Mediterranean Investments Holding plc - Updated Financial Analysis Summary

On 28 June 2024, Mediterranean Investments Holding plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of MIH in 2024:

• Revenues are expected to surge by 15.6% to a record €31.7 million (2023: €27.4 million) reflecting the anticipated improvement in the occupancy of Palm City to 63.4% compared to 55.4% last year.
• EBITDA is projected to climb by 7.5% to €21.2 million compared to €19.8 million in 2023.
• Net finance costs are expected to drop by 3.4% to €3.5 million. As a result of the higher EBITDA and lower finance costs, the interest cover is projected to improve to 6.0 times compared to 5.4 times in 2023.
• Total debt is projected to remain relatively unchanged at €60.4 million. However, since total equity is anticipated to increase by 3.7% to €213 million, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to decline to 22.1% (31 December 2023: 22.6%).
• When accounting for the projected cash balance of €17.5 million as at 31 December 2024, the net debt position is expected at €42.9 million compared to €52.8 million in the previous year. Consequently, the net debt-to-EBITDA multiple is anticipated to improve to 2.0 times compared to 2.7 times as at the end of 2023.