Mediterranean Maritime Hub Finance plc - Updated Financial Analysis Summary

On 23 June 2023, Mediterranean Maritime Hub Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of MMH Holdings Limited (the guarantor of the bonds) in 2023.

• Revenues are anticipated to drop by 13.7% to €14.8 as the strong performance from its bunkering and technical services in 2022 is not expected to be repeated in 2023.
• Nonetheless, EBITDA is expected to increase to €1.8 million compared to €1.08 million in 2022, reflecting the anticipated sharper decline in operating costs than income.
• Net finance costs are forecasted to drop to €1.11 million compared to €1.67 million in 2022. The interest cover is anticipated to improve to 1.62 times compared to 0.65 times in 2022.
• In terms of financial position, total assets and total liabilities are expected to decrease marginally to €35.5 million and €33.7 million respectively.
• Total debt is expected to ease to €20 million (2022: €20.5 million). However, since the equity position is projected to deteriorate further to €1.78 million (31 December 2022: €2.29 million), the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to rise to 91.8% compared to 89.9% as at the end of 2022. Meanwhile, in view of the expected improvement in EBITDA, the net debt to EBITDA multiple is forecasted to improve to 10.8 times compared to 18.3 times in 2022.