SP Finance plc - Updated Financial Analysis Summary

On 31 August 2020, SP Finance plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the company’s financial results in 2019, a comparison of the 2019 actual results with the forecasts published in the previous FAS dated 8 April 2019, as well as the forecasts for 2020.

The following are the main highlights of the expected financial performance and financial position of SP Finance plc in 2020:

• Revenues are anticipated to drop by 57.5% to €1.21 million reflecting the adverse considerable impact of ‘COVID-19’.
• EBITDA is expected to amount to €0.08 million (2019: €0.84 million) whilst a net loss of €1.39 million is forecasted compared to a loss of €0.39 million recorded in the 2019 financial year.
• Cash balances are anticipated to drop sharply to €0.06 million (31 December 2019: €0.62 million) whilst total borrowings are expected to increase by 5.1% to €19.7 million (31 December 2019: €18.7 million) when including lease liabilities amounting to €5.05 million.
• The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to increase to 53.2% (31 December 2019: 50%). Similarly, the interest cover is expected to deteriorate to 0.09 times compared to 1.38 times in 2019.

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SP Finance plc – Financial Analysis Summary dated 31 August 2020.