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Trading Statement for the three months to 31 March 2021

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·7-min read
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Global Ports Holding PLC (GPH)
09-Jun-2021 / 07:03 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

Global Ports Holding Plc

Trading Statement for the three months to 31 March 2021

Global Ports Holding Plc ("GPH Plc" or "Group"), the world's largest independent cruise port operator, today issues a trading update for the period from 1 January to 31 March 2021.

GPH Plc has changed its financial year-end to 31 March. The next audited financial statement will cover the 15-month period from 1 January 2020 to 31 March 2021 and will be released in July 2021. All figures included in this trading update for the calendar quarter Q1-2021 only are unaudited management accounts.

Key Financials & KPI Highlights3

3 months
31 March 2021

3 months

31 March 2020

 

 

Like-for-like1

Passengers (m PAX) 2

0.01

1.3

General & Bulk Cargo ('000 tons)

12.7

18.6

Container Throughput ('000 TEU)

12.2

11.8

Total Revenue ($m)

13.9

12.7

    Cruise Revenue ($m) 4

12.0

11.0

Ex-IFRIC 12 Cruise Revenue ($m) 5

2.0

11.0

    Commercial Revenue ($m) 6

1.9

1.7

Segmental EBITDA ($m) 7

(1.0)

6.0

    Cruise EBITDA ($m) 8

(1.6)

5.7

    Commercial EBITDA ($m) 6

0.6

0.3

Adjusted EBITDA ($m) 9

(2.6)

4.0

 

 

 

 

 

 

 

31.03.2021

31.12.20201

Gross Debt (IFRS)

552.5

556.0

Gross Debt ex IFRS 16 Finance Lease

486.7

487.4

Net Debt

381.9

456.5

Net Debt ex IFRS 16 Finance Lease

316.0

387.9

Cash and Cash Equivalents

170.7

99.5

 

Notes                         

 

 

Key Financials and KPIs

 

 

Cruise

 

 

Passengers ('000 PAX)

3 months

31 March 2021

  3 months

31 March 2020

Creuers (Barcelona/Malaga)

0

119

Valletta

8

40

Ege Port

0

2

Nassau

0

834

Antigua

0

256

Other Cruise Ports

2

2

Total Cruise Ports

10

1,253

 

 

Commercial

 

 

 

 

 

Volumes

3 months

31 March 2021

  3 months

31 March  2020 

 

 

 

Port Adria

 

General & Bulk Cargo ('000)

12.7

18.6

Throughput ('000 TEU)

12.2

11.8

 

 

 

 

 

Other developments

During the period, GPH's wholly-owned subsidiary, Port Finance Investment Limited, launched a Scheme of Arrangement in connection with the refinancing of the $250,000,000 8.125% Senior Unsecured Notes due 2021 issued by Global Liman Isletmeleri A.S. Shortly after the period end, after a period of extensive engagement with noteholders, including certain key noteholders who formed an ad-hoc group, GPH withdrew from the Scheme process on 6 April 2021.

On 7 April 2021, Global Liman Isletmeleri A.S. launched a tender offer, which resulted in $44.7m excluding accrued interest, being spent on purchasing its own Eurobonds at an average price of $899.4 for each $1,000 of principal, thereby reducing the outstanding nominal Eurobond of Global Liman Isletmeleri A.S. to $200.3m.

On 17 May 2021 and 24 May 2021, GPH announced that it had entered a five-year senior secured loan agreement for up to $261 million with the leading global investment firm, Sixth Street.

The loan agreement remains conditional on a number of factors, which are expected to be satisfied shortly. As part of the financing arrangements, the Company intends to issue warrants over its shares to the lender, which will become exercisable subject to certain events. GPH is holding a general meeting today, 9 June 2021, related to the issuing of the warrants. More details can be found at the investor relations section of the company website www.globalportsholding.com.

The net proceeds from the loan will be used, inter alia, to refinance the outstanding Eurobond of Global Liman Isletmeleri A.S. The loan agreement also provides for potential additional growth funding to provide flexible financing solutions for GPH's strategic objective of growing the number of cruise ports in its network.

Balance Sheet

At 31 March 2021 IFRS gross debt was $552.5m (Ex IFRS16 Gross Debt: $486.7m), compared to gross debt at 31 December 2021 of $556.0m (Ex IFRS16 Gross Debt: $487.4m) and net debt was $381.9m (Ex IFRS16 Net Debt: $316.0m) compared to net debt at 31 December 2020 of $456.5m (Ex IFRS16: $387.9m). At the end of March 2020, GPH had cash and cash equivalents of $170.7m, compared to $99.5m at 31 December 2020.

Outlook

Global Ports Holding will provide a detailed update on current trading and outlook when it reports audited financial results for the 15 months to end March 2021 in July 2021.

 

CONTACT

 

 

For investor, analyst and financial media enquiries:

 

For trade media enquiries:

Global Ports Holding, Investor Relations

 

Global Ports Holding

Martin Brown, Investor Relations Director

 

Ceylan Erzi

Telephone: +44 (0) 7947 163 687

 

Telephone: +90 212 244 44 40

Email: martinb@globalportsholding.com

 

Email: ceylane@globalportsholding.com

 

 

 

 


ISIN:

GB00BD2ZT390

Category Code:

MSCH

TIDM:

GPH

LEI Code:

213800BMNG6351VR5X06

Sequence No.:

110087

EQS News ID:

1205764


 

End of Announcement

EQS News Service

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