Mercury Projects Finance plc - Updated Financial Analysis Summary

On 31 August 2020, Mercury Projects Finance plc published its Financial Analysis Summary (“FAS”) providing an overview of the issuer’s and the guarantor’s, Mercury Towers Limited, financial results in 2019 a comparison of the 2019 actual results with the forecasts published in the prospectus dated 4 March 2019, as well as the forecasts for the current financial year ending 31 December 2020.

The following are the main highlights of the expected financial performance and financial position of Mercury Towers Ltd in 2020:

• The Mercury Group anticipates the sale of another 134 units which should translate into a revenue of €21.4 million from €9.05 million in the previous financial year. Consequently, cost of sales are expected to rise by €5.76 million to €13.2 million resulting in a gross profit of €8.18 million.
• EBITDA is expected to amount to €6.2 million (2019: €0.39 million) whilst net profit is forecasted to reach €3.37 million compared to a net loss of €1.44 million recorded in the 2019 financial year.
• Cash balances are anticipated to drop marginally by €0.02 million to €0.24 million whilst total borrowings are expected to decrease by €10.6 million to €22.5 million following the repayment of a bridge loan granted in October 2019.
• The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to reach 86.3%. Meanwhile, the interest cover is expected to improve to 6.2 times compared to 0.4 times in 2019.

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Mercury Projects Finance plc – Financial Analysis Summary dated 31 August 2020.