Dizz Finance plc - Updated Financial Analysis Summary

On 22 June 2023, Dizz Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Dizz Group of Companies Limited (the guarantor of the bonds) in 2023:

• Revenues are expected to surge by 21.1% to €25.9 million driven by higher income from the ‘Fashion Retail’ and ‘Food & Beverage’ segments as the Groups plans to open another four fashion retail outlets and two food & beverage outlets in 2023.
• EBITDA is forecasted to amount to €5.9 million compared to €4.6 million in 2022.
• Net finance costs are expected to increase by 20% to €2.9 million, however in view of the anticipated improvement in EBITDA, the interest cover is expected to go up slightly to 2.0 times from 1.9 times in 2022.
• The expected financial position as at 31 December 2023 shows a growth of 8.2% in total assets to €91.5 million while total liabilities are projected to increase by 10.6% to €79.9 million.
• Total debt as at the end of 2023 is expected to amount to €60.2 million (2022: €50 million) when including €37.5 million (2022: €25.3 million) in lease liabilities. As a result, the Group’s gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to climb to 83.8% (2022: 80%) whilst the net debt to EBITDA multiple is forecasted to ease to 10.1 times compared to 10.7 times in 2022.