SD Finance plc - Updated Financial Analysis Summary

On 28 September 2020, SD Finance plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the company’s and the guarantor’s (namely SD Holdings Ltd) financial results in 2019/20, a comparison of the 2019/20 actual results with the forecasts published in the previous FAS dated 27 September 2019, as well as the forecasts for the current financial year ending 31 March 2021.

The following are the main highlights of the expected financial performance and financial position of SD Holdings Ltd in 2020/21:

• Revenues are anticipated to drop drastically to €12.6 million (FY2019/20: €59.3 million) due to the significant disruptions to business brought about by the ‘COVID-19’ pandemic.
• EBITDA is expected to decline to just €0.94 million compared to €25.7 million in the 2019/20 financial year.
• In view of prevailing extraordinary circumstances, the Guarantor is forecasting to report a net loss of €7.87 million compared to the record net profit of over €12 million in the 2019/20 financial year.
• Cash balances are anticipated to drop by 12.6% to €22.5 million whilst total debt is expected to increase by 9.5% to €87.7 million.
• The gearing ratio (calculated as total debt divided by total debt plus equity) is forecasted to increase to 40.3% (31 March 2020: 36.8%). The interest cover is expected to deteriorate markedly to 0.25 times compared to 6.86 times in 2019/20.

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SD Finance plc – Financial Analysis Summary dated 28 September 2020.