Hal Mann Vella Group plc - Updated Financial Analysis Summary

On 24 June 2021, Hal Mann Vella Group plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the 2020 financial results, a comparison of the 2020 actual results with the forecasts as published in the previous FAS dated 26 June 2020, as well as the forecasts for the current financial year ending 31 December 2021.

The main highlights of the forecasted financial performance for 2021 are as follows:

  • Revenues are expected to increase by 13.6% to €26.7 million as the Group is forecasting growth in all three operating segments, namely ‘Manufacturing, Products & Contracting Services’ (+12.8%), ‘Property Development’ (+25.4%), and ‘Rental Income’ (+3.5%).
  • EBITDA is anticipated to amount to €5.6 million compared to €4.9 million recorded in 2020.
  • Following a fair value gain on investment property of €1.5 million recorded in 2020, the Group is not projecting another revision to the value of its main assets in 2021. Depreciation charges are forecasted to increase to €1.5 million (2020: €1.2 million) while net finance costs are expected to decline to €2.1 million (2020: €2.4 million).
  • Hal Mann Vella is expected to post an unchanged profit after tax of €1.4 million.
  • With respect to the expected financial position as at 31 December 2021, property held-for-sale is expected to increase to €7.7 million (2020: €6.4 million) while trade and other receivables are projected to decrease to €11.8 million (2020: €14.2 million) On the other hand, the company’s cash balances are expected to improve to €3.8 million compared to €2.9 million. Overall, total assets are projected to ease by 2.7% to €119.1 million.
  • Total debt is anticipated to drop slightly to €53.7 million (2020: €55.9 million), which includes finance lease liabilities amounting to €5.7 million.
  • As a result of the increase in the capital base of the company to €48.6 million (2020: €47.3 million), the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to decrease to 52.5% compared to 54.2% as at 31 December 2020. Furthermore, the net debt to EBITDA multiple is forecasted improve to 8.9 times (2020: 10.8 times) whilst the interest cover is expected to increase to 2.6 times compared to 2.0 times in 2020.



Hal Mann Vella Group plc – Financial Analysis Summary dated 24 June 2021.