On 28 October 2022, Shoreline Mall plc published an updated Financial Analysis Summary which included forecasts for the current financial year ending 30 April 2023 and the following two years up to 30 April 2025. The following are the main highlights of the expected financial performance and position of Shoreline Mall plc:
- In FY2022/23 revenue is expected to amount to €6.24 million with €3.79 million from the sale of residential car spaces and €2.45 million from the sale of residential units. Revenue is anticipated to rise further in FY2023/24 to €16.4 million reflecting further sale of units and the opening of the shopping mall complex. In this respect, management is expecting the retail mall to be 95% occupied from the date of opening following the strong demand received so far. In FY2024/25 revenue is expected at €10.7 million as the increase in the contribution from the shopping mall will be offset by the lack of revenue from residential car spaces which would have all been sold in previous years.
- Shoreline Mall plc is expecting EBITDA of €1.64 million in FY2022/23, €7.4 million in FY2023/24 and €7.23 million in FY2024/25.
- Net finance costs are forecasted to remain stable at €1.73 million during the projected period.
- Overall, Shoreline Mall plc is forecasting a net profit of €1.3 million in FY2022/23 followed by a net profit of €1.77 million in FY2023/24 and a further net profit of €1.54 million in FY2024/25.
- In terms of financial position, Shoreline Mall plc is expected to end FY2022/23 with total assets of €89.8 million, net debt of €51.9 million and an equity position of €28.7 million. These translate into a net debt-to-EBITDA multiple of 31.7 times, a gearing ratio of 65.1% and a debt-to-asset ratio of 0.60 times.
- Following the completion of the Shoreline project and the sale of all parking spaces and luxuries residencies units, the company is expecting to end FY2024/25 with total assets of €84.4 million, net debt of €32.4 million and an equity position of €36.8 million. These translate into a net debt-to-EBITDA multiple of 4.48 times, a gearing ratio of 52% and a debt-to-asset ratio of 0.47 times.