Global Ports Holding PLC (GPH) Trading Statement for the three
months to 30 June 2021 01-Sep-2021 / 07:00 GMT/BST Dissemination of
a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS
Group. The issuer is solely responsible for the content of this
announcement.
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Global Ports Holding Plc
Trading Statement for the three months to 30 June 2021
Global Ports Holding Plc ("GPH" or "Group"), the world's largest
independent cruise port operator, today issues a trading update for
the period from 1 April to 30 June 2021, which is the first quarter
in its new 2022 reporting period to end 31 March 2022. GPH has
recently announced its audited financial statements for the
15-month period ended 31 March 2021 which can be accessed on GPH's
Investor Relations website.
3 months ended 3 months ended
Key Financials & KPI Highlights1 30 June 2021
30 June 2020
Restated8
Total Revenue (USDm) 17.2 24.8
Adjusted Revenue (USDm)2 4.8 2.9
Ex-IFRIC 12 Cruise Revenue (USDm) 3 2.5 0.9
Commercial Revenue (USDm) 2.3 2.0
Segmental EBITDA (USDm) 4 (0.8) (1.0)
Cruise EBITDA (USDm) 5 (1.7) (1.8)
Commercial EBITDA (USDm) 1.0 0.7
Adjusted EBITDA (USDm) 6 (2.0) (2.5)
30 June 2021 31 March 2021
Gross Debt (IFRS) 535.3 548.9
Gross Debt ex IFRS 16 Finance Lease 467.6 483.0
Net Debt ex IFRS 16 Finance Lease 336.7 312.4
Cash and Cash Equivalents 130.9 170.6
3 months ended 3 months ended
KPIs 30 June 2021
30 June 2020
Passengers (m PAX) 7 0.06 0.00
General & Bulk Cargo ('000 tons) 24.6 9.0
Container Throughput ('000 TEU) 13.4 15.9
Notes 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. Sum of revenues of
consolidated and managed portfolio excluding IFRIC-12 revenue for
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. Passenger numbers refer
to consolidated and managed portfolio consolidation perimeter,
hence it excludesequity accounted associate ports La Goulette,
Lisbon Singapore and Venice. 8. Comparative information has been
re-presented due to a discontinued operation.
Key Financials and KPIs
-- Cruise passenger volumes for the 3M period were very low,
reflecting the continued impact of Covid-19related travel
restrictions. However, cruise volumes have picked up throughout Q1
2022 reflecting the positiveimpact of the continued easing of
travel restrictions and the increase in the number of cruise ships
that havereturned to sailing.
-- Total container volumes (TEUs) fell by 15.6%, and General
& Bulk volumes grew 173.6% in certain lowmargin cargo items
-- Total consolidated revenues were USD17.2m for the 3M period;
excluding the impact of IFRIC-12 Constructionrevenues at Nassau
Cruise Port, Adjusted Revenues were USD4.8m
-- Segmental EBITDA for the three months to end June 2021 was a
loss of USD0.8m -- Adjusted EBITDA was a loss of USD2.0m
-- Total cruise revenue of USD15m for the three months to end
June 2021. Excluding the impact of IFRIC-12Construction revenues at
Nassau Cruise Port, Cruise revenue was USD2.5m
-- Passenger volumes were 58k
-- Cruise EBITDA was a loss of USD1.7m
-- Total commercial revenues rose by 14% to USD2.3m for the
period vs USD2.0m for the three months to end June2020
-- Commercial EBITDA was USD1.0m
Other developments
During the quarter GPH entered into 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
USD75.0m, which will be used to provide flexible growth capital for
GPH to pursue expansion opportunities at a dynamic juncture in the
global cruise industry.
After the period end (July 2021), the net proceeds of the
initial facility, together with existing cash resources, were used
to repay early the full outstanding amount of the 8.125% senior
unsecured Eurobond, due November 2021, issued by GPH's wholly owned
subsidiary Global Liman Isletmeleri A.S.
GPH was awarded a 20-year concession for Taranto Cruise Port,
Italy. During the quarter, the concession agreement was signed and
operations started.
Balance Sheet
At 30 June 2021 IFRS gross debt was USD535.3m (Ex IFRS-16
Finance Leases Gross Debt: USD467.6m), compared to gross debt at 31
March 2021 of USD548.9m (Ex IFRS-16 Finance Leases Gross Debt:
USD483.0m). Net debt Ex IFRS-16 finance leases was USD336.7m
compared to USD312.4m as at 31 March 2021. At the end of June 2021,
GPH had cash and cash equivalents of USD130.9m, compared to
USD170.6m at 31 March 2020.
Outlook
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.
CONTACT
For investor, analyst and financial media enquiries: For trade media enquiries:
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
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ISIN: GB00BD2ZT390
Category Code: TST
TIDM: GPH
LEI Code: 213800BMNG6351VR5X06
Sequence No.: 121171
EQS News ID: 1230278
End of Announcement EQS News Service
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