Mariner Finance plc - Updated Financial Analysis Summary

On 21 June 2024, 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 2024:

• Total revenues are expected to increase by 1.4% to €20.5 million as the increases in income from container services (+10.9% to €13.4 million) and cargo storage (+19.8% to €3.0 million) are expected to outweigh the decline in other service income (-28.3% to €3.8 million). Meanwhile, the rental income from the Merkela Building at central Riga is forecasted at €0.42 million.
• EBITDA is expected to climb by 4.0% to €11.0 million compared to €10.5 million in 2023.
• Finance costs are anticipated to increase by 9.9% to €2.37 million from €2.16 in the previous year. As a result, the interest coverage is forecasted to weaken marginally to 4.6 times from 4.9 times in 2023.
• Total debt is forecasted to fall by 12.4% (or €7.9 million) to €55.5 million, principally reflecting the redemption of the outstanding €17.7 million 5.3% unsecured bond maturing on 3 July 2024, which will be partly offset by a €10.2 million increase in bank borrowings to €14.6 million. Overall, the gearing ratio (calculated as total debt divided by total debt plus equity) is expected to decrease to 47.1% from 51.5% at the end of 2023.
• Considering an anticipated cash balance of €0.3 million as at the end of 2024, the net debt to EBITDA multiple is forecasted to strengthen to 5.0 times compared to 6.0 times as at 31 December 2023.