Silmäasema Oyj

Profit warning: Silmäasema raises its adjusted EBITDA margin estimate for 2019

Profit warning: Silmäasema raises its adjusted EBITDA margin estimate for 2019

Silmäasema Oyj
Stock Exchange Release
21 January 2020 at 8:30 p.m. EET

Silmäasema raises its estimate for adjusted EBITDA margin for 2019.

The improvement in adjusted EBITDA margin is driven by better than estimated sales in November-December 2019, improving sales margin both in optical retail and in Eye clinics. In addition, fixed costs in November-December were lower than estimated as the programme to boost efficiency has proceeded better than anticipated.  

Updated outlook for 2019:

Silmäasema expects its full-year like-for-like net sales to increase clearly from the previous year and its adjusted EBITDA margin to be clearly better than in the previous year (2018: 9.6%), excluding the effect of the IFRS 16 standard, which was adopted at the beginning of 2019.

Earlier outlook for 2019 (announced 26 November 2019):

Silmäasema expects its full-year like-for-like net sales to increase clearly from the previous year and its adjusted EBITDA margin to be slightly better than in the previous year (2018: 9.6%), excluding the effect of the IFRS 16 standard, which was adopted at the beginning of 2019.

This is the third time Silmäasema raises its outlook for 2019. First time Silmäasema raised its outlook for 2019 in 18 September 2019 by raising its estimates for like-for-like net sales and adjusted EBITDA margin. In 26 November 2019 Silmäasema raised its estimates for like-for-like net sales.

Silmäasema releases its Financial Statements Release for 2019 on 31 March 2020.

SILMÄASEMA OYJ

For further information, please contact:
CEO Jussi Salminen, tel. [phone]
CFO Sari Nordblad, tel. [phone]
Niina Streng, Head of Communications and Investor Relations, tel. [phone]

Silmäasema is a Finnish company, which offers all products and services for optical retail and eye healthcare nationwide. Silmäasema is the largest private eye clinic provider offering eye surgeries and the second largest optical retail chain in Finland. The Silmäasema chain has nearly 150 stores and 13 eye clinics in Finland as well as eight stores in Estonia. The Silmäasema chain employs over 1,000 eye healthcare professionals. The Silmäasema Group’s net sales were EUR 122.9 million in 2018 and adjusted EBITDA was EUR 11.8 million.