Phoenicia Finance Company plc - Updated Financial Analysis Summary

On 30 June 2021, Phoenicia Finance Company plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the financial results of the Phoenicia Group in 2020, a comparison of these results with the forecasts published in the previous FAS dated 28 September 2020, as well as the forecasts for the current financial year ending 31 December 2021.

The following are the main highlights of the expected financial performance and position of the Phoenicia Group in 2021:

• Revenues are anticipated to improve to €5.88 million (2020: €2.94 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 €1.15 million compared to the negative figure of €1.21 million recorded in 2020.
• Despite the anticipated improvement in performance, the interest cover is expected to remain well below 1 times. Moreover, the Phoenicia Group is projecting a net loss of €1.54 million which, however, is lower than the net loss of €2.93 million recorded in 2020.
• The expected financial position as at 31 December 2021 shows a 4.1% increase in total debt to €51.6 million whilst total equity is anticipated to contract to just over €35 million compared to €36.6 million as at the end of 2020. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is forecasted to increase to 59.6% compared to 57.5% as at the end of 2020. Likewise, the debt to asset ratio is projected to deteriorate slightly to 0.53 times.

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Phoenicia Finance Company plc – Financial Analysis Summary dated 30 June 2021.