TIDMGPH
RNS Number : 6236N
Global Ports Holding PLC
10 May 2018
Global Ports Holding Plc
Q1 2018 Trading Statement
Q1 2018 results in line with management expectations, outlook
for full year unchanged
Global Ports Holding Plc ("GPH Plc" or "Group"), the world's
largest independent cruise port operator, today issues a trading
update for the period from 1 January to 31 March 2018.
Operational results are inline with expectations and management
are pleased with trading year to date. Due to the seasonal nature
of the business, the first quarter of the year is always the
quietest trading period in particular for the cruise but also the
commercial divisions of GPH Plc. Therefore Q1 trading trends do not
inform the trend for the full year.
Key Financials & KPI Highlights
Q1 2017 Q1 2018 YoY Change
Passengers ('000 PAX)1
314.8 334.6 6.3%
General & Bulk Cargo ('000 tons) 485.2
480.7 (0.9%)
Container Throughput ('000 TEU) 48.8
51.1 4.7%
Total Revenue ($m)2 18.2 20.6 13.1%
Segmental EBITDA ($m)3 11.4 13.0 13.9%
Segmental EBITDA Margin 62.6%
63.1% 50bps
Cruise Revenue ($m)4 4.5 5.2 16.5%
Cruise EBITDA ($m)5 1.6 2.3 40.3%
Cruise Margin 36.2% 43.7% +740bps
Commercial Revenue ($m) 13.8 15.4 12.0%
Commercial EBITDA ($m) 9.8 10.7 9.6%
Commercial Margin 71.1% 69.6% -153bps
Consolidated EBITDA ($m) 10.3 11.4 10.2%
Consolidated EBITDA Margin 56.6%
55.1% -145bps
Profit/(Loss) for the period ($m)
(5.0) (9.6)6 n.m.
Underlying Profit/(Loss) for the period ($m)7 2.9
(1.5) n.m.
[1]Passenger numbers refer to consolidation perimeter, hence
excluding equity pick-up entities Venice, Lisbon and Singapore
[2] All $ refers to USD unless otherwise stated
[3] Segmental EBITDA figures indicate only operational
companies; excludes GPH solo expenses
[4] Revenue allocated to cruise segment equals sum of revenues
of consolidated cruise ports excluding equity pick-up entities
Venice, Lisbon and Singapore
[5] EBITDA allocated to cruise segment includes sum of EBITDA of
consolidated cruise ports and pro-rata Net Profit of equity pick-up
entities Venice, Lisbon and Singapore
[6] Loss after tax for the period of $9.6m (2017: -$5.0m),
includes $8.1m amortisation expense in relation to port operation
rights (Q1 2017 $7.4m). Q1 2018 loss was impacted by a $2.5m
foreign exchange loss related to hedge ineffectiveness and there
was no deferred tax benefit in the period (Q1 2017: GBP0.7m)
[7] Underlying loss for period is after adding back amortisation
of port operating right intangibles of $8.1m
Operational review
-- Total consolidated revenues were $20.6m in the quarter, up 13.1% yoy.
-- Total segmental EBITDA was $13.0m in the quarter, a 13.9% yoy
increase, delivering a 63.1% EBITDA margin for the period, a 50bps
increase on Q1 2017.
-- Loss after tax for the period of $9.6m (2017: -$5.0m) was
impacted in Q1 2018 by non-cash FX and a non-cash tax item.
Outlook & current trading
The Group has delivered a good performance in Q1 and trading
since the period end has been in line with management expectations
we therefore remain confident of delivering on our expectations of
mid to high single digit percentage growth in EBITDA for the full
year.
Emre Sayin, Chief Executive Officer said;
"The first quarter is a seasonally low period for the group,
nevertheless trading has been positive, with strong cruise
passenger volumes and continued positive momentum in volumes at our
commercial ports. I am particularly pleased that we have made
progress with our inorganic cruise growth strategy through the
award of the port operating rights at Zadar cruise port.
Trading at both our cruise and commercial ports have continued
to perform in line with our expectations as we head into the Summer
season."
Cruise
Passengers ('000 PAX) Q1 2017
Q1 2018 Pax Change('000)
Creuers (Barcelona/Malaga) 207.1
246.4 39.3
Valletta 85.5 69.8 (15.6)
Ege Port 3.7
2.8 (0.9)
Other Cruise Ports 18.5
15.6 (2.9)
Total Cruise Ports 314.8 334.6 19.8
-- Total cruise revenue rose by 16.5% yoy to $5.2m for the period (Q1 2017: $4.5m).
o Passenger volumes rose 6.3% yoy to 335k, primarily driven by
growth in the number of calls at our Spanish ports.
o The strong revenue growth was driven by the higher than
average yields achieved at our Spanish ports.
o Our Turkish ports performed in line with our expectations in
the period. While general tourism numbers to Turkey for 2018 are
reported to be increasing yoy, we continue to be cautious for
2018.
