Global Ports Holding PLC (GPH)
Trading Statement for the three months to 30 June 2023
18-Aug-2023 / 07:00 GMT/BST
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Global Ports Holding Plc
Trading Statement for the three months to 30 June 2023
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 2023.
3 months ended 3 months ended
Key Financials & KPIs1 30 June 2023 YoY Change (%)
30 June 2022
Passengers (m PAX) 2 3.1 1.7 76%
Total Revenue (USDm) 53.4 45.7 17%
Adjusted Revenue (USDm) 3 43.3 27.1 60%
Segmental EBITDA (USDm) 4 30.2 17.1 76%
Adjusted EBITDA (USDm) 5 28.6 15.4 86%
Segmental EBITDA Margin (%) 69.7% 63.2%
Adjusted EBITDA Margin (%) 66.0% 56.7%
30 June 2023 31 March 2023
Gross Debt (IFRS) 665.7 672.4 -1%
Gross Debt ex IFRS 16 Finance Lease 604.8 612.3 -1%
Net Debt ex IFRS 16 Finance Lease 540.8 494.0 9%
Cash and Cash Equivalents 64.0 118.3 -46%
Notes 1. All USD refers to United States Dollar unless otherwise
stated 2. Passenger numbers refer to consolidated and managed
portfolio consolidation perimeter; hence it excludesequity
accounted ports La Goulette, Lisbon, Singapore, and Venice. 3.
Adjusted revenue is calculated as total revenue excluding IFRIC-12
construction revenue. 4. Segmental EBITDA includes the EBITDA from
all equity consolidated ports, the pro-rata Net Profit
ofequity-accounted associates La Goulette, Lisbon, Singapore, and
Venice, and the contribution from managementagreements. 5. Adjusted
EBITDA calculated as Segmental EBITDA less unallocated (holding
company) expenses. 6. Passenger numbers refer to consolidated and
managed portfolio consolidation perimeter, hence it excludesequity
accounted associate ports La Goulette, Lisbon, Singapore and
Venice.
Key Financials and KPIs
-- Cruise passenger volumes for the 3M period ending 30 June
2023 were 3.1m rising 76% compared to thecomparable period last
year and were 17% ahead of the 2019 levels (adjusted for Nassau and
Antigua passengers priorto GPH handover).
-- Occupancy levels returned faster than expected to
pre-pandemic levels, with an occupancy rate across ourports in June
2023 of 108%.
-- Adjusted revenue rose 60% to USD 43.3m, reflecting the strong
growth in passenger volumes.
-- Total consolidated revenues, including the impact of IFRIC-12
Construction revenues, were USD 53.4mcompared to USD 45.7m in the
comparable period.
-- Segmental EBITDA rose strongly to USD 30.2m from USD 17.2m in
the comparable period. -- Adjusted EBITDA was USD 28.6m a
significant increase on the USD 15.4m in the comparable period.
Mehmet Kutman, Co-Founder, Chief Executive Officer and Chairman,
said:
"GPH has had a strong start to the 2024 financial year, and I am
delighted with the trading performance across our port network.
I am excited about the prospects for considerable further
organic growth from our current port network, and the current
strong pipeline of opportunities to grow the number of ports in our
network."
Record performance
Trading across all regions has been positive. Those ports that
had a more muted summer 2022 season have, as expected, experienced
a pick-up in trading and our call reservations point towards
continued strong performance for the remainder of the fiscal year
to March 2024.
At the start of the quarter, Nassau Cruise Port successfully
refinanced its local bond, resulting in a reduction in the fixed
coupon to 6.0% (from 8.0%) and a reduction in the annual interest
payment by USD 2.0 million despite an increase in the nominal
outstanding amount to USD 145 million (from USD 134.4 million). The
maturity date of 2040 remains unchanged, as does the principal
repayment schedule, which is ten equal annual payments from June
2031. The bond remains non-recourse to GPH or any other Group
entity.
At the start of the quarter, GPH agreed to extend its concession
agreement for Ege Port, Kusadasi, extending this concession from
July 2033 to July 2052. As part of the agreement, Ege Port paid an
upfront concession fee of TRY 725.4 million (USD 38 million at the
prevailing exchange rate at the time of payment). In addition, Ege
Port has committed to invest an amount equivalent to 10% of the
upfront concession fee within the next five years to improve and
enhance the cruise port and retail facilities at the port, and will
pay a variable concession fee equal to 5% of its gross revenues
during the extension period starting after July 2033.
A capital increase at Ege Port funded the upfront concession
fee. This capital increase was provided by GPH only. As a result,
GPH's equity stake in Ege Port has increased to 90.5% (from
72.5%).
