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Von der Heyden Group Finance plc – Updated Financial Analysis Summary

Jonathan Falzon

July 1, 2025

1 July, 2025
4 min read
1 July, 2025
4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 30 June 2025, 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 plc (the Guarantor) in 2025:

  • Revenues are anticipated to fall by 20.3% to €12.1 million (2024: €15.3 million) driven by the loss of revenues from two 3-star hotels in Germany which were removed from the Group’s portfolio in 2024 and the early lease termination of another 3-star hotel in Germany in the first quarter of 2025. The Group intends to focus on 4-star and luxury hotels.
  • Excluding fair value gains from investment properties, EBITDA is expected to result in a loss of €0.35 million compared to a loss of €1.72 million in 2024.
  • The Group is forecasting a €1.5 million fair value gain on the AND2 Project and a €0.4 million fair value gain for Villa Diodati.
  • Net finance costs are expected to rise by 24.0% to €2.3 million (2024: €1.9 million) as the Group is forecasting lower interest income than 2024, which in turn, was positively impacted by interest income realised on the disposal of the loan held by the Group in an Italian special purpose vehicle. Furthermore, borrowing costs for ongoing development projects are being capitalised.
  • Total debt is projected to increase by 19.8% (or €22.3 million) to €135 million, which includes €12.7 million in lease liabilities. The Group obtained an additional long-term financing for the development of the AND2 Tower. The Group is also expecting to issue €4.5 million in new private notes in 2025. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to deteriorate to 83.3% from 79.3% as at the end of 2024.
  • The debt to asset ratio is anticipated to climb to 0.78 times from 0.73 times as at the end of 2024.
  • The Group noted that the final works relating to the AND2 Tower (an office building in Poland) are anticipated to be completed by the end of 2026 as the Group, after which the project is expected to have an exit value of €140 million.
  • Villa Diodati in Italy is being restored and converted into a luxury home which the Group expects to sell within the next twelve months.
  • The 33 apartments in Portugal in which the Group has a 25% interest are expected to be completed and sold off by the end of 2025 for a total consideration of €6.6 million.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 30 June 2025, 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 plc (the Guarantor) in 2025:

  • Revenues are anticipated to fall by 20.3% to €12.1 million (2024: €15.3 million) driven by the loss of revenues from two 3-star hotels in Germany which were removed from the Group’s portfolio in 2024 and the early lease termination of another 3-star hotel in Germany in the first quarter of 2025. The Group intends to focus on 4-star and luxury hotels.
  • Excluding fair value gains from investment properties, EBITDA is expected to result in a loss of €0.35 million compared to a loss of €1.72 million in 2024.
  • The Group is forecasting a €1.5 million fair value gain on the AND2 Project and a €0.4 million fair value gain for Villa Diodati.
  • Net finance costs are expected to rise by 24.0% to €2.3 million (2024: €1.9 million) as the Group is forecasting lower interest income than 2024, which in turn, was positively impacted by interest income realised on the disposal of the loan held by the Group in an Italian special purpose vehicle. Furthermore, borrowing costs for ongoing development projects are being capitalised.
  • Total debt is projected to increase by 19.8% (or €22.3 million) to €135 million, which includes €12.7 million in lease liabilities. The Group obtained an additional long-term financing for the development of the AND2 Tower. The Group is also expecting to issue €4.5 million in new private notes in 2025. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to deteriorate to 83.3% from 79.3% as at the end of 2024.
  • The debt to asset ratio is anticipated to climb to 0.78 times from 0.73 times as at the end of 2024.
  • The Group noted that the final works relating to the AND2 Tower (an office building in Poland) are anticipated to be completed by the end of 2026 as the Group, after which the project is expected to have an exit value of €140 million.
  • Villa Diodati in Italy is being restored and converted into a luxury home which the Group expects to sell within the next twelve months.
  • The 33 apartments in Portugal in which the Group has a 25% interest are expected to be completed and sold off by the end of 2025 for a total consideration of €6.6 million.