Mariner Finance plc - Updated Financial Analysis Summary

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

  • Revenues are expected to decrease by 4.1% to €19.6 million as the company is expecting a marginal drop in the total volume of containers to be handled during the year. Furthermore, Mariner Finance decided not to proceed with the acquisition of Sia Mariner Logistics, which would have provided an additional income of €2.23 million in 2023 as per Prospectus dated 21 November 2022.
  • EBITDA is expected to decline by 2.7% to €10.2 million compared to €10.4 million in 2022.
  • Finance costs are anticipated to remain virtually unchanged at €2.2 million. As a result, the interest coverage is forecasted to drop marginally to 4.62 times from 4.68 times last year.
  • In terms of financial position, total assets are expected to increase by 1.3% to €130 million while total liabilities are forecasted to increase by 3.1% to €68 million.
  • Total debt is forecasted to increase by 4.8% to €65.9 million. As a result, the gearing ratio (calculated as total debt divided by total debt plus equity) is expected to increase to 51.5% from 50.2% in 2022. Furthermore, the net debt to EBITDA multiple is forecasted to weaken to 6.30 times compared to 5.95 in 2022.