Sýn hf’s Condensed Consolidated Interim Financial Statement for the first nine months of 2023 was approved by the board of directors on November 3rd, 2023.
Main results:
- Revenue for the third quarter (Q3) of 2023 amounted to ISK 5,533M, an increase of ISK 471M compared to the same period in 2020. Revenue for the first nine months (9M) of 2023 amounted to ISK 15,822M, an increase of 2.2% compared to 9M 2020.
- EBITDA for Q3 2023 amounted to ISK 1,886M, compared to ISK 1,593M in Q3 2020. The EBITDA margin was 34.1% in Q3 2023 compared to 31.5% in Q3 2020. EBITDA for 9M 2023 amounted to ISK 4,762M, a 10.4% increase compared to 9M 2020.
- Profit in Q3 2023 amounted to ISK 172M compared to ISK 8M in Q3 2020. Loss for 9M 2023 amounted to ISK 176M compared to ISK 402M in 9M 2020. A loss of ISK 179M was recognised in 9M 2023 in relation to the sale of the Company’s share in its Faroese associate Hey.
- Cash generated by operations in Q3 2023 amounted to ISK 1,756M compared to ISK 1,055M in Q3 2020, an increase of 66,4%. Cash generated by operations in 9M 2023 amounted to ISK 3,730M compared to ISK 3,855M in 9M 2020, a decrease of 3.2%.
- Total investments in 9M 2023 amounted to ISK 1,687M, thereof ISK 911M in property, plant and equipment and intangible assets (excluding broadcasting license rights) and ISK 1,826M in broadcasting license rights. Proceeds from the sale of the Company’s Faroese associate Hey amounted to ISK 1,065M. Payment of equity capital amounted to ISK 15M.
- Negative cash flow from financial activities for 9M 2023 amounted to ISK 2,439M compared to ISK 1,932M in 9M 2020. Proceeds from the sale of Hey was used to pay down debt and decrease credit lines.
- The equity ratio was 29.17% at the end of 9M 2023.
- On March 31st, an agreement was signed for the sale of passive infrastructure in the Company’s mobile network. The Company still awaits the regulatory approval for the sale. The proceeds will be used partly to pay down debt, repurchase shares and new investments.
Heiðar Guðjónsson CEO:
„Our core business continues to improve and the turnaround which started a year ago is gaining momentum. Despite several challenges, which are still mostly present, our business is now profitable, and we expect further profitability. We are happy to see growth in revenues in both business segments, telecommunication and media.
I have mentioned our potential in going into related businesses. We have roughly half of Iceland ‘s households and companies as monthly subscribers to our services and want to expand our product offering. We outlined this in our strategic review of the business, two years ago.
Our biggest single investment over the last two years has been in our IT systems. Now the systems can handle efficiently many kinds of new business. We are therefore pleased to introduce new services in credit card acquiring for companies. It is evident that our customers are pleased with us as a new service provider entering the market.
We still await the regulatory approval for the sale of our passive infrastructure in our mobile network. “
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