Endo Finance plc - Updated Financial Analysis Summary

On 28 June 2023, Endo Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Endo Group in 2023:

• Revenues are expected to drop by 17.4% to €10.3 million as the absence of revenue from Endo Breeze which will not be fully offset by the newly acquired vessel Ponente. The Group explained that it also intends to acquire another vessel later in 2023 and the revenue streams of these two vessels on an annualised basis would surpass the income that was previously generated by Endo Breeze.
• EBITDA is forecasted at €4.36 million compared to €6.71 million in 2022.
• Net finance costs are anticipated to increase to €1.06 million from €0.82 million last year. As a result, the interest cover is expected to weaken to 4.1 times compared to 8.2 times in 2022.
• In terms of financial position, total assets (-3.8%) and total liabilities (-8.1%) are forecasted to fall to €46.7 million and €27.8 million respectively.
• Total debt is expected to drop by 2.5% to €23.9 million. As a result, the gearing ratio is anticipated to fall to 55.9% compared to 57.4% as at the end of 2022. However, in view of the lower EBITDA and lower cash balances, the net debt to EBITDA is expected to increase to 4.98 times from 0.93 times in 2022.