Global Ports Holding PLC (GPH) Global Ports Holding PLC: Financial results for the fifteen months ended 31 March 2021 24-Aug-2021 / 07:41 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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Global Ports Holding Plc

Financial results for the fifteen months ended 31 March 2021

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, today announces its audited results for the fifteen months ended 31 March 2021.

                                                                        12 months ended  Dec 2019 
Financial Summary                              15 months ended Mar 2021 
                                                                        Restated10 
 
Total Revenue (USDm) 1                           79.4                     70.4 
Adjusted Revenue (USDm) 2                        26.8                     70.4 
Cruise Revenue Ex IFRIC 12 (USDm)3               17.5                     63.0 
Commercial Revenue (USDm)                        9.3                      7.4 
Segmental EBITDA (USDm) 4                        1.2                      46.1 
Cruise EBITDA (USDm) 5                           (1.7)                    44.4 
Commercial EBITDA (USDm)                         2.9                      1.7 
Adjusted EBITDA (USDm)6                          (6.7)                    39.7 
Operating Profit (USDm)                          (72.4)                   1.9 
Profit/(Loss) before tax (USDm)                  (122.7)                        (24.5) 
Loss from continuing operations                (107.6)                  (25.1) 
Profit from discontinued operations            12.9                     9.9 
Profit/(Loss) after tax (USDm)                    (94.7)                          (15.2) 
Underlying (loss)/profit for the period (USDm) 7 (11.1)                   27.3 
EPS (c)                                        (148.4)                  (45.3) 
Adjusted EPS (c) 8                             (17.6)                   43.5 
DPS (c)                                        n/a                      19.9 
 
Net Debt                                       378.3                    389.1 
Net Debt excluding IFRS 16 Finance Lease       312.4                    324.3 
Cash and cash equivalents                      170.6                    63.8 
 
KPIs 
Passengers (m PAX) 9                           1.3                      5.3 
General & Bulk Cargo ('000 tons)               166.9                    154.2 
Container Throughput ('000 TEU)                60.4                     48.2 

Emre Sayin, Chief Executive Officer, said:

"The Covid-19 crisis has caused unprecedented disruption to both, global economies and the global travel sector. The cruise industry effectively shut down for the first time in its history. However, GPH's flexible business model and our decisive actions to reduce costs early in the crisis means we have successfully navigated through this crisis.

Cruise volumes remain low versus historical standards, however activity levels are increasing. In May 2021 there were just 48 cruise ships in service, in August 2021, this is expected to accelerate to 190 cruise ships. GPH currently expects a steady increase in cruise ship calls and passenger volumes over the remainder of the year.

Looking further out, passenger demand remains high and I am delighted that our recently completed financing agreement with Sixth Street provides us with the financial flexibility to grow our cruise port network as the industry emerges from the crisis."

Financial highlights

-- Total consolidated revenues were USD79.4m in the period. Under IFRIC-12 the expenditure for certainconstruction activities in Nassau is recognised as operating expenses and added with a margin to the Group'srevenue. Excluding the impact of IFRIC-12 construction revenue, which has no impact on cash generation, adjustedrevenue was USD26.8m. Management believe adjusted revenue is a better indicator of the performance of the business.

-- Segmental EBITDA was USD1.2m and Adjusted EBITDA was -USD6.7m. This relatively small loss at the AdjustedEBITDA level, despite the near complete shutdown of our cruise ports for most of the period, reflects the inherentflexibility of our business model and the swift and decisive actions taken to reduce costs.

-- Excluding IFRIC-12 construction revenue, Cruise revenue was USD17.5m, compared to USD63m during 2019 (whereno IFRIC-12 construction revenue was reported), reflecting the global shutdown of the global cruise industry inresponse to the pandemic.

-- With the performance of Port Akdeniz reported as a discontinued operation, commercial port operationsconsist of Port of Adria only. Handling TEU Throughput of 60.4 thousand tonnes and general cargo of 166.9 thousandtonnes, Commercial revenue was USD9.3m and Commercial EBITDA was USD2.9m in the reporting period.

-- The operating loss of USD72.4m in the period primarily reflects the impact of Covid-19 on Adjusted EBITDAas well Specific adjusting items. The operating loss is Adjusted EBITDA after depreciation and amortisation ofUSD34.2m, of which USD25.1m is amortisation of Port operating rights, and USD31.0m of Specific adjusting items.

-- Loss from continuing operations was USD122.7m, after a tax income principally due to a recognition ofdeferred tax assets, the loss from continuing operations was USD107.6m. Profit from discontinued operations wasUSD12.9m

-- Pre-IFRS 16 net debt was USD312.4m at 31 March 2021 compared to USD324.3m at 31 December 2019. Pre-IFRS 16net debt is composed of USD483.0m gross debt (USD388.2m as of 31.12.2019) less Cash & cash equivalents of USD170.6m(USD63.8m)

Operating highlights

-- The unprecedented disruption to the global travel sector caused by Covid-19 meant that the cruiseindustry and our cruise ports effectively shut down in Q2 2020. While some ports and regions reopened in the summerof 2020 it is only now in the summer of 2021 that the industry is starting to meaningfully reopen. We welcomed just1.3m passengers to our consolidated and managed ports in the reporting period. The majority of these passengersarrived in Q1 2020. Following the declaration of Covid-19 as a pandemic, passenger volumes for the period 1 April2020 to 31 March 2021 were only 69 thousand across the portfolio.

-- In January 2021, we announced the sale of Port Akdeniz to QTerminals W.L.L. for an enterprise value ofUSD140m, effectively creating a pure play cruise operator. As a result, our financial results for the 15-monthreporting period and comparative period, is reported excluding the impact of Port Akdeniz from the consolidation.The performance of Port Akdeniz is shown as a discontinued operation

-- After the end of the reporting period GPH entered into a five-year, senior secured loan agreement for upto USD261.3m with the leading global investment firm Sixth Street. The loan agreement provides for two term loanfacilities, an initial five-year term facility of USD186.3m and an additional five-year growth facility of up toUSD75.0m, which will be used to provide flexible growth capital for GPH to pursue expansion opportunities at adynamic juncture in the global cruise industry.

-- After the signing of the new loan agreement, the net proceeds of the initial facility, together withexisting cash resources, were used to repay early the full outstanding amount of the 8.125% senior unsecuredEurobond, due November 2021, issued by GPH's wholly owned subsidiary Global Liman Isletmeleri A.S.

Outlook & current trading

By the end of the reporting period, only a small number of cruise lines were operational, sailing limited itineraries in a small number of geographic regions, including Asia and Europe. However, there has been a significant increase in activity since the end of the reporting period.

In May 2021, the CDC updated its policy on cruising, laying the foundations for a return to cruising from US ports before the end of June 2021. This was a watershed moment for the important North American and Caribbean cruise markets. With cruise lines requiring a 90-day lead time to get ships crewed and ready, the pick-up in cruises from mainland US ports is expected to occur in August and September.

This pick-up in activity can be seen in the planned itineraries of the major cruise lines. According to Cruise Industry News, in May 2021 there was just 48 cruise ships with a combined capacity of just 51,070 passengers in service. In August 2021, this is expected to accelerate to 190 cruise ships with a combined passenger capacity of 276,336, marginally below 50% of the global fleet and a 150% increase from June.

Perhaps more importantly, demand for cruising remains strong, with the major cruise lines continuing to report strong levels of demand. From a GPH perspective, we continue to see new reservations coming across most of our network and we are encouraged by the current cruise line reservation trends for 2022.

Taranto is already expected to have a record year and the pipeline of potential new cruise port opportunities is very encouraging. The effective creation of a pure-play cruise port operator and the signing a five-year loan agreement with growth funding, means we look to the future with renewed optimism and excitement.

Global Ports Holding will hold a capital markets presentation in Q4 2021 in which it will present on the outlook for the business, including financial expectations for the reporting period to end March 2023.

Notes - For full definitions and explanations of each Alternative Performance measures in this statement please refer to the section at the end of this document. 1. All USD refers to United States Dollar unless otherwise stated 2. Adjusted Revenue is calculated as total revenue excluding IFRIC-12 revenue for Nassau Cruise Port 3. Cruise Revenue is the sum of revenues of consolidated and managed portfolio excluding IFRIC-12 revenuefor Nassau Cruise Port 4. Segmental EBITDA is calculated as income/(loss) before tax after adding back: interest; depreciation;amortisation; unallocated expenses; and specific adjusting items 5. EBITDA allocated to the Cruise segment is the sum of EBITDA of consolidated cruise ports and pro-rata NetProfit of equity accounted associates La Goulette, Lisbon, Singapore, Venice and Pelican Peak, and the contributionfrom management agreements 6. Adjusted EBITDA calculated as Segmental EBITDA less unallocated (holding company) expenses 7. Underlying Profit is calculated as profit / (loss) for the year after adding back: amortisation expensein relation to Port Operation Rights, non-cash provisional income and expenses, non-cash foreign exchangetransactions and specific non-recurring expenses and income. Adjusted earnings per share is calculated asunderlying profit divided by weighted average number of shares 8. Adjusted earnings per share is calculated as underlying profit divided by weighted average number ofshares 9. Passenger numbers refer to consolidated and managed portfolio consolidation perimeter, hence it excludesequity accounted associate ports La Goulette, Lisbon Singapore and Venice. 10. Comparative information has been re-presented due to a discontinued operation.

For further information, please contact:

CONTACT 
For investor, analyst and financial media enquiries:   For media enquiries: 
Global Ports Holding, Investor Relations               Global Ports Holding 
Martin Brown                                           Ceylan Erzi 
Telephone: +44 (0) 7947 163 687                        Telephone: +90 212 244 44 40 
Email: martinb@globalportsholding.com                  Email: ceylane@globalportsholding.com 

A copy of this report will be available on our website www.globalportsholding.com today from 0700hrs (BST).

Business Review

As the Covid-19 crisis that began in Asia during the first quarter of the reporting period started to spread, we reacted quickly. The Board and Senior Management took several significant actions to protect the balance sheet, preserve cash, and secure the long-term future of the Group.

Actions taken included employment measures such as work week, salary and benefit reductions, where possible. A small redundancy programme was also carried out. During the Reporting Period, the Group benefited from various incentive and support schemes announced by the governments in our countries of operation to help alleviate the negative effects of the Covid-19 outbreak.

These schemes included programs such as partial payment of employee costs and related tax liabilities by the government. We also applied for short-term work allowances and took advantage of opportunities such as postponing payments for social security costs.

Flexible cost base

The seasonal nature of the cruise industry means that our cruise ports have always contended with daily, weekly and monthly changes in their resourcing needs. Therefore, our cost base has been structured to be inherently flexible, with third parties and contractors used to manage much of the volume related work across our cruise and commercial ports. This means that most of our costs rise and fall with volume, with third parties and contractors utilised to best match each ports' resourcing needs day-to-day.

This outsourced model means that a high percentage of our costs automatically expand and contract in line with activity levels. The flexibility of this model played a pivotal role in protecting the business and preserving cash during the Covid-19 crisis.

Our Cost of Sales, excluding depreciation and adjusted for the change in cruise port perimeter (Antigua and Nassau only partially accounted for in 2019) and excluding the impact of the discontinued operations, contracted 47% - which compares to a revenue contraction on the same basis of 73% compared to 2019. The extent of the decline demonstrates the flexibility of our business model and cost base.

Waivers and deferrals

In response to the shutdown of the cruise industry, we engaged with our banking partners across the Group regarding our current financial liabilities and covenant compliance, ultimately agreeing on deferrals and waivers where needed.

Our banking and financing partners understood the unique nature of Covid-19 and its impact on our business and demonstrated trust in the long-term sustainability of the GPH cruise port business. Some of the project finance facilities of the Group contain maintenance covenants, and where required banks agreed to waive covenant compliance at no cost to the Group. For some of the bank loans at OpCo level our financing partners agreed to reduce the debt service by allowing payment of interest in kind or the deferral of debt service.

We also engaged with our port authority and local government partners regarding our concession fee liabilities, agreeing on several deferrals or waivers of concession fees.

Capital expenditure

All but essential capital expenditure was suspended across our portfolio during the period, with only committed CAPEX at our new ports in the Caribbean continuing. We invested USD16.0m in Antigua, funded through the drawdown of a bank loan from a syndicate of regional lenders.

In Antigua, the initial investment phase was completed in the period, the port infrastructure has been expanded and the port now has five berths, up from four. The new fifth pier means that once planned dredging is complete, Antigua Cruise Port will be able to a handle the largest cruise ships in the world.

In Nassau, we commenced the construction phase of the project during the period, investing USD60.8m during the period. This investment was funded by the USD124.5m proceeds of the bond offering in June 2020. The marine works in Nassau are expected to be completed by the end of calendar year 2021 and work recently commenced on the second phase of the program, the landside works.

The committed investments in Nassau Cruise Port are progressing as planned. The financing of the remaining works will be provided by additional debt and equity capital, to be raised as needed. As a first step in June 2021, Nassau Cruise Port raised USD40m additional non-recourse financing from an institutional US-based investor, with a final maturity of 20 years.

Sale of Port Akdeniz

In January 2021, we completed the sale of Port Akdeniz to QTerminals W.L.L. for an enterprise value of USD140m. After deducting the net debt and debt-like items of Port Akdeniz, the equity value was USD115m before transaction-related costs and expenses, with QTerminals withholding USD11.5m which is expected to be released in Q4-2021. The net cash inflow in the reporting period for the Group after deducting expenses and costs related to the sale, and net of cash disposed of was USD99.9m.

The disposal meant that GPH effectively became effectively a pure-play global cruise port operator. The board is currently considering its options regarding Port of Adria, the Group's remaining commercial port, including a potential disposal.

New loan agreement and Eurobond refinancing

On 7 April 2021, the Company launched a tender offer for the Eurobond notes, paying an average price of USD899.4 for each USD1,000 principal of the notes, and spending USD44.7m in total, reducing the outstanding nominal amount of the Eurobond to USD200.3m at the time.

On 14 May 2021, the Company entered a five-year, senior secured loan agreement for up to USD261.3m with the leading global investment firm, Sixth Street. The loan agreement provides for two-term loan facilities, an initial five-year term facility of USD186.3m and an additional five-year growth facility of up to USD75m.

In July 2021, the net proceeds of the initial facility, together with existing cash resources, were used to redeem the outstanding amount of the 8.125% Eurobond in full.

As part of the financing arrangement with Sixth Street and following a General Meeting on 9 June 2021, the Company issued warrants to Sixth Street representing 9.0% of GPH's fully-diluted share capital exercisable for a subscription price equal to the nominal value per share. The utilisation of the USD75m growth facility will result in the issuing of warrants representing up to an additional 3.75% on a fully diluted basis. The warrants will become exercisable by Sixth Street upon certain specific events, including the acceleration, repayment in full or termination of the loan, de-listing of GPH or a change of control.

The additional five-year growth facility of up to USD75m provides the financial flexibility to support our ambitions to be the cruise port operator of choice for leading cruise port stakeholders all over the world. We look forward to using this capital to continue to expand the business and take advantage of the current significant pipeline of growth opportunities.

Cruise - Review

                                      15 months ended Mar 2021 12 months ended  Dec 2019 
Cruise Revenue (USDm)                   70.1                     63.0 
Ex-IFRIC-12 Cruise Revenue (USDm)       17.5                     63.0 
Cruise Segmental EBITDA (USDm)          (1.7)                    44.4 
Total Passengers (m)                                  1.3               5.3 
 
Creuers (Barcelona and Malaga) 
Cruise Revenue (USDm)                   1.9                      31.3 
Cruise Segmental EBITDA (USDm)          (2.7)                    20.5 
 
Nassau Cruise Port 
Cruise Revenue (USDm)                   58.8                     2.5 
Ex-IFRIC 12 Cruise Revenue (USDm)       6.2                      2.5 
Cruise Segmental EBITDA (USDm)          0.4                      1.8 
 
Valletta Cruise Port 
Cruise Revenue (USDm)                   4.2                      13.9 
Cruise Segmental EBITDA (USDm)          2.1                      8.0 
 
Ege Port 
Cruise Revenue (USDm)                   0.9                      6.5 
Cruise Segmental EBITDA (USDm)          (0.4)                    4.6 
 
Antigua Cruise Port 
Cruise Revenue (USDm)                   2.8                      1.8 
Cruise Segmental EBITDA (USDm)          0.6                      1.2 
 
Other Cruise 
Cruise Revenue (USDm)                   1.5                      7.1 
Cruise Segmental EBITDA (USDm)          (1.7)                    8.3 

-- We welcomed 1.3m passengers to our consolidated and managed portfolio ports in the reporting period. Themajority of this passenger volume was generated in Q1-2020 prior to the emergence of Covid-19 as a global pandemic.Q1 of the calendar year is part of the high season for our Caribbean ports in Nassau and Antigua, which joined theGroup towards the end of 2019. After Covid-19 was declared a pandemic, total traffic for the period 1 April 2020 to31 March 2021 was only 69 thousand passengers across the portfolio.

-- Cruise revenue was USD70.1m, due to the application of IFRIC-12 for Nassau Cruise Port the CAPEX incurredfor this project is accounted for as operating expenses and revenue. In the reporting period IFRIC-12 constructionrevenue increased Cruise revenue by USD52.6m. The expenditure for the construction activities is recognised asoperating expenses. IFRIC-12 has no impact on cash generation. Excluding the impact of IFRIC-12 constructionrevenue Cruise revenue was USD17.5m, reflecting global shutdown of the global cruise industry in response to thepandemic.

-- Revenue during the first quarter 2020 was USD11.0m - despite the near complete shut-down of the cruisetraffic during the remainder of the Reporting Period, the Group still generated USD6.5m of Cruise revenues.

-- Cruise EBITDA was -USD1.7m, this relatively modest EBITDA loss reflects the flexible cost base inherent inthe business model and the actions taken to reduce costs.

-- Successful bid for a 20-year concession for Taranto Cruise Port, Italy. Shortly after the period end theconcession agreement was signed and operations started.

-- Our joint venture partner, Baleària Group was selected for a 35-year concession for Valencia port, Spain,with GPH to manage the cruise port operations. The final concession agreement for this port is expected to besigned before the end of the current period.

-- Despite the impact of Covid-19, our significant investment plans for our new Caribbean ports continued.In June 2020, GPH raised USD124.5m through a bond offering to invest in Nassau Cruise Port and USD60.8m was investedinto Nassau Cruise Port in the period, with the focus on the marine works, which will increase the port's berthingcapacity. In Antigua USD16.0m was invested to complete the fifth pier of the port.

-- Phase two of the Nassau Cruise Port project is now underway, this phase will involve completing themarine works, which includes material purchases, an expansion of the berthing capacity of the port, and upgrades toexisting infrastructure. In 2021, phase two will see the completion of the landside works, including the newarrivals terminal and plaza, Junkanoo Museum, retail Market Place, amphitheatre, and other food and beverage andentertainment spaces. The project will also see the port integrated into Bay Street with the expectation that itwill serve as a catalyst for the wider development of downtown Nassau. Transforming not just Nassau Cruise Portinto one of the iconic cruise destinations in the world but also transforming the experience for cruise passengers,locals and the cruise lines, while generating local jobs and driving economic growth.

Commercial - Review

Commercial                                15 months ended Mar 2021 12 months ended  Dec 2019 
Commercial Revenue (USDm)                   9.3                      7.4 
Commercial Segmental EBITDA (USDm)          2.9                      1.7 
General Cargo ('000 tonnes)               166.9                    154.2 
Throughput ('000 TEU)                     60.4                     48.2 

-- With the performance of Port Akdeniz reported as a discontinued operation, commercial port operationsconsist of Port of Adria only.

-- TEU Throughout 60.4 thousand tonnes and general cargo of 166.9 thousand tonnes

-- Commercial revenue was USD9.3m in the reporting period -- Commercial EBITDA of USD2.9m. compared to USD 1.7 million in 2019. Covid 19 also impacted commercialvolumes at Port of Adria, not all growth plans could be realised. Nevertheless, Port of Adria showed a solidperformance with 34% growth in EBITDA compared to 2019 (adjusted for the different length of the two reportingperiods).

-- As a result of the sale of Port Akdeniz and the effective creation of a pure-play cruise port operator,the Board of Global Ports Holding is considering its options in regard to Port of Adria, including its potentialsale.

Financial Overview

Total consolidated revenues were USD79.4m in the period. Excluding the impact of IFRIC-12 construction revenue, which has no impact on cash generation, adjusted revenue was USD26.8m. Management believe adjusted revenue is a better indicator of the performance of the business.

Segmental EBITDA was USD1.2m and Adjusted EBITDA was -USD6.7m. This relatively small loss at the Adjusted EBITDA level, despite the near complete shutdown of our cruise ports for most of the period, reflects the inherent flexibility of our business model and the swift and decisive actions taken to reduce costs.

