Endo Finance plc - Quarterly Update

On 26 May 2021, Endo Finance plc provided information about the financial performance of Endo Ventures Ltd during Q1 2021, and a comparison with the corresponding period in 2020. 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 March 2021, Endo Group generated revenues of €2.72 million compared to €1.84 million during the same period in 2020. This increase is mainly attributable to fendering revenues generated by International Fender Providers Ltd, which were 62% higher than the prior year as a result of an increase in the number of operations carried out; and revenue from chartering of vessels, which increased by 51% from the same period last year, mainly due to the additional revenue generated from Endo Sirocco which was not yet acquired during this time last year.

Endo Group generated an EBITDA of €0.81 million during the first three months of the current financial year (Q1 2020: €0.64 million), an operating profit of €0.5 million (Q1 2020: €0.34 million) and a profit before tax of €0.31 million (Q1 2020: €0.15 million). The interest cover of the Group for the first three months of the current financial year ending 31 December 2021 improved to 4.31 times compared to 3.28 times in the corresponding period in 2020.

Going forward, the activities of the Endo Group of Companies are expected to remain consistent for the foreseeable future.