Mediterranean Maritime Hub Finance plc - Updated Financial Analysis Summary

On 23 June 2021, Mediterranean Maritime Hub Finance plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the financial results of MMH Holdings Limited (the Guarantor of the bonds) in 2020, a comparison of the 2020 actual results with the forecasts published in the previous FAS dated 25 June 2020, as well as the forecasts for the current financial year ending 31 December 2021.

The following are the main highlights of the expected financial performance and financial position of MMH Holdings Limited in 2021:

• Revenues are anticipated to drop by 5% to €14.1 million reflecting the negative impact of the pandemic on the Group’s principal business activities, namely the provision of technical personnel, storage, logistic, and shore support divisions. Moreover, other income in the form of compensation related to infrastructural projects next to the Group’s base are expected to drop significantly in 2021.
• EBITDA is expected to decline to €2.21 million compared to €3.27 million in 2020. Moreover, the Guarantor is forecasting a marginal net loss of €0.03 million compared to a net profit of €0.39 million in 2020.
• Total borrowings are expected to decrease by 3% to €21.5 million. As a result, the Group’s gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to drop to 82% compared to 82.4% as at the end of 2020. On the other hand, given the expected material decline in EBITDA, the net debt to EBITDA multiple and the interest cover are forecasted to deteriorate to 8.62 times (2020: 6.21 times) and 2.07 times (2020: 2.94 times) respectively.

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Mediterranean Maritime Hub Finance plc – Financial Analysis Summary dated 23 June 2021.