Cruise revenue was USD70.1m, excluding IFRIC-12 construction revenue, Cruise revenue was USD17.5m, compared to USD63m during 2019, reflecting the impact of the global shutdown of the global cruise industry in response to the pandemic.

With the performance of Port Akdeniz reported as a discontinued operation, commercial port operations consist of Port of Adria only. Commercial revenue was USD9.3m and Commercial EBITDA was USD2.9m in the reporting period.

Unallocated expenses

Unallocated expenses, which consist of Holding Company costs, were USD7.9m for the Reporting Period compared to USD6.4m for the shorter Reporting Period for the year to end December 2019. In addition, during 2019 the unallocated EBITDA included income from management contracts.

Adjusted for the difference in months and excluding the impact from management contracts, the Unallocated expenses declined 26% reflecting the saving measures taken by management starting Q2-2020 partially offset by higher consulting expenses including audit fees.

Operating loss

The operating loss of USD72.4m primarily reflects the impact of Covid-19 on Adjusted EBITDA as well as increased Specific adjusting items. The operating loss is Adjusted EBITDA after depreciation and amortisation of USD34.2m, of which USD25.1m is amortisation of port operating rights, and USD31.0m of specific adjusting items.

Specific adjusting items in operating loss

Specific adjusting items primarily reflects USD12.0m of impairment losses related to Port of Adria and Venice Cruise Port, USD11.1m of project expenses, which comprised of expenses for the Eurobond refinancing including the proposed Scheme of Arrangement and expenses for a major Caribbean project incurred mainly during the early part of the Reporting Period and USD8.5m of provisions.

Finance Costs

The Group's net finance charge in the Reporting Period was USD50.8m compared to USD31.9m in 2019. In addition to the impact of the longer reporting period, the increase was driven primarily by an increase in non-cash foreign exchange losses. The Finance charge of USD80.8m primarily comprised of a USD39.0m impact from TL fluctuation against other currencies, which resulted in significant non-cash losses, when revaluing the Eurobond debt as this was issued by a Turkish Lira denominated, 100% owned subsidiary, along with non-cash revaluations on Turkish entities foreign currency dominated liabilities of USD1.2m and interest expense on loans and borrowings of USD30.3m.

Finance income of USD30.0m compromised comprised a USD29.4m impact of non-cash revaluations on Turkish entities foreign currency dominated assets. Interest expenses of USD35.3m compares to USD28.5m in 2019 an increase primarily driven by additional borrowing at Nassau in form of the bond raised in June 2020 and Antigua project finance loan drawdowns, offset by scheduled repayment of other borrowings and the impact of discontinued operations.

Taxation

The Group's effective tax rate was 13.2% for the Reporting Period compared to 26.3% in 2019. Global Ports Holding is a multinational group and is liable for taxation in multiple jurisdictions worldwide. As a result of the loss before tax of USD122.1m, the Group generates a tax income of USD15.1m, mainly driven by a non-cash Deferred tax benefit, compared to a tax expense of USD0.6m in 2019. The Group pays corporate tax due to specific components being profitable; however, due to group tax relief restrictions, losses created on other components cannot necessarily be utilised at the consolidated level. On a cash basis, the Group's income taxes paid amounted to USD0.4m compared to USD3.8m in 2019.

Underlying loss for the period

Underlying loss for the period was USD11.1m primarily reflecting the loss after tax adjusted for port operating rights amortisation expense of USD25.1m, unhedged portion of investment hedging on Global Liman USD39.0m, impairment losses of USD12.0m and non-cash provisional expenses USD9.5m.

Earnings per share

The Group's Basic earnings per share from continuing operations was a loss of -141.2c (FY 2019: 45.3c), this decrease is in line with the decreases in loss/profit for the year attributable to owners of the company to -USD80.3m. Underlying earnings per share is underlying loss/profit divided by weighted average number of shares. Adjusted earnings per share of was -17.6c.

Cash flow and investment

The group generated an Adjusted EBITDA USD-6.7m in the Reporting Period. Change in working capital in the period generated a cash inflow of USD24.5m, offset by other operating outflows of USD7.8m which mainly comprised of cash portion of Project Expenses included in Specific adjusting items, contributing to a positive Operating cash flow of USD9.9m.

Net interest expense of USD31.4m, reflects the cash costs of the outstanding gross debt mainly driven by the Eurobond of Global Liman. Net capital expenditure including advances, primarily reflects the continued investment into Antigua Cruise Port, USD16.0m and Nassau Cruise Port, USD56.8m.

The change in Gross Debt due to cashflows of USD104.9m is mainly due to successful issuance of the Nassau bond of USD124.5m during the reporting period, offset by repayment of existing debt outstanding in Nassau at the time. With respect to other outstanding debt of the Group, the only other borrowing which has shown a material increase during the reporting period is the Antigua bank financing funding CAPEX in Antigua. Other borrowings were repaid in line with their respective repayment profile.

Major positive cash contribution was derived from the sale of Port Akdeniz (net inflow of USD99.9m excluding the deferred compensation) and the positive cash flow generated from this port until the sale closed of USD24.4m.

Cash flow (USDm)                                         15 months end Mar 2021 
Operating (loss)   /Profit                             (72.4) 
Depreciation and Amortisation                          34.2 
Specific Adjusting Items                               31.0 
Share of (loss) / profit of equity-accounted investees 0.5 
Adjusted EBITDA                                        (6.7) 
Working capital                                        24.5 
Other                                                  (7.8) 
Operating Cash flow                                    9.9 
Net interest expense                                   (31.4) 
Tax paid                                               (0.4) 
Net capital expenditure incl. advances                 (93.7) 
Free cash flow                                         (115.7) 
Investments                                            (2.9) 
Change in Gross Debt                                   104.9 
Dividends                                              1.4 
Disposals                                              99.9 
Cash flow from discontinued operations                 24.4 
Net Cash flow                                          112.1 

Debt

Gross debt at 31 March 2021 was USD548.9m compared to USD453.0m at 31 December 2019. Excluding IFRS-16 finance leases gross debt at 31 March 2021 was USD483.0m compared to USD388.2m at 31 December 2019. The increase in the gross debt pre IFRS-16 finance lease liabilities was primarily driven by the USD124.5m new bond issued in Nassau for investment into the port and the drawdown on the banking facility for invent investment into Antigua Cruise Port, partially offset by scheduled repayment of other borrowings and the sale of Port Akdeniz, which had USD34.3m of borrowings outstanding as of 31 December 2019.

Pre-IFRS 16 net debt was USD312.4m at 31 March 2021 compared to USD324.3m at 31 December 2019. This decrease was driven by the movement in gross debt described above, more than offset by the net proceeds from the sale of Port Akdeniz in the reporting period. After period end, GPH refinanced the USD250m Eurobond due in November 2021, through a combination of proceeds from Port Akdeniz sale and a new five-year, senior secured loan agreement for up to USD261.3m with the leading global investment firm Sixth Street. The loan agreement provides for two term loan facilities, an initial five-year term facility of USD186.3m and an additional five-year growth facility of up to USD75.0m, which remains undrawn as of today.

Dividend

In light of the significant impact of the Covid-19 outbreak on the Group the board elected to suspend the dividend in March 2020. Although the outlook is improving there continues to be significant uncertainty, therefore the board will not be recommending the payment of a final dividend for 2021 at the Company's forthcoming AGM.

 
 
                                                                15 Month period ended   Year ended 
                                                         Note   31 March  2021          31 December 2019 
                                                                (USD '000)              (USD '000) 
                                                                                        Restated* 
 
Revenue                                                  5      79,399                  70,398 
Cost of sales                                            6      (98,090)                (48,152) 
Gross (loss) / profit                                           (18,691)                22,246 
 
Other income                                             8      2,878                   1,663 
Selling and marketing expenses                                  (1,622)                 (2,054) 
Administrative expenses                                  7      (20,211)                (13,063) 
Impairment loss on trade receivables and contract assets        (1,339)                 (300) 
Other expenses                                           8      (33,369)                (6,632) 
Operating (loss) / profit                                       (72,354)                1,860 
 
Finance income                                           9      30,047                  7,274 
Finance costs                                            9      (80,814)                (39,223) 
Net finance costs                                               (50,767)                (31,949) 
 
Share of (loss) / profit of equity-accounted investees   12     465                     5,580 
 
Loss before tax                                                 (122,656)               (24,509) 
 
Tax income / (expense)                                          15,061                  (588) 
 
Loss from continuing operations                                 (107,595)               (25,097) 
 
Profit from discontinued operations                      4      12,906                  9,878 
 
 Loss for the period / year                                     (94,689)                (15,219) 
 
(Loss) / Profit for the period / year attributable to: 
Owners of the Company                                           (80,313)                (18,558) 
Non-controlling interests                                       (14,376)                3,339 
                                                                (94,689)                (15,219) 

* Comparative information has been re-presented due to a discontinued operation.

The accompanying notes form part of these financial statements.

                                                                                   15 month period      Year ended 
                                                                                   ended 
                                                                            Note                        31 December 
                                                                                   31 March 2021        2019 
                                                                                   (USD '000)           (USD '000) 
 
 
Other comprehensive income 
Items that will not be reclassified subsequently 
 
to profit or loss 
Remeasurement of defined benefit liability                                         (156)                (40) 
Income tax relating to items that will not be reclassified subsequently to         39                   9 
profit or loss 
                                                                                   (117)                (31) 
Items that may be reclassified subsequently 
 
to profit or loss 
Foreign currency translation differences                                           65,014               14,774 
Cash flow hedges - effective portion of changes in fair value                      469                  335 
Cash flow hedges - realized amounts transferred to income statement                (244)                (246) 
Equity accounted investees - share of OCI                                          (872)                -- 
Losses on a hedge of a net investment                                              (45,209)             (24,725) 
                                                                                   19,158               (9,862) 
Other comprehensive income / (loss) for the period / year, net of income           19,041               (9,893) 
tax 
Total comprehensive income / (loss) for the period / year                          (75,648)             (25,112) 
 
Total comprehensive income / (loss) attributable to: 
Owners of the Company                                                              (64,987)             (26,757) 
Non-controlling interests                                                          (10,661)             1,645 
                                                                                   (75,648)             (25,112) 
 
Basic and diluted earnings / (loss) per share 
                                                                            16     (127.8)              (29.5) 
(cents per share) 
Basic and diluted earnings / (loss) per share 
                                                                            16     (148.4)              (45.3) 
(cents per share) - continuing operations 
 

The accompanying notes form part of these financial statements.

                                                               As at 31 March   As at 31 December 
                                                        Note   2021             2019 
                                                               (USD '000)       (USD '000) 
Non-current assets 
Property and equipment                               10        126,858          130,511 
Intangible assets                                    10        331,910          424,618 
Right of use assets                                  18        87,469           81,123 
Investment property                                  19        2,198            2,139 
Goodwill                                                       13,485           13,485 
Equity-accounted investments                         12        18,776           26,637 
Due from related parties                             20        8,125            6,811 
Deferred tax assets                                            11,137           2,179 
Other non-current assets                                       2,638            4,577 
                                                               602,596          692,080 
Current assets 
Trade and other receivables                                    26,162           31,022 
Due from related parties                             20        324              771 
Other investments                                              63               71 
Other current assets                                           12,371           3,916 
Inventories                                                    903              1,393 
Prepaid taxes                                                  238              1,846 
Cash and cash equivalents                            13        170,599          63,780 
                                                               210,660          102,799 
Total assets                                                   813,256          794,879 
                                                               - 
Current liabilities 
                                                     15        295,200          62,691 
Loans and borrowings 
Other financial liabilities                                    2,925            4,536 
Trade and other payables                                       39,236           21,367 
Due to related parties                               20        1,253            1,317 
Current tax liabilities                                        157              2,725 
Provisions                                                     7,640            2,043 
                                                               346,411          94,679 
Non-current liabilities 
Loans and borrowings                                 15        253,734          390,299 
Other financial liabilities                                    55,249           50,394 
Trade and other payables                                       12               -- 
Deferred tax liabilities                                       49,323           84,715 
Provisions                                                     21,221           18,175 
Employee benefits                                              344              869 
Derivative financial liabilities                               399              485 
                                                               380,282          544,937 
Total liabilities                                              726,693          639,616 
Net assets                                                     86,563           155,263 
 
Equity 
Share capital                                        14        811              811 
Legal reserves                                       14        6,014            13,144 
Share based payment reserves                         14        239              239 
Hedging reserves                                     14        (41,951)         (220,029) 
Translation reserves                                 14        58,779           213,715 
Retained earnings                                              (12,151)         61,053 
Equity attributable to equity holders of the Company           11,741           68,933 
Non-controlling interests                                      74,822           86,330 
Total equity                                                   86,563           155,263 

The accompanying notes form part of these financial statements.

                                            Share 
                                   Legal    based      Hedging   Translation Retained          Non-controlling Total 
(USD '000)           Notes Share            payment    reserves  reserves    earnings          interests 
                           capital reserves reserves                                                           equity 
                                                                                      Total 
Balance at 1 January       811     13,144   239        (220,029) 213,715     61,053   68,933   86,330          155,263 
2020 
 
(Loss) / income for        --      --       --         --        --          (80,313) (80,313) (14,376)        (94,689) 
the period 
Other comprehensive 
(loss) / income for        --      --       --         (45,856)  61,299      (117)    15,326   3,715           19,041 
the period 
Total comprehensive 
(loss) / income for        --      --       --         (45,856)  61,299      (80,430) (64,987) (10,661)        (75,648) 
the period 
 
Transactions with 
owners of the 
Company 
Contribution and 
distributions 
Transfer to legal    14(b) --      (1,276)  --         --        --          1,276    --       --              -- 
reserves 
Dividends            14(c) --      --       --         --        --          --       --       (237)           (237) 
Total contributions        --      (1,276)  --         --        --          1,276    --       (237)           (237) 
and distributions 
Changes in ownership 
interest 
Equity injection     3(ii) --      --       --         --        --          --       --       483             483 
Acquisition of 
minority             3(i)  --      --       --         --        --          96       96       (1,801)         (1,705) 
shareholding 
Acquisition of 
subsidiary with            --      --       --         --        --          --       --       708             708 
non-controlling 
interest 
Disposal of          4     --      (5,854)  --         223,934   (216,235)   5,854    7,699    --              7,699 
subsidiary 
Total changes in           --      (5,854)  --         223,934   (216,235)   5,950    7,795    (610)           7,185 
ownership interest 
Total transactions 
with owners of the         --      (7,130)  --         223,934   (216,235)   7,226    7,795    (847)           6,948 
Company 
Balance at 31 March        811     6,014    239        (41,951)  58,779      (12,151) 11,741   74,822          86,563 
2021 

The accompanying notes form part of these financial statements.

 
                                  Legal    Share based Hedging   Translation Retained          Non-controlling Total 
(USD '000)          Notes Share            payment     reserves  reserves    earnings          interests 
                          capital reserves reserves                                                            equity 
                                                                                      Total 
Balance at 1              811     13,030   --          (195,393) 197,247     108,981  124,676  91,045          215,721 
January 2019 
 
(Loss) / income for       --      --       --          --        --          (18,558) (18,558) 3,339           (15,219) 
the year 
Other comprehensive 
(loss) / income for       --      --       --          (24,636)  16,468      (31)     (8,199)  (1,694)         (9,893) 
the year 
Total comprehensive 
(loss) / income for       --      --       --          (24,636)  16,468      (18,589) (26,757) 1,645           (25,112) 
the year 
 
Transactions with 
owners of the 
Company 
Transactions with 
non-controlling           --      --       --          --        --          --       --       6               6 
interest 
Transfer to legal   14    --      114      --          --        --          (114)    --       --              -- 
reserves            (b) i 
Equity settled 
share-based payment       --      --       239         --        --          --       239      --              239 
expenses 
Dividends           14    --      --       --          --        --          (29,225) (29,225) (6,366)         (35,591) 
                    (c) 
Total contributions       --      114      239         --        --          (29,339) (28,986) (6,360)         (35,346) 
and distributions 
Total transactions 
with owners of the        --      114      239         (24,636)  16,468      (47,928) (55,743) (4,715)         (60,458) 
Company 
Balance at 31             811     13,144   239         (220,029) 213,715     61,053   68,933   86,330          155,263 
December 2019 

The accompanying notes form part of these financial statements.

                                                                                                         Year ended 
                                                                          15 month Period ended 31 March 
                                                             Note         2021                           31 December 
                                                                                                         2019 
                                                                          (USD '000) 
                                                                                                         (USD '000) 
                                                                                                         Restated * 
Cash flows from operating activities 
Loss for the period / year                                                (94,689)                       (15,219) 
Adjustments for: 
Depreciation of PPE, and RoU assets, and amortization        10, 11, 18,  34,209                         25,906 
expense                                                      19 
Impairment losses on intangible / tangible assets            11           3,941                          -- 
Impairment losses on investments                             12           8,410                          -- 
Share of profit of equity-accounted investees, net of tax    12           (465)                          (5,580) 
Gain on sale of discontinued operation, net of tax           4            (9,071)                        -- 
Gain on disposal of property plant and equipment                          --                             (17) 
Finance costs (excluding foreign exchange differences)                    36,867                         23,645 
Finance income (excluding foreign exchange differences)                   (626)                          (225) 
Foreign exchange differences on finance costs and income,                 14,526                         6,006 
net 
Income tax (benefit) / expense                                            (15,417)                       588 
Employment termination indemnity reserve                                  50                             33 
Equity settled share-based payment expenses                               --                             239 
Provision charges                                                         7,739                          544 
Operating cash flow before changes in operating assets and                (14,526)                       35,920 
liabilities 
Changes in: 
- trade and other receivables                                             5,922                          (11,106) 
- other current assets                                                    3,480                          (1,011) 
- related party receivables                                               (397)                          (6,619) 
- other non-current assets                                                2,508                          280 
- trade and other payables                                                14,386                         (10,645) 
- related party payables                                                  (65)                           591 
- Post-employment benefits paid                                           (32)                           (22) 
- provisions                                                              (1,350)                        8,585 
Cash generated by operations before benefit and tax payments              9,926                          15,973 
Income taxes paid                                                         (442)                          (3,781) 
Net cash generated from operating activities                              9,484                          12,192 
Cash inflows from operating activities on discontinued                    27,163                         24,927 
operations 
Investing activities 
Acquisition of property and equipment                        10           (27,913)                       (12,757) 
Acquisition of intangible assets                             11           (56,557)                       (8,110) 
Acquisition of a lease asset                                              --                             (21,000) 
Proceeds from sale of property and equipment                              392                            33 
Disposal of discontinued operation, net of cash disposed of  4            99,943                         -- 
Bank interest received                                                    153                            147 
Dividends from equity accounted investees                                 1,647                          2,849 
Proceeds from sale of other investments in FVTPL instruments              --                             13,184 
Investment in equity accounted investee                                   (570)                          (61) 
Acquisition of subsidiary, net of cash acquired                           (2,816)                        (5) 
Advances given for fixed assets                                           (9,668)                        -- 
Net cash (used in)/from investing activities                              4,611                          (25,720) 
Cash used in investing activities of discontinued operations              (1,560)                        (3,287) 
Financing activities 
Equity injection by minorities to subsidiaries                            482                            7 
Dividends paid to equity owners                              14(c)        --                             (29,225) 
Dividends paid to NCIs                                       14(c)        (237)                          (5,062) 
Interest paid                                                             (31,545)                       (26,164) 
Proceeds from loans and borrowings                                        161,096                        42,021 
Repayment of borrowings                                                   (52,318)                       (16,864) 
Payment of lease liabilities                                              (3,922)                        (2,720) 
Net cash from / (used in) financing activities                            73,556                         (38,007) 
Cash used in financing activities of discontinued operations              (1,167)                        17,242 
Net increase / (decrease in cash and cash equivalents                     112,087                        (12,653) 
Effect of foreign exchange rate changes on cash and cash                  (5,268)                        (3,396) 
equivalents 
Cash and cash equivalents at beginning of year               13           63,780                         79,829 
Cash and cash equivalents at end of 15-month period / year   13           170,599                        63,780 

* Comparative information has been re-presented due to a discontinued operation.

The accompanying notes form part of these financial statements. 1 Basis of preparation

Global Ports Holding PLC is a public company incorporated in the United Kingdom and registered in England and Wales under the Companies Act 2006. The address of the registered office is 34 Brook Street 3rd Floor, London W1K 5DN, United Kingdom. Global Ports Holding PLC is the parent company of Global Liman Isletmeleri A.S. and its subsidiaries (the "Existing Group"). The majority shareholder of the Company is Global Yatirim Holding.

The financial information for 15 month period ended 31 March 2021 contained in this News Release was approved by the Board on 23 August 2021. These condensed Financial Statements for 15 month period ended 31 March 2021 have been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority. They have been prepared in accordance with EU endorsed International Financial Reporting Standards ("IFRSs") but do not comply with the full disclosure requirements of these standards. The financial information set out above does not constitute the company's statutory accounts for 15 month period ended 31 March 2021 or for the year ended 31 December 2019.

