Von der Heyden Group Finance plc - Updated Financial Analysis Summary

On 28 August 2020, Von der Heyden Group Finance plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the company’s and the guarantor’s (namely Timan Investments Holdings Limited) financial results in 2019, a comparison of the 2019 actual results with the forecasts published in the previous FAS dated 28 June 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 Timan Investments Holdings Limited in 2020:

  • Revenues are anticipated to increase by 1.1% to €26.2 million as the proceeds from the sale of the ‘Blue Tower’ at the Bavaria Towers located in Munich, Germany, are expected to offset the sharp drop in business within the ‘Accommodation’ and ‘Catering’ operating segments.
  • EBITDA is expected to increase by 7.4% to €2.56 million but the Group is still forecasting to report a net loss of €5.56 million compared to a loss of €2.2 million in the 2019 financial year.
  • Cash and cash equivalents are expected to amount to €25.1 million as at the end of 2020 compared to €6.32 million as at 31 December 2019, boosted by the proceeds from the sale of ‘Blue Tower’ which took place in December 2019.
  • While total borrowings are expected to drop by 10.9% to €93.4 million, net debt is anticipated to decrease by 33.3% to €58.2 million (31 December 2019: €87.3 million) reflecting the considerable forecasted increase in cash reserves.
  • The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to increase slightly to 68.8% (31 December 2019: 67.9%). On the other hand, given the expected drop in net debt, the net debt to EBITDA multiple is forecasted to improve to 22.7 times compared to 36.6 times for the 2019 financial year. Likewise, the interest cover is expected to climb to 0.91 times compared to 0.69 times in 2019.

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Von der Heyden Group Finance plc – Financial Analysis Summary dated 28 August 2020.