Mizzi Organisation Finance plc - Updated Financial Analysis Summary

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

  • Revenues are expected to increase by nearly 18% to €180.4 million which is considerably higher than the forecasted figure of €162.7 million at the time of the bond issue in late Q3 2021.
  • Despite the higher level of business, EDITDA is projected to amount to €16.4 million which is in line with the previous forecast at the time of the bond issue.
  • After accounting for share of profits of associates of €0.18 million, depreciation and amortisation charges of €9.74 million, net finance costs of €4.35 million, and a tax charge of €0.53 million, Mizzi Organisation is projecting a net profit of €1.93 million which is 20.5% higher than the previous forecast of €1.6 million.
  • In terms of financial position, total assets and total liabilities are expected to contract to €344.6 million (-5.1%) and €182.1 million (-9.1%) respectively. As total debt is projected to decrease by 3% to €123.9 million, the gearing ratio is anticipated to ease to 43.3% from 44% as at the end of 2021. Likewise, the interest cover is projected to improve to 3.76 times compared to 3.61 times in 2021. On the other hand, the debt-to-asset ratio and the net debt-to-EBITDA multiple are expected to deteriorate slightly to 0.36 times (2021: 0.35 times) and 7.21 times (2021: 6.92 times) respectively.