This up-front concession fee and related expenses were financed
by partial utilisation of the USD 75 million growth facility
provided by Sixth Street shortly before the end of the fiscal year
2023. As part of this additional USD 38.9 million drawdown, GPH has
issued further warrants to Sixth Street, representing an additional
2.0% of GPH's fully diluted share capital.
After the end of the quarter, we signed a 30-year concession
with a 10-year extension option for Saint Lucia Cruise Port. As
part of this concession, GPH will invest in a material expansion
and upgrade of the cruise port facilities. This investment will
allow the port to handle the largest cruise ships in the global
cruise fleet, increasing the port's capacity. GPH will also invest
in transforming the retail experience, continuing our commitment to
driving significant economic benefits for the local population,
this investment will include an exciting new space for local
vendors.
Regional Breakdown 3 months ended 3 months ended YoY Change
30-Jun-23 30-Jun-22 (%)
Americas
Adjusted Revenue (USDm) 12.1 7.2 69%
Segmental EBITDA (USDm) 7.9 4.3 84%
EBITDA Margin (%) 65.2% 60.0%
Passengers (m) 1.16 0.78 48%
West Med & Atlantic
Adjusted Revenue (USDm) 10.9 6.2 77%
Segmental EBITDA (USDm) 9.0 3.8 139%
EBITDA Margin (%) 82.5% 61.0%
Passengers (m) 1.06 0.47 123%
Central Med
Adjusted Revenue (USDm) 6.3 4.1 55%
Segmental EBITDA (USDm) 3.4 2.3 49%
EBITDA Margin (%) 54.4% 56.5%
Passengers (m) 0.49 0.26 91%
East Med & Adriatic
Adjusted Revenue (USDm) 10.3 6.9 49%
Segmental EBITDA (USDm) 8.3 5.6 47%
EBITDA Margin (%) 80.5% 81.6%
Passengers (m) 0.39 0.24 59%
Other
Adjusted Revenue (USDm) 3.6 2.8 29%
Segmental EBITDA (USDm) 1.5 1.1 34%
EBITDA Margin (%) 41.9% 40.5%
Unallocated (HoldCo)
Adjusted EBITDA (USDm) (1.6) (1.8) -9%
Group
Adjusted Revenue (USDm) 43.3 27.1 60%
Adjusted EBITDA (USDm) 28.6 15.4 86%
EBITDA Margin (%) 66.0% 56.7%
Passengers (m) 3.10 1.76 76%
Balance Sheet
At 30 June 2023, IFRS gross debt was USD 665.7m (Ex IFRS-16
Finance Leases Gross Debt: USD 604.8m), largely unchanged compared
to gross debt at 31 March 2023 of USD 672.4m (Ex IFRS-16 Finance
Leases Gross Debt: USD 612.3m).
Net debt Ex IFRS-16 finance leases rose to USD 540.8m from USD
494.0m as at 31 March 2023. At the end of June 2023, GPH had cash
and cash equivalents of USD 64.0m, a reduction from USD 118.3m at
31 March 2023.
The main driver for the increase in net debt and decrease in
cash was the USD c38m upfront concession fee paid for the extension
at Ege Port and the continued investment activity in Nassau Cruise
Port with USD c7m of capex and a significant reduction in trade
payables of USD c7m, primarily related to contractor payments in
Nassau.
Outlook
GPH provided a detailed outlook statement, including our 2024
expectations for passenger volumes in our full-year results for the
Reporting Period ended 31 March 2023, released on 10 July 2023.
The faster recovery in occupancy rates has resulted in the run
rate for passenger volumes for the 2024 Reporting Period (12 months
to 31 March 2024) currently being ahead of this guidance.
The outlook for the cruise industry remains positive.
Long-established demand and supply trends have re-established
themselves as key drivers of growth in the industry. By the end of
2027, passenger volumes are expected to be 45% higher than
pre-Covid levels.
This strong level of industry growth means there is a need for
significant levels of investment in cruise port infrastructure in
order to meet the needs of both the growing number of cruise ships
and the growing size of cruise ships as well as the increased
demand from passengers for an improved cruise port experience.
This growth is creating exciting opportunities for cruise ports
but also presents potential risks, as cruise ports will face
substantial challenges to meet the demands and needs of the
industry. GPH's significant experience and know-how in port and
destination development and global cruise port operations, honed
from our experience worldwide, means we are well-positioned to play
a primary role in both this investment and industry growth in the
years ahead.
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
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ISIN: GB00BD2ZT390
Category Code: TST
TIDM: GPH
LEI Code: 213800BMNG6351VR5X06
Sequence No.: 265427
EQS News ID: 1706357
End of Announcement EQS News Service
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August 18, 2023 02:00 ET (06:00 GMT)
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