Eden Leisure Group ends 2022 with lower profits than expected

Eden Finance gave notice of a material variance which resulted after reporting a loss after tax for the year of €2,146 for 2022, when compared to a profit after tax of €6,000 forecasted in the Financial Analysis Summary of last June.

The adverse variance of €8,146 resulted from an increase in the administrative costs incurred during the financial year.

The financial results published by the Eden Leisure Group Limited, the guarantor of Eden Finance’s €40,000,000 4% unsecured bonds 2027, reported a net profit after tax of €1,171,964. This represents an adverse variance of €2,283,036 when compared to the Financial Analysis Summary projected net profit after tax of €3,455,000.

The main contributors were lower revenues than anticipated and increased costs. Furthermore, during 2022, the net book value of the Cinema 16 block amounting to €499,861 was written off.

In addition, the comprehensive income for the year of €28,636,871 resulted in a favourable variance of €25,181,871 when compared to the Financial Analysis Summary projected comprehensive income for the year of €3,455,000. The variance is attributable to the uplift on the land measuring 2,840sqm which is currently being redeveloped by Eden Liesure into a new multipurpose project.