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WKN: A2DRWD ISIN: GB00BD2ZT390 Ticker-Symbol: 6P9 
Frankfurt
19.10.21
10:33 Uhr
1,470 Euro
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Global Ports Holding PLC: Financial results for -4-

DJ Global Ports Holding PLC: Financial results for the fifteen months ended 31 March 2021

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.

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

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.

(MORE TO FOLLOW) Dow Jones Newswires

August 24, 2021 02:41 ET (06:41 GMT)

DJ Global Ports Holding PLC: Financial results for -2-

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.

(MORE TO FOLLOW) Dow Jones Newswires

August 24, 2021 02:41 ET (06:41 GMT)

DJ Global Ports Holding PLC: Financial results for -3-

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.

(MORE TO FOLLOW) Dow Jones Newswires

August 24, 2021 02:41 ET (06:41 GMT)

DJ Global Ports Holding PLC: Financial results for -4-

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) 

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