Endo Finance plc - Updated Financial Analysis Summary
On 31 August 2020, Endo Finance plc published its Financial Analysis Summary (“FAS”) providing an overview of the company’s and the guarantors’ financial results for 2019, a comparison of the 2019 actual results with the forecasts published in the prospectus dated 6 March 2019, as well as the forecasts for the current financial year ending 31 December 2020.
The following are the main highlights of the expected financial performance and financial position of Endo Group in 2020:
- Revenues are expected to increase by 74.3% to €9.67 million, mainly reflecting a full year’s contribution from the Endo Breeze vessel which was acquired in May 2019, a one-off surge in revenue from IFP Malta and the acquisition of another vessel, Endo Sirocco, which is expected to be completed during this financial year.
- Given the increased business activity, operating expenses are also expected to surge by 87.1% to €6.2 million.
- EBITDA is expected to amount to €3.47 million representing a 55.3% increase over the 2019 comparable figure of €2.23 million.
- Meanwhile, net profit is expected to contract by almost half to €1.39 million (2019: €2.25 million) given that the 2019 figure was boosted by the €2.24 million gain from the revaluation of investment property.
- Cash balances are anticipated to drop marginally by €0.02 million to €3.08 million whilst total borrowings are expected to decrease by €0.13 million to €17.4 million.
- The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to decrease to 58.4% (31 December 2019: 62.6%). Similarly, the interest cover is expected to improve to 4.5 times compared to 3.4 times in 2019.
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Endo Finance plc – Financial Analysis Summary dated 31 August 2020.