Endo Finance plc - Performance Update

On 15 October 2020, Endo Finance plc provided information about the financial performance of Endo Ventures Ltd up to Q3 2020, and a comparison with the corresponding period in 2019. Endo Ventures Ltd is the parent company of Endo Group which, in turn, is the owner of three charter commercial vessels (‘Endo Sirocco’, ‘Endo Breeze’ and ‘Mumtaz’) and also provides ship-to-ship fendering services as well as anti-pollution and pollution response services. In addition, Endo Group operates in the transportation of petroleum products required for the provision of bunkering services and also acts as an agent or representative of petroleum companies.

Between January and September 2020, Endo Group generated revenues of €7.29 million compared to €3.93 million during the same period in 2019 reflecting the commencement of new business activities including the addition of ‘Endo Breeze’ as part of the vessel portfolio of the Group. Furthermore, during the first nine months of the current financial year, Endo Group generated an EBITDA of €2.34 million (Q1 to Q3 2019: €1.55 million), an operating profit of €1.43 million (Q1 to Q3 2019: €0.76 million) and a net profit of €0.76 million (Q1 to Q3 2019: €0.24 million). The interest cover of the Group for the first nine months of the current financial year ending 31 December 2020 stood at almost 4 times compared to 3.41 times in the corresponding period in 2019.

On 31 August 2020, Endo Finance plc had also published an Updated Financial Summary which shows that the Group is expecting to generate €9.67 million in revenues for the 2020 financial year. Furthermore, the estimates show an expected EBITDA of €3.47 million and a net profit of €1.39 million.