Significant turnaround in the Company's operations from last year
EBITDA was ISK 413 compared to ISK 119 million in the previous year
365 hf.'s net loss in the first six months of the year 2007 was ISK 80 million.
Sales revenue of the media and entertainment company 365 hf. amounted to ISK
5,495 million during the first six months of the year. EBITDA profit amounted
to ISK 413 million. Net loss of the period was ISK 80 million compared to ISK
1,327 million for the same period last year in an on-going operation.
Therefore, there is a significant operating turnaround.
The main operational entities of 365 hf. are 365 media ehf., Sena ehf.,
Sagafilm ehf., D3 ehf. and Innn hf.
Main results for the first six months of year 2007:
• Sales during the period amounted to ISK 5,495 million and increased by ISK
127 million or 2.4% from the same period in 2006
• Pro forma sales increased by 9.1% from the previous year*
• Earnings before interest, taxes, depreciation and amortization (EBITDA)
amounted to ISK 413 million compared to ISK 119 million in the same period in
2006
• EBITDA ratio was 7.5% but 2.2% last year
• Net finance cost amounted to ISK 170 million, including a foreign exchange
gain of ISK 268 million.
• Cash and market securities amounted to ISK 733 million at the end of the
period
• Equity amounted to ISK 6,403 million and equity ratio was 35.3%
• Current ratio was 1.08% but at the end of year 2006 it was 0.62%
Main results for Q2:
• Sales during this period amounted to ISK 2,814 million and increased by ISK
44 million or 1.6% from the same period in 2006
• Pro forma sales increased by 8.6% from the previous year*
• Earnings before interest, taxes, depreciation and amortization (EBITDA)
amounted to ISK 274 million compared to ISK 195 million in Q2 in year 2006
• EBITDA ratio amounted to 9.7% compared to 7.0% the previous year
• Net finance cost amounted to ISK 163 million, including a foreign exchange
gain of ISK 117 million.
Ari Edwald, CEO: “Turnaround affirmed”
“Operating results for the first six months of the year are satisfactory and
affirm the turnaround of the Company's operations. It is especially satisfying
how well the operation of the media part went in Q2, which resulted in ISK 229
million EBITDA for the Company, one of the best results ever and is similar to
Q2 2005 results. The Company's management believes that the entertainment
segment can generate even better results than the Q2 results. An important step
has been made in the strengthening of the Company's future standing by sale of
assets and refinancing, which recently was concluded.”
