Virtu Finance plc - Updated Financial Analysis Summary

On 22 June 2023, Virtu Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of Virtu Maritime Limited (the Guarantor) in 2023

• Revenues are expected to surge by 23% to a record of €51.5 million. Most of the increase in income reflects the continued growth in business from the ‘Ferry Service, Accommodation & Excursions’ segment which is expected to generate €44.9 million in revenues compared to €36.8 million in 2022. Meanwhile, income from ‘Charter Hire’ is anticipated to increase to €5.2 million compared to €3.7 million in 2022 reflecting the full-year operations of the HSC Maria Dolores chartered on the Spain-Morocco route, while food and beverage sales are expected to remain practically unchanged at €1.3 million.
• EBITDA is projected to more than double to €15.8 million compared to €7.77 million in 2022.
• Net finance costs are forecasted to increase by 16.7% to €3.2 million, however in view of the sharper increase in EBITDA, the interest cover is anticipated to improve to 5.0 times from 2.9 times in 2022.
• In terms of financial position, total assets and liabilities are expected to contract to €191.3 million (-2.5%) and €103.6 million (-10%) respectively.
• Total debt is forecasted to drop by 12.3% to €77.5 million when including €6.7 million in lease liabilities. As a result of the 8% improvement in equity to €87.7 million together with the lower level of indebtedness, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to drop to 46.9% compared to 52.2% as at the end of 2022. Furthermore, in view of the expected improvement in EBITDA, the net debt to EBITDA multiple is anticipated to drop significantly to 4.7 times from 11.1 times in 2022.