-- Cruise EBITDA was $2.3m in the period, up 40.3% on yoy (Q1
2017: $1.6m), underlying Cruise EBITDA was in line with our
expectations for the period.
o The strong EBITDA growth was primarily the result of the
strong performance from Singapore, an equity pick up port which
does not contribute to revenue. Excluding equity pick up ports
Cruise EBITDA grew 2.9% yoy.
-- During the period we were very pleased to win a tender for
the operating rights of Zadar cruise port in Croatia for a duration
of 20 years. This contract remains subject to entering into a final
concession agreement with the Port of Zadar Authority.
Commercial
Q1
2017 Q1 2018 YoY Change
Port Akdeniz-Antalya
General & Bulk Cargo ('000) 464.3
425.9 -8.3%
Throughput ('000 TEU) 38.0
39.3 3.9%
Port Adria
General & Bulk Cargo ('000) 20.9
54.8 167.9%
Throughput ('000 TEU) 11.0
11.8 7.2%
Total General & Bulk Cargo ('000) 485.2
480.7 -0.9%
Total Throughput ('000 TEU) 48.8
51.1 4.7%
-- Total commercial revenues rose by 12.0% yoy to $15.4m for the
period (Q1 2017: $13.8m), with revenue growth reported at both
Antalya and Adria.
-- Container volumes were up 4.7% yoy, with good growth at both our ports.
-- General & bulk cargo volumes fell a modest (0.9%) yoy.
o Port Akdeniz- Antalya's -8.3% drop in General & bulk cargo
volumes was primarily driven by lower levels of cement exports and
coal imports in the period. However, the overall declines were
modest and we expect cement volumes to pick up over the balance of
the year, with the improvement in coal volumes likely towards the
second half.
o Port Adria's growth was driven by the handling of 5,416 tonnes
of project cargo (wind turbines) in the period as well as an
increase in volumes of Coils, Slab Timber and MDF which helped
drive the strong volume growth.
o Port Adria is expected to handle further project cargo over
the remainder of the year.
Balance Sheet
At 31st March 2018 net debt was $232.1m (Year end 2017: $227.5m)
with the modest increase since year end primarily due to additional
interest accruals related to our Eurobond and the fact Q1 is a low
point in the Mediterranean cruise season. The group's Net
Debt/EBITDA ratio was 3.0x times as at 31(st) March 2018.
Capital expenditure during the period was just $1.2m, a
significant decrease on the $6.7m incurred in Q1 2017. The yoy
decrease was driven by the fact that last year we completed the
modernisation program at Port of Adria and renovation works in Ege
Port's shopping mall in Q1 and there were no such projects in Q1
2018.
Gross debt at period end was $336m, the Leverage Ratio as per
GPH's Eurobond (excluding Unrestricted Subsidiaries) was 4.3x at
31(st) March 2018, comfortably below the covenant of 5.0x.
Investor Conference Calls
A conference call for equity investors and analysts will be held
at 9:00am today, with a separate call for bond holders held at
2.00pm. Please call +44 (0) 20 7404 5959 in advance of the call(s)
to receive joining details.
APPENDIX
Summary Income Statement
Q1 2017* Q1 2018
Revenue 18.2 20.6
Operating Expenses (15.9) (18.1)
Depreciation and Amortization (10.1) (11.4)
Other Operating Income
0.6 0.8
Other Operating Expense
(4.0) (6.2)
Operating profit (1.1) (2.9)
Finance Income
5.6 4.7
Finance Expenses
(10.7) (12.6)
Loss before income tax (5.7) (9.6)
Income tax expense
0.7 0.0
Loss for the period (5.0) (9.6)
Other financial data
Consolidated EBITDA 10.3 11.4
Consolidated EBITDA margin
6.6% 55.3%
Underlying Profit 2.9 (1.5)
Summary Balance Sheet ($m)
FY 2017 Q1 2018
Cash and cash equivalents
99.4 103.2
Total current assets
141.1 129.9
Total assets 751.6 743.8
Total debt (including obligations under financing leases) 341.7
335.5
Net debt (including obligations under financing leases)
227.5
232.1
Total equity 264.7 262.3
of which retained earnings
143.1 135.1
Summary Cash Flow Statement ($m)
Q1 2017* Q1 2018
Net cash provided by operating activities
6.1 9.2
Net cash (used in) / produced from investing activities
(5.9) 12.9
Net cash (used in) / produced from financing activities
(4.4) (17.3)
*Refers to Global Liman, which was effectively the group pre IPO
in May 2017.
CONTACT
For investor and analyst enquiries: For media enquiries:
Global Ports Holding, Investor Relations Brunswick Group LLP
Martin Brown, Investor Relations Director Nina Coad, Will
Rowberry and Imran Jina
Telephone: +44 (0) 7947 163 687 Telephone: +44 (0) 20 7404
5959
Email: martinb@globalportsholding.com Email: GPH@brunswickgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFFKKDQPBKKNPD
(END) Dow Jones Newswires
May 10, 2018 02:01 ET (06:01 GMT)
Global Ports (LSE:GPH)
Historical Stock Chart
From Apr 2024 to May 2024
Global Ports (LSE:GPH)
Historical Stock Chart
From May 2023 to May 2024