ISK 40 million profit in Q3
EBITDA in Q3 amounted to ISK 345 million and increased by ISK 502 million from
the previous year
A significant turnaround in the Company's operation from the previous year
Sales revenue of the media and entertainment company 365 hf. amounted to ISK
8,330 million in the first nine months of the year. EBITDA profit amounted to
ISK 758 million. Net loss for the period amounted to ISK 40 million compared
to ISK 1,695 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., and European Film
Group.
Main results for the first nine months of the year:
• Sales during the period amounted to ISK 8,330 million and increased by ISK
414 million or 5.2% from the same period in 2006
• Pro forma sales increased by 9.7% from the previous year*
• Earnings before interest, taxes, depreciation and amortization (EBITDA)
amounted to ISK 758 million compared to a loss of ISK 38 million for the same
period in 2006 of the continuing operations
• EBITDA ratio was 9.1% compared to a negative rate of 0.5% last year
• Net finance cost amounted to ISK 384 million, including a foreign exchange
gain to the amount of ISK 253 million.
• Net loss after taxes amounted to ISK 40 million.
• Equity amounted to 6,552 million and equity ratio was 40%
• Current ratio was 1.23 but at the end of year 2006 it was 0.62
Main results for Q3:
• Sales during the period amounted to ISK 2,835 million and increased by ISK
287 million or 11.3% from the same period in 2006
• Pro forma sales increased by 14.7% from the previous year*
• Profit from the sale of the Company's real estate at Vatnagarðar amounted to
ISK 35 million.
• Earnings before interest, taxes, depreciation and amortization (EBITDA)
amounted to ISK 345 million compared to a loss of ISK 157 million in Q3 in
year 2006
• EBITDA ratio was 12.2% compared to a negative ratio of 6.2% last year
• Net finance cost amounted to ISK 214 million, including a foreign exchange
loss to the amount of ISK 15 million.
• Net profit after taxes amounted to ISK 40 million.
Ari Edwald, CEO: “A good third quarter”
“Operating results for the third quarter of the year are good both in terms of
income increase and return, which affirms the turnaround of the Company's
operations. Operation of the media part is still going well and the third
quarter resulted in EBITDA of ISK 275 million, which is the best quarterly
result in the history of the media operation.
A new television station, Sýn2 (English football) began its operation in August
and starts off quite well. The Company's management believes that its
entertainment component can perform even better than the results of the third
quarter are revealing. Important steps were taken in this past quarter in order
to reinforce the Company's financial standing; which includes the selling of
assets and settlement of debts. The Company's current ratio is now 1.23 and
equity ratio is 40%, which is well acceptable.”
Presentation meeting
A presentation meeting will be held for shareholders and market players Friday
November 2, at 08.30 at Skaftahlíð 24 south building (the old Tónabær
building). At which time Ari Edwald, the CEO and Viðar Þorkelsson, CFO, will
present the Company's performance and operation.
Further information will be provided by:
Ari Edwald, CEO, tel. 821 0365 and Viðar Þorkelsson, CFO, tel. 669 9100
