365 hf. Investors Presentation Second Quarter 2007
Media Entertainment
Sales during the period amounted to ISK 5,495 million and increased by 2.4% from the same period 2006 Pro forma sales increased by 9.1% from the previous year Earning before interests, taxes, depreciation and amotization (EBITDA) amounted to ISK 413 million compared to ISK 119 million in the same period 2006 Net finance cost amounted to ISK 170 million, including a foreign exchange gain of ISK 268 million Cash and cash equivalents and market securities amounted to ISK 733 million at the end of the period Equity ratio was 35.3% and Current ratio was 1.08 Acquisition of operating assets amounted to ISK 151 million Main results for the first six months of year 2007
Sales during the period amounted to ISK 2,814 million and increased by 1.6% from the same period in 2006 Pro forma sales increased by 8.6% from the previous year EBITDA amounted to ISK 274 million compared to ISK 195 million in Q2 in year 2006 EBITDA ratio was 9.7% compared to 7.0% the previous year Net financial expenses amounted to ISK 163 million including net foreign exchange gain of ISK 170 million Interest expense increased by ISK 136 million, mainly due to higher inflation and refinancing costs The company’s media section generated good results and was slightly above expectations. The entertainment section was below the management’s expectations because of Sagafilm’s results Main results for Q2
Sales revenue increased by 2,4% compared to the same period 2006 Pro forma sales increased by 9,1% Contribution margin ratio was 36% and increased by 7% compared to last year The ratio between operating expenses and revenue was 33% compared to 32% in 2006 Net foreign excange gain amounted to ISK 268 million in 1H 2007 After the company paid up loans in early July it is estimated that interests payments will be lowered annually by ISK 220 million Income statement Consolidated Income Statement In ISK million 1H H 2006 Change
The Company lowered its non current assets by selling its shares in Wyndeham Press Group and Hands Holding The increase in Current assets is mainly due to account receivable generated from the selling of the Company’s part in Hands Holding Current ratio was 1,08 and the Equity ratio was 35,3% at the end of June 2007 Early July the Company paid up an un-indexed bond group to the nominal value of ISK million. In addition refinancing of bank loans were finalised. Interest bearing loans following there actions amount to approx. ISK million Balance sheet Consolidated Balance Sheet In ISK million Change
Cash flow Consolidated Cash Flow In ISK million 1H H 2006 Negative Cash flow can be explained by the following: Payment to creditors related to investment activities in Program inventory increased by ISK 200 million due to upcoming winter TV program and finally additional interests payments were paid in connection with lowering outstanding debt. Acquisition of operating assets amounted to ISK 151 million
365 hf. - Sales in ISK million
EBITDA development in ISK million In 4Q 2006 adjustments have been made for sales profit of ISK million and other costs of ISK 110 million
Revenue and EBITDA breakdown between sectors in 1H 2007 RevenueEBITDA
Sales in ISK million - Media
EBITDA in ISK million - Media In 4Q 2006 adjustments have been made for sales profit ISK million and other costs ISK 110 million
Sales in ISK million - Entertainment
EBITDA in ISK million – Entertainment
Outlook 2007 The Company’s management estimates that the lower range of the published budget will be reached. New emphasis placed in the operation in addition to restructuring arrangements which generated good results in Q2 will be a support for the company in the second half of It is forecasted that Sýn2, a new television station that will be broadcasting the English Football Premium League, will generate considerable increase in subscription and advertising revenue for the Company.
Vetrardagskrá Erlendir þættir Einkasamningar Stöðvar 2 (lógó fyrirtækjanna): –Warner –Fox –Sony –Fremantle –HBO
End of presentation