Mizzi Organisation Finance plc - Updated Financial Analysis Summary

On 28 June 2023, Mizzi Organisation Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Mizzi Organisation in 2023:

• Revenues are expected to increase by nearly 20% to €214.3 million, reflecting growth in income across the automotive, beverage, hospitality and rental segments.
• Despite the higher level of business, EBITDA is projected to drop by 15.8% to €21.1 million as the increase in costs will affect profit margins.
• Net finance costs are forecasted at €5 million compared to €4.3 million in 2022. As a result, the interest cover is expected to drop to 4.2 times compared to 5.8 times last year.
• In terms of financial position, total assets (+1.8%) and total liabilities (+2.1%) are expected to increase to €388.5 million and €205.8 million respectively.
• Total debt is projected to decrease by 3.3% to €125.2 million, which also includes €28.5 million in lease liabilities. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to improve to 40.7% from 41.9% as at the end of 2022. On the other hand, the net debt-to-EBITDA multiple is expected to deteriorate slightly to 5.7 times compared to 4.5 times in 2022.