Von der Heyden Group Finance plc - Updated Financial Analysis Summary

On 28 June 2023, Von der Heyden Group Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Timan Investments Holdings Ltd (the Guarantor of the bonds) in 2023:

• Revenues are anticipated to increase by 9.4% to €16.7 million reflecting the continued recovery within the accommodation and catering activities.
• Despite the higher level of business, EBITDA from consolidated operating activities is projected to drop by 40% to €1.2 million largely reflecting the absence of Government grants received in 2022 in relation to assistance packages aimed at mitigating the impact of the pandemic.
• Meanwhile, the Group is forecasting €12.4 million in other gains, largely reflecting the higher fair value of the Andersia Silver Project.
• Net finance costs are expected to amount to €3.38 million compared to €2.37 million in 2022.
• In terms of financial position, total assets (+16%) and total liabilities (+18.7%) are expected to increase to €164.7 million and €119.7 million respectively.
• Total debt is projected to increase by 30% to €106.9 million, when including €28 million in lease liabilities. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to deteriorate to 70.4% from 66.6% as at the end of 2022. The debt to asset ratio is also anticipated to climb to 0.65 times (2022: 0.58 times).