Global Ports Holding PLC (GPH) Trading Statement for the six months to 30 September 2021 10-Nov-2021 / 07:05 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.


Global Ports Holding Plc

Trading Statement for the six months to 30 September 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 September 2021, which is the first half of its new 2022 reporting period to end 31 March 2022.

                                    6 months ended 6 months ended YoY 
Key Financials & KPI Highlights1 
                                    30-Sep-21      30-Sep-20      Change 
                                                   Restated8      (%) 
Total Revenue (USDm)                  61.1           46.4           32% 
Adjusted Revenue (USDm)2              14.8           6.3            63% 
Ex-IFRIC 12 Cruise Revenue (USDm) 3   10.3           2.7            281% 
Commercial Revenue (USDm)             4.5            3.6            23% 
Segmental EBITDA (USDm) 4             2.1            (3.6)          n/a 
Cruise EBITDA (USDm) 5                0.3            (4.7)          n/a 
Commercial EBITDA (USDm)              1.8            1.1            59% 
Adjusted EBITDA (USDm) 6              (0.5)          (5.8)          n/a 
                                    30-Sep-21      31-Mar-21 
Gross Debt (IFRS)                   544.8          548.9          -1% 
Gross Debt ex IFRS 16 Finance Lease 478.0          483            -1% 
Net Debt ex IFRS 16 Finance Lease   395.3          312.4          27% 
Cash and Cash Equivalents           82.7           170.6          -52% 
                                    6 months ended 6 months ended 
                                    30-Sep-21      30-Sep-20 
Passengers (m PAX) 7                0.563          0.01           5530% 
General & Bulk Cargo ('000 tons)    60.1           18.4           227% 
Container Throughput ('000 TEU)     25.9           27.2           -5% 

Notes 1. All USD refers to United States Dollar unless otherwise stated 2. Adjusted revenue is calculated as total revenue excluding IFRIC-12 construction revenue for Nassau CruisePort 3. Sum of revenues of consolidated and managed cruise portfolio excluding IFRIC-12 construction revenue forNassau 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 restated due to the sale of Port Akdeniz.

Key Financials and KPIs

-- Cruise passenger volumes for the 6M period ended 30 September 21 were significantly up YoY at 563k),reflecting the steady but slow return to activity across the cruise industry following the disruption caused by theCovid-19 pandemic. While cruise calls and passenger volumes for the period remained significantly below the levelsachieved pre-Covid 19, there has been a material increase in activity levels in recent months.

-- In September 2021, for the first time since pre-Covid 19, all of our cruise ports received cruise calls,a significant milestone in the continued recovery in activity levels across our cruise ports. On a like-for-likebasis during September 2021, our ports received 53% of the cruise calls and 30% of the passengers received for thesame period pre-Covid 19. Compared to cruise calls, the lower passenger recovery primarily reflects the impact ofon-board Covid-19 measures that have reduced current occupancy rates across the industry.

-- Total container volumes (TEUs) fell by 5% and General & Bulk volumes grew 227%, driven by volumes incertain low margin cargo items

-- Total consolidated revenues were USD61.1m for the 6M period; excluding the impact of IFRIC-12 Constructionrevenues at Nassau Cruise Port, Adjusted Revenues were USD14.8m ? Total cruise revenue of USD56.6m for the six months to end September 2021. Excluding the impact of IFRIC-12Construction revenues at Nassau Cruise Port, Cruise revenue was USD10.3m ? Total commercial revenues rose by 23% to USD4.5m for the period vs USD3.6m for the six months to 30 September2020 -- Segmental EBITDA for the six months to end September 2021 was a loss of USD2.1m, compared to a loss ofUSD5.8m for the 6M period to 30 September 2020 ? Cruise EBITDA was USD0.3m, compared to an EBITDA loss of USD4.7m for the six months to 30 September 2020 ? Commercial EBITDA was USD1.8m, compared to USD1.1m for the six months to 30 September 2020 -- Adjusted EBITDA was a loss of USD0.5m

In the three months to 30 September 2021, we welcomed 498.7k PAX and Adjusted EBITDA was a positive USD1.5m

Balance Sheet

At 30 September 2021, IFRS gross debt was USD544.8m (Ex IFRS-16 Finance Leases Gross Debt: USD478m), 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 USD395.3m compared to USD312.4m as at 31 March 2021. At the end of September 2021, GPH had cash and cash equivalents of USD82.7m, compared to USD170.6m at 31 March 2021.

The net cash reduction of USD88.0m in the period was primarily driven by the capital expenditure of USD50.3m, with USD46.6m of this spent on our continued investment into the transformation of Nassau Cruise Port. Net cash from operating activities was a negative USD11.8m in the period, mainly driven by advance contractor payments for capital expenditure in Nassau.

Net cash from financing activities was a negative USD48.5m, reflecting the net impact of our early Eurobond repayment, drawdown on our new loan facility and an additional USD55.0m of debt issuance by Nassau Cruise Port as well as USD30.7m of interest paid in the period, including USD14m related to the first interest payments on the debt incurred to fund the investment into Antigua Cruise Port and Nassau Cruise Port.

Other developments

Despite the significant impact of Covid-19 on the cruise industry and our cruise operations, we have continued to deliver on our strategic growth ambitions. During the period, GPH entered into a five-year, senior secured loan agreement for up to USD261.3m with Sixth Street, a leading global investment firm. 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. As well as this agreement enabling the early repayment in July 2021 of the USD250m 8.125% senior secured Eurobond due November 2021, the growth facility will be key to the continued success of our growth strategy.

During the period, a 20-year concession agreement was signed and operations commenced at Taranto Cruise Port, Italy. After the period end, GPH signed a 20-year lease agreement for Kalundborg Cruise Port, Denmark, located in the north western region of Denmark it is approximately one hour from Copenhagen city centre. The geographic location of the port means that it can provide cruise lines with a time saving and fuel-efficient alternative to Copenhagen Cruise Port. Kalundborg Cruise Port is GPH's first cruise port in Northern Europe, marking another important milestone in the continued development and geographic expansion of the Group.

GPH today also announced that the Port Authority of Las Palmas has awarded preferred bidder status to Global Ports Canary Islands S.L. ("GPCI"), an 80:20 joint venture between GPH and Sepcan S.L. ("Sepcan"), to operate three cruise port concessions in the Canary Islands.

This agreement will cover three cruise port concessions, the port of Las Palmas de Gran Canaria, port of Arrecife (Lanzarote) and Puerto del Rosario (Fuerteventura), which have tenures of 40 years, 20 years and 20 years respectively.


While the first quarter to 30 June 2021 was characterised by a slow pick up in passenger volumes, there has been a very strong month-on-month acceleration in cruise calls and passenger volumes at all of our cruise ports since the end of June. This acceleration reflects the continued easing of travel restrictions, the increase in the number of cruise ships sailing and the continued strong underlying demand from consumers to return to cruising.

This acceleration in volumes meant that our ports handled ten times as many passengers in September 2021 as they did in May 2021, a very encouraging trend as we look forward into calendar year 2022.

As expected, there is a significant variation in trends across our network of cruise ports. Some ports began welcoming the return of cruise passengers over a year ago, albeit in small numbers, while others welcomed the return of cruise passengers in September 2021 for the first time since the Covid-19 pandemic.

No matter where a cruise port currently is on its recovery trajectory, the current outlook is positive. The current itineraries of cruise lines point to a continued pick-up in activity levels as more cruise ships return to service, with most cruise lines expecting close to 100% deployment in the summer of 2022.

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