Correction: A translation of Q1 results was published in lieu of Q2.
ISK 2,762 million profit after tax in the first half of 2007
EBITDA ISK 1,811 million
Profit from continued operations ISK 2,784 million
Net foreign exchange difference related to long term liabilities positive in
the amount of ISK 2,318 million
Profit from discontinued operations ISK 493 million after tax
Current ratio 1,68 on 30 June 2007
Equity ratio 30 % on 30 June 2007
ISK 1,160 million profit after tax in Q2 2007
EBITDA ISK 1,027 million
Profit of continued operations before taxes ISK 1,471 million
Net foreign exchange difference related to long term liabilitites positive in
the amount of ISK 797 million
The period April to June 2007 is the third 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 otherwise
stated.
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 of Q2 2007:
• Sales amounted to ISK 5,165 million increasing by 15% from the same period
last year (pro-forma).
• Net foreign exchange difference related to long term liabilities was positive
in the amount of ISK 797 million
• Earnings before interest, depreciation and tax (EBIDTA) amounted to ISK 1,027
million compared to ISK 881 million in the previous year (pro-forma).
• Earnings before interest and tax (EBIT) amounted to ISK 606 million.
• Finance earnings exceeding finance expenses amounted to ISK 1,087 million.
• Share in loss of the associate Hands Holding amounted to ISK 218 million.
• Profit before calculated income tax amounted to ISK 1,471 million.
• Calculated income tax amounted to ISK 311 million.
• Profit in the quarter amounted to ISK 1,160 million.
• Cash generated by operations amounted to ISK 1,109 million.
• Current ratio was 1,68 on 30 June 2007
• Equity ratio was 30% on 30 June 2007
Main results of the first half of 2007:
• Sales amounted to ISK 9,977 million compared to ISK 8,780 million the
previous year (pro-forma)
• EBITDA amounted to ISK 1,811 million compared to ISK 1,765 million the
previous year (pro-forma)
• EBIT amounted to ISK 988 million
• Profit before calculated income tax amounted to ISK 2,784 million and profit
in the period to ISK 2,762 million.
• Net cash from operating activities amounted to ISK 1,310 million.
Árni Pétur Jónsson, CEO
„Teymi's operations are performing well in this quarter and the group's
turnover is in line with our predictions. EBITDA surpasses our estimations. The
group's two segments are growing and producing good results. Inner growth in
the first half of 2007 of the electronic communications segment amounts to
approx. 20,3% and the IT segment has to 11,5%.
The strengthening of the ISK, sale of assets and share offering in the first
quarter of 2007 have contributed to alleviate significantly the company's
interest bearing debts resulting in lower interest payments. Our current
financial status and a stronger balance sheet allows us to improve our
performance even further and look out for opportunities of external growth in
our line of business”.
Interim report of Teymi hf. for the period 1 January to 30 June 2007
Financial Reporting Standards
Teymi hf.'s interim report is prepared in accordance with International
Financial Reporting Standard nr. 34 (IAS 34).
Segment reporting
Teymi's operations are divided in two segments; electronic communications and
information technology. The electronic communications segment comprises of
Vodafone Iceland, Mamma, SKO and Kall in the Faroe Islands. The IT segment
comprises of Kögun, Skýrr, EJS and affiliates.
It will be noted that figures from Securitas' accounts are presented as
discontinued operations at the bottom of the income statement for Q1/1H 2007
and will be thus presented in the future for comparative purposes. Securitas is
included in the group's accounts throughout February, since the company
ownership was transferred to the new owner on 1 March 2007, in accordance with
the purchase agreement.
For further information contact:
Árni Pétur Jónsson, CEO
Ólafur Þór Jóhannesson, CFO
Tel + 354 595-5000.
