Phoenicia Finance Company plc - Updated Financial Analysis Summary

On 27 June 2022, Phoenicia Finance Company plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Phoenicia Group in 2022:

• Revenues are expected to increase by a further 66.1% to €13.3 million which is also marginally higher than the revenue figure achieved in 2019.
• EBITDA is expected to amount to €4.25 million (2021: €1.39 million) when excluding the grants received from government related to salaries, compared to the EBITDA of €4.91 million recorded in 2019.
• After accounting for depreciation and amortisation charges of €2.36 million, net finance costs of €1.85 million, and a tax income of €0.1 million, Phoenicia Group is projecting a net profit of €0.63 million compared to the loss of €0.57 million recorded in 2021.
• In terms of financial position, total assets and total liabilities are forecasted to drop marginally to €95.2 million and €58.5 million respectively. Furthermore, in view of the projected 5.6% drop in total borrowings to €48.7 million, the gearing ratio is anticipated to ease to 57.1% compared to 58.9% as at the end of 2021. Likewise, the net debt-to-EBITDA multiple and interest cover are expected to improve notably to 11.4 times (2021: 35.7 times) and 2.3 times (2021: 0.78 times) respectively based on the forecasted adjusted EBITDA of €4.25 million.