MIDI plc - Updated Financial Analysis Summary

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.