Mercury Projects Finance plc - Updated Financial Analysis Summary

On 27 June 2023, Mercury Projects Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Mercury Towers Limited (the Guarantor) in 2023:

• Revenues are expected to decrease to €35.9 million (2022: €37.8 million) reflecting the recognition of the sale of units within Mercury Tower in line with promise of sale agreements entered into in 2022, as well as the commencement of the operations of the Commercial Mall which is set to open in the last quarter of 2023.
• EBITDA is forecasted to increase to €8.69 compared to €6.28 million in 2022.
• Net finance costs are expected to increase to €3.89 million from €2.38 million in 2022. As a result, the interest cover is expected to drop to 2.23 times (2022: 2.63 times).
• In terms of financial position, total assets are expected to increase by 9.4% to €196 million while total liabilities are forecasted to increase by 10.8% to €157.6 million.
• Total debt is anticipated to climb to by a further €30 million to €145.7 million. The gearing ratio (calculated as total debt divided by total debt plus equity) is expected to rise to 79% from 75.7% as at the end of 2022.