Phoenicia Finance Company plc - Updated Financial Analysis Summary

June 23, 2023

On 23 June 2023, Phoenicia Finance Company plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Phoenicia Group in 2023:

Revenues are expected to increase by a further 18% to €17.4 million driven by higher rates and improved occupancy levels.
EBITDA is expected to amount to €5.55 million compared to €4.50 million in 2022.
Net finance costs are expected to climb to €3.5 million compared to €1.9 million in 2022.
In terms of financial position, total assets and total liabilities are forecasted to drop marginally to €127.27 million and €79.86 million respectively.
Total debt is expected to drop by 1.3% to €68.4 million. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to ease to 59.1% compared to 59.7% as at the end of 2022. Likewise, the net debt-to-EBITDA multiple is expected to improve to 12.2 times (2022: 15.1 times).