Mediterranean Maritime Hub Finance plc - Updated Financial Analysis Summary

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

• Revenues are anticipated to increase by 13.7% to €15.9 million reflecting a recovery in business following the negative impact of the pandemic on business.
• EBITDA is expected to amount to €1.5 million compared to €0.93 million in 2021.
• Overall, the Guarantor is forecasting a net loss of €0.59 million compared to the net loss of €1.8 million recorded in 2021.
• In terms of financial position, total assets and total liabilities are expected to decrease marginally to €35.8 million and €32.6 million respectively. The gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to ease to 86.3% compared to 88.7% as at the end of 2021. Furthermore, in view of the expected improvement in EBITDA, the net debt to EBITDA multiple and the interest cover are forecasted to improve to 12.5 times (2021: 22.6 times) and 1.41 times (2021: 0.84 times) respectively.