Central Business Centres plc - Updated Financial Analysis Summary

On 2 June 2023, Central Business Centres plc (‘CBC’) published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of CBC in 2023:

• Total revenues are forecasted to increase by 5.2% to €1.9 million largely reflecting the annual increases in rental rates.
• In line with the improvement in revenues, EBITDA is expected to go up by 6.8% to €1.69 million from €1.58 million in 2022.
• Net finance costs are projected to remain at the €1.26 million level, in line with the previous year. As a result, the interest cover is expected to marginally improve to 1.34 times compared to 1.25 times in 2022.
• In terms of financial position, the Group’s total assets are expected to remain at the €58 million level. Similarly, CBC’s total debt is forecasted to remain at €29.7 million. In view of the projected improvement in CBC’s equity position to €24 million (31 December 2022: €23.8 million), the gearing ratio (calculated as total debt divided by total debt plus equity) is expected to ease minimally to 55.2% from 55.5% in 2022.
• The net debt to EBITDA multiple is forecasted to decline to 17.4 times compared to 18.6 in 2022.