2017-08-18 07:00:42 CEST
2017-08-18 07:00:42 CEST
REGULATED INFORMATION
Silmäasema Oyj - Half Year financial report
Silmäasema Oyj's half-year review 1 January-30 June 2017
Stock Exchange Release 18 August 2017, at 8 a.m.
Silmäasema's net sales and adjusted EBITDA continued to grow in the first half
of 2017
April-June 2017
* Net sales increased by 15.2% from the corresponding period, amounting to EUR
31.4 million (27.3*)
* Like-for-like net sales growth 1.4%
* Adjusted EBITDA increased by 6.6% to EUR 4.0 million (3.7) or 12.6% of net
sales (13.6%)
* Adjusted operating result was EUR 2.7 million (2.6)
January-June 2017
* Net sales increased by 18.2% from the corresponding period, amounting to EUR
61.1 million (51.7)
* Like-for-like net sales growth 4.8%
* Adjusted EBITDA increased by 12.8% to EUR 6.7 million (6.0) or 11.0% of net
sales (11.6%)
* Adjusted operating result was EUR 4.3 million (3.7)
* Silmäasema made 11 company and business acquisitions and invested EUR 6.1
million in them
* Cash flow from business operations amounted to EUR 2.7 million (4.7)
* The net debt/adjusted EBITDA ratio on 30 June 2017 was 2.6 (4.7).
*) The figures in parenthesis represent comparable data from the corresponding
period in the previous year, unless stated otherwise.
Key figures
+------------------------------------------------------------------------------+
|EUR thousand, |
|unless 4-6/2017 4-6/2016 Change % 1-6/2017 1-6/2016 Change % 1-12/2016|
|otherwise |
|stated |
+------------------------------------------------------------------------------+
|Net sales 31,436 27,280 15.2% 61,087 51,686 18.2% 101,345|
| |
|Like-for-like |
|net sales 1.4% 4.8% -1.1%|
|growth, % |
| |
|Adjusted 3,963 3,717 6.6% 6,745 5,980 12.8% 11,951|
|EBITDA* |
| |
|- adjusted 12.6% 13.6% 11.0% 11.6% 11.8%|
|EBITDA % |
| |
|Adjusted |
|operating 2,739 2,561 7.0% 4,291 3,749 14.4% 7,164|
|result* |
| |
|- adjusted |
|operating 8.7% 9.4% 7.0% 7.3% 7.1%|
|result % |
| |
|Basic earnings -0.16 0.09 -0.18 0.06 0.05|
|per share |
| |
|Net debt / |
|Adjusted 2.6 4.7 4.9|
|EBITDA |
| |
|Investments - 3,208 2,625 22.2% 4,468|
|operational |
| |
|Investments - 6,093 5,794 5.2% 6,664|
|acquisitions |
| |
|Investments - 9,302 8,420 10.5% 11,132|
|total |
| |
|Stores and eye |
|clinics, Chain 166 149 11.4% 153|
|total (pcs) |
+------------------------------------------------------------------------------+
*) Silmäasema presents both its Adjusted EBITDA and Adjusted operating result,
from which it has adjusted significant unusual items. Such items in the review
period are e.g. expenses relating to the listing of the company and the changed
value added tax handling.
Silmäasema's prospects for 2017 remain unchanged
This year, Silmäasema expects to see stronger growth in net sales than last year
and an improved adjusted EBITDA margin.
In 2016, Silmäasema's net sales increased by 8.6 per cent and its adjusted
EBITDA margin was 11.8 per cent.
CEO Pasi Kohmo:
Silmäasema's business developed very well during the first half of 2017. We have
expanded our store network with acquisitions as well as by opening our own new
stores, in accordance with our strategy. Our net sales increased significantly
in January-June, by 18.2 per cent, amounting to EUR 61.1 million. Our adjusted
EBITDA grew during the same time period by 12.8 per cent to EUR 6.7 million.
During the first half of the year, we continued to implement our long-term
network plan and founded and acquired as many as nearly thirty optical retail
stores. Both business acquisitions and opening of new locations have gone
according to plan. The expansion of the network and the increase of like-for-
like sales are reflected in the significant growth of net sales in the first
half of the year. The expenses generated by the network expansion and
acquisitions weigh down the result of the period under review, and the positive
impact of the expansion on the result is expected to be seen at a later point,
as before. We will continue to expand our network, and our goal is to be the
market leader in Finland. As part of our long-term plan, we have also expanded
our operations outside of Finland by acquiring the Estonian Tallinna Optika
chain in January 2017.
We believe that Silmäasema's unique business model, which combines eyesight and
eye healthcare services, offers our customers a noteworthy advantage while
creating a competitive advantage for our company. By expanding our business
location network, we can offer even more customers the possibility to take care
of all eyesight and eye healthcare needs in one place.
During the first half of the year, we have continued to develop our operating
models and enhance their efficiency. Furthermore, we have recruited and trained
personnel. Growth needs its makers and future success requires investment in
people and development of working skills.
We have strengthened awareness of Silmäasema with marketing communications. At
the beginning of the year, we launched the "World's only Silmäasema" theme,
which describes Silmäasema's comprehensive offering in accordance with our
brand. According to a survey conducted in March-May, both awareness of
Silmäasema and recollection of our advertising are increasing considerably
(Taloustutkimus, Tracking March-May 2017). According to the same survey,
Silmäasema was the most preferred point of purchase of eyewear. Nearly a third
(29%) of the respondents had chosen to buy their eyewear at Silmäasema during
the past year.
Silmäasema moved to the next stage in its development by listing its shares on
the Nasdaq Helsinki main market in June 2017. The stock listing strengthened our
capital structure and improved our equity ratio. Furthermore it supports our
growth strategy in the long term and improves our recognition. The successful
listing allows us to implement our long-term plan, develop and continue to grow.
SILMÄASEMA OYJ
For further information, please contact:
CEO Pasi Kohmo, tel. +358 50 331 7015, pasi.kohmo@silmaasema.fi
CFO Anu Kankkunen, tel. +358 50 669 69, anu.kankkunen@silmaasema.fi
Silmäasema Communications
Director, Marketing and Communications Kati Räihä, tel.
+358 50 416 6764 ir@silmaasema.fi
Silmäasema in brief
Silmäasema is a Finnish company, which offers all products and services for
optical retail and eye healthcare nationwide. Silmäasema's management views it
to be the largest private eye clinic provider offering eye surgeries and the
second largest optical retail chain, according to the Finnish Association of
vision and eyecare NÄE ry, with 25.3 percent market share. Silmäasema's target
is to the market leader in optical retail and eye healthcare related clinic
operations, including cataract and refractive surgeries.
The Silmäasema chain has in total 145 optical retail stores in Finland; of which
126 are own stores and 19 entrepreneur driven stores, as well as 13 eye clinics.
In addition, Silmäasema has eight optical retail stores in Estonia. The
Silmäasema chain employs close to 1,000 eye healthcare professionals. In 2016,
the Silmäasema chain conducted around 210,000 optician's eye examinations,
190,000 ophthalmologists' appointments and over 15,000 cataract and refractive
surgeries. Silmäasema's Group net sales were 101.3 million euros in 2016 and
adjusted EBITDA was 12.0 million euros. The Company share is listed on Nasdaq
Helsinki Ltd.
www.silmaasema.fi/investors
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