2017-11-10 07:00:00 CET
2017-11-10 07:00:44 CET
REGULATED INFORMATION
Silmäasema Oyj - Interim report (Q1 and Q3)
Silmäasema Oyj's Interim Report 1 January-30 September 2017
Silmäasema Oyj's Interim Report 1 January-30 September 2017
Silmäasema Oyj, Stock Exchange Release, 10 November 2017 at 8:00 a.m.
Silmäasema's net sales and adjusted EBITDA continued to grow also in the third
quarter of 2017
July-September 2017
* Net sales increased by 18.3% from the comparative period, amounting to EUR
26.4 million (22.3*).
* Like-for-like net sales grew by 4.2%.
* Adjusted EBITDA increased by 16.2% to EUR 2.2 million (1.9) or 8.5% of net
sales (8.6%).
* Adjusted operating result was EUR 0.8 million (0.7).
January-September 2017
* Net sales increased by 18.2% from the comparative period, amounting to EUR
87.5 million (74.0).
* Like-for-like net sales grew by 4.6%.
* Adjusted EBITDA increased by 13.6% to EUR 9.0 million (7.9) and was 10.3% of
net sales (10.7%).
* Adjusted operating result was EUR 5.1 million (4.4).
* Silmäasema made 11 company and business acquisitions and invested EUR 6.1
million in them.
* Cash flow from business operations amounted to EUR 2.4 million (1.0).
* The net debt/adjusted EBITDA ratio on 30 September 2017 was 2.6 (5.7).
*) The figures in parenthesis represent comparable data from the corresponding
period in the previous year, unless stated otherwise.
Key figures
+------------------------------------------------------------------------------+
|EUR thousand, 7-9/ 7-9/ 1-9/ 1-9/ 1-12/ |
| Change % Change % |
|unless otherwise stated 2017 2016 2017 2016 2016 |
+------------------------------------------------------------------------------+
|Net sales 26,385 22,300 18.3% 87,472 73,986 18.2% 101,345|
| |
|Like-for-like net sales 4.2% 4.6% -1.1%|
|growth, % |
| |
|Adjusted EBITDA* 2,232 1,921 16.2% 8,977 7,901 13.6% 11,951|
| |
|- adjusted EBITDA % 8.5% 8.6% 10.3% 10.7% 11.8%|
| |
|Adjusted operating 796 654 21.7% 5,087 4,403 15.5% 7,164|
|result* |
| |
|- adjusted operating 3.0% 2.9% 5.8% 6.0% 7.1%|
|result % |
| |
|Basic earnings per 0.02 -0.11 0.0% -0.13 -0.06 0.0% 0.05|
|share, EUR |
| |
|Net debt / Adjusted 2.6 5.7 4.9|
|EBITDA |
| |
|Investments - 4,329 3,820 13.3% 4,468|
|operational |
| |
|Investments - 6,429 5,794 11.0% 6,664|
|acquisitions |
| |
|Investments - total 10,758 9,614 11.9% 11,132|
| |
|Stores and eye clinics, 169 148 14.2% 153|
|Chain 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 continued to develop positively in the third quarter of
2017. Our net sales increased significantly, by 18.3 per cent, and amounted to
EUR 26.4 million. Our adjusted EBITDA grew during the same time period by 16.2
per cent to EUR 2.2 million.
The net sales of our Optical retail and eye healthcare segment grew
significantly during the third quarter. We continued to expand our store network
in accordance with our strategy by opening three new optical retail stores.
During 2017, we have opened and acquired as many as 30 stores. New units reach
their normal profitability level on average in 1 to 2 years from the set up.
However, in the beginning of the operations the earnings of the units are
burdened, among other things, by costs related to the commencing of the
operations and the reaching of a strong market position. By expanding our
business location network, we can offer even more customers the possibility to
take care of all their eyesight and eye healthcare needs in one place.
Although the expenses relating to the opening of new locations and company
acquisitions weighed down our third quarter result, we already saw positive
development in the results of the companies acquired during the year, and their
profitability improved.
The Eye clinics segment also improved its net sales during the third quarter
mainly due to the volume increase in cataract surgeries. However, the increase
in net sales was in our view curbed by the weak growth of the refractive
correction market.
I am also satisfied with our business development outside Finland during the
third quarter. Taking possession of the Estonian Tallinna Optika chain, which we
acquired in January 2017, has proceeded well and the business has developed
according to plan. Our aim is to grow our business in Estonia in a controlled
way.
The listing of Silmäasema on the main list of Nasdaq Helsinki in June 2017
strengthened our capital structure and improved our equity ratio. Furthermore,
it supports our growth strategy in the long term and improves our recognition.
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 Investor Relations, 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 148 optical retail stores and 13 eye clinics
in Finland. 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/company
[]
© 2024 Nasdaq, Inc. All Rights Reserved |