The sale of Míla was completed on
- Revenue in the third quarter (Q3) of 2022 amounted to ISK 6,210 million compared to ISK 6,124 million in the same period of 2021.
- EBITDA amounted to ISK 1,790 million in Q3 2022, up by ISK 163 million or 10.0% compared to the same period 2021. The EBITDA ratio was 28.8% in Q3 2022, compared to 26.6% in the same period of 2021. Operating profit EBIT amounted to ISK 986 million in Q3 2022, compared to ISK 840 million in the same period of 2021.
- Net financial expenses amounted to ISK 84 million in Q3 2022, but were positive by ISK 29 million in the same period of 2021. Financial expenses amounted to ISK 165 million, financial income ISK 97 million, and foreign exchange loss ISK 16 million.
- Profit in Q3 2022 amounted to ISK 36,346 million including profit of sale of Míla. Profit from continuing operations in Q3 2022 amounted to ISK 718 million compared to ISK 707 million in the same period of 2021.
- Interest-bearing debt including lease liabilities amounted to ISK 7.3 billion at the end of Q3 2022, compared to ISK 8.3 billion at the end of 2021. Cash in the end of Q3 2022 amounted to ISK 33.9 billion, compared to ISK 3.5 billion at the end of 2021. Increase in cash is due to sale of Míla in the end of
September 2022 . - Síminn's equity ratio was 80.4% at the end of Q3 2022 and equity was ISK 65.5 billion.
„The sale of Míla was finaliazed at the end of Q3. The significant capital gains realized by Síminn with the sale have put a particularly positive mark on the results, the company's balance sheet and return on equity. At the same time, Síminn's underlying operations are extremely strong and with a healthy growth. Thus, revenue in mobile, internet and TV increases over cost, which in turn increases margin and profits.
Síminn is now transformed into an agile service company which will be based on a low asset base and a reduced investment need. The company has selected strategic suppliers both in
We are very proud that Icelandic content production on Síminn TV recently won 20 Edda awards out of 27 possible, by far the most of all TV companies. The results are particularly pleasing since Síminn is the only major TV company in
Síminn will soon introduce a new fintech solution aimed at making life easier for customers in a digital and flexible way. Síminn's previous loan products have been in steady growth that will be built on to appeal to a larger group than before. Various other exciting projects are underway.
On 26 October, the company holds a shareholders' meeting following the sale of Míla. The Board of Directors proposes that the company's share capital be decreased significantly by cash payment to shareholders, where Icelandic pension funds are majority shareholders.“
Investor meeting
An investor presentation will be held on Wednesday
The meeting is webcasted on: https://www.siminn.is/fjarfestakynning.
Those who wish to ask questions can send them to fjarfestatengsl@siminn.is and they will be answered at the end of the meeting.
Further information:
Óskar Hauksson, CFO, tel. 354 550 6003 (oskarh@siminn.is)
Attachments
- Síminn hf. - Financial results Q3 2022
- Síminn hf. - Investor Presentation Q3 2022
- Síminn hf. - Consolidated Interim Financial Statements Q3 2022
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