ISK 1,602 million profit after tax in Q1 2007
EBITDA ISK 785 million
Profit of continued operations ISK 1,313 million
Net foreign exchange difference related to long term liabilities was positive
in the amount of ISK 1,282 million
Profit from sale of Securitas ISK 439 million after tax
Current ratio 1,51 on 31 March 2007
Equity ratio 27% on 31 March 2007
Teymi hf. incurred a profit of ISK 1,602 million in the first quarter of 2007.
Revenues in the period amounted to ISK 4,812 million, EBITDA profit ISK 785
million, EBIT profit ISK 382 million, net foreign exchange difference related
to long term liabilities was positive in the amount of ISK 1,282 million as
regards continued operations and the share in profit of associates amounted to
ISK 201 million.
The company's shares in Securitas hf. were sold in the quarter, effective as of
1 March 2007. Realized profit amounted to ISK 535 million, ISK 439 million
after income tax. Amounts relating to the operations of Securitas hf. in the
period 1 January to 28 February 2007 are presented as discontinued operations
at the bottom of the income statement as well as the profit from the sale of
the company after tax.
The period January to March 2007 is the second financial period reported by the
company under the name of Teymi hf. Therefore, comparative amounts for the
income statement and cash flow are not reported. The amounts presented in this
announcement relate to the continued operations of the company unless stated
otherwise.
This announcement and the presentation of the company's financial results
includes pro-forma information from previous quarters, i.e. 1st, 2nd and 3rd
quarter of 2006 for comparative purposes as appropriate.
Main results:
• Sales amounted to ISK 4,812 million increasing by 12,1% from the same period
last year (pro-forma).
• Net foreign exchange difference related to long term liabilities was positive
in the amount of ISK 1,288 million as regards continued operations, or ISK
1,371 million in total.
• Earnings before interest, depreciation and tax (EBIDTA) amounted to ISK 785
million.
• Earnings before interest and tax (EBIT) amounted to ISK 382 million.
• Finance earnings exceeding finance expenses amounted to ISK 730 million.
• Share in profit of the associate Hands Holding amounted to ISK 201 million.
• Profit before calculated income tax amounted to ISK 1,313 million.
• Calculated income tax amounted to ISK 204 million.
• Profit of discontinued operations amounted to ISK 493 million.
• Profit in the quarter amounted to ISK 1,602 million.
• Cash generated by operations amounted to ISK 201 million.
• Current ratio was 1,51 on 31 March 2007
• Equity ratio was 27% on 31 March 2007
Árni Pétur Jónsson, CEO
„The first quarter of 2007 was quite eventful for Teymi. We sold our shares in
Securitas hf. as well as a claim on Hands holding hf. These actions result in a
decrease of finance expenses amounting to more than ISK 600 million per annum,
which is very important to us, as well as a decrease in interest bearing debts.
The company listed new share capital in March for the market value of ISK 4
billion and we were pleased to see the good responses from the market as demand
exceed the shares on offer significantly.
Operations were successful in the quarter and the group's turnover is in line
with our estimations. EBITDA earnings are exceeding projections. Furthermore,
the exchange rate of the national currency has had a positive impact in this
quarter. Following the sale of assets and the share offering we can now present
a much stronger balance sheet which will enable us to improve the company's
earnings and seek growth opportunites in line with our current operations.”
Interim report of Teymi hf. for the period 1 January to 31 March 2007