Statutory financial statements for 15 month period ended 31 March 2021, which have been prepared on a going concern basis, will be delivered to the Registrar of Companies in due course. The auditor has reported on those financial statements. Their report was not qualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

Accounting policies

With the exception of those changes described below the accounting policies adopted of these Condensed Financial Statements are consistent with those described on pages 140 - 160 of the Annual Report and Financial Statements for the year ended 31 December 2019.

In 15 month period ended 31 March 2021, the Group has implemented the decisions taken by IASB, published on May 2020, easing to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. On issuance, the practical expedient was limited to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2021, but period was extended by IASB since the effects of the COVID-19 pandemic are ongoing and significant. The Group has applied this interpretation in the financial period started at 1 January 2020. The impact of that application is limited and caused the Group to recognise an additional USD 682 thousand of other income.

Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Commercial and Cruise business models on pages 10 to 13. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the financial review on pages 35 to 41. In addition, Notes 3 and 37 to the financial statements include the Group's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk.

The Group's portfolio consists of investments in or management of 19 cruise ports and one commercial port in 12 countries which diversifies economic and political risks. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully because of the benefits of diversification.

The principal events and conditions identified by the Group that have the most significant impact on the going concern of the Group are:

(a) the passenger levels that will be observed during the Going Concern assessment period of not less than 12 months from the date of approval of these Annual Report and Accounts in view of the COVID-19 situation and the associated effect on Group revenues and cash position;

(b) the stability of commercial operations and cargo/container volumes at Port of Adria related to macro-economic factors such as trade tariffs and their associated impact on global economies, and

(c) maintaining liquidity based on current debt facilities along with covenant compliance on those facilities.

The Covid-19 outbreak that spread across the globe and preventive actions that have been taken into place to respond to the outbreak causes disruptions to business activities in all countries and affect the economic conditions adversely, both locally and globally. As a result of this outbreak, Group has faced significant amount of cancellation in cruise calls throughout the reporting period in its Cruise business. Management has taken major actions such as cancellation of dividend payments, postponement of wages of Board of Directors, reduction in consultancies, cessation of marketing activities and travels unless necessary, and stopping new port investments expect those required.

The Group has benefited from various incentives and exceptions announced by the governments of the operating countries, to eliminate the negative effects of the Covid-19 outbreak. These incentives and exceptions are supportive programs such as paying a certain part of the personnel salaries and related tax liabilities by the government and delaying the debts to the public or banks. Group applied for short-term work allowances and took advantage of opportunities such as postponing payments for social security cuts. In this way, personnel expenses were reduced, and the cash flow balance was maintained through the deferral of payments, including tax payments, regarding personnel salaries.

The Group has successfully addressed the refinancing of the Group's USD 250 million Eurobond issued by Global Liman with a maturity of 14 November 2021. In May 2021, the Group has entered a new five-year, senior secured loan agreement for up to USD 261.3 million with the leading global investment firm Sixth Street to refinance the remaining Eurobond in full. The Sixth Street loan agreement reached financial close and the Eurobond has been refinanced in full at the end of July 2021. Under the terms of the Facility Agreement, the Company will have the ability to select from a range of interest payment options including an all-cash interest rate, a cash interest rate of LIBOR +5.25% plus PIK rate, or a PIK only rate of LIBOR +8.5% up until December 2022. The loan repayment is repaid with a bullet payment at final maturity in year 2026. Accordingly, the Group, at its discretion, will not be required to make any debt service (principal or interest) until year-end 2022 for this loan facility.

Additionally, management has contacted to the banks related to its current financial liabilities, and covenant compliance for Port of Adria has been waived and postponed until early 2022, and covenants compliance for Valletta Cruise Port and Barcelona Port Investment has been waived until 2021 year-end.

As of the date of this report, Cruise operations have restarted again since the closing of cruise operations in March 2020. The expectation of the sector, underpinned by agreement on health protocols with relevant authorities to contain the risk of spread of Covid-19, is a gradual revamp of cruise operations all over the world until a return to operation of the all cruise ships by the end of the year 2021. The Group, in conjunction with the leading companies of the cruise industry, has carried out a detailed traffic study which concluded that the Group's cruise ports will recover in 2022, adhering to the initial forecast with a slow acceleration after the restart of operation late 2020 in Europe and in the second quarter of 2021 in the Caribbean.

The Group believes it is well placed to manage its business risks successfully despite the fact that there is still a material impact of Covid-19 on current operations. The recovery of the cruise sector is supported by the positive economic outlook, increasing vaccination rates which together with other measures have led to a sharp decrease in Covid-19 cases in the key cruise source markets and the established of adequate health and safety protocols for cruise operations.

In view of the above the Directors have prepared cash flow forecasts for the period to 31 December 2022. In order to stress test the financial position of the Group, management has considered a plausible but severe downside scenario. The following key, severe but plausible, assumptions were used in preparing this analysis:

-- A severe but plausible low case in the number of cruise passengers arriving at all ports in the GPHportfolio for a period to 31 December 2022 with a corresponding impact on passenger revenues and ports' variableexpenses being a 20% reduction of the base case. The base case assumes a moderate return over 2021 to pre COVID-19pandemic levels through 2022.

-- A severe but plausible low case for the Port of Adria commercial port which is that the trading levelsexperienced in 2021 do not improve throughout the forecast period.

The Directors have also been mindful of an even more severe scenario, considered implausible, of a fall to zero in the number of cruise passengers arriving at all ports in the GPH portfolio for a six-month period to 31 March 2022 with a corresponding impact on passenger revenues and ports' variable expenses.

The conclusion from these scenarios, even the identified implausible scenario, is that the Group will continue to have sufficient cash resources for the period of assessment. However, as described above, certain of the Group's non-recourse financial liabilities (with a total nominal outstanding amount of USD 29.3 million as of 31 March 2021) have covenants associated with them that will be tested within the next 12 months. In the base case and implausible scenario these covenants may not be met, and future waivers of forecast covenant breaches have not yet been requested and thus not yet received. The Group does not foresee any issues to receive further waivers, if and when needed, with the relevant banks regarding covenant compliance based on its past experience of receiving such waivers as mentioned above and the long track record of working together with these banks.

In view of this uncertainty surrounding future waivers of potential covenant breaches the Group has received written indication from the parent company Global Yatirim Holding (GIH) that it would provide financial and other support to the Group, including not seeking repayment of amounts currently made available, for at least the next twelve months from the date of approval of this Annual Report should it be necessary to enable the Group to meet the aforementioned financial liabilities in case waivers are not received and such financial liabilities cannot be refinanced if that happens, and continue to trade. The Directors, having considered the information described herein have a reasonable expectation that the Group and the Parent company have adequate resources to continue in operational existence. Thus they believe that it remains appropriate to prepare the consolidated and parent company financial statements on a going concern basis. 2 Segment reporting a. Products and services from which reportable segments derive their revenues

The Group operates various cruise and commercial ports and all revenue is generated from external customers such as cruise liners, ferries, yachts, individual passengers, container ships and bulk and general cargo ships. b. Reportable segments

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision-maker, in deciding how to allocate resources and assessing performance.

The Group has identified two main segments, commercial and cruise businesses. Under each main segment, Group had presented its operations on port basis as an operating segment, as each port represents a set of activities which generates revenue and the financial information of each port is reviewed by the Group's chief operating decision-maker in deciding how to allocate resources and assess performance. Spanish Ports are aggregated due to the Group's operational structure. The Group's chief operating decision-maker is the Chief Executive Officer ("CEO"), who reviews the management reports of each port at least on a monthly basis. Following the disposal of Port Akdeniz, the only port within the commercial segment is Port Adria.

The CEO evaluates segmental performance on the basis of earnings before interest, tax, depreciation and amortisation excluding the effects of specific adjusting income and expenses comprising project expenses, bargain purchase gains and reserves, board member leaving fees, employee termination payments, unallocated expenses, finance income, finance costs, and including the share of equity-accounted investments which are fully integrated into GPH cruise port network ("Adjusted EBITDA" or "Segmental EBITDA"). Adjusted EBITDA is considered by Group management to be the most appropriate profit measure for the review of the segment operations because it excludes items which the Group does not consider to represent the operating cash flows generated by underlying business performance. The share of equity-accounted investees has been included as it is considered to represent operating cash flows generated by the Group's operations that are structured in this manner. 2 Segment reporting (continued) b. Reportable segments (continued)

The Group has the following operating segments under IFRS 8:

-- BPI ("Creuers" or "Creuers (Barcelona and Málaga)"), VCP ("Valetta Cruise Port"), Ege Liman ("EgePorts-Kusadasi"), Bodrum Liman ("Bodrum Cruise Port"), Ortadogu Liman (Cruise port operations) (sold in January2021; see note 4), POH, Nassau Cruise Port ("NCP"), Antigua Cruise Port ("GPH Antigua"), Lisbon Cruise Terminals,SATS - Creuers Cruise Services Pte. Ltd. ("Singapore Port"), Venezia Investimenti Srl. ("Venice Investment" or"Venice Cruise Port"), La Spezia Cruise Facility Srl. ("La Spezia"), Balearic Handling SLA ("Balearic"), and ShoreHandling SLA ("Shore") which fall under the Group's cruise port operations.

-- Port of Adria ("Port of Adria-Bar") and Ortadogu Liman (Commercial port operations) ("PortAkdeniz-Antalya") (sold in January 2021; see note 4) which both fall under the Group's commercial port operations.

The Group's reportable segments under IFRS 8 are BPI, VCP, Ege Liman, Nassau Cruise Port, Antigua Cruise Port, Port of Adria (Commercial port operations) and Ortadogu Liman (Commercial port operations).

Bodrum Cruise Port, Italian Ports, Port of Adria (Cruise Operations), Ortadogu Liman (Cruise operations), Shore, Balearic and Equity accounted investees are not exceeding the quantitative threshold, have been included in Other Cruise Ports.

Global Liman, BPI, Global BV, GP Melita, POH, GP Netherlands, Global Depolama, GP Med, GPH Americas, and GPH Bahamas do not generate any revenues and therefore is presented as unallocated to reconcile to the consolidated financial statements results.

Assets, revenue and expenses directly attributable to segments are reported under each reportable segment.

Any items which are not attributable to segments have been disclosed as unallocated. 2 Segment reporting (continued)

b) Reportable segments (continued) i. Segment revenues, results and reconciliation to profit before tax

The following is an analysis of the Group's revenue, results and reconciliation to profit before tax by reportable segment:

(*) Please refer to glossary of alternative performance measures (APM).

                               Ege   Nassau Antigua Other   Total   Ortadogu Port  Total      Elimination of 
USD '000        BPI     VCP    Liman Cruise Cruise  Cruise  Cruise  Liman    of    Commercial Discontinued    Total 
                                     Port   Port    Ports           (**)     Adria            operations 
15 month ended 
31 March 2021 
Revenue         1,886   4,217  905   58,746 2,781   1,546   70,081  33,465   9,318 42,783     (33,465)        79,399 
Segmental       (2,740) 2,054  (391) 432    627     (1,680) (1,698) 22,833   2,852 25,685     (22,833)        1,154 
EBITDA 
Unallocated                                                                                                   (7,879) 
expenses 
Adjusted EBITDA                                                                                               (6,725) 
Reconciliation 
to profit 
before tax 
Depreciation 
and                                                                                                           (34,209) 
amortisation 
expenses 
Specific 
adjusting items                                                                                               (30,955) 
(*) 
Finance income                                                                                                30,047 
Finance costs                                                                                                 (80,814) 
Profit before                                                                                                 (122,656) 
income tax 
Year ended 31 
December 2019 
Revenue         31,278  13,872 6,549 2,492  1,753   7,102   63,046  47,486   7,352 54,838     --              117,884 
Segmental       20,461  8,027  4,590 1,808  1,169   8,309   44,364  37,369   1,708 39,077     --              83,441 
EBITDA 
Unallocated                                                                                                   (6,426) 
expenses 
Adjusted EBITDA                                                                                               77,015 
Reconciliation 
to profit 
before tax 
Depreciation 
and                                                                                                           (47,737) 
amortisation 
expenses 
Specific 
adjusting items                                                                                               (8,391) 
(*) 
Finance income                                                                                                8,082 
Finance costs                                                                                                 (42,333) 
Profit before                                                                                                 (13,364) 
income tax 

The Group did not have inter-segment revenues in any of the periods shown above. 2 Segment reporting (continued) b. Reportable segments (continued) ii. Segment assets and liabilities

The following is an analysis of the Group's assets and liabilities by reportable segment for the years ended:

                                 Ege    Nassau      Antigua     Other       Total   Ortadogu Port of Total 
                 BPI     VCP     Liman  Cruise Port Cruise Port Cruise      Cruise  Liman    Adria   Commercial Total 
USD '000                                                        Ports 
31 March 2021 
Segment assets   134,164 121,511 37,024 198,831     52,436      11,159      555,125 --       67,587  67,587     622,712 
Equity-accounted --      --      --     --          --          18,776      18,776  --       --      --         18,776 
investees 
Unallocated                                                                                                     175,251 
assets 
Total assets                                                                                                    816,736 
 
Segment          63,260  64,194  7,767  206,314     54,572      11,522      407,629 --       42,535  42,535     450,164 
liabilities 
Unallocated                                                                                                     276,529 
liabilities 
Total                                                                                                           726,693 
liabilities 
 
31 December 2019 
Segment assets   151,938 117,434 46,283 79,794      30,283      14,711      440,443 231,789  72,844  304,633    745,076 
Equity-accounted --      --      --     --          --          26,637      26,637  --       --      --         26,637 
investees 
Unallocated                                                                                                     23,166 
assets 
Total assets                                                                                                    794,879 
 
Segment          68,591  60,430  9,918  79,583      29,777      12,153      260,452 72,367   38,474  110,841    371,293 
liabilities 
Unallocated                                                                                                     268,323 
liabilities 
Total                                                                                                           639,616 
liabilities 2  Segment reporting (continued) b. Reportable segments (continued) iii. Other segment information 

The following table details other segment information for the years ended:

                               Ege     Nassau  Antigua Other   Total    Ortadogu Port of Total 
              BPI      VCP     Liman   Cruise  Cruise  Cruise  Cruise   Liman    Adria   Commercial Unallocated Total 
USD '000                               Port    Port    Ports 
15 months 
ended 31 
March 2021 
Depreciation 
and           (15,313) (3,881) (3,511) (2,945) (1,557) (2,563) (29,769) --       (4,060) (4,060)    (380)       (34,209) 
amortisation 
expenses 
Additions to 
non-current 
assets (*) 
- Capital     2,111    1,820   75      56,817  15,998  150     76,971   1,734    79      1,813      5,686       84,470 
expenditures 
Total 
additions to  2,111    1,820   75      56,817  15,998  150     76,971   1,734    79      1,813      5,686       84,470 
non-current 
assets (*) 
 
12 months 
ended 31 
December 2019 
Depreciation 
and           (11,696) (3,102) (2,857) (1,027) (204)   (3,501) (22,387) (21,832) (3,141) (24,973)   (377)       (47,737) 
amortisation 
expenses 
Additions to 
non-current 
assets (*) 
- Capital     1,571    1,615   46      7,850   7,681   222     18,985   3,311    1,596   4,907      76          23,968 
expenditures 
Total 
additions to  1,571    1,615   46      7,850   7,681   222     18,985   3,311    1,596   4,907      76          23,968 
non-current 
assets (*) 

(*) Non-current assets exclude those relating to deferred tax assets and financial instruments (including equity-accounted investees). 2 Segment reporting (continued) b. Reportable segments (continued) iv. Geographical information

The Port operations of the Group are managed on a worldwide basis, but operational ports and management offices are primarily in Turkey, Montenegro, Malta, Spain, Bahamas, Antigua & Barbuda and Italy. The geographic information below analyses the Group's revenue and non-current assets by countries. In presenting the following information, segment revenue has been based on the geographic location of port operations and segment non-current assets were based on the geographic location of the assets.

                  15 month-period ended   Year ended 
Revenue           31 March 2021           31 December 2019 
                  (USD '000)              (USD '000) * Restated 
Turkey            1,479                   9,535 
Montenegro        9,318                   7,380 
Malta             4,217                   13,872 
Spain             1,981                   31,278 
Bahamas           58,746                  2,492 
Antigua & Barbuda 2,781                   1,753 
Italy             468                     3,838 
Croatia           409                     250 
                  79,399                  70,398 

* Comparative information has been re-presented due to a discontinued operation.

                    As at           As at 
Non-current assets  31 March 2021   31 December 2019 
                    (USD '000)      (USD '000) 
Turkey              44,518          222,615 
Spain               123,714         129,114 
Malta               118,985         115,467 
Montenegro          65,267          70,080 
Bahamas             5,123           69,213 
Antigua & Barbuda   138,376         40,494 
Italy               65,355          5,863 
UK                  8,509           7,474 
Croatia             2,833           2,944 
Unallocated         29,916          28,816 
                    602,596         692,080 

Non-current assets relating to deferred tax assets and financial instruments (including equity-accounted investments) are presented as unallocated. v. Information about major customers

IFRIC 12 construction revenue relates entirely to ongoing construction at Nassau Cruise Port. Excluding IFRIC 12 revenue, the Group did not have a single customer that accounted for more than 10% of the Group's consolidated revenue in any of the periods presented. 3 Transactions with owners of the company i. Changes in ownership interest

The Group has acquired minority shares of Malaga Port at 23 January 2020. 20% of total shares of Malaga Port owned by Malaga Port Authority acquired by Creuers. Total consideration paid for 20% shares amounted to Eur 1,540 thousand (USD 1,707 thousand). Minority interest regarding this 20% shares of Malaga Port as of 31 December 2019 was 1,853 thousand, which was reversed for finalization of acquisition accounting.

The Group has taken over all shares of Ravenna Passenger Terminal at 5 July 2020. Ravenna Passenger Terminal's equity was negative after the year end 2019 accounts. Accordingly, a raise on equity was compulsory for regulatory reasons. None of the minority shareholders accepted to inject equity to the Company, and current equity of EUR 50 thousand (USD 57 thousand) offset against retained earning losses. The Group decided to keep the company operative, so accepted to inject new equity of EUR 20 thousand (USD 23 thousand) and offset remaining losses of EUR 57 thousand (USD 64 thousand). As a result of this transaction, the Group become only shareholder of Ravenna Passenger Terminal. Minority interest provided for 46% shares of the Port as of 31 December 2019 was USD 52 thousand losses, resulting a decrease in equity attributable to owners of the company amounting to USD 50 thousand and translation reserves by USD 2 thousand. ii. Contributions and distributions

The Group's subsidiary Bodrum Cruise Port, the directors decided to increase paid in capital of the Company by TRY 7,924 thousand (USD 1,208 thousand) from TRY 18,000 thousand (USD 12,726 thousand) to TRY 25,924 thousand (USD 13,933 thousand). Minority shareholders paid USD 483 thousand of total share capital increase. 4 Discontinued operation

Following a strategic review the Group has announced in July 2019 that is will focus on cruise operations and has launched a disposal process for certain assets. As a result of such disposal process, the Group has, following a period of exclusive negotiations, entered into a conditional sale and purchase agreement ("SPA") on 21 October 2020 to sell Ortadogu Antalya Liman Isletmeleri ("Port Akdeniz") to QTerminals W.L.L. ("QTerminals" or "Purchaser"), a Qatari commercial port operating company, for an enterprise value of USD 140 million. After the approval of QTerminals' application by the Competition Authority, fulfilment of all prerequisites for the sale transaction and obtaining the necessary legal approvals, the sale was completed on January 25, 2021.

As a result of the adjustments made according to the net debt position of Port Akdeniz and debt-like items, the equity value sales price was realized as USD 115,159 thousand. Q Terminals has paid USD 103,643 thousand of the total amount in cash, and the balance amounting to USD 11,516 thousand has been withheld by the Purchaser will be paid in the fourth quarter 2021. In case any claims would arise under this agreement, the Group may cover those claims related to the sales transaction, after the full sales price is obtained on the last quarter of 2021, if applicable.

