Financial highlights Q1 2023
- Revenue in the first quarter (Q1) of 2023 amounted to ISK 6,298 million compared to ISK 6,093 million in the same period 2022 and increased by 3.4%. If one-off items are excluded in Q1 2022, Síminn's revenue increased by 5.2%. There is steady growth in Síminn's core services, mainly in TV services, or almost 10%.
- EBITDA amounted to ISK 1,315 million in Q1 2023, down by ISK 12 million or 0.9% compared to the same period 2022. The EBITDA ratio was 20.9% in Q1 2023, compared to 21.8% in the same period of 2022. Operating profit EBIT amounted to ISK 318 million in Q1 2023, compared to ISK 574 million in the same period of 2022.
- Net financial expenses amounted to ISK 1 million in Q1 2023, but were positive by ISK 92 million in the same period of 2022. Financial expenses amounted to ISK 249 million, financial income ISK 260 million, and foreign exchange loss ISK 12 million.
- Profit in Q1 2023 amounted to ISK 246 million compared to a ISK 553 million profit of continuing operation in the same period 2022.
- Interest-bearing debt including lease liabilities amounted to ISK 8.8 billion at the end of Q1 2023, compared to ISK 8.9 billion at the end of 2022. Cash in the end of Q1 2023 amounted to ISK 1.8 billion, compared to ISK 3.7 billion at the end of 2022. The balance of loans at Síminn Pay was ISK 1.9 billion at the end of Q1 2023, but was ISK 1.7 billion at the end of 2022.
- Síminn's equity ratio was 55.3% at the end of Q1 2023 and equity was ISK 18.8 billion.
"The year starts off strong. It was gratifying to see that Síminn continues to attract customers with a comprehensive product range. Revenues increased year-on-year in the company's most profitable products, internet, mobile and IPTV. Fintech also continues its rapid growth with the release of a new credit card accessible to all citizens. Síminn's costs also increase between years with salary increases, rapid depreciation of investments and supplier contracts, most of which are linked to exchange rates and price level. In this way, exchange rate, depreciation and inflation ultimately translate into Síminn's costs, and in the current situation we are therefore extremely satisfied with managing to keep EBITDA unchanged from year to year.
The company's mobile network is constantly being developed throughout the country, in cooperation with the company's main suppliers, the Emergency Service (112) and other parties. According to
We continue to invest in high-quality TV content, foreign and domestic. Our TV service has grown rapidly and the recent agreement with
Síminn's digital transformation is on schedule and simpler operations following the sale of Míla will quickly translate to our customers in more agile service, more self-service and faster product development. The future is bright now that the company can start competing on an equal footing instead of being subject to special and increased regulatory control. On the last day of the first quarter of the year, Síminn paid more than ISK 16 billion to its owners and in two years has paid them more than ISK 55 billion as well as share buybacks worth ISK 6.6 billion."
Investor meeting
An investor presentation will be held on Wednesday
The meeting is webcasted on: https://www.siminn.is/fjarfestakynning.
Further information
Óskar Hauksson, CFO (oskarh@siminn.is)
Attachments
- Síminn hf - Financial results Q1 2023
- Síminn hf. - Investor Presentation Q1 2023
- Síminn hf. - Consolidated Interim Financial Statements Q1 2023
© OMX, source