Smartcare Finance plc - Updated Financial Analysis Summary

On 26 June 2023, Smartcare Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Smartcare Holdings Ltd (the Guarantor of the bonds) in 2023:

• Revenues are expected to increase to €8.92 million (2022: €5.48 million) reflecting the proceeds from the sale of a number of properties as well as the full operation of the Xaghra Boutique Hotel.
• EDITDA is projected to climb to €2.66 million compared to just €1.07 million in 2022.
• Finance costs are expected to reach €1.09 million compared to €0.95 million last year, however, in view of the higher level of EBITDA, the interest cover is projected to improve to 2.4 times from 1.1 times in 2022.
• In terms of financial position, total assets (+26.9%) and total liabilities (+35.6%) are expected to increase to €55 million and €42 million respectively.
• Total debt is projected increase by 30.7% to €31.5 million. As a result, the gearing ratio is anticipated to climb to 70.7% from 66% as at the end of 2022. However, in view of the growth in EBITDA, the net debt-to-EBITDA multiple is anticipated to improve to 11.6 times from 19.9 times in 2022.