Port Akdeniz is classified as a discontinued operation because it represents a separate major line of business and geographic area of operations. Port Akdeniz was not previously classified as held-for-sale or as a discontinued operation. The comparative consolidated statement of profit or loss has been restated to show the discontinued operation separately from continuing operations. 4 Discontinued operation (continued) a. Results of discontinued operation

                                               2021      2019 
 
Revenue                                        33,465    47,486 
Cost of sales                                  (31,192)  (31,731) 
Gross profit                                   2,273     15,755 
Other income                                   1,090     1,837 
Selling and marketing expenses                 (25)      (55) 
Administrative expenses                        (2,415)   (2,141) 
Other expense                                  (2,763)   (1,948) 
Operating profit                               (1,840)   13,448 
 
Finance income                                 11,830    1,283 
Finance costs                                   (11,803) (3,585) 
Net finance costs                              27        (2,302) 
 
Share of profit of equity-accounted investees  --        -- 
 
Results from operating activities              (1,813)   11,146 
 
Income tax benefit/ (expense)                  5,648     (1,268) 
 
Results from operating activities, net of tax  3,835     9,878 
Gain on sale of discontinued operation         9,071     -- 
                                               12,906    9,878 
Basic and diluted earnings per share 
                                               20.5      15.7 
(cents per share) 

The profit from the discontinued operation of USD 12,906 thousand (2019: USD 9,878 thousand) is attributable entirely to the owners of the Company. Of the loss from continuing operations of USD 84,582 thousand (2019: USD 24,509 thousand), an amount of USD 71,208 thousand is attributable to the owners of the Company (2019: USD 28,436 thousand). b. Effect of disposal on the financial position of the Group

In thousands of USD                                 As at Closing Date 
Property and equipment                              (25,166) 
Intangible assets                                   (127,719) 
Other long-term assets                              (13) 
Inventories                                         (458) 
Trade and other receivables                         (1,969) 
Related party receivables                           (3,481) 
Cash and cash equivalents                           (3,700) 
Loans and borrowings                                28,172 
Trade and other payables                            7,107 
Provisions                                          2,666 
Deferred tax liabilities                            25,782 
Current tax liabilities                             390 
Net assets and liabilities                          (98,389) 
Sales price                                         115,159 
Net asset value of disposal group                   (98,389) 
Hedge accounting disposal                           (133,265) 
Disposal of translation created on consolidation    125,566 
Gain on sale of discontinued operation, net of tax  9,071 
Consideration received, satisfied in cash           103,643 
Cash and cash equivalents disposed of               (3,700) 
Net cash inflows                                    99,943 5                             Revenue 

For the 15 months ended 31 March 2021 and the year ended 31 December 2019, revenue comprised the following:

              BPI            VCP            EP           NCP            ACP           Others        Cruise          Port of       Commercial        Consolidated 
                                                                                                                    Adria 
                                                                                                                                        2019               2019 
(USD '000)    2021  2019     2021  2019     2021 2019    2021   2019    2021  2019    2021  2019    2021   2019     2021  2019    2021              2021 
                                                                                                                                        Restated*          Restated* 
Point in time 
Container     --    --       --    --       --   --      --     --      --    --      --    --      --     --       6,985 5,090   6,985 5,090       6,985  5,090 
revenue 
Landing fees  1,139 26,829   528   5,852    12   2,585   5,044  2,450   2,018 1,473   516   3,108   9,257  42,297   --    --      --    --          9,257  42,297 
Port service  210   1,733    894   1,093    82   2,071   27     18      --    --      500   570     1,713  5,485    324   229     324   229         2,037  5,714 
revenue 
Cargo revenue --    --       --    --       --   --      --     --      --    --      --    --      --     --       1,441 1,505   1,441 1,505       1,441  1,505 
Domestic      22    406      --    --       8    47      215    --      --    --      2     20      247    473      70    15      70    15          317    488 
water sales 
Income from 
duty free     --    --       376   4,001    --   --      --     --      --    --      --    --      376    4,001    --    --      --    --          376    4,001 
operations 
Other revenue 64    351      333   384      241  733     851    24      48    8       236   1,062   1,773  2,562    18    --      18    --          1,791  2,562 
Over time 
Rental income 451   1,959    2,084 2,542    562  1,113   --     --      716   272     293   724     4,106  6,610    480   513     480   513         4,586  7,123 
IFRIC 12 
Construction  --    --       --    --            --      52,609 --      --    --      --    --      52,609 --       --    --      --    --          52,609 -- 
revenue 
Habana 
Management    --    --       --    --            --      --     --      --    --      --    1,618   --     1,618    --    --      --    --          --     1,618 
fee 
Total 
Revenues as   1,886 31,278   4,215 13,872   905  6,549   58,746 2,492   2,782 1,753   1,547 7,102   70,081 63,046   9,318 7,352   9,318 7,352       79,399 70,398 
reported in 
note 2 

* Comparative information has been re-presented due to a discontinued operation. See Note 4.

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers;

                                                                                          Year ended 
                                                                 15 months period ended 
                                                                                          31 December 2019 
Revenue                                                          31 March 2021 
                                                                                          Restated * 
                                                                 (USD '000) 
                                                                                          (USD '000) 
Receivables, which are included in 'trade and other receivables' 5,129                    15,212 
Contract assets                                                  839                      1,172 
Contract liabilities                                             (318)                    (427) 
                                                                 5,650                    15,957 

* Comparative information has been re-presented due to a discontinued operation. See Note 4.

The contract assets primarily relate to the Group's rights to consideration for work completed but not billed at the reporting date on Commercial services provided to vessels and management agreements. The contract assets are transferred to receivables when the rights become unconditional. This occurs when the Group issues an invoice to the customer.

The contract liabilities primarily relate to the advance consideration received from customers for services not yet been provided. These amounts will be recognised as revenue when the services has provided to customers and billed, which was based on the nature of the business less than one week period.

The amount of USD 967 thousand recognised in contract liabilities at the beginning of the period has been recognised as revenue for the period ended 31 March 2021.

The amount of revenue recognised in the period ended 31 March 2021 from performance obligations satisfied (or partially satisfied) in previous periods is USD 839 thousand. This is mainly due to the nature of operations.

No information is provided about remaining performance obligations at 31 March 2021 that have an original expected duration of one year or less, as allowed by IFRS 15. 6 Cost of sales

For the 15 months ended 31 March 2021 and the year ended 31 December 2019, cost of sales comprised the following:

                                                                             2019 
                                                                2021 
                                                                             (USD '000) 
                                                                (USD '000) 
                                                                             Restated* 
IFRIC-12 Construction expenses                                  51,557       -- 
Depreciation and amortization expenses                          30,783       23,980 
Personnel expenses (**), (***)                                  7,675        10,853 
Insurance expense                                               4,221        930 
Repair and maintenance expenses                                 1,173        1,503 
Security expenses                                               1,053        2,882 
Commission fees to government authorities and pilotage expenses (1,246)      1,781 
Cost of inventories sold                                        247          2,884 
Replacement provision                                           793          673 
Other expenses                                                  1,834        2,666 
Total                                                           98,090       48,152 

* Comparative information has been re-presented due to a discontinued operation. See Note 4.

** 394 thousand USD (2019: 3,474 thousand USD) of total personnel expenses are related to outsourced personnel expenses.

*** The Group has benefited from various supportive programs on personnel salaries and related tax liabilities announced by the governments of the operating countries amounting to USD 1,495 thousand as a decrease from Groups salary expenses, to eliminate the negative effects of the Covid-19 outbreak. Group applied for short-term work allowances and took advantage of opportunities such as postponing payments for social security cuts. 7 Administrative expenses

For the 15 months ended 31 March 2021 and the year ended 31 December 2019, administrative expenses comprised the following:

                                                     2019 
                                        2021 
                                                     (USD '000) 
                                        (USD '000) 
                                                     Restated* 
Personnel expenses                      9,544        6,091 
Depreciation and amortization expenses  3,419        1,920 
Consultancy expenses                    3,969        2,008 
Representation and travel expenses      363          502 
Other expenses                          2,916        2,542 
Total                                   20,211       13,063 

* Comparative information has been re-presented due to a discontinued operation. 8 Other income and other expenses

For the 15 months ended 31 March 2021 and the year ended 31 December 2019, other income comprised the following:

                                                    2019 
                                          2021 
                                                    USD'000 
                                          USD'000 
                                                    Restated* 
IFRS 16 gain from concession fee waivers  682       -- 
Foreign currency income from operations   768       18 
Insurance income                          --        587 
Gain on sale of fixed assets              --        17 
Other                                     1,428     1,041 
Total                                     2,878     1,663 

* Comparative information has been re-presented due to a discontinued operation.

For the 15 months ended 31 March 2021 and the year ended 31 December 2019, other expenses comprised the following:

                                                           2019 
                                                 2021 
                                                           USD'000 
                                                 USD'000 
                                                           Restated* 
Project expenses                                 11,098    5,146 
Provisions **                                    7,111     71 
Indemnity payments                               549       -- 
Impairment loss on Equity Accounted investments  8,369     -- 
Impairment loss on intangible assets             3,587 
Impairment losses on other assets                41        262 
Recovery from insurance                          --        346 
Other                                            2,614     807 
Total                                            33,369    6,632 

* Comparative information has been re-presented due to a discontinued operation.

** Provisions booked under Other expenses composed of Nassau Ancillary contribution provision, legal provision and other provisions. 9 Finance income and costs

For the 15 months ended 31 March 2021 and the year ended 31 December 2019, finance income comprised the following:

                                                    2019 
                                       2021 
Finance income                                      (USD '000) 
                                       (USD '000) 
                                                    Restated* 
Other foreign exchange gains           29,422       5,362 
Interest income on related parties     469          -- 
Interest income on banks and others    54           143 
Interest income from housing loans     30           3 
Interest income from debt instruments  72           1,766 
Total                                  30,047       7,274 

* Comparative information has been re-presented due to a discontinued operation.

The income from financial instruments within the category financial assets at amortized cost is USD 553 thousand (31 December 2019: USD 146 thousand). Income from financial instruments within the category fair value through profit and loss is 72 thousand (31 December 2019: 1,766 thousand).

For the 15 months ended 31 March 2021 and the year ended 31 December 2019, finance costs comprised the following:

                                                                   2019 
                                                      2021 
Finance costs                                                      (USD '000) 
                                                      (USD '000) 
                                                                   Restated* 
Interest expense on loans and borrowings              30,339       24,914 
Foreign exchange losses from Eurobond                 39,038       5,222 
Foreign exchange losses on other loans and borrowings 1,224        3,888 
Interest expense on leases                            4,912        2,405 
Foreign exchange losses on equity translation **      1,238        414 
Other foreign exchange losses                         2,447        474 
Loan commission expenses                              933          960 
Unwinding of provisions during the year               408          355 
Letter of guarantee commission expenses               17           198 
Other interest expenses                               88           235 
Other costs                                           170          158 
Total                                                 80,814       39,223 

* Comparative information has been re-presented due to a discontinued operation.

** Ege Ports and Bodrum Cruise Port have functional currency of USD while their books are required to be kept as per Turkish Companies Law "VUK 213" article 215 in TL. All equity transactions are made in TL and transaction incurred during the year are being translated to USD resulting to foreign exchange differences on the profit or loss account.

The interest expense for financial liabilities not classified as fair value through profit or loss is USD 35,251 thousand (31 December 2019: USD 27,319 thousand). 10 Property and equipment

Movements of property and equipment for the 15 months ended 31 March 2021 comprised the following:

USD '000 
              1                                        Acquisition through    Discontinued   Currency           31 
Cost          January Additions    Disposals Transfers business combination   operation (*)  translation        March 
              2020                                                                           differences        2021 
Leasehold     127,921 2,464        --        25,054    363                    (23,212)       3,376              135,966 
improvements 
Machinery and 56,080  1,302        (350)     1,295     229                    (38,492)       938                21,002 
equipment 
Motor         17,896  291          --        345       --                     (6,535)        14                 12,011 
vehicles 
Furniture and 11,337  1,646        (289)     8         --                     (2,123)        213                10,792 
fixtures 
Construction  9,759   24,496       --        (27,282)  --                     --             (139)              6,834 
in progress 
Land          92      1            --        (6)       --                     --             --                 87 
improvement 
Total         223,085 30,200       (639)     (586)     592                    (70,362)       4,402              186,692 
 
Accumulated   1       Depreciation                     Acquisition through    Discontinued   Currency           31 
depreciation  January expense      Disposals Transfers business combination   operation      translation        March 
              2020                                                                           differences        2021 
Leasehold     39,438  4,576        --        --        --                     (8,238)        489                36,265 
improvements 
Machinery and 34,570  1,645        (321)     --        --                     (28,186)       301                8,009 
equipment 
Motor         11,431  1,447        --        --        --                     (3,241)        (4)                9,633 
vehicles 
Furniture and 7,093   853          (240)     --        --                     (1,657)        (181)              5,868 
fixtures 
Land          42      16           --        --        --                     --             1                  59 
improvement 
Total         92,574  8,537        (561)     --        --                     (41,322)       606                59,834 
Net book      130,511                                                                                           126,858 
value 

(*) Refer to Note 4 "Discontinued operation". 10 Property and equipment (continued)

Movements of property and equipment for the year ended 31 December 2019 comprised the following:

USD '000 
Cost                   1 January    Additions          Disposals Transfers Currency translation          31 December 
                       2019                                                differences                   2019 
Leasehold improvements 122,482      2,597              (2)       4,431     (1,587)                       127,921 
Machinery and          55,159       1,147              (30)      227       (423)                         56,080 
equipment 
Motor vehicles         17,858       126                (6)       --        (82)                          17,896 
Furniture and fixtures 9,666        1,931              (18)      --        (242)                         11,337 
Construction in        4,388        9,987              --        (4,658)   42                            9,759 
progress 
Land improvement       67           25                 --        --        --                            92 
Total                  209,620      15,813             (56)      --        (2,292)                       223,085 
 
Accumulated            1 January    Depreciation       Disposals Transfers Currency translation          31 December 
depreciation           2019         expense                                differences                   2019 
Leasehold improvements 33,586       6,022              --        --        (170)                         39,438 
Machinery and          30,326       4,385              (31)      (6)       (104)                         34,570 
equipment 
Motor vehicles         10,041       1,386              --        6         (2)                           11,431 
Furniture and fixtures 6,278        859                (6)       --        (38)                          7,093 
Land improvement       38           4                  --        --        --                            42 
Total                  80,269       12,656             (37)      --        (314)                         92,574 
Net book value         129,351                                                                           130,511 10 Property and equipment (continued) 

As at 31 March 2021, the net book value of machinery and equipment purchased through leasing amounts to USD 5 thousand (31 December 2019: USD 1,511 thousand), the net book value of motor vehicles purchased through leasing amounts to USD 2,993 thousand (31 December 2019: USD 6,810 thousand), and furniture and fixtures purchased through leasing totally depreciated (31 December 2019: USD 7 thousand). In 2021, no capital expenditure was made through finance leases (31 December 2019: nil).

As at 31 March 2021 and 31 December 2019, according to the "TOORA" and "BOT" tender agreements signed with the related Authorities, at the end of the agreement periods, real estate with their capital improvements will be returned as running, clean, free of any liability and free of charge. The details of the pledge or mortgage on property and equipment regarding the loans and borrowings are explained on Note 17.

For the 15 months ended 31 March 2021, borrowing costs amounting USD 2,286 thousand capitalised into property and equipment (31 December 2019: none).

As at 31 March 2021, the insured amount of property and equipment amounts to USD 288,261 thousand (31 December 2019: USD 295,721 thousand). 11 Intangible assets

Movements of intangible assets for the 15 months ended 31 March 2021 comprised the following:

USD '000 
              1                                         Acquisition through    Discontinued  Currency           31 
Cost          January  Additions     Disposal Transfers business combination   operation *   translation        March 
              2020                                                                           differences        2021 
Port 
operation     668,576  65,606        (919)    586       --                     (304,993)     12,765             441,621 
rights 
Customer      3,937    --            --       --        1,446                  --            99                 5,482 
relationships 
Software      1,343    94            --       --        --                     (803)         31                 665 
Other         706      427           (51)     --        --                     --            151                1,233 
intangibles 
Total         674,562  66,127        (970)    586       1,446                  (305,796)     13,046             449,001 
 
Accumulated   1        Amortisation                     Acquisition through    Discontinued  Currency           31 
amortisation  January  expense **    Disposal Transfers business combination   operation     translation        March 
              2020                                                                           differences        2021 
Port 
operation     244,922  24,350        (249)    --        --                     (160,794)     3,391              111,620 
rights 
Customer      3,693    400           --       --        --                     --            2                  4,095 
relationships 
Software      797      167           --       --        --                     (633)         168                499 
Other         532      321           (51)     --        --                     --            75                 877 
intangibles 
Total         249,944  25,238        (300)    --        --                     (161,427)     3,636              117,091 
Net book      424,618                                                                                           331,910 
value 

* Refer to Note 4 "Discontinued operation"

** USD 3.587 thousand is impaired on Port of Adria Port operating rights. Details explained under recoverability of intangible assets. 11 Intangible assets (continued)

Movements of intangible assets for the year ended 31 December 2019 comprised the following:

USD '000 
Cost                   1 January    Additions          Disposals Transfers Currency translation          31 December 
                       2019                                                differences                   2019 
Port operation rights  605,115      70,028             (393)     --        (6,174)                       668,576 
Customer relationships 3,937        --                 --        --        --                            3,937 
Software               1,268        88                 --        --        (13)                          1,343 
Other intangibles      713          58                 --        --        (65)                          706 
Total                  611,033      70,174             (393)     --        (6,252)                       674,562 
 
Accumulated            1 January    Amortisation       Disposals Transfers Currency translation          31 December 
amortisation           2019         expense                                differences                   2019 
Port operation rights  214,227      32,012             (79)      7         (1,245)                       244,922 
Customer relationships 3,365        328                --        --        --                            3,693 
Software               646          156                --        --        (5)                           797 
Other intangibles      434          144                --        (7)       (39)                          532 
Total                  218,672      32,640             (79)      --        (1,289)                       249,944 
Net book value         392,361                                                                           424,618 

Movements of intangible assets for the year ended 31 December 2019 comprised the following:

USD '000 
Cost                   1 January    Additions          Disposals Transfers Currency translation          31 December 
                       2019                                                differences                   2019 
Port operation rights  605,115      70,028             (393)     --        (6,174)                       668,576 
Customer relationships 3,937        --                 --        --        --                            3,937 
Software               1,268        88                 --        --        (13)                          1,343 
Other intangibles      713          58                 --        --        (65)                          706 
Total                  611,033      70,174             (393)     --        (6,252)                       674,562 
 
Accumulated            1 January    Amortisation       Disposals Transfers Currency translation          31 December 
amortisation           2019         expense                                differences                   2019 
Port operation rights  214,227      32,012             (79)      7         (1,245)                       244,922 
Customer relationships 3,365        328                --        --        --                            3,693 
Software               646          156                --        --        (5)                           797 
Other intangibles      434          144                --        (7)       (39)                          532 
Total                  218,672      32,640             (79)      --        (1,289)                       249,944 
Net book value         392,361                                                                           424,618 11 Intangible assets (continued) 

The details of Port operation rights as at 31 March 2021 and 31 December 2019 are as follows:

                             As at 31 March 2021                          As at 31 December 2019 
USD '000                     Carrying Amount Remaining Amortisation       Carrying Amount Remaining Amortisation 
                                             Period                                       Period 
Creuers del Port de          92,442          111 months                   100,336         126 months 
Barcelona 
Cruceros Malaga              10,838          137 months                   11,400          152 months 
Valletta Cruise Port         62,561          548 months                   61,299          563 months 
Port of Adria                15,562          273 months                   19,623          288 months 
Port Akdeniz                 --              --                           144,198         104 months 
Ege Ports                    10,197          144 months                   11,240          159 months 
Bodrum Cruise Port           2,411           564 months                   2,657           579 months 
Nassau Cruise Port           132,112         317 months                   68,488          332 months 
Cagliari Cruise Port         1,897           69 months                    2,201           84 months 
Catania Cruise Port          1,981           81 months                    2,173           96 months 
Ravenna Cruise Port          --              --                           39              12 months 

All port operating rights have arisen as a result of IFRS 3 Business combinations, except Barcelona Port Investments, Ravenna Cruise Port, Catania Cruise Port and Nassau Cruise Port, which arose as a result of applying IFRIC 12. Each port represent a separate CGU as per IAS 36.

For the 15 month period ended 31 March 2021, borrowing costs amounting USD 9,569 thousand capitalised into intangible assets (31 December 2019: none).

Project expenses directly attributable to the creation of the port right of USD 7,500 thousand (2019: USD 7,125 thousand) have also been capitalized as part of the port operating rights.

Recoverability of intangible assets

Management prepared formal forecasts for cruise port and commercial port operation for their remaining concession period, which are used to estimate their Value In Use ("VIU"). VIU calculations require subjective judgements based on a wide range of variables at a point in time including future passenger numbers or commercial volumes. Any significant decrease in variables used for value in use calculation is assessed as an impairment indicator. Due to the adverse impact of the Covid-19 pandemic on the Group's trade, an indicator of impairment has been identified for all cruise ports within the Group (2019: Port of Akdeniz was the only port with an indicator of impairment; no impairment was recognised). For Nassau Cruise Port, the Group estimates the recoverable amount using a fair value less costs to sell method, using a level 3 valuation technique based on forecast future cash flows. If the recoverable amount of an investment is estimated to be less than its carrying amount, the carrying amount of the investment is reduced to its recoverable amount and an impairment loss is recognised in the income statement. Each port represents a separate CGU.

