SP Finance plc - Updated Financial Analysis Summary

On 30 June 2021, SP Finance plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the company’s financial results in 2020, a comparison of the 2020 actual results with the forecasts published in the previous FAS dated 31 August 2020, as well as the forecasts for 2021.

The following are the main highlights of the expected financial performance and financial position of SP Finance plc in 2021:

• Revenues are anticipated to increase by almost 9% to €1.29 million largely reflecting improved performances of the Pebbles Boutique Aparthotel and the Pebbles Resort.
• As a result, EBITDA is expected to amount to €0.2 million compared to €0.11 million in 2020. Nonetheless, the Group is still projecting a net loss of €1.32 million which, however, is slightly lower than the net loss of €1.46 million recorded in 2020.
• The expected financial position as at 31 December 2021 shows a 1.8% increase in total debt to €20.4 million whilst total equity is anticipated to contract to just under €16 million compared to €17.3 million as at the end of 2020. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is forecasted to increase to 56.1% compared to 53.7% as at the end of 2020. Likewise, the debt to asset ratio is projected to deteriorate to 0.52 times.

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SP Finance plc – Financial Analysis Summary dated 30 June 2021.