On 26 October 2021, Shoreline Mall plc published an updated Financial Analysis Summary (“FAS”) providing an overview of the 2020/21 financial results, a comparison of the 2020/21 actual results with the forecasts published in the previous FAS dated 18 June 2020, as well as the forecasts for the current financial year ending 30 April 2022 and the following two years up to 30 April 2024.
The following are the main highlights of the expected financial performance and position of Shoreline Mall plc:
- The company is not expecting to generate any revenues in FY2021/22 due to delays in the design stage and construction of the Shoreline project partly reflecting the negative impact of the pandemic. On the other hand, revenues are expected to amount to €16.9 million in FY2022/23 largely on the back of the sale of the seven luxury seashore residences for a total of €14.7 million. In FY2023/24, revenues are anticipated to amount to €11.8 million reflecting the income to be generated from the carpark facilities (€7.33 million) and the rental of retail space at the Shoreline shopping mall (€4.43 million) which is now expected to open for business in Q1 2023.
- Shoreline Mall plc is anticipating a negative EBITDA of €0.3 million for the current financial year to April 2022. In FY2022/23, EBITDA is expected to reach €7.1 million while in FY2023/24, it is projected to ease to €5.7 million.
- Net finance costs are forecasted to remain stable at €1.73 million during the projected period.
- Overall, Shoreline Mall plc is expecting to incur a net loss of €0.3 million in FY2021/22, followed by a net profit of €4.3 million in FY2022/23 and a net profit of €0.89 million in FY2023/24.
- In terms of financial position, following the completion of the Shoreline project and the sale of the seven luxury seashore residences, the company is expecting to end the 2023/24 financial with total assets of €83.1 million, net debt of €34.1 million, and an equity position of €35.5 million. These translate into a net debt to EBITDA multiple of just under 6 times, a gearing ratio of 52.8%, and a debt to asset ratio of 0.48 times.