The Group uses the budget and long-range plan as approved by the board as the basis for the discounted cash flow models. The period over which cash flows have been projected is the length of the relevant concession agreement. The concession period has been used instead of 5 years (and a terminal value) as the concession length best represents the future use of the assets within the CGU. Management forecasted a recovery in following two years for number of passengers based on past experience on issues impacted Cruise industry (Costa Concordia case, 2008 global economic crisis), the publications made by Cruise Industry stakeholders, and the cash flows for following seven years with the remaining concession term having minimal estimated growth or industry growth. The key assumptions used in the estimation of the recoverable amount are set out below.

                                                                      2021 
Post-tax discount rate used for Ports with Euro functional currency   4.33% - 7.64% 
Post-tax discount rate used for Ports with USD functional currency    7.70% - 10.54% 
Annualized growth, year 2 - year 7 "Passengers"                       2.00% - 5.97% 

For all of the cruise ports, the recoverable amount estimated was in excess of the carrying amount of that CGU and thus no impairment has been recognised (2019: no impairment recognised) as the recoverable amount is higher than the carrying value of the respective CGU. 11 Intangible assets (continued)

Changing the assumptions selected by management, in particular the discount rate and growth rate assumptions used in the cash flow projections, could significantly affect the Group's impairment evaluation and hence reported assets and profits or losses.

In relation to a number of the smaller cruise ports in the Other Cruise segment there is sufficient uncertainty relating to the assumptions on which the cash flow projections that have been prepared such that there is a risk of an impairment to the carrying amount of the CGUs within the next financial year. The total carrying amount of these CGUs is USD3.6m. When preparing the cash flow forecasts for these ports, it has been assumed that revenue in 2022 is higher than 2019 by between 10%-25%, reflecting booked cruise calls. It is then assumed that revenue will grow in line with historic growth rates for the remainder of the concessions. Due to the largely fixed cost base, EBITDA margins are also expected to grow for the remainder of the concession to a maximum of 50%. Due to the short length of the remaining concession period for these ports, a further extended 'no sail' period that could arise from further Covid-19 restrictions could lead to significant impairment of the carrying amounts.

In relation to Port of Adria, an indicator of impairment has been identified as, whilst the port has continued to operate through the period, the port has not grown as expected when acquired in 2013. As a result, long term growth assumptions have been revised and an impairment of USD 3.587 thousand (2019: no impairment recognised) has been recognised. The recoverable amount of the CGU has been estimated as USD 56.6 million (EUR 48.3 million) based on its value in use.

Assumption                    Approach to determining assumption               Assumption used 
Annual revenue growth         Bottom-up planning for key revenue items for the 5.2% - 9.9% 
2021-2025                     foreseeable period of 5 years 
Annual revenue growth 2026 to In line with expected GDP growth                 3.9% 
end of concession 
EBITDA margin growth          Based on comparable container ports' margins     Growing up to 59% at the end of the 
                                                                               concession from today's c. 28% 
Discount rate                 Based on comparable ports' cost of debt and cost 7.00% 
                              of equity on area 

The following reasonable adverse changes to key assumptions will result the in the following impairment charge being recognised (if all other assumptions remain the same):

CGU           Reduction in revenue growth of 1%    Reduction in EBITDA margin of 1%    1% increase to discount rate 
              (USD'000)                            (USD'000)                           (USD'000) 
Port of Adria 1,470                                1,470                               6,000 12                         Equity-accounted investments 

The nature of the operations and the locations of the equity-accounted investees of the Company are listed below:

 
                                                              Locations Operations 
Equity-accounted investees 
LCT - Lisbon Cruise Terminals, LDA ("LCT")                    Portugal  Port operations 
SATS - Creuers Cruise Services Pte. Ltd. ("Singapore Port")   Singapore Port operations 
Venezia Investimenti Srl. ("Venice Investment")               Italy     Port investments 
Goulette Cruise Holding ("Goulette")                          UK        Port investments 
La Spezia Cruise Facility Srl. ("La Spezia")                  Italy     Port operations 
Pelican Peak Investments Inc ("Pelican Peak")                 Canada    Ancillary services 

Lisbon Cruise Terminals

The Group has entered into the concession agreement of Lisbon Cruise Port within the framework of a public-service concession on 18 July 2014 as a part of the consortium comprising Global Liman, RCCL, Creuers and Group Sousa - Investimentos SGPS, LDA. The operation right of Lisbon Cruise Port has been transferred by the Port Authority of Lisbon to LCT-Lisbon Cruise Terminals, LDA, which was established by the Consortium on 26 August 2014. The Group has a 46.2% effective interest in Lisbon Cruise Terminals as at 31 March 2021, hence the Group can only appoint a minority of Directors to the Board and therefore does not have control over the entity. Lisbon Cruise Terminals has been recognised as an equity-accounted investee in the consolidated financial report as at and for the periods ended 31 March 2021 and 2019. 12 Equity-accounted investments (continued)

Singapore Port

Barcelona Port Investments, S.L ("BPI") was established as a joint venture between the Group and Royal Caribbean Cruises Ltd. ("RCCL") on 26 July 2013 for the purpose of acquiring Creuers. Global Liman has 62% ownership in BPI. Creuers holds a 100% interest in the port operation rights for the Barcelona cruise port, as well as an 100% interest in the port operation rights for the Malaga cruise port and a 40% interest in the port operation rights for the Singapore cruise port. Singapore cruise port has a fiscal year starting from 1 April and ending on 31 March. The entity's financial results are aligned to the Group's fiscal year to account for under the scope of IAS 28. The effective interest held on Singapore cruise port is 24.8%. Singapore has been recognised as an equity-accounted investee in the consolidated financial report as at and for the periods ended 31 March 2021 and 31 December 2019.

Venice Investment

Venezia Investimenti Srl is an international consortium formed for investing in Venezia Terminal Passegeri S.p.A ("VTP"). The international consortium formed as a joint venture by GPH, Costa Crociere SpA, MSC Cruises SA and Royal Caribbean Cruises Ltd each having a 25% share of the Company.

Goulette Cruise Holding

Goulette Cruise Holding is a joint venture established 50%-50% between the Company and MSC Cruises S.A. ("MSC"), to acquire La Goulette Shipping Cruise, which operates the cruise terminal in La Goulette, Tunisia. The Company made a share capital contribution for its 50% shareholding amounting to EUR55 thousand and issued a loan of USD6m in December 2019 to fund the acquisition of La Goulette Shipping Cruise proportionately to its share. The joint venture acquired the shares in La Goulette Shipping Cruise on 26 December 2019.

La Spezia

GPH purchased a minority interest of 28.5% through POH in La Spezia Cruise Facility Srl, which has the operating rights of La Spezia Cruise Port, Italy.

Pelican Peak

Group invested Pelican Peak, a company established in Canada and operating in the Caribbean region to provide ancillary services to cruise passengers. The investment in Pelican Peak shares were made as part of the Group's plans to integrate its services vertically and increase ancillary service opportunities of the Group.

Impairment analysis

Management prepared formal forecasts for Equity accounted investees for their remaining concession period, which are used to estimate their Value In Use ("VIU"). VIU calculations requires subjective judgements based on a wide range of variables at a point in time including future passenger numbers, growth forecast and discount rates. Due to the adverse impact of the Covid-19 pandemic on the Group's trade, an indicator of impairment has been identified for all investments within the Group.

The recoverable amount of each investment is estimated using a value in use (VIU) model. The Group uses the budget and long-range plan as approved by the boards of respective entities as the basis for the discounted cash flow models. The period over which cash flows have been projected is the length of the relevant concession agreement. The concession period has been used instead of 5 years (and a terminal value) as the concession length best represents the future use of the assets.

For the investments of Singapore, Lisbon, Goulette and Pelican Peak the recoverable amount estimated was significantly in excess of the carrying amount of that investment and thus no impairment has been recognised (2019: no impairment recognised).

In relation to Venezia Investimenti, an indicator of impairment has been identified as, whilst the port has continued to operate through the period, the port has not grown as expected since acquisition in 2016, and the concession period remaining decreased significantly. As a result, a detailed analysis for the investment has been made and taking into consideration the recent limitations and restrictions to cruise traffic in Venice, an impairment of USD8.4 million (2019: no impairment recognised) has been recognised. The recoverable amount of the investment has been estimated as USD2.5 million using a discount rate of 9.1% based on its value in use. 12 Equity-accounted investments (continued)

For the year ended 31 March 2021

At 31 March 2021, Venezia Investimenti, Lisbon Cruise Terminals, Goulette Cruise Holding, Singapore Port and Pelican Peak are equity-accounted investees in which the Group participates.

The following table summarises the financial information of Goulette Cruise Holding, Venezia Investimenti, Lisbon Cruise Terminals, Singapore Port and Pelican Peak as included in the consolidated financial statements as at 31 March 2021. The table also reconciles the summarised financial information to the carrying amount of the Group's interest in Lisbon Cruise Terminals and Singapore Port.

                                          Pelican                            Venezia        Lisbon Cruise    Singapore 
                                          Peak      Goulette Cruise Holding  Investimenti   Terminals        Port 
                                                    (USD'000) 
                                          (USD'000)                          (USD'000)      (USD'000)        (USD'000) 
Percentage ownership interest             10.23%    50.00%                   25.00%         50.00%           40.00% 
Non-current assets                        5,323     21,106                   17,083         29,980           12,093 
Current assets                            3         2,350                    3,513          3,259            24,275 
Non-current liabilities                   (300)     (20,201)                 (10,751)       (14,189)         (7,620) 
Current liabilities                       (349)     (4,719)                  (34)           (1,718)          (10,800) 
Net assets (100%)                         4,676     (1,464)                  9,811          17,332           17,948 
Group's share of net assets               478       (732)                    2,453          8,666            7,179 
Carrying amount of interest in            478       -- (*)                   2,453          8,666            7,179 
equity-accounted investees 
Revenue                                   --        --                       861            2,674            22,331 
Expenses                                  (1,112)   (1,593)                  (231)          (4,908)          (18,327) 
Profit and total comprehensive income for (1,112)   (1,593)                  631            (2,233)          4,004 
the year (100%) 
Group's share of profit and total         (114)     (64) (*)                 158            (1,117)          1,602 
comprehensive income 

(*) Group has no obligation to fund the Goulette's operations or has made payments on behalf of the Goulette. The Group's interest on Goulette is reduced to zero, yearly result recognized is the balance nullifying the equity.

As at 31 March 2021, the amounts in the above table include the following:

                                                    Pelican                        Venezia      Lisbon Cruise Singapore 
USD '000                                            Peak      Goulette Cruise      Investimenti Terminals     Port 
                                                              Holding (USD'000) 
                                                    (USD'000)                      (USD'000)    (USD'000)     (USD 000) 
Cash and cash equivalents                           3         9                    3,513        2,892         11,714 
Non-current financial liabilities (excluding trade  (265)     16,250               --           (13,816)      (7,174) 
and other payables and provisions) 
Current financial liabilities (excluding trade and  --        --                   --           (561)         (617) 
other payables and provisions) 
Interest income                                     --        873                  --           --            -- 
Depreciation and amortisation                       --        --                   (2)          (1,751)       (3,322) 
Interest expense                                    --        (795)                --           (542)         (336) 
Income tax expense                                  --        --                    --          594           (820) 

For the 15 months ended 31 March 2021, the Group's share of profit and total comprehensive income is set out below:

                                                        Net profit 
 
                                                        (USD '000) 
Singapore Port                                          1,602 
Venezia Investimenti                                    158 
Pelican Peak                                            (114) 
Goulette Cruise Holding                                 (64) 
Lisbon Cruise Terminals                                 (1,117) 
Group's share of profit and total comprehensive income  465 12 Equity-accounted investments (continued) 

For the year ended 31 December 2019

At 31 December 2019, La Spezia, Venezia Investimenti, Lisbon Cruise Terminals and Singapore Port are equity-accounted investees in which the Group participates.

The following table summarises the financial information of La Spezia, Goulette Cruise Holding, Venezia Investimenti, Lisbon Cruise Terminals and Singapore Port as included in the consolidated financial statements as at 31 December 2019. The table also reconciles the summarised financial information to the carrying amount of the Group's interest in Lisbon Cruise Terminals and Singapore Port.

                                          La Spezia                          Venezia        Lisbon Cruise    Singapore 
                                                    Goulette Cruise Holding  Investimenti   Terminals        Port 
                                          (USD'000) (USD'000) 
                                                                             (USD'000)      (USD'000)        (USD'000) 
Percentage ownership interest             30.00%    50.00%                   25.00%         50.00%           40.00% 
Non-current assets                        --        13,536                   34,274         29,465           7,141 
Current assets                            24        246                      5,020          6,484            19,272 
Non-current liabilities                   --        (13,659)                 --             (13,569)         (2,846) 
Current liabilities                       --        --                       (37)           (3,476)          (5,312) 
Net assets (100%)                         24        123                      39,257         18,904           18,255 
Group's share of net assets               7         62                       9,814          9,452            7,302 
Carrying amount of interest in            7         62                       9,814          9,452            7,302 
equity-accounted investees 
Revenue                                   --        --                       3,053          7,832            28,490 
Expenses                                   --       --                       (925)          (6,340)          (17,735) 
Profit and total comprehensive income for  --        --                      2,128          1,492            10,755 
the year (100%) 
Group's share of profit and total          --       --                       532            746              4,302 
comprehensive income 

As at 31 December 2019, the amounts in the above table include the following:

                                                    La Spezia                      Venezia      Lisbon Cruise Singapore 
USD '000                                                      Goulette Cruise      Investimenti Terminals     Port 
                                                    (USD'000) Holding (USD'000) 
                                                                                   (USD'000)    (USD'000)     (USD 000) 
Cash and cash equivalents                           24        246                  5,000        3,193         2,763 
Non-current financial liabilities (excluding trade  --        13,659               --           (13,569)      (2,403) 
and other payables and provisions) 
Current financial liabilities (excluding trade and  --        --                   --           (934)         (337) 
other payables and provisions) 
Interest income                                     --        --                   --           --            74 
Depreciation and amortisation                       --        --                   (2)          (1,260)       (1,885) 
Interest expense                                    --        --                   --           (456)         -- 
Income tax expense                                  --        --                   --           (444)         (2,615) 

For the year ended 31 December 2019, the Group's share of profit and total comprehensive income is set out below:

                                                        Net profit 
 
                                                        (USD '000) 
Venezia Investimenti                                    532 
Lisbon Cruise Terminals                                 746 
Singapore Port                                          4,302 
Group's share of profit and total comprehensive income  5,580 13                         Cash and cash equivalents 

As at 31 March 2021 and 31 December 2019, cash and cash equivalents comprised the following:

                                 2021         2019 
 
                                 (USD '000)   (USD '000) 
Cash on hand                     72           132 
Cash at banks                    164,232      63,601 
- Demand deposits                141,433      39,288 
- Time deposits                  22,799       17,815 
- Overnight deposits             --           6,498 
Other cash and cash equivalents  6,295        47 
Cash and cash equivalents        170,599      63,780 

As at 31 March 2021 and 31 December 2019, maturities of time deposits comprised the following:

               2021         2019 
 
               (USD '000)   (USD '000) 
Up to 1 month  21,706       23,248 
1-3 months     1,093        1,065 
 Total         22,799       24,313 

As at 31 March 2021 and 31 December 2019, the ranges of interest rates for time deposits are as follows:

                                              2020  2019 
Interest rate for time deposit-TL (highest)   18.8% 9.0% 
Interest rate for time deposit-TL (lowest)    18.0% 8.0% 
Interest rate for time deposit-USD (highest)  --    1.9% 
Interest rate for time deposit-USD (lowest)   --    1.3% 
Interest rate for time deposit-EUR (highest)  0.05% 0.01% 
Interest rate for time deposit-EUR (lowest)   0.35% 0.15% 

As at 31 March 2021, cash at bank held at BPI, Nassau Cruise Port, Ege Port and Port of Adria amounting to USD 15,639 thousand (31 December 2019: USD 5,672 thousand) is restricted due to debt service reserve amounts regarding financing agreements and subscription guarantees (Note 15). Debt service reserve guarantees were given for the following period's interest and principal payment and can be used when requested for investment purposes. 14 Capital and reserves a. Share capital

The Company's shares are ordinary voting shares. There are no preferential rights attached to any shares of the Company.

The details of paid up share capital as of 31 December are as follows:

                            Number of shares Share capital Share Premium 
                            '000             USD'000       USD'000 
Balance at 1 January 2018   62,827           811           -- 
Balance at 31 December 2018 62,827           811           -- 
Balance at 31 December 2019 62,827           811           -- 14 Capital and reserves (continued) b. Nature and purpose of reserves i. Translation reserves 

The translation reserves amounting to USD 58,779 thousand (31 December 2019: USD 213,715 thousand) are recognised as a separate account under equity and comprises foreign exchange differences arising from the translation of the consolidated financial statements of subsidiaries and equity-accounted investees from their functional currencies (of Euro and TL) to the presentation currency USD. ii. Legal reserves

Under the Turkish Commercial Code, Turkish companies are required to set aside first and second level legal reserves out of their profits. First level legal reserves are set aside as up to 5% of the distributable income per the statutory accounts each year. The ceiling of the first level reserves is 20% of the paid-up share capital. The requirement to set aside ends when the 20% of the paid-up capital level has been reached. Second level legal reserves correspond to 10% of profit distributed after the deduction of the first legal reserves and the minimum obligatory dividend pay-out, but holding companies are not subject to this regulation. There is no ceiling for second level legal reserves and they are accumulated every year. First and second level legal reserves cannot be distributed until they exceed 50% of the capital, but the reserves can be used for offsetting the losses in case free reserves are unavailable. As at 31 March 2021, the legal reserves of the Group amounted to USD 6,014 (31 December 2019: USD 13,144 thousand). iii. Hedging reserves

Net investment hedge

In the year ended 31 March 2021, Global Liman has used its US Dollar Eurobond financing in a net investment hedge of the US Dollar net assets of Ege Port and Bodrum Cruise Port (31 December 2019: the Company has used its US Dollar Eurobond financing in a net investment hedge of the US Dollar net assets of Ege Port, Bodrum Cruise Port and Port Akdeniz). A foreign exchange loss recognised in other comprehensive income as a result of net investment hedging was USD 45,209 thousand (2019: loss USD 24,725 thousand).

The net investment hedge of the US Dollar net asset of Port Akdeniz has been eliminated with the disposal accounting. Total hedged amount on GLI (the group company held Port Akdeniz' shares) accounts amounted to USD 223,934 thousand. Translation reserves created during elimination of Port Akdeniz equity (GLI, sub holding company, has TL functional currency, which resulted translation gains on the elimination of subsidiaries equity against its investments held in TL) created during PA consolidation was USD 216,235 thousand, leaving a loss of USD 7,699 thousand on the disposal transaction.

Cash flow hedge

The Group entered into an interest rate swap in order to hedge its position against changes in interest rates. The effective portion of the cash flow hedge that was recognised in other comprehensive income was USD 469 thousand loss (31 December 2019, USD 335 thousand loss). The amount that was reclassified from equity to profit and loss within the cash flow hedges - effective portion of changes in fair value line item for the year was USD 244 thousand (31 December 2019, USD 246 thousand) recognized at financial expenses on profit and loss statement. 14 Capital and reserves (continued) b. Nature and purpose of reserves (continued)

The hedge instrument payments will be made in the periods shown below, at which time the amount deferred in equity will be reclassified to profit and loss:

                                        More than 3       5 years or less 
                           3 months     months but less   but more than     More than 
                           or less      than 1 year       1 year            5 years 
                           (USD '000)   (USD '000)        (USD '000)        (USD '000) 
Net cash outflows exposure 
Liabilities                110          89                145               -- 
At 31 March 2021           110          89                145               -- 
 
Net cash outflows exposure 
Liabilities                --           220               265               -- 
At 31 December 2019        --           220               265               -- iv. Merger reserves 

On 17 May 2017, Global Ports Holding PLC was listed on the Standard Listing segment of the Official List and trading on the Main Market of the London Stock Exchange. As part of a restructuring accompanying the Initial Public Offering ("IPO") of the Group on 17 May 2017, Global Ports Holding PLC replaced Global Liman Isletmeleri A.S. as the Group's parent company by way of a Share exchange agreement. Under IFRS 3 this has been accounted for as a Group reconstruction under merger accounting. These consolidated financial statements have been prepared as a continuation of the existing Group. Merger accounting principles for this combination have given rise to a merger reserve of USD 225 million. This has been transferred from the merger reserve to retained earnings subsequent to the share capital reduction, as it does not have any features distinct from retained earnings. c. Dividends

Dividend distribution declarations are made by the Company in GBP and paid in USD in accordance with its articles of association, after deducting taxes.

The Board of the Company has decided to temporarily suspend the dividend for full year 2019, until the situation related to spread of Covid-19 ("coronavirus") becomes clearer, no dividend was decided and distributed during the reporting period ended 31 March 2021.

