Eden Finance plc - Updated Financial Analysis Summary

On 27 June 2022, Eden Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Eden Leisure Group Limited (the guarantor of the bonds) in 2022:

  • Revenues are expected to increase by a further 57.3% to €35.5 million which however is 21.2% short of the €45 million revenue figure recorded in 2019 prior to the outbreak of the pandemic.
  • EBITDA is expected to amount to €11.6 million (2021: €7.35 million) which, in turn, translates into an EBITDA margin of 32.6% compared to the margin of 30% recorded in 2019.
  • After accounting for depreciation and amortisation charges of €4.24 million, net finance costs of €1.98 million, and a tax charge of €1.86 million, Eden Leisure Group is projecting a net profit of €3.46 million compared to €0.98 million in 2021.
  • In terms of financial position, total assets and total liabilities are forecasted to drop marginally to €192.2 million and €82.4 million respectively. Furthermore, in view of the projected 5.4% drop in total borrowings to €50.6 million, the gearing ratio is anticipated to ease to 31.5% compared to 32.8% as at the end of 2021. Likewise, the net debt-to-EBITDA multiple and interest cover are expected to improve notably to 3.88 times (2021: 5.94 times) and 5.84 times (2021: 3.63 times) respectively.