Global Ports Holding PLC (GPH)
Trading Statement for the three months to 31 March 2021
09-Jun-2021 / 07:03 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014
(MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
=----------------------------------------------------------------------------------------------------------------------
Global Ports Holding Plc
Trading Statement for the three months to 31 March 2021
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 2021.
GPH Plc has changed its financial year-end to 31 March. The next audited financial statement will cover the 15-month
period from 1 January 2020 to 31 March 2021 and will be released in July 2021. All figures included in this trading
update for the calendar quarter Q1-2021 only are unaudited management accounts.
3 months 3 months
Key Financials & KPI Highlights3 31 March 2021
31 March 2020
Like-for-like1
Passengers (m PAX) 2 0.01 1.3
General & Bulk Cargo ('000 tons) 12.7 18.6
Container Throughput ('000 TEU) 12.2 11.8
Total Revenue (USDm) 13.9 12.7
Cruise Revenue (USDm) 4 12.0 11.0
Ex-IFRIC 12 Cruise Revenue (USDm) 5 2.0 11.0
Commercial Revenue (USDm) 6 1.9 1.7
Segmental EBITDA (USDm) 7 (1.0) 6.0
Cruise EBITDA (USDm) 8 (1.6) 5.7
Commercial EBITDA (USDm) 6 0.6 0.3
Adjusted EBITDA (USDm) 9 (2.6) 4.0
31.03.2021 31.12.20201
Gross Debt (IFRS) 552.5 556.0
Gross Debt ex IFRS 16 Finance Lease 486.7 487.4
Net Debt 381.9 456.5
Net Debt ex IFRS 16 Finance Lease 316.0 387.9
Cash and Cash Equivalents 170.7 99.5
Notes 1. Presented excluding Port Akdeniz to ensure
comparability to Q1-2021 data. 2. Passenger numbers refer to
consolidated and managed portfolio consolidation perimeter, hence
it excludes equity
accounted associate ports La Goulette, Lisbon, Singapore and
Venice. 3. All USD refers to United States Dollar unless otherwise
stated. Where applicable, non-USD figures are converted using
the average exchange rate of the period 1 January to 31 March
2021. 4. Revenue allocated to the Cruise segment is the sum of
revenues of consolidated ports and from management contracts. 5.
Revenue Ex IFRIC 12 refers to the exclusion of the impact of IFRIC
12 construction revenue accounting at Nassau
Cruise Port. 6. Commercial Revenue and EBITDA reflects the
contribution of Port of Adria, excluding Port Akdeniz, which was
sold
during the period. 7. Segmental EBITDA is calculated as
income/(loss) before tax after adding back: interest; depreciation;
amortisation;
unallocated expenses; and specific adjusting items, including
Nassau IFRIC-12 construction margin. 8. EBITDA allocated to the
Cruise segment is the sum of EBITDA of consolidated cruise ports
and pro-rata Net Profit of
equity accounted associate ports La Goulette, Lisbon, Singapore
and Venice, and the contribution from management
agreements. 9. Adjusted EBITDA calculated as Segmental EBITDA
less unallocated (holding company) expenses.
Key Financials and KPIs ? Cruise passenger volumes for the 3M
period fell by -99% YoY, driven by the shutdown of the cruise
industry as a
result of the Covid-19 pandemic. However, cruise activities have
now restarted in some of our Mediterranean ports
and Singapore. ? Total container volumes (TEUs) grew by 3.2%,
and General & Bulk volumes fell 31.8% in certain low margin
cargo
items. ? Total consolidated revenues were USD13.9m for the 3M
period; excluding the impact of IFRIC-12 Construction revenues
at Nassau Cruise Port, total consolidated revenues were USD3.9m.
? Segmental EBITDA for the three months to end March 2021 was a
loss of USD1.0m.
? Adjusted EBITDA was a loss of USD2.6m.
Cruise
3 months 3 months
Passengers ('000 PAX)
31 March 2021 31 March 2020
Creuers (Barcelona/Malaga) 0 119
Valletta 8 40
Ege Port 0 2
Nassau 0 834
Antigua 0 256
Other Cruise Ports 2 2
Total Cruise Ports 10 1,253 ? Total cruise revenue of USD12.0m for the three months to end March 2021.
