Mariner Finance plc - Updated Financial Analysis Summary

On 2 June 2022, Mariner Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of Mariner Finance plc in 2022:

  • Total revenues are expected to increase by 18.2% to €18.1 million largely reflecting the increased activity at the SIA Baltic Container Terminal following the imposition of international harsh sanctions on Russia.
  • In view of the sharper increase in revenues than costs, EBITDA is expected to surge by 20.4% to €8.73 million from €7.25 million in 2021.
  • Depreciation and amortisation charges are estimated to remain virtually unchanged at €2.27 million whilst net finance costs are projected to drop by 13% to €1.91 million.
  • Overall, Mariner is forecasting a net profit of €4.27 million compared to a net profit of €2.63 million in 2021.
  • In terms of financial position, the Group is forecasting a slight reduction in total debt to €46.5 million (2021: €46.9 million) due to a lower recognition of lease liabilities. In view of the further increase in the company’s equity position to €57.2 million (2021: €52.9 million), the gearing ratio (calculated as total debt divided by total debt plus equity) is expected to improve to 44.8% from 47.0% in 2021.
  • In view of the strong growth in EBITDA, the interest cover is expected to climb to 4.57 times (2021: 3.30 times) and net debt to EBITDA multiple is forecasted to improve to 5.16 times compared to 6.38 in 2021.