Phoenicia Finance Company plc - Updated Financial Analysis Summary
On 29 September 2020, Phoenicia Finance Company plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the financial results of the Phoenicia Group in 2019, a comparison of these results with the forecasts published in the previous FAS dated 28 June 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 the Phoenicia Group in 2020:
- Revenues are anticipated to drop drastically to €3.76 million (2019: €13.3 million) due to the significant disruptions to business brought about by the ‘COVID-19’ pandemic.
- Despite the reduction in operating costs, the Group is still expecting to post a negative EBITDA of €0.58 million compared to a positive EBITDA of €4.91 million in 2019. Furthermore, the Group is anticipating registering a net loss of €4.64 million.
- Although cash balances are anticipated to increase by €1.47 million to €2.66 million, net debt is expected to climb by 11% to €50.1 million compared to €45.2 million as at the end of 2019 reflecting the higher indebtedness of the Group. In fact, the gearing ratio (calculated as total debt divided by total debt plus equity) is forecasted to increase to 62.4% compared to 56% as at the end of 2019.
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Phoenicia Finance Company plc – Financial Analysis Summary dated 28 September 2020.