MIDI plc - Updated Financial Analysis Summary

On 23 June 2021, MIDI 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 23 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 amount to €8.88 million compared to €2.82 million in 2020 reflecting the sale of the last three remaining units within Q2 (two of which have already been delivered) as well as the termination of the rental concessions related to the pandemic provided to the retail outlets and the car park as from the end of June 2021.
  • EBITDA is anticipated to amount to €1.23 million compared to the negative figure of €0.96 million recorded in 2020.
  • The share of profits from MIDI’s investment in ‘The Centre’ office block (through the 50%-stake in Mid Knight Holdings Limited) is forecasted to increase by 3.5% to €1.96 million reflecting incremental increases in lease rates as the property remains fully occupied.
  • MIDI is expected to post a loss after tax of €0.37 million compared to the loss of €2.12 million recorded in 2020.
  • With respect to the expected financial position as at 31 December 2021, bank borrowings and bonds are anticipated to drop by 3.5% to €57.3 million. On the other hand, the company’s cash balances are expected to contract substantially to €2.12 million compared to €11.5 million as at the end of 2020 reflecting the increase of €3.06 million in inventories as well as the reduction of €4.35 million in trade and other payables.
  • Meanwhile, the company’s equity base is expected to ease to €101.5 million which, in turn, translates into a net asset value per share of €0.474. Moreover, the company debt metrics are anticipated to remain largely unchanged with a gearing ratio of 41.6% and a debt to asset multiple of 0.33 times.

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MIDI plc – Financial Analysis Summary dated 23 June 2021.

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