Sýn hf.: Balance sheet transformation

Sýn hf.'s Consolidated Interim Financial Statement for the Q1 2021 was approved by the board on May 12 th, 2021.Main results:Revenue for the first quarter (Q1) of 2021 amounted to ISK 4,962 million, a decrease by ISK 33 million compared to the same period in 2020.EBITDA for Q1 amounted to ISK 1,388 million, compared to ISK 1,355 million Q1 2020. The EBITDA margin was 28.0% in Q1 2021 compared to 27.1% in Q1 2020. Higher EBITDA can be traced to lower operating cost due to cost...

Reykjavík, 12/05/2021 (informazione.it - comunicati stampa - telecomunicazioni)

Sýn hf.'s Consolidated Interim Financial Statement for the Q1 2021 was approved by the board on May 12 , 2021.

Main results:

Heiðar Guðjónsson, CEO:

“The year 2020 was a turnaround year in our business. It is clear that the year 2021 will be transformational for the balance sheet of the Company. By selling passive infrastructure in the mobile business we are realizing a profit of around 6,5 billion without impacting our daily business going forward. In our negotiations we were able to raise the sales proceeds to 7,1 billion ISK. We also sold our stake in the Faroese telco Hey for over a billion ISK but our service agreements with Hey are intact. We are planning to sell more infrastructure this year but already it is clear that we can pay up the debt stemming from the purchase of assets from 365 as well as buying back shares. This is in line with our strategic plan for the Company of being customer centric and simplifying our business.

The first quarter results are in line with the seasonality in our business. Our new bundling offer „Fjölskyldupakkinn“ was launched at the end of the quarter and is selling better than forecasted which will show in the next quarter. The turnaround is therefore gaining strength. We realized a loss of around 200 million ISK by selling our assets in the Faroe Islands.“

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