Silmäasema Oyj Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Full Year of 2017
November 10, 2017 at 01:00 am EST
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Silmäasema Oyj reported consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported Net Sales were EUR 26,385,000 compared to EUR 22,300,000 a year ago. EBITDA was EUR 1,889,000 compared to EUR 1,888,000 a year ago. Operating profit was EUR 519,000 compared to EUR 620,000 a year ago. Profit before taxes was EUR 101,000 compared to loss before taxes was EUR 1,174,000 a year ago. Net profit was EUR 247,000, net profit attributable to owners of the parent was EUR 247,000 or EUR 0.02 per basic and diluted share compared to net loss was EUR 1,048,000, net loss attributable to owners of the parent was EUR 1,048,000 or EUR 0.11 per basic and diluted share a year ago. Adjusted EBITDA was EUR 2,232,000 compared to EUR 1,921,000 a year ago. Adjusted operating profit was EUR 796,000 compared to EUR 654,000 a year ago. The most significant items in Adjusted EBITDA concerned the value-added tax adjustment stemming from the tax audit completed in June and unusual expenses relating to terminated employment contracts. The operating result decreased mainly due to increased depreciations.
For the nine months, the company reported Net Sales were EUR 87,472,000 compared to EUR 73,986,000 a year ago. EBITDA was EUR 4,574,000 compared to EUR 7,129,000 a year ago. Operating profit was EUR 676,000 compared to EUR 3,631,000 a year ago. Loss before taxes was EUR 1,749,000 compared to loss before taxes was EUR 340,000 a year ago. Net loss was EUR 1,471,000, net loss attributable to owners of the parent was EUR 1,471,000 or EUR 0.13 per basic and diluted share compared to net loss was EUR 518,000, net loss attributable to owners of the parent was EUR 518,000 or EUR 0.06 per basic and diluted share a year ago. Net cash inflow from operating activities was EUR 2,404,000 compared to EUR 1,013,000 a year ago. Payments for property, plant and equipment was EUR 3,521,000 compared to EUR 2,459,000 a year ago. Payments for intangible assets was EUR 808,000 compared to EUR 1,361,000 a year ago. Adjusted EBITDA was EUR 8,977,000 compared to EUR 7,901,000 a year ago. Adjusted operating profit was EUR 5,087,000 compared to EUR 4,403,000 a year ago. Net debt as at September 30, 2017 was EUR 34,158,000. The most significant items adjusting the EBITDA were related to the public listing of the company, the tax audit completed in June and the expansion of its business location network by acquisitions. The increase in adjusted operating result was mainly due to volume growth in optical retail. The decrease of the operating result was mainly due to the aforementioned expenses pertaining to the listing process, consequences of the tax audit and other adjustments to the EBITDA and operating result. Return on equity was negative 6.7% compared to 10.4% a year ago.
For the full year of 2017, the company expects to see stronger growth in net sales than last year and an improved adjusted EBITDA margin.
Silmaasema Oyj is a Finland-based holding company of Silmaasema group, which offers ophthalmic goods and services. The Group is engaged in the retail of glasses, sunglasses and contact lenses, with a portfolio comprising such brands as Burberry, Dolce & Gabbana, Emporio Armani, Fendi, Furla, Gucci, Juicy Couture, Max Mara, Michael Kors, Pierre Cardin, Polaroid, Ray-Ban, Skaga, Tommy Hilfiger and Versace, among others. The Group also offers a range of healthcare services, such as eye surgery, eyelid and lens surgery, and ophthalmologist and optician services, among others. Additionally, it provides information on eye diseases and methods of treatment. The Group operates a chain of more than 120 stores and over 10 eye hospitals.
Silmäasema Oyj Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Full Year of 2017