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SIMI
Síminn - 2Q Results 2006   25.8.2006 08:41:11
News categories: Corporate results   Bonds news      Íslenska  English
 Síminn 06 2006.pdf
 Síminn 2Q 2006.pdf
 Síminn Lykiltölur.pdf
 Síminn Key Figures.pdf
Síminn's first-half operating

Síminn's first-half operating
profit was ISK 2 billion

 

- Period's performance negative
in the amount of ISK 6.4 billion
because of exchange rate change

 

Síminn's sales in the first half of the year were ISK 11,754 million, compared with ISK 10,064 million the year before, which was an increase of 16.8%. Contribution increased from ISK 4800 million to ISK 5525 (15.1%).

 

Síminn's after-tax performance in the first half was negative by ISK 6407 million. Part of Síminn's debt is in foreign currency, and the exchange-rate loss was ISK 8280 million for the period. The exchange rate index at the beginning of the year was nearly 105 but had reached 134.2 at the end of the settlement period. Today the exchange rate index is about 124.

 

The group's profit from operations before depreciation (EBITDA) was ISK 3969 million vs. ISK 3540 million for the same period last year. This is an increase of about 12.1%, corresponding to ISK 429 million. The company's write-downs were ISK 2003 million in the first six months of the year.

 

The operating profit before financial items and taxes (EBIT) was ISK 1966 million but was ISK 1635 million for the same period last year and has therefore increased by ISK 331 million (20%).

 

Cash flow from operating activities without interest and taxes was ISK 4262 million, which is an increase of nearly 11% over the same period last year, when the cash flow from operating activities was ISK 3846 million.

 

The Group's investment in fixed tangible assets (CAPEX) was ISK 1639 million during the period, but was ISK 1760 million at the same time last year.

 

According to the balance sheet, the Group's total assets were ISK 84,827 million, and the company's equity capital was ISK 26,250 million at the end of June 2006. The equity ratio is therefore 30.9%.

Four of Síminn's subsidiaries are included in its consolidated financial statement: Anza hf., Upplýsingaveitur ehf., Skíma ehf. and Tæknivörur ehf.

 

"Síminn's operations have gone well since its operating profit in the first half was about ISK 2 billion; sales increased by 17%, and circulating assets from operations are good, which is positive. On the other hand, the unfavourable exchange-rate development for the Icelandic krona has had a considerable impact on Síminn's finances, as it has for many other companies," said Síminn's President Brynjólfur Bjarnason.

 

Síminn has a good share of the telecommunications market, and revenues from telecommunications activities are growing. Last year Síminn increased the number of its revenue flows and during the year has consolidated its position as a distribution company for television services. Síminn's expansion has begun, and considerable work abroad has gone on, where new growth opportunities are being investigated. Emphases in the near future will be characterised by increased integration of telecommunications and information technology.

 

Today, Síminn's Board of Directors approved the company's settlement.

 

Accompanying information: Comparison figures from operations

 

For more information contact: Síminn's President Brynjólfur Bjarnason, tel. 550 6003, and Eva Magnúsdóttir, Síminn's Corporate Communications Representative, Tel. 892 6011.

 


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