GPH PLC proposed and paid a 2019 interim dividend of GBP 0.155 per share to its shareholders, giving a distribution of GBP 9,738 thousand (USD 12,580 thousand).

GPH PLC declared 2018 final dividend of GBP 0.212 per share to its shareholders on 24 May 2019 and paid on 5 July 2019, giving a distribution of GBP 13,319 thousand (USD 16,645 thousand).

The total dividends in respect of the year ended 31 December 2019 were USD 29,225 thousand.

Dividends to non-controlling interests totalled USD 237 thousand in the reporting period (2019: USD 6,366 thousand) and comprised a distribution of USD 24 thousand (2019: USD 2,550 thousand) made to other shareholders by Valletta Cruise Port fully in cash, and a distribution of USD 213 thousand (2019: USD 3,751) made to other shareholders by Barcelona Port Investments fully paid in cash (2019: a distribution of USD 65 thousand made to other shareholders by Cagliari Cruise Port no cash settlement). 15 Loans and borrowings

As at 31 March 2021 and 31 December 2019, loans and borrowings comprised the following:

                                             2021        2019 
Current loans and borrowings 
                                            (USD '000)   (USD '000) 
Current portion of bonds issued             272,437      18,554 
Current bank loans                          3,802        12,497 
     -- TL                    2,529        3,632 
     -- Other currencies      1,273        8,865 
Current portion of long-term bank loans     16,654       29,899 
     -- TL                    3,877        822 
     -- Other currencies      12,777       29,077 
Lease obligations                           2,307        1,741 
Finance leases                              --           622 
Lease obligations recognized under IFRS 16  2,307        1,119 
Total                                       295,200      62,691 
                                            2021         2019 
Non-current loans and borrowings 
                                            (USD '000)   (USD '000) 
Non-current portion of bonds issued         113,734      232,436 
Non-current bank loans                      76,389       94,156 
     -- TL                    --           7 
     -- Other currencies      76,389       94,149 
Finance lease obligations                   63,611       63,707 
Finance leases                              --           -- 
Lease obligations recognized under IFRS 16  63,611       63,707 
Total                                       253,734      390,299 

As at 31 March 2021 and 31 December 2019, the maturity profile of long-term bank loans comprised the following:

                   2021         2019 
Year 
                   (USD '000)   (USD '000) 
Between 1-2 years  24,523       270,997 
Between 2-3 years  22,052       11,463 
Between 3-4 years  30,792       9,130 
Over 4 years       112,756      35,002 
Total              190,123      326,592 

As at 31 March 2021 and 31 December 2019, the maturity profile of lease obligations comprised the following:

USD '000         2021                                                2019 
                 Future minimum    Interest Present value of minimum Future minimum    Interest Present value of minimum 
                 lease payments             lease payments           lease payments             lease payments 
Less than one    5,118             (2,811)  2,307                    3,646             (1,905)  1,741 
year 
Between one and  142,913           (79,302) 63,611                   142,638           (78,931) 63,707 
five years 
Total            148,031           (82,113) 65,918                   146,284           (80,836) 65,448 15 Loans and borrowings (continued) 

Details of the loans and borrowings as at 31 March 2021 are as follows:

                                                                                      As at 31 March 2021 
Loans and borrowings type              Company name       Currency Maturity Interest  Interest     Principal Carrying 
                                                                            type      rate %                 value 
Loans used to finance investments and 
projects 
Unsecured Eurobonds (i)                Global Liman       USD      2021     Fixed     8.13         250,000   256,817 
Unsecured Bond (vi)                    Nassau Cruise Port USD      2040     Fixed     8.00         124,470   129,355 
Secured Loan (ii)                      Barcelona Port     EUR      2023     Floating  Euribor +    14,445    14,403 
                                       Investments                                    4.00 
Secured Loan (iii)                     Malaga Cruise Port EUR      2025     Floating  Euribor 3m + 3,840     3,818 
                                                                                      1.75 
Secured Loan (iv)                      Valetta Cruise     EUR      2035     Floating  Euribor +    12,063    10,906 
                                       Port                                           2.80 
Secured Loan                           Cagliari Cruise    EUR      2026     Fixed     2.20 - 5.55  556       556 
                                       Port 
Secured Loan                           Bodrum Cruise Port TL       2021     Fixed     9.50 - 19.00 375       396 
Secured Loan (v)                       Port of Adria      EUR      2025     Floating  Euribor +    22,892    23,049 
                                                                                      4.25 
Secured Loan                           Port of Adria      EUR      2022     Fixed     3.15 - 3.30  1,186     1,189 
Secured Loan                           Catania Cruise     EUR      2027     Fixed     2.20 - 5.55  30        30 
                                       Port 
Secured Loan                           Balearic Handling  EUR      2025     Fixed     1.50         132       132 
Secured Loan                           Shore Handling     EUR      2028     Fixed     1.50         253       253 
Secured Loan                           Barcelona Cruise   EUR      2024     Floating  EURIBOR +    2,816     2,819 
                                       Port                                           4.00 
Secured Loan (vii)                     Antigua Cruise     USD      2026     Floating  LIBOR + 5.75 33,283    33,283 
                                       Port 
                                                                                                   466,341   477,006 
Loans used to finance working capital 
Unsecured Loan                         Global Liman       TL       2021     Fixed     9.25 - 9.50  1,977     2,132 
Unsecured Loan                         Ege Liman          TL       2021     Fixed     30.60        3,576     3,878 
                                                                                                   5,553     6,010 
Finance lease obligations (incl. 
IFRS-16 Finance Lease) 
Leasing                                Cagliari Cruise    EUR      2026     Fixed     4.84         26        26 
                                       Port 
Leasing                                Global Ports PLC   GBP      2022     Fixed      3.5         406       406 
Leasing                                Barcelona Cruise   EUR       2029    Fixed      4.25        2,165     2,165 
                                       Port 
Leasing                                Malaga Cruise Port EUR       2041    Fixed      2.00        9,380     9,380 
Leasing                                Valetta Cruise     EUR      2066     Fixed     4.27         67,512    26,539 
                                       Port 
Leasing                                Bodrum Cruise Port TL       2067     Fixed     18.09        1,731     1,845 
Leasing                                Port of Adria      EUR      2043     Fixed     3.85         14,184    9,695 
Leasing                                Zadar              HRK       2038    Fixed     5.50         2,775     2,775 
Leasing                                Cagliari Cruise    EUR       2026    Fixed      4.84        378       318 
                                       Port 
Leasing                                Nassau Cruise Port USD      2047     Fixed     1.79         137       137 
Leasing                                Antigua Cruise     USD      2048     Fixed     7.65         32,387    12,632 
                                       Port 
                                                                                                   131,081   65,918 
                                                                                                             548,934 15 Loans and borrowings (continued) 

Details of the loans and borrowings as at 31 December 2019 are as follows:

                                                                                     As at 31 December 2019 
Loans and borrowings type           Company name        Currency Maturity Interest   Interest rate Principal Carrying 
                                                                          type       %                       value 
Loans used to finance investments 
and projects 
Unsecured Eurobonds (i)             Global Liman        USD      2021     Fixed      8.13          250,000   250,989 
Secured Loan (ii)                   Barcelona Port      EUR      2023     Floating   Euribor +     18,224    17,857 
                                    Investments                                      4.00 
Secured Loan (iii)                  Malaga Cruise Port  EUR      2025     Floating   Euribor 3m +  4,467     4,437 
                                                                                     1.75 
Secured Loan (iv)                   Valetta Cruise Port EUR      2026     Floating   Euribor +     10,295    9,162 
                                                                                     2.80 
Secured Loan                        Global BV           EUR      2020     Floating   Euribor +     5,430     5,441 
                                                                                     4.60 
Secured Loan                        Cagliari Cruise     EUR      2026     Fixed      2.20 - 6.20   564       564 
                                    Port 
Secured Loan                        Bodrum Cruise Port  TL       2020     Fixed      17.0 - 27.5   513       594 
Secured Loan (v)                    Port of Adria       EUR      2025     Floating   Euribor +     22,392    22,551 
                                                                                     4.25 
Secured Loan                        Port of Adria       EUR      2019     Fixed      3.85          840       842 
Secured Loan                        Ortadogu Liman      TL       2020     Fixed      14.50         339       339 
Secured Loan                        Ortadogu Liman      USD      2020     Fixed      3.60 - 6.60   1,401     1,401 
Secured Loan                        Ortadogu Liman      EUR      2020     Fixed      3.40 - 6.00   533       535 
Secured Loan                        Barcelona Cruise    EUR      2024     Floating   EURIBOR +     2,686     2,651 
                                    Port                                             4.00 
Secured Loan (vi)                   Nassau Cruise Port  USD      2021     Fixed      4.5           16,000    16,000 
Secured Loan (vii)                  Antigua Cruise Port USD      2026     Floating   LIBOR + 5,75  16,104    15,197 
                                                                                                   349,788   348,560 
Loans used to finance working 
capital 
Unsecured Loan                      Global Liman        TL       2020     Fixed      26.34         2,694     2,701 
Unsecured Loan                      Ege Liman           USD      2020     Fixed      4.95          1,500     1,511 
Unsecured Loan                      Ege Liman           EUR      2020     Fixed      3.54          2,377     2,437 
Unsecured Loan                      Ege Liman           TL       2020 -   Fixed      15.84 - 30.6  534       509 
                                                                 2021 
Secured Loan                        Ortadogu Liman      EUR      2020     Fixed      3.80 - 8.75   20,849    21,025 
Secured Loan                        Ortadogu Liman      USD      2020     Fixed      3.80 - 8.75   10,289    10,478 
Secured Loan                        Ortadogu Liman      TL       2020     Fixed      26            320       321 
                                                                                                   38,563    38,982 
Finance lease obligations 
Leasing                             Ortadogu Liman      USD      2020     Fixed      7.35          186       186 
Leasing                             Cagliari Cruise     EUR      2021     Fixed      1.96          45        44 
                                    Port 
Leasing                             Ege Liman           USD      2020     Fixed      7.75          1         1 
Leasing                             Ege Liman           EUR      2020     Fixed      5.5           385       385 
Leasing                             Global Ports PLC    GBP      2022     Fixed       3.5          690       648 
Leasing                             Barcelona Cruise    EUR       2020    Floating    3.9          3         4 
                                    Port 
Leasing                             Barcelona Cruise    EUR       2030    Floating    4.0          2,424     2,424 
                                    Port 
Leasing                             Malaga Cruise Port  EUR       2036    Floating    4.0          9,478     9,479 
Leasing                             Valetta Cruise Port EUR      2066     Floating   4.27          25,386    25,001 
Leasing                             Bodrum Cruise Port  TL       2067     Fixed      8.3           2,441     2,474 
Leasing                             Port of Adria       EUR      2043     Floating   3.85          14,115    9,408 
Leasing                             Zadar               HRK       2038    Fixed       9.35         2,993     2,994 
Leasing                             Cagliari Cruise     EUR       2026    Fixed       4.5          328       328 
                                    Port 
Leasing                             Antigua Cruise Port USD      2048     Floating   7.65          12,072    12,072 
                                                                                                   70,547    65,448 
                                                                                                             452,990 15 Loans and borrowings (continued) 

Detailed information relating to significant loans undertaken by the Group is as follows: i. The sales process of the Eurobond issuances amounting to USD 250 million with 7 years of maturity, and8.125% coupon rate based on 8.250% reoffer yield was completed on 14 November 2014. Coupon repayment was madesemi-annually. The bonds have beenquoted on the Irish Stock Exchange.

Eurobonds contain the following key covenants: ? If a concession termination event occurs at any time, Global Liman (the "Issuer") must offer torepurchase all of the notes pursuant to the terms set forth in the indenture (a "Concession Termination EventOffer"). In the Concession Termination Event Offer, the Issuer will offer a "Concession Termination Event Payment"in cash equal to 100% of the aggregate principal amount of notes repurchased, in addition to accrued and unpaidinterest and additional amounts, if any, on the notes repurchased, to the date of purchase (the "ConcessionTermination Event Payment Date"), subject to the rights of holders of notes on the relevant record date to receiveinterest due on the relevant interest payment date. ? According to the Eurobond issued by Global Liman, the consolidated leverage ratio may not exceed 5.0 to 1(incurrence covenant). The consolidated leverage ratio as defined in the Eurobond includes Global Liman as theissuer and all of its consolidated subsidiaries excluding the Malaga Cruise Port (being Unrestricted Subsidiary asdefined in the Eurobond). Nassau Cruise Port and GPH Antigua are subsidiaries of GPH PLC, therefore not included onthe covenant computation of Global Liman Eurobond. Irrespective of the consolidated leverage ratio, the issuer willbe entitled to incur any or all of the following indebtedness: ? Indebtedness incurred by the Issuer or Ege Ports ("Guarantor") pursuant to one or more credit facilitiesin an aggregate principal amount outstanding at any time not exceeding USD 5 million; ? Purchase money indebtedness incurred to finance the acquisition by, the Issuer or a RestrictedSubsidiary, of assets in the ordinary course of business in an aggregate principal amount which, when addedtogether with the amount of indebtedness incurred and then outstanding, does not exceed USD 10 million; ? Any additional indebtedness of the Issuer or any Guarantor (other than and in addition to indebtednesspermitted above) and Port of Adria indebtedness, provided, however, that the aggregate principal amount ofIndebtedness outstanding at any time of this clause does not exceed USD 20 million; and provided further, that morethan 50% in aggregate principal amount of any Port of Adria indebtedness incurred pursuant to this clause isborrowed from the International Finance Corporation and/or the European Bank for Reconstruction and Development. ? Group debt covenants are calculated based on applicable IFRSs as of the time the lease obligations wereinitially recognised. Therefore, the group debt covenants as at period end have not been affected from thetransition to IFRS 16 in 2019. ii. On 30 September 2014, BPI and Creuers entered into a syndicated loan. Tranche A of this loan is paidsemi-annually, at the end of June and December, with the last payment being in 2023. Tranche B already paid,Tranche C amounting to Euro 2.4 million has a bullet payment in 2024. The interest rate of this loan is Euribor 6m+ 4.00%. The syndicated loan is subject to a number of financial ratios and restrictions, breach of which couldlead to early repayment being requested. Under this loan, in the event of default, all the shares of BPI (a totalof 3,170,500 shares each being EUR1) and Creuers (3,005,061shares each being EUR1) are pledged together with certainrights of these companies. The agreement includes terms about certain limitations on dividends payments, newinvestments, and change in the control of the companies, change of the business, new loans and disposal of assets. iii. On 12 January 2010, Cruceros Málaga, S.A. entered into a loan agreement with Unicaja regarding a Euro 9million loan to finance the construction of the new terminal. This loan had an 18-month grace period. It is linkedto Euribor and has a term of 180 months from the agreement execution date. Therefore, the maturity date of the loanis on 12 January 2025. A mortgage has been taken out on the administrative concession agreement to guaranteerepayment of the loan principal and accrued interest thereon. 15 Loans and borrowings (continued) iv. Valletta Cruise Port's bank loans and overdraft facilities bear interest at Euribor + 3% (31 December2019: + 3%) per annum and are secured by a mortgage over VCP's present and future assets, together with a mortgageover specific property within the concession site for a period of 65 years commencing on 21 November 2001. v. Port of Adria entered into a loan agreement with EBRD amounting to Euro 20 million in total on 26February 2018 with a 6-year maturity, 2 years grace period and an interest rate of Euribor + 4.25%. Principal andinterest will be payable quarterly, in January, April, July and November of each year. Under this loan agreement,in the event of default, all shares of Port of Adria (12.040.993 Shares having 0,5026 EUR nominal value per each and30.683.933 Shares having 1,1485 EUR nominal value per each) are pledged to the bank in accordance with a share pledgeagreement. In compliance with this agreement, the Company is also guarantor of Port of Adria, and as per agreement,the Company has to comply with the consolidated leverage ratio of 5.0 to 1, as it is presented on the Eurobond ofGlobal Liman. vi. In June 2020, NCP has successfully completed a private bond offering. The 20-year unsecured bond willmature in 2040 and pay a semi-annual coupon of 8.0% p.a. starting in June 2021. vii. On 26 September 2019, GPH Antigua entered into a syndicated loan with 6 years maturity and 2 years graceperiod. Repayment will be made quarterly starting from 31 December 2021, at a principal rate of 2.0835%. Remainingamount (58.33%) will be paid at 31 December 2026. The interest rate of this loan will be Libor + 5.75% prior to NewPier completion date and Libor + 5.25% after completion of New pier construction. The syndicated loan is subject toa number of financial ratios and restrictions, breach of which could lead to early repayment being requested. Theagreement includes terms about certain limitations on dividends payments, new investments, and change in thecontrol of the companies, change of the business, new loans and disposal of assets.

Reconciliation of movements of liabilities to cash flows arising from financing activities

USD'000                                              Liabilities                   Equity 
                                              Note   Loans and           Leases    Retained         NCI        Total 
                                                     Borrowings                    earnings 
Balance at 1 January 2020                            387,542             65,448    61,053           86,330     600,373 
Changes from financing cash flows 
Proceeds from loans and borrowings                   160,641             455       --               --         161,096 
Repayment of borrowings / leases                     (52,318)            (3,922)   --               --         (56,240) 
Dividend paid                                 14 (c) --                  --        --               (237)      (237) 
 
Total changes from financing cash flows              108,323             (3,467)   --               (237)      104,619 
The effect of changes in foreign exchange            40,262              (450)     (224)            3,715      43,303 
rates 
Other changes 
Liability-related 
Disposal                                             (29,469)            --        5,854            --         (23,615) 
Interest expense                                     30,339              4,912     --               --         35,251 
Interest paid                                        (17,569)            (2,803)   --               --         (20,372) 
Total liability-related other changes                (36,412)            2,278     --               --         (34,134) 
Total equity-related other changes                   --                  --        (78,834)         (14,986)   (93,820) 
Balance at 31 March 2021                             483,016             65,918    (12,151)         74,822     611,605 15 Loans and borrowings (continued) 
USD'000                                               Liabilities                   Equity 
                                              Note    Loans and           Leases    Retained         NCI       Total 
                                                      Borrowings                    earnings 
Balance at 1 January 2019                             345,146             1,905     108,981          91,045    547,077 
Changes from financing cash flows 
Proceeds from loans and borrowings                    74,918              --        --               --        74,918 
Repayment of borrowings / leases                      (31,949)            (3,066)   --               --        (35,015) 
Dividend paid                                 14 (c)  --                  --        (29,225)         (5,062)   (35,591) 
Total changes from financing cash flows               42,969              (3,066)   (29,225)         (5,062)   4,312 
The effect of changes in foreign exchange             4,782               (304)     29               --        4,507 
rates 
Other changes 
Liability-related 
New leases / other financial liability                --                  67,132    --               --        67,132 
Interest expense                                      26,077              2,434     --               --        28,511 
Interest paid                                         (26,388)            --        --               --        (26,388) 
Total liability-related other changes                 (5,044)             (2,653)   --               --        (7,697) 
Total equity-related other changes                    --                  --        (18,732)         347       (18,385) 
Balance at 31 December 2019                           387,542             65,448    61,053           86,330    600,373 16                         Earnings / (Loss) per share 

The Group presents basic earnings per share ("basic EPS") data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period, less own shares acquired.

During the year, the Group introduced share-based payments as part of its long-term incentive plan to directors and senior management. The shares to be granted to the participants of the scheme are only considered as potential shares when the market vesting conditions are satisfied at the reporting date. None of the market conditions are satisfied at the reporting date and therefore there is no dilution of the earnings per share or adjusted earnings per share (please refer to the glossary of APMs). There are no other transactions that can result in dilution of the earnings per share or adjusted earnings per share (please refer to the glossary of APMs).

Earnings per share is calculated by dividing the profit attributable to ordinary shareholders, by the weighted average number of shares outstanding.

                                                                                           2021         2019 
 
                                                                                           (USD '000)   (USD '000) 
Profit attributable to owners of the Company                                               (80,313)     (18,558) 
Weighted average number of shares                                                          62,826,963   62,826,963 
Basic and diluted earnings / (loss) per share with par value of GBP 0.01 (cents per share) (127.8)      (29.5) 
Profit attributable to owners of the Company                                               (93,219)     (28.436) 
Weighted average number of shares                                                          62,826,963   62,826,963 
Basic and diluted earnings / (loss) per share with par value of GBP 0.01 (cents per share) (148.4)      (45.3) 17                         Commitments and contingencies a. Litigation 

There are pending lawsuits that have been filed against or by the Group. Management of the Group assesses the possible results and financial effects of these lawsuits at the end of each period and as a result of these assessments, the required provisions are recognised for the possible expenses and liabilities. The total provision amount that has been recognised as at 31 March 2021 is USD 6,118 thousand (31 December 2019: USD 1,295 thousand).