? Excluding the impact of IFRIC-12 Construction revenues at
Nassau Cruise Port, Cruise revenue was USD2.0m. ? Passenger volumes
fell 99% to 10k, compared to 1.3m in the three months to end March
2020. ? Cruise EBITDA was a loss of USD1.6m. ? The limited return
to cruise activity drove the declines in passenger volumes, revenue
and EBITDA.
Commercial
3 months 3 months
Volumes
31 March 2021 31 March 2020
Port Adria
General & Bulk Cargo ('000) 12.7 18.6
Throughput ('000 TEU) 12.2 11.8
? Total commercial revenues rose by 13% to USD1.9m for the period vs USD1.7m for the three months to end March 2020. ? Commercial EBITDA was USD0.6m. ? The most significant development in the period was the completion of the sale of the Group's largest commercial
port, Port Akdeniz, for an enterprise value of USD140m to
QTerminals W.L.L. The equity value of Port Akdeniz after
deducting net debt and debt-like items of Port Akdeniz at
closing was USD115m, with the buyer withholding USD11.5m,
which will be released in Q4-2021. The Group has paid
transaction-related expenses and costs from the net proceeds
at closing, including costs related to the satisfaction of
condition precedents to closing.
? The Key Financials & KPI Highlights included in this
trading update exclude the contribution from Port Akdeniz.
Other developments
During the period, GPH's wholly-owned subsidiary, Port Finance
Investment Limited, launched a Scheme of Arrangement in connection
with the refinancing of the USD250,000,000 8.125% Senior Unsecured
Notes due 2021 issued by Global Liman Isletmeleri A.S. Shortly
after the period end, after a period of extensive engagement with
noteholders, including certain key noteholders who formed an ad-hoc
group, GPH withdrew from the Scheme process on 6 April 2021.
On 7 April 2021, Global Liman Isletmeleri A.S. launched a tender
offer, which resulted in USD44.7m excluding accrued interest, being
spent on purchasing its own Eurobonds at an average price of
USD899.4 for each USD1,000 of principal, thereby reducing the
outstanding nominal Eurobond of Global Liman Isletmeleri A.S. to
USD200.3m.
On 17 May 2021 and 24 May 2021, GPH announced that it had
entered a five-year senior secured loan agreement for up to USD261
million with the leading global investment firm, Sixth Street.
The loan agreement remains conditional on a number of factors,
which are expected to be satisfied shortly. As part of the
financing arrangements, the Company intends to issue warrants over
its shares to the lender, which will become exercisable subject to
certain events. GPH is holding a general meeting today, 9 June
2021, related to the issuing of the warrants. More details can be
found at the investor relations section of the company website
www.globalportsholding.com.
The net proceeds from the loan will be used, inter alia, to
refinance the outstanding Eurobond of Global Liman Isletmeleri A.S.
The loan agreement also provides for potential additional growth
funding to provide flexible financing solutions for GPH's strategic
objective of growing the number of cruise ports in its network.
Balance Sheet
At 31 March 2021 IFRS gross debt was USD552.5m (Ex IFRS16 Gross
Debt: USD486.7m), compared to gross debt at 31 December 2021 of
USD556.0m (Ex IFRS16 Gross Debt: USD487.4m) and net debt was
USD381.9m (Ex IFRS16 Net Debt: USD316.0m) compared to net debt at
31 December 2020 of USD456.5m (Ex IFRS16: USD387.9m). At the end of
March 2020, GPH had cash and cash equivalents of USD170.7m,
compared to USD99.5m at 31 December 2020.
Outlook
Global Ports Holding will provide a detailed update on current
trading and outlook when it reports audited financial results for
the 15 months to end March 2021 in July 2021.
CONTACT
For investor, analyst and financial media enquiries: For trade media enquiries:
Global Ports Holding, Investor Relations Global Ports Holding
Martin Brown, Investor Relations Director Ceylan Erzi
Telephone: +44 (0) 7947 163 687 Telephone: +90 212 244 44 40
Email: martinb@globalportsholding.com Email: ceylane@globalportsholding.com -----------------------------------------------------------------------------------------------------------------------
ISIN: GB00BD2ZT390
Category Code: MSCH
TIDM: GPH
LEI Code: 213800BMNG6351VR5X06
Sequence No.: 110087
EQS News ID: 1205764
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
Image link:
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1205764&application_name=news
(END) Dow Jones Newswires
June 09, 2021 02:03 ET (06:03 GMT)
Global Ports (LSE:GPH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Global Ports (LSE:GPH)
Historical Stock Chart
From Apr 2023 to Apr 2024
