Sýn hf.: Significant Milestones Completed
November 08 2023 - 11:39AM
Sýn hf.: Significant Milestones Completed
Sýn hf.’s Consolidated Interim Financial
Statement for the first nine months of 2023 was approved by the
board of directors on November 8th, 2023.
Operating profit (EBIT) for the first nine
months (9M) of 2023 amounted to ISK 1,594 million, an increase of
32% compared to the same period in the previous year. EBIT for the
third quarter (Q3) amounted to ISK 592 million compared to ISK 486
million in Q3 2022.
Profit after taxes for 9M 2023 amounted to ISK
804 million compared to ISK 454 million in the same period in
2022.
Ljósleiðarinn’s purchase of Sýn’s core network
was approved by the Icelandic Competition Authority. The core
network was formally handed over on October 4th and the first
payment according to the purchase agreement was received on the
same day. The agreed purchase price is ISK 3,000 million and the
estimated capital gain from the sale is approximately 2,400 million
that will be fully entered into the company’s books in the fourth
quarter of 2023.
The purchase of Já.is was completed in early
October. A new business unit will subsequently be established
within Sýn called “Web Media and Radio”. The new business unit will
include Sýn’s media units, except “Stöð 2”, along with Já.is, Bland
and related brands. It is estimated that the annual income of the
new unit will amount to ISK 3,000 million. The integration of Já
and related units with the advertising media of Sýn will strengthen
the product offering and advertising space within Sýn’s online
media. “Stöð 2” will be an independent unit with a focus on
subscription revenue and domestic programming. The newsroom
for Vísir, Stöð 2 and Bylgjan will work across these units.
Share buyback program determined, up to a
maximum of ISK 300 million.
EBIT guidance for 2023 amounting to ISK
2,200-2,500 million, remains unchanged.
Páll Ásgrímsson, CEO:
“Operating profit continues to grow from
previous year and there is a good development in revenues from core
activities. Advertising revenue is growing and our subsidiary Endor
is doing well.
At the beginning of October, important
milestones took place with the delivery of Sýn's core network to
Ljósleiðarinn, together with the formal completion of the purchase
of Já. With the purchase of Já and the marketplace Bland.is, we see
great opportunities within advertising and other services to
further strengthen our position in that market. We continue on the
path of sharpening revenue-generating business units and split our
media units into two independent units, “Web Media and Radio” and
“Stöð 2”. Web Media and Radio includes Vísir and related websites,
Bylgjan and other radio stations and the podcast group Tal together
with Já.is, Bland and related brands. “Stöð 2” continues to show
quality content with an emphasis on domestic production and sport.
The newsroom will work across these units.
Vilborg Helga Harðardóttir will direct “Web
Media and Radio” and Eva Georgs. Ásudóttir will manage “Stöð 2”.
Erla Björg Gunnarsdóttir will continue to administer the news on
Stöð 2, Vísir and Bylgjan.
The reaction to the variety of
telecommunications and entertainment packages that were launched in
August has been good, and we see a positive trend in subscription
numbers. The latest surveys show that Vodafone is increasingly
becoming the first choice among customers, and that satisfaction
with the service is on the rise. To further strengthen its service
offering, Vodafone has introduced a new service, Smart Visit, which
has been very well received.
In the last quarter of the year, there will be a
lot of exciting things going on at Stöð 2. This includes the 2nd
series of Idol, broadcasting of national matches, along with
diverse content, e.g., through our Viaplay offering."
- Sýn hf. Press release Q3 2023 - EN
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