MEDSERVREGIS P.L.C. The Board of Directors
MedservRegis p.l.c.
Malta Freeport,
Port of Marsaxlokk,
Birzebbugia, BBG3011
Malta
26 June 2023
Dear Sirs,
MedservRegis plc - update to the Financial Analysis Summary (the "Update FAS")
In accordance with your instructions, and in line with the requirements of the MFSA Listing Policies, we have compiled the Update FAS set out on the following pages and which is being forwarded to you together with this letter.
The purpose of the Update FAS is that of summarising key financial data appertaining to MedservRegis plc (the "Issuer" or "Company") in relation to the €13 million 5% Secured Bonds 2029 issued by the Company in 2022.
The data in this Update FAS is derived from various sources or is based on our own computations as follows:
- historical financial data for the three years ended 31 December 2020 to 2022 extracted from the Issuer's audited statutory financial statements for the three years in question;
- the forecast data for the financial year ending 31 December 2023 has been extracted from the forecast financial information provided by the management of the Issuer;
- our commentary on the results of the Issuer and on its financial position is based on the explanations set out by the Issuer in the audited financial statements and assisted by the Company's management;
- the ratios quoted in the Update FAS have been computed by us applying the definitions set out beneath each ratio; and
- relevant financial data in respect of other issuers with same-maturing bond issues as analysed in Part D of this report has been extracted from public sources such as the web sites of the companies concerned or financial statements filed at the Registry of Companies.
The Update FAS is meant to assist existing and potential investors by summarising the more important financial data of the Issuer. The Update FAS does not contain all data that is relevant to potential investors and is meant to complement and not replace financial and/or investment advice. The Update FAS does not constitute an endorsement by our firm of the listed bonds that the Issuer has outstanding on the Official List of the Malta Stock Exchange and should not be interpreted as a recommendation to invest in the bonds or otherwise, or any other securities issued by the Company. We shall not accept any liability for any loss or damage arising out of the use of the Update FAS and no representation or warranty is provided in respect of the reliability of the information contained herein. Potential investors are encouraged to seek professional advice before investing in the Issuer's securities.
Yours sincerely,
Vincent E Rizzo
Director
FINANCIAL ANALYSIS SUMMARY
Update 2023
Prepared by Rizzo, Farrugia & Co (Stockbrokers) Ltd, in compliance with the Listing Policies issued by the Malta Financial Services Authority on 5 March 2013 and last updated on 21 August 2021.
26 JUNE 2023
TABLE OF CONTENTS
LIST OF ABBREVIATIONS
IMPORTANT INFORMATION
PART A | BUSINESS & MARKET OVERVIEW UPDATE |
PART B | FINANCIAL REVIEW |
PART C | LISTED SECURITIES |
PART D | COMPARATIVES |
PART E | GLOSSARY |
Financial Analysis Summary - 2023 Update | Page | 3 |
LIST OF ABBREVIATIONS
AES | Angola Environmental Servicos Lda |
BP | BP plc |
BP Egypt | BP Exploration (Delta) Limited |
CPF | Central Processing Facility |
EBITDA | Earnings before interest, tax, depreciation, and amortisation |
Eni | Eni S.p.A. |
IEA | International Energy Agency |
IECs | International Energy Companies |
IEOC | IEOC Production B.V. (Eni's subsidiary in Egypt) |
ILSS | Integrated Logistics Support Services |
MedOps | Medserv Operations Limited |
MOG | Mellitah Oil & Gas B.V. (Libyan Branch) |
OCTG | Oil Country Tubular Goods |
OPEC+ | Organisation of the Petroleum Exporting Countries PLUS (made up of OPEC members and |
other members) | |
PDO | Petroleum Development Oman |
RUL | Regis Uganda Limited |
SONILS | SONILS Sonangol Integrated Logistics Services Lda |
Sumitomo | Sumitomo Corporation Middle East FZE |
TotalEnergies | TotalEnergies SE |
UAE | United Arab Emirates |
Financial Analysis Summary - 2023 Update | Page | 4 |
IMPORTANT INFORMATION
PURPOSE OF THE DOCUMENT
MedservRegis plc (the "Issuer" or the "Company" or the "Group'') issued €13 million 5% Secured Bonds 2029 in 2022 pursuant to a prospectus dated 9 November 2022 (the "Bond Issue") which included a Financial Analysis Summary ("FAS") in line with the requirements of the MFSA Listing Policies (dated 5 March 2013 and last updated on 21 August 2021). The purpose of this report is to provide an update to the FAS (the "Update FAS") on the performance and on the financial position of the Group.
SOURCES OF INFORMATION
The information that is presented has been collated from a number of sources, including the Company's website (www.medservregis.com), the Company's audited financial statements for the years ended 31 December 2020, 2021 and 2022 and forecasts for financial year ending 31 December 2023.
Forecasts that are included in this document have been prepared by the Group's management and approved for publication by the Company's directors, who undertake full responsibility for the assumptions on which these forecasts are based.
Wherever used, FYXXXX refers to financial year covering the period 1 January to 31 December. The financial information is being presented in thousands of Euro, unless otherwise stated, and has been rounded to the nearest thousand.
PREVIOUS FAS ISSUED
The Company has published the following FAS which are available on its website:
• FAS dated 30 August 2013 | • FAS dated 7 April 2014 |
(appended to the final terms) | (appended to the final terms) |
• FAS dated 15 May 2015 | • FAS dated 18 May 2016 |
• FAS dated 5 April 2017 | • FAS dated 11 May 2018 |
• FAS dated 22 May 2019 | • FAS dated 15 July 2020 |
• FAS dated 28 June 2021 | • FAS dated 26 July 2022 |
- FAS dated 9 November 2022 (appended to the prospectus)
Financial Analysis Summary - 2023 Update | Page | 5 |
Attachments
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Disclaimer
Medservregis plc published this content on 26 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 June 2023 16:36:05 UTC.
