365 hf. has turnaround in operating results

EBITDA for the year 2007 amounted to ISK 1,162 million but was negative in 2006 by ISK 12 million for regular operations. Sales for the year 2007 amounted to ISK 12,381 million, an increase of 12% between years.

A turnaround of ISK 1.364 million between years when comparing the profit/loss before taxes of continuing operations.

Net loss of ISK 2.283 million including the write down of the shares in Wyndeham Press Group amounting to ISK 2.095 million.

The main operational entities of 365 hf. are 365 media ehf., Sena ehf. and EFG ehf.

Main results for year:
Sales during the year amounted to ISK 12,381 million and increased by ISK 1,283 million or 11.6% from the year 2006

Pro forma sales increased by 10.5% from the previous year

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to ISK 1,162 million but was negative by ISK 12 million for the year 2006 for regular operations

EBITDA ratio was 9.4% but was calculated at 0% for regular operations in the previous year

Net finance cost amounted to ISK 646 million, including a foreign exchange gain to the amount of ISK 184 million

Net loss after taxes amounted to ISK 2,283 million

Equity amounted to ISK 4,545 million and the equity ratio was 31%

Current ratio was 0.87, whereas last year it was 0.62

Main results for Q4:
Sales during the year amounted to ISK 4.051 million and increased by ISK 871 million or 27.4% from the prior year 2006

Pro forma sales increased by 10.6% from the previous year

Proceeds from the company’s sale of the sound studios amounted to ISK 33 million

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to ISK 404 million but amounted to ISK 25 million in Q4 in year 2006 on ordinary operation

EBITDA ratio was 10% but was 1% for regular operations in the year 2006

The results of impairment test resulted in writedown of goodwill amounting to ISK 89 million

Net finance cost amounted to ISK 262 million, including a foreign exchange loss to the amount of ISK 117 million

Net loss after taxes amounted to ISK 2,243 million

Ari Edwald, CEO: “The Company is advancing”
“Operating results for the year 2007 reveal that the Company is advancing both in terms of growth and rate of returns of core units, which confirms the turnaround in the Company’s operation from last year. The operating results of the media sector are good with an EBITDA amounting to ISK 900 million, which is without doubt one of the best results achieved in free mass media in Iceland. Sales and distribution in the entertainment sector showed good results in the year meanwhile the production sector did not meet management’s expectations. We are being very cautious in evaluating the share in other companies and therefore have fully written down the shares in Wyndeham Press Group in order to eliminate any uncertainty and increase transparancy.

During the year, important steps were taken in order to reinforce the Company’s financial standing; which includes the selling of assets and settlement of debts. The Company’s current ratio at year end is 0.87 and equity ratio is 31%. The Company intends to reinforce the Company’s financial strength even more in the near future by
increasing share capital to the sales value of ISK 1,500 million.”

Be Sociable, Share!