Eden Finance plc - Updated Financial Analysis Summary

On 25 June 2021, Eden Finance plc providing an overview of the financial results of Eden Leisure Group Limited (the Guarantor of the bonds) in 2020, a comparison of the 2020 actual results with the forecasts published in the previous FAS dated 31 August 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 81% to €21.8 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 €4.71 million compared to the negative figure of €0.58 million recorded in 2020.
  • In view of the anticipated improvement in performance, the interest cover is expected to climb to 2.35 times. Nonetheless, the Group is projecting a net loss of €0.87 million which, however, is much lower than the net loss of €4.74 million recorded in 2020.
  • The expected financial position as at 31 December 2021 shows a marginal drop in total assets to €190.3 million. Moreover, total liabilities are projected to increase slightly to €82.8 million despite a 2.3% reduction in total borrowings to €53 million (31 December 2020: €54.3 million).
  • The Group’s gearing ratio (calculated as total debt divided by total debt plus equity) and debt to asset multiple are forecasted to remain virtually unchanged at 33% and 0.28 times respectively.

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Eden Finance plc – Financial Analysis Summary dated 25 June 2021.

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