Expansion plans for Portomaso after record financial year

Tumas Investments plc and some other bond issuers are obliged to publish an updated Financial Summary every year within two months from the publication of their annual financial statements. The publication of a Financial Analysis Summary is a relatively new requirement under the Listing Policies of 5 March 2013. The updated Financial Analysis Summary of Tumas Investments plc was published on 30 June and provides a detailed insight into the different business units of Spinola Development Company Limited (SDC), the company that owns the Portomaso complex which is the guarantor of the bonds issued by Tumas Investments.

Since Tumas Investments is merely a finance vehicle for SDC, the financials of the guarantor are the ones that ought to be analysed by investors and market participants. SDC’s main business activities over the years have been the development and management of the Portomaso complex which comprises a mix of residential apartments, the 410-room 5-star Hilton Malta hotel as well as commercial and office space complemented by various amenities including an underground car park of around 1,200 spaces and a 130-berth yacht marina.

2014 was a record financial year for SDC and the performance also exceeded the projections made this time last year when the last Tumas bond was issued. Total revenue climbed by 13% to €43.3 million, with earnings before interest, tax, depreciation and amortisation (EBITDA) surging 32% higher to €15.4 million. Likewise, pre-tax profits of the company which owns the Portomaso complex rallied by over 190% from €2.2 million in 2013 to €6.3 million in 2014. More importantly for bondholders is that the interest cover improved to 3.8 times during 2014.

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