Dizz Finance plc - Updated Financial Analysis Summary

On 28 June 2021, Dizz Finance plc published an updated Financial Analysis Summary providing an overview of the financial results of Dizz Group of Companies Limited (the Guarantor of the bonds) in 2020, a comparison of the 2020 actual results with the forecasts published in the previous FAS dated 10 July 2020, as well as the forecasts for the current financial year ending 31 December 2021.

The main highlights of the Group’s financial performance and position in 2021 are as follows:

• Revenues are expected to surge by nearly 42% to €19.2 million reflecting a rebound in activity following the material slump in business in 2020 due to the pandemic. As a result, EBITDA is forecasted to amount to €3.96 million compared to the negative figure of €3.75 million recorded in 2020.
• In view of the anticipated improvement in performance, the interest cover is expected to climb to 2.26 times. Nonetheless, the Group is projecting a net loss of €0.8 million which, however, is much lower than the net loss of €4.3 million recorded in 2020.
• The expected financial position as at 31 December 2021 shows a marginal drop in total assets to €59 million. Moreover, total liabilities are projected to decrease to €53.1 million largely reflecting the 4.4% reduction in total borrowings to €38.5 million compared to €40.2 million as at the end of 2020.
• The Group’s gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to increase to 86.6% whilst the debt to asset multiple is forecasted to remain virtually unchanged at 0.65 times.

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Dizz Finance plc – Financial Analysis Summary dated 28 June 2021.