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VAA-Vista Alegre Atlantis, SGPS, S.A.
Capital/Financing Update • Apr 24, 2024
1917_iss_2024-04-24_4f2dc1d9-c7cc-45c6-8e6c-71b331de25cc.pdf
Capital/Financing Update
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ANNOUNCEMENT
VAA – VISTA ALEGRE ATLANTIS, SGPS, S.A. Issue of Class A EUR 45,000,000 Fixed Rate Guaranteed Senior Secured Notes due 2024 with ISIN no. PTVAAAOM0001 ("Class A Notes") and the Class B EUR 5,000,000 Fixed Rate Guaranteed Senior Secured Notes due 2024 with ISIN no. PTVAABOM0000 ("Class B Notes" together with the Class A Notes, the "Notes") of VAA – Vista Alegre Atlantis, SGPS, S.A. ("Issuer"), issued on 21 October 2019.
We make reference to the Terms and Conditions of the Notes.
This statement is a Compliance Certificate for the purposes of Condition 9.6(iv) (Information undertakings) of the Terms and Conditions of the Notes.
VAA – VISTA ALEGRE ATLANTIS, SGPS, S.A. hereby certify pursuant to Condition 9.5 (Financial Covenants) of the terms and conditions of the Notes that, in relation to the 12 months period ended on 31 December 2023:
i) its Equity to Equity plus Consolidated Total Debt Ratio is equal to or higher than 23 (twenty-three) per cent, as calculated below:
| Equity | 82.724.061 |
|---|---|
| Equity plus Consolidated Total Debt | 171.342.068 |
| Equity plus Consolidated Total Debt Ratio | 48,3% |
ii) its Net Debt to EBITDA Ratio is equal to, or below 3.00x, as calculated below:
| EBIT | 13.932.941 |
|---|---|
| + provisions and impairments | 298.294 |
| + depreciation and amortization | 14.019.721 |
| Consolidated EBITDA | 28.250.956 |
| Moneys borrowed | 27.257.308 |
| Bond loan | 47.500.000 |
| Leasing | 317.338 |
| Receivables sold or disconted | |
| Recourse factoring | 540.826 |
| Discounted letters of credit | 3.429.232 |
| Deferred payments | |
| Confirming | 2.455.690 |
| Operational leases (IFRS 16) | 7.117.614 |
| Consolidated Total Debt | 88.618.007 |
| Cash and equivalents | -16.803.970 |
| Consolidated Net Debt | 71.814.037 |
| EBITDA | 28.250.956 |
| Net Debt To EBITDA Ratio | 2,54x |
Considering that the Total Consolidated Debt includes the value of 0 euros of loans in the form of Investment Incentives that are expected to be converted into nonreimbursable (grants), the Net Debt to Ebitda Ratio stands at 2,54x, calculated as follows:
| Consolidated Net Debt | 71.814.037 |
|---|---|
| Grants to be converted | 0 |
| Consolidated Net Debt after deducting grants | 71.814.037 |
| EBITDA | 28.250.956 |
| Net Debt To EBITDA Ratio | 2,54x |
N.º Contribuinte e da Matrícula C.R.C. de Ílhavo 500.978.654 | Capital Social 134.120.048€