ION Geophysical Corp

NYSE:IO   3:58:40 PM EDT
-0.03 (-2.99%)
Strategic Combinations, Other Pre-Announcement

illimity Bank Sees 2025 Net Profit Over EUR 240 Mln, Enters Strategic Alliance With ION

Published: 06/22/2021 06:26 GMT
ION Geophysical Corp (IO) - Issued on Monday 2021-2025 Business Plan .
Sees Return on Equity of 10% in 2021, 15% in 2023 and 20% in 2025 .
Sees Net Profit of Approx.
EUR 60-70 Mln in 2021, Rising to Approx.
EUR 140 Mln in 2023 and to Over EUR 240 Mln in 2025.
Sees Revenue Increasing by Annual Average of Over 30% Under Plan, Reaching Over EUR 450 Mln in 2023 and Approx.
EUR 660 Mln in 2025.
Sees Operating Costs to Rise Proportionately Less Than Revenues, With Initial Target, Including Depreciation and Amortisation, of Approx.
EUR 216 Mln in 2023 and About EUR 255 Mln in 2025.
Sees Under Plan Cost Income Ratio to Fall to Less Than 50% in 2023, With Further Drop to Below 40% by 2025.
Total Assets Are Expected to Exceed EUR 7 Bln in 2023 and Rise to Around EUR 10 Bln in 2025.
Confirms Commitment to Maintain Robust Capital Base, With Target Cet1 Ratio of Over 15% Throughout Plan and Total Capital Ratio of Around 18%.
Under Plan, Sees Shareholders' Equity of EUR 1 Bln in 2023, EUR 1.4 Bln in 2025.
Expects Cumulated Dividends of About EUR 180 Mln Over Plan Horizon.
Enters Strategic Alliance With Ion Group, With License Agreement Signed for Illimity's It Platform Which Will Generate Revenue of EUR 90 Mln by 2025.
Under Alliance, Ion to Subscribe 5.75 Mln Newly-issued Illimity Ordinary Shares by Way of Reserved Capital Increase, Equal to Around 7.3% of New Share Capital, at a Price of EUR 10/shr and Total of About EUR 57.5 Mln .
Further Company Coverage: Ilty.
(gdansk Newsroom).