Dizz Finance plc - Updated Financial Analysis Summary

On 28 June 2022, Dizz Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Dizz Group of Companies Limited (the guarantor of the bonds) in 2022:

• Revenues are expected to surge by 21.5% to just under €23 million driven by improved business in the ‘Fashion Retail’ and ‘Food & Beverage’ segments.
• EBITDA is forecasted to amount to €4 million compared to €1.1 million in 2021.
• In view of the anticipated improvement in performance, the interest cover is expected to climb to 1.49 times from 0.45 times in 2021. Nonetheless, the Group is projecting a net loss of €1.7 million which, however, is marginally lower than the net loss of €2 million recorded in 2021.
• The expected financial position as at 31 December 2022 shows a growth of 11.2% in total assets to €80.2 million while total liabilities are projected to increase by 4.4% to €70.3 million largely reflecting higher levels of trade and other payables amounting to €15.3 million compared to €12.1 million as at the end of 2021. The Group’s gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to ease to 83.1% (2021: 91.3%) whilst the net debt to EBITDA multiple is forecasted to drop to 12.1 times compared to 46.8 times in 2021.