CPHCL Finance plc - Updated Financial Analysis Summary

On 28 June 2024, CPHCL Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of CPHCL Company Limited (the Guarantor) in 2024:

• Revenues are expected to increase by 8.1% to a record of €353 million driven by higher income from the hospitality business, including the initial revenues from Corinthia Hotel Brussels which is scheduled to open in the final quarter of the year.
• EBITDA is forecasted to remain unchanged at €59.8 million as the Group’s performance is expected to be impacted by hotel pre-opening costs in Brussels and Rome.
• Net finance costs are expected to increase by 12.9% to €46.6 million. Consequently, the interest cover is anticipated to drop to 1.3 times compared to 1.4 times in 2023.
• Total debt is projected to rise by 6.4% (or €50 million) to €839 million. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to increase to 48.5% compared to 46.9% as at 31 December 2023.
• After accounting for expected cash balances totalling €47 million, the Group’s net debt is projected at €792 million, which translates into a net debt to EBITDA multiple of 13.2 times compared to 11.5 times as at the end of 2023.