On 27 June 2022, MIDI plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position in 2022:
- Revenues are expected to amount to €3.09 million (2021: €9.42 million) reflecting the income from rental activities whilst no property sales are expected to take place as the company will not have any units available for sale.
- As a result, MIDI is anticipating a negative EBITDA of €1.11 million compared to the positive EBITDA of €2.11 million recorded in 2021.
- After accounting for depreciation charges of €0.23 million, the positive contribution of €1.95 million from the company’s investment in ‘The Centre’ office block, net finance costs of €2.62 million, and tax charges of €0.54 million, MIDI is projecting a net loss of €2.5 million compared to the net profit of €0.56 million recorded in the 2021 financial year.
- In terms of financial position, total assets as expected to remain at around €225 million whilst total liabilities are forecasted to increase marginally to €125.6 million. Meanwhile, in view of the projected 5.4% increase in indebtedness to €78 million (31 December 2021: €74 million), the gearing ratio (calculated as total debt dividend by total debt plus equity) and the debt-to-asset ratio are anticipated to increase to 43.8% and 0.35 times respectively.