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Syn Interim / Quarterly Report 2022
2210_rns_2022-11-02_abfee09b-9f97-471c-8993-1d70bc60114a.pdf
Interim / Quarterly Report
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Sýn hf. Financial Summary
1 January to 30 September 2022
Sýn hf. Suðurlandsbraut 8 108 Reykjavik kt. 470905-1740
Table of contents
| Page | |
|---|---|
| Key figures | 3 |
| Income Statement and Statement of Comprehensive income | 4 |
| Statement of Financial Position | 5 |
| Statement of Changes in Equity | 6 |
| Statement of Cash Flow | 7 |
Key figures
| 2022 Q3 | 2021 Q3 | 2022 9M | 2021 9M | |
|---|---|---|---|---|
| Financial information | ||||
| Revenue | 5.501 | 5.533 | 17.192 | 15.822 |
| Operating profit | 486 | 422 | 1.209 | 406 |
| Profit (loss) before tax | 214 | 211 | 569 | (188) |
| Profit (loss) for the period | 181 | 172 | 454 | (176) |
| Profit (loss) per share | 0,71 | 0,64 | 1,50 | (0,68) |
| Investments | 266 | 319 | 1.006 | 911 |
| Investments in broadcasting license rights | 560 | 709 | 1.647 | 1.826 |
| Cash generated by operations | 1.249 | 1.756 | 3.937 | 3.730 |
| Performance evaluation | ||||
| --- | --- | --- | --- | --- |
| EBITDA for the period | 1.799 | 1.886 | 5.116 | 4.762 |
| EBITDA ratio for the period | 32,7% | 34,1% | 29,8% | 30,1% |
| Free cash flow* | 648 | 851 | 1.931 | 2.460 |
| 30.09. 2022 | 30.06. 2022 | 31.03. 2022 | 31.12. 2021 | |
| --- | --- | --- | --- | --- |
| Net interest bearing debt | 15.554 | 15.605 | 15.813 | 14.073 |
*Free cash flow consist of cash from operations before interest and income tax less investment activities.
Consolidated Condensed Interim Financial Statement of Sjn hf. 30. September 2022
Amounts are in ISK millions.
Income statement and statement of Comprehensive income
1 January to 30 September 2022
| 2022 Q3 | 2021 Q3 | 2022 9M | 2021 9M | |
|---|---|---|---|---|
| Revenue from sales of goods and services | 5.501 | 5.533 | 17.192 | 15.822 |
| Cost of sales | (3.480) | (3.654) | (11.270) | (10.788) |
| Gross profit | 2.021 | 1.879 | 5.922 | 5.034 |
| Operating expense | (1.535) | (1.457) | (4.713) | (4.628) |
| Operating profit | 486 | 422 | 1.209 | 406 |
| Finance income | 56 | 5 | 86 | 16 |
| Finance expense | (262) | (146) | (731) | (435) |
| Net exchange rate differences | (66) | (70) | 5 | (2) |
| Net financial expense | (272) | (211) | (640) | (421) |
| Effects of associates | 0 | 0 | 0 | (173) |
| Profit (loss) before tax | 214 | 211 | 569 | (188) |
| Income tax | (33) | (39) | (115) | 12 |
| Profit (loss) for the period | 181 | 172 | 454 | (176) |
| Items that may subsequently be reclassified to profit or loss | ||||
| Translation difference | 10 | 19 | (51) | (25) |
| Profit (loss) for the period | 191 | 191 | 403 | (201) |
| Profit (loss) per share | 0,71 | 0,64 | 1,50 | (0,68) |
Consolidated Condensed Interim Financial Statement of Sjn hf. 30. September 2022
Amounts are in ISK millions.
Statement of Financial Position
30 September 2022
| 30.9.2022 | 31.12.2021 | |
|---|---|---|
| Non-current assets | ||
| Right-of-use assets | 7.979 | 8.049 |
| Property, plant and equipment | 2.538 | 3.212 |
| Goodwill | 8.856 | 8.888 |
| Other intangible assets | 4.387 | 4.469 |
| Shares in other companies | 84 | 62 |
| Deferred tax asset | 28 | 26 |
| Total non-current assets | 23.872 | 24.706 |
| Current assets | ||
| Broadcasting license rights | 1.646 | 1.762 |
| Inventories | 601 | 356 |
| Trade receivables and other short term receivables | 3.645 | 5.463 |
| Cash and cash equivalents | 2.195 | 4.214 |
| Total current assets | 8.087 | 11.795 |
| Assets classified for sale | 564 | 0 |
| Total assets | 32.523 | 36.501 |
| Equity | ||
| Share capital | 2.684 | 2.964 |
| Statutory reserves | 885 | 2.465 |
| Other reserve | 50 | 69 |
| Retained earnings | 5.459 | 5.037 |
| Total equity | 9.078 | 10.535 |
| Non-Current liabilities | ||
| Interest bearing debt | 4.818 | 4.965 |
| Lease liabilities | 11.201 | 11.393 |
| Other liabilities | 0 | 180 |
| Deferred tax liabilities | 128 | 19 |
| Total non-current liabilities | 16.147 | 16.557 |
| Current liabilities | ||
| Interest bearing debt | 475 | 723 |
| Lease liabilities | 1.255 | 1.206 |
| Accounts payable and other short term liabilities | 5.568 | 7.480 |
| Current liabilities | 7.298 | 9.409 |
| Total liabilities | 23.445 | 25.966 |
| Total equity and liabilities | 32.523 | 36.501 |
Consolidated Condensed Interim
Financial Statement of Sjn hf. 30. September 2022
Amounts are in ISK millions.
