Von der Heyden Group Finance plc - Updated Financial Analysis Summary

On 28 June 2022, Von der Heyden Group Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Timan Investments Holdings Ltd (the guarantor of the bonds) in 2022:

• Revenues are anticipated to surge by 35.8% to €15.6 million reflecting the rebound in accommodation and catering activity.
• Despite the higher level of business, EBITDA is projected to drop by 22.4% to €3.3 million (2021: €4.3 million) largely in view of the anticipated lower amount of other operating income as well as a contraction in the share of profits of associates.
• Overall, Timan Investments is forecasting a net loss of €1.8 million compared to the net loss of €2.2 million recorded in 2021.
• In terms of financial position, total assets and total liabilities are expected to decrease to €131.5 million (-1.5%) and €91.9 million (-0.7%) respectively. As total debt is projected to increase marginally to €82.7 million, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to deteriorate slightly to 67.6% from 66.7% as at the end of 2021. The net debt-to-EBITDA multiple and the interest cover are also expected to weaken to 21.1 times (2021: 15.2 times) and 1.37 times (2021: 1.62 times) respectively.