Stivala Group Finance plc - Updated Financial Analysis Summary

On 25 June 2021, Stivala Group Finance 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 30 July 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 24.2% to €14.6 million as the Group is anticipating improvement in hospitality activities. As a result, EBITDA is projected to amount to €10.6 million compared to €7.3 million recorded in 2020.
  • Following a fair value gain on investment property of €29.0 million recorded in 2020, the Group is not projecting another revision to the value of its main assets in 2021. On the other hand, the income statement includes a loss of €21.1 million incurred on distribution of property to Mr Carlo Stivala following his divestiture from the business in April 2021.
  • Depreciation charges and net finance costs are expected to remain at the same levels as the previous year at €6.0 million and €3.2 million respectively.
  • Overall, Stivala Group Finance is expected to post a loss after tax of €21.4 million in contrast to the profit after tax of €27.0 million recorded in 2020.
  • With respect to the expected financial position as at 31 December 2021, total assets are projected to decline to €295.6 million (2020: €354.1 million) largely reflecting the distribution of assets to Mr Carlo Stivala following his divestiture in the business. Conversely, total debt is anticipated to increase by 1.2% to €85.2 million.
  • The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to increase to 30.9% compared to 26.7% as at 31 December 2020 as total equity is expected to drop to €190.4 million from €231.4 million as at the end of 2020. Furthermore, the net debt to EBITDA multiple is forecasted improve to 8.5 times (2020: 11.5 times) whilst the interest cover is expected to increase to 3.1 times compared to 2.2 times in 2020.



Stivala Group Finance plc – Financial Analysis Summary dated 25 June 2021.