Statement of Changes in Equity
1 January to 30 September 2022
| Share Capital | Statutory reserve | Translation difference | Reserve | Retained earnings | Total equity | |
|---|---|---|---|---|---|---|
| 1.1. to 30.9.2021 | ||||||
| Total Equity 1.1.2021 | 2.964 | 2.465 | 163 | 147 | 2.810 | 8.549 |
| Loss for the period | - | - | - | - | (176) | (176) |
| Translation difference | - | - | (25) | - | - | (25) |
| Comprehensive Income | 0 | 0 | (25) | 0 | (176) | (201) |
| Translation diff. exported | (73) | (73) | ||||
| Profit of associate in excess of dividend received | - | - | - | (143) | 143 | 0 |
| Total Equity 30.9.2021 | 2.964 | 2.465 | 65 | 4 | 2.777 | 8.275 |
1.1. to 30.9.2022
| Total Equity 1.1.2022 | 2.964 | 2.465 | 49 | 20 | 5.037 | 10.535 |
|---|---|---|---|---|---|---|
| Profit for the period | - | - | - | - | 454 | 454 |
| Translation difference | - | - | (51) | - | - | (51) |
| Comprehensive Income | 0 | 0 | (51) | 0 | 454 | 403 |
| Own shares purchased | (280) | (1.580) | - | - | - | (1.860) |
| Profit of associate in excess of dividend received | - | - | - | 32 | (32) | 0 |
| Total Equity 30.9.2022 | 2.684 | 885 | (2) | 52 | 5.459 | 9.078 |
Consolidated Condensed Interim Financial Statement of Sjn hf. 30. September 2022
Amounts are in ISK millions.
Statement of Cash Flow
1 January to 30 September 2022
| | 2022
Q3 | 2021
Q3 | 2022
9M | 2021
9M |
| --- | --- | --- | --- | --- |
| Profit (loss) for the period | 181 | 172 | 454 | (176) |
| Adjustment for non-cash items: | | | | |
| Gain on sale of assets | 0 | 0 | (2) | 0 |
| Depreciation and amortization | 1.313 | 1.464 | 3.907 | 4.356 |
| Net financial expense | 272 | 211 | 640 | 421 |
| Effects of associates | 0 | 0 | 0 | 173 |
| Income tax | 33 | 39 | 115 | (12) |
| Cash generated from operating activities | 1.799 | 1.886 | 5.114 | 4.762 |
| Change in working capital: | | | | |
| Change in inventories | (15) | (18) | (237) | (58) |
| Change in operating assets | (86) | (157) | 1.807 | (396) |
| Change in operating liabilities | (208) | 183 | (2.080) | (161) |
| Cash generated by operations before interest and tax | 1.490 | 1.894 | 4.604 | 4.147 |
| Interest income received | 14 | 5 | 44 | 15 |
| Interest expense paid | (255) | (143) | (711) | (432) |
| Cash generated by operations | 1.249 | 1.756 | 3.937 | 3.730 |
| Investment activities | | | | |
| Investment in shares of other companies | (16) | (15) | (22) | (15) |
| Sale of associate | 0 | 0 | 0 | 1.065 |
| Investment in property, plant and equipment | (97) | (104) | (516) | (275) |
| Investment in intangible assets | (169) | (215) | (490) | (636) |
| Investment in broadcasting license rights | (560) | (709) | (1.647) | (1.826) |
| Proceeds from sale of fixtures and equipment | 0 | 0 | 2 | 0 |
| Investment activities | (842) | (1.043) | (2.673) | (1.687) |
| Financial activities | | | | |
| Instalment of interest bearing debts | (119) | (161) | (356) | (999) |
| Change in revolving credit facility | 0 | (248) | (40) | (573) |
| Instalment of lease liabilities | (348) | (282) | (1.019) | (867) |
| Purchased own shares | 0 | 0 | (1.860) | 0 |
| Financial activities | (467) | (691) | (3.275) | (2.439) |
| Change in cash and cash equivalents | (60) | 22 | (2.011) | (396) |
| Cash and cash equivalents at the beginning of the year | 2.252 | 402 | 4.214 | 831 |
| Effect of exchange rate changes on cash held | 3 | 6 | (8) | (5) |
| Cash and cash equivalents at the end of the period | 2.195 | 430 | 2.195 | 430 |
Consolidated Condensed Interim Financial Statement of Sjn hf. 30. September 2022
Amounts are in ISK millions.