SP Finance plc - Updated Financial Analysis Summary

June 28, 2022

On 28 June 2022, SP Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of SP Finance plc in 2022:

Revenues are anticipated to more than double to €4.31 million (2021: €2.03 million) reflecting the rebound in tourism.
EBITDA is expected to amount to €1.98 million compared to €0.41 million in the 2021 financial year. Nonetheless, the Group is still projecting a net loss of €0.24 million which, however, is significantly lower than the net loss of €1.27 million recorded in 2021.
The expected financial position as at 31 December 2022 shows a reduction in total assets (-5.4%) and total liabilities (-8%) to €37.7 million and €22 million respectively. Since total debt is expected to drop by 7.8% to €18.8 million, the gearing ratio is anticipated to ease to 54.4% from 56% as at the end of 2021.
The growth in business is expected to lead to improved credit metrics with the net debt-to-EBITDA multiple dropping to 9.5 times (2021: 48.8 times) whilst the interest cover increasing to 2.3 times (2021: 0.48 times).