The information related to the significant lawsuits that the Group is directly or indirectly a party to, is outlined below:

The Port of Adria-Bar (Montenegro) is a party to the disputes arising from the collective labour agreement executed with the union by Luka Bar AD (former employer/company), which was applicable to Luka Bar AD employees transferred to Port of Adria-Bar. The collective labour agreement has expired in 2010, before the Port was acquired by the Group under the name of Port of Adria-Bar. However, a number of lawsuits have been brought in connection to this collective labour agreement seeking (i) unpaid wages for periods before the handover of the Port to the Group, and (ii) alleged underpaid wages as of the start of 2014. On March 2017, the Supreme Court of Montenegro adopted a Standpoint in which it is ruled that collective labour agreement cannot be applied on rights, duties and responsibilities for employees of Port of Adria-Bar after September 30th, 2010. Although the Standpoint has established a precedent that has applied to the claims for the period after September 30th, 2010; there are various cases pending for claims related to the period of October 1st, 2009 - September 30th, 2010. In respect of the foregoing period of one year, the Port of Adria-Bar has applied to the Constitutional Court to question the alignment of the collective labour agreement with the Constitution, Labor Law and general collective agreement. The Port of Adria-Bar is notified that the application for initiating the procedure for reviewing the legality of the Collective Agreement has been rejected due to a procedural reason, without evaluating the arguments submitted. On May 17, 2021, the Supreme Court dismissed Port of Adria's case and confirmed and accepted the applicability of the conflicting articles of the collective bargaining agreement in terms of employees' lawsuits for employees.

As of 31 March 2021, the Group has allocated a provision expense of USD 3,067 thousand for this lawsuit in its consolidated financial statements.

On 24 July 2020, the Competition Authority initiated an investigation against Ortadogu Liman, Metlog Lojistik Gemicilik Turizm A.S., and MSC Gemi Acenteligi A.S., due to an alleged breach of Article 4 and 6 of the Law on the Protection of Competition, Law No. 4054 ("Competition Law"). Port Akdeniz has engaged legal representation and submitted a full defence against all allegations on 14 September 2020. As a result of such defence, all allegations pertaining to the breach of Article 4 have been dropped by the Competition Authority, however, in the investigation report received on 2 August 2021, the Competition Authority has alleged that Ortadogu Liman has alleged that Ortadogu Liman has engaged in exclusionary abuse in breach of Article 6 of the Competition Law. Whole process before the Competition Authority may take up to an additional 6 to 12 months (excluding the possibility to file an administrative lawsuit against a negative decision of the Competition Authority).

At this stage, the claim has not matured, and it depends on the decision of the Competition Authority and based on the defence against the claims. The course of the process remains uncertain. The aforementioned investigation report refers a potential monetary fine ranging from 0.5% to 3.0% of Ortadogu Liman's annual revenue in the year prior to the final decision. At this stage, a reasonable estimation cannot be made on the liability related to potential claims, accordingly no provision is recognised.

Ortadogu Liman has been sued for a service given to a commercial ship. Following the local court's decision accepting the claims of the ship owner, Ortadogu Liman has filed an appeal against such decision.

As of 31 March 2021, the Group has allocated a provision expense of USD 3,000 thousand for this lawsuit in its consolidated financial statements. 17 Commitments and contingencies (continued) b. Guarantees

As at 31 March 2021 and 31 December 2019, the letters of guarantee given comprised the following:

                                                       2021         2019 
Letters of guarantee 
                                                       (USD '000)   (USD '000) 
Given to seller for the call option on APVS shares (*) 5,168        5,457 
Given to Privatisation Administration / Port Authority 2,562        2,947 
Other governmental authorities                         218          5,715 
Others                                                 115          402 
Total letters of guarantee                             8,063        14,521 

(*) Venetto Sviluppo ("VS"), the 51% shareholder of APVS, which in turn owns a 53% stake in Venezia Terminal Passegeri S.p.A (VTP), has a put option to sell its shares in APVS partially or completely (up to 51%) to Venezia Investimenti (VI). This option originally can be exercised between 15th May 2017 and 15th November 2018, extended until the end of November 2021. If VS exercises the put option completely, VI will own 99% of APVS and accordingly 71.51% of VTP. The Group has given a guarantee letter for its portion of 25% to VS, which serves as a security of the full amount of the put option mentioned above.

Other collaterals are disclosed in Note 15. c. Contractual obligations

Ege Liman

The details of the TOORA ("Transfer of Operational Rights Agreement") dated 2 July 2003, executed by and between Ege Liman and OIB together with TDI are stated below:

The agreement allows Ege Liman to operate Ege Ports-Kusadasi for a term of 30 years for a total consideration of USD 24.3 million which has already been paid. Ege Liman's operation rights extend to port facilities, infrastructure and facilities which are either owned by the State or were used by TDI for operating the port, as well as the duty-free stores leased by the TDI. Ege Liman is entitled to construct and operate new stores in the port area with the written consent of the TDI.

Ege Liman is able to determine tariffs for Ege Ports- Kusadasi's port services at its own discretion without TDI's approval (apart from the tariffs for services provided to Turkish military ships).

The TOORA requires that the foreign ownership or voting rights in Ege Liman do not exceed 49%. Pursuant to the terms of the TOORA, the TDI is entitled to hold one share in Ege Liman and to nominate one of Ege Ports - Kusadasi's board members. Global Liman appoints the remaining board members and otherwise controls all operational decisions associated with the port. Ege Ports-Kusadasi does not have the right to transfer its operating rights to a third party.

Ege Liman is liable for the maintenance of the Port together with the port equipment in good repair and in operating condition throughout its operating right period. After the expiry of the contractual period, the real estate and the integral parts of it shall be surrendered to the Government at a specific condition, while the movable properties stay with Ege Liman.

Bodrum Liman

The details of the BOT Agreement dated 23 June 2004, executed by and between Bodrum Liman and the DLH are stated below:

Bodrum Liman had to construct the Bodrum Cruise Port in a period of 1 year and 4 months following the delivery of the land and thereafter, will operate the Bodrum Cruise Port for 12 years. The final acceptance of the construction was performed on 4 December 2007, and thus the operation period has commenced.

Bodrum Liman also executed an extension on prior Concession Agreement with the General Directorate of National Property on 15 November 2018 ("Bodrum Port Concession Agreement"). The BOT Agreement is attached to the Bodrum Port Concession Agreement and Bodrum Liman is entitled to use the Bodrum Cruise Port under these agreements for an extended period of 49 years starting from 31 December 2019. The BOT Agreement permits Bodrum Liman to determine tariffs for Bodrum Cruise Port's port services at its own discretion, provided that it complies with applicable legislation, such as applicable maritime laws and competition laws. 17 Commitments and contingencies (continued) c. Contractual obligations (continued)

Bodrum Liman (Continued)

Bodrum Liman was required to pay the Directorate General for Infrastructure Investments a land utilisation fee. This fee increases by Turkish Consumer Price index each year. With the extension signed, this fee will be revised yearly as per the agreement between Company and Directorate General.

Bodrum Liman is liable for the maintenance of the Port together with the port equipment in good repair and in operating condition throughout its operating right period. After the expiry of the contractual period, the real estate and the integral parts of it shall be surrendered to the Government at a specific condition, while the movable properties stay with Bodrum Liman.

Port of Adria

The details of the TOORA Contract dated 15 November 2013, executed by and between Global Liman and the Government of Montenegro and AD Port of Adria-Bar are stated below:

Global Liman will be performing services such as repair, financing, operation, maintenance in the Port of Adria for an operational period of 30 years (terminating in 2043).

Port of Adria has an obligation to pay to the Government of Montenegro (a) a fixed concession fee in the amount of Euro 500,000 per year; (b) a variable concession fee in the amount of Euro 5 per twenty-foot equivalent ("TEU") (full and empty) handled over the quay (ship-to-shore and shore-to-ship container handling), no fees are charged for the movement of the containers; (c) a variable concession fee in the amount of Euro 0.20 per ton of general cargo handled over the quay (ship-to-shore and shore-to-ship general cargo handling). However, pursuant to Montenegrin Law on Concessions, as an aid to the investor for investing in a port of national interest, the concession fee was set in the amount of Euro 1 for the period of three years starting from the effective date of the TOORA Contract. Tariffs for services are regulated pursuant to the terms of the concession agreement with the Montenegro port authority, where the maximum rates are subject to adjustments for inflation.

For the first three years of the agreement, Port of Adria had to implement certain investment and social programmes outlined in the agreement and had to commit Euro 13.6 million towards capital expenditure during that period. This included launching and investing Euro 6.5 million in certain social programmes at Port of Adria Bar such as retrenching employees, the establishment of a successful management trainee programme, and subsidising employees to attend training and acquire additional qualifications, as well as the provision of English lessons to employees. All the relevant investment requirements already performed by Port of Adria at the end of 2016.

Port of Adria is liable for the maintenance of the Port of Adria together with the port equipment in good repair and in operating condition throughout its operating right period. After the expiry of the contractual period, the real estate and the integral parts of it shall be surrendered to the Government of Montenegro at a specific condition, while the movable properties stay with Port of Adria.

Barcelona Cruise Port

The details of the TOORA Contract dated 29 July 1999, executed by and between Creuers del Port de Barcelona and the Barcelona Port authority are stated below:

Creuers del Port de Barcelona, S.A. ("Creuers") will be performing the management of port services related to the traffic of tourist cruises at the Port of Barcelona, as well as the development of commercial complementary activities corresponding to a seaport, in Adossat Wharf in Barcelona for an operational period of 27 years. The port operation rights for Adossat Wharf (comprised of Terminals A and B) terminates in 2030. The Port concession period can be extended automatically for three years provided that (i) Creuers has complied with all the obligations set forth in the Port Concession; and (ii) Creuers remains rendering port services on tourist cruises until the expiry of the extended term. Therefore, the concession the concession period is considered to be 30 years.

Creuers is liable for the maintenance of Adossat Wharf Terminals A and B, as well as ensuring that port equipment is maintained in good repair and in operating condition throughout its concession period. For the detailed maintenance and investment requirements, explained in the concession agreement, replacement provision has provided in the financials of the Company. After the expiry of the contractual period, the real estate and the integral parts of it shall be surrendered to the Barcelona Port Authority. 17 Commitments and contingencies (continued) c. Contractual obligations (continued)

Barcelona Cruise Port (continued)

The concession is subject to an annual payment, which consisted of the following fees: (i) a fee for the occupancy of the public land at the port, (ii) a fee for the operation of public land for commercial activities, and (iii) a general service fee.

The details of the TOORA Contract dated 26 July 2003, executed by and between Creuers and the Barcelona Port authority are stated below:

Creuers will be performing the management of port services related to the traffic of tourist cruises at the Port of Barcelona, as well as the development of commercial complementary activities corresponding to a seaport, in WTC Wharf in Barcelona for an operational period of 27 years. The port operation rights for the World Trade Centre Wharf (comprised of Terminals N and S) terminate in 2027. However, the Port concession period can be extended automatically for three years provided that (i) Creuers has complied with all the obligations set forth in the Port Concession; and (ii) Creuers remains rendering port services on tourist cruises until the expiry of the extended term. Therefore, the concession period is considered as 30 years. Creuers is liable for the maintenance of Adossat Wharf Terminals N and S together with the port equipment in good repair and in operating condition throughout its operating right period. After the expiry of the contractual period, the real estate and the integral parts of it shall be surrendered to the Barcelona Port Authority.

Malaga Cruise Port

The details of the TOORA Contract dated 9 July 2008, executed by and between Cruceros Malaga and the Malaga Port authority are stated below:

Cruceros Málaga, S.A. obtained an administrative concession to occupy the Levante Terminal of the Malaga Port and its exploitation, for a 30-year period, terminating in 2038. The concession term can be extended for up to fifteen years, in two terms of 10 and 5 additional years (extending the total concession period to 45 years), due to an amendment to the Malaga Levante Agreement approved by the Malaga Port Authority in its resolution dated 28 October 2009. These extensions requires (i) the approval by the Malaga Port Authority and (ii) Cruceros Malaga to comply with all of the obligations set forth in the concession. Cruceros will perform passenger services, terminal usage and luggage services, as well as undertake general maintenance of the Levante Terminal. Cruceros is responsible for ensuring that the port equipment is maintained in good repair and operating condition throughout the concession term.

The concession is subject to an annual payment, which consisted of the following fees: (i) a fee for the occupancy of the public land at the port, and (ii) a fee for the operation of public land for commercial activities.

The details of the TOORA Contract dated 11 December 2011, executed by and between Cruceros Malaga and the Malaga Port authority are stated below:

Cruceros Málaga, S.A. obtained an administrative concession to occupy El Palmeral Terminal of the Malaga Port and its exploitation, for a 30-year period, terminating in 2042. Cruceros will perform passenger services, terminal usage and luggage services, as well as undertake general maintenance of the El Palmeral Terminal. Cruceros is responsible for ensuring that the port equipment is maintained in good repair and operating condition throughout the concession term.

The concession is subject to an annual payment, which was Euro 154,897 in 2016, which consisted of the following fees: (i) a fee for the occupancy of the public land at the port, and (ii) a fee for the operation of public land for commercial activities. 17 Commitments and contingencies (continued) c. Contractual obligations (continued)

Valletta Cruise Port

On 22 November 2001, VCP signed a deed with the Government of Malta by virtue of which the Government granted a 65-year concession over the buildings and lands situated in Floriana, which has an area of 46,197square metres ("sqm"). VCP will perform operation and management of a cruise liner passenger terminal and an international ferry passenger terminal together with complementary leisure facilities. The area transferred is used as follows: retail 6,854sqm, office 4,833sqm, terminal 21,145sqm and potential buildings 13,365sqm.

A ground rent is payable by Valletta Cruise Port to the Government of Malta. At the end of each 12 months period, VCP is required pay to the Government of Malta (a) 15% of all revenue deriving from the letting of any buildings or facilities on the concession site for that 12-month period, and (b) 10% of revenue deriving from passenger and cruise liner operations, subject to the deduction of direct costs and services from the revenue upon which 10% fee is payable.

Ravenna Passenger Terminal

On 19 December 2009, Ravenna Terminal Passeggeri S.r.l ("RTP") signed a deed with the Ravenna Port Authority by virtue of which the Port Authority granted a 10-year concession over the passenger terminal area situated within Ravenna Port. RTP will perform operation and management of a cruise passenger terminal in the area. As at the end of 2020, Port Authority extended the concession period by one year until December 2021.

A fixed rent is payable by RTP to the Port Authority in the sum of Euro 895,541.67 during the concession period. The repayment of the total amount is presented as Euro 3,000 for the year 2009, Euro 28,791.67 for the year 2010 and the remaining Euro 863,750 overall for the years 2011 to 2020.

Catania Cruise Terminal

On 18 October 2011, Catania Cruise Terminal SRL ("CCT") signed a deed with the Catania Port Authority by virtue of which the Port Authority granted a 15-year concession over the passenger terminal area situated on Catania City Center. CCT will perform operation and management of a cruise passenger terminal in the area.

A fixed rent is payable by CCT to the Port Authority in the sum of Euro 135,000.00 for each year during the concession period.

Cagliari Cruise Terminal

On 14 January 2013, Cagliari Cruise Port S.r.l ("CCP") signed a deed with the Cagliari Port Authority by virtue of which the Port Authority granted a 15-year concession over the passenger terminal area situated within Cagliari Port. CCT will perform operation and management of a cruise passenger terminal in the area.

A fixed rent is payable by CCP to the Port Authority in the sum of Euro 44,315.74 for each year during the concession period.

Nassau Cruise Port

On 28 August 2019, Nassau Cruise Port Ltd ("NCP") signed a port operation and lease agreement ("POLA") with the Government of The Bahamas by virtue of which the Government of The Bahamas granted a 25-year concession over the passenger terminal area situated within Nassau Cruise Port. The 25-year period will start from the completion of the redevelopment project. Effective from 9 October 20219, NCP manages and operates Nassau Cruise Port at Prince George Wharf, Nassau, The Bahamas. NCP will invest an amount of USD 250 million in expanding the capacity of the port. Investment amount also includes ancillary contributions made to local community to increase the wealth of people of Bahamas. These payments will be made as grant and partly as interest free loan.

The first phase of the construction has started in November 2020 and is anticipated to be completed within 20 months. The second phase of the construction is anticipated to start in the third quarter of 2021 and be finalized by the end of 2022. Once construction has been completed total revenues are expected to be in the range of USD 35-40 million per annum.

Pursuant to the POLA, variable fee payment based on the number of passengers is made to the Government of The Bahamas starting from 9 October 2019. Until the redevelopment project is completed, a minimum fixed fee will be payable to the Government of The Bahamas amounting to USD 2 million. The minimum variable fee will be increased to USD 2.5 million from construction end date until the end of concession per annum. 17 Commitments and contingencies (continued)

c) Contractual obligations (continued)

Antigua Cruise Port

On 31 January 2019, GPH (Antigua) Ltd signed a concession agreement with the Government of Antigua and Barbuda and Antigua and Barbuda Port Authority by virtue of which it is granted with a 30-year concession over the passenger terminal area situated within Antigua Cruise Port. Effective from 23 October 2019, GPH (Antigua) Ltd has assumed the operation and management of the cruise port in St John's, Antigua and Barbuda.

As part of its obligations under the concession agreement, GPH (Antigua) Ltd. has repaid the existing bond of USD 21 million and invested an additional of USD 22 million to complete the new pier and dredging works to accommodate the largest cruise ships in the world. All such investments have been partially financed through non-recourse project finance and the Group's cash equity contribution of 27.5% at financial close. A variable fee payment based on the number of passengers will be made to the contracting authority with a minimum fee guarantee. From the 21st year of the concession, GPH (Antigua) Ltd. will pay a share of its annual revenue to the contracting authorities. 18 Leases

Lease as lessee (IFRS 16)

The Group entered into various operating lease agreements. In the periods presented, the Group's main operating lease arrangements as lessee are the port rent agreement of Valletta Cruise Port until 2066, Port of Adria until 2043, Creuers until 2033, Cruceros until 2043, Zadar Cruise Port until 2039, Antigua Cruise Port until 2049 and Bodrum Liman until 2067. Part of the concession agreements of Creuers and Cruceros relating to the occupancy of the public land at the port and the operation of public land for commercial activities, which are out of scope of IFRIC 12, have been accounted for under IFRS 16 - Leases.

The Company has a leasing agreement to rent its office at third floor offices at 34 Brook Street London. This lease has no purchase options and escalation clauses.

Right of use assets

Right-of-use assets related to leased properties that do not meet the definition of investment property are presented separately.

                                                                           As at         As at 
 
                                                                           31 March 2021 31 December 2019 
                                                                           (USD '000)    (USD '000) 
Balance at the beginning of the year / from initial application of IFRS 16 81,123        58,983 
Depreciation charge for the year                                           (3,963)       (2,382) 
Additions to Right of Use assets                                           8,279         25,601 
Disposal group                                                             (49)          -- 
Currency translation differences                                           2,079         (1,079) 
Balance at year-end                                                        87,469        81,123 

The Company has created right of use asset for Antigua Cruise Port after acquisition. A variable fee payment based on the number of passengers will be made to the Port Authority with a minimum fee guarantee. From the 21st year of the concession, ACP will pay a share of its annual revenue annually to the Port Authority. Company has repaid outstanding loan amounting to USD21,000 thousand on the initial acquisition date. The Company has recognized the loan and the discounted future payments as right of use asset and recognised an equivalent lease liability.

Amounts recognized in profit or loss

                                        As at         As at 
 
                                        31 March 2021 31 December 2019 
                                        (USD'000)     (USD '000) 
Interest on lease liabilities           (2,811)       (2,385) 
Expenses relating to short-term leases  --            (75) 18 Leases (continued) 

Right of use assets (continued)

Amounts recognized in statement of cash flows

                               As at         As at 
 
                               31 March 2021 31 December 2019 
                               (USD'000)     (USD '000) 
Total cash outflow for leases  (3,922)       (3,066) 

Extension options

All concession agreements contain extension options exercisable by the Group. These options are exercisable with the submission of the extension request by the Group before expiry of current concession agreements. Extendable rights vary based on the country regulations, and current concession period. Extension options are evaluated by management on contract basis, and the decision is based on the Port's performance, and possible extension period. Extension options in concession agreements are being provided for the continuation of the port's operations. The extension options held are exercisable only by the Group and in some agreements subject to approval of the grantor. Accordingly, the Group includes only already signed contract periods for the concession life.

The Group has estimated that the potential future lease payments, should it exercise all extension options, would result in an increase in lease liability of USD 3,177 thousand (2019: USD 3,006 thousand).

Lease as lessor

The Group's main operating lease arrangements as lessor are various shopping centre rent agreements of Ege Port, Bodrum Cruise Port, Valletta Cruise Port, Barcelona Cruise Port, Malaga Cruise Port, Zadar Cruise Port, and Antigua Cruise Port. All leases are classified as operating leases from a lessor perspective.

