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
Four of Síminn's subsidiaries are included in its consolidated financial statement: Anza hf.,
Upplýsingaveitur ehf., Skíma ehf. and Tæknivörur ehf.
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
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
Accompanying information: Comparison figures from operations
information contact: Síminn's President Brynjólfur
Bjarnason, tel. 550 6003, and Eva Magnúsdóttir, Síminn's
Corporate Communications Representative, Tel. 892 6011.