Endo Finance plc - Updated Financial Analysis Summary

On 14 June 2021, Endo Finance plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the company’s financial results 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 2021.

The following are the main highlights of the expected financial performance and financial position of Endo Finance plc in 2021:

  • Revenues are anticipated to increase by 11.5% to just under €11 million (2020: €9.8 million), largely due to the twelve-month contribution from the lease of the Endo Sirocco vessel in 2021 which is expected to increase revenues by €2.2 million and subsequently outweigh the forecasted decrease in revenue of IFP Malta (€0.7 million) and Endo Two (€0.3 million).
  • Total operating costs are expected to marginally increase by €0.1 million to €7.2 million. As a result, EBITDA is projected to increase by 18.1% to €3.7 million from €3.2 million whilst the EBITDA margin is forecasted to improve to 34.0% compared to 32.1% in 2020.
  • The Group is projecting net finance costs and depreciation costs to remain virtually unchanged at €0.8 million and €1.3 million respectively.
  • Overall, after accounting for a tax charge of €0.2 million (2020:€ 0.1 million) the Group is expecting to generate a net profit of €1.5 million (2020: €1.0 million).
  • The forecasted Statement of Financial Position as at 31 December 2021 show an increase of 13% in the Group’s equity base to €13 million from €11.6 million in 2020.
  • Net debt is projected to decline to €12.3 million from €13.7 million as at the end of 2020. Meanwhile, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to ease to 56.0% (31 December 2020: 58.5%). On the other hand, the net debt to EBITDA multiple is forecasted to improve to 3.3 times (compared to 4.3 times in 2020) whilst the interest cover is expected to continue to strengthen to 4.9 times from 4.2 times in 2020.

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Endo Finance plc – Financial Analysis Summary dated 14 June 2021.

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