The following table sets out a maturity analysis of lease receivables, showing the payments to be received after the reporting date.

                      As at         As at 
 
                      31 March 2021 31 December 2019 
                      (USD '000)    (USD '000) 
Less than one year    4,511         3,008 
One to two years      1,381         2,075 
Two to three years    1,226         1,843 
Three to four years   824           1,432 
Four to five years    506           1,175 
More than five years  204           5,036 
Total                 8,652         14,569 

During the 15 months ended 31 March 2021, USD 4,240 thousand (31 December 2019: USD 10,767 thousand) was recognised as rental income in the consolidated income statement and other comprehensive income. 19 Investment Property

Reconciliation of carrying amount

                                                            As at         As at 
 
                                                            31 March 2021 31 December 2019 
                                                            (USD '000)    (USD '000) 
Balance at the beginning of the year                        2,139         -- 
Recognition of right-of-use asset on initial application of 
                                                            --            2,250 
IFRS 16 
Depreciation charge for the year                            (58)          (59) 
Currency translation differences                            117           (52) 
Balance at the end of the year                              2,198         2,139 

Investment property comprises Valletta Cruise Port's commercial property that is leased to third parties. Further information about these leases is included in Note 20. 20 Related parties

The related parties of the Group which are disclosed in this note comprised the following: 
 
Related parties                                            Relationship 
Mehmet Kutman                                              Chairman and ultimate controlling party 
Aysegül Bensel                                             Shareholder of Ultimate parent company 
Global Yatirim Holding                                     Ultimate parent company 
Global Ports Holding BV                                    Parent company 
Global Sigorta Aracilik Hizmetleri A.S. ("Global Sigorta") Ultimate parent company's subsidiary 
IEG Kurumsal Finansal Danismanlik A.S. ("IEG Global")      Ultimate parent company's subsidiary 
Global Menkul Degerler A.S. ("Global Menkul")              Ultimate parent company's subsidiary 
Adonia Shipping                                            Ultimate parent company's subsidiary 
Naturel Gaz                                                Ultimate parent company's subsidiary 
Straton Maden                                              Ultimate parent company's subsidiary 
Goulette Cruise Holding                                    Joint-Venture 
LCT - Lisbon Cruise Terminals, LDA ("LCT")                 Equity accounted investee 

The Company has suspended its pursuit of a Premium Listing on the London Stock Exchange and agreed to terminate the Relationship Deed with GIH on 13 July 2020. These decisions have been taken in order to strengthen the Company's ability to respond to challenges created by ongoing Covid-19 disruption to the global travel sector and the economies in which the Group operates and provide additional options and flexibility for intercompany support by ultimate parent company.

All related party transactions between the Company and its subsidiaries have been eliminated on consolidation and are therefore not disclosed in this note.

Due from related parties

As at 31 March 2021 and 31 December 2019, current receivables from related parties comprised the following:

                                              2021         2019 
Current receivables from related parties 
                                              (USD '000)   (USD '000) 
 
Global Yatirim Holding                        --           312 
Adonia Shipping (*)                           6            59 
Straton Maden (*)                             66           67 
IEG Global                                    --           56 
Global Menkul                                 6 
Global Ports Holding BV                       4            4 
LCT                                           22           44 
Other Global Yatirim Holding Subsidiaries     220          229 
Total                                         324          771 
 
Non-current receivables from related parties 
Goulette Cruise Holding (**)                  8,125        6,811 
                                              8,125        6,811 

(*) These amounts are related with the work advances paid related with the services taken on utilities by Group Companies. The charged interest rate is 16.75% as at 31 March 2021 (31 December 2019: 11,75%).

(**) Company is financing its Joint venture for the payment of La Goulette Shipping Company acquisition price with a maturity of 5 years with bullet repayment at the end of term. Yearly interest up to 8% (2019: 4.5%) is accruing and paid at maturity. 20 Related parties (continued)

Due to related parties

As at 31 March 2021 and 31 December 2019, current payables to related parties comprised the following:

                                           2021         2019 
 
Current payables to related parties        (USD '000)   (USD '000) 
Mehmet Kutman                              827          545 
Global Sigorta (*)                         154          527 
Global Yatirim Holding                     129          -- 
Aysegül Bensel                             102          154 
Other Global Yatirim Holding Subsidiaries  41           91 
Total                                      1,253        1,317 

(*) These amounts are related to professional services received. The charged interest rate is 17.50% as at 31 March 2021 (31 December 2019: 12,50%).

Transactions with related parties

For the years ended 31 March 2021 and 31 December 2019, transactions with other related parties comprised the following:

 USD '000               2021                     2019 
                        Rent   Interest          Rent   Interest 
                                        Other                    Other 
                        Income received          Income received 
Global Yatirim Holding  265    --       106      203    --       128 
Total                   265    --       106      203    --       128 
 
 USD '000               2021            2019 
                        Project         Project 
                                  Other          Other 
                        Expenses        expenses 
Global Yatirim Holding  276       83    920      138 
Global Menkul           --        1     --       1 
Total                   276       84    920      139 
 

As one of steps to expand the operations of the Group, a Port Operating License Agreement "POLA" for Nassau Cruise Port was signed in 2019. During the period of the contract negotiation, the Group signed a contract with Turquoise Advisory Limited ("TAL"), which is a related party of the Group as it is owned by the General Manager and one of the Board members of NCP, being key management personnel. A contract was signed for the preparation of proposals for the port tender, negotiation of the POLA, realisation of the final partnership and financing structure, obtaining all the permits for the project, and taking an active role and providing assistance in all processes including project debt financing.

The scope of the agreement was created by the Group with the aim of achieving the successful execution of the NCP venture (including financial and construction processes), and a success premium of USD 7.500 thousand was envisaged as a fair value of the payment to TAL, considering the economic impact of the project, in return for the successful completion of the terms of the POLA. Due to the fact that the project finance and construction approval and permission processes had not been met as of the 31 December 2019, no success premium was accrued at that time. The success premium was paid in the year of 2020 after the completion of the construction permit and acceptance processes, which are the integral elements of the contract, and the successful completion of the construction and financing.

Apart from this agreement, the Group also signed a Consultancy agreement with TAL. Under this contract, TAL will help create new revenue streams for the various aspects of the project and for NCP during the lifetime of the POLA. The price of this contract was determined as 500 thousand USD annually. This contract was subsequently revised retrospectively to be effective as of May 2020, by mutual agreement of the parties.

Collaboration between the Group and the owners of TAL, as individuals providing inter alia strategic advisory services, has started several years prior to the signing date of the POLA. Following the Group obtaining clarification in 2019 as to the potential partnership options for the NCP project, the above-mentioned contracts were signed in recognition of services delivered by the parties to date and in the future. 20 Related parties (continued)

NCP issued bonds on 10 May 2020 for the financing of its construction works related to port development. The total value of the bonds issued at that date amounted to USD 125 million with an interest rate of 8% (for details see Note 15). The Yes Foundation, a 2% minority shareholder of NCP, has bought bonds amounting to USD 1.35 million at the issuance. As at 31 March 2021, these bonds were still held by the YES foundation.

Global Gemicilik was working as an ancillary service provider to Port Akdeniz. Inline with the sale of Port Akdeniz, this company was sold at book value to the parent company Global Yatirim Holding.

For the year ended 31 March 2021, GPH has not distributed any dividend to Global Yatirim Holding (31 December 2019: USD 17,318 thousand).

Transactions with key management personnel

Key management personnel comprised the members of the Board and GPH's senior management. For the 15 months ended 31 March 2021 and the year 31 December 2019, details of benefits to key management personnel comprised the following:

                                         2021         2019 
 
                                         (USD '000)   (USD '000) 
Salaries                                 3,446        3,070 
Attendance fees to Board of Directors    471          172 
Bonus                                    9            361 
Termination benefits                     25           5 
Total                                    3,951        3,608 21                         Events after the reporting date 

Cruise operations have restarted again late summer 2020 in the Mediterranean with low number of calls and passengers. Activity during the first part of the year 2021 remained slow. However as of the date of this report, cruise activity has restarted in almost all cruise ports of the Group and activity is building up with number of call, occupancy rations and passenger numbers increasing around the world.

Group has withdrawn the Scheme of Arrangement it had launched 18 February 2021, relating to the proposed refinancing of the USD250,000,000 8.125% Senior Unsecured Notes due 2021 issued by Global Liman Isletmeleri A.S. as of the 6 April 2021.

Group launched a tender offer for up to USD75.0 million of its USD250,000,000 8.125% Senior Unsecured Notes due 2021 ("Notes") on 7 April 2021. Following the unmodified Dutch Auction procedure conducted in connection with the offer, the weighted average purchase price of the Notes validly tendered and accepted by Group was determined to be U.S.USD899.4 for each U.S.USD1,000 in principal amount of such Notes. The total amount of cash used in connection with the Offer is U.S.USD44.7m excluding accrued interest on the Notes validly tendered and accepted. The settlement for Notes accepted for purchase by Group was made on 19 April 2021. Following the completion of the tender offer, Group's total Eurobond issued outstanding amounts to U.S. USD200.3m. At the end of July 2021, Group has concluded the early repayment of the USD200.3 million outstanding amount, plus accrued interest, of the 8.125% senior unsecured Eurobond, due 14 November 2021, issued by Global Liman Isletmeleri. 21 Events after the reporting date (continued)

GPH has entered into a five-year, senior secured loan agreement for up to USD261 million with the investment firm Sixth Street. The loan agreement provides for two term loan facilities, an initial five-year term facility of USD186.3m and an additional five-year growth facility of up to USD75.0m. The net proceeds of the initial facility will be used to refinance the outstanding amount of the 8.125% senior unsecured Eurobond, due 14 November 2021. The initial facility will also be used to pay related fees and expenses and general corporate purposes. The loan agreement contains customary financial and non-financial covenants, including restriction on dividend payments, maintaining minimum liquidity in the holding companies of the Group, and change of control clauses regarding maintaining ownership of GPH Plc and ownership at the Company's parent above a certain threshold. Under the terms of the loan agreement, GPH will have the ability to select from a range of interest payment options including an all-cash interest rate, a cash interest rate of LIBOR +5.25% plus PIK rate or a PIK-only rate of LIBOR +8.5% up until December 2022 that will be subject to LIBOR reform. The group expects that the interest rate benchmark for this loan will be changed to SOFR. As part of the financing arrangement, the Company has agreed to issue warrants to investor for a subscription price equal to the nominal value per share (the "Warrants") representing 9.0% of GPH's fully-diluted share capital (subject to customary adjustments). As and when the growth facility is utilised, GPH has agreed to issue further Warrants, pro-rata to the utilisation of the USD75.0m growth facility, representing up to an additional 3.75% of the fully-diluted share capital. The Warrants will become exercisable upon certain specific events including the acceleration, repayment in full or termination of the loan, de-listing of GPH or a change of control.

Group has now signed a 20-year concession agreement with the Autorità di Sistema Portuale del Mar Ionio and taken over the management of the cruise terminal and cruise services in the Port of Taranto, Italy in May 2021.

After the reporting date, the Group has entered a USD 3 million financing arrangement at arm's-length terms with its parent GIH to fund certain infrastructure works in Antigua; the Group will derive considerable benefits from the timely completion of these infrastructure works. These funds have been offset against future payment obligation of GPH Antigua towards the Government of Antigua & Barbuda under the concession agreement. GLOSSARY OF ALTERNATIVE PERFORMANCE MEASURES (APM)

These financial statements includes certain measures to assess the financial performance of the Group's business that are termed "non-IFRS measures" because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. These non-GAAP measures comprise the following;

Segmental EBITDA

Segmental EBITDA calculated as income/(loss) before tax after adding back: interest; depreciation; amortisation; unallocated expenses; and specific adjusting items.

Management evaluates segmental performance based on Segmental EBITDA. This is done to reflect the fact that there is a variety of financing structures in place both at a port and Group-level, and the nature of the port operating right intangible assets vary by port depending on which concessions were acquired versus awarded, and which fall to be treated under IFRIC 12. As such, management considers monitoring performance in this way, using Segmental EBITDA, gives a more comparable basis for profitability between the portfolio of ports and a metric closer to net cash generation. Excluding project costs for acquisitions and one-off transactions such as project specific development expenses as well as unallocated expenses, gives a more comparable year-on-year measure of port-level trading performance.

Management is using Segmental EBITDA for evaluating each port and group-level performances on operational level. As per management's view, some specific adjusting items included on the computation of Segmental EBITDA.

Specific adjusting items

The Group presents specific adjusting items separately. For proper evaluation of individual ports financial performance and consolidated financial statements, Management considers disclosing specific adjusting items separately because of their size and nature. These expenses and income include project expenses; being the costs of specific M&A activities , the costs associated with appraising and securing new and potential future port agreements which should not be considered when assessing the underlying trading performance and the costs related to the refinancing of Group debts, the replacement provisions, being provision created for replacement of fixed assets which does not include regular maintenance, other provisions and reversals related to provisions provided, being related to unexpected non-operational transactions, impairment losses, construction accounting margin, being related to IFRIC 12 computation and main business of the Group is operating ports rather than construction, employee termination expenses, income from insurance repayments, income from scrap sales, gain/loss on sale of securities, other provision expenses, redundancy expenses and donations and grants.

Specific adjusting items comprised as following,

                                            15-month period ended   Year ended 
                                            31 March 2021           31 December 2019 
                                            (USD '000)              (USD '000) 
Project expenses                            11,098                  5,146 
Employee termination expenses               228                     215 
Replacement provisions                      793                     673 
Provisions / (reversal of provisions) (*)   8,489                   1,569 
Impairment losses                           11,997                  -- 
Construction accounting margin              (1,052)                 -- 
Other expenses                              (598)                   788 
Specific adjusting items                    30,955                  8,391 

(*) This figure composed of expected impairment losses on receivables, provision expenses excluding vacation pay and replacement provisions and impairment losses related to assets.

Adjusted EBITDA

Adjusted EBITDA calculated as Segmental EBITDA less unallocated (holding company) expenses.

Management uses Adjusted EBITDA measure to evaluate Group's consolidated performance on an "as-is" basis with respect to the existing portfolio of ports. Notably excluded from Adjusted EBITDA, the costs of specific M&A activities and the costs associated with appraising and securing new and potential future port agreements. M&A and project development are key elements of the Group's strategy in the Cruise segment. Project lead times and upfront expenses for projects can be significant, however these expenses (as well as expenses related to raising financing such as IPO or acquisition financing) do not relate to the current portfolio of ports but to future EBITDA potential. Accordingly, these expenses would distort Adjusted EBITDA which management is using to monitor the existing portfolio's performance.

A full reconciliation for Segmental EBITDA and Adjusted EBITDA to profit before tax is provided in the Segment Reporting Note 2 to these financial statements.

Underlying Profit

Management uses this measure to evaluate the profitability of the Group normalised to exclude the specific non-recurring expenses and income, non-cash foreign exchange transactions, and adjusted for the non-cash port intangibles amortisation charge, giving a measure closer to actual net cash generation, which the directors' consider a key benchmark in making the dividend decision. Underlying Profit is also consistent with Consolidated Net Income (CNI), as defined in the Group's 2021 Eurobond, which is monitored to ensure covenant compliance.

Underlying Profit is calculated as profit / (loss) for the year after adding back: amortization expense in relation to Port Operation Rights, non-cash provisional income and expenses, non-cash foreign exchange transactions and specific non-recurring expenses and income.

Adjusted earnings per share

Adjusted earnings per share is calculated as underlying profit divided by weighted average per share.

Management uses these measures to evaluate the profitability of the Group normalised to exclude the gain on reversal of provisions, non-cash provisional income and expenses, gain or loss on foreign currency translation on equity, unhedged portion of investment hedging on Global Liman, adjusted for the non-cash port intangibles amortisation charge, and adjusted for change in accounting policies, giving a measure closer to actual net cash generation, which the directors' consider a key benchmark in making the dividend decision. Underlying Profit is also consistent with Consolidated Net Income (CNI), as defined in the Group's 2021 Eurobond, which is monitored to ensure covenant compliance. Management decided this year that in the light of a more meaningful presentation of the underlying profit, the unhedged portion of the investment hedge on Global Liman and any gain or loss on foreign currency translation on equity have been excluded.

Underlying profit and adjusted earnings per share computed as following;

                                                                          15-month period ended   Year ended 
                                                                          31 March 2021           31 December 2019 
                                                                          (USD '000)              (USD '000) 
(Loss) / Profit for the Period, net of IFRS 16 impact                     (94,689)                (13,597) 
Impact of IFRS 16                                                         (3,300)                 (1,622) 
(Loss) / Profit for the Period                                            (97,989)                (15,219) 
Amortisation of port operating rights / RoU asset / Investment Property   25,126                  34,453 
Non-cash provisional (income) / expenses (*)                              9,510                   2,457 
Impairment losses                                                         11,997                  -- 
Unhedged portion of Investment hedging on Global Liman                    39,038                  5,222 
(Gain) / loss on foreign currency translation on equity                   1,238                   414 
Underlying (Loss) / Profit                                                (11,080)                27,327 
Weighted average number of shares                                         62,826,963              62,826,963 
Adjusted earnings per share (pence)                                       (17.61)                 43.5 

(*) This figure composed of employee termination expense, replacement provision, and provisions / (reversal of provisions) under specific adjusting items.

Net debt

Net debt comprises total borrowings (bank loans, Eurobond and finance leases net of accrued tax) less cash, cash equivalents and short term investments.

Management includes short term investments into the definition of Net Debt, because these short-term investments are comprised of marketable securities which can be quickly converted into cash.

Net debt comprised as following;

                                                          As at           As at 
                                                          31 March 2021   31 December 2019 
                                                          (USD '000)      (USD '000) 
Current loans and borrowings                              295,200         62,691 
Non-current loans and borrowings                          253,734         390,299 
Gross debt                                                548,934         452,990 
Lease liabilities recognized due to IFRS 16 application   (65,918)        (64,828) 
Gross debt, net of IFRS 16 impact                         483,016         388,162 
Cash and bank balances                                    (170,599)       (63,780) 
Short term financial investments                          (63)            (71) 
Net debt                                                  312,354         324,311 
Equity                                                    86,563          155,263 
Net debt to Equity ratio                                  3.61            2.09 

Leverage ratio

Leverage ratio is used by management to monitor available credit capacity of the Group.

Leverage ratio is computed by dividing gross debt to Adjusted EBITDA.

Leverage ratio computation is made as follows;

                                                          15-month period ended   Year ended 
                                                          31 March 2021           31 December 2019 
                                                          (USD '000)              (USD '000) 
Gross debt                                                548,934                 452,990 
Lease liabilities recognised due to IFRS 16 application   (65,918)                (64,828) 
Gross debt, net of IFRS 16 impact                         483,016                 388,162 
Adjusted EBITDA                                           (6,725)                 77,015 
Impact of IFRS 16 on EBITDA                               (6,592)                 (3,204) 
Adjusted EBITDA, net of IFRS 16 impact                    (13,317)                73,811 
Leverage ratio                                            NA                      5.26x 

CAPEX

CAPEX represents the recurring level of capital expenditure required by the Group excluding M&A related capital expenditure.

CAPEX computed as 'Acquisition of property and equipment' and 'Acquisition of intangible assets' per the cash flow statement.

                                        15-month period ended   Year ended 
                                        31 March 2021           31 December 2019 
                                        (USD '000)              (USD '000) 
Acquisition of property and equipment   27,913                  15,813 
Acquisition of intangible assets        56,557                  8,155 
CAPEX                                   84,470                  23,968 

Cash conversion ratio

Cash conversion ratio represents a measure of cash generation after taking account of on-going capital expenditure required to maintain the existing portfolio of ports.

It is computed as Adjusted EBITDA less CAPEX divided by Adjusted EBITDA.

                                         15-month period ended   1 Year ended 
                                         31 March 2021           31 December 2019 
                                         (USD '000)              (USD '000) 
Adjusted EBITDA                          (6,725)                 77,015 
Impact of IFRS 16 on EBITDA              (6,592)                 (3,204) 
Adjusted EBITDA, net of IFRS 16 impact   (13,317)                73,811 
CAPEX                                    (84,470)                (23,968) 
Cash converted after CAPEX               (97,787)                49,843 
Cash conversion ratio                    NA                      67.5% 

Hard currency

Management uses the term hard currency to refer to those currencies that historically have been less susceptible to exchange rate volatility. For the year ended 31 March 2021 and 2019, the relevant hard currencies for the Group are US Dollar, Euro and Singaporean Dollar. Contact: Katrin Pohl IR Manager adhoc en Tel: +49 89 210298 584 E-Mail: katrin.pohl@eqs.com

-----------------------------------------------------------------------------------------------------------------------

ISIN:          GB00BD2ZT390 
Category Code: FR 
TIDM:          GPH 
LEI Code:      213800BMNG6351VR5X06 
Sequence No.:  120574 
EQS News ID:   1228412 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------------------------------
 

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