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.