
embedded in the business, which means the next quarters will show
better results. We have now more clarity in the business and are
reaffirming our outlook for the year. "says Heiðar Guðjónsson CEO,
Sýn.
Press release Q1
Investor presentation Q1
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Sýn hf. via Globenewswire
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