Von der Heyden Group Finance plc - Updated Financial Analysis Summary

On 28 June 2024, 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) in 2024:

• Revenues are anticipated to increase by 1.4% to €16.9 million as the drop in hotel accommodation income following the exit strategy of two 3-star hotels in Germany will be offset by higher revenue catering activities.
• Excluding fair value gains from investment properties, EBITDA is expected to amount to €0.2 million compared to a loss of €1.4 million in 2023.
• Meanwhile, the Group is forecasting €5.3 million in other gains, largely reflecting the higher fair value of the AND² Project, formerly known as Andersia Silver.
• Net finance costs are expected to drop by 10.9% to €3.5 million as the Group is forecasting higher interest income than 2023.
• Total debt is projected to increase by 12.3% (or €13.5 million) to €123 million, when including €20 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 79.7% from 77.0% as at the end of 2023.
• The debt to asset ratio is anticipated to climb to 0.74 times from 0.70 times as at the end of 2023.